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Opinion: Consumer Lending at Risk
By Marty Robins - AOL NewsAnyone with an interest in maintaining the positive economic momentum we've recently seen should pay close attention to the startup of the Consumer Financial Protection Bureau. The CFPB was created as part of the so-called Dodd-Frank law enacted last year to rectify the practices that led to the 2008 financial crash, with the goal of preventing abuse of consumers in financial transactions. But while the role these sorts of abuses played in the financial crisis isn't at all clear -- authoritative analyses tell us that it was much more the levels of debt, particularly low-quality mortgage debt ...
Officials Say Debt Collectors Used Fake Subpoenas
By David Lohr - AOL NewsERIE, Pa. (Nov. 9) -- Authorities here are investigating a debt-collection company that allegedly used fake sheriff's deputies to deliver phony subpoenas ordering victims to appear in a bogus courtroom, where they were ordered to pay up. "I've never seen anything like it," Erie County Chief Deputy Sheriff Jon Habursky told AOL News. "You are talking about educated people [who] allegedly concocted this mock courtroom, had a judge in a black robe [make] these judgments and forced these people to pay money that they didn't have." Pennsylvania Attorney General Tom Corbett launched the initial ...
Opinion: Seeding an Economy of Greater Equality
By not in system - AOL News(Oct. 19) -- While economists, public opinion and the media go back and forth on the recession's status, recent poverty figures in the U.S. remind us of how severely it has already taken its toll. The poverty rate for Hispanics and African-Americans nationally has climbed to more than 25 percent -- approaching levels more characteristic of the developing world than the U.S. As we look to recovery and growth, we need to ensure continuous awareness of, and support for, measures and activities that plant the seeds of an economy of greater equality. The Small Business Jobs and Credit Act of ...
Opinion: A Low Score for Credit Bureaus
By David Fagin - AOL News(Aug. 18) -- When President Barack Obama signed the financial reform bill into law in July, it definitely seemed like a sign of real change. But, as it stands now, it just looks like more of the same. We all want to see Wall Street excesses reined in and a future financial collapse avoided, but, as it turns out, the new reforms do next to nothing to address one of the biggest sources of frustration and hassles for everyday consumers: the credit bureaus. ANOTHER VIEW The credit bureau industry takes accuracy seriously -- preventing, finding and fixing mistakes quickly, says Norm Magnuson of ...
FTC Cracks Down on Free Credit Reports That Aren't Free
By David Sessions - Politics DailyThe Federal Trade Commission announced Tuesday new disclosure rules for Web sites that advertise free credit reports but then quietly bill customers for "credit monitoring services." The new rule, crafted to enforce a law Congress passed in 2009, requires sites like FreeCreditReport.com to display a large yellow banner on their home pages directing consumers to a site where they can obtain an annual free credit report -- with no strings attached. Though the trade commission has often regulated deceptive advertising on television and product packaging, the credit report disclosure rule marks ...
Opinion: Credit Card Users Need Relief Now
By not in system - AOL News(Nov. 24) -- As you reach for your credit card this holiday season, be aware that your bill may have some unpleasant surprises in store for you: interest rate hikes and decreased credit limits, even if you have good credit and pay your balances on time. Congress passed a law in May to crack down on the abusive practices of credit card companies and stop these tricks and traps from happening. However, the law doesn't go into effect until February. This nine-month phase-in period was supposed to give companies time to prepare for the new rules. But instead, many creditors are taking ...
Opinion: Don't Freeze Card Card Rates
By not in system - AOL News(Nov. 24) -- This past May, Congress passed the most sweeping credit card reforms in history in order to better protect consumers. Now various consumer groups are calling for policymakers to immediately freeze credit card rates. As hard as it may be to believe, consumers actually lose under that scenario. Because of the bad economy, borrowers are defaulting on their credit card loans in record numbers. That leaves lenders with two choices: increase the price of credit to cover the increased risk, or close down accounts. ________ OPPOSING VIEW: Credit card consumers need relief now, says ...
Visually Explaining the Crisis of Credit
By Dave - Politics DailyThe Crisis of Credit Visualized from Jonathan Jarvis on Vimeo. If you ever wondered how the problems in the mortgage and housing industry led to the current situation, this video is an excellent presentation. I like the use of bombs to represent bad mortgages. For more in the same line, I can do definitely recommend This American Life's treatment of the same subject, which was the best I'd seen, or heard rather, since it's audio. tip to the moderate voice Note that Greenspan isn't cast as a hero. ...
Playing Politics with Economic Fire
By David Knowles - Politics DailyWhat we've witnessed over the course of the last week is something of a perfect storm. With the financial sector teetering on the brink, and election year politics in full swing, reason, foresight, and an orderly distribution of life preservers, have been sacrificed for tantrums of the here and now. Who is to blame for the economic mess we are only starting to glimpse? Everyone. You, me, Wall Street, the Bush Administration, Congress, television pundits, the whole lot of us. A pox on all of our houses! Americans have long been living on credit. Not just the poor, who often didn't qualify in ...
Bill Clinton Stars in McCain Ad
By Christopher Weber - Politics DailyNot by choice, of course, and totally out of context, but I doubt Bubba will raise a stink. He's happy any time he can help McCain win. The ad is called "Rein" because of all the "reining in" of Fannie Mae and Freddie Mac that economics ninja John McCain allegedly did. Unfortunately he was thwarted at every turn by the Democrats. And now look at the mess we're in. Thanks a lot, Dems. Bill Clinton knows who is responsible.PRESIDENT BILL CLINTON: "I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President ...
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