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| December 17, 2018

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borrowers Archives -

Wells Fargo says it improperly foreclosed on more borrowers than originally estimated

November 6, 2018 |

Wells Fargo & Co. acknowledged Tuesday that it failed to offer mortgage modifications to hundreds more borrowers than were due them and that many ultimately lost their homes because of the error.

The San Francisco bank reported in August that it miscalculated certain fees when determining whether…


L.A. Times – Business

Teachers sue Navient, alleging it steered borrowers away from accessing loan forgiveness program

October 4, 2018 |

The American Federation of Teachers filed a lawsuit Wednesday against Navient Corp., one of the country’s largest student loan servicing companies, alleging that it steered eligible borrowers away from being able to use a critical student loan forgiveness program.

At the center of the lawsuit —…


L.A. Times – Business

Betsy DeVos wants another chance to delay rule meant to protect defrauded student-loan borrowers

September 15, 2018 |

The Trump administration on Friday asked the court for another chance to delay an Obama-era policy meant to boost protections for students defrauded by for-profit schools.

The request came two days after the court ruled that Education Secretary Betsy DeVos’ move to freeze the regulation known as…


L.A. Times – Business

U.S.’s top student loan official resigns, saying White House is hostile to protecting borrowers

August 27, 2018 |

The nation’s top government official overseeing the $ 1.5-trillion student loan market is resigning, citing what he says is the White House’s open hostility toward protecting student loan borrowers.

Seth Frotman will be stepping down from his position as student loan ombudsman at the end of the…


L.A. Times – Business

Stocks Up on Good News for Banks, Bad News for Borrowers

June 15, 2018 |

US stocks mostly rose Thursday, as markets get accustomed to the idea of investing with less of a safety net from central banks around the world, reports the AP . The European Central Bank laid out its plan to pull back from the stimulus it’s pumped into markets, but it also…
Newser

State fines lenders for pushing borrowers into high-cost loans

March 13, 2018 |

High-cost lender Advance America will pay refunds to hundreds of California customers after a state regulator accused the firm of charging illegally high interest rates topping 100%.

The action, announced Monday, comes a few months after the Department of Business Oversight took actions against…


L.A. Times – Business

GOP would rather see student borrowers get screwed than let consumer agency do its job

October 24, 2017 |

Proving that we do indeed live in interesting times, the chairman of the powerful House Financial Services Committee has thanked the Trump administration for exposing people to greater risk from student loans.

I’m not making this up.

The committee’s Republican chairman, Rep. Jeb Hensarling of Texas,…


L.A. Times – Business

Wells Fargo stuck mortgage borrowers with extra fees, whistle-blower’s lawsuit says

July 14, 2017 |

As Wells Fargo & Co. continues to be hit with fallout from its sham-accounts scandal, the bank is facing allegations that it put the screws to customers in yet another way: by slapping them with fees for delays in processing mortgage applications.

A former Wells Fargo mortgage banker who worked…


L.A. Times – Business

With some borrowers struggling with a new kind of home-improvement loan, reforms are on the table

June 4, 2017 |

Business has been good for contractors whose home-improvement jobs are financed by a new program known as PACE.

Lenders eager to fund the energy-efficiency projects that the financing pays for offer contractors online tools to manage their business and sign up customers.

For example, type in an…


L.A. Times – Business

Michigan lender settles allegations it overcharged California borrowers

April 11, 2017 |

Mortgage lender and servicer United Shore Financial Services has agreed to pay at least $ 1.4 million to settle allegations it overcharged California borrowers for interest, a state regulator announced Monday.

The firm has already refunded more than $ 293,000 to thousands of borrowers and will dole…


L.A. Times – Business