News

2008

October

26

• Crises help create a teachable moment. Unemployment is rising. The stock market is setting all sorts of records - mostly bad. And the economy might be headed into a prolonged recession. What better time to teach your children about finances and…

• Stay out of debt in rollercoaster economy. In the face of an unpredictable economy, can you withstand a fiscal crisis? Here are four steps to take to protect your household from falling into debt during low financial times. · Step 1: Prepare…

25

• Trying for a bigger tax credit. Reluctant potential home buyers could be in line for some additional tax and financing enticements, either through a post-election lame duck congressional session or from the new Congress arriving in January. Though House and Senate…

24

• 4 programs to help troubled homeowners. Assistance is growing to help financially distressed homeowners, but the nation's mounting caseload of foreclosures and mortgage delinquencies is rising faster. The Bush administration should have a plan for a systematic approach to help homeowners…

• California law puts brakes on home defaults. The number of people losing their homes in California hit a record high of nearly 80,000 in the last three months, but a new state law appears to be dramatically slowing the foreclosure process --…

• Countrywide mortgage rates may be slashed. With calls growing for stronger action to help troubled homeowners, consumer advocates are hailing a mortgage-modification program being implemented by Bank of America Corp.'s Countrywide unit as the most ambitious effort yet to avert foreclosures.…

• Treasury may help homeowners. The federal government may start guaranteeing home mortgages to persuade lenders to ease the monthly financial burden on struggling homeowners, Federal Deposit Insurance Corp. Chairman Sheila C. Bair said yesterday. The proposal, presented to the…

23

• Credit rating agency heads grilled by lawmakers. Conflicts of interest were largely responsible for the disastrous performance of credit rating agencies in assessing the risks of mortgage-backed securities, two former high-ranking officials at Moody’s Investors Service and Standard & Poor’s said Wednesday…

22

• Banks mine data and woo troubled borrowers. Brenda Jerez hardly seems like the kind of person lenders would fight over. For months after she emerged from insolvency last fall, 6 to 10 new credit card and auto loan offers arrived every week…

• Public likely to pay for rising personal bankruptcies. Matthew Shelbourn knows money. The 27-year-old Cerritos resident studied accounting as an undergrad at USC and kicked around various jobs in the financial sector before settling into his current gig as controller at an Anaheim…

• Lenders help more homeowners avoid foreclosure. The deep economic crisis has more lenders willing to change mortgages or repayment schedules for homeowners at risk of default, to stem their potential losses from foreclosures. More than 3 million U.S. homeowners have received…

21

• A return to thrift. Sometimes it takes a near-death experience to change bad behavior. Think of your friend who quit smoking after a coronary incident. Or look at how banks are reducing their dependency on debt after watching rivals…

• Second stimulus plan gains traction. An effort to boost the economy with a massive injection of public funds gained momentum yesterday, as Federal Reserve Chairman Ben S. Bernanke tentatively endorsed the idea of a new stimulus package and the Bush…

20

• Mortgage market remains intact. Everybody knows how severe and painful the global financial breakdown has been, with banks unwilling to lend even to other banks. But what about mortgages and real estate? Can you still get a home loan…

19

• Fixing common money mistakes. Everybody makes mistakes. But when it comes to money, even little errors can prove devastating. Bruce McClary, communications director for Clearpoint Financial Solutions, recalls a senior on a tight budget who was getting along fine…

• With HOPE for Homeowners, you'll pay in long run. For homeowners trying to renegotiate their loans under the government's new HOPE for Homeowners program, please read the paperwork carefully - because once again, you'll be stuck with a costly mortgage deal. HOPE for Homeowners,…

17

• Buy a beach house when going bankrupt. Say an absentee landlord owns the house next to yours. Neither of you keep up your mortgage payments. If you both declare bankruptcy, chances are better that he would keep his place than you yours.…

• Bailout pushes mortgage rates up. A recent jump in mortgage rates could jeopardize any turn-around in the housing market as home buyers face steeper loan costs. The average interest rate on a 30-year, fixed-rate mortgage this week hit 6.46%, up…

• Good homeowners, bad loans. FOR those who championed a hands-off approach to the supervision of finance, the economic meltdown should have prompted reflection on the value of common-sense regulation. Unfortunately, a growing chorus in conservative circles is trying to…

16

• Lawmakers consider regulatory overhaul. As the nation's financial system continues to unravel, lawmakers on both sides of the aisle say the U.S. government appears poised to enact sweeping changes to the spider web of agencies that regulate banks and…