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Home Equity Conversion Mortgage (HECM) Reverse Mortgage Fraud to Watch For

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Here is an alert out today about Home Equity Conversion Mortgage (HECM) fraud. The HECM program, which allows seniors age 62 and older to withdraw some of the equity in their homes, is the only reverse mortgage program insured by the U.S. government (through the FHA). “The most troubling aspect of HECM fraud is that it takes advantage of senior ... Read More »

    New Rules for Gift Cards – 2010

    Target Gift Card

    The Federal Reserve has published new rules for gift cards that go into effect for gift cards sold after August 21, 2010. Covered by the New Rules Store gift cards, which can be used only at a particular store or group of stores, such as a book store or clothing retailer. Gift cards with a MasterCard, Visa, American Express, or ... Read More »

      Something Stinks in Missouri With Payday Loan Legislation

      Don Wells

      Payday lenders are the target of recent legislation to control predatory practices. New federal legislation is in the works and some states have moved on this issue themselves. But what is happening in Missouri is interesting. It seems that the Financial institutions Committee that has conducted hearings on the bill, only allowed representatives of the payday loan industry to testify. ... Read More »

        The Payday Lending Limitation Act of 2010

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        U.S. Senator Kay R. Hagan (D-NC) will introduce legislation soon regarding payday lending. As she says, The purpose of the legislation is to ensure payday lenders can no longer send hardworking families into a spiral of debt. The Payday Lending Limitation Act of 2010 protects borrowers by ensuring that short-term cash advances remain short-term. Senators Richard J. Durbin (D-IL) and ... Read More »

          Avoid Automated Calls Promising to Reduce Interest Rates

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          FTC Warns Against Credit Card Interest Rate Reduction Scams U.S. consumers are being inundated with prerecorded “robocalls” from companies claiming they can negotiate lower credit card interest rates – for a fee. The Federal Trade Commission urges extreme skepticism about these offers, because many of them are fraudulent. In a new consumer alert, Credit Card Interest Rate Reduction Scams, the ... Read More »

            If You Signed Up With a Debt Settlement Company Since in 2008, 2009, or 2010. Bad News.

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            Damon Day had an excellent observation on his site in a post he wrote after the Senate Hearings yesterday on debt settlement. His concern is for people who have enrolled in a debt settlement program in the last couple of years. Since the debt settlement companies typically take their fees during the first couple of years the consumer is enrolled ... Read More »

              Many Debt Settlement Firms Lie and Defraud People Says Government Report

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              Reuters covered the hearing yesterday and published their take on the Senate Hearings on the debt settlement industry. Debt settlement Firms Rife with Fraud: GAO (Reuters) – A big percentage of debt settlement companies lie to and defraud people who contact them asking for help with credit problems, according to a GAO report and law enforcement authorities who spoke at ... Read More »

                Casino Credit Bureau Central Credit Settles Charges With the FTC.

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                A nationwide speciality consumer reporting agency that provides casinos with credit reports that are used to assess customers’ eligibility for credit and check cashing has agreed to settle Federal Trade Commission charges that it violated the Fair Credit Reporting Act (FCRA). The settlement requires the company to pay a $150,000 civil penalty and bars future violations of the FCRA. According ... Read More »

                  FTC Testifies Before Senate Hearing Today to Send Debt Settlement to Time Out

                  The Federal Trade Commission today told the U.S. Senate Committee on Commerce, Science, and Transportation that the FTC will continue its stepped-up efforts to protect financially strapped consumers from deceptive and abusive debt relief scams. The testimony, presented by FTC Commissioner Julie Brill, described the FTC’s law enforcement actions, a rule change the agency has proposed to combat deceptive and ... Read More »

                    Federal Debt Solutions and a Bunch of Others Banned by the FTC

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                    At the Federal Trade Commission’s request, a federal court has banned eight companies and their principals from selling credit repair and mortgage relief services, and ordered them to pay more than $7.5 million for deceiving consumers throughout the United States. In February 2009, the FTC charged seven of the companies and three officers with making false promises that they would ... Read More »

                      New $100 Bill – Bling, Bling

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                      The new $100 is coming soon to a drug dealer near you. It is supposed to make it tougher to counterfeit with all its new high tech features. It’s nice to see we are adding a bit of panache to our currency. Some color, some flare. A word of warning though, don’t stare at the first $100 you see while ... Read More »

                        Concrete Lending, LLC. Very, Very Odd.

                        I recently received an email from someone that identifies himself as Jeremy Pike, CEO of Concrete Lending, LLC in Naperville, IL. This could be a legitimate business but it sure has all the warning signs and red flags of something to avoid. Photo: Katie Blench Here is the email he sent. Thanks for your response to my personal loan ad. ... Read More »

                          News Coverage of Foreclosure and Loan Modification Scams

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                          A television news story out of New York warned consumers about mortgage consultant, loan modification, and foreclosure scams. I enjoyed the names the reporter, Melissa Holmes, gave the different variations of the scam. Phantom Help The Bailout The Bait & Switch Melissa did a good job of warning consumers about some of the foreclosure scams around today to avoid. You ... Read More »

                            I Just Donated 10,000 Diapers in Honor of the Debt Settlement Industry

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                            Every month I donate money to help others as the result of your support of this site by tolerating those annoying ads. The reality is that because of all those obnoxious ads, revenue is generated and I then use some of that revenue to help others. Take a look at all the people we’ve helped previously through Kiva, click here. ... Read More »

                              Have a Chase Bank Card. You Might Be Getting Fired.

                              Chase Bank has announced to shareholders that they will be chopping off 15% of card members. CEO Jamie Dimon announced. “In the future, we no longer will be offering credit cards to approximately 15% of the customers to whom we currently offer them. this is mostly because we deem them too risky in light of new regulations restricting our ability ... Read More »

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