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Doubts Spread About Independent Foreclosure Reviews

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by Paul Kiel ProPublica The idea behind the Independent Foreclosure Review seems simple. During the peak of the foreclosure crisis, the banks broke laws and made errors that hurt homeowners. In response, the government mandated they compensate the victims. But there is growing evidence some banks are playing a major role in identifying the victims of their own abuses, raising ... Read More »

OCC Banking Enforcement Actions 8-27-2012 to 10-1-2012

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Cease and Desist Orders District Of Columbia 2012-214 Independence Federal Savings Bank, Washington 8/27/2012 Montana 2012-215 Bank of The Rockies, National Association, White Sulphur Springs 8/30/2012 Utah 2012-212 American Express Bank, FSB, Salt Lake City 10/1/2012 Civil Money Penalty Orders Arkansas 2012-216 Marvin Sutterfield, Ozark Heritage Bank, National Association, Mountain View 8/10/2012 Utah 2012-213 American Express Bank, FSB, Salt Lake ... Read More »

More Consumer Debt in Namibia is Falling Delinquent

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According to reports out of Namimbia, consumer loans as falling more and more delinquent. Namibian banks are reporting more non-performing loans. Consumers in Namimbia have experienced the same issues that others have, like the U.S. Consumers there were said to lived beyond their means and are no longer able to support their debt payments as they once were able to. ... Read More »

Freedom Financial Network & Freedom Debt Relief to Refund Almost All Clients Under Settlement

Thanks to a reader who alerted me, I discovered Freedom Financial Network, Freedom Debt Relief, Global Client Solutions, Rocky Mountain Bank and Trust, Andrew Houser and Bradford Stroh have agreed to settle a lawsuit filed against them and refund millions in consumer fees. According to the agreement, people eligible for refunds of fees paid include “(i) were customers of any ... Read More »

Get Out of Debt Site Helps Attorney Lauren Womack Uncover Alleged False Use of Her Name for Selling Mortgage Modification Services

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It appears that as a result of a reader posting a complaint on this site, Attorney Lauren E. Womack learned that she was a victim of identity theft. As she says in her letter, “In 2011, I was a victim of identity theft in which my name was fraudulently used, without my permission or authorization, to solicit clients for mortgage ... Read More »

No GED or High School Diploma? Your Student Loans May Be Cancelled, Discharged, and Forgiven.

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Despite what many think, there are reasonable rules and allowances for forgiving federal student loans in cases of school failure, fraud, disability, or other issues. For private student loans, as of now you are still primarily screwed. One little known discharge rule is for those that were enrolled in colleges without having a GED or high school diploma. For those ... Read More »

Debt Relief Lead Generator Ryan Golembiewski Settles With FTC for Big Bucks

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The Federal Trade Commission has taken action against a debt relief lead generator, who we’ve written about before, that appears to have made false statements about the effectiveness and efficacy of debt settlement, bankruptcy and credit counseling. As you will read, the statements made to induce consumers into debt settlement and credit counseling (debt management plans) is not accurate or ... Read More »

Sallie Mae and American Education Services Generate Most Student Loan Complaints

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A report out today from the Consumer Financial Protection Bureau outline the major problems facing American’s today when it comes to dealing with private student loans. Not surprisingly, Sallie Mae tops the list of most complained about student loan company, with 46 percent of all private student loan complaints. American Education Services (PHEAA) was a distant second. And while those ... Read More »

California Bar Nails Another Attorney Collecting Fees for Loan Modifications

The State Bar of California has filed disciplinary charges against a Garden Grove attorney accused of taking illegal advanced fees from distressed homeowners and partnering with non-lawyers in a large-scale loan modification scheme. Stephen Lyster Siringoringo [Bar # 264161] has been charged with 25 counts of misconduct including collecting advance fees for loan modification services, forming a partnership with a ... Read More »

A1 Credit Consulting Firm Apparently Not Familiar With Credit Repair Organizations Act

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An advertisement for credit repair caught my eye today. A1 Credit Consulting Firm is running an advertisement for the following: A1 CREDIT CONSULTING FIRM Bad debt removed in 30 days to 12 months. Are you tire of being denied for credit due to delinquent or past due accounts. Did you know these erroneous accusations can be legally removed from you ... Read More »

10 Must Do Steps to Find the Best Credit Counseling or Debt Settlement Company for You

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In dealing with consumer debt, every single day, I’ve seen so many scams and companies that take advantage of people in trouble that it’s about time I wrote a comprehensive guide about what to look for and how to identify a great debt relief company. You will find that nearly all debt relief companies today sadly fall short of the ... Read More »

MyPayDayRelief Selling Debt Settlement to American’s But Not Located in America

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A reader posted a consumer complaint about MyPayDayRelief.com and claimed the company is actually located in the Philippines. Interesting accusation. While there have been other posts about MyPayDayRelief.com on the site and in Is MyPaydayRelief.com a Scam? – Helen I did raise a concern the company did not disclose where they were located. Looking at the MyPayDayRelief.com site gives the ... Read More »

Thinking of Selling a Timeshare? Be Careful. Deception by Marketers Still a Problem.

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The Federal Trade Commission today announced the owner of a telemarketing operation that deceived consumers who were trying to sell their timeshare properties is permanently banned from the timeshare resale and rental business, and from all telemarketing, under a settlement with the Federal Trade Commission. The settlement followed a court ruling that the company violated the FTC Act and Telemarketing ... Read More »

Did the NFCC Client of the Year Really Do the Ethical Thing?

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The National Foundation for Credit Counseling Recently put out a press release celebrating their clients of the year who, in my opinion, should never have been put into a debt management plan to begin with. See NFCC Celebrates Utter Stupidity and Puts Older Dementia Patient in Debt Management Plan. My goodness, I hate to make this issue about Jim and ... Read More »

U.S. Attorney Charges Wells Fargo With Mortgage Fraud

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A loyal reader sent in a tip about a recent suit by the Manhattan U.S. Attorney against Wells Fargo Bank over mortgage fraud. Preet Bharara, the United States Attorney for the Southern District of New York, Helen Kanovsky, General Counsel of the U.S. Department of Housing and Urban Development (“HUD”), and David A. Montoya, Inspector General of HUD, announced today ... Read More »

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