From The Reformed Broker:
Today, we have a monster of a guest post from my friend the Finance Addict who blogs over at FinanceAddict.com. FA asks why all of a sudden JPMorgan and its legal representatives have seemingly disappeared from credit card collection judgments (as per a small piece in American Banker magazine). I have no special insights or opinions on this just yet but it certainly bears watching in light of how much the robosigning of mortgages has cost the banks. Enjoy!
The following statement scared me more than the thought of a Rick Perry presidency.
From American Banker:
"If sloppy record-keeping and problems with false affidavits is a problem with mortgages, it's 100 times bigger in credit card accounts," says Michelle Weinberg of the Legal Assistance Foundation of Metropolitan Chicago.
Worse than mortgages, even? Let's just review...
Read full article...
More on the banks:
Must-read: An open letter to JPMorgan CEO Jamie Dimon
This group of hated stocks could be starting a big breakout
One of the most important stocks in Europe was crushed this week