Madoff spotted Advising NY State

let's take a look

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ALBANY — Gov. David A. Paterson and legislative leaders have tentatively agreed to allow the state and municipalities to borrow nearly $6 billion to help them make their required annual payments to the state pension fund.

And, in classic budgetary sleight-of-hand, they will borrow the money to make the payments to the pension fund — from the same pension fund.

As word of the plan spread, some denounced it as a shell game and a blatant effort by state leaders to avoid making difficult decisions, like cutting government spending or reducing pension benefits.

“It’s a classic Albany example of kicking the can down the road,” said Harry Wilson, the Republican candidate for comptroller, who holds an M.B.A. from Harvard.

Pension costs for the state and municipalities are soaring, a result of enhanced retirement benefits for public employees and the decline in the stock market over the past two years. And, given declines in tax revenue and larger budget shortfalls, the governments are struggling to come up with the money to make the contributions.

Under the plan, the state and municipalities would borrow the money to reduce their pension contributions for the next three years, in exchange for higher payments over the following decade. They would begin repaying what they borrowed, with interest, in 2013.

http://www.nytimes.com/2010/06/12/nyregion/12pension.html

Bank of America Settles with Consumers

Bank of America to pay $108 million to settle Countrywide case

The agreement with the Federal Trade Commission will create a fund to provide refunds to homeowners who were charged improper fees.

http://www.latimes.com/business/la-fi-countrywide-mortgages-20100608,0,6444494.story

Payday Loans In Oregon

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A recent study published in the Journal of Banking and Finance by Dartmouth professor Jonathan Zinman revealed that banning payday loans ended up hurting Oregon households, not helping them.

"Restricting access (to payday loans) caused deterioration in the overall financial condition of Oregon households," Zinman wrote. "Overall the results are consistent with restricted access harming, not helping, consumers on average."

Economists agree: Eliminating payday loans as an option for consumers has disastrous consequences for those who utilize them. We've already seen what happens when other states outlaw these short-term infusions of cash. It remains to be seen whether Colorado will fall into the same trap.

Comparing Oregon, which has placed a rate cap on payday loan that drove three-quarters of the lenders out of business, to Washington, which has no cap, Zinman measured both subjective assessments (i.e., how people felt) and more objective measures like employment status. He found that people fared worse in both regards.

Think of it this way: You're living paycheck to paycheck but have a steady job. One morning, the radiator in your car goes kaput, putting you in a bind. With no savings it will be impossible to get the car repaired. For most Americans, no car means no transportation and no job.

A short-term payday loan, however, gives you access to instant cash allowing you to repair your car and keep commuting to work. Removing that source of credit cuts a lifeline that many families rely upon in crises, a lifeline that, in many cases, keeps them out of the unemployment line.............

http://www.denverpost.com/headlines/ci_14938935

Credit Card Fees On The Rise

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Banks Roll Out New Check, Card Fees

The nation's banks will be bombarding customers with new fees and products in 2010 as they try to replace more than $50 billion in revenue wiped out by new rules that clamp down on certain business practices.

So far, the changes are mostly concentrated in checking accounts and credit cards. In addition to attaching new fees to old products, banks are introducing new types of accounts that they hope will reel in new customers and reduce their funding costs.

For plastic, the new rules go into effect in February as part of the Credit Card Act of 2009. The rules will limit some interest-rate increases, require more disclosure to customers and prohibit banks from raising interest rates on current balances unless a customer is at least 60 days behind in a payment.

Credit-card issuers collected $22.9 billion in penalty fees—such as those assessed for late payments—in 2009, up from $19 billion in 2008, said Robert Hammer, who runs a credit-card consulting firm in Thousand Oaks, Calif.......

http://online.wsj.com/article/SB10001424052748704162104574630360393559766.html?mod=rss_Today's_Most_Popular

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Double Check your Credit Card Interest Rates!

rate increases coming! Let us take a look..

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The Latest Credit-Card Tricks

With new federal rules looming, card issuers are concocting creative ways to collect fees

PICK A RATE

Almost 120 million accounts may be affected by a change that will allow issuers—when setting the variable rate on a card—to pick the highest rate in the past three months from the interest-rate index it tracks. Previously, companies used the rate on the last day of the billing cycle. The result is that borrowers pay an average interest rate that is 0.3 percentage points higher than before. The card industry could generate $720 million a year from this shift, estimates the Center for Responsible Lending, a consumer advocacy group.

http://www.businessweek.com/magazine/content/09_52/b4161095199108.htm

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Consumer Protection 2010

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.....................The legislation, known as the Credit Card Accountability, Responsibility, and Disclosure Act of 2009, .............. will take effect in February, but portions of it are set to come into play in the coming weeks.

But while advocates say the legislation does offer consumers some protection, it has led banks to get creative in finding new revenue streams to replace those put in jeopardy.

“The issuers are finding new ways to secure income before the February deadline when their hands will be somewhat tied,” said Gail Cunningham, Vice President of Public Relations at the National Foundation for Credit Counseling. Cunningham compared the legislation to a boardwalk game of “Whac-A-Mole,” where a new furry critter pops up each time you smack one back into its hole....................

http://www.foxbusiness.com/story/personal-finance/lifestyle-money/consumer-debt/credit-card-fees-rising-consumer-protection-act-blame/

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