Tuesday, August 31, 2010
Monday, August 30, 2010
Banks up to their old tricks
Beware That New Credit-Card Offer
................"Professional cards aren't covered under the Credit Card Accountability and Responsibility and Disclosure Act of 2009, or Card Act for short. Among other things, the law prohibits issuers from controversial billing practices such as hair-trigger interest rate increases, shortened payment cycles and inactivity fees—but it doesn't apply to professional cards........................
Thursday, August 26, 2010
1 in 10 face foreclosure
le't take a look
____________
____________
WASHINGTON — One in 10 American households with a mortgage was at risk of foreclosure this summer as the government's efforts to help have had little impact stemming the housing crisis.
About 9.9% of homeowners had missed at least one mortgage payment as of June 30, the Mortgage Bankers Association said Thursday.
That number, which is adjusted for seasonal factors, is down slightly from a record-high of more than 10% as of April 30.
In a worrisome sign, the number of homeowners starting to have problems with their mortgages rose after trending downward last year. The number of homes in the foreclosure process fell slightly, the first drop in four years.
The news comes despite record low mortgage rates. Rates fell to the lowest level in decades for the ninth time in 10 weeks as concerns grow that the economy is weakening.
Mortgage buyer Freddie Mac said Thursday that the average rate for a 30-year fixed loan was 4.36% this week, down from 4.42% last week. That's the lowest since Freddie Mac began tracking rates in 1971.
http://www.usatoday.com/money/economy/housing/2010-08-26-mortgages-foreclosure_N.htm
Monday, August 23, 2010
What's the difference between CA and the titanic?
Let's take a look:
_______________
LA unveils $578M school, costliest in the nation
LOS ANGELES – Next month's opening of the Robert F. Kennedy Community Schools will be auspicious for a reason other than its both storied and infamous history as the former Ambassador Hotel, where the Democratic presidential contender was assassinated in 1968.
With an eye-popping price tag of $578 million, it will mark the inauguration of the nation's most expensive public school ever.
The K-12 complex to house 4,200 students has raised eyebrows across the country as the creme de la creme of "Taj Mahal" schools, $100 million-plus campuses boasting both architectural panache and deluxe amenities.
"There's no more of the old, windowless cinderblock schools of the '70s where kids felt, 'Oh, back to jail,'" said Joe Agron, editor-in-chief of American School & University, a school construction journal. "Districts want a showpiece for the community, a really impressive environment for learning."
Not everyone is similarly enthusiastic.
"New buildings are nice, but when they're run by the same people who've given us a 50 percent dropout rate, they're a big waste of taxpayer money," said Ben Austin, executive director of Parent Revolution who sits on the California Board of Education. "Parents aren't fooled."
Monday, August 16, 2010
Debt Debt Debt!
let's take a look:
Debts Rise, and Go Unpaid, as Bust Erodes Home Equity
PHOENIX — During the great housing boom, homeowners nationwide borrowed a trillion dollars from banks, using the soaring value of their houses as security. Now the money has been spent and struggling borrowers are unable or unwilling to pay it back.
The delinquency rate on home equity loans is higher than all other types of consumer loans, including auto loans, boat loans, personal loans and even bank cards like Visa and MasterCard, according to the American Bankers Association.
Lenders say they are trying to recover some of that money but their success has been limited, in part because so many borrowers threaten bankruptcy and because the value of the homes, the collateral backing the loans, has often disappeared.
The result is one of the paradoxes of the recession: the more money you borrowed, the less likely you will have to pay up.
“When houses were doubling in value, mom and pop making $80,000 a year were taking out $300,000 home equity loans for new cars and boats,” said Christopher A. Combs, a real estate lawyer here, where the problem is especially pronounced. “Their chances are pretty good of walking away and not having the bank collect.
Collectors are buying these debts for pennies on the dollar and many are still waiting for the economy to recover somewhat before they take collection action. If you have questions about your credit report or a collection account give Consumer Credit Capital a call or visit their website at credit-repair-houston.
Friday, August 13, 2010
Housing Crisis
(Reuters) - More Americans fell into foreclosure in July as a sour job market kept them from making payments, and banks took over homes at a near record pace.
Banks repossessed the second highest monthly number of homes ever last month, working through distressed loans already on their books rather than sharply stepping up new default notices, real estate data company RealtyTrac said on Thursday.
This reflects problem management instead of a fix of the root problem, said the company, which expects more than 1 million homes to be repossessed this year.
"What's driving most of the foreclosure activity is unemployment and other types of economic displacement," RealtyTrac senior vice president Rick Sharga said in an interview.
Banks took over 92,858 properties in July, up 9 percent in the month and 6 percent in the year. This was a shade below the peak of 93,777 homes in May, the largest since RealtyTrac began tracking repossessions in April 2005.
Unfortunately there are is no quick fix to the housing crises. Until wages get back in line with housing prices then there will be no return to a normal market; never mind boom times. If you were caught in the housing downturn and are no on the road to rebuilding credit give Consumer Credit Capital a call and visit their website at Credit Repair Texas
Wednesday, August 4, 2010
Debtors Fight Back
Debtors in court -- suing collectors
Using legal tactics pioneered by a Minneapolis attorney, debtors are striking back.
Pete Barry, a Minneapolis attorney, has flown all over the country conducting boot camps for lawyers, teaching them how to sue debt collectors under the federal Fair Debt Collection Practices Act (FDCPA).
Subscribe to:
Posts (Atom)
