Defend Your Dollars: Share this site! We support reforms to the financial marketplace to curb bad practices by banks and lenders.

Mortgages

Sound mortgage financing makes it possible for people to own their own homes, build a credit history by making timely payments, and invest in an important asset that can stabilize a community and help build personal wealth. For most homeowners, a mortgage is a fact of life. The economic downturn and foreclosure crisis has revealed serious problems with how mortgages have been sold. Consumers Union calls for new solutions to avert future mortgage meltdowns and to increase the number of loan modifications to prevent unnecessary foreclosures.

Follow these steps if you find that you are unable to make your mortgage payments. There are many foreclosure counseling options and other resources available to you.

Publications

Press Releases

Page 1 of 41234

Blog Posts

  • CFPB Raises Red Flags on Mortgage Lending and Servicing, Credit Reporting

    The Consumer Financial Protection Bureau (CFPB) is working to make sure that financial services providers – like debt collectors and mortgage lenders – follow the law. They keep a close watch to keep you from getting treated unfairly. This week, the CFPB released a report on their supervision work in several areas, including mortgage lending, mortgage servicing, debt Continue Reading

  • Many Reverse Mortgage Ads Misleading, says CFPB

    On June 4, 2015, the CFPB released a new study concluding that many advertisements for reverse mortgages contain incomplete or inaccurate information that can pose a serious risk to seniors who take out such loans.  The study was issued in conjunction with an advisory to consumers warning them to “watch out for misleading and confusing Continue Reading

  • Judge’s Ruling Finds Bank Misconduct in ’08 Crash

    Last week there was an important court ruling against two banks from the Federal District Court in Manhattan related to the impact and role of the sales of securities backed by faulty mortgages in the housing crash of 2008.  The New York Times reported on this development. To give the ruling some context, recall that Continue Reading

  • Leader of Mortgage Relief Scam Gets 24 Year Prison Sentence

    Over the years, Consumers Union has spoken to countless homeowners who were duped by fraud artists who promised to rescue them from losing their homes to foreclosure.  Their stories are heartbreaking of how the scam artists preyed upon their desperate situation, took their money, and left them worse off. That’s why it is very good Continue Reading

  • Thinking About a Reverse Mortgage? Californians Get New Protections in 2015

    Wondering if a reverse mortgage is right for you?  Reverse mortgages are home loans that allow eligible homeowners, 62 years of age or older, to tap into their home equity.  While that friendly reverse mortgage salesperson can be helpful, the Consumer Financial Protection Bureau (CFPB) says you should not rely only on the advice you Continue Reading

  • Buying a House? Don’t Forget to Buy the Right Mortgage Too

    Today the Consumer Financial Protection Bureau (CFPB) released some new online tools to help you shop for a mortgage.  The home buying process can be daunting, with so many decisions to make as you move through unfamiliar and high-dollar territory.  That may explain why a new CFPB investigation found that nearly half of all home buyers Continue Reading

  • Thirty-Five Things in 12 Months: CFPB Working for You–2014 in Review

    As this year comes to a close, we wanted to take a moment to highlight some of the many actions the CFPB has taken to defend your rights as a consumer of financial services and products.  The CFPB has a tough job, as we all know, and they’ve done it well.  They are an indispensable Continue Reading

  • Victory! California Governor Signs Reverse Mortgage Protection Bill, AB 1700 (Medina)

    Today California Governor Jerry Brown signed AB 1700 (Medina), a first-in-the nation bill, that will put important information in the hands of Californians while they are considering a reverse mortgage.  Ensuring a fair reverse mortgage marketplace is a Consumers Union priority.  We are very pleased to share this good news with you. If you’ve been Continue Reading

  • Tackling Mortgage Problems: CFPB on Your Side

    Although foreclosures in the United States are down, many consumers seeking relief still have serious problems with their mortgage lenders and loan servicers. If you are a struggling homeowner and can’t get help from your bank or loan servicer, get the CFPB on your side.  The consumer protection agency, which celebrates it anniversary this week, is actively Continue Reading

  • Let the Consumer Financial Protection Bureau Continue To Do Its Job

    (Cross-posted from Consumer Reports Online in an article by Stephen Saltzman) On July 21, the Consumer Financial Protection Bureau will mark its fourth anniversary. The consumer financial watchdog, created by Congress in the wake of the financial crisis caused by shady mortgage lenders and Wall Street abuses, has done a lot for consumers in just Continue Reading

Page 1 of 1012345...10...Last »