Posts Tagged ‘Federal Reserve’

Consumers: We’re Mad As Hell And We’re Not Going To Charge It Anymore! | Consumerist

Fed to Issue New Mortgage Lending Regulations Next Week | Consumer Law & Policy

Press release from Americans for Fairness in Lending. Full release after the jump (it is not yet up on AFFIL’s website, so I cannot link to it).

The Interest Rate Outlook Continues to Improve | Queercents

The Federal Reserve Board and two other regulators recently surprised consumer advocates by proposing some decent rules that would reform credit card lending. Six AFFIL Partners issued a joint statement calling the proposal as “an important first step to stop credit card companies from pumping up their profits by using hidden traps and tricks [...]

In an odd sort of thank-you note, Bank of American will give two top Countrywide executives, CEO Angelo Mozilo (pictured) and President David Sambol, $19 million in stocks. Bank of America took over Countrywide, the company made famous by writing loans all but guaranteed to fail. Countrywide’s loose lending habits were a significant contribution to [...]

This morning, the Federal Reserve Board of Governors made an “emergency” rate cut today of .75% to the federal funds rate. (Federal Reserve press release.) The Fed, in addition to everyone else, seems to be worried about the state of the economy and the potential for recession.
But what does this really mean? If you already [...]

In a new staff study from the Federal Reserve Bank of New York, Donald Morgan and Michael Strain take another look at whether payday loans are predatory or, in Morgan’s terms, welfare enhancing. This time around, Morgan takes a look at the “afermath” when Georgia and North Carolina banned payday lending.
(Dr. Morgan has commented on [...]

The Federal Reserve has a list of resources for consumers facing foreclosure.
Consumers in this situation may also want to check out Don’t Borrow Trouble and Acorn, two organizations that can help.
[via CL&P Blog]