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Sun American Mortgage - Reverse Mortgage Lender

Sun American Mortgage is a lender, seller and servicer of the government insured Reverse Mortgage. Over twenty years ago, we closed the first ...

Four myths in the battle over Dodd-Frank

In their drive to revamp the Dodd-Frank Act, Republicans have repeatedly asserted that the 2010 financial reform law has increased the cost of consumer lending and cut off access to credit.

"Thanks to Dodd-Frank’s red tape, consumers pay more for mortgages, credit cards and auto loans — that is if consumers can even get access to them," House Financial Services Committee Chairman Jeb Hensarling said in a typical recent speech.

Yet the available data indicates otherwise. Consumer credit has roared back in the six years since Dodd-Frank, with a 46% jump in outstanding consumer credit to $3.8 trillion, according to recent Federal Reserve data .

"The best available data just don't support their claims," said Marc Jarsulic, vice president of economic policy at the Center for American Progress and a former chief economist for the Senate Banking Committee.

Wells Fargo Commits $60 Billion to Increase Black Homeownership ...

Wells Fargo & Company has set aside a staggering $60 billion to lend to at least 250,000 black homeowners by the year 2027.

Metropolitan Atlanta’s second-largest bank also pledged to increase the diversity of its home lending sales team and spend another $15 million to give financial education and counseling over the next 10 years.

The announcement came at a Tuesday press conference in Atlanta that was attended by representatives from several organizations including the National Urban League, the NAACP and the National Newspaper Publishers Association – an organization comprised of 211 African-American-owned newspapers and media companies.

“The National Newspaper Publishers Association enthusiastically salutes Wells Fargo Home Mortgage Division for taking steps forward to promote and to advance African-American homeownership,” said NNPA President and CEO Dr. Benjamin F. Chavis, Jr. “As we conclude celebrating 2017 Black History Month, it is aspirational for Wells Fargo to offer $60 billion in loan accessibility specifically for African-Americans who want to purchase and own a home.”