Some else very wise once said, "Never ascribe to malice that which can adequately be explained by stupidity." -Anonymous
The really sad thing is he IS our states rep. We elected him and we have no one blame but ourselves JohnM (from VA)
What a loser! The best part of this is that it is now make public! Everyone now knows. Can't hide from it much now. I cry out for everyone in VA to NOT vote for this guy!
Breeze, Sorry, I didn't vote for him either, I meant the "we elected him" statement to mean the good citizens of the Commonwealth of Virginia had elected him. I sometimes include myself in that set of citizens, although I doubt others would. JohnM Q. How many Virginians does it take to change a light bulb. A. Five, One to change it and four more to talk about how the old one was better!
Here is a link to a link that has the latest BK reform news. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=208154#post208154
Forget about those private companies, look at our own government and social security...talk about an accounting scandal!
QUOTE: I am not a banker. I am, however, a CPA. It just seems to me that they are knowingly buying questionable debt to keep their receivable portfolio in tact. These people have credit scores in the low 500's now. This is not sound lending. It would be interesting to see what % of their total receivables are really collectable. It would not surprise me a bit if MBNA bites the dust due to shoddy underwriting in the coming years. END QUOTE I went back to school this year to finish bachelor's in accounting. I wonder who their auditing firm is!!
sirrowan: Based on your CPA experience what is your take on the following ------------------As we all know most credit reports contain errors thus resulting in inaccurate credit scores. Would you say that using inaccurate reports & scores to grant loans is risky for lenders? What happens to lenders when these loans start going sour on them? Do you foresee anything like this happening as the result of using such distorted information in making lending decisions?
lbrown59, Sorry to have mislead you! I am not a CPA. I copied and pasted that quote from a post by lisamc (Kinda new to the site, didn't see the big quote in the corner, neeeed glasses!). I asked the question about who was their auditing firm because of lisamc's remark on potentially misleading percentage of collectable A/R, distorting figures, ect. Auditing firms are being sued and are dwindling away. Big Six down to the Big Five, Big Five down to the Big Four, Big Four down to the Big............. By the way, I have decided not to become a CPA, but to obtain a minor along with my major and practice another form of business. It's too risky being a CPA! Sirrowan
UGH!! I don't believe this. MBNA cuts $3K off my limit a couple of years ago because I was in debt (but never late with a payment, ever!), and they give this slimeball that sweet deal?! Oh yeah, that makes perfect sense. Think I'll try wajaba's trick and run for office. :\ Makes me glad I live on the other side of the Potomac, although we've got plenty of our own problems, what with a sniper running around and all. Who elected this jackass? Certainly not our VA Creditnetters. Just when you think it can't get any worse for Joe Consumer...we get screwed again.
Now come on you have to see how this was a great business decision! You roll over for 1/2 a million for some bloated bureaucrat and he can push through a totally consumer unfriendly BK bill that will make credit card holders eternal slaves! can you say abuse of power?
I am wondering if the good congressman declared as income the difference between what he owed on the house and what he sold it for, as the rest of us would have to do if we did a short sale.
