Inaccurate Credit Reporting on Mortgages Hurting Consumers

Banks and their mortgage loan servicing companies are increasingly reporting consumers late on mortgages when they were not late and even when the mortgages were paid in full. Reuters reports on these inexcusable practices causing consumers no end of financial problems. Homeowners are finding that mortgages they thought were dead and buried are springing back to life. Sometimes, the end result is a foreclosure. “It’s the most egregious manifestation of an industry that’s seriously broken,” said Ira Rheingold, director of the National Association of Consumer Advocates. An attorney with the National Consumer Law Center has seen hundreds of foreclosure cases...

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Countrywide Says it Will Help 80,000 Consumers Keep Their Homes

Millions of consumers are facing foreclosure due to risky adjustable-rate mortgages. Countrywide, one of the nation’s largest mortgage lenders, has gotten a ton of bad press lately for its high-profile role in the crisis. Yesterday Chris Arnold reported in a story on National Public Radio that Countrywide planned to refinance or modify some $16 billion worth of loans for more than 80,000 borrowers who will soon hit an unaffordable rate reset, or those who have already fallen behind after their payments rose. Some of those borrowers’ interest rates had risen to as high as 13%. It was good news for...

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