Credit card debt, home mortgages and a host of other financial woes have been the cause of an increase in bankruptcy filings for the current year. Compared to one year ago the total bankruptcy filings for the US increased by 28% in the third quarter of this year. This is also an increase of nearly […]
Of all the states, California is being impacted the most by the recent housing foreclosure crisis. California Governor Arnold Schwarznegger has been working with lenders from Countrywide, GMAC, Litton, and HomeEq to reach an agreement to streamline what is being called “fast-track” procedures to assist those sub-prime borrowers who are at risk of losing their […]
It may be too little too late for some homeowners but Congress is currently considering legislation that would allow bankruptcy-court judges to redefine home loan terms for people who are at risk of losing their homes. Supporters of this legislation say it could help save half a million homes from foreclosure through early 2009.
If the […]
It was only a matter of time before the current housing problems would begin to spead into other industries and markets. The credit card market, as well as the auto loan market, is now experiencing some of the slow down in credit that the housing markeet is already seeing.
Some of the biggest banks and credit […]
The House of Representatives unanimously approved new legislation that would allow for tax benefits and access to low interest home loans for military personnel.
The bill passed with a staggering 410-0 approval vote. The bill, as written, is a $2.3 billion dollar bill and is only one of several bills expected to be brought up in […]
On Wednesday, November 7th, the Federal Reserve announced that consumer credit increased for September at a yearly rate of just under 2 percent. This was the slowest increase in rate since last April. Economists were surprised by the rate for September, stating that it was about one half of what they had expected.
Many experts blamed […]
In Augest of this year, Wisconsin was bombarded with heavy rains and flooding. The United States Small Business Administration has recently approved $6 million dollars in disaster loans for those homeowners, business owners, and renters who were affected by the disaster.
According to Frank Skaggs, the director of SBA Field Operations Center East, over 230 disaster […]
Experts are beginning to agree that the housing slump which began in the latter part of 2005 will most likely continue for at least another year. During this time, the average value of American homes will decrease. Some believe that the decrease in home values will be the largest since the World War 2 era.
One […]