More than 125 members of Association of Community Organizations for Reform Now will demonstrate outside Wells Fargo's annual meeting on Tuesday, April 27, at the bank's San Francisco headquarters to protest what ACORN calls "abusive mortgage loans."A small group of ACORN members will also attend the meeting to speak in support of a shareholder resolution presented by the Coalition for Responsible Growth. The shareholder resolution calls on Wells to review the relationship between executive compensation and performance in preventing predatory lending practices. Representatives for ACORN say that lawsuits related to predatory lending have cost other large lenders hundreds of millions of dollars. "We're at a loss to understand exactly what it is they want," said Janice Smith, corporate communciations spokesperson for Wells Fargo. "Our mortgage business meets or exceeds what ACORN has demanded from other lenders."
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
April 24