Credit and Loan Blog October Archive

Harrassing Bill Collector Complaints on the Rise

By Website Introductions at 10/31/08 14:21

Complaints regarding harrassing bill collectors are rising over the weeks after many Americans bought stuff and took on loans during the free-going times preceding the economic crisis.

Federal law allows creditors to do certain measures to force payment out of their customers, but there are also limits to it such as calling before and after certain times and repetitive calling.

Link: Complaints surge as bill collectors get tough - CNN.com

Lehman Bankruptcy Investigations

New York Times reports that prosecutors have already stepped up the investigation with the collapse of Lehman Brothers, sending dozens of subpoenas including the chief executive of the investment bank, Richard Fuld.

Brooklyn and Manhattan prosecutors are looking at Lehman executive remarks during the September 10 conference call five days before the filling of the company's bankruptcy.

Link: Probe of Lehman collapse escalated: NYT | Reuters

Analysis on Americans Debt Issues

Debit and Credit cards are two of the most popular methods of product and service acquisition in the United States of America. To some extent credit/debit card is essential if one doesn't want to carry a great deal of money and for security purposes. Eventually the impulse of transacting business without money through these cards is very abusable and exploitable resulting to debts and bank payback to a card user. An award-winning Canadian's view on US debit/credit system can be read here.

Link: Commentary: Our romance with debt -- we'll pay for it later - CNN.com

Fanie Mae Forgive a Citizen Who Herself twice

Ninety year old citizen of Akron Ohio, Addie Polk, became a symbol of the home mortgage crisis when she shot herself at least twice in the upper body and was hospitalized.

Under the circumstances, Fanie Mae said that they are going to forgive what ever outstanding balance she had on the load and will give Polk the house.

Polk and her late husband purchased the 101 year old home in 1970. She took a 30 year mortgage with 6.38 percent for $45,620 with a Countywide Home Loan in Cuyahoga Falls, Ohio and missed payments over the past couple of years.

Link: Fannie Mae forgives loan for woman who shot herself - CNN.com