June 2014

Mortgage rates ended June with a whimper, edging down by a handful of basis points. Freddie Mac said 30-year loans fell from 4.17 percent to 4.14 percent this week, while 15-year loans moved from 3.30 percent to 3.22 percent.

The most serious mainland floods in the US are usually reported near flood plains along the east or west coast.  But Minnesota homeowners are dealing with the worst overland flooding seen in years as water from the Mississippi, Crow and St. Croix rivers spills over into communities across the state.

The spring thaw that normally occurs earlier in the year was delayed due to an extensively long and cold winter.  When the weather finally did begin to warm, Minnesota’s near record levels of heavy snow rapidly thawed, driving water down towards the lower plains.

Wall Street and the country’s largest banks are still paying hefty prices for their roles in the subprime mortgage crisis that triggered the recession in 2008.  Federal prosecutors are investigating the banks for their perceived roles in unlawful lending practices, and settlements worth billions of dollars are being demanded from the banks.

The Consumer Financial Protection Bureau and Department of Justice have ordered GE Capital to pay a record $225 million in relief to customers discriminated against by the bank. GE Capital Retail Bank, now known as Synchrony Bank, used deceptive marketing practices and discriminated again Spanish-speaking customers throughout multiple credit card promotions in 2012.