Hustler Money blog:

For all U.S borrowers who between April 8, 2009 and June 30, 2015, were charged by U.S. Bank under a hazard, flood, flood-gap or wind-only lender-placed insurance (LPI) policy for residential property, and who either paid to U.S. Bank the net premium for that LPI policy or who did not pay and still owe U.S. Bank the net premium for the LPI policy, you are eligible for a potential award from the U.S. Bank Force-Placed Insurance Class Action Lawsuit! According to the lawsuit, U.S. Bank placed the insurance on borrowers’ property in such a manner that the bank would receive an unauthorized benefit and get “kickbacks” in the form of commissions from the Assurant defendants. Although U.S. Bank denies all acts of wrongdoings, they have agreed to settle the class action lawsuit in order to avoid the further risk and cost of ongoing litigation. So if you are eligible…

Mortgage Madness at Wells Fargo and Bank of America

http://www.cnbc.com/2016/05/26/wells-fargo-launches-3-down-payment-mortgage.html

http://www.dsnews.com/news/03-22-2016/is-bank-of-americas-new-mortgage-program-a-substitute-for-fha-lending

By William Hudson

Wells Fargo and Bank of America have announced that they will be offering 3% down loans that are proven to be as high risk as no-money-down mortgages. These loans will be offered to people with poor credit. If 3% is too much to put down, the banks are offering insane “incentives” to entice borrowers to reignite a stalling real estate market.

Wells Fargo claims that borrowers can qualify for an even lower interest rate if they agree to go to a ridiculous and ineffective “government-sponsored” class on finance (think “Mortgages for Dummies”). Wells Fargo offers a 3.75% interest rate if you put the 3% down or 40% down on the loan- it hardly matters to them since they are selling the paper. Attending the finance class reduces your rate by a mere .08% of the interest…