Are Banks complying with the new 2010 Credit Card Rules

The House yesterday passed a version of the Credit Cardholders’ Bill of Rights. It’s the latest in a wave of proposed legislation aimed at helping consumers deal with the credit-card industry. (Previous coverage: President Obama, the Senate, the Fed, and the Cardholders’ Bill)
But has anything actually changed when it comes to helping consumers with their credit cards?
Credit-card comparison site BillShrink sifted through the fine print on more than 200 major credit cards to find out who is complying. We reported in December, shortly after the bill was announced, that no major credit cards met all of the bill’s eight major requirements. The bill does not take effect until mid-2010.
“The banks are not willing to adopt these consumer-friendly things unless they’re forced to,” Samir Kothari, co-founder of BillShrink says.
http://blogs.wsj.com/wallet/2009/05/01/who-is-complying-with-new-credit-card-rules-an-update/?mod=yahoo_hs

aslo visit www.BillShrink.com more a lot more info.

INGDIRECT -can't help with modification

I just finished calling IngDirect's Home Retention Program(Loan Modification), 1-888-464-6118 .

Scenario: Borrower has a Home Equity Line of Credit at 7% and balance of $59,000.

Issue: Called IngDirect to try to reduce interest rate.

IngDirect says NO. They only work with mortgages not Equity Lines as they are not "mortgage" but personal credit.

Again, another point of the confusion and unclear information out there. I think there are a lot of people in similar situations, and so I believe this will lead to more defautls in credit -whether personal or mortgage credit.

The Tax Tea Parties are not just for conservatives. It is for the average work is labors to put food on their tables.

Today tax filing deadline day is Tax Tea Parties protesting ever increasing burden of our taxes.
I don't understand how NBC and the San Francisco Chronicle( see excerpt below) can call this a protest "whipped up by conservative commentators."

This is not anti Obama, or would it have been anti Bush. This is coming from people like me who is tired of the Bailouts and tax credits,favors, payoffs to corporations like Banks, Insurance company when we are losing our homes, our state taxes gave gone way up and every piece of bread, milk and car registration has gone up and up.

Enough. Let's modify our tax code. The Tax code is really full employment for tax attorneys, scam artists, preparers and accounts.
I am a tax preparer and often I end giving up my services to help people who have to file and cannot even afford the $35 filing fee I charge.




"Thousands rally with 'tea parties' on tax day
By JOE BIESK, Associated Press Writer
Wednesday, April 15, 2009
17:21 PDT ATLANTA, (AP) --
Whipped up by conservative commentators and bloggers, tens of thousands of protesters staged "tea parties" around the country Wednesday to tap into the collective angst stirred up by a bad economy, government spending and bailouts. The rallies were directed at President Barack Obama's new administration on a symbolic day: the deadline to file income taxes. Protesters even threw what appeared to be a box of tea bags toward the White House, causing a brief lockdown at the compound.
http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/04/15/national/a080019D17.DTL&hw=tax+revolt&sn=001&sc=1000

I sound like a broker record...But is anyone listening?

I am beginning to feel that my postings are all the same. But the truth is that although the stories are similar the human beings behind are real. The mother, father, sister, brother, child, grandparent, spouse are real.
Just 4/12/2009 two more individuals told me their stories on the problems they are having dealing with the Banks:

Case I: Cannot refinance through Wells Fargo. Richmond, CA
Facts: Male, married, credit score over 700, not late on any mortgage payment. He has an adjustable loan with Wachovia who is now owned by Wells Fargo.
Storey: He has been trying to refinance to a fix rate. It has been over 6 months and the answer is always "give us more paperwork." The result is that he cannot finance because the price of his house has gone down by 30%, and therefore, there is not enough equity in the house.

Wells Fargo will NOT cancel principal, will not defer principal. I gave him the Acorn and HOPE numbers a few weeks ago, and he doesn't seem too hopeful that they can help. In a few weeks he will decide if he stops making payments.

Case II: Again, cannot refinance through Wells Fargo, San Jose, CA
Facts: Female, married, not late on any mortgate payment. Has a good interest rate (around 5.9), but is beginning to have problems making the payments after her husband was laidoff from work.

Story: She's connacted Wells Fargo and the bank tells her that they cannot refinance due to her ratios and because is not late that she cannot work a loan modification.

The Hypocrisy of our leaders.

The hypocrisy our leaders is beyond words. As was leaving for work this morning I got to see the beginning of the hearings on the A.I.G. and through out the day I heard the headline reports.
Our politicians leaders are angry, concern, caught my surprise. This includes the president, congress, etc. Barney Frank who is probably more guilty than the rest.

And I came to one conclusion: our leaders don't lead. They react to whatever is happening. But the final blame goes on us the voters, for voting them, and worst, keeping them in office.

Bank of America! We own you!

Early this morning, around 7:45am, Monday, I called Bank Of America's loss mitigation. Hoping that I would get a different answer from the privous times I readied my information and went through the steps:

1. is my house in foreclosure yet? No
2. when will it go into foreclosure? Don't know.
3. Have you tried selling your house? yes. All of 2007 and half of 2008. No one bought it. No offers. Real Estate Agents don't even want to list it.
4. Can I return as a "deed in lieu of foreclosure?" No. In order to do that you cannot be behind on your payments.
5. Can you reduce the principal? No. Bank of America doesn't participate in that program.
6. My brother wants to make a settlement offer. Can you consider that? No. We need a full agreement submitted, with all the paper and an appraisal.
7. I don't want the house. Can you please take it back right away. It is in Richmond, California, and the area is all boarded up with foreclosed or abandoned house. I don't feel safe there anymore. Response: Sorry, but we must follow the procedure.

This the same story I have gone through for over 1 year, and this is the same story I have heard trying to help family and friends.

No one listens. No one acts.

Bracing for a Populist Bailout Backlash

"The Obama administration is increasingly concerned about a populist backlash against banks and Wall Street, worried that anger at financial institutions could also end up being directed at Congress and the White House and could complicate President Obama’s agenda."
http://www.cnbc.com/id/29719365

We are beyond anger. I have written my senators, congressmembers. My Senator, Feinstein, D-California, in late October, responsed to my email against the bailout, with words that basically said "she knew better" and that is why she voted for the bailout.

So beyond anger, I am feeling hopeless and powerless.

Unemployed? Good target for banks to charge you more fees.

I been busy trying to hold on to my job and working longer than ever, and also staying quiet to see how this new stimulus plan will work out. But I see that BANKS cannot watch themselves.

If you are unemployed and collecting benefits you may now have to pay banksfees to get your money? Shame. Shame.

Read more:
http://finance.yahoo.com/news/Jobless-hit-with-bank-fees-on-apf-14426971.html

For hundreds of thousands of workers losing their jobs during the recession, there's a new twist to their financial pain: Even as they're collecting unemployment benefits, they're paying bank fees just to get access to their money.
Thirty states have struck such deals with banks that include Citigroup Inc., Bank of America Corp., JPMorgan Chase and US Bancorp, an Associated Press review of the agreements found. All the programs carry fees, and in several states the unemployed have no choice but to use the debit cards. Some banks even charge overdraft fees of up to $20 -- even though they could decline charges for more than what's on the card.
"It's a racket. It's a scam," said Rachel Davis, a 38-year-old dental technician from St. Louis who was laid off in October. Davis was given a MasterCard issued through Central Bank of Jefferson City and recently paid $6 to make two $40 withdrawals

Congratulations Pres. Obama for showing leadership

I have been quiet on President Obama's actions regarding the bailout, government money and the Stimulus package being discussed in Senate.

But I feel that Pres. Obama took the right action today in limiting the pay of executives at banks that have received tax payer money. Right on!

Now, I would like him to have a serious talk with Nancy Pelosi and wake her up to the reality that most of us think that the stimilus package approved the House needs to be reworked.



From CNN 2/3/2009:
Pledging to take "the air out of golden parachutes," President Obama announced Wednesday [2/4/2009] that executives of companies receiving federal bailout money will have their pay capped at $500,000 under a revised financial compensation plan.

$500,000 will be the limit on executive salaries at companies receiving tax dollars, President Obama said.

Last year's "shameful" handout of $18 billion in Wall Street bonuses "is exactly the kind of disregard for the costs and consequences of their actions that brought about this crisis: a culture of narrow self-interest and short-term gain at the expense of everything else," Obama said to reporters at the White House
http://www.cnn.com/2009/POLITICS/02/04/obama.executive.pay/index.html

Why I continue to blog on DoBanksCare.com

I started DoBanksCare.com to express the frustration I have been seeing with the credit & financial crises since late 2006, and with the bailouts approved by Congress, President Bush and now President Obama since around October 2008.

As a former real estate and mortgage broker I know firsthand what I and my customers having been going through: underwater mortgages, non responsive banks, bad credit, high and adjustable interest rates. And with no one to help us get out of this mess.


Since November 2008, our government has given billions of dollars to banks and other institutions and what have we received? I thought then, I argued then, that we are acting too fast and without much thought. I wrote my Congress representatives (Senators Feinstein & Boxer, and Congresswoman Pelosi). But the responses where that they knew what was best.

But the economy has not gotten better. I have writing the CEO’s and Presidents of Bank of America, Wachovia (now Wells Fargo), Washington Mutual (now Chase), telling them what my former customers are going through and that a reasonable mortgage relief/buyback program is needed. But they tell me that they have no power to do so.

And all this time, they get more and more money from us.

I hope they realize that when a bank forecloses on your house, that that just begins the next nightmare of renting. Most landlords will get a credit report on the potential renter and will then not rent to them due to the foreclosure which has ruined their credit.

What happend to the $2 Trillion Bail Out Money

I had wanted to write this during the last week of December, but I was pretty busy.

The Federal Reserve Bank has refused to make public where the bail out money has gone, who's gotten the money, and what is has been used for.

In October/November I wrote Senator Feinstein opposing the bail out and I got a nice letter essentially telling me that they knew best and she was supporting the bail out.
Well, it did not work. But at least the the Governmnet and Banks should let us know what happened to the money.
Businessweek (Dec 29, 2008/Jan 5, 2009, Pp. 024-025 ) has an article how much money the banks have received and the Federal Bank's decision to not disclose who's received the money and for what reasons. For more info read http://www.bloomberg.com/apps/news?pid=20601109&sid=aGvwttDayiiM&refer=home

Welcome to 2009

Happy New Years everyone. Although 2008 was rough and 2009 looks difficult too we have to remain optimistic, persistent and with hope and faith that we will make it through 2009.

Goals for 2009:
1. Find ways to cut costs:
--do you need all services from Cable, DSL?
2. What about your gym dues. Are really using the gym? If not cancel it.
3. Don't eat out as often
4. Invest in your IRA/ROTH/401k/Sep IRA upto the your company's match.
5. Network and stay in touch to find a new job if you get laid off.
6. CUT CREDIT CARD USE.

And write your Senator/Congressmember at the Federal/State level and force the banks to be accountable since they are living at our expense now.