News
Mortgage Reform — Getting Back To Basics
Given the huge profits on Wall Street, we seem to have quickly forgotten that financial reform is necessary if we’re to prevent or less the next financial meltdown.
Sen. Ted Kaufman (D-DE) is now proposing systemic financial reform. One part of that reform — a big part — would clearly involve changes in the way mortgages [...]
Are Fewer New Homes Good For America?
Last week the Commerce Department reported that new home sales fell 11.2 percent in January to a seasonally adjusted annual rate of 309,000 units, the slowest pace on record.
“This disappointing report highlights just how fragile the economic and housing recovery is right now, and the uncertainties that continue to weigh on consumers, particularly with regard [...]
Why Not Transparency For The Federal Reserve?
It was in July 2008 that IndyMac Bank, F.S.B., was taken over by the Federal Deposit Insurance Corporation (FDIC), the second-largest bank failure in U.S. history according to the Los Angeles Times. The goal of the FDIC was to find a buyer for the bank with as little cost as possible to the FDIC insurance [...]
16Feb2010 | Peter G. Miller | 1 comment | Continued
Credit Cards Or Mortgages: Which To Pay First?
Conventional wisdom has it that folks will use their last dollar to pay their mortgage while other bills remain unpaid, but a new study says otherwise.
A new study by TransUnion, the big credit reporting agency, says there is now a new payment hierarchy where consumers pay their credit cards before their mortgages.
“The percentage of consumers [...]
2009 Home Sales Up, But Values Down
Real estate sales reached nearly 5.2 million in 2009, up 4.9 percent from 2008 according to the National Association of Realtors. The increase was the first annual rise since 2005.
In terms of prices, NAR says for all of 2009, the median price for a single-family existing home was $173,200, down 11.9 percent from 2008. This [...]
Tales Of A Big Bank Refugee
In the eyes of big banking I am a sinner of the first magnitude. My offense is not over-drafts or bounced checks, but rather the undeniable fact that I am self-employed.
I last held a job in 1971, and since then have managed to cobble together a reasonable existence as an author and consultant. Clients and [...]
Real Estate: Banks Excluded From Robo Call Ban
Robo calls are now largely banned, unless the caller has written permission to phone you.
“American consumers have made it crystal clear that few things annoy them more than the billions of commercial telemarketing robocalls they receive every year,” says Jon Leibowitz, Chairman of the Federal Trade Commission. “Starting September 1, this bombardment of prerecorded [...]
Real Estate: Will Mortgage Interest Write-Offs Be Reduced?
The Congressional Budget Office has come out with a report showing 66 ways to raise money for the federal government. This sounds like dull and boring stuff until you get to Option #7: Reduce the Mortgage Interest Deduction or Replace It with a Tax Credit.
Ugh. You can see where this is going.
“The first alternative [...]
Labor Day, 2009
It used to be that a basic American value was a fair day’s wages for a fair day’s work. Over time this standard has been eroded. When I was growing up an individual with a high school degree could support a family, today it typically takes two adults to support a family and even [...]
7Sep2009 | Peter G. Miller | 0 comments | Continued
Mortgages: No Jail Time For Lenders
Why have so few lenders gone to jail? In part because neither predatory lending or insider trading with commodities are federal crimes.
4Sep2009 | Peter G. Miller | 0 comments | Continued
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