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The Consumer Financial Protection Bureau filed a federal complaint Tuesday against Castle & Cooke Mortgage for giving bonuses to loan officers who allegedly steered consumers into mortgages with higher interest rates.
July 23 -
In seeking to prevent future financial contagion, the U.S. may have gone too far in regulating the mortgage industry, cutting millions of potential buyers out of the real estate market.
November 19 -
The Cincinnati company is teaming up with an Oregon placement agency to help its unemployed mortgage customers find jobs and, it hopes, get caught up on their monthly payments.
February 6
M&T Bank (MTB) in Buffalo, N.Y., is launching a pilot program that aims to curb mortgage defaults by helping struggling homeowners find jobs.
The $83 billion-asset M&T plans to introduce borrowers who have fallen behind on their mortgage payments to the Homeowner Reemployment Program offered by Oregon firm NextJob. M&T is the second financial institution in the United States to partner with NextJob,
The program comes at no cost to borrowers, according to M&T's Thursday press release. NextJob coaches will help participants identify transferable skills, develop job-search strategies, prepare for interviews and brush up their resumes and cover letters.
Initial results of the NextJob program appear promising, according to the release. Fifth Third customers who enrolled in the employment program had been out of work roughly 22 months. Almost 40% found full-time employment within six months of completing the training.
