| Volume 55 Number 8 |
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The People’s Lawyer’s Tip of the Day
In Texas, a tenant who moves into an apartment is entitled to a working smoke detector, a peephole in the front door, and proper security on all doors and windows, including a dead bolt on the front door. Click here for more.
Texas AG Settles With Wells Fargo
Texas Attorney General Greg Abbott has signed a settlement with Wells Fargo that will provide $5 million in relief to more than 200 Texas homeowners. The settlement stems from consumer problems with “payment option” adjustable rate mortgage loans. The loans originated with Wachovia and Golden West. Wells Fargo acquired both companies and their loan portfolios. As a result, Wells Fargo is responsible for the lenders' conduct. Did you take out a payment option loan with Wachovia or Golden West? Click here for more.
Economy Still Has Bright Spots
The economic forecast has been pretty gloomy recently, but the news isn't all bad. The Dow Jones and Standard & Poor's 500 index are both up five percent this year. Some stocks are up much more than the group average. Additionally, market activity suggests consumers with jobs are starting to spend money again. A new $50 billion bill is in the works to be spent over six years to rebuild roads, rails and airport runways. If passed, the bill could translate to new money for employers and additional jobs. To read more about the "good," Click here for more.
Credit Card Settlement & Lower Prices
The United States Department of Justice, along with seven state attorneys general, recently reached a settlement with several major credit card companies. The settlement could mean lower product prices across board, depending on your method of payment. The settlement prevents Visa and MasterCard from blocking retailers use of consumer discounts and rebates based on the usage of a particular type of card. The settlement centered around "swipe" fees merchants are required to pay each time a consumer makes a credit card purchase. Under the settlement, if you use a lower cost card, the merchant is free to give you a rebate or other benefit. To read about the settlement, Click here for more.
Foreclosure Auctions Hit New Record
Bank repossessions and foreclosure auctions hit a new high during the past three months. The same time period is also the subject of a foreclosure document scandal. From July through September, there were 372,445 foreclosure auctions and 288,345 properties repossessed. One in every 139 homeowners received a foreclosure filing during the three month period. Several loan providers are currently investigating procedures that may have jeopardized the legitimacy of the foreclosure filings. Several state attorneys general are asking banks to stop foreclosures until the matters have been resolved. Click here for more.
Your Money
Is your home's value greater than the mortgage loan? Click here for more.
For the Lawyers
NAF arbitration provision unenforceable. The Fifth Circuit affirmed the denial of arbitration when the forum becomes unavailable. The court found the forum was mandatory and the designated forum became unavailable when NAF ceased to handle consumer arbitrations. Click here for more.