Of all the cases of economic espionage charged by the DOJ's National Security Division since 2012, more than 80% of them implicated China.World Politicsread more
Removing Neumann is a difficult decision for Son, who has long believed in WeWork and Neumann's vision to quickly expand the company.Technologyread more
In his new memoir, "The Ride of a Lifetime," Iger explains why he decided against the deal to buy Twitter.Technologyread more
"Whilst there is a big dispute at the moment, I think there's also potential for resolution," UBS chairman Axel Weber says of the U.S.-China trade negotiations.Singapore Summitread more
No quid pro quo, there was nothing," Trump said the call. "It was a perfect conversation."Politicsread more
On Sunday, the 71st Primetime Emmy Awards honored the best comedies, dramas, limited and variety series from the last year.Entertainmentread more
Cryptocurrency fans will hope the futures contracts, which are federally regulated, can provide some much-needed legitimacy to bitcoin.Cryptocurrencyread more
Despite mixed fan and critic reactions to the final season of "Game of Thrones," the eight-season epic took home the top prize in the drama category at the Emmy Awards on...Entertainmentread more
There are alternative financial centers and investors can turn to Singapore, Tokyo or Shanghai if Hong Kong doesn't "shape up," says the founder and chairman of Citic Capital.Singapore Summitread more
The Kingdom and oil and gas industry have been slow to shore up defenses, raising red flags about the possibility of longer term fall-out in the region.Technologyread more
Tensions between South Korea and Japan may ultimately disrupt the high-end tech sectors, says Heenam Choi, CEO at South Korea's sovereign wealth fund.Singapore Summitread more
The checks should be the mail for consumers affected by alleged improper auto loan and mortgage practices at lending giant Wells Fargo.
The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency announced a $1 billion settlement with the bank on Friday.
The penalties relate to fees assessed on mortgage interest rate lock extensions — money that prospective homebuyers pay to keep an offered interest rate for a set period of time — and mandatory insurance that the bank placed on consumers' cars in connection with auto loans it originated.
In all, the bank expects to pay about $182 million to affected car loan borrowers, according to Wells Fargo spokesman Tom Goyda.
The bank did not provide figures on the number of refunds it expects to distribute to affected mortgage borrowers. They will get back the fees they paid, plus interest, the bank said.
During the period in question — Sept. 16, 2013 to Feb. 28, 2017 — Wells Fargo assessed about $98 million in rate lock extension fees on approximately 110,000 borrowers, Goyda said.
Here's what affected home and car loan borrowers need to know.
Of the $182 million, the bank anticipates giving affected auto loan borrowers $145 million in cash remediation, along with $37 million in account adjustments, Goyda said.
"We've been sending out checks since last August," he said.
As for home borrowers who paid to lock in their mortgage rate, the bank did not provide figures on the total number of refunds.
Affected mortgage customers began receiving restitution December, Goyda said, getting a refund of their fees paid, plus interest.
This latest settlement is a reminder to consumers to keep a close eye on the fine print in their loan origination paperwork, whether they're borrowing for a home or a car.
For instance, when you apply for a mortgage, the lender may offer you a "rate lock" for 30 to 45 days, meaning that your interest rate is guaranteed for that period.
Unforeseen circumstances can stretch out the home buying process beyond that time frame, meaning that you'll lose the guaranteed rate. You may have to pony up a fee — perhaps as much as 1 percent of your loan amount — in order to lock in your rate for a longer time.
"Consumers have a lot of rights, and lenders should disclose what they charge," said Debbie Goldstein, executive vice president at the Center for Responsible Lending.
Here are three suggestions for prospective borrowers.
1. Shop around: Don't take the first offer that comes your way.
"Understand the interest rate that you qualify for and ask other mortgage lenders about the fees they charge on the loans," said Goldstein. "Have a sense of comparison of what the appropriate fees and rates are when you finalize."
2. Review your disclosures: For mortgages, the CFPB developed two forms — the loan estimate and the closing disclosure — to give borrowers a bird's eye view of their loan amount, interest rate, monthly payments and closing costs.
3. Keep asking questions: The most important question in the loan process is, "why?" If you don't understand something in the course of applying for a loan, ask your broker to clarify.
"Make sure that the individual you're working with is willing to help you understand what you're signing," said Lauren H. Mattia, founder of Women's Money Empowerment Network in Sarasota, Florida.
"Read the documents that you sign and the statements that you get in the mail," she said. "Pay attention because things happen, sometimes even inadvertently."