… of the workers recently employed by the mortgage industry have absolutely no experience in the banking industry and definitely no experience helping homeowners avoid foreclosure.

Many new hires have no previous mortgage industry experience. Edwards, for example, worked in a Westin hotel before starting at Bank of America last year.

They want to save money! These banks have taken over $700 billion from the American taxpayer and now they want to save a few pennies hiring individuals …

Permalink: /loans-mortgages/mortgage-modification-workers-have-no-previous-banking-experience/

… said:

“That Wall Street is making money again in essentially the same ways that thrust the banking system into chaos last fall is reason for concern on several levels, financial analysts and government officials say… And they still make bets that, in the aggregate, are worth far more than the capital they have on hand to cover against potential losses.”

Taxpayers have sunk billions of dollars into these nearly bankrupt banking institutions while they have refused to pull …

Tags: Banking Services Creditor Wall Street

… News, the City of Dallas is facing a $100 million budget deficit that may cause them to cut services to close the gap.

The article said:

The first round of proposed cuts has put the jobs of nearly 350 city employees at risk and placed everything from police overtime to Dallas Zoo exhibits on the chopping block.

Though City Manager Mary Suhm has said she is not prepared to propose a tax increase, she is considering raising two fees, including 6 percent on average for water service …

Permalink: /breaking-news/as-dallas-budget-deficit-looms-city-considers-drastic-cuts-to-services/

… or new loans to pay for the toxic loans they are suffering under. What we need now is to hold the banking class accountable for signing millions of Americans up for unaffordable mortgages. We need to empower our bankruptcy system to modify these toxic mortgages so that homeowners can save their homes from foreclosure using our bankruptcy system.

Permalink: /foreclosures/banking-class-claim-job-losses-the-cause-of-foreclosure-not-toxic-loans/

Senator Christopher Dodd and other members of the Senate Banking Committee are proposing legislation that would create a special bankruptcy process for failed financial institutions.

Members are discussing a two-stage process that would create a preferential option for bankruptcy followed by a regulator-managed resolution if bankruptcy fails, the person said. The source requested anonymity because the draft is in flux and has not been made public. …

… used to directly benefit homeowners facing foreclosure.  Proponents of funneling money into the banking industry as opposed to homeowners claimed that the benefits of the bailout would trickle down to homeowners facing foreclosure. However, many months later we have found that claim to be untrue.  Foreclosures have risen over the past year and the reluctance of mortgage lenders to help homeowners avoid foreclosure is evident by the low numbers of homeowners receiving permanent loan …

… amendment to be considered on the House floor as an amendment to the broader financial services reform bill AS EARLY AS THIS AFTERNOON!!

H.R. 4173 being offered by Reps. Conyers, Turner, Lofgren, Marshall and others  will help financially distressed families avoid foreclosure. This amendment will empower bankruptcy judges to modify mortgages on primary residences, and help families desperately in need of assistance avoid foreclosure.

This one small change will help stabilize …

Tags: Bankruptcy Community Action Financial services foreclosure Mortgage United States House Committee on Rules

According to an article in the Star-Telegram, American Corrective Counseling Services, a debt collection company has agreed to a $2.55 million judgment to settle a lawsuit brought by thousands of debtors who claimed they were wrongly led to believe they had to pay costly fees to avoid criminal charges for bouncing checks.

The article said:

“The company sent out letters as recently as last winter purporting to be from various Pennsylvania district attorneys’ …

Tags: American Corrective Counseling Services Debt Collector Judgement

This financial crisis has brought on a slew of bank failures, credit card divestment and general changes to the lending landscape.  Already, 2009 has seen nearly 100 bank failures and numerous acquisitions and sales of credit card brands. But how do all these changes affect your credit card?  Let’s take a look:

The terms and conditions of your credit card may change if it is …

Tags: Banking Services Credit card Financial services Interest rate

According to an article in the Star-Telegram, moderate House Democrats are drafting a proposal that would shield big banks from potentially tougher state regulations of credit cards, mortgages and savings accounts.

The article said:

“…their proposal, spearheaded by Illinois Democratic Rep. Melissa Bean, isn’t sitting well with consumer advocates who say banks shouldn’t be allowed to …

Tags: Banking Services Consumer Protections Credit card

According to an article in the Dallas Morning News, the Servicemember’s Civil Relief Act (SCRA) provides a wide range of protections for active duty members who may be facing high interest rates on their credit cards.

The article said:

“The Servicemember’s Civil Relief Act provides a wide range of protections for active-duty military members. It’s aimed at postponing or suspending …

Tags: Banking Services Credit card Servicemembers Civil Relief Act

… 199-bed hospital said that it expected to emerge from bankruptcy within a year and that all services would remain open…It also plans to emerge with a new business model that excludes HMO patients in favor of patients with preferred provider organization (PPO) health insurance.”

Downing reported losses totaling $100 million due to unfavorable HMO contracts which pay hospitals a set fee per patient per month, regardless of the treatment costs for those patients. By contrast PPO …

Tags: Business Financial services Health insurance