Despite all the rallying cries of foreclosure help by the banks, people actually losing their homes say they're being met with a different reality. Instead of help, they get the run-around. The Consumer Warning Network's Angie Moreschi reports on the frustration and road-blocks homeowners face when they try to negotiate with their lenders -in this case EMC/Chase.
With the new administration promising change, along with much needed relief for struggling homeowners, let's hope the below stories will provide an eye-opening example of what really needs to change if we ever hope to bring back consumer confidence, and trust!
ABC's Chief Investigative Reporter Brian Ross exposed the run-around homeowners get in an eye-opening report for Nightline.
Even when it's a Congresswoman on the line, trying to negotiate with lenders is nearly impossible.
Image Issue Plagues U.S. Banks
Bank advertisements boasting of their accomplishments helping homeowners have provoked a negative response from at least one U.S. consumer advocate group. "The ads are grating because, one, they're not doing a great job, and two, they don't have the money," said Ira Rheingold, executive director of the National Association of Consumer Advocates, ABC News reported Friday.
JPMorgan Chase, a recipient of $25 billion in bailout funds, tout in a full-page ad in the New York Times that two regional centers were helping struggling homeowners.
Bank of America advertises it helped modify 230,000 mortgages, while Citigroup Inc. Chief Executive Officer Vikram Pandit recently claimed Citigroup has modified 370,000 mortgages.
I think we have done a pretty good job, he said. Bank of America and Citigroup have accepted a combined $90 BILLION in bailout funds, making any claim of recent accomplishments a tough sell.
"It's frustrating when you hear a bank is telling people they are helping that all you have to do is call, because I have called and that is not true", said homeowner Gary Robinson.
With the new administration promising change, along with much needed relief for struggling homeowners, let's hope the below stories will provide an eye-opening example of what really needs to change if we ever hope to bring back consumer confidence, and trust!
ABC's Chief Investigative Reporter Brian Ross exposed the run-around homeowners get in an eye-opening report for Nightline.
Even when it's a Congresswoman on the line, trying to negotiate with lenders is nearly impossible.
Image Issue Plagues U.S. Banks
Bank advertisements boasting of their accomplishments helping homeowners have provoked a negative response from at least one U.S. consumer advocate group. "The ads are grating because, one, they're not doing a great job, and two, they don't have the money," said Ira Rheingold, executive director of the National Association of Consumer Advocates, ABC News reported Friday.
JPMorgan Chase, a recipient of $25 billion in bailout funds, tout in a full-page ad in the New York Times that two regional centers were helping struggling homeowners.
Bank of America advertises it helped modify 230,000 mortgages, while Citigroup Inc. Chief Executive Officer Vikram Pandit recently claimed Citigroup has modified 370,000 mortgages.
I think we have done a pretty good job, he said. Bank of America and Citigroup have accepted a combined $90 BILLION in bailout funds, making any claim of recent accomplishments a tough sell.
"It's frustrating when you hear a bank is telling people they are helping that all you have to do is call, because I have called and that is not true", said homeowner Gary Robinson.
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