Wells and USAA mortgage refi, credit card news of the week

Thanks goodness for credit card reform. Compared to the old days it is really nice to get email reminders when a credit card payment is due. Confirmation emails are wonderful. What happened to huge profits generated by credit card companies when they “forgot” to mail a statement, just to make you pay interest on “zero …

Bank layoffs might thrill Occupy Wall Street

A recent article on Equities.com by Brittany Barrett tells us which Wall Street Banks are laying off the most people. Our Lender watch articles reflect layoff announcements as they happened, but Barrett puts figures all in one place. You might find the results both interesting and revealing. Morgan Stanley (MS): The most recent of the …

New suit alleges deceptive foreclosure practices

SPRINGFIELD, Mass. (WWLP) – This week, Massachusetts slapped a huge lawsuit on five major U.S. banks. The lawsuit claims the banks’ shady practices have contributed to people illegally being removed from their home. State Attorney General Martha Coakley says she is not going to wait any longer to hold banks accountable for allegedly deceptive foreclosure …

Wells Fargo paying record fine of $85 million over loan practices

By George Avalos Contra Costa Times Posted: 07/20/2011 08:21:45 PM PDT Updated: 07/20/2011 08:21:50 PM PDT Wells Fargo agreed to pay a record $85 million fine amid allegations that the bank steered customers into more costly loans and falsified information in mortgage applications. San Francisco-based Wells Fargo didn’t admit wrongdoing in its settlement with the …

Rate Your Mortgage Revisited

I described the conditions when mortgages were paid before their due date on the first of the month in the first article. This update describes the outcome when I made the February payments. These payments were made between the first and sixteenth of the month. Wells Fargo and Saxon Mortgage were paid using their online …