Monday, March 29, 2010

Today we have a guest blog from Denise Richardson of

Remember when you were a kid and you did something naughty? Maybe it wasn’t as strictly against the rules as something like stealing—maybe you picked your neighbor’s flowers without permission, or you chalked a rude word on the sidewalk. Your mother would say, “Shame on you!” And you would feel ashamed, somewhere inside, that your mother did not think well of you. Shame, coming from someone you loved and respected, caused you to change your ways. If only it worked that way with banks!

There’s a new website called $, and that’s exactly what they’re trying to do. The organizers –and the folks who post their stories on the site –are pointing a big fat finger at banks saying “Shame on you!” to the big corporations that banks have become. Whether it will cause banks to change their ways remains to be seen, but it can certainly provide a forum for homeowners and consumers to discuss what’s really going on with their mortgages, their credit, and their financial futures. is a great non-commercial location for consumers to share their stories about fighting the banking system, lowering their interest rates, or advocating for student loan rights. It is also a resource, providing homeowners with mortgage and loan information drawn from across the Internet and beyond, all in one location.

Founder (and Huff Post blogger) Richard Zombeck had this to say about his new site:

It is clear that Wall Street, the banks, and the loan servicers are not concerned about the American family. They've taken tax dollar bailouts to lobby and persuade elected officials for their own end, reward themselves with bonuses and salaries while Main Street families struggle to remain afloat.

It is his hope that $ will provide accurate, up to date information regarding banking and congressional issues, like how much has been allocated by the Congressional Budget Office to help homeowners ($50 billion) and how much has actually been spent on that cause (not even half that much). Did you know that only TWELVE PERCENT of the almost 1.5 million homeowners who received trial loan modifications later received permanent ones?

Twelve percent is barely a drop in the bucket.

So stop by $ and tell your story. You will surely find a community of support and empowerment, not one of shame or blame on the consumer. Help raise a cry of “Shame on you!” to the banking industry and find information and, perhaps, some refuge and relief.

Denise Richardson can be reached at

No comments:

Post a Comment