Mortgage Fraud Still on the Rise

Search for “mortgage fraud” in Google News and the headlines span 53 pages—52,400 results, of which 18,100 posted within the past week. Unfortunate as it may be, the more borrowers struggle with looming foreclosures, the more scam artists seek ways to prey upon those hardships.

40 Percent of Heads of Household 35 and Younger Have Student debt

A new Pew Research study indicates one in five households owed student loan debt in 2010—more than double the 1989 rate, and up 4 percent from 2007 figures, and the student debt burden is greatest on the young and the poor.

CFPB Finds Credit Scores Purchased by Consumers and Lenders May Differ

Many consumers will receive a markedly different credit score when purchasing it themselves than the score a lender will sees. The Consumer Financial Protection Bureau released a study today indicating 20 percent of FICO scores sold to consumers are meaningfully different than those sold to creditors.

Philly Trio Ordered to Pay $7.5 Million for Credit Card Scam

The Federal Trade Commission has charged three Philadelphia men with violating the agency’s Telemarketing Sales Rule and subsequently reached a $7.5 million settlement Sept. 20. According to the FTC, Blake Rubin, Chase Rubin and Justin Diaczuk schemed to market phony platinum credit cards and fraudulently debited consumers’ bank accounts. The three men, who operated the […]

Women May Benefit from CFPB Revision

A clause in the CARD Act of 2009 which unintentionally discriminated against stay-at-home parents and non-working spouses may soon be changed. Director of the Consumer Financial Protection Bureau Richard Cordray announced Thursday his agency intends to present a revision to the provision of the act that requires companies to consider an applicant’s ability to pay […]

U.S. Bank Web Sites Attacked by Iranian Hackers

Online customers of some of the largest banks in the U.S. found they were unable to access their accounts this week as Bank of America and JPMorgan Chase were likely targeted by computer hackers in Iran.

Positive Realty Report Pushes Stock Market

The National Association of Realtors (NAR) released encouraging home-sales reports today, and the stock market rallied accordingly. NAR presented figures this morning indicating existing-home sales continued to rise in August, and their median prices rose when compared to 2011 for the sixth consecutive month.

Mobile Banking Surpasses 300 Million Users Worldwide

More than 300 million banking customers now rely on mobile banking applications, according to Global Information, Inc. With mobile networks accessible to 85-90 percent of the world’s population—both developed and undeveloped—the mobile banking market is bound to boom more in coming years. In fact, last year 600 billion mobile phones were in use worldwide.

Fed Quantifies Economic Uncertainty

Uncertainty has increased the affective U.S. unemployment rate by up to 2 percent since 2008, according to a report issued today by the San Francisco Federal Reserve Bank. In its most recent Economic Letter, the Fed shows how the quantifiable impact of a negative economic outlook has affected factors such as unemployment and inflation.

OCC Investigating JPMorgan Chase for Allowing Money Laundering

JPMorgan Chase & Co. has fallen under a new firestorm of allegations as regulators are now investigating the nation’s largest bank for allowing criminals to launder money, the New York Times reports. The Office of the Comptroller of the Currency—the division of the U.S. Treasury that administers large banks—is overseeing the investigation into whether JPMorgan, […]