Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Americans in the dark over bank fees
Banks and regulators are not doing enough to warn customers about the billions in fees they pay annually, according to a government report.


NEW YORK (CNNMoney.com) -- When you fork over $36 billion, you should know exactly what you're paying for.

But a government report on bank fees released Monday revealed that consumers are ill-informed about the fees they are paying on their checking and savings accounts.

The report, published by the Government Accountability Office, found that some fees assessed by financial institutions have steadily increased in recent years - in some cases by double digits.

Overdraft fees, for example, rose 11% between 2000 and 2007, according to the study. Other charges, like monthly maintenance fees, have declined in recent years.

All told, consumers paid more than $36 billion in various fees at banks, thrifts and credit unions in 2006, the GAO said.

But getting information about the fees proved difficult, according to the report.

As part of its study, the GAO had staff members pose as customers looking to obtain fee information at 185 branches of more than 150 different financial institutions. The GAO customers could not obtain detailed fee information, as well as account terms and conditions at more than one fifth of the branches visited.

And that proved even more difficult online, as GAO researchers were unable to locate that same information on half of the financial institutions' Web sites.

Under federal law, banks are required to disclose fee information for consumers.

Even though the report suggested that the financial institutions themselves were part of the problem, it urged federal regulators to do a better job making sure consumers can get information they need.

Rep. Carolyn Maloney, D-N.Y., who requested the report and has introduced legislation to crack down on abusive overdraft bank fees, called the findings of the report "troubling."

"You don't have to buy a car before you find out how many miles per gallon it gets, and you don't have to buy a house before you find out what your taxes will be. Why should consumers be forced to walk blindly into the terms and conditions of a bank account?" Maloney said in a statement.

Calls to the industry group American Bankers Association seeking comment on the report were not immediately.

Fees, which are typically considered a cornerstone of a bank's business, have steadily increased in recent years to not only cover the cost of doing business but to prepare for tough times like the current economic cycle.

However, some financial institutions have been quietly ratcheting up fees lately to compensate for business lost as a result of the credit crisis.

You can download the report here. http://www.gao.gov/new.items/d08281.pdf

http://money.cnn.com/2008/03/03/news/companies/bank_fees/index.htm?stversion=2008030318 

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Where did those pesky USURY laws go?

We need them back and capped to maximum of under 10%.

The public got sold out again.

The banks are making fees collected now that seem obscene to me.

Double digit credit rates, huge fees for services are now the norm.

If there ever was a case made for an industry to be strictly regulated,
it is the banks and the mortgage industry where they are often one and the same. 

Dee
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    I think many states like Florida still have usury laws on the books. In
Florida it is (or was 18%). This means if a customer bounces a check and
the bank covers it (ie extends credit), the Bank can only legally charge
1.5% /month until the advance is paid back. Of course, the bank will try
to charge more, but the customer has a "cause of action" for violating
the States usury law. If lots of consumers started suing the banks in \Small
Claims, I'm sure they would end the practice. They can only get away with
it because they know most people will not challenge the practice.
    Another thing Banks do is inflate the 'payoff " balance on mortgages
and car loans. I sued BOA and won when I discovered they had done this to me. They didn't even put up a fight, they knew they were wrong, but the
attitude seems to be they will do whatever they can get away with.
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NYe Lavalle
Doesn't matter, preemption rules and Bush Admin OCC/OTS fight for banks rights over state rights and this Supreme Court follows!
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Fed Up
This is something I WAS researching a lot before we found out about the girls surgeries. 

We were "floated" last year - ended up paying over $5000 in bank fees.  Long story, but I have been researching the banking regulations.  The banks are suppose to be charging a "reasonable fee that is adequate to cover their costs".  The actual charge for covering a bounced check is 25 cents. 

and I have long said that the cost of the charge should not exceed the amount of the check or ACH.  Such as paying Consumers Energy, you pay on line, say $100 bill but you also pay a $5.25 processing fee.  Whoops, you only have a $95 balance.  The bigger amount goes thru first as the bank says "those are generally the more important bills"  The $5.25 goes thru next, you get charged 2 OD fees, to the tune of $35 each - $70.   Had the $5.25 gone thru first, only 1 charge would have acrued.  But both get bounced as you are in the negative until it comes back. 

Pretty nifty scam and like MSF, not much I can get anyone to take notice of, except for my class action attorney in New York, but I have not had the time to forward her all of the info.  Hopefully soon, I'll be able to.  Will let you all know when I do. 

Karen
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Ohio
I solved this problem by closing my account. I will never participate in this insanity again. The interest earnings are so low you may as well bury your cash in the back yard like my grandad did after 1929.

At least if someone trys to dip into it you have enough time to grab your rifle! 
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citi bank screews soilder on refi 6 year pre pay pin...

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srsd
Hey fed up.....how are your girls doing?  I hope everything is going well for them.  Life seems so unfair....I know you have your heart and head on your girls and now all the added stress of people trying to steal your property.

  when you think you can`t fight any more...think about what these companies can do to your children if we don`t all keep fighting and stop this mess

God Bless
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