Archive for the ‘Consumer Protection’ Category

Bank Profits – One West $1.6B

February 21, 2010

One West Bank recorded a profit last year of $1.6 billion [see LA Times Business 02/20/2010].  The FDIC stands to lose $11 billion.  This one year of profits was more than OWB paid to buy predecessor Indy Mac from the FDIC in March of 2009.   OWB’s feeding frenzy is being fueled by rampant foreclosures and turning loan modifications into a farce.  Your personal experience by way of comment would help document.

Loan Modification Fees Cannot be Paid in Advance in California

November 29, 2009

The most recent legislative enactment in California designed to stem the rising tide of fraud in loan modifications may have been an over reaction.   There has been a prohibition on attorneys charging fees in advance.  How are borrowers supposed to get the help they need to extract performance from obstinate lenders?
See new Page entitled “Loan Modification Suggestions” for more information.

What Protection Should the Law Provide for Elders?

September 16, 2009

There has evolved a special practice area called “elder law” but the field is typically cases of old people who are ripped off, abused or neglected by their family members or hired caregivers. This discussoin involves a consumer who is now 95 years of age and remarkably still has all his faculties. He hired Home Depot’s THD At Home Services to take care of all aspects of contracting for repairs to the roof of his home. Home Depot completely shirked its responsibilities and exposed the plaintiff to direct dealing with the contractors it hired. He was presented with invoices for extra work in violation of the agreement with THD. He became extremely upset about this treatment and the company’s utter disregard for him and the promises it had made to protect him in these regards. Despite numerous written demands the corporate defendant remained indifferent to his claim. Their attitude hasn’t changed since a lawsuit was filed. Evidently they think there must be substantial economic loss on the transaction or there is no risk of other damages being awarded. For discussion: should the law specially protect elders in our society when subjected to unfair or deceptive business practices, and what harm is necessary to entitle a claimant to compensation?
Please see the article: Consumer Protection for Elders, California Case Brief