The Risk Of Higher Mortgage Rates
Mortgage rates again ticked higher Friday as the treasury market continued its sell off. Most of the good news may already be priced into the treasury market that mortgage rates are based on. Reasons why mortgage rates [...]
Promises That Cannot Be Kept
Did Bernard Madoff run the biggest Ponzi scheme of all time, or does this honor actually belong to the US Government? Is Social Security A Ponzi Scheme? In the aftermath of the Madoff implosion, quite a few [...]
The Terminal Debt Trap
US Could Be Facing Debt “Time Bomb” This Year WASHINGTON – With President-elect Barack Obama and congressional Democrats considering a massive spending package aimed at pulling the nation out of recession, the national debt is projected to [...]
GMAC Sets Example For TARP Borrowers
This past week the Treasury used $5 billion of funds from the Troubled Asset Relief Program (TARP) to purchase senior preferred equity in GMAC, the financing arm of General Motors. GMAC reacted immediately to deploy the funds [...]
$700 Billion Debated – $5 Trillion Ignored
When the original $700 billion TARP bailout program was proposed by Treasury Secretary Paulson and Federal Reserve Chairman Bernanke, the American public was shocked. The size of the bailout request was colossal, representing almost 10% of the [...]
HUD Loan Modification Program Called A Failure
None other than the Secretary of Housing and Urban Development has declared the HUD loan modification program, known as Hope for Homeowners, to be a failure. Steve Preston, HUD Secretary , blamed Congress for the program’s failure. [...]
The Illusion Of Prosperity Ends
Every day brings more examples of the failed strategy of fostering economic growth through the use of easy credit. Modern economies need credit to grow and prosper. Applying credit growth on an exponential basis ultimately fails when [...]
California Ignores Growing Fiscal Crisis
California’s budget crisis is growing worse as its shortfall for its current fiscal year has increased to an estimated $14.8 billion from a previously estimated $11.2 billion, Gov. Arnold Schwarzenegger said on Wednesday. During a press conference [...]
Bank of America Receives Day’s Hall of Shame Award
BofA to Offer Loans to Illinois Factory Bank of America Corp. said it will provide a “limited amount” of additional loans to an Illinois door-and-window factory, just a day after sit-in protests escalated into an intense labor-relations [...]
