Daily Archives: September 22, 2013

Image

Summing It All Up In One Cartoon

Summing It All Up In One Cartoon

Link

Widow faces foreclosure on reverse mortgage she says she didn’t understand

Widow faces foreclosure on reverse mortgage she says she didn’t understand

Barbara Freeman will never forget what it was like the day a slick banker sat down at the kitchen table in the only house she’s ever owned.

Mike Sullivan, a man whose business card identified him as a Wells Fargo reverse mortgage consultant who worked out of Greensboro, and a partner explained the workings of a deal that he said could provide much needed cash to Freeman and her husband, Roy.

“I didn’t understand really anything about it,” she said. “But they made it sound good, and they told us I could stay in the house even if something happened to Roy.”

The bankers thought they might be interested in what they were selling — a high-interest reverse mortgage that would provide them with nearly $25,000.

Despite misgivings, the Freemans took the deal. But instead of a worry-free retirement, Barbara Freeman is living a nightmare: foreclosure proceedings are scheduled to begin this week that could result in her losing the house she’s lived in since 1971.

Link

Massachusetts looks into JPMorgan Chase debt collection practices

Massachusetts looks into JPMorgan Chase debt collection practices

BOSTON, Sept. 21 (UPI) — Massachusetts is conducting an independent investigation of JPMorgan Chase’s debt collection practices, a source told The Wall Street Journal.

The investigation is independent of several concurrent and recently concluded investigations into debt collection activities at the bank, the Journal said Saturday. JPMorgan declined to comment on the issue, the newspaper said.

Read more: http://www.upi.com/Business_News/2013/09/21/Massachusetts-looks-into-JPMorgan-Chase-debt-collection-practices/UPI-35701379780853/#ixzz2fb6724TR

Breaking News: Tom DeLay’s Conviction Overturned

Breaking News:

HOUSTON -– A Texas Court of Appeals in Austin has overturned the conviction of former U.S. House Majority Leader Tom DeLay, attorney Brian Wice told KVUE sister station KHOU 11 News.

In documents released early Thursday, the court said the evidence in the case was “legally insufficient to sustain DeLay’s convictions.”The court said all judgments against DeLay were reversed, and the former congressman was formally acquitted.

It was a 2 – 1 vote. The two Republicans voted with Tom. The one Democrat did not.

The State can request a review by the Court of Appeals.

And here’s the dissenting opinion.

Was This Whistle-Blower Muzzled?

THE fifth anniversary of Lehman Brothers’ bankruptcy has occasioned one legacy-spinning defense after another. We’ve heard from Ben S. Bernanke, chairman of the Federal Reserve; Henry M. Paulson Jr., the Treasury secretary at the time; and Timothy F. Geithner, then the New York Fed president and later Mr. Paulson’s successor at Treasury, about their historic decisions to use trillions of dollars of taxpayers’ money to bail out the banking system.

But will we ever know what really happened behind all those closed doors? The seemingly appalling treatment afforded Richard M. Bowen III, a former Citigroup executive who blew the whistle on years of malfeasance there, shows that we may not. Thanks to political pressure and the revolving door between Washington and Wall Street, the events leading up to the financial crisis remain obscured and may never be fully revealed.

Read on.