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Month: October 2010

New FTC Rules on Debt Settlement Companies: What you should know

New Yorkers in search of debt relief often seek out debt settlement companies.  As I’ve mentioned in previous posts, debt settlement companies should really be avoided and are not to be trusted. That said, the Federal Trade Commission (FTC) recently issued new rules intended to protect consumers from debt settlement companies.  So in the event …

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Senior citizen bankruptcies up, primarily due to credit card debt

If you’re a New York senior citizen thinking about bankruptcy because of credit card debt, you’re likely not alone. Not only have senior citizen bankruptcy filings risen substantially from last year.  But the primary cause of those filings appears to be credit card debt, not medical debt, according to research by Law Professor John Pottow …

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New New York Foreclosure Rule: Bank lawyers must take responsibility

 New York foreclosure regulation just got a little stricter.  And that’s not a bad thing. A new rule set forth by the New York Courts requires lawyers who assist banks with foreclosures to submit a signed statement attesting that they took reasonable steps to confirm the accuracy of the underlying documents.  This essentially shifts some …

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Foreclosure probe is the fault of homeowners???

With New York foreclosures in the mix of the robo-signing foreclosure controversy, there seems to be alarming rhetoric that seems to shift responsibility away from the banks and towards homeowners. A typical example is the taunting post by Halah Touryalai on Forbes.com titled, “Foreclosure Proble Won’t Get Your House Back,” she notes that “[B]anks are …

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New York foreclosure relief gets a boost from Cuomo

New Yorkers facing foreclosure just got an extra bit of breathing room, thanks to Attorney General Andrew Cuomo (who also just happens to be running for governor). Amidst the robo-signing controversy and the announcement by Bank of America, GMAC, JPMorgan Chase and others that they will now delay foreclosures in all 50 states (up from …

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Bank foreclosure mess: Why it’s not just a paperwork filing error

The Wall Street Journal editorial page, defenders of capitalism and rule of law, along with the mortgage industry’s spinmeisters would have you believe that this bank foreclosure fiasco and the robo-signing controversy is just a matter of some paperwork filing errors. What they underestimate (or intentionally misrepresent, depending on who you think they’re working for) …

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More New York bankruptcy to come? New Yorkers’ income falls for the first time in 70 years

More New York bankruptcy on the way? A New York State Comptroller’s  report indicates that the income of New Yorkers has fallen by 3.1 percent, the first decline in 70 years for New York residents. The primary cause of the decline is the drop in Wall Street earnings (remember the financial crisis?) and resulting layoffs …

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