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Loans and Lenders

New Rescue One Financial Loan Offer Letter Still Raises Concerns

Cosplayers at San Diego Comic Con 2009

Rescue One Financial has been sending out what I feel to be a problematic mailer offering consumers loans but consumers report being switched into debt settlement programs with Freedom Debt Relief instead. That has concerned me since it sure seems like a bait and switch effort to tell people they are going to get loans but sell them into debt ... Read More »

You Are Cordially Invited To The FTC’s Road Ahead Roundtable

Today, the Federal Trade Commission will host the third in a series of roundtables around the country to gather information on consumers’ experiences in the leasing of motor vehicles at dealerships. The roundtable also will address what has been learned about auto sales, financing and leasing at all of the roundtables; what consumer and business education initiatives would be useful; ... Read More »

Advanced Fee Loan Scams Appear to Flourish

Personal loans, bad credit loans

A reader just submitted a scam report on a company called Manchester Capital Trust. The consumer noticed that there were some similarities between the website of Manchester Capital Trust and a previously uncovered advanced fee loan scam site of Bellview Financial Group. The submitter is correct. The two sites did use a substantial amount of the same text on the ... Read More »

Treasury Reports An 88 Percent Increase In Mortgage-Fraud Since 2010

Banks are re-examining loans that took place during the housing boom and are now finding problems which has resulted in a large jump of reported mortgage-fraud. Reports are showing an 88 percent jump in the second quarter according to the Treasury Department. “Most of the mortgages suspected of fraud closed during the height of the real-estate bubble, the financial-crimes division ... Read More »

Deceitful Debt Relief And Mortgage Operation Shut Down

A United State district court has shut down two related operations who apparently failed to provide promised debt relief services and jeopardized clients’ privacy by at the Federal Trade Commission (FTC)’s request. Apparently one firm charged consumers a $1,495 up front fee for a mortgage relief assistance program that was never given as well as tossing personal information into unsecured ... Read More »

Financial Literacy Not a Band-Aid to Change All Factors for Smart Money Management

Figure 1: Financial Literacy and Financial Product Ownership - Difference between the lowest 20% of financial literacy scores and the top 20% of financial literacy scores

photo © 2010 Alan Cleaver | more info (via: Wylio)The Centre for Corporate Law and Securities Regulation in conjunction with The University of Melbourne released a Research Report in March 2011 about Financial Literacy and “What Causes Suboptimal Financial Behaviour? An Exploration of Financial, Social Influences and Behavioural Economics”. This following article will showcase their report and findings. All quotes ... Read More »

Loan Modification Programs Broken. Crippled by Lax Oversight and Bank Control

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by Kiel and Olga Pierce, ProPublica With millions of homeowners still struggling to stay in their homes, the Obama administration’s $75 billion foreclosure prevention program has been weakened, perhaps fatally, by lax oversight and a posture of cooperation–rather than enforcement–with the nation’s biggest banks. Those banks, Bank of America, Wells Fargo, JPMorgan Chase, and Citibank, service the majority of mortgages. ... Read More »

Bank Errors Taint Credit Reports and Lower Credit Scores

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by Marian Wang, ProPublica, We’ve pointed out cases in which banks’ miscommunication and disorganization have caused mistaken foreclosures [1], but as several recent [2] reports [3] have noted, that’s not the only way in which bank mistakes have affected homeowners. Some consumers have been surprised to see damage to their credit score after requesting information from the banks. One Nevada ... Read More »

NPV Report. Brian Colombana is Back in the Mortgage Modification Business. This Time With a Report.

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A recent commenter on this site pointed out in a comment on this article that disbarred California Attorney, Brian Colombana, formerlly associated with Liberty Law, is back in the troubled mortgage business. This time he is selling reports to help people know if they meet the federal guidelines for the HAMP program. The NPV Report domain, npvreport.com is owned by ... Read More »

Nonprofit Lender Sends Lady Rejection Letter Saying She is a “Crazy Ass Bitch”

Crazy Ass Bitch

A woman in Seattle had applied with a local nonprofit lender for a loan to help her with her business. An employee of the lender had penned a letter that eventually made it’s way to Ms. Jones, the original applicant. In the letter Ms. Jones is called a “crazy ass bitch” along with other insults. You can click on the ... Read More »

GAO Takes Closer Look at Home Loan Modification Scams

The Government Accountability Office (GAO) comprised a report, Homeownership Preservation: Federal Efforts to Combat Foreclosure Rescue Schemes Are Under Way, but Improved Planning Elements Could Enhance Progress, based on “information available to federal and state agencies and nonprofit organizations, such as consumer complaints and the number of enforcement actions.” The report revealed two predominant schemes in this day and age ... Read More »

Students Fight Back Against For-Profit Colleges: Westwood College Sued For Fraud

We’ve covered this topic time and time again (see Know Your For-Profit College ABC’s: Assertive, Bold and Cheeky. How I Almost Became a For-Profit College Statistic and Government Finds Fraud and Deception in Marketing for For-Profit Colleges); for-profit colleges and their deceptive practices to get students to enroll and take out loans they cannot afford. However, on August 21, 2010 ... Read More »

New York Jumps Ahead With Law Making Mortgage Companies Accountable on Loan Mods

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by Paul Kiel ProPublica, 48 minutes ago New York regulators have crafted new laws to give the state authority to punish mortgage servicers — something the Treasury Department, in administering its struggling mortgage modification program, has so far failed to do. The new rules set clear standards for how servicers must handle homeowners seeking a modification. “We will not hesitate ... Read More »

Colbert Rebukes Need for Consumer Financial Protection Bureau

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I think readers of this site will truly enjoy this recent clip from the Colbert Report. Colbert and Barney Frank make this clip hilarious. But the part where Stephen Colbert reads from his arbitration agreement is funny as well. The Colbert Report Colbert Report Full Episodes Read More »

Loan Modification Program Still Limping Along

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New data released Monday by the Treasury Department shows continued delays and disappointment faced by homeowners in the administration’s mortgage modification program. 190,000 homeowners remain stuck in trial mods that have lasted over six months, still waiting to hear whether they’ll receive a permanent modification. Most of those homeowners will likely be dropped from the program. Even homeowners who’ve successfully ... Read More »

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