Wade Capital Management, of Des Moines, Iowa, has been labeled a libelous business by the BBB. Their purpose was to hold money in escrow for timeshare owners who wanted to sell their timeshare through a listing agency. The Iowa Secretary of State has said they have no listing of this company either. The BBB went to their “address” at 668 19th Street in Des Moines and found a three-story apartment building there. The manager of that building stated he had no idea what Wade Capital Management was and that no business by that name was at that location.
The company claimed to work with a “vacation ownership closing company.” They utilized the common scam of calling up prospective victims from a list of timeshare owners. Once on the phone, they promised they could have the timeshare sold at a profit, but in order to do so would need money upfront. They did not offer a written contract of services, and asked for the money to be wired to them. Wiring money is like handing over cash; once the transaction is made, that money is irretrievable. At the conclusion of their investigation, the BBB immediately took away Wade Capital Management’s rating.
The Federal National Mortgage Association, aka ‘Fannie Mae,’ not to be confused with the Federal Home Loan Mortgage Corporation, aka “Freddie Mac,’ has taken $32 billion from Bank of America (BA) in a settlement of home mortgage ownership.
A year and two months ago, BA paid $1.3 billion to Fannie Mae to settle all disputes from property and mortgage issues. BA acquired 20% of Fannie Mae’s mortgages when they purchased Countrywide Lending.
Together they hold 50% of the country’s total mortgages and 90% of new mortgages taken out in the last three years.
Fannie Mae and Freddie Mac were para-government agencies that were fully taken over by the Fed in 2008 as losses on unpaid loans pushed them both towards bankruptcy. They received a total of $190 billion.
$32 Billion of that was paid by Bank of America. Many homeless have used hotels or resorts in order to get by, usually coming at a much higher cost than home ownership. But with the bottom of the loan industry bottoming out, it took people who shouldn’t have qualified for loans with it.
In the end, no company received more money in the 2008 Federal bailout era than Fannie Mae.
Countrywide and subsequently BA have come under fire recently for racist practices at the former. Their $25 billion settlement not only cost the money financially but in respect and prestige.
Popular social networking website Twitter prepares to sell up to two years’ information on all users to two different data mining sites. They will look at the links posted, pictures and words of all users and use that information to advertise to them better and, as some critics have said, use it to figure out how people think. Even the location of users over the two years will be sold.
Gnip Inc and Datasift Inc will be the two benefactors. In turn, those companies will organize the information and then sell it to the highest bidder, or bidders, whomever they like. Gnip will be able to access tweets from the last 30 days; Datasift from the last two years. They will group together subjects and preferences and use this to sell to different age and location groups.
This is how it works. Best Buy can see what consumers are saying about it’s employees in Texas, and cut that into different age groups/responses. Or Ford can see what people in Miami are saying about their new F-150. Timeshare owners (or resort or hotel guests or vacationers of any kind) will have any comments they’ve made about hotels and timeshares sold to resorts who can use that info to change customer service or even sales tactics. The possibilities are endless.
Of course, this can lead to skewered information. For all of its fame, the majority of the world is NOT on Twitter. (I am, but it’s for my company).
While the sale of years of Tweets may be unbearable or at least scary for some, there’s not much they can do legally. Like the Associated Press using a quote from an athlete or the President, once a quote is public domain it can be used by anyone or any corporation. Publicly published tweets are public domain.
Richard Cohen, of Sherman Oaks pleaded guilty to over 20 felony counts of fraud. He and his son formed numerous LLC’s with names such as Rig Leasing Inc. and Mintech International, then called people around the country claiming the companies were valuable and had stock for sale at a discount. But the companies had no value and provided no services, and their stock certificates were worthless. Cohen and his son did this for ten years, and bilked investors of around forty million dollars.
Investigation into the pair and their workers determined the companies and their stock to be fraudulent, and most of the money taken from victims was used to fund the Cohen’s lavish lifestyles, which included a mansion in Calabasas and luxury cars. One of their co-conspirators, a Josh Hoffman of Malibu, was sentenced to five years in prison. Mr. Hoffman told “investors” they were purchasing advertisements in reputable magazines.
Transfer Smart is not a telemarketing scam. We don’t ask for money upfront and have been in business since 2005, currently holding an “A” rating with the Better Business Bureau. If you have a timeshare contract you’re tired of paying into, we offer a 100% IN-WRITING GUARANTEE we will get you out of it if you qualify. Contact us today.
A class-action suit was filed in San Francisco last Thursday claiming Shell Vacations charged thousands of dollars for “points” sold on Ebay for $1.
Shell Vacations Club, which has resorts all over the United States and Canada, was charged with false advertising and scamming consumers.They claimed timeshares were purchased at a “fixed cost,” there were “thousands of dollars in hidden fees” and “price increases.”
Plaintiffs purchased 2,500 points they thought they could use towards vacations all over the United States at the many SVC resorts, at a price of $14,224. They then found Ebay links to 9,700 points for $1.
Upon further internet research, a complaint from a consumer not familiar with the case read: “In the next 10 years we will be paying $50,000 to go on vacation 10 times, and that only covers the condo, not airfare, etc,” one man wrote on an online complaint forum, according to the complaint. “How is that a great investment?” Another complaint cited “”one unpleasant surprise after another” and “many lies and conveniently concealed information.”
The plaintiffs seek damages for breach of contract, breach of faith, fraud, false promises deceptive business practices and negligent misrepresentation.
Transfer Smart is the only company that can get you out of a timeshare contract with a legal, 100% In-Writing Guarantee. No one else can do that, no one. Contact Transfer Smart today.
“Victims, particularly those eager to sell their interests in timeshare properties, are being contacted by people claiming to be timeshare buyers who are making sizable offers that may or may not require an upfront fee,” Morrissey said.
“Often, the buyer claims to have a ‘buyer waiting.’ In the interest of making the deal as simple and painless as possible, the buyer initiates all ‘necessary’ documents, and emails them to the seller to sign and send back,” Morrissey added.
“Sellers are told they will be reimbursed for these fees at the time of closing, only to find that the buyer and escrow account company have vanished before they have finalized the deal,” Morrissey said.
The DA wants citizens to know you should only use licensed real estate agents when dealing with any property ownership issues, especially timeshares. Any financial deals made should be put into writing, something the scam artists aren’t able to offer. And you should never agree to purchase anything over the phone if you’ve never dealt with the company in the past.
If you’d like to file a complaint with the FTC over a possible timeshare scam you know of, go to their website.
Transfer Smart offers a 100%, IN-WRITING GUARANTEE that we will get you out of your timeshare if you qualify, and 96% of timeshare owners will qualify. Call Transfer Smart today.