Monday, January 14, 2008

How reliable are the Financial Institutions

Read this New York Times article:
Borrowers Face Dubious Charges in Foreclosures

The news article draws your attention to the ugly side of business. If you think your loan or investment is safe in the hands of business who is looking after it, you are mistaken.

I have an investment (401k) with one of USA's most visible brokerage companies who for the last ten or more years did not even have the correct date of birth on their records.
I have an investment in another very visible brokerage company who [trumpets every half hour about how good they are] gives me a 1099 with questionable entries, duplicated entries. They are not even ready to apologize.

As a home owner I would like to see the complete transactions from the day I took the loan to the day I am closing the account that should include dozens of mortgage providers and also look into the complete escrow management for property taxes and other miscellaneous expenses.

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