New Data: More Than 1.1 Million Federal Student Loan Defaults in 2016

New Data: More Than 1.1 Million Federal Student Loan Defaults in 2016 Largest Student Loan Servicer, Navient, Lags in Affordable Repayment Plan Sign-Ups Washington, D.C. – Analysis of new data released by the U.S. Department of Education reveals millions of Americans are in default on Federal Direct Loans serviced by companies hired by the federal … Read more

Trashed Out: Woman ‘Mistakenly’ Evicted, Belongings Thrown in Dumpster

“Whoever gave approval for people to enter the apartment could face possible burglary and theft charges.” ~ Woman wrongly evicted from Jacksonville apartment, belongings thrown in trash A woman said she was wrongly kicked out of her Jacksonville apartment and management trashed all of her personal belongings. Brianna Davis said she was in class and … Read more

Death Clause: Home Foreclosed Despite Never Missing a Payment

Uncommon mortgage clause leaves grieving Va. family without home POWHATAN COUNTY, Va. — A family home was sold to the highest bidder Friday; it was an auction overshadowed by tears. Peggy Stroud wept as a bidder bought the home she grew up in on Urbine Road. Stroud said the home is the place where her mother … Read more

Unclean Hands: FICO to Exclude Certain Negative Information Boosting The Pool of Eligible ‘Credit-Worthy’ Mortgage Recipients

“It’s going to make someone who has poor credit look better than they should,” said John Ulzheimer, a credit specialist and former manager at Experian and credit-score creator FICO. “Just because the lien or judgment information has been removed and someone’s score has improved doesn’t mean they’ll magically become a better credit risk.” ~ Credit Reports to … Read more

Concerns About Riskier Mortgages are Sprouting While Others See it as Welcome Change

Guy Cecala, publisher of Inside Mortgage Finance, says… “Such fears are unfounded, noting Federal Reserve officials have complained that FHA loan standards have been too rigorous.” “The non-banks are bringing a welcome change” Bill Emerson, vice chairman of Quicken Loans, the largest non-bank lender, says… “I don’t have any concerns about” a potential increase in … Read more

When It Comes to Wall Street, Preet Bharara Is No Hero

When It Comes to Wall Street, Preet Bharara Is No Hero by Jesse Eisinger ProPublica After his election in 1968, President Richard Nixon asked Robert Morgenthau, the US Attorney for the Southern District of New York, to resign. Morgenthau refused to leave voluntarily, saying it degraded the office to treat it as a patronage position. … Read more