Mortgage Prepayment Fees Land CIBC in Court
It’s not uncommon for banks and mortgage lenders to charge prepayment fees on their mortgages. Even though you’re helping the bank by paying off more earlier, you’re also hurting them by taking away the money they would gain on the remaining interest of your loan. But even though most lenders have prepayment fees, they still need to adhere to rules and guidelines when setting those fees. Recently, CIBC has broken these rules and charged their customers far too much in prepayment fees and that’s how they’re now making mortgage news – by facing a class-action lawsuit.
Read moreA Quick Lesson from Mary Bach
Lately, we Canadians have been somewhat guilty of holding our noses up to our friendly neighbours across the border. Yes, the States’ economy is in a little bit of trouble, and yes, ours is doing much better for the time being. But it turns out that even with bad decisions and a tumbling housing market, there are a few Americans that we can take a lesson from – or at least one of them at least. While it may not be breaking mortgage news, Mary Bach has recently given all Canadians a very important lesson in the value of a dollar. Or rather, the value of two cents.
Read moreUS Banks Being Sued; Here’s for What
It was on Friday that the news rang out through the world that the U.S. banks were being sued by the Federal Housing Finance Agency (FHFA), on behalf of Freddie Mac and Fannie Mac. But just why are they being sued, and what banks exactly can expect to go to court (or at least shell out some major bucks in damages in order to avoid it?)
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