Financials Take Hit
November 15, 2007
It isn’t just homeowners who are feeling the current financial bite. This week, the Dow dropped more than 220 points, signaling what might be the beginning of a troubled season for investors. One industry that is being hit hard is the banking industry. Major banks warned of losses on their debt this week and that news brought about a selling frenzy as many investors began to believe that the credit woes of late may not be over for some time to come.
Housing Woes Becoming Global Problem
November 15, 2007
The housing market woes spreading across America are now spreading across the globe. The Shinsei Bank Limited of Japan recently stated that its first-half profit dropped by 40 percent, which is a much steeper decrease than it reported just 3 weeks ago. At that time it had set aside more securities linked to U.S. home loans. The net income for the bank dropped to $210M.
Debt Collector to Pay $1.4M Fine
November 14, 2007
The Federal Trade Commission (FTC) reports that it has fined a Houston-based debt collection company to the tune of $1.4 million dollars. The company has agreed to pay the fine to settle charges that it illegally threatened and harassed consumers.
China Economic Milestone
November 14, 2007
Investors around the globe are realizing that China is becoming one of the major economic players and they (the investors) are putting their money where their reasoning is.
More Mortgage Education
November 13, 2007
The National Foundation for Credit Counseling, along with Countrywide Financial Inc, is offering consumer education sessions online. The initiative is known as Home Ownership Mortgage Education (HOME) and can be found at:
Retirement Plan Participation Decreasing
November 13, 2007
The Employee Benefit Research Institute recently reported that fewer employees are participating in company sponsored retirement plans but that decrease may be due to the fact that fewer employers are actually offering retirement plans to their employees.
Home Buying For the Young
November 12, 2007
With the housing market in its current dismal state, a lot of people are wondering if they will ever be able to own a home. This can be especially true for young adults who are just entering the workforce and hoping to secure a home loan.
Borrowing Slow Down
November 12, 2007
American consumers are borrowing less, and if the latest numbers are any indication, they are borrowing a lot less.
Watch Debit Card Overdrafts
November 12, 2007
A recent study by the Center for Responsible Lending concluded that many people, especially younger adults, are often paying high prices for a form of overdraft protection. The report suggests that these practices may be costing consumers nearly one billion dollars a year.
Federal Reserve Not Optimistic
November 12, 2007
Ben Bernanke, Federal Reserve Chairman, reported on Thursday, 8 November, that a whole array of economic issues and problems, including woes with the housing market, would most likely cause economic growth in the US to slow down in the near future.