2012 Hall Of Shame

As usual, MSN Money's yearly customer service Hall of Shame includes several mortgage lenders.  But the big winner is .......... Bank of America at numero uno.  More than 50% of those surveyed ranked B of A's banking service fair or poor.  

Dan Gilbert & Quicken Loans Continue Growing Detroit

With the announcement that Title Source will be moving their operations to the First National Building in Detroit (owned by Dan Gilbert), you can add another 1500 employees to Downtown Detroit.

Yes Mr. President, I actually DID build this.

Back in March, I wrote about a scandal that seemed to be flying under the radar: allegations that lenders had been conspiring to manipulate the LIBOR rate.  Many adjustable rate mortgages are based on the LIBOR, and an artificial manipulation of the rate could potentially mean billions of additional dollars in lenders' pockets.  I wondered why this wasn't bigger news.  Well, get ready.  MSNBC says the LIBOR scandal is about to hit the U.S., and it has the potential to become "the largest financial fraud in history."  Oh that's nice.  Because we haven't had one of those in a while.

Update 07/15/12: The U.S. Justice Department prepares criminal cases against several lenders.