B of A Parallel Foreclosure CONFESSION

Wednesday, October 10, 2012

The Walls are closing in on Dubious Banking Practices as the Consumer Protection Financial Bureau Roars to Life.

The Consumer Financial Protection Bureau has come to life bringing hundreds of millions of dollars in credit protector fines against all the major banks.

The banks have responded by stopping their Credit Protector programs.  However, this is actually the wrong move since it leaves consumers with no default protection insurance. 

Default Insurance that should only cost 2 to 4 cents per 100 dollars of coverage per month, not the 99 cents per 100 dollars per month that the Credit Card Companies were charging.

While I am never be acknowledged or thanked by the powers that be, I did start Credit-Protector.com back in October of 2007 that warned about how dreadful Credit Protector "Insurance" actually was.  Almost five years later and my warnings have come to fruition.

However, now there is a much bigger fish to fry. All the consumer credit card defaults from the past 15 years need to unwound since those consumers did not have access to a fair debt suspension insurance program that was actually reasonably priced.

You are viewing Parallel Foreclosure blog. Please check out UNfair Foreclosures blog and Swarm The Banks blog as well.

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