According to an article in the Star-Telegram, the Senate voted to pass legislation (90-5) that would rein in credit card rate increases and fees.The article said: "This is a victory for every American consumer who has ever suffered at the hands of a credit card company," said Sen. Christopher Dodd, D-Conn., chairman of the Banking [...]
According to the Center For Responsible Lending, despite the pending Federal Reserve rule changes governing credit cards, many credit card companies are continuing practices that harm consumers. The Center For Responsible Lending took a look at the behaviors of the top eight credit card companies, Citigroup, Bank of America, JP Morgan Chase, Capital One, HSBC, [...]
According to an article in the Star-Telegram, new credit card legislation is making its way through the Senate. The bill, if passed would include measures that protect credit card holders from some rate hikes and require special treatment of credit card holders under 21 years of age.The article said: The latest proposal would prohibit lenders [...]
According to an article in the Dallas Morning News, new legislation that would rein in credit card practices is set for a vote in Congress on Thursday.The article said: Measures before the House and Senate are designed to enhance protections for credit card customers. The House bill, which was being put to a vote Thursday, [...]
The banker lobbyists have already made inroads in watering down the bankruptcy legislation that would give bankruptcy courts the power to modify toxic mortgages; but what they really want to do is kill the bankruptcy legislation. An article in the NYTimes lays out the banker lobbyists' strategy in black and white: The banking industry has [...]
According to an article in the Star-Telegram, General Growth Properties Inc., the nation's second-largest mall operator and owner of The Parks at Arlington mall and Hulen Mall in Tarrant County filed for Chapter 11 bankruptcy protection early Thursday. The bankruptcy came after the company failed to convince creditors to give it more time to refinance [...]
This bankruptcy case (Burke, Dylan; In re) is a perfect example of the type of misunderstanding that can occur when there isn't a written contract for a verbal agreement and no attorney involved to make sure all parties are on the same page. A bankruptcy court denied a plaintiff's adversarial proceeding claiming that her claim [...]
According to an article in the Star-Telegram, the Texas Legislature is attempting to pass legislation that would establish government oversight in the largely unregulated payday loan industry.The article said: Among the measures are licensing requirements, a 36 percent limit on interest rates charged on such loans, establishment of maximum fees allowed and oversight of debt-collection [...]
According to an article in the Dallas Morning News, General Motors' financing arm will temporarily waive some dealer fees and free-up $5 billion for loans to less credit-worthy applicants as it desperately tries to fight off bankruptcy. The article said: GMAC, which provides financing to both General Motors Corp. dealers and customers, is waiving through [...]
In the case of (In re Panek, No. 03-46692-HJB Bankr. D. Mass. 03/05/09) a bankruptcy court awarded $15,240 in damages to a debtor who was the victim of an automatic stay violation. Bankruptcy Case Details: After being notified that the debtor had filed for bankruptcy a creditor continued to automatically withdraw payments of $201 from [...]