Mortgages and Consumer Lending
Mortgage: a secured loan on real or leasehold property under which, technically, the property is transferred to the lender and re-transferred when the loan is repaid.
Legal Charge: in the UK, the form of security taken in lieu of a mortgage.
Hire Purchase: the finance house buys goods and rents them to the consumer for an agreed fee and transfers ownership to the consumer when the full fee is paid
Personal loan: the lending of money direct to the consumer with or without some form of security.
Consumer lending: USA's IRS warns that First Time Buyer tax credit is ending
The USA's Internal Revenue Service is warning potential first time buyers that the tax credit of up to USD8,000 will end shortly. The scheme is misnamed: it's not open only to those who have never owned a home before. The end of the scheme risks further crisis.
Consumer lending: when 95% of business is dubious
Cattles, which specialises in marginal lending, is to cut 500 jobs from its Welcome Financial branches - it's already cut 1,000 positions.
Consumer credit: Texas charges "debt invalidation" company
A Houston, Texas "credit repair" company, Jubilee Financial Solutions, LLC, has been charged with breaches of the Texas Deceptive Trade Practices Act. The company, its parent and their owner operated what they called "a debt invalidation" business.
Banking: Mortgage fraudster goes from dog-collar to dog-house
Rodney McGill used his radio programme to advertise a contest to win advice from the pastor about how to make millions of dollars in the property market. After us: "if it seems too good to be true, it probably is."
Consumer credit: Chrysler deal increases risks for hire purchase lenders and leasing companies
The deal to save Chrysler exposes finance companies to significant risk for cars already under contract.
Mortgages: FBI Director Mueller on mortgage fraud
The problem is THIS big. The FBI's Mueller.
And it's not just mortgage fraud: all manner of financial sector frauds are coming to light, says Meuller