Link roundup: The week’s top 7 subprime stories

Inside Subprime: August 18, 2017

By Caroline Thompson

Good morning! Here’s a look back on the biggest subprime stories of the week.

The cold, hard economic impact of racism. 

An important and stunningly relevant breakdown of all the ways financial discrimination sets back people of color. Read more at The Washington Post.

Consumer Financial Protection Bureau orders $192 million payout for victims of for-profit college scam.

More than 40,000 former students of the now-defunct for profit Corinthian Colleges will get their student debt reduced or eliminated in the coming months.

Read more at:

Minnesota Attorney General files lawsuit agains two lenders for preying on veterans and seniors.

Minnesota AG Lori Swanson alleges loans made by Future Income Payments, LLC of Delaware and FIP, LLC of Nevada charged vulnerable seniors and veterans APRs of up to 200 percent. Read more at KARE 11.

Florida homeowners sue JP Morgan Chase for billing already-paid mortgages. 

Two Tampa Bay-area homeowners are suing the bank after they paid off their mortgage in 2o14, but continued to receive bills alleging they owed $27,000. Read more at The Tampa Bay Times.

Take a look at our Florida Subprime Report for coverage of the Florida lending market.

Banks are cutting back on subprime lending. 

According to a study from TransUnion, many lenders are – for the moment – taking a step back from lending to the riskiest borrowers.

Read more at:

What happens if you don’t pay your student loans?

A deep dive into the potentially devastating consequences of defaulting on your student debt. Read more at CNBC.

Wells Fargo names former Fed official as chair. 

The scandal-laden bank moves to make amends by appointing Elizabeth Duke, former governor of the Federal Reserve as their chair.

Read more at:

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