Debt Settlement Companies Taken to Court by Illinois Attorney General

May 6th, 2009

The Illinois Attorney General has filed lawsuits against debt settlement firms Debt Relief USA, Inc. and SDS West Corporation for allegedly misrepresenting their services to consumers and failing to follow through on their obligation to settle their clients’ debts.

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Mortgage ‘Cramdown’ Measure Defeated in Senate

May 5th, 2009

With a vote of 45 to 51, Senate Republicans defeated a measure that would have allowed bankruptcy judges to modify mortgage terms for bankruptcy filers, dealing a blow to the Obama administration’s foreclosure rescue program, which has yet to make a noticeable dent in the number of families losing their homes.

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Senate Seeks Legislation Protecting Homeowners Against Mortgage Fraud

May 4th, 2009

Hundreds of FBI agents and federal prosecutors could be hired to investigate the estimated 5,000 mortgage fraud claims that are reported every month if a new Senate bill becomes law.

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5 Tips for Managing Your Medical Bills

May 1st, 2009

In what is turning out to be the worst recession since the Great Depression, many Americans struggling to keep up with their bills and increasingly letting more and more of their medical bills go unpaid. However, that there are ways to manage your medical debt even if you aren’t capable of paying it off right away.

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Expanded Housing Bailout Plan to Help Second Mortgage Holders

April 30th, 2009

Earlier this week, the government announced new provisions to Obama’s Making Home Affordable plan that will target homeowners with second mortgages who have not already been helped by the government’s foreclosure rescue plan.

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Investors Cheated Out of $70M in Mortgage Ponzi Scheme

April 29th, 2009

More than 1,000 people have been defrauded out of a total of $70 million after getting involved in a massive mortgage fraud scheme operated by Metro Dream Homes, a company that promised to pay off the mortgages of people who invested a minimum of $50,000 in Metro Dream Homes

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‘Zero Tolerance’ Mortgage Scam Policy Announced by Missouri AG

April 28th, 2009

In response to the rising number of mortgage scams in his state, Missouri Attorney General Chris Koster announced a “zero tolerance” policy for companies engaging in misleading mortgage refinancing practices.

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Legislation Aims to Tackle Mortgage Fraud

April 27th, 2009

Seeking to clamp down on mortgage fraud, Sen. Charles Schumer of New York has asked the Obama administration for $100 million to help regional prosecutors combat the nationwide mortgage fraud problem

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5 Sneaky Ways Credit Card Companies Get More of Your Money

April 24th, 2009

With the economy tanking, credit card companies are hoping consumers will bail them out in more ways than one. Taxpayers have already sent millions of their own dollars to card companies as part of the federal bailout. But now consumers are being asked to pick up the tab for card companies’ tanking balance sheets.

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California Unemployment Rate at Highest Level Since WWII

April 23rd, 2009

California’s unemployment rate hit a record 11.2 percent in March, leaving 2.1 million people jobless — the highest level since World War II.

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