Review Mortgage Lenders

Access National Mortgage

Loan Modification, Short Sale, Foreclosure, Tax & Legal Ramification - Free Workshop: Don Jessup

First Public Event - Loan modification, Short Sale, Foreclosure, Tax & Legal Ramificaiton. Free Homeowner Workshop: April 18, 2009 - Saturday ...

Merrill to pay $15.7M for duping mortgage bond customers

Bank of America Corp.'s Merrill Lynch unit will pay $15.7 million to settle a U.S. regulator's allegations that it failed to properly supervise traders who persuaded clients to overpay for mortgage bonds by misleading them about how much the firm paid for the securities.

Salespeople at the firm illegally profited from improper markups on residential mortgage backed securities that were in some cases twice as much as what customers should have paid, the Securities and Exchange Commission said in a statement Tuesday. Merrill agreed to pay a fine of about $5.2 million, and to pay disgorgement and interest of more than $10.5 million, the SEC said.

"Lying to customers about the acquisition price can deprive investors of important information," said Daniel Michael, head of the SEC Enforcement Division’s complex financial instruments unit. "The commission found that Merrill Lynch failed in its obligation to supervise traders who allegedly used their access to market information to take advantage of the bank's own customers.

Mulvaney may cut off public access to CFPB complaints. Ex-AG says not so fast

Dann is already publicizing a copy of the CFPB consumer complaint database on his website, and has also posted a Top 10 list under the heading "Scoundrels, Scams, and Cheats Hall of Shame," that he claims are "the companies behind many of the worst consumer frauds and scams ever perpetrated on the American public."

He plans to feature "a consumer horror story of the month," while also providing a link to the CFPB's complaint form.

Dann was Ohio's attorney general from 2007 to 2008. He resigned after several aides were fired for sexual harassment and he admitted to having an affair with a staff member.

The Dodd-Frank Act mandated that the CFPB maintain a consumer complaint database, but the statute did not say specifically that those complaints must be made public. Former CFPB Director Richard Cordray, another former Ohio attorney general who is now running for governor of the state, opted to allow public access to the complaints, even including narratives from customers describing their experiences. That sparked outrage from financial firms, which noted that the claims are not verified by the CFPB.

Why do you need to input national insurance number on mortgage application? UK?

I have had a mortgage app approved but I was just wondering why you have to input your national insurance number? Is there anything they can find out from the number itself? Would lenders have access to any records from the number?


Its just a way they can confirm who you are, they don't use it to gather any information so it isn't anything for you to worry about.