April « 2006 « Ask Jack About Debt

New credit cards convenient, and dangerous?

By Jack, on April 10th, 2006%

The new credit cards make life easy. You wave them in front of the gas pump and it’s over. Nothing to sign. No wait for clearance.

But they are also dangerous. [...]; . . . → Click Here to Read the Full Article

Fed survey shows many low income families spending more than they make.

By Jack, on April 7th, 2006%

The Federal Reserve Bank has just completed another triennial survey of net wealth, the difference between assets and liabilities. The Fed’s Survey of Consumer Finances is based on interviews of 4,522 families.

The current survey showed [...]; . . . → Click Here to Read the Full Article

FHA to rescue subprime borrowers?

By Jack, on April 6th, 2006%

According to the Wall Street Journal the Department of Housing and Urban Development (HUD) has submitted legislation that would allow the Federal Housing Administration (FHA) to use flexible rates for subprime borrowers.

The FHA simply insures loans [...]; . . . → Click Here to Read the Full Article

As “refi” business declines, lenders get careless.

By Jack, on April 3rd, 2006%

We know a mortgage broker who does a lot of “subprime” loans to borrowers whose credit is below par. Business was booming when interest rates were low, with a lot of refinancing, but as rates [...]; . . . → Click Here to Read the Full Article

States and Feds battle over bank regulation.

By Jack, on April 1st, 2006%

The Office of the Controller of the Currency (OCC), part of the Treasury Department, recruits banks to become members — national banks — partly by promising easier regulation. For examp,e the OCC allows [...]; . . . → Click Here to Read the Full Article