Archive for July, 2009
Frank Considers Reviving “Cram Down” Legislation
Jul 31st, 2009 @ 4:07 PM by Alden SmithBarney Frank, House Financial Services Committee Chairman, is concerned that lenders aren’t doing enough to help modify home loans that are in stress. Frank is threatening to revive the “cram-down” legislation that failed to pass Congress earlier this year. Under this legislation, federal judges are given the power to cut interest rates, reduce mortgage balances […]
more »- Posted in Mortgage Refinancing
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Swindlers Take Advantage Of Distressed Homeowners
Jul 30th, 2009 @ 3:44 PM by Alden SmithEvery night, the nightly news tells us about more and more foreclosures, and people in trouble with credit card bills and other unsecured debt. People, desperate to get out from under this staggering situation, are turning to any service or company that can help them find relief. With people in such distress, it is inevitable […]
more »- Posted in Mortgage Refinancing, Mortgages
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Americans Cutting Back on Credit Cards More Than Others
Jul 29th, 2009 @ 9:07 PM by Amber NelsonIn a new survey commissioned by international lender ING Direct , it appears that Americans are far more likely than their European counterparts to cut back on their credit card use during this recession in order to save money. A full 46 percent of Americans surveyed said they are refraining from charging their purchases with […]
more »- Posted in Credit Card Debt, Other Loans
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Will America’s Recovery Capital Loan Program Work for Small Business Owners?
Jul 27th, 2009 @ 3:26 PM by Alden SmithAmerica’s Recovery Capital Loan program (ARC) will provide up to $35,000 in short-term relief for small businesses having problems meeting expenses. Small Business Administration (SBA) lenders are generating these loans, which will be available for small businesses until September 30, 2010. This $255 million loan program has been in effect for approximately one month. Some […]
more »- Posted in Other, Small Business Loans
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What Are Banks Really Doing With TARP funds?
Jul 22nd, 2009 @ 1:18 PM by Amber NelsonThere have been 360 banks and lending institutions across that have received government funding from the Treasury Department’s Troubled Asset Relief Program (TARP). Have you been wondering what these financial institutions have been doing with your taxes? Well, a new report from the Office of the Special Inspector General, the oversight department for the program, […]
more »- Posted in Business Borrowing, Mortgages
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Is Obama’s Home Affordable Modification Program a Good Deal?
Jul 21st, 2009 @ 3:34 PM by Alden SmithIf you are in danger of default or delinquent on mortgage payments, you may wish to take advantage of the home affordable modification program that began in March. Although the program provides relief for home owners, what is little-known about the program is the damage that is done to your credit score. An article from […]
more »- Posted in Federal Loans
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The End of Small Business Loans?
Jul 16th, 2009 @ 7:00 PM by Amber NelsonThe End of Small Business Loans? With the announcement that CIT Group is in active discussions with its principal regulators on a series of measures to improve the company’s near-term liquidity position and now working with a law firm that specialize in bankruptcy dealings, small businesses may have been dealt another costly blow. CIT has […]
more »Obama’s “Cash For Clunkers” Program Gives Incentive to New Car Buyers
Jul 13th, 2009 @ 3:57 PM by Alden SmithLast Thursday, Congress approved the new Cash for Clunkers program. The program is designed to provide motorists with a $3,500-$4,500 incentive if they agree to trade in their older vehicles for one that is more fuel-efficient. The Obama administration feels that this program will be a stimulus for car dealerships; it also provides the nation […]
more »- Posted in Auto Loans
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Pimco Backing Out of U.S. Treasury Toxic-Debt Program
Jul 10th, 2009 @ 2:12 PM by Alden SmithPimco, the world’s largest bond manager, has backed out of the treasury’s plan to buy up to $40 billion in assets from banks, according to Bloomberg. The plan, called the Public-Private Investment Program (PPIP), was originally expected to buy as much as $1 trillion in mortgage backed assets and devalued real estate loans. Pimco had […]
more »- Posted in Mortgage Refinancing
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Consumer Delinquency Rates Grow, Unemployment to Blame
Jul 8th, 2009 @ 11:43 AM by Amber NelsonA recently released report from the American Bankers Association (ABA) showed that 3.35 percent of consumers were behind on their loans during the first three months of this year, compared with 3.16 percent in the last quarter of 2008. These consumer loans include home equity loans, home improvement loans, direct and indirect auto loans, marine […]
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