Fraud on top of fraud on top of fraud

image I’ve had an on-going relationship with a large and well known financial institution for about 20 years and I’ve been thinking on and off about moving my money.   I had done some research earlier in the year to determine if this institution remained sound and never turned up anything other than the fact that they remained as strong as ever, so I delayed doing anything.  It’s a major hassle to move from an institution you’ve... Read More

Making Home Affordable

There are several reports out that the administration’s Making Home Affordable plan has been an abysmal failure.   Only about 17% of the projected three million households that were supposed to be helped have received permanent assistance.  The problem is that “permanent assistance” means a write-down of the mortgage amount to eliminate the underwater conditions many applicants face.  The banks are wont to modify mortgages... Read More

Great Recession Leaving Tracks

    At his rented home in Lehigh Acres, James Mould sells items that families in the area tossed out before moving As  the Great Recession/Depression II plays out, it’s leaving tracks almost everywhere imaginable.  How this event impacts any particular person really depends upon how leveraged (indebted) one was and whether or not one was able to retain gainful employment.  Like the Great Depression of the late 1920’s, our current economic... Read More

Debtor's Dilemma: Pay the Mortgage or Walk Away

Well, in the post immediately preceding this one, we see that there are people whose financial situation is such that they have to [The Burning Questions]worry about eating between getting their monthly food stamp allotment.  That’s not the full story of the financial crisis as we’ve another group of people who, while not needing to concern themselves with food stamps, nevertheless seek to place themselves on the government dole... Read More

Homeowners in Distress

A recent report indicates that nearly one quarter of all US mortgages are underwater where the  outstanding mortgage is greater than the value of the underlying real estate.  If your mortgage balance is just slightly more than the value of the property, then it’s generally not a big deal.  Unfortunately, that’s not the case for many.  For many homeowners who purchased at the peak, there’s a signficant difference between the... Read More

Houses for $ 500 in Detroit, but no takers

They’re auctioning houses in Detroit for $ 500 and still have no takers.  It’s almost as if something like Katrina has hit Detroit.  This article is from Reuters. Detroit house auction flops for urban wasteland Photo By Kevin Krolicki DETROIT (Reuters) – In a crowded ballroom next to a bankrupt casino, what remains of the Detroit property market was being picked over by speculators and mostly discarded. After five hours of calling... Read More

Page 1 of 11