Credit Cards For Less Than Perfect Credit

FHA-approved lenders may face penalties for noncompliance with the Mortgage Review Board

In an effort to further protect homeowners from abusive or unfair lending practices, the Federal Housing Administration’s Mortgage Review Board announced a large number of administrative actions that would be taken against FHA-approved lenders for noncompliance with the organization’s rules.

To date, 1,500 actions have been taken against such lenders including reprimands, probations, suspensions, withdrawal of approval and civil penalties, the FHA said in a statement.

“Lenders should know by now that FHA will not tolerate fraudulent or predatory lending practices,” said FHA Commissioner David Stevens. Read the full post

Massachusetts bankruptcies increase 25 percent.

The first half of the year has not been kind to consumers and businesses in Massachusetts.

According to the Warren Group, a Massachusetts-based firm that publishes real estate and financial information pertaining to New England, bankruptcy filings in the Bay State rose 25 percent in the first six months of the year when compared to the same period in 2009. There were a total of 11,847 petitions for protection from creditors under Chapters 7, 11 and 13 through June of this year, a sharp rise from the 9,461 that filed in the same timeframe last year.

“Even though the economy is recovering, consumers are still hurting and struggling to pay off the debt they’ve accrued over the years,” said Warren Group CEO Timothy Warren. Read the full post

Unemployed Americans await Senate vote aimed at reinstituting jobless benefits to millions living on savings and credit

Many unemployed Americans may be paying close attention to the bill set to go before the Senate on Tuesday, which is intended to provide jobless benefits through November to the nearly 1 million Americans who stopped receiving unemployment checks after the expiration of the June deadline.

Legislation to reinstitute jobless benefits to unemployed Americans has been rejected a number of times by the members of the Senate who think that the money to fund the extension should come from spending cuts so as not to add to the national deficit. Read the full post

New credit check requirements cause of concern for mortgage lenders.

Fannie Mae recently introduced a new rule that would require lenders to run an extra credit check on potential borrowers before they closed on their mortgages. That requirement caused some consternation from consumers, and now lenders are also expressing their concern.

According to a report in the Washington Post, because Fannie Mae has been requiring a second check right before closing, many banks have suffered through logistical nightmares. Read the full post

Financial reform bill brings sweeping changes for consumers.

Consumers that have found themselves deeply in debt thanks to the recession are about to receive some help from the federal government.

Thanks to the new financial reform bill, which passed the Senate with a 60-39 vote and only awaits the signature of President Barack Obama to make it law, Americans are going to get more safety from the predatory practices of lenders in the form of a new body which will oversee these banks.

The Consumer Financial Protection Bureau, which will operate as part of the Federal Reserve System, will have unprecedented power to govern the rates and fees lenders issue on everything from credit cards to mortgages. Read the full post

Americans may have a more difficult time securing loans, competitive rates and credit cards with low credit scores

As the U.S. economy struggles to recover and unemployment rates remain high, Americans may have another issue to worry about before they can improve their personal financial situation – their credit scores. A new report – released by FICO – reveals that Americans’ credit scores have dropped to a new low, endangering consumers’ ability to secure loans and competitive rates for home and auto loans as well as credit cards.

Citing data from FICO, the Associated Press reports that 25.5 percent of American consumers – which roughly translates to 43.4 million individuals – carry a FICO credit score of 599 or below. Read the full post