HAMP Revamp
House Republicans introduced a bill in January to end HAMP, the Obama administration's main foreclosure-prevention effort, calling the White House program a "colossal failure."
Rep. Jim Jordan (R., Ohio) introduced the bill to terminate the Treasury Department's Home Affordable Modification Program immediately. He was joined by Rep. Darrell Issa (R., Calif.), chairman of the House Committee on Oversight and Government Reform, and Rep. Patrick McHenry (R., N.C.).
Critics say the government hasn't been aggressive enough in preventing foreclosures. The government should do more, they say, to press banks to write down principal balances to assist homeowners who owe far more on their properties than their homes are worth.
Only 522,000 homeowners were enrolled in HAMP loan modifications and were making payments on time as of the end of last month, the Treasury Department said. That is far short of the original goal of helping as many as four million homeowners.
About 793,000 homeowners, or roughly 54% of the nearly 1.5 million who have enrolled since spring 2009, have dropped out of the program.
Gallagher & Associates Team
Tuesday, February 1, 2011
Consumer Warning: Debit Cards
Consumer Warning: Debit Cards
Banking experts have warned that the days of free debit card use are may be up. Bank of America, US Bank and other banks have indicated they plan to implement fees and limitations in connection with the use of debit cards.
Bank of America Corp., the biggest debit-card issuer, said earlier this month that it will begin charging retail customers checking-account fees unless they maintain minimum balances, make regular deposits, use credit cards or take advantage of online services.
U.S. Bancorp executives hinted that later this year, debit cards might no longer be a free product at the bank. That would make it the first bank to adopt such fees. They hhinted that to recapture revenue that most likely will be lost from recent legislative changes and proposals, the bank might change its checking account pricing, reduce rewards and "perhaps" add a debit card fee, among other action items. U.S. Bank is just the latest bank to announce new checking account fees in reaction to regulation.
Another one of these expected changes is the reintroduction of the minimum account balance requirement. With this, if a consumer makes too many purchases and slips below a predetermined amount in their checking account, they could be hit with a big penalty fee. Pay special attention to any mailings from your bank as they are required to provide written notice of any account changes.
Banking experts have warned that the days of free debit card use are may be up. Bank of America, US Bank and other banks have indicated they plan to implement fees and limitations in connection with the use of debit cards.
Bank of America Corp., the biggest debit-card issuer, said earlier this month that it will begin charging retail customers checking-account fees unless they maintain minimum balances, make regular deposits, use credit cards or take advantage of online services.
U.S. Bancorp executives hinted that later this year, debit cards might no longer be a free product at the bank. That would make it the first bank to adopt such fees. They hhinted that to recapture revenue that most likely will be lost from recent legislative changes and proposals, the bank might change its checking account pricing, reduce rewards and "perhaps" add a debit card fee, among other action items. U.S. Bank is just the latest bank to announce new checking account fees in reaction to regulation.
Another one of these expected changes is the reintroduction of the minimum account balance requirement. With this, if a consumer makes too many purchases and slips below a predetermined amount in their checking account, they could be hit with a big penalty fee. Pay special attention to any mailings from your bank as they are required to provide written notice of any account changes.
Monday, January 31, 2011
Monday, December 20, 2010
Happy Holidays
Happy Holidays from
Gallagher & Associates Law Firm
Happy Holidays from all of us, to all of you. As we reflect over the past year and look to the New Year, we wanted to thank you, our clients, colleagues and friends of the firm.
We sincerely appreciate the bonds that we have forged with you and look forward to growing in our relationships with you.
We wish you and yours the warmest of holidays and a happy, healthy and prosperous New Year!!!
Sincerely,
Charles, Erika, Ginny, Jason, Ashley, Chris & Chip
Gallagher & Associates Law Firm, P.A.
Gallagher & Associates Law Firm
Happy Holidays from all of us, to all of you. As we reflect over the past year and look to the New Year, we wanted to thank you, our clients, colleagues and friends of the firm.
We sincerely appreciate the bonds that we have forged with you and look forward to growing in our relationships with you.
We wish you and yours the warmest of holidays and a happy, healthy and prosperous New Year!!!
Sincerely,
Charles, Erika, Ginny, Jason, Ashley, Chris & Chip
Gallagher & Associates Law Firm, P.A.
Friday, December 3, 2010
ABA Holiday Networking Podcast
http://www.abanet.org/buslaw/committees/CL745000pub/materials/audio/2010/2010-holiday-networking.mp3
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