Archive for June, 2010
Parents Pilfer Progeny Persona
Warning to children of all ages: you do not need to have your computer hacked to have your identity stolen. Your parents are doing it from the comfort of their own living rooms.
In an article by Michelle Singletary in www.washingtonpost.com, “Some parents are stealing their kids’ identity
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Another Sign It’s Time to Take Your Financial Life into Your Own Hands
Late last week the federal government failed to approve an extension of unemployment benefits leaving Americans to finish their current tier and then cutting them loose. This is devastating news to hundreds of thousands of families. If you are one of those families, how should you respond?
Keep in mind that you are your family’s best [...]
Where Do Opportunists Buy Land When Foreclosure is Down?
In April 2009, 342,000 homes received a notice of default. Thankfully for homeowners, those horrific numbers have subsided. They’ve found relief through tax credit and emergency bankruptcy protection that helped them keep their homes without a shred of fear that they could become homeless.
Foreclosure numbers have
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Straight From the Good Professor; Bankruptcy Filings Should be 15 Times Higher
“A much higher fraction of U.S. households would benefit financially from bankruptcy than actually file. While the current bankruptcy rate is about 1% of households each year, I calculate that at least 15% of households would benefit financially from filing…[emphasis added]”
This quote is the first sentence of Professor Michelle J. White’s paper, Why Don’t More Households File [...]
Strategic Default: Fannie Mae Cracks Down
If you are planning on just walking away from your home even though you might be able to afford it, a recent rule change by Fannie Mae may make you think twice about it.
Fannie Mae announced that they are changing the rules so that there is a seven year lockout for borrowers who are considered [...]
How Long Before Everything Is Better?
How long, would you say, did it take for America to plunge itself into the economic shame spiral out of which we’re trying so desperately to climb? A year? Two? More like 8 years or so, by my count.
So, why … WHY is it that everyone, from the local janitor all the way up to [...]
Why Debt Settlement is the Worst Choice You’ll Ever Make
Bad choices, we’ve all made them. If you think you’re immune, take a short memory walk through your dating life, and then join the rest of us. Most of our bad choices are born out of fear, haste or a misplaced sense of adventure – which is the only logical explanation for why bungee jumping [...]
Mortgage Relief for Gulf Coast Borrowers Affected By Oil Spill
So, you’re a fisherman living and working along the Gulf Coast of Alabama (or Louisiana or Mississippi … take your pick). All is going well. You work hard, but you pay your bills and there’s food on the table.
BOOM!
On April 20, 2010 (though you mightn’t have recognized it on that day), your life changed, and [...]
GM Adjusts Bankruptcy, Is Dealt a Massive Recall Blow
As a part of its bankruptcy plan, GM arranged to shed thousands of their dealerships. However, the decision wasn’t entirely up to the auto giant or the Federal Bankruptcy Judge—it was up to the appeal of the dealerships themselves.
GM had described having a total of 4,100
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Official FHA Conference Call – Implementation of the Final Rule to Strengthen Risk Management
FHA’s Policy Call on the Implementation of the Final Rule to Strengthen Risk Management: Implementation of Final Rule FR 5356-F-02, “Federal Housing Administration: Continuation of FHA Reform—Strengthening Risk Management through Responsible FHA-Approved Lenders
FHA recently issued ML 2010-20 which provides an overview of key provisions of HUD’s final rule referenced above, and provides [...]