Daily Archives: June 26, 2012

Banks Look to Congress, Court on ATM Fee Suits

The House Financial Services Committee votes Wednesday on a bill that would help banks avoid a rash of frivolous lawsuits over ATM fees. The following day, the Supreme Court is expected to issue a ruling that could have a similar effect as the legislation.

Source: American Banker

Congressmen Have Ideas For Georgia Mortgage Settlement Funds

Nathan Deal, Community Affairs Commissioner Michael Beatty, and Economic Development Commissioner Chris Cummiskey urging that the *$104 million the State of Georgia received from the National Mortgage Settlement be invested in foreclosure prevention.

Governor Deal’s spokesman, Brian Robinson, responded earlier today, “Funny they don’t mention that $700 million of the settlement is going directly to homeowners.”

Read on./

Couple didn’t know they’d lost their house until it was gone

This is the first of two stories about an Elk Rapids couple who encountered a mortgage modification scam artist and wound up on the brink of losing their home. This week, the Express looks at how becoming victims of fraud caused Pablo and Guadalupe Bocardo to have their home foreclosed. Next week, we will look at the efforts of their attorney, Jason Jenkinson, to fight Fannie Mae to get their house back.

Pablo and Guadalupe Bocardo have had some rotten luck in the past couple of years.

They wanted to modify the mortgage on their Elk Rapids home and they wound up working with a woman who has since become notorious as a swindler.

Their mortgage servicer foreclosed on them.

Their home was sold to Fannie Mae in a sheriff’s sale and eviction proceedings were started against them before they even knew something was wrong.

Remarkably, however, the Bocardos remain in their home.

That’s thanks to a little bit of good luck — they found an attorney who, so far, anyway, has been able to stave off eviction and foreclosure and keep alive their chances to save their home in a federal court lawsuit, despite long odds against such a thing.

The Bocardos ordeal began when they became one of at least 60 or 70 homeowners from across Michigan who enlisted the services of a woman who claimed she could work out a better deal for them on their mortgage

Read on.

Senate Bill Would Drive Up Flood-Insurance Premiums

Vacation homes and commercial properties in flood-prone areas could see their flood-insurance premiums more than double over a four-year period under a bill poised to clear the Senate this week.

The measure, which was endorsed by the Obama administration Monday, is meant to shore up the finances of a federal program that provides mandatory flood insurance. The Congressional Budget Office estimates the bill would save $4.7 billion by 2021.

Read on.

Biloxi Buzz For Tuesday

Immigration Decision Could Mean Boon For Private Prison Business

Is Boston Drowning?

NFL Star At Center Of Extortion Case

Detroit City Council President Reportedly Bullies Intern On Twitter