New York–Household International Inc. will pay a record fine up to $484 million to settle charges of predatory lending practices, which misled borrowers into paying high interest rates. A multi-state group of state attorneys general and regulatory agencies accused it of violating state laws by misrepresenting loan terms and failing to disclose material information.
Household, whose slogan is “helping everyday people every day,” agreed to create a fund to pay customers who say the company misled them as well reform its lending practices. Household is the No. 2 U.S. consumer finance firm.
(via Reuters)
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I would like to know if anyone can give me the status of the financial restitution for the state of Alabama consumers, as related to the Household Finance Mortgage, Refinance services Settlement.
Please email any information you have.
Thanks
I see lots of descriptions and explanations of predatory lending and how to avoid same but little in the realm of recourse for a victim of such.
i have been dealing with beneficial for about 6 years !
they were able to absorb the equity from 2 properties !
once the hooks are set ! you are powerless to anything about it .
the settlement is the biggest step in the right direction ! but , the amount is not worth a second look !
i say lets take all $484 million and use it to get all our stolen money back!!!
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