Feds To CIT - “Your Loan Application Has Been Denied”
CIT Solution Is Bankruptcy - Not Bailout
A CIT spokesman said late today that “There is no appreciable likelihood of additional government support being provided over the near term”. Taxpayers had previously supplied a massive $2.3 billion dollars [...]
Payday Lenders - Predators or Saviors?
Payday Lenders Serve The Financially Inept
One of the fastest growing lending businesses in the country has been “payday lending”. Without the hassle of a credit check or application, a payday lender will give an employee a cash [...]
High Risk Mortgage Lending Still Being Promoted By GSEs
Sufficient Income Key To Sound Home Ownership
In an effort to prevent delinquent home owners from losing their homes to foreclosure, the Department of the Treasury recently issued guidelines to lenders. Under the Making Home Affordable mortgage modification [...]
FDIC Tells Banks California IOU’s Good As Gold
Bank Have Enough Bad Assets
Yesterday, a group of major banks, including Bank of America, Citigroup, JP Morgan and Wells Fargo, said that they would stop accepting California IOU’s. The State of California, virtually out of cash, has [...]
The Contradiction Of Empty Homes And Rising Apartment Vacancies
A Housing Surplus
Huge increases in foreclosures have resulted in millions of homes sitting vacant as bank REO managers struggle to sell the empty homes. Theoretically, people who have been evicted or lost their homes to foreclosures would [...]
Geithner’s Pump And Dump Scheme
Pump and Dump
According to the SEC website, a pump and dump scheme is one of the most common investment frauds and works as follows:
First, there’s the glowing press release about a company, usually on its financial health [...]
Wells Fargo’s New Zero Down Payment Mortgage Program
Risk Of No Down Payment Mortgages
There is longstanding and overwhelming statistical proof that zero down payment home buyers default on mortgages at a far higher rate compared to home buyers who make a down payment. This [...]
Profile Of A “Making Home Affordable” Homeowner - Everyone Should Do It
Overburdened Homeowner Subsidized
Loan modification programs have been seen as the answer to preventing foreclosures and allowing the housing market to stabilize. The programs have become progressively more aggressive as foreclosures continue to mount and housing prices continue [...]
Elderly Americans Last Refinance - Reverse Mortgages
Reverse Mortgages - More Easy Lending
As originally conceived, reverse mortgages were designed to fulfill a legitimate borrowing need. Reverse mortgages were developed for elderly Americans who had a mortgage free home with substantial equity and wanted to [...]
