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2004 Suit (credit limits, credit reporting - on appeal)

Wednesday, April 22, 2009

Capital One losses and who are the MORONS financing the thugs?

Capital One Lost $112 Million in 1st Quarter

By Binyamin Appelbaum
Washington Post Staff Writer
Wednesday, April 22, 2009

Capital One Financial yesterday reported a loss of $112 million in the first quarter as defaults on credit card loans rose more quickly than the company had predicted.

The McLean company also offered insight into the decline in lending by major banks, saying that it is increasingly choosing to invest money in securities rather than making new loans. The company’s investment portfolio grew by $14.1 billion over the last year, while its loan portfolio grew by $5.8 billion.

Gary Perlin, the company’s chief financial officer, said investing was currently safer than lending, and that Capital One would wait for economic conditions to improve before shifting the money back to lending.

“Our plan is to eventually shrink the investment portfolio,” Perlin said, “by taking advantage of attractive lending opportunities when the market returns.”

Capital One reported a first-quarter loss of 45 cents a share, compared with a profit of $1.47 a share, or $548.5 million, during the same period last year.

The results were viewed by financial analysts as more representative of the problems besetting the banking industry than the profits reported by larger firms, including J.P. Morgan Chase and Bank of America. Those companies also struggled with losses in credit card and retail banking operations, but were able to post profits based on the strong performance of their investment banking operations.

“Capital One’s earnings announcement shows that the recent run of positive earnings from other financial service players should not be misinterpreted as the end of Wall Street’s financial woes,” wrote Red Gillen, an analyst with Celent.

The company said losses in its credit card portfolio reached 8.4 percent in the first quarter, above the company’s projected 8.1 percent. The company said it expected the loss rate on its domestic credit card portfolio to surpass 10 percent in the coming months.

Capital One operates one of the nation’s largest credit card businesses. The company has moved increasingly into retail banking, allowing it to use deposits as a cheap source of funding for its loans. The company acquired Chevy Chase Bank in late February, creating a retail presence in the Washington area for the first time. The deal helped Capital One increase its reliance on deposits from 52 percent of funding last year to 65 percent this year.

Capital One accepted a $3.56 billion investment from the Treasury Department in November, but Perlin said the growth in deposits has allowed the company to refrain from borrowing from any of the government’s other emergency aid programs.

The company also said it did not take advantage of recent changes in accounting rules that have allowed some banks to report higher values for troubled assets.

First of all, the author of this article is an idiot.

“The company has moved increasingly into retail banking, allowing it to use deposits as a cheap source of funding for its loans.”

Capital One is NOT using the deposits to fund loans!  How can reporters be so IGNORANT? 

The ignorance or maybe even willful disinformation by the mainstream media is the root cause of all our problems.

Many millions of people have watched Zeitgeist: Addendum and The Money Masters (watch FREE online!), it’s hard to believe that Binyamin Appelbaum really doesn’t know that the banks CREATE the money electronically out of thin air.

And it is truly shocking to read that THE AMERICAN PEOPLE are financing the Capital One scum.  If the Americans with money had any conscience whatsoever, they’d close their Capital One accounts and put them out of business.  But then again, with reporters like Binyamin Appelbaum, it’s no wonder that most Americans are clueless idiots, cheerfully funding their own demise.

Capital One GREATLY contributed to the foreclosure crisis with its refusal to report the credit limits.

Many MILLIONS of hard working decent people had lower FICO scores due to Capital One’s credit reporting.  They paid higher interest rates and insurance premiums and they were forced into subprime loans. 

What do the stupid Americans do?

The STUPID Americans deposit their cash with Capital One to ensure that this vile outfit survives. 

It just goes to show that having money is NOT a sign of being smart.  These idiots don’t realize that they’re trading a high return on their investment for the lives of their friends and family. 

Crime is rising everywhere.  Yes, they can live in their gated communities, but do they really want to live in their own PRISON? 

I defaulted on about $25,000 owed to Capital One.

I sued Capital One and I LOST.  Federal judge Neil Wake determined that Capital One’s credit reporting lowered my FICO scores, but he ruled that it was LEGAL!  Judge Wake is so deranged, he ought to be immediately removed. 

Fortunately, not ALL judges are as corrupt as judge Neil Wake and due to class actions in other courts, Capital One now has to report the credit limits.

Too little, too late. 

Capital One and the CRAs should have had to REIMBURSE the consumers’ damages and they should have had to pay PUNITIVE damages.

The $25k I owed Capital One isn’t nearly enough “compensation” for my damages.  Since 2003 I had been litigating to get the Cap One limits reported.  I’ve given years of my life.

It bites to see Americans financing these criminals—not only with taxpayer bailout money, but with INDIVIDUAL deposits.

This URL sent to Binyamin Appelbaum.

“Are you really so ignorant or is your editor telling you to mislead your readers?

Christine”

Wednesday, November 05, 2008

Reader mail: sued by Capital One - counter claims

I am currently involved in litigation with Capital One as a Defendant however Capital One has pulled several illegal things and our counter-suit would be greatly supported if I can prove that this is their standard course of behavior.  If you would be willing I would love to chat with you on this.  Thanks so much for at least reading this.

...

“Chatting” on the phone doesn’t prove anything and I doubt that proving their “standard course of behavior” will make a difference to any judge.

There are many THOUSANDS of people who are being sued and who’d like to talk to me.  I don’t even talk to PAYING CLIENTS on the phone.

Lawsuits are serious shit.

It’s not like chatting about a movie you saw last week or whatever social stuff. 

I have posted SO much information on how to deal with original creditor suits. I don’t even want to look up the links again.  I’m tired, long day.

The banks CREATED the money out of nothing and if WE could create money as they do, we wouldn’t have a problem paying back the loans.

There’s the FREE info, Michael’s filings, discovery requests, etc. and there is CreditFactors. 

One thing that’s very special about Capital One is that they didn’t report the credit limits until last year.  So that makes an EXCELLENT counter claim for the debtors who took my advice to DISPUTE and who had Capital One verify without the limits. 

Anyone can try the unclean hands defense.  Capital One definitely CAUSED defaults by failing to report the limits, resulting in lower credit scores and higher interest rates or declines.

And then there could be 3rd parties who caused your cashflow problem.

The credit bureaus who didn’t report the credit limits or correct after disputes, other creditors who raised interest rates, etc.  YOU should know why you can’t pay your bills and if it’s due to fraud / deception / illegal activities by third parties, name them.

So I hope that’s helpful to some of the many people who are getting sued.

Saturday, August 09, 2008

Collection attorney Kaplan request for consent to verify employment?????

I’ve NEVER seen anything like this.

Collection law firm Kaplan sent the following on 7/14/08:

Please sign and return the consent below to our office so that we may further process the above entitled matter.

JEROLD KAPLAN LAW OFFICE, PC

CONSENT:

I CHRISTINE BAKER hereby give my consent to my employer to verify my employment information as requested by Jerold Kaplan Law Office, PC.

Signature — Date

[mini miranda]

Huh?

Are they trying to verify employment to see whether they can garnish wages if they get a judgment? 

I’m HOPING they’ll sue me, but also on 7/14/08, they sent a letter stating that no attorney has reviewed my file.  However, the request for consent is signed by “Attorney for Creditor” and the signature is unreadable.

BTW, I have already disputed with Kaplan on the phone and in writing and I provided the link to my Open Letter to Target and they keep collecting.  Kaplan is the firm that dismissed the suit against Kok for an old Palisades debt as I recently posted.

I hope that nobody gives consent to verify employment, but then again, many people are so afraid of lawyers, they might actually sign it.  I consider it a combination of harassment and intimidation tactics. 

And I’m thoroughly confused.

Did an attorney review my file or not?

Tuesday, May 06, 2008

Chase Buys Half Of Target Card Portfolio for $3.6 Billion

Chase Buys Half Of Target Card Portfolio for $3.6 Billion
May 6, 2008

by Burney Simpson
insideARM
May 6, 2008 Email This Article Print

Target Corp. (NYSE: TGT) reported yesterday it would sell about 47 percent of its credit card receivables for nearly $3.6 billion in cash to JPMorgan Chase.

The two will share profits from the portfolio up to a cap of 3.4 percent of the annualized yield. Profits over that amount will go to Target. The Minneapolis-based retailer will control its financial services strategy, according to a press release.

The deal represents a 7 percent discount to the value of the receivables, in line with Target’s allowance for “doubtful accounts as a percentage of accounts receivables,” according to the release.

Receivables on Target’s REDCard and Target Visa cards totaled about $8.3 billion at the end of March, according to Target’s monthly filings on its card master trust with the U.S. Securities and Exchange Commission. Target reported charge offs of 6.83 percent in February and 8.12 percent in March (“Target Card Charge Offs Rise to More than 8 Percent,” April 23).

Target said it expected 2008 charge offs of 7 percent to 8 percent and delinquencies of 4 percent.

Target said the sale would provide liquidity, spread the risk of the portfolio to Chase, and allow cardholders to continue to use their Target cards.

In March, Target reported it had sold about half the card portfolio to an unnamed investor for about $4 billion ("Target to Sell Half of Card Portfolio,” March 13). The sale of the card portfolio has been pushed by investor William Ackman who bought 9.6 percent of Target last July.

I wonder who owns my accounts now.

Is Target still issuing new cards or are they getting out of the credit card business?  Wonder what the current underwriting criteria for the Target store card are.

Monday, May 05, 2008

Capital One sues California AG Jerry Brown, became national bank to avoid Cal investigation

A reader sent me the link to the complaint, thank you!

Capital One Tries To Fend Off California

SAN FRANCISCO (CN) - Capital One Bank claims Attorney General Gerry Brown has no right to inspect its records to determine whether the bank’s credit card practices are illegal, because it is a national bank, and only the Comptroller of the Currency may look at its records.

The 5/2/08 Complaint

Unfortunately it’s a scan, so I can’t copy.  Apparently in 2006 AG Brown investigated complaints about balance transfers, reaffirmation of existing debts, closing accounts “and some”

What does Capital One do?

It quickly becomes a NATIONAL bank. 

I’ve posted extensively about the states’ loss of rights to protect its residents from predatory bankers.

In 2003, California revoked the Wells Fargo license due to violations of California lending laws and the Feds ruled that national banks don’t need no stinking state licenses.

I can’t even believe that Capital One would have the guts. But, they are so incredibly sure that they have the support of Congress and ALL presidential candidates.  And unfortunately, they are right.  They’ve got the power, all the politicians are bought and paid for.

So, what can YOU do about this?

You may be one of the many millions who should stop paying their credit cards. 

I will be posting a lot more info on this, how to determine whether you are judgment-proof, how to stop paying and how to deal with their collection calls.  There’s a LOT to know when it comes to quit paying credit cards and I’ve been working on my response to the TU objection to my motion for leave to amend my complaint.  Will be posting that tonight or tomorrow.

I woke up early this morning, too tired to get up, but couldn’t go back to sleep because I was thinking about the motion I was working on before I went to bed, vile judges like judge Wake, etc.  So I finished reading Jesse Ventura’s book.  If “they” wouldn’t kill him if he won, I’d be all for his run as an independant.  He doesn’t know much about banking and money, but I’m certain that he’d be outraged if he did know.  He’s a bright guy and refreshingly honest and most important, not corrupt.

I’ll be writing an open letter to AG Brown about Capital One.  And another one about FDRS if they are still in business, haven’t heard any ads recently.