Is there a coming Reverse Mortgage Crisis?

there is increased pressure by the banks to make the reverse mortgage market work like the disastrous pre-collapse sub-prime market.

Flood of Foreclosures Expected Just as Funding to Help Homeowners Dries Up

Foreclosure Tsunami Will Hit New York Soon – Just as State’s Foreclosure Prevention Funding Runs Out New analysis of data from the Federal Reserve of New York shows that the foreclosure crisis in New York is far from over – and without legislative action to provide funding for the state’s “Foreclosure Prevention Services Program,” thousands […]

Federal Reserve Should Withdraw Proposals that Enable Loan Scams on Senior Citizens

The Fed has issued a wide-ranging proposal on reverse mortgages—a loan product that represents a growing market for lenders, but which can pose major risks for elderly homeowners. In comments submitted to the Board, the groups detail how the Board’s proposal would permit several negative outcomes: Bundling harmful and unnecessary products with reverse mortgages.  When […]

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