Fraud agency to unleash fresh wave of Libor charges
The Serious Fraud Office is gearing up to bring new charges in connection with the Libor-rigging scandal, its head has told The Times.
David Green, head of the SFO, said that charges against individuals suspected of conspiring to manipulate the crucial inter-bank interest rate were expected to be laid in the autumn.
“There are a number of banks in our sights and a number of individuals,” he said.
Bank Of America Won’t Listen? Name-Drop Consumerist
Kyle was having some problems with Bank of America. He decided that his Alaska Airlines credit card was no longer worth the annual fee, so he decided to cancel it. Bank of America didn’t want to let him go. Instead of shutting down the card immediately, they left it open long enough that he got charged the annual fee. It seemed hopeless…until he name-dropped his favorite consumer affairs blog.
I recently ran into problems with Bank of America (surprise, surprise!). Last year I signed up for their Alaska Airlines card as I was planning on going to Hawaii and they offer a $99 companion ticket with this card. I realized at the end of my year, that I likely wouldn’t use the companion card this year and didn’t spend enough on this card to warrant the $75 annual fee.
I called to cancel the card prior to my renewal rate (and being charged the annual fee). A week later, I was charged the annual fee and immediately called them to ask them why. I was told that my card was flagged for cancellation and that it would be done today and the charge would disappear. Two weeks later and the card is still active and the charge still appears on my online account. I finally gave up on calling and thought I would try the online chat option to see if they could help me.
Attached is the transcript of my chat – you will see that the representative was not going to help me and told me I needed to call them (AGAIN!) to cancel the card. You will also notice that I told her that I would call them, but also contact consumerist and let them know of BOA’s incompetence. Next thing I knew, I was transferred to a chat specialist who was actually able to help me!
Lesson learned…..if I ever need to get better service at Bank of America, just threaten to contact consumerist!
Report: Bank of America, Wells Fargo received incentives of taxpayer funds but mortgages redefaulted
ank of America and Wells Fargo serviced home loans that received more than $200 million in taxpayer funds as an incentive to modify them, only to have those mortgages go into redefault, according to a report slated for release Wednesday by a federal watchdog.
“It’s lost taxpayer money,” Christy Romero, the special inspector general for the federal bailout of the financial system, said Tuesday in an interview with the Observer.
The report, which heads to Congress, details how much in taxpayer incentives has been awarded to reduce mortgage payments through the federal Home Affordable Modification Program. The report also gives examples of homeowner complaints – some from as recently as this month – about their HAMP servicers.
According to the report, $102 million in incentive payments went to loans that were serviced by Charlotte-based Bank of America and that ended up back in default. The amount is equal to 16 percent of all the incentive payments awarded for loans that Bank of America has serviced under HAMP.
Bank Repossesses Wrong House, Sells Off Homeowner’s Stuff
An Ohio bank is refusing to reimburse a Vinton County woman whose house they unjustly repossessed while she was out of town.
Katie Barnett recently returned home after being away for two weeks to find that the lock on her door had been changed. She crawled in through the window to find all of her stuff missing.
Barnett suspected she had been robbed — and she wasn’t too far off.
It seems that, while Barnett was gone, the First National Bank of Wellston arrived at her place of residence, broke in, and took possession of all her belongings, including the house.
Except, as it later turned out, they had the wrong address.
“They told me that the GPS led them to my house,” Barnett told 10TV. “My grass hadn’t been mowed and they just assumed.”
Phoning the local police to report the incident did Barnett little good, as the McArthur Police Chief refused to investigate and considered the case closed.
400,000 Foreclosure Settlement Checks Sent To Wrong Address
Like millions of Americans who tried to stave off foreclosure in recent years, Lanette Worles says her bank repeatedly lost vital paperwork she submitted, scuttling her chance at saving her home.
Now, as Worles attempts to collect on a legal settlement intended as a remedy to just this type of practice, she confronts a depressingly familiar predicament: The check for her share of the settlement has gone missing, too.
“It’s been a total nightmare,” Worles, who lives in the Detroit suburb of Allen Park, Mich., said of her effort to track down the check. It was apparently mailed months ago to the wrong address, despite her attempts to correct the mistake in advance. “It seems like such a simple fix,” she said.
Worles is one of 4.2 million homeowners who qualify for a share of the $3.6 billion in cash payouts as part of the foreclosure abuse deal. And she’s one of 400,000 whose checks could not be delivered because they were sent to the wrong address, according to the Office of the Comptroller of the Currency.