Daily Archives: March 16, 2017

Obama’s picks for March Madness

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We shall see if his prediction is correct.And here is his pick for the women’s tournament. Go UCLA!!!

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Are Canadian banks headed toward a Wells Fargo–style scandal over sales tactics?

Employees at big five Canadian banks said they are under extreme pressure to sell more to customers — they’re even told to lie, they claim

Is there a Wells Fargo–type banking scandal breaking in Canada?

An investigative news segment of CBC-TV, radio and the web called “Go Public” said that it received more than 1,000 emails from employees at the five big Canadian banks complaining of extreme pressure to cross-sell products to their customers to meet aggressive sales targets. The emails came after a “Go Public” report last week that staff at TD Bank were being pressured to sell customers products they do not need.

The emails came from employees at the Royal Bank of Canada RY, +0.68% Bank of Montreal BMO, +0.00% Canadian Imperial Bank of Commerce CM, +0.32%Toronto-Dominion TD, +0.63% and Bank of Nova Scotia BNS, +0.24% across the country, all complaining that their employers are forcing them to mislead or even directly lie to their customers, CBC reported.

“We are all doing it,” wrote one RBC financial adviser.

In one example, a TD insurance broker in Barrie, Ontario, wrote, “We are straight up told to tell false stories (lie) to sell products.”

Read on.

Wells Fargo, RBS, Deutsche Bank in $165 million NovaStar settlement

Wells Fargo & Co, Royal Bank of Scotland Group Plc and Deutsche Bank AG have reached a $165 million class-action settlement over their underwriting for the now-bankrupt subprime lender NovaStar Mortgage Inc.

It resolves claims that offering materials prepared by the banks misled investors into believing that loans underlying roughly $7.55 billion of NovaStar mortgage-backed securities they bought were properly underwritten, and were safe.

Read on.

Losing your home by an uncommon clause called “death default”?

Statement showing the payments made toward the mortgage.

POWHATAN COUNTY, Va. — A family home was sold to the highest bidder Friday; it was an auction overshadowed by tears. Peggy Stroud wept as a bidder bought the home she grew up in on Urbine Road.

Stroud said the home is the place where her mother took her last breath, and her father was shot to death on the porch two years ago.

For months after his death, Stroud says she paid the bank her dad’s mortgage, nearly $8,500 total.

She was stunned to learn that all of those payments still did not stop a foreclosure.

“The mortgage lady said there was a death default on the promissory note he signed and that means when he died the entire balance was due upon his death,” Stroud said.

“No one told me that for about 10 months after he passed away,” she continued. “They accepted every payment.”

Read on.