NOBODY wins when a home enters foreclosure — neither the borrower, who is evicted, nor the lender, who takes a loss when the home is resold. That’s the conventional wisdom, anyway.
The reality is very different. Behind the scenes in these dramas, a small army of law firms and default servicing companies, who represent mortgage lenders, have been raking in mounting profits. These little-known firms assess legal fees and a host of other charges, calculate what the borrowers owe and draw up the documents required to remove them from their homes.
LONDON - Good advice? Maybe. Oddest book title of 2007 - that's official.
A good flim flam needs a good mountebank and a good mark. Two weeks ago, we pointed out that Wall Street was full of bright cads and dull sharks. Then, last week, we showed that conceited humbuggers run the central banks. Today, it is the politicians we come, not to bury, but to praise. They did their work well; they set up the marks.
WILLIAMSPORT, Pa. --The former pastor of a Northumberland County church acknowledges using parishioners' personal information to obtain credit cards.
The Rev. Raymond Clayton pleaded guilty Monday in federal court in Williamsport to a charge of access device fraud. He awaits sentencing in June. The 43-year-old Clayton is the former pastor of Grace Fellowship Church near Mount Carmel.
DUBAI (Reuters) - A group celebrating a birthday at a Dubai diner were cheered by a 25 percent discount but not necessarily the reason: "Bug on food."
The restaurant cut the bill for seven customers at a birthday dinner after they found four insects crawling around their meals, the Gulf News reported on Tuesday.
"We were surprised when the receipt said 'bug on food' as a reason for the discount. I think they were trying to be funny," it quoted one of the disgruntled customers as saying.
TAMPA, Fla. -- A legal dispute over the theft of virtual sex toys has resulted in a real-life slap on the wrist. A federal judge accepted the settlement Thursday of a lawsuit filed last year against a Texas man accused of stealing sex toys developed for the online world, "Second Life."
A woman has sued the company behind Oprah Winfrey's TV chat show, claiming she was injured when audience members rushed to find seats at a recording.
Orit Greenberg has demanded $50,000 (£25,100) in damages after allegedly being pushed down a flight of stairs.
She said this caused her "severe and permanent injuries" and claimed the crowd in the studio was not properly controlled by Harpo Studios staff.
The production company declined to comment on her allegations.
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- "We will not have any more crashes in our time."
- John Maynard Keynes in 1927
At one point, Alexis Hall had more than 50 pairs of designer shoes and handbags. It never occurred to the 39-year-old media relations executive from Glasgow that her £31,500 in debt ($63,000) would be a problem.
“It was so easy to get the loans and the credit that you almost think the goods are a gift from the shop,” she said. “You don’t fully realize that it’s real money you are spending until you actually sit down and consolidate your bills and then it’s a shock.”