top of page

An extra dose of interest payments? Homeowners fight back

  • Writer: SSMMA
    SSMMA
  • Apr 14, 2016
  • 1 min read

For years it was widely considered a massive, government-sanctioned rip-off of home mortgage borrowers. Then it was banned by the Consumer Financial Protection Bureau. And now it’s the subject of class-action suits that accuse four large banks of illegally collecting millions of dollars in excess mortgage interest payments from their customers.

The source of all the controversy: The Federal Housing Administration’s longtime policy of allowing banks to charge homeowners a full month’s worth of interest when they went to pay off their FHA-insured loans — even after they had paid back all the principal they owed…Please click here to read Kenneth R. Harney’s story in the Tribune.

Kommentare


Village of Alsip  •  Village of Beecher  •  City of Blue Island  •  Village of Burnham  •  City of Calumet City  •  Village of Calumet Park  •  City of Chicago Heights  •  City Of Country Club Hills  •  Village of Crestwood  •  Village of Crete  •  Village of Dixmoor  •  Village of Dolton  •  Village of East Hazel Crest  •  Village of Flossmoor  •  Village of Ford Heights  •  Village of Glenwood  •  City of Harvey  •  Village of Hazel Crest  •  Village of Homewood  •  Village of Lansing  •  Village of Lynwood  •  City of Markham  •  Village of Matteson  •  Village of Midlothian  •  Village of Mokena  •  Village of Monee  •  City of Oak Forest  •  Village of Olympia Fields  •  Village of Orland Hills  •  Village of Orland Park  •  Village of Park Forest  •  Village of Peotone  •  Village of Phoenix  •  Village of Posen  •  Village of Richton Park  •  Village of Riverdale  •  Village of Robbins  •  Village of Sauk Village  •  Village of South Chicago Heights  •  Village of South Holland  •  Village of Steger  •  Village of Thornton  •  Village of Tinley Park  •  Village of University Park  •  Village of Worth

  • Facebook
  • Twitter
  • LinkedIn

© 2022 by South Suburban Mayors and Managers Association

bottom of page