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If you ever needed more proof of just how complicated the mortgage crisis is because of securitization, you’ve got it. Try to follow all of these transactions for one mortgage without getting a headache. It took one year to put together this flow chart.
View a higher resolution chart with an introduction at ZeroHedge.com.
I am mentioned today in an article published by the Huffington Post. Possibly, my campaign, NewCreditRules.com, has empowered not only honorable consumers, but also the less scrupulous ones.
Read the article at HuffingtonPost.com.
Instead of reading the esoteric reports provided by the Federal Reserve or financial analysts, check out this user-friendly chart which is an excellent overview of credit card debt in America. View the entire chart at CreditSesame.com.
One of the biggest obstacles to achieving good financial health is the lack of communication. Put another way, a great majority of Americans does not like to talk about money. Crippled by feelings of shame and misguided optimism, Americans with financial problems often do nothing to improve their lot, hoping for a miracle.
We all know that the first step to overcoming a problem is admitting that there is a problem. As trite as the saying is, it is true, especially when it comes to extirpating bad financial habits. Fewer and fewer adults are willing to take that difficult first step of acknowledgement.
As evinced in a recent survey, this is increasingly the case with retirees who find themselves in dire financial straits. Members of the so-called Greatest Generation continue to increase their credit card debt with no intention of paying it off before they die. They ignore the warning signs of financial disaster, blaming the faltering economy or simply giving up.
An insightful article released in USA Today provides fresh data about this trend and stresses the importance of communication when fixing problems of personal finance.
Elizabeth Warren, the special White House adviser assigned to set up the Consumer Financial Protection Bureau, has selected David Silberman of the Kessler Group to run the unit that will research and write rules for credit cards, according to…
Read more about this major appointment as reported by Bloomberg.
I’m going against the grain on this one, but I’m convinced that I’m right: MasterCard’s move to use Kim Kardashian, the ultimate shopaholic with recherché tastes, as a spokesperson for its new prepaid card product is brilliant—at least from a marketing standpoint. She has tremendous influence with her audience of teens. With that said, however, I am more interested in how this partnership exposes the hypocrisy of some consumer advocates.
Continue reading "Kim Kardashian offers prepaid card for kids" »
Tighter underwriting, better customer payment habits and "a substantial cleansing" of past-due accounts helped drive improvements in bank credit card portfolios during the third quarter, Fitch Ratings said Wednesday.
In a review of quarterly results for the major credit card issuers, the agency noted that four large banks have written off 14 percent or more...
Read more about this as reported by Bloomberg Businessweek.
Greetings! I’m Kevin D. Johnson, a business owner who has recently assumed the role of consumer advocate and internet activist. Atlanta, Georgia is my home.
Upon returning from my wonderful honeymoon in Jamaica in October 2008, I received what I thought was an ordinary American Express bill, but to my surprise it was a disappointing letter informing me that my credit line was reduced by about 65% for a highly suspicious and discriminatory reason. Considering my excellent credit score and pristine payment history, it just didn’t make sense. However, what does make sense are the unfair and insidious policies that I have uncovered when asking why. It is time to change them.
I created this web site to document and share my challenging journey to change what is wrong, unfair, and unjust in the credit card industry. The ultimate goal of this web site is to inform consumers of ways to stand up for themselves against treacherous business practices and to educate consumers about how to improve their credit. Finally, I hope to encourage a more open dialogue with credit card companies about their policies–good and bad.
I am proud to say that this blog's unyielding demand for change led to an important amendment in the final Credit CARD Act signed by President Obama on May 22, 2009. Despite this major accomplishment, there is still more work to be done.
Testifying at a bill hearing in Annapolis, Maryland
Speaking at a university
