Federal Credit Score Law Will Take Effect Next Week

Credit Score

Federal Credit Score Law Will Take Effect Next Week

Federal Credit Score Law Will Take Effect Next Week

Beginning on July 21, consumers who are rejected by lenders for new lines of credit, such as a credit card or home loan, based on their credit score will be allowed to find out why, according to a report from CBS News. When consumers are denied, the financial institution will have to provide them with… Read More

FDIC Gains Power to Claw Back Failed CEOs’ Pay

Personal Finance

FDIC Gains Power to Claw Back Failed CEOs’ Pay

FDIC Gains Power to Claw Back Failed CEOs’ Pay

Clawbacks. It sounds like something bears might do to terrified hikers, but actually it’s the newest tool at federal regulators’ disposal to penalize corporate leaders for bad behavior and discourage future executives from doing the same. Under new rules approved last week by the FDIC, the agency can use clawbacks to force company executives to… Read More

Consumer Financial Protection Bureau: Ready or Not, We’re Coming

Personal Finance

Consumer Financial Protection Bureau: Ready or Not, We’re Coming

Consumer Financial Protection Bureau: Ready or Not, We’re Coming

The government’s newest consumer watchdog agency plans to hit the ground running, enforcing new rules regarding the nation’s largest banks from the day it opens, even as attacks on its authority and its lack of a permanent director limit the agency’s power in other ways. The Consumer Financial Protection Bureau opens its doors on July… Read More

Financial News Roundup: California State Schools Raise Tuition, Dollar Stores Lose Momentum

Students

Financial News Roundup: California State Schools Raise Tuition, Dollar Stores Lose Momentum

Financial News Roundup: California State Schools Raise Tuition, Dollar Stores Lose Momentum

Today’s top news headlines feature the details of California State University’s tuition hike and strategies retirees can use to protect their nest eggs while they are supporting adult children. Plus, find out why dollar stores are seeing sales decline. California State Raises Tuition Due To Budget Constraints CNN Money Twenty-three schools in the California State… Read More

Underwater On Your Home Option 4: Short Sale

Mortgages

Underwater On Your Home Option 4: Short Sale

Underwater On Your Home Option 4: Short Sale

  In this series, I detail six possible ways to deal with an “underwater” home—one that’s worth less than the amount of money owed on it. Here is part four of my six-part series. Option #4: Short Sale In a short sale, you sell your home for less than you owe. CoreLogic reports 62,000 short… Read More

Underwater? Negotiating a Settlement On a Second Mortgage

Mortgages

Underwater? Negotiating a Settlement On a Second Mortgage

Underwater? Negotiating a Settlement On a Second Mortgage

CoreLogic has found that 38% of homeowners with second mortgages (including home equity lines of credit) are “underwater,” or owe more than their home is worth. Charles Phelan, founder of SecondMortgageAdvice.com has been advising debt-burdened consumers for years and has been observing a recent trend where lenders are more willing to negotiate settlements on second… Read More

The Best Credit Cards in America: Student and Secured Cards

Credit Cards

The Best Credit Cards in America: Student and Secured Cards

The Best Credit Cards in America: Student and Secured Cards

Welcome to the second installment of The Best Credit Cards in America. In this edition, I’m giving awards for the Best Student Credit Card and the Best Secured Credit Card in America. The category winners are the cards that score the highest number of points based on a unique, 41-factor formula I designed. The formula… Read More

More Americans Catching Up on Credit Card Payments

Credit Cards

More Americans Catching Up on Credit Card Payments

More Americans Catching Up on Credit Card Payments

The number of charged off and delinquent credit card accounts declined for all major lenders in the U.S. once again in June, with both factors dropping to lows not seen in several years, according to the latest monthly statistics from Fitch Ratings. The number of charged off accounts – those 90 days or more behind… Read More

Frank Defends Embattled Financial Reform Law

Personal Finance

Frank Defends Embattled Financial Reform Law

Frank Defends Embattled Financial Reform Law

One-half of the Dodd-Frank financial reform law appeared at the National Press Club on Monday to defend the act’s far-reaching changes to the American financial system. Barney Frank, the bill’s co-sponsor-turned-beleaguered defender, blasted Congressional Republicans and banking industry leaders for trying to destroy rules he said will help everyone in the long run. And he… Read More

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