Wells Fargo, Countrywide Sued Over Racial Issues

Two black homeowners have sued Wells Fargo & Co, accusing the second-largest U.S. mortgage lender of racial discrimination in how it sets rates and fees. SOme say loan officers have a discretionary pricing policy that results in loan officers adding points and fees to black borrowers In their complaint, Nancy and Johnny Jeffries accused Wells …

Undertanding Why Mortage Money Is Drying Up

Financial backers that pumped money into the mortgage industry are getting pretty tight with their money. In the following example the banks we refer to are not like your local bank. These banks lend money to a mortgage lender, the mortgage lender funnels that money into mortgage loans, and the mortgage loans act as collateral …

History of Subprime and Predatory Lending

Many other countries have not gotten down to the dirty task of lending money for housing to people who can’t afford it and then financially leveraging the loans to create billions in false value. That’s what the U.S. has done and it has the potential to impact people around the world. The U.S. subprime market …

Mortgage Fraud Is A Two Way Street

Allegations of mortgage fraud are again echoing through the mortgage industry. Many people think mortgage fraud is perpetrated by potential borrowers. Evolution in a greedy mortgage industry seemed to hit a balance of responsibility with no-doc loans and no verification. Images of shady deals, where a loan officer was told about rental properties that leased …