A study conducted by the National Association of Consumer Bankruptcy Attorneys claims that 97% of consumers seeking relief under the new law are unable to repay debts.The NACBA says the reforms enacted last October "are not working as intended." According to NACBA, 61,355 consumers have been seen by credit counseling firms since the new law took effect, and almost all of them were unable to repay any of their debts. The analysis also claims that four out of five would-be filers were forced into financial difficulty by "circumstances beyond their control," such as a job loss, divorce or the death of a spouse, or catastrophic medical expenses. Brad Botes, executive director of NACBA, said the new law has "put new hurdles in the path of people who are already flat on their back."
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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