Mortgage and Financial News From 2009-5-29 Page 01

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  • A crop of fake credit histories emerges - Kansas City Star

    Bad credit rating? No problem. Just create a fake credit history. The relatively new fraud has caught the attention of area federal prosecutors and investigators who warn that it risks further undermining the already shaky credit industry and the U.S ...
    2009-05-23 07:53:00

  • Get out of credit card debt - Lansing State Journal

    Clearly you're not the only ones struggling with debt. Being debt-free takes resolve and a little know-how. We'll help you get on the right track, starting with these seven steps. Step 1: Separate "Bad Debt" from "OK Debt" How can you tell the ...
    2009-05-27 12:24:00

  • Obama financial reform, yet unwritten, faces battles - Reuters

    Obama financial reform, yet unwritten, faces battlesReutersThe idea of a new consumer agency to supervise financial products, such as mortgages and credit cards, has also been blasted. The powerful US Chamber of Commerce called it a "flat-out bad idea." It and the Financial Services Roundtable, ...
    2009-05-29 02:32:12

  • Lose your debt, love your life - CBC.ca

    Lose your debt, love your lifeCBC.ca, CanadaWhether you're seeking the help of a credit counselor or not, make a plan and begin moving forward. There are many options — from renegotiating your mortgage to declaring bankruptcy — that may help you move towards your goal of being debt free. ...
    2009-05-29 02:34:58

  • Tax credit can be used for down payment - Inman.com

    Tax credit can be used for down paymentInman.com, CAThe Federal Housing Administration has issued formal guidelines allowing first-time homebuyers to apply a federal tax credit of up to $8000 toward the purchase of a home with an FHA-backed mortgage. The bad news, for those hoping that the initiative ...
    2009-05-29 02:45:29

  • Half a Billion Dollars Says US Is Getting Serious About Busting Fraud - Washington Post

    Half a Billion Dollars Says US Is Getting Serious About Busting FraudWashington Post, United StatesHow bad is mortgage fraud? The Treasury Department estimates it causes losses of $15 billion to $25 billion a year to consumers and the mortgage industry. FBI Director Robert Mueller told Congress that his agency's mortgage fraud caseload has tripled ...
    2009-05-29 03:04:23

  • Expatriates hold on after being let go - The National

    Expatriates hold on after being let goThe National, United Arab EmiratesThe young economies of the Gulf have been hit hard by the global financial crisis triggered by last year's American toxic mortgage implosion. There have been reports of families leaving their car at the airports with the keys in the engine before ...
    2009-05-29 03:07:43

  • A fool and his money soon part - Atlanta Journal Constitution

    A fool and his money soon partAtlanta Journal Constitution,  USAThe real difference? Politicians get to claim they socked it to the big bad credit card companies. No doubt, credit card issuers bought some of this on themselves. Raising the interest rate on a balance incurred under a different rate is wrong. ...
    2009-05-29 03:13:57

  • Prime season for house hunting - AZ Central.com

    Prime season for house huntingAZ Central.com, AZThe Federal Housing Administration offers a 203k mortgage-loan program that includes money for refurbishing a home, Gustin says. The 3.5 percent down payment and $346250 loan cap under this program are appealing, particularly to first-time buyers. ...
    2009-05-29 04:23:05

  • ALL BUSINESS: Ex-Countrywide execs to aid housing - Sacramento Bee

    ALL BUSINESS: Ex-Countrywide execs to aid housingSacramento Bee,  USAPennyMac makes money by buying loans at steep discounts, which allows it to profit when the mortgage is modified so long as borrowers stay current on their reworked loans. If loan values eventually rise with a rebound in credit markets, PennyMac would ...
    2009-05-29 04:45:14

  • The pressure is on for building societies to buy up smaller rivals - Scotsman

    The pressure is on for building societies to buy up smaller rivalsScotsman, United KingdomThe demise of the Dunfermline is the obvious example north of the Border, but other societies have experienced Several were recently downgraded by credit agencies concerned about bad debts and their financial stability. ...
    2009-05-29 06:11:51

  • Obama administration targets the working class - World Socialist Web Site

    Obama administration targets the working classWorld Socialist Web Site, MIThe Mortgage Bankers Association reported that 5.4 million of the 45 million US home loans were either delinquent or in foreclosure in the first quarter of this year. The 12.07 percent delinquency and foreclosure rate is expected to rise sharply under ...
    2009-05-29 11:11:22

  • New norm of 2% GDP growth coincides with Biggs (Connecticut Post)

    Americans may have to get used to unemployment greater than 8 percent for the first time since 1983 and an economy that won't grow much beyond 2 percent as a consequence of the lost confidence in
    2009-05-29 09:06:43

  • CIBC feels the pain on toxic credit investments (National Post)

    It reported a writedown of $475-million for the second quarter, on top of nearly $10-billion that it has taken since the credit crunch began nearly two years ago
    2009-05-29 09:29:30

  • 'Jumbo' Loans, Down-to-Earth Rates (Washington Post)

    Looking for a mortgage that exceeds $729,750?
    2009-05-29 11:00:00

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