Subprime fallout continues in 2012

It was the summer of 2007. We waited for mortgage lending to explode (or implode). If you recall, Bear Sterns had problems that shocked everyone, HSBC announced the first subprime mortgage losses, and Lehman Brothers said Lehman was not associated or affiliated with subprime borrowers. Bear Sterns is gone, Lehman had egg on their face, …

Wells and USAA mortgage refi, credit card news of the week

Thanks goodness for credit card reform. Compared to the old days it is really nice to get email reminders when a credit card payment is due. Confirmation emails are wonderful. What happened to huge profits generated by credit card companies when they “forgot” to mail a statement, just to make you pay interest on “zero …

Do credit card companies care about debt settlements?

Debt settlements are accounts receivable for the company. A huge credit card balance packed with late fees and overlimit fees may be a pain in the ass for card holders. The jump is made from creditor to collections. Yes, your credit card company may call you every day, but when does the credit card company …

More confusion at Saxon SCI with modifications and foreclosure

ML in Lousianna said this today: “Saxon has sent me a letter saying that I did qualify for a home loan modification and 6 weeks later sent a denial letter and approved the foreclosure process to go forward.” Meanwhile a homeowner in Kentucky told us of another foreclosure involving an adjustable rate mortgage. One must …

Programming of HSBC Watch completed

Meeting another end-of-2011 goal Lender Watch recently completed reprogramming of HSBC Watch. The website was formerly located at householdwatch.com and the new domain name better reflects today’s visitor interests. Timothy Blake and Lender Watch have owned the domain name HSBCWatch.com for many years. Forums are Smart Phone Ready HSBC Watch forums have been transitioned and …