While the Credit CARD Act of 2009 was passed last year, the majority of the changes associated with it went into effect this past Monday. One of the biggest changes put forth by the bill is the new rules regarding marketing credit cards to students. Marketing to college students has been an ethical issue for big lenders like Bank of America, JP Morgan Chase, and Wells Fargo for years. Continue reading

CitiMortgage has continued their suspension of foreclosures through January 17th but other lenders may not be as generous. Bank of America and Chase have only suspended foreclosures through January 3rd. And I’m sure there were plenty of borrowers who woke up Monday morning to the harsh reality of 2010: their very own foreclosure notice. Needless to say, it isn’t a good way to start the New Year. And foreclosures aren’t even expected to peak until the end of 2010. So, what’s your next move? Continue reading

There has been little improvement in the foreclosure crisis.

Foreclosures are now at a record high—and expected to hit 2 million this year. It seems that companies like Bank of America and JP Morgan Chase are not prepared to handle it either. Bank of America, the largest lender in the US, had to create a special team of 8,000 people in their call center who are exclusively focused… Continue reading