Home foreclosure mess continues

From the Wall Street Journal:

 

Hopes are fading for a far-reaching settlement between regulators and banks over improper home foreclosures as some regulators press ahead to reach their own settlements with banks that others involved in the talks deem weak.

The dispute pits federal regulators against state attorneys general, who are seeking stiff penalties and comprehensive changes in the way banks foreclose on homeowners and modify loans. Advocates of tougher sanctions accuse federal banking regulators, including the Office of the Comptroller of the Currency and the Federal Reserve, with going easy on the banks.

http://online.wsj.com/article/SB10001424052748703841904576257293887938706.html?mod=WSJ_hps_sections_realestate

NFL players getting raw deal from financial advisors

Check out these super high interest loans that the players are being sold:
http://www.thepostgame.com/features/201104/tpg-exclusive-cash-strapped-nfl-players-seeking-high-risk-lockout-loans

And this is not the first problem that the NFL Players Association's
list of registered financial advisors has failed to solve:
http://buckheadmoney.com/blog/2010/11/03/nfl-players-at-risk-of-financial-roughing/

http://www.sportsbusinessdaily.com/Daily/Issues/2009/03/Issue-133/Leagues-Governing-Bodies/Judge-Dismisses-Claims-From-Former-Nflers-Over-Financial-Advisor.aspx

Protect Your Rights - Texas Courthouses May Soon Be Closed To You

http://wtlfirm.com/blog/post/2011/04/05/Protect-Your-Rights-Texas-Courthouses-May-Soon-Be-Closed-to-You-(Part-1).aspx
<http://wtlfirm.com/blog/post/2011/04/05/Protect-Your-Rights-Texas-Courthouses-May-Soon-Be-Closed-to-You-%28Part-1%29.aspx>

Confusion Over Credit Scores

For a key to your financial future, $7 to $20 doesn't seem like much to pay – which is why consumers regularly pony up for a peek at their credit scores. Now a new lawsuit suggests that what they're getting may not be worth it.

 

Consumers can now order their credit scores from more than 20 web sites, up from around five just a few years ago. But while consumers tend to think of one, uniform credit score, there are actually seven different scores for sale, each of which relies on its own magic mix of payment history, credit applications, debt and other factors

Read more: Which Credit Score is Best? - SmartMoney.com http://www.smartmoney.com/personal-finance/debt/which-credit-score-is-best-1302212043057/#ixzz1Iwb8P4Oo

Some Banks Pursing Dubious, Aggressive Foreclosure Practices

http://news.yahoo.com/s/yblog_thelookout/20110404/bs_yblog_thelookout/the-foreclosure-mess-isnt-going-away   A secured lender has the right to take the collateral if the loan is not paid.  But questionable legal documents and SWAT team evictions should not be part of the picture. 

The Earned Income Credit and Bankruptcy

http://www.bankruptcylawfirms.com/resources/bankruptcy/filing-bankruptcy/the-earned-income-credit-bankruptcy

Paul Krugman on the War Against Elizabeth Warren

http://www.nytimes.com/2011/03/21/opinion/21krugman.html?src=ISMR_AP_LO_MST_FB

 

Elizabeth Warren fights against big banks and other financial institutions to protect consumers.  Those big businesses have a lot of money and influence, and they are using it to attack her. 

New Debtors Prisons?

This article from the Wall Street Journal seems to indicate that people are being sent to jail for failing to pay debts.  I practice law in Texas, and I know that in Texas a person can not be jailed for failing to pay a debt.  However, people can be jailed for failing to comply with a court order, such as an order to appear in court at a hearing, or to hand over certain documents requested by the creditor.  Most states allow garnishment of wages (Texas does not), so I guess in most states you could be jailed for failing to follow a court order to hand over a percentage of your wages.  But, to my knowledge, no state allows people to be jailed just for not paying debts.  I think there would be a Constitutional problem with that. 

 

http://online.wsj.com/article/SB10001424052748704396504576204553811636610.html?mod=WSJ_hp_editorsPicks_3