A Quote by Charles Duhigg

Lawsuits against reverse mortgage companies, including the nation's largest, Financial Freedom Senior Funding, contend that those firms helped pressure older Americans into bad investments.

Charles Duhigg

Quote Topics

Against Bad Companies Contend Financial Financial Freedom Freedom Funding Helped Including Investments Largest Lawsuits Mortgage Nation Older Pressure Reverse Senior Those

Quote Author

Charles Duhigg
American - Journalist
Born: 1974

Massachusetts has prohibited most financial advisers from using titles like 'certified senior adviser,' and some of the largest insurers, including MetLife and Genworth Financial, have similar rules.

Charles Duhigg

The global financial system consists of firms in the financial services sector - banks, hedge funds, insurance companies and the like - and various governmental agencies who are charged with regulating these firms.

John L. Casti

Cash from a reverse mortgage can be paid out in several ways, including a lump sum, a monthly payment, a line of credit, or a combination of those. If you do not need money right away, it is usually a bad idea to take all the money upfront, since it starts accumulating interest charges immediately.

Charles Duhigg

In a moment of stress, funding may go to systemically-important firms, which could pull funding away from firms not making the cut.

Charles Dallara

In a crisis, stocks of financial companies are great investments, because the tide is bound to turn. Massive losses on bad loans and soured investments are irrelevant to value; improving trends and future prospects are what matter, regardless of whether profits will have to be used to cover loan losses and equity shortfalls for years to come.

Seth Klarman

Both HUD and the Department of Justice began bringing lawsuits against mortgage bankers when a higher percentage of minority applicants than white applicants were turned down for mortgage loans. A substantial majority of both black and white mortgage loan applicants had their loans approved but a statistical difference was enough to get a bank sued.

Thomas Sowell

If you pay off your mortgage before retirement, you take a huge financial load off your shoulders. You also become eligible to take out a reverse mortgage once you turn 62.

Suze Orman

While a reverse mortgage can indeed be a viable way to generate income, it is very important to understand that after you take out a reverse mortgage, you will still be responsible for paying the property tax, the insurance premium, and all the maintenance costs for your home.

Suze Orman

Where you have complexity, by nature you can have fraud and mistakes. You'll have more of that than in a company that shovels sand from a river and sells it. This will always be true of financial companies, including ones run by governments. If you want accurate numbers from financial companies, you're in the wrong world.

Charlie Munger

No one pushed harder than Congressman Barney Frank to force banks and other financial institutions to reduce their mortgage lending standards, in order to meet government-set goals for more home ownership. Those lower mortgage lending standards are at the heart of the increased riskiness of the mortgage market and of the collapse of Wall Street securities based on those risky mortgages.

Thomas Sowell

Escrow accounts are an important tool for homeowners to the reduce the risk of mortgage default on high-priced loans. Millions of Americans, including my wife and I, utilize these accounts to make monthly payments towards the annual financial obligations that come with homeownership like taxes and insurance.

Seth Moulton

Some financial advisers say anyone who may move in less than seven years should not take out a reverse mortgage.

Charles Duhigg

Before the CFPB, there was no single agency or entity within the federal government tasked with protecting Americans from predatory or negligent practices of banks, credit card companies, mortgage lenders, payday lenders, credit rating agencies and other financial service businesses.

Joe Sestak

Regional interest rate differentials persisted until around the time of World War I and helped shape the attitudes of Americans living in western areas toward the nation's financial system.

Jerome Powell

Trust-me companies are companies whose financial results gallop ahead of their businesses, companies with seemingly perfect control over their quarterly sales and profits. Companies whose financial statements are loaded with footnotes: companies that short-sellers often attack but rarely dent.