Link roundup: The top 8 subprime stories of the week
Inside Subprime: September 15, 2017
By Caroline Thompson
Good morning! Here are eight major subprime stories you might have missed.
U.S. corporation investigating whether high-pressure mortgage sales took advantage of veterans.
Ginnie Mae, a government-owned corporation dedicated to making mortgages more affordable is investigating lenders for allegedly pressuring veterans and military members into high-cost refinance packages. Read more at Bloomberg.
Equifax hit with several lawsuits on the heels of security breech.
More than two dozen different lawsuits have now been filed against credit bureau Equifax, which suffered a major security breech this summer, allowing hackers to gain access to the sensitive information of roughly 44 percent of all Americans.
Read more at:
For more information on how to protect yourself from this hack, check out this recent post from our blog.
Texans to vote on whether banks should incentivize savings.
Proposition 7, which would allow banks and credit unions in Texas to set up “prize savings accounts” for customers, is set to be voted on in November. If approved, it would help consumers save by making the process more appealing. The more you save, the more likely you are to win a raffle-like prize. Read more at Dallas News.
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Democrats propose tax bill to take on payday lenders.
Senator Sherrod Brown and Representative Ro Khanna hope that subtle changes to the Earned Income Tax Credit will help stop vulnerable Americans from turning to payday loans in times of financial need. Read more at Politico.
How Bloom could help millions of underbanked Americans gain access to credit.
Fintech startup Bloom wants to change the way we think about credit, and aims to launch a new platform where consumers can have global access to credit services. Read more at Bitcoin Magazine.
CEO of online lender SoFi steps down amid sexual harassment scandal.
SoFi Chairman and CEO Mike Cagney announced his intention to step down from his role after a lawsuit alleging sexual harassment by managers was filed earlier this summer.
Read more at:
Massachusetts files lawsuit against federal student lender FedLoan.
MA Attorney General Maura Healy has taken legal action against FedLoan for allegedly mishandling the Public Service Loan Forgiveness Program. Read more at The Huffington Post.
For more information on how to handle student loans, be sure to read The OppLoans Guide to Consolidating Student Loan Debt.
How scammers are creating fake people to open real credit card accounts.
Instead of stealing the identities of real people, fraudsters have begun creating completely fictional identities and using them to sign up for credit. This new practice cost banks upwards of $6 billion in 2016 alone, and may already account for more than 20 percent of all credit card defaults in the U.S. Read more at Bloomberg.