Consumer Law

Tips from America?s thriftiest families

Posted on November 26, 2008
Tips from America’s thriftiest families | Oprah (via CNN)

Real estate only goes up!

Posted on November 25, 2008
Some of you may have noticed I am mostly posting humorous things lately. That is because (1) the economy is in the toilet; you already know that; and (2) I am really busy trying to finish up a law review article by the end of next week. In the meantime, enjoy this clip of Hitler, who [...

How credit cards become asset-backed bonds

Posted on November 25, 2008
How credit card companies make money by passing off debt on investors, and keeping the fees and charges to themselves. Marketplace’s series of whiteboard talks simplifies complex financial concepts for you and me. How credit cards become asset-backed bonds from Marketplace on Vimeo...

Prisoners of Debt (redux)

Posted on November 24, 2008
A while back I promised more analysis of this article. This gist of the article is that those debts discharged by a bankruptcy court are not being honored as discharged. There are some powerful reasons for this First, those debt collectors who we collecting on the debt prior to the discharge will continue to collect on [...

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Nationwide Debt Collector Will Pay $2.25 Million to Settle FTC Charges

Posted on November 21, 2008
“Academy Collection Service, Inc. and its owner, Keith Dickstein, have agreed to pay $2.25 million to settle Federal Trade Commission charges that Academy and its collectors misled, threatened, and harassed consumers; disclosed their debts to third parties; and deposited postdated checks early, in violation of federal law...

How To Keep Debt Collectors Out Of Your Pockets

Posted on November 19, 2008
How To Keep Debt Collectors Out Of Your Pockets | New York Consumer Litigation

The best (and cheapest) Christmas present in the world

Posted on November 19, 2008
Don’t go broke this Christmas. The hottest toy this Christmas? Your old newspaper. | Ka-Blog!

Debt Collector Charged as Fake Cop

Posted on November 19, 2008
Debt Collector Charged as Fake Cop | WSB Radio

Senator rips auto industry

Posted on November 18, 2008
Thank you, Senator Dodd! Senator [Dodd] rips auto industry | CNN Money

Check cashing, payday lending, and the rise of the alternative banking industry

Posted on November 18, 2008
I just read the NYT Magazine article Check Cashers, Redeemed on the rise of the alternate financial industry and would highly recommend it. The article looks at the recent rise of alternative banking through Nix Check Cashing, which is now owned by Kinecta Federal Credit Union...

The agony of seven days without spending

Posted on November 16, 2008
The agony of seven days without spending | Real Simple (CNN)

Caveat Emptor, graffiti edition

Posted on November 14, 2008
Found on a Minneapolis bridge on my way to work.

Woman Loses $400,000 To Nigerian Email Scam

Posted on November 14, 2008
“That’s why these emails will continue to clog our spam filters. There will always be someone greedy out there where the prospect of a huge payday with just trip something in their brain and they suspend all reason and let themselves get bled dry...

Friday link roundup

Posted on November 14, 2008
If I am posting less than you would like, it is because I am busy working for my clients. Here are the links I haven’t had the time to comment on from the last week or two: What’s Worse Than Inflation? Deflation. | Consumerist The Wall of Debt (Financial Voyeurism) | StopBuyingCrap...

Voters in Arizona and Ohio reject payday lending

Posted on November 13, 2008
Sarah Byrnes of Americans for Fairness in Lending is an occasional guest contributor to Caveat Emptor. Great news for consumers and advocates ? citizens in Ohio and Arizona voted on Tuesday, November 4th to reject payday lending.  Ballot measures proposed by the industry were soundly defeated in both states, showing that voters weren’t swayed by the [...

New Program Could Help Half a Million Homeowners

Posted on November 11, 2008
New Program Could Help Half a Million Homeowners | ABC News.com

Talking about money troubles no longer shameful

Posted on November 10, 2008
“[T]he economic crisis has some people coming out of the closet about their financial troubles, commiserating about declining 401(k) balances, mounting credit card debt and a stalled housing market.” Talking about money troubles no longer shameful | CNN

Who holds America?s debt?

Posted on November 10, 2008
There has been a great deal of talk lately about the holders of US debt.  I’ve always assumed it was China but the evidence is to the contrary. Surprisingly, Japan holds almost $600 Billion of US debt.  Parade magazine provides a good breakdown of the top holders of U...

2 more banks go belly-up

Posted on November 08, 2008
2 more banks go belly-up | CNN Money

Prisoners of Debt

Posted on November 08, 2008
Year-old article, but well worth reading. Prisoners of Debt | Business Week

Pay your debts with drawings*

Posted on November 08, 2008
Reading this entire string of emails between collector Jane Gilles and debtor David Thorne is entirely worth your time this weekend. From: Jane Gilles Date: Wednesday 8 Oct 2008 12.19pm To: David Thorne Subject: Overdue account Dear David, Our records indicate that your account is overdue by the amount of $233...

Want to stretch you holiday budget? Here?s how

Posted on November 07, 2008
Want to stretch you holiday budget? Here’s how | ABC News.com

“The Federal Reserve Board

Posted on November 05, 2008
“The Federal Reserve Board on Tuesday alerted the public to instances of questionable solicitations directed at consumers. These solicitations promise consumers access to personal loans through a nonexistent Federal Reserve lending program.” The Fed does not make loans, folks...

The bright side of the bailout: tax benefits galore!

Posted on November 05, 2008
My financial advisor, David Benning, forwarded a summary of the tax benefits that were hiding in the fed’s bailout bill. Here is a summary of his summary: Mortgage debt forgiveness excluded Ordinarily, debt forgiveness may be taxable, including foreclosure residuals...

Don?t get ripped off buying component cables

Posted on November 03, 2008
I just got back from an expedition to find a DVI-to-HDMI cable to connect my wife’s MacBook to our television. At the Apple Store, the cheapest cable was $19.95. I thought that sounded a bit too pricey, so I stopped by Radio Shack. Imagine my surprise when, at Radio Shack, the cheapest cable in the [...

The Economy: Why it feels so bad

Posted on November 02, 2008
“The U.S. economy, more so than other worldwide economies, is largely based on how investors and, ultimately, consumers, feel.” The Economy: Why it feels so bad | CNN Money

Don?t get ripped off buying component cables

Posted on November 01, 2008
I just got back from an expedition to find a DVI-to-HDMI cable to connect my wife’s MacBook to our television. At the Apple Store, the cheapest cable was $19.95. I thought that sounded a bit too pricey, so I stopped by Radio Shack. Imagine my surprise when, at Radio Shack, the cheapest cable in the [...

Chase sees the light, wants to rework 400,000 subprime mortgages

Posted on November 01, 2008
Chase announced a plan Friday to rework up to $70 billion in mortgages for borrowers who are already behind, but also for those who may soon be behind. The move by the New York bank will cover as many as 400,000 borrowers. They’ll be moved into loans carrying lower interest rates, smaller principal amounts or other [...

7.5 million homeowners find selves ?underwater?

Posted on October 31, 2008
7.5 million homeowners find selves ‘underwater’ | CNN

FTC taking action against ?credit repair? organizations

Posted on October 31, 2008
Earlier this week  the FTC and 24 state agencies, via “operation clean sweep” took action against 36 CRO’s in an attempt to crack down on activities in violation of the Credit Repair Organizations Act (CROA).    ABC News.com posted a nice piece concerning these CRO strategies and a short explanation of their responsibilities to the consumer...

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