Search results
Results from the WOW.Com Content Network
Equity stripping or equity skimming is a variation on lease-buyback and is one of the most common types of foreclosure rescue schemes. [4] In it, the perpetrator assumes ownership of the house while allowing the former owner to continue living there, provided that s/he pay rent to the perpetrator, who is the new owner.
Additionally, some do consider equity stripping, in essence, a form of predatory lending since the scam works essentially like a high-cost and risky refinancing. Equity stripping, however, is conducted almost always by local agents and investors, while traditional predatory lending is carried out by large banks or national companies. [3]
The Equity Release Council is the UK's equity release industry body that sets standards to protect consumers. Its members commit to following a set of five product standards: fixed or capped interest rates (for lifetime mortgages), the right to remain in the property, the right to move to another property, the ‘no negative equity guarantee ...
Myth No. 2: You can access 100% of your home’s equity with a home equity loan or a HELOC. Unfortunately, very few lenders will finance a loan for 100% of your home equity.
On May 20, 2010, the SEC filed a federal case against Edward A. Allen and David L. Olson, two former brokers of World Financial Group / World Group Securities, accusing them of having raised approximately $14.8 million through the offer and sale of promissory notes as part of an illegal Ponzi scheme in the States of Ohio and Florida between ...
A legal letter before action was sent to the banks in January 2009. A group litigation order (GLO) was sought at a hearing on 14 July 2009 and it was made in the High Court on 5 October 2009, enabling the shared-appreciation mortgage customers to take legal action as a group against the banks. [32] [33] [34]
An Illinois law that goes into effect in 2025 seeks to bar interchange fee collection on taxes and tips, which sparked a legal fight with the banks. Illinois Bankers Association v. Raoul is now ...
(The Center Square) – An Illinois law banning banks and credit card companies from charging swipe fees on taxes and tips continues to play out in court. A U.S. District Court judge has issued a ...