Let the Games Begin!

I’m pretty excited for the Olympics to get going tonight (actually, later this morning).

Just this week my wife and I were talking about how we haven’t been watching much television lately. We don’t watch anything in prime time actually. (No, the conversation never turned anywhere near the idea of canceling cable to save money…)

But starting tonight, I think we’ll have something somewhat interesting to watch every night of the week! That is, if NBC doesn’t over sensationalize every single thing an American athlete does or has done…

I’m not really interested about how Amanda Beard loves animals, hates China, and likes to pose nude. I could really care less. The Olympics aren’t the place to go out and make a political statement or stage a protest. And she’s a freakin’ competitor?! Just jump in the pool and swim — in a regular bathing suit…

My first experience of unbiased Olympic coverage was back in 1992 for the Albertville Winter Games. At the time, I was in Germany and the television coverage was far from all German, all the time — even though they were speaking German.

It didn’t leave a huge impression on me back then, but for the last Summer Games in Athens, we happened to be in Canada and CBC’s coverage brought the memories rushing back.

It was… refreshing.

In response to NBC’s alleged over-reporting of the US athletes, Bob Costas recently responded, “Are Americans somewhat more interested in American performers? Of course they are, but we don’t insult the intelligence of the audience. They’re interested in any good story where ever it may appear.”

Okay, Bob… But, NBC does insult the intelligence of the audience.

I don’t think I’ve ever seen Team Handball on NBC’s prime time coverage. Could it be because the United States is terrible at the sport? Do they forbid televising an event where the Americans get crushed or fail to even show up?

I dunno, the NBC coverage gets a little boring and old when you just keep on seeing one American after another win gold. That’s fine though, I’d agree that stuff should be covered. It’s a huge accomplishment.

But really, there aren’t that many events at the Olympics and they should probably show *every* medal winning performance whether an American is on the podium or not. I’d appreciate that. I doubt I’m alone.

Based on their past coverage, to the casual fan, the US has apparently pitched a shutout against the world.

I mean, would it hurt to show, I dunno, the gold medal game in Team Handball between Denmark and South Korea? At the very least, tt might enlighten a few of the geography-challenged out there.

I’m only using Team Handball as an example because it’s one of those games that I don’t even really understand, but it’s a fascinating thing to see. It’s fast, it’s rough, and it’s exciting. And every single one of the players is anonymous to me. That alone disqualifies its entertainment value for NBC, it seems.

NBC doesn’t seem to understand that to make great television, the public doesn’t need some sob-story background on the athlete from the wrong side of the tracks who’s bound for glory. I know I don’t need that.

I’d be perfectly happy if I never heard the names Michael Phelps, Dara Torres, on Shawn Johnson again…

And the games haven’t even started yet!?

Can you say, overexposed?

Posted on August 8th, 2008 at 6:25 am by Brainy Smurf
Current Events, Rants, Television | No Comments »

Nailed with Foreign Transaction Fees

As expected, CitiBank hit me on my latest statement with some Foreign Transaction Fees we unknowingly incurred while we were on vacation earlier this month.

On my last statement, they charged me $5 for one Canadian transaction that I made online to buy some CFL football tickets.

Naturally, though I’d made the initial purchase weeks in advance, they didn’t display that additional fee on my “latest transactions” until after I’d already made 6 more purchases while in Canada. Gee, thanks…

You see, the Metro Toronto Zoo was a pretty good deal and I enjoyed the meerkats, but had I known that it was costing me an additional $5 each time I pulled out my Citi MasterCard, I probably would have kept it in my pocket.

So on this latest statement that came out this morning, I was kind of expecting $30 in foreign transactions fees, you know, $5 multiplied by 6. That would make sense…

But I was incorrect.

The foreign transaction fee listed on my latest statement is $31.33.

No explanation of where that number comes from. It doesn’t even divide evenly?! Just some arbitrary number apparently…

I’m not going to call them on it. I’m just moving on and chalking it up as a learning experience: I won’t be using their card in Canada ever again.

Adding insult to injury, the transaction fee didn’t even get me reward points.

Posted on July 30th, 2008 at 7:54 am by Brainy Smurf
Credit Card, Rants, Vacation | 2 Comments »

Customer Service, or Lack Thereof : Revisited

So apparently my second inquiry online with Countrywide regarding my Mortgage Insurance got some notice.

I received a reply! I received a reply! And it only took a few hours! How about that?

Here’s my original inquiry from July 16 that they never responded to:

Hello!

I’m wondering if my PMI will be dropped automatically when my Loan to Value percentage reaches 78%.

I recently broke the 80% threshold and requested that PMI be cancelled, but received a letter asking for me to pay for an appraisal to make that happen. I didn’t find that an acceptable offer so now I plan to hit the 78% mark.

The law states that once the 78% mark is reached, the mortgage company is required to cancel PMI and I just wanted to make certain and verify that that is the case — without me having to schedule an appraisal or spend additional money out of pocket to make it happen.

Thanks very much!

Never got a response. So yesterday, as detailed here, I tried again:

Just thought I’d try this again since it’s been more than 1-2 business days and I haven’t yet received a response.

I’m wondering if my PMI will be dropped automatically when my Loan to Value percentage reaches 78%.

I recently broke the 80% threshold and requested that PMI be cancelled, but received a letter asking for me to pay for an appraisal to make that happen. I didn’t find that an acceptable offer so now I plan to hit the 78% mark.

The law states that once the 78% mark is reached, the mortgage company is required to cancel PMI and I just wanted to make certain and verify that that is the case — without me having to schedule an appraisal or spend additional money out of pocket to make it happen.

Thanks very much!

A couple of hours pass, and wham, they respond with:

Posted 07/22/2008

Reply : Dear Brainy Smurf:

Thank you for your recent Internet inquiry addressed to the Customer Service Department.

As per our records a PMI deletion letter has been mailed to you on July 09, 2008 asking for the Certificate of Value to confirm Market Value and LTV Ratio. You are requested to either fax or mail the appraisal report for further research.

You can fax the Certificate of Value at (805) 520-5019 or mail it to:

Address:
Countrywide Home Loans
SV-314B
P.O. Box 5170
Simi Valley, CA 93062-5170

Thank you for communicating with us electronically; we appreciate the opportunity to be of assistance.

OMFG! Thank you, Captain Obvious…

Yep, that is true that I requested PMI deletion on July 9.

See, the thing is, I KNEW THAT ALREADY!

I even went so far to predict that this was going to be a long drawn out hassle.

So, I respond with:

Hello again!

The response I received today didn’t actually answer my question — just stated what I already knew. I am fully aware that I requested PMI deletion on July 9 when I reached the 80% threshold.

The PMI deletion letter arrived and asked that I schedule and pay for an appraisal of my home. To me, this was unacceptable, so I will not be taking that route. More hassle than it’s worth — even though $130 is a very reasonable fee for an appraisal.

My question now regards whether or not the PMI will be dropped when I reach the 78% LTV ratio. As I understand it, at that point, the law requires that the PMI be dropped based 100% on the original value of the home — NOT the current market value, which is obviously higher anyway — I just don’t want to pay any extra to prove it.

I’m asking now if that is indeed the case — when my mortgage balance dips below $109980, will the PMI will be dropped without any appraisal fee required?

Thanks much!

Seems pretty simple, right? Just looking for a yes or no answer. Right?

Overnight, they responded (I’m now impressed with their response time — though it took them awhile to get going…)

Posted 07/22/2008

Reply : Dear Brainy Smurf:

Thank you for your recent Internet inquiry addressed to the Customer Service Department.

Our records indicate that we have requested the escrow review department to mail you the list of requirements if it is eligible for PMI deletion. Please allow 7-10 business days for receipt. If you should require any additional assistance, please contact our PMI Department at (800) 669-9092.

Thank you for communicating with us electronically, we appreciate the opportunity to be of assistance.

So much for a simple yes or no answer… This is like a Presidential debate. They totally dodged my question. Sheesh…

I’m all but certain that this apparently too-confidential-to-have-online “list of requirements” that they’re mailing me *still* won’t answer my question simple yes/no question.

In fact, I’d bet it’s the exact same letter they mailed me back on July 9.

Looks like I’ll be camping out at the mailbox waiting, again, for Countrywide to respond (and swindle another $85.15 from my account).

Sigh…

(Oh, some may wonder why I don’t just pick up the phone and ask a customer service rep… Reason is, I want this in writing, or email, or online on THEIR message center. In the past, this has saved me a lot of trouble when it comes to billing disputes. Playing he-said/she-said has *never* gotten me far. And if I do pursue this all the way up to a complaint with FTC, I want all of Countrywide’s claims in writing.)

Posted on July 23rd, 2008 at 7:48 am by Brainy Smurf
PMI - Mortgage Insurance, Rants | 3 Comments »

Customer Service, or Lack Thereof…

Still awaiting an online response from Countrywide regarding my PMI situation.

Their website claims a 1-2 business day response time because they need to individually research each inquiry or some such nonsense.

Thing is, my first inquiry was on July 16.

Not even including that specific day, it’s now been 3+ business days.

I just submitted another long-winded and slightly more obnoxious inquiry with essentially the same question, “Will you drop my PMI at 78% like you’re supposed to?”

I’m almost to the point where I’ll pick up the phone, but chances are, that won’t result in a real solid answer either.

I’m pretty familiar with how call centers operate and, sadly, I’m already quite aware that my inquiry is not a question that level one support will be able to answer.

Level two (or three) will likely just tell me what I want to hear just to get me off the phone and out of their ear.

That’s probably why I haven’t received any answer at all online. Ignore the customer — they’ll go away on their own eventually…

Customer service is truly wonderful these days…

Posted on July 22nd, 2008 at 8:17 pm by Brainy Smurf
Life, PMI - Mortgage Insurance, Rants | 1 Comment »

Credit Card Rewards are a Complete Joke

I’ve often read about people taking advantage of these “rewards” that their credit cards offer and how wonderful they can be, but I’d never actually taken advantage of one.

Having charged over $2k on my Citi Rewards card — my only card with rewards — during vacation a few weeks ago, I see that my statement has been handsomely rewarded with a sizable number of “ThankYou” points.

So I went over to see what kind of rewards my “ThankYou” points could get me.

Turns out, not much.

Let’s see… A cash-back check for $50 would cost me 8000 ThankYou points…

Now I know that a few of my purchases earned double and sometimes even triple the ThankYou points, but technically, the big reward is a mere $50 for spending $8000 dollars.

Think about that.

What it really says is, “Spend $8k with us and we’ll give you $50 back!”

Frankly, I’m insulted.

But, wait, there’s more! Spend $16k and they’ll throw you a Benjamin! Wow, such a deal.

Really… that works out to just five-eighths of a percent back.

Not much to get excited about, huh?

So, since I’ve only spent a few thousand dollars (over $5k), the only thing I really qualify for is a subscription to an assortment of magazines that I don’t really want anyway. They’re also magazines that I could get for free countless other places too…

Gee, thanks… That’s an awesome reward.

Posted on July 22nd, 2008 at 4:28 pm by Brainy Smurf
Credit Card, Rants | 6 Comments »

Batmania Sweeps the Nation but I’m Not Buying It…

Batman this, Batman that…

Where’d all of this hype come from? Who’s responsible? And how many times can they make the same movie over again and still generate this much hype?

I don’t understand it.

I can’t claim to have seen the latest movie or even the previous 3 Batman movies.

That one with Danny DeVito as the Penguin sealed it for me — Batman movies from there on out would a complete waste of time.

(Perhaps I should have more accurately said that Tim Burton movies are a waste of time… Waste of money too…)

The original Batman television series from the 1960’s was easily the best. Even the 1966 full length movie ranks right up there, even though it just felt like a really long episode.

Adam West was the best Batman ever. No doubt in my mind. He made the character fun.

“Some days you just can’t get rid of a bomb.“

To this day, while watching Family Guy, I can’t help but think of Batman every time Mayor West speaks. Adam West didn’t just play Batman four decades ago. Adam West *is* Batman.

I remember when the first (but actually the second) Batman movie came out in 1989. You know, the one with Kim Basinger?

I was pretty excited (there was HUGE hype then too!), but then disappointed to see the, well, new and supposedly improved Batman. First off, his Batmobile sucked.

And since when did Batman wear all black?

Where did those washboard abs come from?

Why wasn’t anything labeled in the Batcave?

And really, who decided that Batman should now where more eyeliner than a crack whore? Tim Burton?

And, lastly, was it just me or was it hard not to just keep seeing Mr. Mom or Beetlejuice in that movie?

In the end, I thought Michael Keaton was an alright Batman. A terrible Bruce Wayne though. Jack Nicholson was also a decent Joker. Not as great as Cesar Romero, but still, pretty good.

I watched the 1989 movie this past weekend on ABC Family. At the same time, TNT was showing “Batman and Robin”. See what I mean about the hype? You couldn’t escape it this past weekend.

Remember when movie hype actually lasted for almost and entire summer? I’m thinking about movies like Independence Day, Terminator 2, and even Ghostbusters…

Every fast food restaurant had some sort of collectible glass available, I mean, the movie was a big deal. There were arcade games that were actually good — not just commercials for the movie. They even made action figures that people actually wanted. I don’t know — it was like they actually put some effort into marketing the movie.

Now though, as much as they’ve been making of this Dark Knight movie lately, in another week, it’ll be old news. No one will care.

Some Martin Lawrence in drag movie will come along and knock it off the top and the poor Dark Knight will be forgotten, the action figures will be in dollar stores across the country, the related video game will be in the bargain bin at BestBuy, and Heath Ledger will go back to just being that guy from the gay cowboy movie that OD’ed or something.

Anyone remember that Indiana Jones movie that came out earlier this summer with much fanfare?

Yeah, I didn’t think so…

Of course, this is all just my opinion.

I could be wrong.

Posted on July 22nd, 2008 at 8:08 am by Brainy Smurf
Current Events, Movies, Rants, Retro, Television | 2 Comments »

Reaching the Automatic PMI Cancellation Mark

According to the Federal Trade Commission, Private Mortgage Insurance (PMI) must be terminated automatically by the mortgage company when the borrower reaches 22 percent equity in the home based on the original property value — most often, the purchase price.

In my instance, the purchase price of my home was $141k. A bargain, really. Even back in 2002.

As of this morning, the remaining balance is $112,535.99. That works out to 20.187% equity based on the original property value.

To reach the 22% mark, I need to pay down an additional $2,555.99 in principle — preferably before October of this year when the mortgage company re-evaluates my escrow account (where the PMI payment is drawn from) and re-calculates my monthly mortgage payment for the following year.

If this is the first post you’ve read of mine on the subject of PMI cancellation, you may want to take a look at this earlier post where I was, in my opinion, wrongfully denied cancellation by Countrywide.

I plan to do this as soon as possible and am currently evaluating various promotional credit card offers I’ve received in the mail to be able to make the additional payment as soon at this week.

The most attractive offer so far is from Chase Bank. It’s 0% until April of 2009 with a 3% transaction fee capped at $199. In this scenario, I’d write a check to myself for $2555 and be charged with a $76.65 transaction fee (3 percent).

My new balance with Chase would be $2631.65 at 0% for 8 months. That works out to around a minimum of $330 per month to pay it off before any finance charges come along. That wouldn’t be a problem.

If this plan were successful, it would prevent paying $85.15 in PMI charges for at least 4 months (possibly more), a $130 appraisal fee, and loads of difficult to calculate interest.

So, for a cost of $76.65, I could save an absolute minimum of $470.60.

Sounds like a good plan.

Before any of this happens though, I first need to get in contact with Countrywide and ensure that reaching the 22% mark will indeed automatically cancel PMI without any additional effort (or $130 appraisals) from me.

My interpretation of the law (and I read it like 50 times over) indicates that automatic cancellation at 22% has nothing to do with an increase or decrease in the value of the home, only with how much the mortgage is paid down. I have my doubts, but we’ll see…

(In all actuality, my wife will probably make the confrontational phone call. She’s *way* better at that sort of thing than I am. That’s why I married her!)

Worst case, I knock off a lot more principle, save a bunch of money, file a complaint with the FTC, and then see where that takes me…

Posted on July 15th, 2008 at 1:13 pm by Brainy Smurf
2008 Goals, Credit Card, Finance, Mortgage, PMI - Mortgage Insurance, Rants | 5 Comments »

FTC Bait? My Own Mortgage Crisis…

I knew it.

I knew it!

I knew that canceling PMI wasn’t going to be easy. I just knew it.

And I’m pissed.

Here’s the letter I received from Countrywide’s Mortgage Insurance Department yesterday:

IMPORTANT MESSAGE ABOUT YOUR LOAN

Thank you for your recent inquiry about deleting the mortgage insurance on your Countrywide home loan. Your loan must meet current mortgage insurance cancellation requirements for this to occur. Please allow us to explain what this involves.

———————————-

WHAT THIS MEANS

The current value of your property must be equal to or greater than the original value of your property at the time the loan closed for the PMI to be deleted. The original value of your property means the lesser of the sales price or the appraised value at the closing of a purchase loan, and the appraised value at the closing of a refinance loan. A Certificate of Value (COV) is required to determine if the current value of your property is sufficient to meet this requirement. Your noteholder requires Countrywide Home Loans to select your COV provider. You will be responsible for the cost of the COV. Before you send a check or call to provide credit card information for you COV, we would suggest that you try to verify that the value of your property meet the above mentioned criteria.

———————————-

WHAT YOU NEED TO DO

If you choose to continue with the COV ordering process, simply complete the form at the bottom of this letter and return it with a check made payable to Landsafe Appraisal Services for $130.00. You must reference your loan number and write “COV Fee” on the check. Please do not include the COV fee along with your regular monthly payment. It must be sent separately.

Landsafe w ill [sic] contract a local Broker or Realtor to perform the COV, which will include an interior inspection and photographs. The Broker or Realtor should identify himself or herself and indicate that he or she was contracted by Landsafe. If he or she fails to do so, please ask. Our department will then review the COV and if it is determined that it adequately supports at least the original value of the property, your request will be approved. The insurance will be cancelled and your payment adjusted accordingly.

———————————-

IMPORTANT INFORMATION

Because of your timely payment record, we are able to consider your request; however, please keep in mind that any late payment may prevent cancellation.

If you do not take action within 60 days, please contact us at (800) 669-6607 to confirm your continued eligibility.

We look forward to receiving you COV soon so that we can take care of this matter for you.

Requirements are subject to change.

This letter supersedes any previous information that may have been provided to you.

So, basically, they want me to pay them $130 even though I’ve met the criteria required to cancel PMI. I get it.

“This letter supersedes any previous information that may have been provided to you.”

Yep, it must.

I understand that the housing market is down and that mortgage companies like Countrywide are struggling but it was pretty clear (even on Countrywide’s website) that PMI cancellation could be requested at the 20% mark based entirely on the original value of the home. I’m past that mark.

While $130 really isn’t that much — my wife says it’s a great deal — the idea of paying them more to tell me that my house is worth more than it was 6 years ago doesn’t sit well with me.

Neither does taking time off of work to have a realtor come over and tour my house with a camera. The Fair Plan insurance inspections I’ve been subjected to are more than enough… Yeah, maybe I have privacy issues, but it’s really not cool to be forced to let strangers (essentially un-invited) poke their heads into your closets. And then demand money.

Heading over to the Federal Trade Commission’s website, on the subject of Private Mortgage Insurance they state:

For home mortgages signed on or after July 29, 1999, your PMI must - with certain exceptions - be terminated automatically when you reach 22 percent equity in your home based on the original property value, if your mortgage payments are current. Your PMI also can be canceled, when you request - with certain exceptions - when you reach 20 percent equity in your home based on the original property value, if your mortgage payments are current.

One exception is if your loan is “high-risk.” Another is if you have not been current on your payments within the year prior to the time for termination or cancellation. A third is if you have other liens on your property. For these loans, your PMI may continue. Ask your lender or mortgage servicer (a company that collects your payments) for more information about these requirements.

None of those exceptions apply to my loan. Not one.

My mortgage was signed after July 29, 1999. It’s not high risk, it’s current, and there are no liens on my property. No re-fi’s, no HELOC’s… Nothing…

Perhaps I should file a complaint with the FTC? That would probably be an even bigger hassle. You’d think that what the FTC says would “supersede” anything Countrywide says about the matter… You’d think…

But now I’m wondering if Countrywide will drop PMI without question at the 22% mark — where it’s supposed to drop automatically. While I’d prefer not to send the additional funds towards the mortgage right now, that mark is just around $2500 away. Do-able.

But if, at the 22% mark, they still come back with this exact same form letter, well, I guess I’m not sure what I’ll do then, but filing a complaint with the FTC will definitely look more attractive.

Posted on July 15th, 2008 at 8:11 am by Brainy Smurf
2008 Goals, Finance, Insurance, Mortgage, PMI - Mortgage Insurance, Rants | 2 Comments »