It pays - immensely - to enact state restrictions on America’s booming subprime mortgage industry, the Center for Responsible Lending reported. Consumers with marred credit or tight finances still get home loans easily and usually for a lower price when states govern subprime loans, researchers at the Durham, N.C.-based consumer advocacy group found.
Archive for » February, 2006 «
Category: 2006 HSBC, In the U.S., Predatory Lending
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PHILADELPHIA, PA — The new $4 billion “Opportunity Finance Network” of 167 financial institutions across the U.S. unveiled a far-reaching campaign including: the first phase of a multi-billion “Fair MortgageTM” strategy to combat predatory lending; plans for $100 million or more in financing to preserve the affordability of housing units in manufactured home parks for low- and moderate-income homeowners; plans for a relief and recovery fund for communities and businesses struggling in the wake of natural disasters and acts of terrorism; the launch of a “National Opportunity Investor Council” to be headed by former Federal Reserve Governor Ned Gramlich; and the development of a bipartisan strategy.
Category: 2006 HSBC, Predatory Lending
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In a report just released by a foreclosure tracking service the number of homes in foreclosure increased a whopping 27% in January 2006 and a 45 percent increase from January 2005, with the state of Georgia leading in the number of foreclosures.
Category: 2006 HSBC, In the U.S., Predatory Lending
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HSBC partner, tax preparer H&R Block, will restate earnings. The company, which is in the middle of its make-or-break season preparing other people’s tax returns, said it had underestimated its own “state effective income tax rate” in previous quarters — meaning it owes another $32 million in back taxes.
Category: 2006 HSBC, In the U.S., Predatory Lending
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Predatory lenders and Chairman beware. The High Court in London today dismissed an appeal by three British bankers against extradition to the United States on charges relating to the 2001 collapse of Enron.
