Mortgage Delinquencies Rise; 6.25% of Home Loans Past Due 60 Days or More
A Transunion report released today revealed that 6.25% of home loans are past due 60 days or more. Mortgage delinquencies continue to rise as this number is up 58% from a year ago. Being 60 days or more behind on a mortgage payment is the first sign of potential foreclosure. After being two months or [...]
Unemployment Benefits Extension – Will You Get Enough Money?
With the unemployment benefits extension signed into law many unemployed Americans are relieved that they will continue to see some type of money coming in for at least 14 more weeks. Some states are seeing this benefit extended for 20 weeks. The problem that most unemployed Americans are finding is that this amount of money [...]
Ben Bernanke; Interest Rates Will Remain Low Even with a Declining US Dollar
Federal Reserve Bank Chairman Ben Bernanke remains adamant that interest rates will stay low even though the US dollar continues to decline. At this point the Fed is worked to create jobs and stabilize prices in the housing industry and stock market. Benanke made the following statement about the decline of the US dollar, “We [...]
Charlie Gasparino’s The Sellout – Book Review Coming
Recently Charlie Gasparino released “The Sellout” which explains the rise and fall of the financial markets over the last 30 years. After reading the introduction and first few chapters I must say that I am greatly impressed. I do not personally know Charlie nor am I trying to plug his book to increase it’s Amazon.com [...]
Taxpayers Bail Out Money Disappears with Bankruptcies; CIT Group, United Commercial Bank
The money that taxpayers ponied up for the Troubled Asset Relief Program (TARP) might soon disappear due to bankruptcies. Last year, the government created a $2.3 billion emergency fund for CIT Group and today this money is likely to vanish as CIT Group is in bankruptcy court. As CIT Group files for bankruptcy protection the [...]
First Time Home Buyer Tax Credit – Where Is My Refund?
If you purchased a home recently and have chosen to amend your 2008 taxes using a 1040X form in order to receive your first time home buyer refund, you may be surprised that the process is taking so long. So how long does it really take to receive your refund? If you were to ask [...]
Nouriel Roubini; Unemployment Will Remain High Until at Least Late 2010
Nouriel Roubini has been a bear on the overall U.S. economy for quite some time and he reiterated his stance last week. In a statement to Daily News Roubini expressed his concern for long term unemployment. After the conclusion of the last recession, November 2001, job losses continue for another year and a half until [...]
Warren Buffett Bearish on Credit Card Industry; Not Buying American Express Shares
Warren Buffett recently told CNBC that his Berkshire Hathaway has not added shares of American Express in years. With this being the case is Warren Buffett bearish on the credit card industry? Many CEO’s of banks and financial institutions have made statements that they do not see profitability until mid 2010 or even into 2011. [...]
Gold Hits All Time High As US Dollar Continues to Drop; Central Banks Buying Gold
This morning we have seen gold reach new all time high levels around $1,130 an ounce. As gold and other commodities continue to rise the fall of the US dollar continues. The US dollar index dropped below 75 early this morning in trading. To make an even more bullish stance on gold, BlackRock stated that [...]
First Time Home Buyer Tax Credit Extension in to 2010 Yet to Improve Data
The first time home buyer tax credit extension has yet to improve any housing data. We have seen data recently that refinancing is making up most of the mortgage applications. This is the case because this data is from last week when future home owners were second guessing the idea of an extension. If this [...]
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