FHA’s Foreclosure Backlog an All-Time High

Mortgages

FHA’s Foreclosure Backlog an All-Time High

FHA’s Foreclosure Backlog an All-Time High

As fallout from the housing crisis continues, the Federal Housing Administration recently reported a record backlog of nearly 176,000 homes in foreclosure. That’s 27% more than the agency had at the end of 2009, and represents 8.78% of all the mortgages the FHA holds. [Related Story: Regional Banks Still Stuck with Foreclosures] The growing number… Read More

Financial News Roundup: Healthcare Reform Sparks Confusion, Mortgage Scams Arise

Personal Finance

Financial News Roundup: Healthcare Reform Sparks Confusion, Mortgage Scams Arise

Financial News Roundup: Healthcare Reform Sparks Confusion, Mortgage Scams Arise

Today’s top news headlines feature words of caution to prospective homebuyers who engage in bidding wars and a new study that highlights Americans’ lack of understanding over the new healthcare laws. Plus, find out how scammers are taking advantage of troubled homeowners. Homebuyers Discouraged From Bidding Wars The New York Times A recent study suggests… Read More

Credit Card Q&A: What’s the Best Credit Card for a Balance Transfer?

Credit Cards

Credit Card Q&A: What’s the Best Credit Card for a Balance Transfer?

Credit Card Q&A: What’s the Best Credit Card for a Balance Transfer?

Credit question: What’s the best credit card for a balance transfer? Answer: The answer to this question depends a great deal on your credit score. If you have excellent credit—at least a 750 FICO score—you have options for credit cards with better balance transfer terms. The Citi® Platinum Select® MasterCard® offers a zero percent introductory… Read More

Finally, Bank Villains Are Named

Mortgages

Finally, Bank Villains Are Named

Finally, Bank Villains Are Named

Ever since the great financial collapse of 2007, many Americans have wondered why no bank leaders have gone to prison or faced other serious penalties for their role in destroying the economy. The wait finally may have ended. The Federal Deposit Insurance Corporation unveiled a lawsuit this week against the former CEO of Washington Mutual… Read More

Credit Card Charge Off Rate Rose in February

Credit Cards

Credit Card Charge Off Rate Rose in February

Credit Card Charge Off Rate Rose in February

The industry-wide rate of charge offs – accounts 90 days or more behind and deemed irretrievable by lenders – rose overall for all major U.S. credit card issuers in February, according to the latest monthly statistics from Moody’s Investors Service. However, the increase, to 7.56 percent from the 7.45 percent observed in January, was not… Read More

Multiple Fronts in Mortgage Industry War

Mortgages

Multiple Fronts in Mortgage Industry War

Multiple Fronts in Mortgage Industry War

If you have a mortgage, or if you ever plan on buying a home, big changes are afoot that could change how much you pay, and in the repercussions for falling behind on your payments. At the state level, a coalition of attorneys general and other state banking regulators has issued the mortgage servicing industry… Read More

Equifax, Experian and TransUnion-Which Bureau Will Your Lender Use?

Credit Score

Equifax, Experian and TransUnion-Which Bureau Will Your Lender Use?

Equifax, Experian and TransUnion-Which Bureau Will Your Lender Use?

In the U.S., there are three major credit reporting agencies (Equifax, Experian and TransUnion) that collect credit-related information on you. Lenders use this information to evaluate your credit worthiness when you apply for a loan.  Why are there three agencies?  Do lenders access all three of your credit reports when you apply for a loan? … Read More

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