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Volume 25 - Number 16

August 4, 2014

CFPB, State AGs Take Down Rome Finance Over Predatory Lending

The CFPB and 13 state attorneys general obtained approximately $92 million in debt relief from Colfax Capital Corp. and Culver Capital LLC, also collectively known as “Rome Finance,” for about 17,000 U.S. service members and other consumers said to be harmed by the company’s alleged predatory lending scheme. According to the government agencies, Rome Finance lured consumers with the promise of no money down and instant financing. Rome Finance then masked expensive finance charges by artificially inflating the disclosed price of the consumer goods being sold. Rome Finance also allegedly withheld information on billing statements and illegally collected on loans that were void. The CFPB said the companies offered credit to consumers purchasing computers, videogame consoles, televisions, or other products. ...

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HUD has announced a 25 basis point cut in FHA premiums, which is slated to take effect in late January. Is your lending shop for or against a cut in FHA premiums?

For. It should help lending volumes.
Against. The private MI sector should take on this risk, not the government.
Too early to say.
I believe the new White House may scuttle the idea so it doesn’t matter.

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