Federal Reserve Tag

13 Apr Federal Government Orders Mortgage Lenders to Reimburse Homeowners for Improper Foreclosures

A joint report by the Federal Reserve, Office of Thrift Supervision and Office of the Comptroller of the Currency found significant irregularities in the foreclosure activities of ten of the nation's largest mortgage lenders, and ordered those lenders to "remediate all financial injury to borrowers caused by any errors, misrepresentations, or other deficiencies." According to the press release issued by the Federal Reserve, "these deficiencies represent significant and pervasive compliance failures and unsafe and unsound practices at these institutions." Under consent orders agreed to by the lenders and the federal agencies noted above, the lenders - which includes Citibank, Bank of America, JPMorganCase and Wells Fargo - must audit foreclosures conducted in 2009 and 2010 within the next 45 days, and compensate injured homeowners.
Read More

11 Jul Is There Anyone I Can Complain To About My Credit Card?

Many ask is there is anyone they can complain to about their credit card and the outrageous interest rates. You can complain to your spouse, family members or your pets but you are likely to get the same response as you well from complaining directly to the credit card company, absolutely NOTHING! However, now you have a chance to not only voice your opinion but you actually might be heard. If you go to the Federal Reserve website you can voice your opinion about the proposed changes to the rules regulating the lending and credit card industry. It is your chance to provide facts about the credit card industry and how they have affected your life. The five key changes that the new rules
Read More