Worth Reading - New Tack in Default Battle: Cutting Mortgage Principal
Reducing the principal on mortgages is “a last resort,” says Paul Koches, executive vice president at Ocwen Financial Corp., a West Palm Beach, Fla., loan servicer that has shrunk the amount owed on 10,884 delinquent mortgages as of Sept. 30. That is 23% of all the loans modified by Ocwen so far this year.
Ocwen estimates [...]
Bush Administration Rolls Out Wimpy Mortgage Assistance Plan
The Bush administration today rolled out a plan to help homeowners in trouble with their mortgages. While proclaiming big help the plan does not go anywhere near far enough to help those in the most trouble.
Homeowners 90 or more days late in their mortgage payments, owe at least 90% of their home’s current value, live [...]
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Groups seek credit card debt forgiveness
Groups seek credit card debt forgiveness BusinessWeek - 34 minutes ago issue around 80 percent of all US credit cards. Americans now are weighed down by around $900 billion in credit card debt , according to Federal Reserve figures.
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Consumers Feel the Next Crisis: It’s Credit Cards
Indeed it is. If you’re not in top shape for the credit card shakeout that’s already taking place, there isn’t much you’ll be able to do about it. It’s probably already too late. After years of flooding the market with credit cards (and generous limits), banks are finally starting to take it back. Eric Dash, a New York Times reporter, does an excellent job of distilling the situation. From
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Easy Come, Easy Go: Prosper.com Hits Regulatory Hurdle
OK. Remember earlier this week when I posted a story about alternative lending? You remember. It was the upbeat story about peer-to-peer (p2p) lending — and how this credit crisis is good for business (link here). That story was written by Economix, a blog at the New York Times. The blog pointed out that more traditional-looking borrowers were turning to p2p for funding needs during the credit
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Despite What They Say This Is Not The End Of Subprime Loans
Over and over again through print or on the airwaves it is being said that bankers have learned their lesson from the current economic crisis and credit will no longer be extended to people in the subprime market.
While we hope that banks have learned their lesson that bad things happen when you lend to people [...]
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