Reverse mortgages, a lifeline for seniors struggling to pay bills in allowing them to turn home equity into cash, are entering into foreclosure at an "alarming" rate, Consumer Financial Protection Bureau Director Richard Cordray said Wednesday.…
The two largest reverse mortgage originators, Wells Fargo and Bank of America, exited the market in 2011. Wells Fargo cited concerns about the reputational risks of foreclosing on seniors as a result of tax and insurance defaults.
(Emphasis mine)
HuffPo
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