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FCC warns of 50-state scam by fraudsters posing as mortgage lenders. Kate Gibson. Updated January 15, 2025 at 2:16 PM. Getty Images/iStockphoto.
The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector.CFPB's jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, for-profit colleges, and other financial companies operating in the ...
Topping the complaint list were cell-phone companies, with 38,420 complaints, up 41% over 2010. After that, the list includes (in order of number of gripes): new-car dealers
In November 2015, loanDepot claimed to be the second largest non-bank provider of direct-to-consumer loans in the United States and postponed a planned IPO, citing poor market conditions. [10] In March 2017, the company introduced technology to automate the loan process, allowing customers to apply for a mortgage without talking to a loan ...
The risky nature of subprime loans, massive defaults of those loans, the softening of the real estate market, and ACC's own practices have led to a financial crisis: In early 2006, Ameriquest Mortgage settled a class action lawsuit for US$325 million with the attorneys general of 49 of the 50 states over allegations of predatory lending practices.
Mortgage lenders explained. Simply put, mortgage lenders are financial institutions that are focused on real estate financing. While many retail banks offer various products – auto loans, on ...
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