CFPB report on Reverse Mortgages confirms IW Criticisms

The Consumer Financial Protection Board released a report noting problems in the Reverse Mortgage market similar to those I stated in a prior post.

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.

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 […]