Your mortgage interest rate could be lowered by proposed regulations

By Jack, on July 24th, 2009%

One of the more disgusting practices common in the mortgage market is the special incentives many lenders pay to mortgage brokers who convince you to take a mortgage at an interest rate higher than you could [...]; . . . → Click Here to Read the Full Article

Comments are closed   Avoiding Scams, Mortgages, Regulations

Credit card problems not solved with arbitration

By Jack, on July 22nd, 2009%

For a while now most credit card companies have inserted a mandatory arbitration clause into their contracts.  This is to force their customers to settle credit card problems with arbitration and prevent them from suing.   The [...]; . . . → Click Here to Read the Full Article

Comments are closed   Credit cards, Credit counseling, Debt, Debt management, Regulations

Mortgage modifications not going well; administration prods banks

By Jack, on July 10th, 2009%

I have long said that no mortgage modification program tried so far is likely to work.   The only thing I know of that would be effective is to give bankruptcy courts the right to “cram down” [...]; . . . → Click Here to Read the Full Article

Comments are closed   Bankruptcy, Mortgages, Regulations

Credit card debt and personal loan delinquencies set new record

By Jack, on July 8th, 2009%

The American Bankers Association defines as “delinquent” any loan that has a payment more than 30 days overdue.   Credit card loans were in the worst shape, with 4.75% of all accounts, representing 6.6% of all bank [...]; . . . → Click Here to Read the Full Article

Comments are closed   Credit cards, Debt

Preventing foreclosures should be cheaper for lenders. Why don’t they do it?

By Jack, on July 6th, 2009%

A new study, by Professor Alan White of Valparaiso University law school, proves what most people in the foreclosure prevention business have been saying:  Lenders do not want to modify loans, and when they do, they [...]; . . . → Click Here to Read the Full Article

Comments are closed   Foreclosure, Mortgages, Regulations

Foreclosure prevention program loosens “refi” requirements for mortgages “under water”

By Jack, on July 2nd, 2009%

Last February the Obama administration announced new foreclosure prevention programs.  One of them allowed refinancing of some homes where the mortgages exceeded the value of the house,  We wrote that “…four to five million homeowners who [...]; . . . → Click Here to Read the Full Article

Comments are closed   Foreclosure, Mortgages, Regulations