The mid-20th century practice of private lenders offering a deed contract to credit-starved minorities has returned with the housing crash according the May 13, 2016 Washington Post article “Why a housing scheme founded in racism is making a resurgence today”, Deed contracts are different from mortgages. With a mortgage, the buyer takes ownership of the home, so the mortgage payments build up equity. (more…)
CFPB orders Transunion and Equifax to pay $23 Million for Deceptive Marketing
CFPB: Credit Reporting Companies Misstated the Cost and Usefulness of the Credit Scores and Products They Sold, Lured Consumers into Costly Recurring Payments
The Consumer Financial Protection Bureau (CFPB) took action against Equifax, Inc., TransUnion, and their subsidiaries for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The companies also lured consumers into costly recurring payments for credit-related products with false promises. The CFPB ordered TransUnion and Equifax to truthfully represent the value of the credit scores they provide and the cost of obtaining those credit scores and other services. Between them, TransUnion and Equifax must pay a total of more than $17.6 million in restitution to consumers, and fines totaling $5.5 million to the CFPB. (more…)
LIHS joins Commitment to Consumer Protections for New Yorkers
New Yorkers for Responsible Lending (NYRL), a statewide coalition of more than 180 consumer protection and fair lending groups, reaffirmed its commitment to the goal of financial justice for all New Yorkers and pledged to be a “firewall” against any federal backsliding on consumer financial protection, fair lending and marketplace oversight under the Trump administration. Long Island Housing Services, Inc. (LIHS) is a member of the executive board of NYRL. (more…)
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