Blog
  • Rising Drug Prices Hurting American Families

    Martin Shkreli-style drug price hikes are everywhere, according to an article published by CBS News. You may recall from recent news that Martin Shkreli, the shamed CEO of Turing Pharmaceuticals, has been up to his eyeballs in bad publicity after first raising the price of a lifesaving AIDS drug 5,500 percent, and later being arrested for fraud charges for allegedly running a Ponzi-like scheme to pay off investors at his former hedge fund. As ...
  • According to an article published by Consumerist, if a company causes harm to consumers, that company cannot preempt an entire lawsuit by offering victims full settlements in advance. The United States Supreme Court made this decision on January 20, 2016. How the U.S. Supreme Court Make This Decision The United States Navy hired Campbell-Ewald, a marketing and advertising communications agency, to create a recruiting campaign that would only send ...
  • America's Foreclosure Crisis is Far From Over

    In our previous blog, we talked about the $5.1 billion settlement that Goldman Sachs is responsible for paying as recompense for its part in the 2008 mortgage scandal. As part of this settlement, $1.8 billion is to be earmarked to help struggling homeowners who are still trying to avoid foreclosure of their homes. It has been seven years since the Recession ended, but how effective have anti-foreclosure programs actually been? The answer depends ...
  • Are Income Taxes Dischargeable in Bankruptcy?

    Contrary to popular belief, income taxes can be discharged at bankruptcy under certain circumstances. In fact, local, state, and federal income taxes can be discharged in Chapter 7, Chapter 11, and Chapter 13 bankruptcy, along with interest and penalty fees. Determining which taxes are dischargeable can be a bit more complex, which is why it is a good idea to consult with an attorney at Sulaiman Law Group, LTD. It may be possible to discharge a ...
  • Goldman Sachs to Settle Federal Probe for $5.1B

    Investment bank Goldman Sachs Group is set to settle a government probe into how it handled mortgage-backed securities to the tune of $5.1 billion dollars. The bank will pay a civil penalty of $2.39 billion, $1.8 billion in consumer relief, and another $875 million in cash payments. The consumer relief will include principal forgiveness for distressed borrowers and underwater homeowners. This agreement would resolve claims by several state ...
  • Here's What You Should Know About Reverse Mortgages

    Reverse mortgages are mortgages available to older adults (age 62 and older) that allow them to borrow money based on the value of their homes. By accessing the equity in their homes, the idea is that seniors will be able to eliminate their monthly mortgage payments and use the money saved for other expenses. Borrowers won’t have to immediately pay back the debt, either – it can be deferred until the person either moves out of the ...
  • FHFA Finds Principal Forgiveness Ineffective

    Are you an underwater borrower? Freddie Mac and Fannie Mae have several tools that may be useful in these situations, one of which is known as principal forgiveness. In the context of Home Affordable Modification Program Principal Reduction Alternative (HAMP PRA), the aim of principal forgiveness is to assist delinquent borrowers or those for whom default is imminent. The modification programs offered by Freddie Mac and Fannie Mae provide ...
  • Most Americans Unable to Handle a $500 Surprise Bill

    The U.S. economy has recovered from the latest recession, but many Americans are still living paycheck to paycheck, putting them one unexpected bill away from a major financial catastrophe. According to an eye-opening new survey conducted by Bankrate.com, approximately 63 percent of Americans say that they would be unable to deal with an unexpected expense, such as a $1,000 emergency room bill or even a $500 car repair bill. When faced with such ...
  • What is a Designated Lender Counsel?

    According to an article published by The New York Times, titled “A Growing Conflict in Wall St. Buyouts,” it is crucial for people to understand the term “designated lender counsel.” In the past few years, a new relationship has developed between America’s greatest private equity firms, the banks that lend these firms ample amounts of money to pursue acquisitions, and the law firms that monitor these transactions and ...
  • Experian to Answer for Data Breach

    Senator Sherrod Brown, a Democrat from Ohio, is leading the charge against credit-reporting giant Experian, demanding that it release details regarding a recent data breach that affected millions of T-Mobile customers. Brown, the top Democrat sitting on the Senate Banking Committee, specifically requested that Experian provide information regarding the source of the data breach—including what measures Experian is employing to prevent ...
  • On April 16, 2007, the Plaintiff executed a mortgage loan from Bank of America, N.A. After the Plaintiff failed to make adequate payments, Bank of America, N.A. filed a Foreclosure Complaint. In January 2013, the Plaintiff filed a Chapter 13 Bankruptcy, resulting in an entrance of an automatic stay. In June 2013, the Plaintiff filed a modified Chapter 13 bankruptcy, proposing to surrender the home to Bank of America, N.A. to satisfy the claims. ...
  • By: Matthew Hector According to a story published by ProPublica and The Daily Beast, Capital One filed the most credit card collection lawsuits in the nation for the period of 2010 to 2014. Although the number of suits it has filed has dropped off since 2011, it remains the largest filer by far. Research also demonstrated that many Capital One cardholders carry a balance from month-to-month. Given that many subprime borrowers already live on ...
  • It has been two years since the Consumer Finance Protection Bureau (CFPB) enacted amendments to Regulation X of the Real Estate Settlement Protection Act (RESPA) and Regulation Z of the Truth in Lending Act (TILA). Since then, consumers have been afforded greater protection against mortgage loan servicers who fail in their duty to provide homeowners with information, apply their payments in a timely manner, calculate escrow correctly, and more. ...
  • On October 27, 2015, Sulaiman Law Group, LTD senior associate, Matthew Hector, presented an oral argument in Robert Jackson, et. al. v. Blitt & Gaines, P.C. before the United States Court of Appeals for the Seventh Circuit. The issue on appeal was whether an Illinois wage garnishment proceeding is a legal action taken against a consumer. This issue has been heavily argued in the lower courts, where consumers have sought redress for wage ...
  • Missouri Man Finally Clears Credit Report of Errors

    One man in Missouri has finally reached the conclusion of a three-year quest to clear his credit report of errors after a U.S. senator stepped in to help. Ky Pohler first discovered the problem after attempting to apply for a home loan. What he found out what that he and his elder brother, Kelsey Pohler, were being mistaken for the same person, with their credit history and accounts intermingled. Both men were even linked to the same Social ...
  • A tax package unveiled last week could help some struggling homeowners get the tax relief they need. Normal tax law imposes income taxes on any debt that is forgiven, meaning that a homeowner who is able to complete a short sale or reduce the principle on a home loan would still owe taxes on the amount they saved. Under the new bill, homeowners who short sell their homes to escape unmanageable mortgages would not have to face hefty bills at tax ...
  • Why It's Important To Know Your Rights As A Consumer

    Many people are unaware of their rights under the various federal consumer protection statutes. Even more are unaware that many of these statutes have a one-year statute of limitations for bringing a claim. This one-year period is crucial—consumers must timely pursue their claims or lose them entirely. For example, the Fair Debt Collection Practices Act, which regulates the conduct of debt collectors, has a one-year limitations period. It ...
  • In April of 2004, Kevin Prescott obtained a loan of $160,000 from Bank of America in order to purchase a piece of real estate in Pembroke Pines, Florida. Years later in 2012, Prescott defaulted on his mortgage, and Seterus, Inc. made preparations to initiate foreclosure proceedings against him. In August of 2013, Prescott requested a reinstatement of his mortgage, citing the conditions listed in Section 19 of the security agreement he signed. His ...
  • It has probably happened to you at least once before. Your phone keeps buzzing with calls from random numbers and finally, you answer. To your dismay, there is not a person on the other end, but a robotic, automated voice, instead. When this happens, you may find yourself hanging up immediately and even blocking that specific number. But, have you ever wondered what you should really do to stop these annoying phone-calls? An article published by ...
  • In our previous blog, we reported that national mortgage loan servicer Residential Credit Solutions (RCS) was ordered to pay punitive damages totaling $1.6 million in a case brought by Alena Hammer, an Illinois resident who endured unnecessary and harassing foreclosure actions over a period of three-and-a-half years. Last week, on December 3, 2015, RCS’s post-trial motions for judgment came before the United States District Court’s ...
  • Last week, the Supreme Court of the State of Illinois has just affirmed the trial court decision in the case of 1010 Lake Shore Ass’n v. Deutsche Bank National Trust Co. The defendant, Deutsche Bank National Trust Co., purchased a condominium unit in 2010 at a judicial foreclosure sale. In March of 2012, the plaintiff, 1010 Lake Shore Association, demanded payment for common expenses on the unit, which the defendant refused to pay. The ...
  • According to a story published by CBS News, the world’s wealthiest citizens now own about one-half of the world’s riches. Earlier this year, the charity, Oxfam, predicted that this would occur by 2016. Reports state that at this time, the wealthiest are thriving while the rest are forced to make do with less as each year passes. As a result, many policymakers and American employees fear that the inequality between economical classes ...
  • Are You Wondering When to Start Social Security?

    If you are approaching retirement and are wondering how to maximize your Social Security benefits, you may have questions about when the best time is to start collecting. Indeed, the age at which you choose to begin collecting benefits is a big factor in determining how much retirement income you will be able to receive each month. In order to help people make smart decisions about their Social Security benefits, financial advisory firm Financial ...
  • SCOTUS Hears Oral Arguments in Spokeo, Inc. v. Robins

    You may remember back to our previous blog where we discussed what is at stake in the case of Spokeo v. Robins, a case tackling the question of boundaries between rights to public information and personal privacy. The Supreme Court heard the oral arguments in this case on Monday, November 2. As a reminder, the plaintiff’s case against the “people search” website alleged that incorrect information posted by the company was both a ...
  • A tentative budget deal struck on Monday by the White House and Congressional leaders will result in some irritating consequences for Americans with student loan debt. The new provision would give debt collectors permission to robocall and auto-text the cell phones of borrowers. While consumers with cellular phones who have not given permission for companies to contact them on their mobile devices are typically protected under the Telephone ...