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  • Mortgage Applications Rise as Interest Rates Drop
    Mortgage brokers around the U.S. saw an increase in applications this week after a sharp drop in mortgage interest rates, according to USA Today. Mortgage interest rates fell to an average of 5.97% from 6.33% the week before. In some places, rates have been as low as 5.25%.   Part of the rush to apply for [...]
    [November 28th, 2008]
  • Mortgage Rates Drop on News of Proposed $800 Billion Plan
    Those looking to refinance their mortgage, and can qualify for a new loan, received good news this past Tuesday. According to the Wall Street Journal, “Rates on 30-year fixed-rate mortgages dropped by roughly half a percentage point to about 5.5%, for borrowers with good credit scores and substantial equity in their homes.”
    [November 28th, 2008]
  • Payday Loans–Not All Lenders Are the Same
    Take Care with Payday Loans Anyone considering taking out a payday loan should make certain that they deal only with a reputable lender. The importance of that advice was underscored earlier this month when the Federal Trade Commission (FTC) and the State of Nevada accused 10 online payday loan companies of violating federal and state laws. In [...]
    [November 26th, 2008]
  • Have American’s Changed Their Spending Habits for Good?
    It’s the holiday season and to most Americans it means spending money they usually don’t have.  The norm would be to pull out the handy plastic and charge it to the credit cards just to get those presents for all those people in their lives.  Well times may be changing. The Associated Press reports: “This holiday season, [...]
    [November 26th, 2008]
  • Home Equity Lines Vulnerable to Identity Theft
    According to the Star Ledger, “Four men were arrested yesterday in connection with an international identity theft scheme that siphoned at least $2.5 million from home equity lines of credit at dozens of banks, including at least 11 in New Jersey” The men were able to obtain personal information like social security numbers and mothers’ maiden [...]
    [November 25th, 2008]
  • Need a Personal Loan? Try Asking Family and Friends
    Lenders have gotten more strict with who they’ll lend to so more people may start turning to family and friends to get personal loans. People of all income levels can participate in such deals, which can allow people to obtain large and small personal loans to pay for a home, car, or college expenses. It’s important [...]
    [November 24th, 2008]
  • Debt Consolidation Company’s See a Drastic Increase in Business.
    It will be an interesting holiday season this year.  Cash is now in king and will take the place of credit spending.  This should have a dramatic impact to retailers because  consumers are now more focused on paying cash while actually being able to afford what they are purchasing. This is an interesting phenomena and in [...]
    [November 24th, 2008]
  • At least 110 Payday Loans Outlets Closing in Ohio
    The next three weeks will see the closure of a further 32 payday loans outlets in Ohio with the loss of another 45 jobs. The announcement, from Check Into Cash, follows the unveilings of similar closure programs by Cash America and Check ‘n Go, and brings the total number of payday loans stores to be [...]
    [November 23rd, 2008]
  • Fannie Mae, Freddie Mac Foreclosures Take a Holiday
    Mortgage finance giants Fannie Mae and Freddie Mac say they’ll suspend foreclosures and evictions during the holiday season. The suspension will last from Nov. 26 to Jan. 9. The move is part of a recently announced plan to restructure mortgages for delinquent borrowers by changing the terms of their loans. People who are three months behind [...]
    [November 21st, 2008]
  • “Hope For Homeowners” Plan Gets Face Lift
    The Hope for Homeowners Plan has only received 111 applications since it’s inception on October 1st, 2008. The program, which is voluntary for lenders, was designed to help distressed homeowners refinance their mortgage into one that is more affordable and would allow them to stay in their home. The new loan is then insured by the [...]
    [November 20th, 2008]
  • Home Equity Conversion Mortgage Limits Raised
    Earlier this month, the U.S. Department of Housing and Urban Development announced that Home Equity Conversion Mortgage (HECM) loan limits will be raised to $417,000 nationally. For most parts of the country, this is a substantial increase. Home Equity Conversion Mortgages are Federal Housing Administration-guaranteed reverse mortgages for homeowners 62 and older. They allow seniors [...]
    [November 18th, 2008]
  • Scammers Claim Federal Reserve Program Offers Personal Loans
    When people are facing tough economic times there’s always the potential for fraudsters to take advantage of them. According to the Federal Reserve, scammers are targeting people who need personal loans to try and gain access to their checking accounts. The way the fraud works is consumers are contacted and told that they can borrow personal [...]
    [November 17th, 2008]
  • FDIC Chairwoman Proposes Plan to Reduce Mortgage Payments for Delinquent Borrowers
    Another proposal has been floated for helping homeowners who are delinquent on monthly payments on their mortgages. Federal Deposit Insurance Corporation (FDIC) Chairwoman Sheila Bair proposed a plan to reduce mortgage payments for delinquent homeowners to 31% of their monthly income, according to CNN Money. To qualify, people would need to be at least two [...]
    [November 14th, 2008]
  • Mortgage Applications On the Rise Last Week
    The Mortgage Bankers Association just released their Weekly Mortgage Applications Survey for the week ending November 7, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 425.0, an increase of 11.9 percent on a seasonally adjusted basis from 379.9 one [...]
    [November 13th, 2008]
  • GMAC to Cut Back on Auto Loans
    By Brent Lane Rebuild.org Columnist GMAC has announced they will decrease their Auto Loan exposure in the European markets starting the 1st of November 2008. This cut back is due to the significant credit and capital market disruptions.  The countries affected include Czech Republic, Finland, Greece, Norway, Portugal, Slovakia and Spain.  On top on this cut back GM [...]
    [November 12th, 2008]
  • Payday Loans Industry Reeling after Repeated Blows
    Lender Closes Ohio Branches Last Wednesday saw Cash America announce the closure of one third of its payday loans outlets in Ohio. According to the company, 43 branches, all branded Cashland, will be affected, and about 150 jobs lost.
    [November 12th, 2008]
  • Indiana Bank Struggling After Playing Home Equity Game
    Irwin Financial, owner of Irwin Union Bank and Trust and Irwin Union Bank, is looking for additional capital. For the last few years, Irwin had focused its efforts on offering home equity loans in western states like California and Nevada. Unfortunately, many of the states they had been lending in are now seeing the largest drops [...]
    [November 11th, 2008]
  • More People Turn to Peer-to-Peer Lending for Personal Loans
    So you need money but can’t get a personal loan from a bank. Before giving up on finding the funds you need, it may be worth it to check out one of the peer-to-peer (P2P) lending sites that are helping people with all kinds of financial situations get the personal loans they need. Web sites such [...]
    [November 10th, 2008]
  • California Proposal Would Stay Foreclosures for 90 Days
    Gov. Arnold Schwarzenegger detailed a proposal to stay mortgage foreclosures for a period of 90 days in an effort to help troubled homeowners who have received a notice of default in California. The state accounts for a third of the nation’s foreclosure activity each month, according to RealtyTrac. The proposal would allow certain mortgage lenders to [...]
    [November 7th, 2008]
  • GMAC’s Mortgage Unit May Not Survive
    The New York Times is reporting that GMAC’s mortgage unit, Residential Capital, may not survive due to continued losses and limited access to capital. Residential Captial needs additional economic support from it’s parent, GMAC, in order to weather the storm. GMAC, however, needs to be careful in how it deploys its resources having just lost $2.52 [...]
    [November 6th, 2008]
  • Payday Loans – Propositions of Interest in Arizona and Ohio
    Voters in Arizona and Ohio yesterday opted for greater regulation of payday loans. Ohio’s Issue 5 caps annual rates at 28 percent, while Arizona’s Proposition 200 has even stricter rate limits and tougher rules for lenders Payday Loans Largely Unregulated According to the Consumer Federation of America (CFA), states have historically fulfilled the role of protecting borrowers [...]
    [November 5th, 2008]
  • New Consumer Strategy to Prevent Freezing of Credit Lines
    Home equity lines of credit are looking very attractive to many consumers who still have access to them. With the prime rate recently being lowered to 4%, there aren’t many options less expensive. Consumers who treat the available credit on a home equity line of credit as an emergency fund or those who have plans to [...]
    [November 4th, 2008]
  • More Entrepreneurs Turn to Personal Loans for Start-Up Money
    Many entrepreneurs are finding it tough to find financing to start or grow their businesses. Banks have tightened lending standards, making it difficult to borrow start-up capital. In fact, 65% of lenders have tightened credit to small businesses, according to a Federal Reserve Bank poll. That’s an about face from the less stringent lending requirements [...]
    [November 3rd, 2008]
  • J.P. Morgan to Help Homeowners Who Are Behind on Mortgage Payments
    J.P. Morgan announced that it would alter the terms of $70 billion of mortgages to help homeowners who are struggling to make payments. The move is aimed at stemming the tide of foreclosures that have rocked the U.S. housing market. Banks have been under pressure to do something to deal with the rising rate of [...]
    [November 1st, 2008]
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