Defend Your Dollars

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

• Consumer groups oppose cutbacks in consumer protection under the guise of regulatory relief
  Posted 05/03/06 at 7:42 pm

  CU and other consumer groups send letter to Senate Banking Committee opposing the anti-consumer provisions of the Regulatory Relief bill.

• Consumer Group Opposition to weakening of the Home Mortgage Disclosure Act (HMDA)
  Posted at 10:10 am
• CU supports the “Free Internet Filing Act”
  Posted 04/21/06 at 6:55 pm

  Consumer groups have long advocated for the ability of taxpayers to electronically file their returns without the need for a third party intermediary.

• Consumer groups call for more time for consumers affected by disaster to make payments on home mortgages
  Posted 12/06/05 at 7:46 pm

  Consumer, community and labor groups call for more time for consumers affected by disaster to make payments on home mortgages and other debts.

• Recovery information for consumers affected by Hurricane Katrina
  Posted 09/17/05 at 4:03 pm

  Advice to Hurricane Katrina victims on banking, money, credit, and common scams

• Groups ask Fair Isaac to adapt credit scoring models to exclude harmful information about disaster victims
  Posted 09/12/05 at 5:58 pm

  Twenty consumer and community groups ask Fair Isaac to adapt credit scoring models to exclude harmful information about disaster victims.

• Measures to prevent ID theft outlined for Senate hearing
  Posted 04/13/05 at 10:49 am

  Should require businesses, others to notify consumers when their personal info is breached.

• Consumer groups opposition to H.R. 1295
  Posted 04/11/05 at 10:12 am
• HR 1182 April 11, 2005 Joint Consumer Group Letter to Chairman Oxley
  Posted at 10:11 am
• CU’s History against Predatory Lending Practices
  Posted 09/07/00 at 10:16 am

  Comments by Norma P. Garcia Senior Attorney Consumers Union, West Coast Regional Office Hearing before the Federal Reserve Board of Governors Predatory Lending Practices Docket No. R-1075 San Francisco, September 7, 2000 On behalf of Consumers Union (1) , I would like to thank you for this opportunity to address the Federal Reserve Board of Continue Reading

Blog Posts

• California Consumers Get Access To Credit Scores
  Posted 06/27/01 at 10:44 pm

  New law will help consumers better understand how credit scores affects their ability to secure a home loan

• Home Improvement Resources Guide
  Posted 08/01/98 at 12:14 am
• California homeowners at risk for lending fraud & abuse
  Posted 07/28/98 at 12:20 am

  Report finds some new measures to protect “cash poor, equity rich” victims

• Don’t Lose Your Home
  Posted 06/01/98 at 12:40 am

  How to protect yourself from predatory lending

• Guarding the Golden Years – Reverse Mortgages
  Posted 04/28/98 at 12:46 am

  A reverse mortgage is a popular, but complex, home loan just for senior homeowners

• CU questions vague promises in proposed bank mega-mergers
  Posted 04/14/98 at 12:54 am

  Group urges B of A & NationsBank to make explicit commitments to CA consumers

• Dirty Deeds: Abuses and Fraudulent Practices in California’s Home Equity Market
  Posted 10/28/95 at 1:40 am

  October 1995 Dirty Deeds: Abuses and Fraudulent Practices in California’s Home Equity Market by Norma Paz Garcia Executive Summary Through home equity loan abuse and fraud, homes are stolen and lives are devastated. High cost home equity loans sold to homeowners with no reasonable ability to repay them, have taken the homes and devastated the Continue Reading