Gov’t Has Spent Small Fraction of $50 Billion Pledged for Loan Mods

Posted on November 12, 2010 by Byline

Despite a $50 billion budget for loan modifications, TARP has only spent $600 by the end of October 2010

photo - chattahbox.com

When the Obama administration launched its flagship foreclosure prevention program in early 2009, it pledged to spend up to $50 billion helping struggling homeowners. But the government has so far only spent a tiny fraction of that.

A recent Treasury Department report summarizing TARP spending put the total at $600 million through October.

Although the Treasury Department posts the maximum amount that could go to each mortgage servicer on its website , it doesn’t report the details of the spending. So we filed a Freedom of Information request for the data, and can now show for the first time exactly how much money has gone to each servicer. (A Treasury Department spokeswoman said they’re considering regularly releasing the information going forward.)

The program, which uses TARP money, tries to prevent foreclosures by paying mortgages servicers incentives to make loan modifications. The largest payout, $79 million, has gone to JPMorgan Chase. Next on the list is Bank of America with $45.1 million. That’s a drop in the bucket for BofA, which reported net servicing income of $780 million in the third quarter. (You can use our bailout tracker to see how much money has gone to each mortgage servicer. The figures, which come from our FOIA request, only go through August.) Continue reading →

Is a John Deere from Home Depot junk?

Posted on June 11, 2010 by Stephen Pate

Deere and Home Depot say no, Deere dealer and repair records say yes

John Deere lawn tractor from Home Depot

People who purchase John Deere tractors believe in the slogan “Nothing runs like a Deere.” The slogan says John Deere means quality. When the tractor purchased at Home Depot, the first service call will likely be met with three words “piece of junk.”

In my few years of John Deere ownership I have had everyone at Reddin Farm Equipment, the local John Deere dealer, tell me my lawn tractor is a piece of junk.

The John Deere fertilizer spreader is a piece of junk. The battery is some cheap thing they put on to sell them at Home Depot. After 79 hours of use on a tiny city lot and storage in a heated garage, my piece of junk needed a valve job, bushings, and $580 sundry other products. It seemed solid but those parts were a “piece of junk.”

If you’re like me, you see those green lawn tractors as the pinnacle of your lifetime of cutting grass. Finally, you will have the best lawn tractor and the envy of your MTD owning neighbors.

Between $100 trailer rides to the repair shop, you will be able to enjoy that feeling. The rub comes when the tractor won’t start and the service department informs you it’s a “piece of junk.”

Continue reading →

Propane explosion more common than admitted

Posted on April 30, 2010 by Stephen Pate

Propane industry wants consumers to ignore facts

After an explosion like the one in West Devon PEI where the house was essentially demolished, the propane industry trots out the stories that pretend disasters are rare. As George Gershwin said “It ain’t necessarily so.”

The big lie is that it was the homeowner’s fault. The reality is that propane does not protect the homeowner from catastrophe. Propane is too volatile for our human imperfection. It is virtually impossible for humans to get through their live without making a mistake. When those mistakes involve propane, the results can be catastrophic.

A Google search turned up numerous law firms specializing in damages from propane explosions. Propane explosions kill or injure thousands each year says Lawyers and Settlements.

Continue reading →

How to buy or sell anything for free on Kijiji

Posted on April 13, 2010 by Stephen Pate

Kijiji takes over from newspaper want ads and eBay

You can sell or buy almost anything including a house on Kijiji.com without paying a cent for the ad or commission. The hard part is getting organized and started. The fun is meeting buyers and banking the cash.

Ads on Kijiji are free. While you can pay Kijiji to keep your ad on the front page, mark it urgent or a top ad, it isn’t necessary to get a sale.

Newspaper want ads used to be the only way to advertise things locally. For cars, rooms to rent, things for sale and real estate the newspapers had the market sewn up. At $30 a day for the smallest ad, it could get expensive fairly quickly. Continue reading →

Cheap Adobe software scam from China

Posted on April 2, 2010 by Stephen Pate

Offer of cheap Adobe and Microsoft software at 80% off is another scam from China

AlphaBuy is one of hundreds of names used by Chinese scam sites

Who can resist $2,399 software for only $299? What a deal!

The deal is too good to be true and one of the hundreds promoted by XIN NET TECHNOLOGY CORPORATION

The company identifies itself as “Authorised Software Resellers” and “Alpha Buysite“.

The Alpha Buysite name is used over and over on their server. Authorised Software Resellers is so generic it returns 38 million hits on Google. Hard to track those people down.

Continue reading →

Income Tax Refund is a scam

Posted on March 29, 2010 by Stephen Pate

Revenue Canada does not want to send you a 386 CAD refund

Some get to play and some have to pay illustration: slapupsidethehead.com

This email arrived several times and while enticing – who doesn’t want an income tax refund – it is a scam.

The subject shows the typical fractured English of the scammers –

Reminder: Please Submit Your Refund Payment.

Is it a refund or a payment – duh!

If Canada Revenue has a refund they will send you a cheque or do a direct deposit if you gave them you account. The scam email follows the break.

Continue reading →

Your UPS battery backup may be killing you

Posted on March 28, 2010 by Stephen Pate

Sulfur odor from a UPS battery back up is dangerous to your health

APC XS900 UPS suflur odors

Using a UPS batter backup for your office or home office computer comes with the health risks from exposure to hydrogen sulfide and sulfur gas. Ignoring the risk can cause throat irritation, headaches and even death. In my case it gave me a sore throat that led to the worst cold in years.

From power outage to me outage

I’d been using battery powered interruptibility power supplies (UPS) at work for decades. I thought nothing of buying a new one two weeks ago. I hooked it up and Windows 7 immediately recognized it as a UPS and added a monitoring icon in the tray. Within only one day, we had a power spike and dropout that killed everything but my desktop. It seemed like a wise purchase.

I noticed a sharp sulfuric acid smell that grew stronger each day. It wasn’t the rotten egg smell. It was sulfuric acid. I checked the UPS, which uses sealed lead-acid batteries. They weren’t leaking. I emailed APC the manufacturer of the UPS.
Continue reading →

Has Consumer Reports crossed over to the dark side

Posted on March 27, 2010 by Stephen Pate

After decades of decrying false advertising CU Reports web site is now playing that game

Come for information get a pitch instead

I got an email telling me to check out Consumers Reports blog for ratings on new computers.

Consumer Reports used to be one of the most trusted names in rating products. These days they have slipped into bait and switch on the web.

Let’s say one thing clearly: Consumer Reports published by Consumers Union is the reason we have much of our consumer protection and environmental regulations today.

Their subscriber funded magazine took on GM over unsafe cars along with Ralph Nader, pollution with Rachel Carson of Silent Spring.

They rated every consumer product from paint to blenders to automobiles. Millions of people based their purchases on how a product was tested and rated by Consumer Reports. I loyally subscribed since the 1960s and saved all those magazines for “research purposes.” Continue reading →

Social Media and age work to benefit of online theft

Posted on March 17, 2010 by Stephen Pate

Millennials age 18-24 more likely to be victims of identity theft than their parents

With story from The Washington Post

Young people age 18-24 are the big target for identity theft says a new survey. They are the most open with online information and leave themselves vulnerable. Many people are posting their birth date, sex and city of residence on Facebook. That can be enough to access credit cards, bank accounts and other online services including getting a duplicate social security number or social insurance number.

“Millennials don’t protect enough or detect enough,” said James Van Dyke, president of Javelin Strategy & Research, a California-based company that examined where identity theft threats are coming from and what effects they are having on consumers. Continue reading →