Friday, December 12, 2014

Pick me

"Bank of America is being forced to hand over more than $1 million to a Florida couple after the bank flooded them with hundreds of loan collection calls for years – the latest example of alleged behavior that has cost the bank tens of millions.
In a complaint filed in July, attorneys for Nelson and Joyce Coniglio said that the couple had been on the receiving end of “patterns of outrageous, abusive and harassing conduct” by a subsidiary of Bank of America that included 700 calls in four years, after the bank said the couple fell behind on mortgage loan payments in 2009. The Coniglios also received "threatening collection letters asserting false and misleading information,” the complaint said.
The couple sent multiple letters from legal representation asking the bank to stop, but the calls -- sometimes up to five a day -- continued. The complaint describes automated calls leaving repeated pre-recorded messages.
“If I did what Bank of America did, I’d probably be behind bars,” Joyce Coniglio told CBS News' Tampa affiliate WTSP."

We had the same thing for four years on 5 mortgages....so X5. Happy someone went after them. #worstbank #harrasment

Friday, November 14, 2014

Criminal charges........

Several articles in USA Today about the corruption in big banks and yet they STILL are unwilling to work with homeowners.

I had a man reach out to me last week when he found my blog; being foreclosed on by US Bank who will not answer his questions, nor apparently help in any way. He tells me he lives in a neighborhood that many homes are vacant and going unattended to because of banks that forclosed. Makes perfect sense....NOT.

"Criminal charges may be next for big banks" November 13, 2014 article in USA Today. Those of us crushed by them, can only hope. "Traders from JP Morgan Chase, Citigroup, HSBC, Royal Bank of Scotland, UBS, and Bank of America shared information about the foreign exchange trading activities of their firms clients and colluded on strategies aimed at manipulating benchmark exchange rates....." The article goes on....almost like the mafia.

It is very sad the control they have over the American public. #getoutofdebt #nobigbanks #fraudsters

Tuesday, July 8, 2014

Housing outlook

"One of the foremost economists covering the housing market is Celia Chen with Economy.com. Her latest U.S. Housing Outlook, just released. Here is a summary of her key projections:  As employment conditions improve, pent-up housing demand will be released.  Home sales will remain at 5.5 million this year and accelerate to 6.4 million in 2015.  Credit remains tight, but mortgage lenders are expected to ease in coming months.  A smooth recovery depends on the Federal Reserve‚s ability to manage interest rates higher.  The U.S. housing market will rebound in the second half of this year and will strengthen further in 2015.  Demand will pick up, and a slender inventory of desirable homes for sale and tightening rental markets will jump-start residential construction. Strong demand will keep house prices appreciating.  A healthy housing market has substantial positive downstream effects on the broader economy.  Homebuilding drives job growth, while homebuying and growing housing wealth drive consumer spending.  Rising house prices also benefit credit quality. Gains in sales and property tax revenues help fill state and local government coffers.  These forces will boost overall economic growth, which will in turn fuel stronger demand for housing."

Monday, June 9, 2014

Housing market

"Americans' concerns about the direction of the economy and their household income appear to be weighing on housing growth, according to results from Fannie Mae's May 2014 National Housing Survey. The share of respondents who still believe the economy is headed in the wrong direction remained at 57% last month, and those who said their household income is significantly higher than it was at the same time last year decreased by 4% to 21%. Although respondents' attitudes toward housing have been generally positive during the past few months, their reluctance to enter the home buying or selling market has restrained activity below typical seasonal trends. These are likely the reasons some potential homebuyers are returning to the wait and see attitude that helped squash the market in 2011 and 2012."

Wednesday, May 21, 2014

Guilty!

 "Credit Suisseon Friday became the latest big bank to admit wrongdoing to the Securities and Exchange Commission, striking a deal over its failure to comply with a cardinal rule of the financial industry.
The bank, based in Zurich, was accused of advising clients in the United States without first registering at the S.E.C. Credit Suisse paid $196 million to settle with the federal agency, which requires banks and other firms that offer investment advice to comply with basic registration rules."

Another bank and fraud=shocking, NOT

Tuesday, May 13, 2014

Rent

"The housing market is shifting from homeownership to a rental environment. Even as home prices soar and value returns to real estate, the one number that just keeps falling is the nation's homeownership rate. In 1Q14, it fell below 65% for the first time since 1995. Homeownership currently stands at 64%, down from the 69% high during the last housing boom.
"Homeownership is one of the most important paths to the middle class for families. It's how folks put down roots, build wealth put kids through college, start businesses∑ if there are people who are ready to buy a home, but who aren't getting access to credit, then we've got a problem, and that is what we are facing right now." said HUD secretary, Shaun Donovan."

This unfortunately is due to the banks taking people's property away. There are a lot of people who got burned and they don't want to own again. Renting is very easy to walk away from versus a home people put their hearts into.

Wednesday, May 7, 2014

Credit cards, debt

"Wells Fargo is looking to bulk up its credit card business, where the bank believes it punches below its weight. It is one of the largest U.S. mortgage and auto lenders, but has a weaker market position in credit cards."

Of course…….

Friday, May 2, 2014

Correct accounting….really?

"The fact that Bank of America neglected to correctly account for certain structured notes that it inherited when it took over Merrill Lynch should not have surprised the market. And it raises the question of what other bad news may be coming from the big banks."

"Correctly account" or FRAUD?

Wednesday, April 9, 2014

Survey says!

Bank of America sent me a survey today about how they have treated us with our mortgage---guess they don't know there is more than one. I rated every single box "not satisfied at all". They are the absolute worst, care nothing about their customers as they claim.

All their advertising and claims of wanting to give the best customer service are all just a ploy to lure people in, sadly.

Tuesday, April 8, 2014

And on, and on…..

"Citigroup has agreed to pay $1.13 billion to settle claims by investors who demanded that it buy back billions in residential mortgage-backed securities.
The bank said on Monday that the pact it reached with 18 institutional investors called for Citigroup to make a binding offer to the trustees of 68 trusts it sponsored that bundled some $59.4 billion in home loans into securities from 2005 to 2008.
The settlement offer, which is subject to approval by the trustees and the court, would release Citigroup from having to buy back mortgages sold to the trusts.
But it would remain vulnerable to other types of investor claims, including misrepresentations in the offering documents associated with the securities. It could also face potential actions by regulators."

Monday, April 7, 2014

Lawsuit

"A federal judge recommended letting the U.S. Securities and Exchange Commission pursue a lawsuit against Bank of America Corp over $855 million of mortgage securities that soured during the global financial crisis."

All these lawsuits are amazing and the fines these banks are paying for committing fraud (fraud yes FRAUD), yet no single person is being held accountable. Were the CEO's sleeping at the wheel? Or just getting off with no responsibility what-so-ever? 

Sunday, April 6, 2014

The Wolf of Wall Street

Watching that movie last night….for me it was not surprising at all. Whether people loved it or hated it I think entirely too much of that went on and continues to. I think most American's would be astounded by the greed and fraud of Wall Street, which our government tends to turn a blind eye to. This isn't an example of a first time, second, or third, and on and on.

Watch out for yourself, because I can promise you big brother will not.

Citi's Mexican fraud

"Citigroup can’t seem to get out of its own way.
+

The sprawling global banking giant finds itself once again ensnared in an international business scandal—this time in Mexico—which threatens to ding its bottom line. The latest problem for Citi, which could potentially deliver a blow to its reputation, centers on a Mexican fraud scandal that has forced the US banking giant to re-state its fourth-quarter results by $235 million and lower its 2013 net income to $13.7 billion from $13.9 billion, due to alleged fake billings issued to Citi’s giant Mexican subsidiary Banamex by oil company Oceanografia S.A. de C.V.
+

This isn’t the first time the bank, which has touted its global reach as a boon, has gotten caught up in an embarrassing international scandal. Back in 2004, Citi was compelled to close a private bank after running afoul of Japanese regulations. Five years later, Citibank Japan was ordered to suspend its activities over concernsaround money laundering (paywall). Citi also has been one of the main targets of international regulators looking into banks’ manipulation of a key rate known as London interbank offered rate (Libor)."
$400 million missing……..maybe they should give the CEO a raise

Saturday, March 29, 2014

89% raise

Just a day after Bank of America agreed to pay 9.3 BILLION in lawsuits stemming from the 2008 financial crisis CEO Brian Moynihan gets a 89% raise in pay......................

Only in banking can someone commitment such fraud, not go to jail, and get an 89% pay raise because?   Well obviously it's because he's done such a phenomenal job of stealing other peoples hard earned money.

Friday, March 28, 2014

And again

 "Bank of America is paying $6.3 billion to settle a lawsuit arising out of troubled mortgage-backed securities it cobbled together and sold to Fannie Mae and Freddie Mac in the run-up to the financial crisis.
The bank agreed on Wednesday to pay that sum to settle a lawsuit filed on behalf of the two government-sponsored mortgage finance firms by their regulator, the Federal Housing Finance Agency. As part of the settlement, Bank of America will also repurchase mortgage securities from Fannie and Freddie that are valued at about $3.2 billion.
The agreement covers what are known as private-label mortgage-backed securities sold by Bank of America and its affiliated entities like Countrywide Financial and Merrill Lynch."
Once again pay a fine and walk away………….all these fines and settlements; still it's the average American who got foreclosed on that none of the money went to help.

Thursday, March 27, 2014

We're your friend

"To understand why Wells Fargo has set up a command center to better monitor social media sites, consider this: last year, the bank was mentioned more than one million times on social media sites — and not all those comments were flattering.

The nation's fourth-largest bank recently set up a war room in San Francisco — and a backup location in Charlotte — where employees sit side by side to watch eight large screens that display Tweets, Facebook posts and other social media content published about the brand, engage with consumers on topics that are trending and quickly respond to specific customer queries.

The constant monitoring — its two command centers are staffed five days a week, 12 hours a day while the bank also deploys tools that moderate mentions of its name around the clock — helps the bank keep tabs on how its customers are responding to various products and services, or initiatives like the recent roll-out of its smaller, more tech-heavy branches.

"It's a fundamental change to consumer behavior," says Renee Brown, the head of the enterprise social media team at Wells Fargo. "[Social media] is the new water cooler and street corner where people are gathering to talk."

The monitoring is also a way to stay on top of complaints and negative comments. Banks — especially large ones — routinely take heat for everything from poor branch service to questionable fees to their handling of foreclosures — it's crucial for banks to quickly acknowledge the complaints and make an effort to resolve them, observers say. As part of its social media outreach, Wells Fargo has a "social care" unit to which it refers many of its customer complaints."

Nice try, but I don't think this will do a bit of difference. The fact that they say they care about the customer has proved to be untrue time and again.

Wednesday, March 26, 2014

Lame

After 5 years Chase has re sold a alledged debt they have written off already. Can you say double dipping? Not sure how they work this with the IRS------

Tuesday, March 25, 2014

No condom payments accepted

Now this is funny…………

"A major online payment processor is refusing to handle credit card payments for a startup condom company.
A representative for Chase Paymentech, the payment processing platform offered by JPMorgan Chase, told Lovability founder Tiffany Gaines over the phone this week that the company considers it a "reputational risk" to handle online payments for condoms, which it classifies as an "adult-oriented product."
They can literally steal from people with the financial melt down, but processing payments for condoms, no way.

Monday, March 24, 2014

It's back!


"Return Of The Subprime Mortgage

After the housing bubble burst borrowers with shaky credit were virtually locked out of the mortgage market. But once burned may not be enough for the financial industry as a few lenders are introducing another round of subprime loan offerings.
Conjuring up memories of the toxic low-down, adjustable-rate mortgages that backed so many homeowners into the foreclosure corner, subprime mortgage are once again being offered to borrowers who pose a higher credit risk, typically with credit scores below 640.
This time the loans are much more costly. When once subprime loans offered cheap teaser rates and little or no down payments, they now come with interest rates as high as 8% to 10% with down payments of as much as 25%-35%.
Most of these borrowers have nowhere else to turn. Fannie Mae and Freddie Mac, which back 80% of all U.S. home loans, won't back loans issued to subprime borrowers."

WELL WE KNEW THIS WOULD COME BACK………….bankers greed!

Tuesday, March 18, 2014

Housing


"Weather, Inventory Push Home Sales Lower, Prices Higher. The current RE/MAX National Housing Report on 52 Metro Areas says February home sales slowed in February, while prices increased by double digits over last year. The RE/MAX National Housing Report, a survey of MLS data in 52 metropolitan areas, found the February results to be nearly identical to January. Just like January, the median home price rose 11.6% compared to the same month in 2013, and is now at $180,450. Home sales dropped by 8.8%, compared to January‚s year-to-year loss of 7.1%. Unusually harsh winter storms impacted appraisals, inspections and closings. Even though inventory losses have been shrinking, low inventories in many metro areas had a negative impact on sales. Even at the rate of February sales, the corresponding Months Supply of inventory of 5.1 isn‚t significantly below the 6.0 level of a market balanced between buyers and sellers. When measured on a year-to-year basis, February became the 11th consecutive month with fewer inventory losses than the previous month."

Tuesday, March 4, 2014

Some light?

"Home Sales & Prices
Home sales have picked up and house prices have accelerated. December sales were revised upward 2.2%, to 427,000. January new-home sales rebounded to an annual pace of 468,000 units, the fastest since 2008.
Construction payrolls are expected to increase at their fastest rate since 2006 as housing demand stabilizes. The low level of home inventory is helping house prices rise: The Black Knight Home Price Index (formerly the LPS index) rose 8.4% in December, just a bit below its recent pace.
With the weather turning friendly and consumers and homebuyers showing more confidence, the housing market will experience an improving second quarter."

Good news!

Saturday, March 1, 2014

Oops

"As far as bank heists go, the one Citigroup -0.12% disclosed Friday was big, about $400 million. Even though that might not move the needle much in terms of the bank's earnings, it raises questions for investors about its controls and ability to manage emerging-markets risks.
That's because the funds weren't carried away by a modern day Willie Sutton. They left the vault the way bank funds are supposed to, through loans.
These were made through a receivables-financing arrangement Citi's Mexican subsidiary had extended to Mexican oil-services company Oceanografia. Citigroup said invoices from state-owned Mexican oil giant PetrĂ³leos Mexicanos, or Pemex, which backed the loans, were falsified."
Just more lameness by Big Banks

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Friday, February 28, 2014

Job cutting

Wells Fargo & Co. is slicing an additional 700 jobs from its mortgage operations, bringing staff reductions to about 7,000 -- nearly 12% of its home-lending workforce -- since last year, when rising interest rates ended a refinance boom.
 


As if they weren't lame enough already---maybe cut some upper management and get back to any form of customer service

Thursday, February 27, 2014

It continues

"A jury found Bank of America Corp. (BAC.N) liable for fraud over defective mortgages sold by its Countrywide unit, but the bank is contending it doesn't owe the $2.1 billion the U.S. governmnet is seeking in penalties, Reuters reported."

OF COURSE THEY DON'T…………………………... 

Wednesday, February 5, 2014

More deception

You know the new mortgage settlement which was supposed to compensate people for illegal foreclosure………..joke.

On one property that we lost over $300,000 real dollars we got a check for $3,000 from Wells Fargo……so if we got a check at all they are admitting illegal foreclosure. Somehow the compensation doesn't make up for our loss.

THEN to add insult to injury they 1099 us for the 3,000.

Don't tell me the banks aren't in bed with our government, sad.

Thursday, January 23, 2014

Seriously delinquent

January 10th I start getting letters from Bank of America that we're seriously delinquent on a loan BUT there's help.

I'm dumbfounded by this as Bank of America takes the payment directly from our checking account every month. After three messages to our "account specialist" and one to her manager I finally get a call back today. Shawnee in the office of the CEO is so sorry, after further investigation she sees that the account is actually current. That the modification they granted and signed off on a year ago is just getting finalized in the system and it's their error. They've also been reporting our serious delinquent account to credit which she will put in a request to correct.

ARE YOU KIDDING ME! And this folks is how Bank of America values it's customers.

Friday, January 17, 2014

Starts

Housing starts fell sharply last month but they remained strong enough to give builders their best year since 2007, the Commerce Department said Friday.

We can only hope building is getting stronger………has so much to do with the economy!


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Thursday, January 16, 2014

Stable?

Federal Reserve Chairman Ben S. Bernanke defended quantitative easing, saying it has helped the economy and shows no immediate sign of creating a bubble in asset prices.
“We don’t think that financial stability concerns should at this point detract from the need for monetary policy accommodation which we are continuing to provide,” he said today in Washington at a forum sponsored by the Brookings Institution.

Monday, January 6, 2014

Blind eye

JPMorgan Chase is expected to pay approximately $2 billion in civil and criminal settlements as early as Tuesday to settle government suspicions that the global bank ignored signs of Bernard Madoff's massive Ponzi scheme.

Turned a blind eye=greed

Saturday, January 4, 2014

Hungover

NEW YORK (MarketWatch) — U.S. stocks ended a choppy trading session mostly lower on Friday after Federal Reserve Chairman Ben Bernanke defended the extraordinary measures undertaken by the central bank to boost the economic recovery.

I think the Fed has a long way to go to boost people's confidence that there actually is a recovery………..the average American doesn't feel it.