Capital One Is The Most Complained-About Credit Card Company- Can you say, Predatory Lending Practices…


Hello!

Does anyone out there have a Capital One Credit card?  I use to until Capital One increased my interest rate for some unclear reason even though I was making regularly scheduled payments to them for years.  Can you say, Predatory Lending Practices?  Please feel free to post any experiences you like to share about Capital One and their business practices.  In this article, it appears that Capital One is the Champion of credit card companies in that it has caused more complaints to be filed than any other credit card issuer.  Here’s a link to the Consumer Financial Protection Bureau web site and complaint portal.  I invite you to stand for yourself and everyone else and document predatory credit card practices to the US Government.

Ed

Capital One Is The Most Complained-About Credit Card Company – Source Article

Since the Consumer Financial Protection Bureau opened its credit card complaint portal in Sept. 2010, more than 25,000 complaints have been filed with the CFPB. And while the 10 largest credit card issuers account for 93% of all those complaints, one company is responsible for more than 1-in-5 of all complaints filed with the Bureau: Capital One.

That’s according to the Ohio Public Interest Research Group’s new report [PDF] that analyzes some of the available data about the CFPB complaint portal.

With 5,625 complaints filed between Sept. 2010 and Nov. 2013, Capital One cards accounted for 21% of all consumer gripes. Citibank’s credit cards were the second most complained-about (4,514 complaints, 18% of the total), followed by Bank of America (3,320; 13%).

Problems with Capital One cards appear to be a nationwide issue, with Cap One receiving the most complaints from consumers in 43 states. In six of the remaining states — Connecticut, Maine, Maryland, New Mexico, New York, Utah — Citi earned the most complaints, with Bank of America being the most-hated card issuer in Alaska.

The complaint portal isn’t just for consumers to scream into a black hole about their credit cards. The idea is that the card company is supposed to respond to each complaint within a given time frame. Of course, the cardholders aren’t always pleased with the card companies’ responses.

If the consumer is unhappy with the card issuer’s response to the complaint, he can file a dispute. Once again, Capital One cardholders filed the most disputes (1,044), meaning about one out of every five Cap One complaints were disputed. This may have been the largest number of disputes, but it’s not the highest rate. That belongs to American Express, where cardholders disputed 26% of the resolutions suggested by the card issuer.

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Unsealed court-settlement documents reveal banks stole $trillions’ worth of houses


Wow!  Is this the way Banks do business with Homeowners here in the United States?  I’m learning more and more about the mortgage banks and the different illegal activities they engage in.

Ed Reidhead

 

Unsealed court-settlement documents reveal banks stole $trillions’ worth of houses

Cory Doctorow at 8:46 am Mon, Aug 12, 2013
 
Back in 2012, the major US banks settled a federal mortgage-fraud lawsuit for $95,000,000. The suit was filed by Lynn Szymoniak, a white-collar fraud specialist, whose own house had been fraudulently foreclosed-upon. 

When the feds settled with the banks, the evidence detailing the scope of their fraud was sealed, but as of last week, those docs are unsealed, and Szymoniak is shouting them from the hills. The banks precipitated the subprime crash by “securitizing” mortgages — turning mortgages into bonds that could be sold to people looking for investment income — and the securitization process involved transferring title for homes several times over. This title-transfer has a formal legal procedure, and in the absence of that procedure, no sale had taken place. See where this is going?
The banks screwed up the title transfers. A lot. They sold bonds backed by houses they didn’t own. When it came time to foreclose on those homes, they realized that they didn’t actually own them, and so they committed felony after felony, forging the necessary documentation. They stole houses, by the neighborhood-load, and got away with it. The $1B settlement sounded like a big deal, back when the evidence was sealed. Now that Szymoniak’s gotten it into the public eye, it’s clear that $1B was a tiny slap on the wrist: the banks stole trillions of dollars’ worth of houses from you and people like you, paid less than one percent in fines, and got to keep the homes.
Now that it’s unsealed, Szymoniak, as the named plaintiff, can go forward and prove the case. Along with her legal team (which includes the law firm of Grant & Eisenhoffer, which has recovered more money under the False Claims Act than any firm in the country), Szymoniak can pursue discovery and go to trial against the rest of the named defendants, including HSBC, the Bank of New York Mellon, Deutsche Bank and US Bank.
The expenses of the case, previously borne by the government, now are borne by Szymoniak and her team, but the percentages of recovery funds are also higher. “I’m really glad I was part of collecting this money for the government, and I’m looking forward to going through discovery and collecting the rest of it,” Szymoniak told Salon.
It’s good that the case remains active, because the $95 million settlement was a pittance compared to the enormity of the crime. By the end of 2009, private mortgage-backed securities trusts held one-third of all residential mortgages in the U.S. That means that tens of millions of home mortgages worth trillions of dollars have no legitimate underlying owner that can establish the right to foreclose.

This hasn’t stopped banks from foreclosing anyway with false documents, and they are often successful, a testament to the breakdown of law in the judicial system. But to this day, the resulting chaos in disentangling ownership harms homeowners trying to sell these properties, as well as those trying to purchase them. And it renders some properties impossible to sell.

To this day, banks foreclose on borrowers using fraudulent mortgage assignments, a legacy of failing to prosecute this conduct and instead letting banks pay a fine to settle it. This disappoints Szymoniak, who told Salon the owner of these loans is now essentially “whoever lies the most convincingly and whoever gets the benefit of doubt from the judge.” Szymoniak used her share of the settlement to start the Housing Justice Foundation, a non-profit that attempts to raise awareness of the continuing corruption of the nation’s courts and land title system.

SOURCE: BoingBoing

My Foreclosure Experience Begins with a “Notice of Default” from the bank…


Hello Everyone,

Today I just learned that the Bank (Federal Reserve Bank, the Bank of New York Mellon, JPMorgan, Chase, One West Bank, IndyMac Bank) that holds the mortgage on my home at 537 N. 6th Street, Montebello, CA  90640 has started a foreclosure process against my brother (I actually live in the house) as I continue to pay the monthly mortgage.  I have had many mixed feelings on this, I feel like the best thing I can do at this time is to be transparent and share my experiences for the benefit of All.

I am seeking legal advice from those that understand the systemic fraud being practiced in the mortgage markets.  I am committed to filing a lawsuit against the bank for the many Fraud’s committed and continuing in the mortgage market.  I am standing for my financial freedom and everyone’s financial freedom…

more to follow…

Ed

 

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