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  • Lawmakers Weigh Pros and Cons of Reverse Mortgages
    Legislators in Washington are weighing the advantages and disadvantages of reverse mortgages. The scrutiny follows what appears to be a rash of industry scams which have become a concern for both lawmakers and consumer advocates. At this point, some legislators are lobbying for greater government regulation of the industry, which has become vulnerable to such deceptive practices. “We [...]
    [March 20th, 2008]
  • Federal Reserve Chairman Comments on Economy
    The chairman of the Federal Reserve Board is sharing his thoughts on the state of the U.S. economy. At a hearing before the House Financial Services Committee, Federal Reserve Chair Ben Bernanke stated that the economic situation has declined since July. “Strains in financial markets, which first became evident late last summer, have persisted; and pressures on [...]
    [March 20th, 2008]
  • Officials at Mortgage Firms Forced to Explain Salaries
    The leaders of a trio of companies involved in the nation’s housing crisis are being asked to answer to Congress. The House Oversight and Government Reform Committee wants to know why the corporate executives garnered hundreds of millions of dollars while their firms were actually losing money. Those being called to task include Angelo Mozilo of [...]
    [March 12th, 2008]
  • Probe of Mortgage Lender Launched
    The federal government has begun a probe into the dealings of the nation’s biggest mortgage lender. The U.S. Justice Department and the Federal Bureau of Investigation are trying to determine whether Countrywide Financial engaged in securities fraud. The issue is whether executives at Countrywide provided misleading information about the company’s financial situation in security filings. The Wall [...]
    [March 12th, 2008]
  • Financial Experts Offer Advice to Debt-Strapped Students
    As some college students look ahead to graduation, financial experts are offering them some tips for keeping their debt load under control. Statistics show that an astounding 2/3 of college students graduate with student loans. The average balance on those loans is a whopping $19,237. Students who attend private colleges or out-of-state public universities face even [...]
    [March 10th, 2008]
  • Loan Consolidation May Work for Some Cardholders
    Some credit card holders may find that the key to managing their debt is loan consolidation. This can be particularly true if the credit card users face an array of high-interest credit card debts that they find difficult to repay. Generally speaking, a credit card consolidation loan can be secured at a lower interest rate than [...]
    [March 10th, 2008]
  • Treasury Secretary Criticizes Housing Proposals
    Treasury Secretary Henry Paulson indicates that a number of the plans being pushed in response to the nation’s housing crisis could be harmful. Paulson concedes that the housing slump poses the greatest risk to the economy. But he adds that it’s important to keep the issue in focus. For instance, the Treasury Secretary notes that 93% [...]
    [March 10th, 2008]
  • Legislation Could Ease Financial Pain for Borrowers
    Homeowners who are having a tough time making their monthly payments this year could get some relief—courtesy of Congress. America’s legislative body is considering two bills that would provide judges on bankruptcy courts with the authority to ease mortgage debt. The measures are designed to protect homeowners from the possibility of foreclosure. However, the bills face [...]
    [March 1st, 2008]
  • Debt Causes Worry for Americans
    A new survey shows that many Americans are worried about the amount of debt they hold. The survey, commissioned by Bankrate, Inc., showed that 64% of the respondents who have debt concede that it is a reason for worry. The poll also indicated that Americans have conflicting views on debt. A whopping 91% say debt can be [...]
    [March 1st, 2008]
  • Student Loans May Become Harder to Obtain
    Some analysts say that student loans may become harder to get come autumn. The tightening of the student loan market reflects the widespread crisis in the credit industry, the result of the nation’s home loan debacle. In a published report, the head of the Connecticut Student Loan Foundation said that, unless changes occur, there will be [...]
    [March 1st, 2008]
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