May 10
News reports this week announce that the U.S. Department of Justice has initiated a lawsuit against Deutsche Bank, one of the world’s largest, claiming that the institution lied to federal regulators in order to secure taxpayer-funded insurance for less-than-secure mortgages.
Here’s a look at the details and some of the underlying issues.
The Charges against Deutsche Bank
According to the lawsuit, Deutsche Bank and its subsidiary MortgageIT:
- Initiated risky mortgage loans to homebuyers. Some of these loans may have been subprime, and since their initiation, sources indicate, about a third have defaulted.
- Lied to federal regulators. While the loans themselves may have been a bad move financially, what interests prosecutors is what happens next: that Deutsche Bank allegedly lied to officials with the Federal Housing Authority (FHA) in order to secure insurance for the shoddy loans.
- Got taxpayer-backed insurance for questionable loans. Because of its reportedly false claims that it was evaluating its mortgages for default risk, Deutsche Bank managed to secure FHA funding (which comes from tax dollars) for the questionable loans.
- Required money from the government when the loans defaulted. Now, as many as 12,500 of Deutsche Bank’s loans have apparently defaulted (meaning that the homes have gone into foreclosure), leaving the government responsible for covering the losses. The m
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Tags: Bank, Deutsche Bank
May 09
A few years back, before you can apply for a car loan, or any type of loan, you have to undergo a tedious evaluation and application process that may even take a week to finish. Not anymore. Today, the car loan process has been simplified so much that it has cut off the old loan procedure by almost eighty percent. Let us take a look at how UK car loans online have been made uncomplicated.
Because of rigid competition, many car loan companies have employed many strategies to make their loan procedures more appealing to the public. They have provided a great number of additional amenities and benefits to the consumers in order to match every customer’s needs and wants. If you have good credit rating which means you belong to the low risk credit bracket in terms of credit worthiness, then you would certainly have no issues with applying and getting a good car loan deal. In fact, you would even be asked to provide collateral or even put up a large down payment because your credit history says it all.
Bad credit car finance online:
However, if you have problems with your credit history and your credit rating is shot, do not fret because you can still get a car loan through UK car loans for people with adverse credit. T
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Tags: Car, Uk Car
May 06
If you are behind with Navy Federal, JM Adjustment may come knocking on your door. I think that violates the Fair Debt Collection Practices Act.
I’m a Virginia bankruptcy lawyer. I know that people who are behind on their bills can be targets for harassment. Lots of harassment can violate the FDCPA. Some of those violations are borderline. This one is blatant.
They hand a letter like this letter to whoever answers the door. There are two big reasons why that violates the FDCPA.
First, if someone other than you answer the door, it’s an illegal communication about the debt to someone other than you.
Second, any letter from a debt collector needs to say that it’s a communication from a debt collector, and that any information obtained may be used to collect the debt.
Third, those check boxes on the bottom of the letter, about //Vehicle inspection and // Legal, are false or misleading. They are designed to scare people into thinking their car is in some kind of jeopardy.
JM Adjustment claims they are not a debt collector. They says they do
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Tags: Adjustment, Jm Adjustment
May 05
Question by Vivi: How to get loans online with bad credit?
My boyfriend wants to get a loan to get a truck but they either deny him or don’t give him enough money. He tried to get $ 500 but they only offered $ 150. He’s getting really frustrated because he can’t get any money. What online places can he go that WILL give him money even though he has bad credit?
Best answer:
He has bad credit because he is not reliable about paying his bills. His bill-paying record is worse than “bad credit” because even bad credit can get a loan for $ 500 for a truck.
There is no “online” lender who will give him any money. What they will do is promise him a loan if he sends them the small fee of $ 29. Once he sends that money, they will tell him that they forgot to mention that he must pay a “tax” of $ 79 in order to receive his money. Once he sends that, he will never hear from them again.
Tags: Bad Credit, Credit, Get Loans Online, Loans Online
May 01
Whenever a consumer debtor files bankruptcy under Chapter 13 of the Bankruptcy Code, they may need to provide a Plan payment of all of their projected disposable income pursuant to 11 U.S.C. § 1325(b)(1). That may sound easy to provide your projected disposable income, but the interpretation of the term is one of the most controversial issues arising in consumer cases according to Professor Ned W. Waxman who wrote an excellent article entitled, “Projected Disposable Income: Legislative Lunacy and Judicial Gyrations,” 46 Houston Law Review 867 (2009).
Professor Waxman laid out the then existing judicial approaches being utilized in courts throughout the country. They are the Starting Point approach, the Mechanical/Multiplier approach, The I and J approach, and the Excusal from filing I and J, and Resetting the 6-Month period to Determine Current Monthly Income approach. His journal article is a must read for consumer bankruptcy practitioners and provides an overview of the cases leading up to the Lanning case.
Last year, I briefly discussed the topic of projected disposable income in Chapter 13 bankruptcy cases while the Hamilton v. Lann
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Tags: Disposable Income, Income, Projected Disposable, Projected Disposable Income
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