by the LendingLies team The Federal Reserve announced Wednesday it plans to slowly sell off the pile of Treasury and mortgage-backed securities trash it accumulated during three asset purchase sessions (aka QE 1, 2 and 3), marking an end to a key strategy in response to the financial crisis. The sale of defective Mortgage-backed securities is the Fed's "pass the…[...]
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Online lenders haven't been verifying income and employment on their loans, and that should set alarm bells ringing http://www.businessinsider.com/prosper-and-lending-club-dont-always-verify-borrower-income-and-employment-2017-6 Online lenders may be lowering their standards and taking greater risks on borrowers as they chase higher profits. Prosper Marketplace and Lending Club, two of the largest players in the online personal loan business, don't always verify key borrower information like income and…[...]
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Editor's Note: Thanks to poster C. Anderson who says, "This is a technically correct but bad decision, as Dayen shows. The statutory language desperately needs to be updated. Until then, consumers should be taught how to exercise proof of claim demands. A consumer has no contract with a debt buyer; an assigned debt for consideration is not a negotiable instrument…[...]
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http://www.thefiscaltimes.com/Columns/2017/06/13/Fed-s-Big-Mistake-Rate-Hikes-Hurt-US-Workers By David Dayen June 13, 2017 Protesters rallied in Washington, New York City and Philadelphia yesterday against an imminent government action that would damage the financial prospects of ordinary workers. And no, it had nothing to do with Donald Trump. The Center for Popular Democracy’s Fed Up campaign wants the Federal Reserve to break with expectations and hold interest…[...]
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MERRILL LYNCH COMMITTED BLATANT FRAUD. Like other Consent Orders, this one reveals the banks as pursuing an on-going pattern of fraud, deception and theft. The problem is that people still can't quite believe the entire scheme is fraudulent and that the base transactions don't exist. The banks get away with this because the complexity is so great that nobody but…[...]
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The courts continue to start with the wrong premise. It is no wonder that they keep coming up with either the wrong result or the right result only after confusing all the issues. Get a consult! 202-838-6345 https://www.vcita.com/v/lendinglies to schedule CONSULT, leave message or make payments. THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL…[...]
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The top reason mortgage applicants nationwide get rejected is because they’re carrying too much debt relative to their monthly incomes. Fannie Mae will be raising its DTI ceiling from the current 45 percent to 50 percent as of July 29. Fannie Mae and the Federal Reserve are engaging in the exact same practices that resulted in the 2008 bubble implosion. …[...]
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U.S. Supreme Court Holds Debt Purchaser Collecting Its Own Debt Is Not Subject to FDCPA
Jun 13, 2017
For a PDF of this decision click download here: Henson v. Santander SCOTUS 2017 The US Supreme Court ruled that a purchaser of a defaulted debt who then seeks to collect the debt for itself is not a “debt collector” subject to the federal Fair Debt Collection Practices Act. The issue before the Court was whether a purchaser of defaulted…[...]
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Editor's Note: In this article, the National Association of Realtors (NAR) admits that one of the challenges people who have faced foreclosure experience is a psychological disorder they refer to as 'post-foreclosure stress disorder'. We first wrote about this disorder last year when we discovered readers were suffering from long bouts of post-traumatic stress disorder from their foreclosure experiences. At…[...]
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“The bank is something more than men, I tell you. It’s the monster. Men made it, but they can’t control it.” – John Steinbeck, The Grapes of Wrath[...]
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