Q: How long does the cc company (chase) have to comply with the credit card accountability responsibility and disclosure act I called to close my account and pay within the 5 yrs and they said that they have not received anything telling them to

Submitted by Fredie Rosler from Citrus Heights CA

A: Your best bet for detailed information is to contact Consumer Action, a San Francisco-based consumer advocacy group that specializes in credit card issues at http://www.consumer-action.org/about/articles/contact_us/ You can also call them at (415) 777-9635 and (213) 624-8327and leave a detailed message about your specific credit card concern. They’ll call you back.

Answered 08/26/09 17:00:32 by Kevin Hall and Tony Pugh

Q: I would like to know if the closed-end loan for a credit card still accumilates at the same interest. I am planning on retiring soon and would like to close several accounts. I have tried to pay off several with problems of remaining balances even though I have called for an advance pay off, it seems the credit card company's don't want you to pay off the loans and are making it difficult?i

Submitted by John Phillips from Las Vegas Nevada

A: The full provisions of the CARD Act have not yet been written. Your best bet for detailed information is to contact Consumer Action, a San Francisco-based consumer advocacy group that specializes in credit card issues at http://www.consumer-action.org/about/articles/contact_us/ You can also call them at (415) 777-9635 and (213) 624-8327and leave a detailed message about your specific credit card complaint. They’ll call you back.

Answered 08/26/09 16:52:09 by Kevin Hall and Tony Pugh

Q: In the article that appeared in todays paper about credit cards that was by Tony Pugh, there was reference to being able to opt out of the card and have 5 years to pay it they raised your interest payment. Does that also have provisions to opt out if they leave the rate the same but up the minimum payment. Also is there some where to look at all the provisions of this bill. I would appreciate an answer as soon as possible as Chase is doing a real number on all their customers with a low rate and have put me and I am sure lots of others in a real bind. Thanks Len

Submitted by Len Sanford from Yakima, Wa

A: Rather than provide you a link to the actual legislation, you would probably appreciate a condensed overview provided by Credit.com. The link to their article is http://www.credit.com/credit_information/credit_law/understanding_the_credit_card_accountability_responsibility_and_disclosure_act.jsp According to information on the Credit.com website, “If you decide to close your account to avoid the new terms, issuers won't be able to charge a penalty fee for closing your account, place you in default just because you close your account while you still owe a balance, or require you to pay your balance in full immediately. But if your card issuer does raise your rate (or tells you it is going to) and you close your account, your card issuer can require you to pay back your balance over five years, or double your previous minimum monthly payment. To get more information about specifics of the new CARD provisions, contact Consumer Action, a San Francisco-based consumer advocacy group that specializes in credit card issues at http://www.consumer-action.org/about/articles/contact_us/ You can also call the organization at (415) 777-9635 and (213) 624-8327and leave a detailed message about your specific credit card complaint. They’ll call you back.

Answered 08/26/09 16:50:17 by Kevin Hall and Tony Pugh

Q: I am writing a paper for politics, and I'm only 14, so I really don't understand this stuff. Maybe you could help me out a little? My questions are... 1. Is it possible to keep prices for almost everything, such as food, gas, oil, etc., at a constant low rate? 2. Would making the prices low help the economy at all? 3. Can people getting let go from their jobs, and turning down things that they can't afford, lead to another Great Depression? Thanks!

Submitted by Alexandria from Jacksonville, Florida

A: 1) Is it possible? Theoretically yes. In Cuba food is rationed and has a fixed price. That leads to a giant black market, where supply and demand becomes a greater factor in the price of these items. Years ago, I was in Poland before the fall of the Berlin Wall and the black market exchange rate for dollars was determined by two seemingly artibtrary factors: the price of vodka in Russia and the length of wait time it took to change apartments (needed govt approval)... 2) If all things were lowered across the board, it would only help if income was higher than that and remained higher than that. Russia and other communist countries tried to fix prices and wages and it led to huge shortages and problems because supply and demand were so disconnected. Many capitalist countries do try to regulate the price of basic essentials like milk, tortillas in Mexico etc. So there is some wiggle room in which prices can be artificially set, but invariably this invites corruption and has distortive effects on pricing in related industries. 3) I think you are suggesting that if enough people lose their jobs and are unable to buy things it would result in a depression. Left to itself, yes, as demand dropped, supply would drop since there are no buyers, more companies would close, resulting in more layoffs. Economists call this a negative feedback loop, and it is tough to break. This is exactly what the Obama administration and Federal Reserve have sought to stop with the stimulus efforts and unprecedented lending programs of the Fed to keep markets functioning and to try and break this vicious circle.

Answered 08/26/09 12:29:42 by Kevin Hall and Tony Pugh

Q: I recently earned my degree in Industrial Technology my specialty being (HVAC) through the TRA program after Dana Corp moved thier work south of the border. Now I find myself still out of work. How is retraining the American work force going to help the economy if their are no jobs to fill after we earn degrees?

Submitted by David S Staggs from Paoli Indiana

A: Tough one. It is certainly one of the big challenges of the time, as so many specialty jobs get farmed out. In my business, companies are farming abroad the back office work and even some of the writing about earnings reports and simpler stuff. It is a tough one. Wish I could say something to ease the sting, but nothing will. Keep plugging away, something will turn up.

Answered 08/26/09 12:21:25 by Kevin Hall and Tony Pugh

Q: Give the euilibrium condition y = (c +i)/(1 - b) determine the change in income that results from an autonomous change in c?

Submitted by adnan from karachi

A: Nice try, but I am not doing someone's homework.

Answered 08/26/09 12:19:18 by Kevin Hall and Tony Pugh

Q: Dear Sirs: Thank you! Thank you! May God bless you always. Sincerely, Janice

Submitted by Janice Porter from Dalton, GA

A: likewise

Answered 08/26/09 12:18:43 by Kevin Hall and Tony Pugh

Q: I understand the method to the madness with regard to why certain banks cannot modify mortgages because of the legal hurdles. What about the predatory lender HSBC better known as Household Finance. Now that they have closed every branch any ideal what that means as far the future for this bank? I'm thinking they might be getting out of the mortgage business. After months of trying to get a modification, constant run around, two complaint letters to the CEO of Household they finally relented to a hardship for six months. After a 484 million dollar lawsuit back in 2002-2003 and getting flack over giving hardships by throwing the past due amount to the end of the loan, bringing the account current and the homeowner ends up with a loan worth more than the value of the home. If banks are unable to modify due to legal ramifications how do they explain hardships to their investors? Regards M Copes

Submitted by M Copes from Bala Cynwyd, PA

A: Wish I could answer that but I can't. There is little transparency about this process, lenders/servicers won't generally even tell you with some degree of detail who owns your loan, much less what pool of loans it belongs to etc. I do think it is common for lenders to simply tack the balance, and legal fees on the back of the loan. they dont want to lose money. if they are at least willing to lower monthly payments and spread it into a 40 year fixed rate loan etc, at least that becomes a win-win.

Answered 08/26/09 12:18:23 by Kevin Hall and Tony Pugh

Q: hello i been receiving e-mail about grants from the goverment,saying that i can get money from the goverment for bussines are this people real ? they only ask for a subcriptionand they send you all the information you need ti fillup and apply for that grant,is it true? thanks

Submitted by alberto from miami,fl

A: If something sounds too good to be true, it probably is. There is no free money, and it sounds like they take your money first and promise something later. That sounds like something to be wary of, sounds like a scam.

Answered 08/26/09 12:07:03 by Kevin Hall and Tony Pugh

Q: Dear Sirs: I did not know where else to go to say what I want to say. I received your answer today that you are publishing my plea for help for my Grandson, Hunter Christian Kinsey, to see if anyone contacts my daughter. I just want to say thank you to you both for your help. I told everyone that I KNEW I would hear back from you and I thank you for not letting me down. Especially under these circumstances. Sincerely, Janice Porter

Submitted by Janice Porter from Dalton, GA

A: It is now published, I have forwarded your message to someone who is trying to route it to the Macon Telegraph to see if they can help.

Answered 08/17/09 17:25:12 by Kevin Hall and Tony Pugh

Q: Are you familier with NACA's (Neighborhood Assistance Corp of America) 'Home Save' program? How are they funded? Who is the watchdog to ensure that they are in compliance as they are in receipt of government funds? How is their success rate determined?

Submitted by Karen from Columbia, SC

A: I can't say that I am. I have heard of it, and I have a little experience with some of the non-profits that were out to help homeowners but my feeling was they were spotty. Probably because they were overwhelmed with the numbers, and they have no way of compelling banks and mortgage servicers to play ball. That's why the administration is pushing name and shame, in hopes that the negative publicity will spur more modification. Time will tell.

Answered 08/17/09 17:04:00 by Kevin Hall and Tony Pugh

Q: Once the Extended Unemployment Benefits runs out. Will there be another extension coming soon. Other states have already started to receive another extension due to the economy.

Submitted by Angela Dunn from Miami Gardens Florida

A: There seems to be growing support for extending UI benefits again, the number of long-term unemployed is surging and policy makers are aware of the problem. The flip side is the widening deficit and the need to find an offsetting reduction to make this spending happen.

Answered 08/17/09 17:02:36 by Kevin Hall and Tony Pugh

Q: NOT A QUESTION. Mr McClatchy, I am a mortgagee of Wells Fargo with an arm mortgage. That mortgage matured and Wells Fargo raised the interest to 9.35%. They would not reorganize the mortgage because I did not make over $100,000 last year as I had the previous 2. I am a horseshoer and much of our industry has fallen. I will try soon to change companies, but am upset with Wells Fargo. I must be like many from what I read. Raise your voice-mine is not heard. David Nadeau

Submitted by David Nadeau from Lexington, Kentucky

A: Well said. One important thing to find out is whether or not your loan is with Fannie or Freddie, or in what is called the private label market, which is pools of mortgages sold to investors by Wall St. firms. I suspect it is the latter and that is why it is so hard to negotiate an arrangement. When you call the loss mitigation dept or whatever customer service person you are talking with, tell them you have talked with your local media outlet and you want to know why they are not qualifying you for the Obama plan. There are a number of incentives from the government now to do the right thing, yet Wells Fargo and Bank of America in particular have offered precious few trial modifications.

Answered 08/17/09 17:01:31 by Kevin Hall and Tony Pugh

Q: Ive got a question about the unemployment is there going to be another unemployment extension ? If not when it runs out can I resign up even tho ive already had the extension ?

Submitted by Amy from Holly Pond AL

A: If another extension is passed, which seems likely, you would qualify I would think. One of the most troubling trends in the employment numbers is the unusually high number of long-term unemployed in this recession. It is dragging against recovery and I think a lot of people have it on their radar screens.

Answered 08/17/09 16:58:43 by Kevin Hall and Tony Pugh

Q: What happened to the North American Union concept that the predecessors of these 3 advocated? That Dick Cheney gleefully told Nelson Rockefeller that the "Americas" project was well under way at last (via NAFTA et al). Bet mmoney that Robert Pastor of American University is somewhere on the scene, self-proclaimed "father of the North American Union" which delegitimizes the sovereignty of all three nations. THIS IS THE STORY ... Read Foreign Affairs Quarterly articles by Pastor ... read his 2001 book ... we're supposed to blend our economies into using the "Amero" as the base currency ... The Mexican truckers and the open borders of the bUsh Adm. were just the beginning.

Submitted by Miguel Luis Rodrigue from Tallahassee, FL

A: Governments to follow rather than lead events, and I think it is pretty clear we already have a North American union, as we should. We have two friendly neighbors, and together the three nations make up a large and vibrant marketplace. It's no accident that Fiat, the new majority owner of Chrysler, is going to make new small cars in Mexico. You may be surprised to learn that Mexico for its size churns it a greater percentage of engineers than we do.

Answered 08/17/09 16:53:54 by Kevin Hall and Tony Pugh

Q: Dear Sirs: Okay, let's see how much the President wants to help. I would like for you to call my daughter, Leslie Anne Kinsey and ask her how she feels now that my grandson, Hunter Christian Kinsey, age 8, who is a hemophiliac and completely dependent upon Factor to LIVE.......as of today who has NO INSURANCE because Social Security says Hunter draws too much money from them because his father DIED in March of this year. She has 2 other children. Hunter has no insurance, no doctors, no er visits, she has to beg Baxter to continue to send his LIFE SAVING medicine to him for free, at $38,000 per month! Her phone number is 706 537 4067!!!!! This is my Grandson. How can SS take away his insurance?? They KNOW he will DIE without his factor.......THEY KNOW!!! Please do not put this off. I am begging you for my Grandson's Life, here!!!! Please call her! Please!!

Submitted by Janice Porter from Dalton, GA

A: publishing this to see if anyone gets on the phone with you. will pass it around.

Answered 08/17/09 16:51:52 by Kevin Hall and Tony Pugh

Q: Hello, We applied for our bank to modifiy our mortgage 3 months ago. It was originally suppose to take only 3-4 weeks for help! Every time we call them, they tell us it will be another 2-3 more weeks! All they are doing is giving us the run around. I think they're holding out, hoping we'll have to foreclose, because we keep getting later and later on our mortgage payments! Do you have any recommendation you can give us for some help, to make this modifying really happen, before we loose the house? We are already almost 2 payments behind! We are really struggling and we already drained our savings, 401k and IRA, because we got 3 months behind last year... twice! Have you heard of other banks and mortgage companies taking this long? Our possibly not really willing to modify their customers loans? We can't even sell our house, because we'd owe about 70 thousand dollars more, than we could get for the house. And that's if the house even sold (An upside-down loan)! We don't have any relatives to help us and we don't own anything of value to sell. Even our cars are 10 years old! Can you recommend any help for us? Thank you, Denise Faucher

Submitted by denise faucher from salem, NH

A: Sadly, yours is the norm not the exception. I have worked with borrowers over the past 18 months and have not found a single example of where the servicer kept its word and did the right thing. It is a constant battle, changing rules, approval for a program then rejection because something that was never received wasn't sent back etc. It's all a game for time. The good news is you stick on it long enough and take the long view, eventually you can wear them down and get a mod, but they aren't going to make it easy for you.

Answered 08/17/09 16:50:52 by Kevin Hall and Tony Pugh

Q: I dont understand why the people in the article are in the shape they are in? I am basically in the same situation with my second mortgage that is with Select Portfolio and in a "forebearance" situation that has me scared to death after a 4 month wait. I went through a modification with IndyMac Bank and FINALLY got something better...not perfect and they were the first mortgage people and still are. Why is what the president said would happen about help not happening?? Most of us didnt ask for this. We were either taken advantage of or catastrophe things happened to us. We are all human.

Submitted by Bobbie Grgaiffin from Warm Springs, VA

A: You are among the lucky ones if you are into something that gets you into a lower monthly rate. There are any number of reasons why a loan doesnt get modified, mostly because it is in the secondary market where mortgages are pooled together and the revenue stream pays off bondholders who don't want to lose their promised return. There are all kinds of legal hurdles to modifying loans that are pooled with other mortgages and there are financial gains for the servicer, whose interests are allied with the investors, not the homeowner, in letting the mortgage fall into foreclosure.

Answered 08/17/09 16:48:58 by Kevin Hall and Tony Pugh

Q: I am starting to feel I am getting the run around from Wash Mutual loan modification program. My husband passed away on July 26th, and his Social Security has been stopped, so my situation is urgent. How is their track record on follow thru on Obama's Home Affordability Program? Do you have any suggestions for me on getting my loan modification request expedited? Thank you!

Submitted by Marie Darr from San Jose, Calif.

A: WaMu was snapped up by JP Morgan Chase last year after the government seized the thrift. JPMC had the among the best performance ratios of all the banks in the Obama program, but it was the best of a bad lot since its own high rate of trial modifications is 20 percent, or one in five eligible. Beats the dismal numbers of Bank of America and Wells Fargo, but it still is one in five.

Answered 08/17/09 16:45:32 by Kevin Hall and Tony Pugh

Q: Is there a stimulous package for parents whom pay child support but lost their job due to a lay off?

Submitted by Tricia Cluka from Kasota Mn

A: Not that I know of. Just the standard stuff like extending unemployment insurance, expansion of food stamp and Medicaid programs and a bunch of safety-net issues but none specifically for those who pay child support.

Answered 08/17/09 16:35:59 by Kevin Hall and Tony Pugh