Credit Card Receipt Rule Violations
December 24, 2007
A class action suit is being sought against a little-known credit card receipt rule. The rule was established to help consumers prevent identity theft. Violations of this rule have brought about 300 class action lawsuits nationwide.
New Losses on Freddie Mac
December 21, 2007
There was more bad news out of Freddie Mac recently when the chief executive of Freddie Mac estimated the mortgage finance company would probably lose an additional $5.5 billion to $7.5 billion over the next few years. This would be caused as the housing market continues to drop and home loan defaults continue to rise.
Fed Cuts Rate Again
December 20, 2007
In an attempt to thwart off a recession, the Federal Reserve cut a key interest rate on 11 December. This is the third such cut to come from the Federal Reserve in the past three months. The new rate stands at 4.25 percent which amounts to a reduction of one-quarter point over what it was the day before.
Quicker Holiday Pay Offs
December 19, 2007
A recent survey conducted by the Financial Services Roundtable found that nearly 75 percent of Americans are planning to pay off their holiday debt within a period of ninety days.
Credit Card Cleanup
December 17, 2007
Some of the nation’s largest credit card issuers were in the hotseat recently as they faced probing questions about some of their practices. Executives from Bank of America, Discover Financial Services and Capital One appeared before Congress to explain their practices
The Housing Mess: What Happened?
December 14, 2007
In order to understand the housing and mortgage mess of today, one must first understand what happened in the past. Starting in around 2000 and lasting up through most of 2005, interest rates were low and the value on most homes was high.
Subprime Hotline is HOT
December 13, 2007
President Bush recently announced the creation of a national hotline for those individuals who are under sub-prime mortgages. The phone line was set up to help the 1.2 million people currently estimated to be under sub-prime mortgages. As of 11 December the hotline has already received over 45,000 calls. The program announced by the President is called Hope Now.
Beware of New Credit Card Scam
December 12, 2007
Just in time for the holiday season, a new credit card scam is showing its ugly face. In this scam, which currently seems to be restricted to California, telemarketers representing themselves as employees for Wal-Mart are calling people and attempting to get credit card information over the phone.
Mortgage Applications Rising
December 11, 2007
Even in the midst of what is being called a housing mortgage crisis, mortgage applications across the country are actually rising.
Rise in Credit Card Late Payments
December 11, 2007
When compared to the delinquencies and write offs associated with the current home loan mess, consumer credit card delinquencies have been down, or at least not as prevalent as home loan late payments. That, however, may be changing.