Increase in Mortgage Applications Reported
November 21, 2007
In a recent survey conducted by the Mortgage Bankers Association, mortgage applications actually increased during the first part of November. The increase was reported as 5.5 percent, ending the 9th of Nov.
Chrysler Cuts Jobs
November 20, 2007
An estimated 11,000 jobs will be cut by Chrysler Corp. The job cuts will take place in the United States and in Canada. The company reported that the cuts will be made up of 1,000 salaried jobs along with 10,000 hour-based jobs. Earlier this year, Chrysler announced that it would downsize an additional 13,000 jobs. When these numbers are viewed as a total, the cuts represent nearly thirty percent of the workforce employed by Chrysler.
High Heating Oil Concerns
November 20, 2007
It may end up being a very cold winter for some consumers this year. Oil prices are tickling the $100 a barrel mark and with that comes higher heating oil prices. For some people, the increase in heating oil will mean no heat or a much reduced comfort level when the colder temperatures finally hit them. Already, heating oil prices have set new high records, often on a daily basis.
Home Equity Loans Should be Used Carefully
November 19, 2007
Home equity loans have long been a good way for homeowners to get cash fast. In the not-so-distant past the entire process of getting a home equity loan could be completed in days, if not sooner. One of the greatest benefits to using these types of loans is their versatility. The funds generated by them can be used for virtually any purpose. Homeowners can pay off medical expenses, college costs, credit card balances, etc. Of course, the funds can also be used for other purposes such as vacations, gambling debts, and adding to the end-of-the-month cash flow when income is below expenses.
$2 Trillion Dollar Cutback
November 19, 2007
Wall Street investment bank Goldman Sachs reported recently that the current mortgage mess could bring about a whooping $2 trillion reduction in lending. This cut back, according to Goldman Sachs, could have far reaching and dramatic consequences for the overall US economy.
Mobile Banking Is Here
November 19, 2007
For certain consumers, mobile banking is here. Recently, AT&T announced that it now offers mobile banking to Wachovia and SunTrust customers. This is according to the San Antonio Business Journal.
Mortgage Protection Passes House
November 19, 2007
15 November 2007 may go down as the day the House finally passed legislation to help beleaguered homeowners. Thursday night, the House passed a bill that is aimed at protecting homeowner borrowers from questionable and abusive home loan policies. The bill will move to the Senate where it is expected to face tough opposition as lobbying by the mortgage industry and criticism from the White House is expected.
Barnanke Criticized By Senator Schumer
November 16, 2007
United States Senator Charles Schumer had some harsh comments for Federal Reserve Chairman Ben Bernanke recently. Schumer strongly encouraged the Fed Chairman to think of the recent credit market mess as a “call to action”. Schumer also urged the Chairman to take decisive action in order to assist the growing problem with mortgage foreclosures which may lead to a bigger economic problem.
Bank of America Takes Huge Write-down
November 16, 2007
The second largest bank in America is Bank of America (BofA). The huge financial institution announced recently that it would have to take a massive three billion dollar write-down during the fourth quarter of this year (2007). As if that were not enough it also announced that its losses may increase as the housing market continues to wane.
Consumer Rights and Responsibilities
November 15, 2007
Have you ever sat down and read a credit contract, front and back, and all the pages in between? If you are like many people, the answer to that question is no.