by Brian Mahany Waiting for your slice of the $25 billion mortgage foreclosure settlement monies? You might be waiting for a long time. Like forever. While I realize the term “steal” as used in this title is a pretty serious accusation, even HUD is upset at what many states have done with the settlement funds. […]
Merrill Lynch Ordered To Pay Couple $1.3 Million – Securities Fraud
by Brian Mahany Every week we scan the arbitration decisions published by the Financial Industry Regulatory Authority (FINRA). Never a week goes by without several brokers being held to task for hurting the very customers that hired them for their financial expertise. Many times the brokers worked for little boiler room operations that simply disappear […]
More Bad Ink For Morgan Stanley – This Time From ACLU
by Brian Mahany The nation’s big banks have received their fair share of bad press lately. Almost every day is a new horror story involving Bank of America, Chase, Citibank, Wells Fargo and Morgan Stanley. Today is no exception. The ACLU announced it sued Morgan Stanley for violating the Fair Housing Act and Equal Credit […]
JPMorgan Ordered To Pay $18+ Million For Mismanaging Trust
by Brian Mahany Wm. Skelly, founder of Skelly Oil, created a trust back in 1955 to benefit his daughter and grandchild. Skelly died long ago but the trust continued and was left to JPMorgan Chase to manage. Instead of making money for the trust’s intended beneficiaries, an Oklahoma judge says the bank lined its own […]
How Low Can They Go? Bank Of America Claims Death of Child Not A Hardship
by Brian Mahany By now, I should be numb to the suffering caused by Bank of America and other large lenders and mortgage servicers. That’s what they want but instead, I am fighting angry. So are millions of homeowners too. If you think we climb the soapbox a little too often in this blog, read […]
Captive Insurance Scams
by Brian Mahany It didn’t take long. On July 18th we wrote about the new IRS audit push on captive insurance companies. Unless very carefully crafted, the IRS considers most to be abusive tax shelters. This means big penalties if you misuse one to avoid taxes. Unfortunately, the captive insurance market has attracted its fair […]
Government Accuses Wells Fargo Of Massive Mortgage Fraud
[Post Updated] Lately we have been writing a lot of stories about Bank of America. It seems America’s biggest bank is also the most inept. Every now and then, however, they get a break and the bad headlines go to one of the other behemoth lenders. Today’s Wall of Shame honors go to Wells Fargo. […]
Hope For Failed (Tenant In Common) TIC Investors
by Brian Mahany We have seen many failed TIC investments. For those not familiar with the term, TIC is short for Tenant In Common. This investment strategy has become quite common in recent years. TIC interests allow holders to invest in real estate without the hassle of management. Investors receive a predictable rate of return […]
Consumer Alert – Questionable Annuity Strategies Aimed At Veterans
by Brian Mahany The National Association of Insurance Commissioners issued an alert yesterday to the nations veterans. There are approximately 16 million veterans who served during the time period between World War II and the Vietnam War. Many of these veterans are retired or quickly nearing retirement age. For many, long term care and estate […]
Bankers Caught Stealing From TARP? It's True
by Brian Mahany Many folks have grumbled about the billions of dollars in bailout funds given to big banks. Prior to 2008, no one had heard the phrase “too big to fail.” Now it is common when referring to certain large banks, brokerage firms and insurance companies. The federal bailout monies were made available through […]
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