Property Insurance and Catastrophes
November 30, 2007
Most people living in the US know that on October 21 wildfires broke out all across Southern California. These fires damaged thousands of structures and homes and resulted in massive evacuations. The cost of these fires is still being tallied but as of November 1, insured losses are estimated to exceed $1.5 billion, according to Risk Management Solutions (RMS).
New York Subpoenas Fannie Mae and Freddie Mac
November 30, 2007
Andrew Cuomo, New York’s Attorney General, recently stated that he had sent subpoenas to Fannie Mae and Freddie Mac, two government sponsored lenders, concerning his concerns that the organizations had conflicts of interests in their mortgage lending policies.
Holiday Air Travel and Gas Prices
November 30, 2007
Holiday air travel is expected to rise by about 4 percent this year over last year. What else is expected to rise is the cost of tickets for those passengers as jet fuel prices continue to soar as high as the planes themselves.
Hard Hit Foreclosure Areas To Lose Even More
November 29, 2007
According to a recent report by the US Conference of Mayors, the increase in foreclosures will result in billions of dollars being lost in some of the nation’s largest metropolitan areas.
Reverse Mortgages Booming
November 29, 2007
Believe it or not, there is a segment of the housing market that is doing well. That is the reverse mortgage market. For older homeowners, reverse mortgage programs can add income by using some of their home equity, but these programs are not without some confusion.
College Loans and Financial Aid Increases
November 29, 2007
During the period 2006-07, nearly 75 percent of full-time undergraduate students received some form of financial aid. The two main avenues of aid were federal loans, which comprised 40 percent of the total, and grants from schools, which comprised 21 percent.
Credit Report Mistakes
November 28, 2007
The U.S. Public Interest Research Group did a study recently and found that 25 percent of consumer credit reports have mistakes on them and that these mistakes can be serious enough to cause a lender to deny credit.
Holiday Spending May Be Gassed Out
November 28, 2007
As the holiday season approaches, more US shoppers are planning to spend less on gifts because they fear having to spend more on gasoline and home heating fuel. This is according to a survey conducted by the Consumer Federation of America along with the Credit Union National Association.
FDIC protections and limitations
November 27, 2007
There are certainly more than a few people still living who remember the Great Depression and the run on banks that took place during that time. Before the creation of the Federal Deposit Insurance Corporation (FDIC) on January 1, 1934, a run on a local bank could not only destroy the savings of an individual or family but entire communities could be destroyed. Since the creation of the FDIC not one single depositor has lost one single penny when the funds were deposited under FDIC protection.
Holiday Credit Card Spending
November 27, 2007
According to the National Retail Federation, it is expected that Americans will spend about $475 billion during the holiday period this year and that much of that will be bought with credit cards.