New Orleans The New York Times zinged out a righteous editorial today to my shock and awe about the fact that something should mitigate the arbitrary and capricious power of banks to unilaterally determine whose business they will take and whose they will not take. In this case they were talking about the way …
Category: Financial Justice
Widespread Fraud at Bank of America
Orange Beach, Alabama Better late than never, the Attorney Generals of Nevada and Arizona sued Bank of America for “widespread fraud” on the bait and switch of promising that a loan modification is in progress and then foreclosing and selling the house out from under the homeowner at the same time. The Times and the …
Debit Charges and Senate Hucksters
New Orleans The Dodd-Frank Financial Reform Act called for the Federal Reserve to put an end to the debit card surcharge padding when that retailers were paying to banks and credit card companies, usually amounting to 44 cents a transaction. New Fed proposals would cap the amounts at 7 to 14 cents, about an 80% …