8 Companies Banned from Marketing Loan Modification Services
Image via Wikipedia The Federal Trade Commission (FTC) issued a ban on eight companies marketing loan modification services. The FTC’s statement alleges that “the marketers charged up-front fees and falsely claimed they could get their mortgage loans modified or prevent foreclosure on their homes.” The following defendants and settlements were named in the FTC’s recent press release: Federal Loan Modification Law Center - Steven Oscherowitz and other associates settled with the … Read More
GM Banruptcy-Good for the Economy, but Bad for Management?
Image via Wikipedia An interesting opinion piece in the Wall Street Journal, penned by Harvard Law School professor Mark J. Roe, argues that putting GM into Chapter 11 bankruptcy may not be as scary as GM management might want you to think: General Motors Corp. is back in Washington, this time asking for $12 billion to add to the $18 billion loan the government approved last year. The possibility of bankruptcy for GM is very real -- the company posted a loss of $30 billion in fiscal 2008. GM continues … Read More
8 Companies Banned from Marketing Loan Modification Services
Image via Wikipedia The Federal Trade Commission (FTC) issued a ban on eight companies marketing loan modification services. The FTC’s statement alleges that “the marketers charged up-front fees and falsely claimed they could get their mortgage loans modified or prevent foreclosure on their homes.” The following defendants and settlements were named in the FTC’s recent press release: Federal Loan Modification Law Center - Steven Oscherowitz and other associates settled with the … Read More
Deeper Look at Unemployment
The Economic Policy Institute does a deep-dive on the long-term unemployment picture (hat tip: Naked Capitalism). There are some significant pearls of economic consideration in this analysis, especially as it applies to long-term employment. Here is one that I think is particular enlightening regarding the unemployment deficit we need to recover from: "Furthermore, while the labor market has shed 6.7 million jobs since the start of the recession, it is important to keep in mind that in those 19 … Read More
Two Big Themes Today: Stimulus II and Mortgage Fraud
Image by Getty Images via Daylife Unemployment numbers rock the market and kill notions of "Green Shoots." Mike Shedlock does a nice job of comparing and contrasting the two camps in Battle Lines Form Over "Son of Stimulus". The housing market certainly isn't feeling any relief from the first stimulus (little of which has hit the street) and may lack the confidence a second one will improve the outlook. PIMCO tells us these housing prices are headed downhill for the next 2 years! Unfortunately, … Read More
Mortgage Basics
What is Mortgage Insurance and Who Does it Protect?
Image by woodleywonderworks via Flickr Mortgage Insurance, also know as Private Mortgage Insurance (PMI) or Mortgage Protection Insurance, is insurance paid by the borrower to protect the lender against their failure to repay the home loan. Lenders require PMI on all home loans that have less than … [Read More...]
What Every Borrower Should Know About Home Appraisals
Image via Wikipedia The housing crisis of 2007 changed everything in the real estate and mortgage market. One of the biggest changes rising out of the mortgage crisis are home appraisals. These are changes that are likely to impact you refinancing your home or buying a new home. Therefore, the … [Read More...]
4 Things to Consider Before Getting a Mortgage Loan
When you think of buying a house of your own, the first thing that you must consider is your affordability. Buying a home beyond your affordability will raise the chance of not being able to pay your monthly payments. You can initially calculate your monthly payments with the help of a mortgage calculator, … [Read More...]
Government Action
8 Companies Banned from Marketing Loan Modification Services
Image via Wikipedia The Federal Trade Commission (FTC) issued a ban on eight … [Read More...]
Debt Relief Marketers Ordered to Pay $1.5 Million by FTC
Image via Wikipedia Marketers peddling a “Rapid Debt Reduction” program and … [Read More...]
FTC Warns (Free) Credit Report Websites
The Federal Trade Commission has issued warnings to 18 websites offering "free" credit … [Read More...]
Federal Reserve Growing Fat on Mortgage Bonds
Image via Wikipedia Mortgage-backed securities took the US economy to the brink … [Read More...]
AIG Could Give US Stake in Mortgage Bonds to Repay Bailout
Image via Wikipedia An early morning report from Bloomberg Businessweek says … [Read More...]
Wall Street
Wall Street Debt Investors’ Confidence Renewed?
Image via Wikipedia Corporate bonds, bets on the repayment of corporate debt, … [Read More...]
Roubini Still Predicting Rough Road Ahead for Stock Market and Banks
Image by Getty Images via Daylife Roubini, professor at NYU’s Stern School of … [Read More...]
The Quants Killed Wall Street
Image via Wikipedia Great article by Felix Salmon in Wired--Recipe for Disaster: … [Read More...]
TARP Reversal, Mortgage Servicers on Hot Seat, China Rapidly Slowing
TARP Reversal, Paulson ADHD? Paulson leads his dramatic redirection of the Trouble … [Read More...]
Obama Reviewed, China, TARP Update, Bank of England, Wal-Mart Indicator
Obama Election Reviewed Everyone is jumping in with there review and assessment of … [Read More...]