Loans

Big Bank “Reforms” Fail to Protect Customers, Consumer Financial Protection Agency (CFPA) Needed

October 5, 2009 -- Washington, DC --- Announced changes to overdraft programs at the nation’s largest banks will not protect American consumers from exorbitantly expensive short-term loans or extend federal consumer protections to the most expensive loans banks make.    » read more »

April 11, 2008 -- Chicago – Illinois Attorney General Lisa Madigan and Illinois Secretary of State Jesse White today announced the conviction of a Chicago man for loan fraud in a cross-country scheme.

Following a six-day trial in Cook County Circuit Court, the jury took less than two hours to convict Robert L. Schillaci, 69, on two counts of acting as a loan broker without registration and two counts of fraud by a loan broker.

A prison in Chicago, Illinois: Photo by David Jalbert-Gagnier (CC)    » read more »

August 27, 2007 - Vermont Attorney General William H. Sorrell warned today of a loan scam that goes by the name of Bowerland Financial Lending Group and uses a non-existent Vermont address.    » read more »

Iselin, N.J., August 23, 2007 -- Chase, one of the nation's leading residential housing lenders, today announced Chase Family Opportunity Mortgage, to help consumers buy a home for their children attending college or for their elderly parents.

For parents of college students, Chase Family Opportunity classifies the property as a second or vacation home. As a result, the parents could pay $2,600 less in points on a $150,000 second-home loan than on a rental property mortgage, where points up to 1.75 percent of the loan amount may be charged with a 10 percent down payment.    » read more »