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Tag: income

Who Will Get The Real Mortgage Crisis Profits?

Who Will Get The Real Mortgage Crisis Profits?

The stock market has reached new highs, home sales are soaring while interest rates are in the pits. All of this would seem to suggest that the end of the mortgage crisis is here, but with weak employment gains and declining household incomes much of the public thinks the economic recovery is a myth. They’re […]

Posted in: News
Dim Prospects For FHA Mortgage Borrowers With Big Debts

Dim Prospects For FHA Mortgage Borrowers With Big Debts

New HUD regulations show how people with big debts and weak credit can get FHA financing. Or do they? HUD says that the “FHA will require lenders to manually underwrite loans for which borrowers have a decision credit score below 620 and a total debt-to-income (DTI) ratio greater than 43 percent. Lenders will be required […]

Posted in: News
Thanksgiving, Twinkies & Mortgages

Thanksgiving, Twinkies & Mortgages

As we again sit down to a bountiful Thanksgiving dinner with friends and family there ought to be a moment to think about Hostess Brands Inc. and the more than 18,000 people whose jobs are at risk. The company says its workers want too much and the union says the company is offering too little. […]

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Labor Day: Does American Need A Financial Bill of Rights

Labor Day: Does American Need A Financial Bill of Rights

For large numbers of Americans the economic situation today is worse than at any time since the Great Depression. Unemployment is high and benefits are disappearing. Income is 5 percent less than in 1999. The traditional storehouses of wealth and financial security have eroded as home values have fallen and pension savings pay little more […]

Posted in: News
Should “Old” People Get Mortgages?

Should “Old” People Get Mortgages?

Over at PBS NewsHour Paul Solman looks at the question of whether a 66-year-old retiree is a good candidate for a 30-year fixed-rate mortgage. “Don’t worry about the lender,” says Solman. “A standard rule of thumb applies regardless of age: So long as your mortgage payments are no more than 45 percent of your gross […]

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Happy New Year: Corporate Profits Up, Taxes Down

Happy New Year: Corporate Profits Up, Taxes Down

If you’re looking for hard economic news, this year-end mindbender from the Bureau of Economic Analysis ought to do the trick: corporate profits surged in the third quarter while corporate taxes fell. And more hard news: on average folks who work in financial services make 52 percent more than you do. “Corporate profits with inventory […]

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Guess What? Social Security Has A Profit

Guess What? Social Security Has A Profit

You’ve probably heard that Social Security is going broke, not good news for most of those with hopes of a sane and fiscally-secure retirement. The reality is that for most households Social Security is a central source of retirement funding, especially as more employers have moved from defined benefit plans to defined contribution plans. But, […]

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Labor Day: Does America Need A Second Bill of Rights?

Labor Day: Does America Need A Second Bill of Rights?

For large numbers of Americans the economic situation today is worse than at any time since the Great Depression. Unemployment is high and benefits are disappearing. Income is 5 percent less than in 1999. The traditional storehouses of wealth and financial security have eroded as home values have fallen and pension savings pay little more […]

Posted in: Jobs, News
Is the government holding down mortgage interest rates?

Is the government holding down mortgage interest rates?

One way to re-start the housing sector and thus a big part of the American economy would be to assure that mortgage quotes were as low as possible. And given that banks today can borrow money at pretty close to zero, is the government now forcing down mortgage rates to 5 percent or less? The […]

Posted in: Mortgages
Good To Be Rich, Millionaire Wealth To Double In Next Decade

Good To Be Rich, Millionaire Wealth To Double In Next Decade

Millionaires are going to do pretty well in the next decade. According to a report from the Deloitte Center for Financial Services, the total wealth of millionaire households in 25 major economies is likely to grow from $92 trillion in 2011 to $202 trillion in 2020. The fate of millionaires, of course, is a major […]

Posted in: News