Financial Mines

My name is Frank DuBois…I am an automotive certified technician and have been for nearly 40 years, making very good money. I purchased a home in 2006, no problems.

On Feb. 1 2008, I sustained a leg/ knee injury requiring surgery. I went back to work 4 months later. In 2009, I refinanced, no problems — 4 months later the injury reappeared and I needed more surgery.

I approached the local bank servicer.

I felt obligated to explain I may need some assistance, depending on how long the recovery took. They handed me a sheet of paper with an “800″  number and told me ” it was out of their hands”, calll Making Homes Affordable. That call lasted almost 2 hours.

Today, I’m still working to reach an agreement with my bank.

I would like to share my story and compare my experience with others who are receiving the same type of treatment. Maybe together, we can form a group, and maybe we can truly find a way to resolve some of these problems… because the real faults/ downfalls in these programs are not being revealed and dealt with. Allowing these servicers to continue these practices, isn’t going to be any good for any of us….. When was the last time you were able to write off a liability and profit from it?….  that’s what the servicers were able to do….by the end of the business day!!!!

I’m not looking to profit in any way or means……I  just want to share. The little guy, the true backbone of this country, is getting pushed into the corner and ignored. If they want my house they can have it…… just do it on the up and up…. lets all work on this… together ….. who else is out there?

Financial Mines is kicking off a new feature this week, where we follow Frank’s progress in modifying his mortgage in the weeks and maybe months  following the $25 billion settlement with five of the nation’s largest mortgage servicers. They’ve made some promises about how they will treat people. No more losing applications and never talking to the same person twice. They’ve also promised to not start the foreclosure process when they’re negotiating a modification.

Frank will be posting from time to time about issues that arise or have arisen during his search for a settlement of his own with the bank and you can follow his progress, share your stories, or offer your thoughts on the issues. As Frank said, he’s looking for a constructive dialogue on how to improve the process.

The House of Representatives passed the Stop Trading on Congressional Knowledge Act Thursday morning, but did not include a provision that would require political intelligence gathering groups to register as lobbyists, like the Senate version.

The House bill, co-sponsored by U.S. Reps. Rosa DeLauro, D-3 and Jim Himes, D-4,  passed 417-2.

“The STOCK Act closes an inexcusable gap in the law to ensure that members of Congress play by the same rules as every other American. It will finally put a law on the books to end the practice of “insider trading” on knowledge gained from work in Congress. I urge the House and Senate to come to a rapid conference agreement and expect the President to quickly sign the bill into law.”

Connecticut Attorney General George Jepsen announced a $25 billion settlement with five of the nation’s largest banks over alleged foreclosure and mortgage servicing abuses and fraud.

Wells Fargo, Bank of America, Citigroup, GMAC and JPMorgan Chase have agreed to pay out the money, which includes small restitution payments to those who lost homes due to the practices the attorneys general say were abusive.

Connecticut, as one of the lead negotiators, will receive $190 million.

More to follow:

The DRS tells The Mines some people have already activated and used their debit-card tax refunds this year, though no numbers are yet available. If you’re among them  give us a call or send an email. If you have friends or family who got the cards and are talking to you about it, tell them to tell their story to us.

We’d like to  get your thoughts on  the debit card and whether the State made a good decision getting rid of checks?

Just contact Business Reporter Rob Varnon at rvarnon@ctpost.com, or 203-330-6216. Make sure you leave a number or email address at which he can reach you.

Fortune has an interview with the Yale School of Organizational Management’s Dean Ted Snyder on the future of the under appreciated business school.

Sounds like Snyder is looking for more credibility going forward and possibly growing the school, which is good news for the New Haven and region’s economy.

Still, Snyder might tread carefully. After all, the prestigious business schools of the country were constantly named as contributing alumnae to the cadre of figures who nearly destroyed the global financial system in 2008.

Here’s the Fortune Article:

http://bit.ly/ABNqNs

The State Banking Department revealed Wednesday that on Jan. 23, the Commissioner entered into a Consent Order with Walmart Stores’ Connecticut operation.

According to the department, Walmart self-reported a lapse in its filings for its check cashing business from Jan. 12, 2010 to Oct. 18, 2011. The mega-retailer failed to file its quarterly reports, as required of all licensed check cashing operations in the state. Walmart was ordered to pay $3,000.

The WorkPlace Inc.’s Platform to Employment program to help long-term unemployed over the age of 50 find new careers received a $200,000 boost in funding from the AARP.
The WorkPlace, a nonprofit that handles the job placement and training for the state, started its P2E program last year inviting 100 people who had exhausted 99 weeks of unemployment to participate. The people, dubbed 99ers, were given classes and employment subsidized through private sector grants. The WorkPlace said so far, 50 of the first participants have been placed in jobs.
The AARP grant will support intensive core skills as well as occupational training for the program.
“The current economic uncertainty has left many older Americans concerned about making ends meet,” said Phyllis L. Kim, AARP Foundation senior vice president, Office of Grants Administration. “AARP Foundation is already in communities across the country helping vulnerable Americans with direct services, but we believe strongly that we must also invest in long-term solutions. We look forward to working with our innovative grantees who share our goals so that together, we can seed hope for older Americans who are struggling.”
“Platform to Employment is the only project of its kind in the nation and it is already has shown promising results in placing participants in jobs,” said Joe Carbone, President & CEO of The WorkPlace.  “We have seen a number of socially responsive employers, good corporate citizens, step forward and consider hiring local workers through P2E.”

If you received your state tax refund debit card, we’d like to talk to you about it and get your thoughts on what you think about it. Specifically, after using it, we want to know if you think the State made a good decision getting rid of checks?

Just contact Business Reporter Rob Varnon at rvarnon@ctpost.com, or 203-330-6216. Make sure you leave a number or email address at which he can reach you.