Bank Complaints Soar

Bank Complaints SoarComplaints by consumers and homeowners against banks are rising to a stratospheric level. It has been suggested that new laws and regulations need to be put in place to reign in inappropriate bank practices.

The controller of the currency recently stated that he is receiving a record number of complaints against the more than 1500 banks subject to regulation. It is estimated that there were more than 80,000 complaints against banks in the year 2010.

The Federal Reserve and the Federal Deposit Insurance Company have recently issued specific regulations and guidelines to deal with the numerous complaints filed against banks.

Complaints About Mortgage Foreclosures

The majority of the complaints against banks have dealt with various problems encountered by homeowners in mortgage foreclosure proceedings. There were more than 36,000 complaints filed against banks in 2010 dealing with mortgage foreclosure issues. Banks are fighting numerous lawsuits throughout the country and are being investigated by all fifty state Attorney Generals concerning their practices involving foreclosure proceedings.

Prior to the financial melt down, most bank complaints dealt with credit card issues. The reason why banks are receiving so many complaints is that they have been involved in faulty practices. They have engaged in predatory lending. They have set up mortgage modification programs that simply do not work.

The American consumer deserves better. Consumers do not deserve to be left hanging for months and months at a time without getting any feedback on their mortgage modification applications. Consumers deserve to be updated regarding the status of their applications for mortgage modifications. They should not be forced to call week after week and continually get incorrect information or deal with nincompoops at the other end of the phone who have no knowledge of what is going on. If banks and financial institutions are serious about mortgage modifications they should help consumers instead of frustrating and angering them.

mortgage1Helping Homeowners with Foreclosure Defense

Our law firm has been helping homeowners with foreclosure defense issues for more than twenty years. We understand the frustrations and anger homeowners feel regarding their mortgage modification applications not being attended to. We are foreclosure defense lawyers. We deal with predatory lending, bad faith issues, defective mortgages and all aspects of mortgage foreclosure proceedings. We represent our clients in court and we attend foreclosure court conferences. We effectively tie up our client’s foreclosure cases in court and put pressure on the financial institutions to provide them with reasonable, acceptable, affordable mortgage modifications. When the situation calls for it, we file either Chapter 13 or Chapter 7 Bankruptcies for our clients. We keep our clients in their homes. We stop foreclosures cold! Call us for a free consultation at 1-800-344-6431; 516-561-6645 or 718-350-2802.

Banks Close in Florida and Arizona

Posted by Elliot S. Schlissel, Esq.

Regulatory agencies in Florida and Arizona have recently closed two banks.  These two banks are the first banks that have been closed in the year 2011.  The Federal Deposit Insurance Company was forced to take over the First Commercial Bank of Florida.  This bank was located in Orlando.  The Federal Deposit Insurance Company (FDIC) also took over the Legacy Bank located in Scottsdale Arizona.  These two banks had approximately 275 million dollars in deposits belonging to consumers in their institutions.  It is estimated that these banks will cost the FDIC approximately 110 million dollars.  It should be noted that the FDIC insures each consumer’s account up to $250,000.00. Therefore, the depositors at the aforementioned banks will not lose any money, provided they didn’t have more than $50,000.00 at these banks.

Florida Has the Biggest Banking Crisis in the United States

In 2010, twenty-nine banks in Florida failed.  Florida has had more bank failures than any other state.  California and Illinois came in second and third in the list of states with bank failures.  During the course of 2010, 157 banks failed nationwide.  This is the highest amount of banks that has failed in the United States in recent history.  In 2009, 140 banks failed in the United States.  This had been the previous record year for bank failures.

In 2009, the FDIC paid our 36 billion dollars due to bank failures.  In 2010, the FDIC paid out 21 Billion dollars due to bank failures.  The numerous bank failures have been draining the FDIC of the funds it maintains to secure accounts deposited in the banks of the United States.  It is estimated that there are almost 900 financial institutions with financial difficulties in the United States.  Thank God for the FDIC! Without this Federally backed institution, hundreds of thousands of consumers would lose their life savings.

New York Foreclosure Defense Lawyers

The Law Offices of Schlissel DeCorpo represents homeowners in New York with foreclosure problems and issues involving mortgage modifications.  Our office is adept at keeping our clients in their homes and preventing the banks from putting them on the street.  We attend foreclosure conferences for our clients.  We deal with defective foreclosure lawsuits, predatory lending issues, mortgage modification programs that don’t work as well as bad faith issues.  If you have a problem involving a foreclosure or mortgage modification, we are the solution! Feel free to cal us at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Foreclosure Defense in Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick and Bellmore, New York

We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

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