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Student Athletes’ Milk Mustaches Could Earn Scholarships

February 12, 2011 By 1 Comment

High school student athletes now have the chance to score some extra cash for college. The National Milk Mustache “got milk?” Campaign, in partnership with USA Today, is announcing the call for entries for the 14th annual Scholar Athlete Milk Mustache of the Year (Sammy) Award program. The Sammy Awards recognize 25 outstanding high school senior student athletes who represent excellence in academics, athletics, community service and leadership and include lowfat milk in their daily routines.

The Sammy scholarship rewards exceptional student athletes by helping to offset some of the costs associated with college tuition. The scholarship helps educate teens on the value of making smart choices – like drinking lowfat milk, eating right and staying active. Twenty-five talented teens will receive a $7,500 college scholarship, attend an awards ceremony with celebrity guests at Disney World, be pictured in a special Milk Mustache ad in USA Today, and have a chance to help their favorite charity in the process. To date, the National Milk Mustache “got milk?” Campaign has awarded 325 talented high school seniors with nearly $2.5 million in scholarships.

“It’s an honor for the national got milk? campaign to continue to reward such extraordinary student-athletes who not only excel in their respective sports and communities, but also serve as advocates for drinking milk,” said Vivien Godfrey, chief executive officer of the National Milk Mustache “got milk?” campaign. “Lowfat chocolate milk has the right combination of carbohydrates and protein, making it a great choice to help refuel and recover after a tough workout.”

High school seniors who excel in the classroom, on the sports field and in their communities are encouraged to submit an application. This year’s winners will be selected by a celebrity panel of Milk Mustache athletes, including Apolo Ohno, Chauncey Billups, Dara Torres, Andy Roddick and Lindsey Vonn.

“I am so excited to be championing the 2011 Sammy Awards and to connect with these exceptional student athletes,” said speed skating superstar Apolo Ohno “I recently joined the Milk Mustache campaign, and as a judge for Sammy, this is a great opportunity to pass on my tips for staying ahead of the game. My coaches and trainers agree – grabbing lowfat chocolate milk after a strenuous workout helps me get nutrients back into my body quickly to help me refuel for the next race.”

High school seniors who are interested in applying for the 2011 Sammy Awards program should visit www.bodybymilk.com. All applicants are required to describe in 250 words or less how they refuel with milk while excelling in academics, athletics, community service and leadership.

Entries must be submitted no later than 11:59 pm ET Friday, March 4, 2011. For complete contest rules, applications, tips and exclusive Milk Mustache celebrity videos, log onto www.bodybymilk.com/sammy.



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Bank Errors Cause Damage to Credit, Distress to Homeowners

January 6, 2011 By Leave a Comment

We’ve pointed out cases in which banks’ miscommunication and disorganization have caused mistaken foreclosures, but as several recent reports have noted, that’s not the only way in which bank mistakes have affected homeowners.

Some consumers have been surprised to see damage to their credit score after requesting information from the banks.

One Nevada homeowner told financial blogger Barry Ritholz that after he asked Bank of America about who owned his mortgage, he suffered a drop in his credit score even though he’d never missed a payment on his home. Though some advocates expressed concern that it could be a case of bank retaliation, a BofA spokesman told the Huffington Post that it may have mistakenly coded its report to credit bureaus to reflect a homeowner dispute:

Certain wording used in the letters brought to the bank’s attention may have been interpreted in some cases as raising a possible dispute. The bank is taking steps to clarify the handling of these requests, and when and if a dispute coding should be placed on the account,” the spokesman said. “In any case, once a possible dispute has been researched and the findings result in the removal of the dispute coding, it should no longer be reflected in the customer’s credit profile. Bank of America will review files that may have been impacted and make any necessary corrections in credit reporting.

In another reported case, one Connecticut couple saw their credit score destroyed after they asked Bank of America about refinancing and were mistakenly placed in the government2019s loan modification program, according to Connecticut Watchdog.

They had never been late on a mortgage payment, but because the bank had erroneously put them in a trial modification, it reported an “AC” code to credit bureaus’ code that indicates the couple was making partial payments. Bank of America apologized for the mistake.

“What happens I think is some lenders pull reports periodically, and they see that AC code, and then they go adjust the credit lines [even if borrowers are current on their payments],” said Norm Magnuson, spokesman for the Consumer Data Industry Association, a trade association for credit bureaus. “It’s a complicated topic and it’s caused confusion certainly among consumers but also among some lenders.”

Magnuson told me that the industry has guidelines about credit reporting data, including when banks should use the AC code and when they should use a newer code that has no effect on credit scores. But those guidelines aren’t binding for lenders and servicers, and as we’ve noted, credit scores can take a hit when information is reported incorrectly.

The Connecticut case is one recent example, but it isn’t the first time that Bank of America has made this particular mistake. The Minneapolis Star-Tribune reported in August that the bank signed up a Minnesota couple (also current on their mortgage) for a loan modification that they didn’t apply for. The mistake caused their credit score to drop 150 points. It was restored after the couple filed complaints with their state’s attorney general and federal banking regulators.

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Homeowner Tips for Getting Loan Modifications

September 15, 2010 By Leave a Comment

ProPublica asked a simple question of more than 700 homeowners dealing with the administration’s mortgage modification program: Knowing what you know now, what tips would you give someone who’s struggling with a mortgage payment?Their advice: Get help, stay organized, and don’t give up.

In total, 718 homeowners, all of whom applied for a loan modification through the Home Affordable Modification Program, volunteered tips and tricks for struggling homeowners. While more than a third of respondents were skeptical about the value of program, the majority of respondents suggested simple steps homeowners should take to survive the process of applying for a modification. Culling through the hundreds of responses, three pieces of advice stood out.

Have you worked for a servicer in a loan modification call center? We want to hear from you.

Are you a homeowner who’s struggling to pay your mortgage? Are you seeking a loan modification through the government program? We want to hear from you.

Don’t do it alone. The most popular suggestion was a simple one: Don’t be afraid to ask for help. One hundred thirty-five respondents advised struggling homeowners to hire lawyers, contact their elected representatives, alert the media and file complaints with a variety of government agencies; they also advised homeowners to rely on emotional support from friends, family and other homeowners in the same situation. As one California homeowner put it, “Find others to talk to, or you will go crazy.”

One of the most recommended resources for struggling homeowners was the HOPE Hotline, at 1-888-995-HOPE. The Treasury Department-sponsored hotline, operated by the nonprofit Homeownership Preservation Foundation, helps connect callers with HUD-approved counselors who can provide struggling homeowners with information and support. Homeowners who suspect their servicer of making mistakes can escalate their case to a special HOPE Hotline team. The Hotline can also connect homeowners to local HUD-approved counselors; homeowners can access the list of counselors directly at HUD’s website.

Stay organized. Research and organization were important themes among respondents, with 125 of them advising homeowners to take notes, to do online research, and to get everything in writing during their campaign to get a loan modification. For many respondents, the process of applying for a loan modification stretched across months, involving an ever-changing parade of customer representatives that 64 percent say gave them contradictory answers at times. Respondents recommended everything from pen and paper to certified mail, phone recorders and video cameras to keep track of the process. As one New Mexico homeowner explained, “document your journey thoroughly — you will never be able to recall or communicate all the madness you will go through.”

Just keep trying. Another 48 homeowners stressed the importance of making mortgage payments by any means possible. Despite what 52 percent of respondents say they were told by their servicer, homeowners do not have to be behind on a mortgage to be eligible for a HAMP modification. By making their monthly payments, however painful, struggling homeowners can prevent themselves from descending into a spiral of debt, and perhaps avoid the loan modification process altogether. As one Massachusetts homeowner put it, “Sell your furniture, car, dog and your soul to the devil to get your mortgage payment. The banks are liars, incompetent and not trustworthy.”

Others offered optimism to those searching for loan modifications, asking struggling homeowners to not give up the fight. Ninety respondents told homeowners that they had to “be relentless,” to “persevere” and to “just keep trying.” Many who stuck with the program remarked that it eventually paid off, with one homeowner saving over $25,000 after treating the application process like “a part-time job.” While most described the struggle as heroic, at least one respondent put her advice bluntly: “It sucks, but stick with it.”

Still others gave homeowners common-sense advice, ranging from tips on how to getting a consistent story from your servicer (by building a relationship with one or two representatives you can reach directly) to how to improve your application’s viability (by watching your spending and not using your ATM card for eating out). One Maryland homeowner spoke for a handful of respondents in stressing the importance of being polite. “Above all, don’t be combative on the phone, or the entire conversation and time spent on hold will be for nothing.”

But some respondents were less hopeful about the value of the program. 193 respondents advised homeowners to steer clear of the program altogether, describing it as “pointless,” “humiliating,” “hopeless” and “not worth the hassle.” “Quit paying, save your money and find an apartment,” said one Nevada homeowner, echoing a common theme of many of the more downtrodden responses. “They’re going to get your house anyway they can.”

To many of these homeowners, the loan mod program is at once deeply frustrating and their best shot at securing their home and financial future. They have spent months, sometimes years, navigating a bureaucratic maze set up by their servicers, all the while in the dark about the final the status of their loan modification.

For struggling homeowners looking to start the process of a loan modification, one Florida homeowner may have had the most practical advice of all: “Pray.”

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