Implode-Explode Heavy Industries news feed Tracking the many faces of the global credit implosion. en-us iehi-feed-53741 Mon, 21 Apr 2014 13:52:07 GMT New York Appellate Court Rules In Favor Of MFI-Miami Client iehi-feed-53740 Mon, 21 Apr 2014 13:49:38 GMT Hey New Yorkers, Want The Detroit Experience Without The Danger Or The Cost? iehi-feed-53717 Tue, 15 Apr 2014 17:44:54 GMT Tom Deutsch of the ASF on Eminent Domain & Loan Modifications -- A Mandelman Matters Podcast iehi-feed-53676 Wed, 09 Apr 2014 20:52:47 GMT TD Bank Not So Friendly ``I moved my money to a credit union in 2010 after a run in with Eastern Bank that I wrote about on Huffington Post and have never regretted the move. Though a bit of a hassle, it was well worth the couple of days I spent doing it. I'm greeted at the bank by people who know me; I can call or email the bank manager and generally get a response quickly; and any issue I have is quickly resolved without major drama or finger pointing.

I was recently reminded of this move when I had to deal with TD Bank -- "America's Most Convenient Bank."

Bear in mind that I'm old enough to remember when free checking really was free and there were no minimum balances to worry about. TD Bank has a minimum of $100 for a checking account, which means at the end of the month, when you're broke and your balance goes to $99, you get hit with a fee that drives your balance even further down. Or, if you spend, say $90, you get hit with a fee of $15 dollars for not maintaining a balance and then get an overdraft fee of $75 because of the $15 that put you in the Red.''

iehi-feed-53672 Tue, 08 Apr 2014 12:34:38 GMT Apparently White House is PLEASED with HAMP and Housing? - Mandelman Matters iehi-feed-53662 Sun, 06 Apr 2014 16:46:18 GMT Foreclosure Mill Attorney Goes Nuts After Judge Rules Against Him iehi-feed-53640 Thu, 03 Apr 2014 14:48:50 GMT Did Michigan Dems Just Slap Victims Of Illegal Foreclosures In The Face? iehi-feed-53584 Wed, 26 Mar 2014 14:37:57 GMT Is Credit Suisse Doing To Jamaicans What they Helped The Nazis Do In Europe? iehi-feed-53572 Mon, 24 Mar 2014 14:16:07 GMT Dave Dayen Does Great Job Describing "Government Cowardice" and Donovan's Complicity "Selling" the National Mortgage Settlement - Mandelman Matters iehi-feed-53565 Sat, 22 Mar 2014 16:33:46 GMT Convicted Mortgage Fraudster Lee Farkas Wants His Mommy iehi-feed-53562 Fri, 21 Mar 2014 21:48:54 GMT (Real and fake) Reasons Why NOW is a GREAT Time to BUY a Home - Mandelman iehi-feed-53512 Tue, 18 Mar 2014 01:27:34 GMT Audit Of DOJ's Mortgage Fraud Effort Shows Homeowners Are On Their Own iehi-feed-53472 Mon, 10 Mar 2014 16:38:35 GMT Underwater and Unsolvable -- A Lifetime of Homeowner Mortgage Debt - Mandelman Matters iehi-feed-53471 Mon, 10 Mar 2014 16:33:03 GMT Demand for Mortgages Plummets, But It's Not a Winter Storm, It's More of an Ice Age - Mandelman Matters iehi-feed-53469 Sat, 08 Mar 2014 16:14:33 GMT Is Con-Edison Igniting A New Housing Crisis In New York? iehi-feed-53450 Wed, 05 Mar 2014 02:11:15 GMT What I Know About Loan Modifications -- Mandelman Matters iehi-feed-53447 Tue, 04 Mar 2014 20:50:13 GMT If you think your credit card company cares about you, think again. You are only a statistic. ``I was going to rent a car right after the financial crisis hit in 2008. I presented my American Express card, which was up to date, and had only around $2000 in recent charges. I had always been able to charge up to $10,000. The charge was declined. Luckily I had another card to use. I called, irate. I was told that a review was being made of my account (I have excellent credit), and past that the operator was tongue-tied and seemed to be reading from a script. I gave up. Two months later, I was told I had a $10,000 limit. Then a couple of weeks later, down to $1500. No reason at all. I had been a cardholder for maybe three years. It seems that at that moment, all the banks and credit card companies were terrified, and two of my other cards reduced my limits which remain lower until this day. I gave up the card in anger.

What is my point? There is no personal feeling towards a card holder, ever at any time. We are all just numbers. If it suits the card provider to change the terms, they will do so at their convenience and without warning. Never make the mistake of thinking otherwise. The card companies (which are mostly all big banks) have one thought in mind, not our convenience, but profits. They are mercenary. Mercenaries for centuries have been soldiers for hire. They fight whoever they are paid to fight, caring less about the justice of a cause. The British hired Hessian mercenaries to fight us during the American Revolution. Happily we eventually defeated the Hessians.''

iehi-feed-53440 Mon, 03 Mar 2014 20:34:40 GMT Activists Want To Start Break Dancing Over Glaski But Its Deja Vu All Over Again iehi-feed-53429 Fri, 28 Feb 2014 19:57:25 GMT How Do I Respond to Debt Collectors? Ask for Proof. ``As I mentioned in a previous post about Validation of Debt Letters, in many cases when a debt collector contacts you, in many cases, they have no actual proof of the debt they are claiming you owe.

Typically they've been sold the debt by a credit card company or retail store, etc. In the case of JP Morgan Chase for example, a lot of the debt Chase was selling to collection agencies was either completely fabricated or, at best, inflated. In other words, Chase would sell bogus consumer debt to collection agencies and the collection agency would try to collect on that debt.

The previous post, "How Do I Respond to Debt Collectors? Validation of Debt Letter" provided a link to a fairly extensive letter you can print out and send to the collection agency. The letter is also available at the Consumer Financial Protection Bureau's website.''

iehi-feed-53428 Fri, 28 Feb 2014 19:28:08 GMT How Collections Agencies Get Easy Default Judgements ``Everything you never wanted to know about "sewer service"

One of the most powerful weapons that a creditor has when attempting to collect their debt is to reduce the debt to a legal judgment. Once the creditor has a judgment, they can garnish bank accounts, take wages, and so on. Usually this process involves filing a lawsuit, going to court, having a judge hear what everyone has to say and then issuing a judgment (or not) based on the facts. Before the trial, the parties have the right to ask for documents, called "discovery", or ask questions of the other side, called "depositions", to make sure that all the facts are available to the judge before the trial. This process can be long and expensive.

So what if a creditor could just sidestep that process? What if they could forget about all the expensive discovery and trial process and just get a judgment against you? That's what's called a "default judgment". If they file a lawsuit, and you don't answer, then they automatically get what they are asking for, at least most of the time.''