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 …

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 …

When the creditor wants more money :: Financial Scams

What happens if the creditor tries to get more money from you? Is it extortion? Theft? Fraud? Here is an example: Courtesy of Household – HSBC Watch: “I made a settlement agreement with a gentleman by the name of Eddie Anderson at HRS (HSBC Retail Services). Our agreement was a down payment of 500.00 on …