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Big Bank Business 101: Charge Twice, Make Double the Profits!
Financial issues, especially those of a predatory or fraudulent nature, have dominated headlines over the past few years. One topic in particular that has drawn a lot of well-deserved attention is the practice of big banks selling old debts to collectors with faulty records attached. We discussed zombie debt in a recent blog post, and this is a connected issue. The banking industry’s own publication, American Banker, just concluded an expose into the topic, with some disturbing findings.
Despite noting in internal records that debts were inaccurate or already repaid, Bank of America sold the rights to sue to debt collectors anyway. Click here to read more about this outrageous practice, and the widespread robo-signing and fraud plaguing this multi-billion dollar industry.
Oregon Foreclosure Plan Taking Shape
New statistics out last week show that Oregon’s housing crisis has not self-corrected – the foreclosure rates for Portland and for the entire state are up from a year ago. This is clearly not good news, but there is a silver lining. Unlike years past, this time Oregon has a plan in place to help struggling homeowners.
SB 1552, passed last month by the legislature, will provide mandatory mediation and end the dual track process. EFO’s own Angela Martin recently discussed the legislation on OPB’s Think Out Loud. You can listen to the segment here.
The bill, which is slated to go into effect in mid-July, is currently in the implementation phase. This means that while the basic statutes of the bill are in place, the details of how the mediation program will work are just now being determined. This is being undertaken by the Department of Justice and a stakeholder workgroup that includes mediators, attorneys, lenders, housing counselors and consumer advocates.
 Another important voice taking part in the process is that of the homeowner. Ginny Real of Salem lost her home to foreclosure last year, and will provide the workgroup insight into what type of outreach and information would have been beneficial in her situation.
The main group meets once a week in Salem, with several subgroups meeting separately as well. All the main players come together at a very long conference table to go over their progress and make and take suggestions and answer questions that inevitably arise. Members of the public are welcome, and there is an opportunity for the public to weigh in.
We’ll be updating you with more from the workgroup as the weeks progress, and EFO will post all the program details as soon as they are available. In the meantime, stay up to date on daily consumer protection updates by finding us on Facebook or following us on Twitter.
Ginny Real (center) outside Oregon Senate chambers just moments after legislators voted to pass foreclosure reform.
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Economic Fairness Oregon is a non-profit, non-partisan organization dedicated to consumer protection and fair lending laws. Our goal is to restore a financial system built to work for the people, not against them.
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