Trade Your House For a Shack? One Couple Did It

Mortgages

Trade Your House For a Shack? One Couple Did It

Trade Your House For a Shack? One Couple Did It

How would you like to trade in your 2,000 square foot home for a tiny shotgun shack? One happy couple did it, together with their teenage son. In a video originally posted on faircompanies.com and picked up earlier this week by Gawker, matriarch Debra (no last name given) provides a tour of her family’s teeny… Read More

Democrats Fight to Save 30-Year-Mortgages

Mortgages

Democrats Fight to Save 30-Year-Mortgages

Democrats Fight to Save 30-Year-Mortgages

Critics say a new law introduced by Republican U.S. Rep. Jeb Hensarling, designed to advance the rate at which the portfolios for Fannie Mae and Freddie Mac are sold off, would severely limit the number of 30-year fixed-rate mortgages available in the U.S., according to a report from MartketWatch. Experts recently testified before Congress that… Read More

More Consumers Turn to Short Sales on Underwater Homes

Mortgages

More Consumers Turn to Short Sales on Underwater Homes

More Consumers Turn to Short Sales on Underwater Homes

Short sales – selling a home for less than it’s worth as a means of avoiding foreclosure – are growing more popular, and becoming easier to complete, according to a report from the San Jose Mercury News. Just a year ago, such a transaction was a lengthy process, because it required bank approval. But now,… Read More

Soldiers Get $22 Million for Illegal Foreclosures

Mortgages

Soldiers Get $22 Million for Illegal Foreclosures

Soldiers Get $22 Million for Illegal Foreclosures

Two big banks will pay $22 million in monetary relief for illegally foreclosing on active-duty soldiers. Bank of America and Morgan Stanley foreclosed on 178 members of the military, in violation of the Servicemembers Civil Relief Act, according to the Department of Justice. The biggest part of the settlement comes against BAC Home Loans, formerly… Read More

FTC Shuts Down Debt Reduction Scammers

Managing Debt

FTC Shuts Down Debt Reduction Scammers

FTC Shuts Down Debt Reduction Scammers

Thanks to two recent settlements, marketers who sold consumers on deceptive claims that they could reduce credit card interest rates have been put out of business, according to a recent announcement by the Federal Trade Commission. The companies claimed, falsely, that they could reduce consumers’ credit card interest rates and lower their debts. They committed… Read More

Financial News Roundup: Women Have Poor Negotiating Skills, New Proposal Makes Homeownership Difficult

Mortgages

Financial News Roundup: Women Have Poor Negotiating Skills, New Proposal Makes Homeownership Difficult

Financial News Roundup: Women Have Poor Negotiating Skills, New Proposal Makes Homeownership Difficult

Today’s top news headlines feature a debate over whether women negotiate salary as effectively as men and reasons a new mortgage rule may reduce the number of mortgage applicants. Plus, find out what today’s college graduates hope for their futures. Obtaining A Job Trumps The American Dream, College Graduates Say The Huffington Post Fewer college… Read More

Follow Friday: Weekly Web Roundup (6/3/11)

Personal Finance

Follow Friday: Weekly Web Roundup (6/3/11)

Follow Friday: Weekly Web Roundup (6/3/11)

A common thread in this week’s Follow Friday Weekly Web Roundup— and in the financial product industry as a whole— is “borrower beware.” Building credit and having a nice cash flow for the finer things in life are fantastic achievements, but in order to get there we caution everyone to be certain of what you’re… Read More

Retirement Account Loans: The New Home Equity Loan?

Mortgages

Retirement Account Loans: The New Home Equity Loan?

Retirement Account Loans: The New Home Equity Loan?

In the early- to mid-2000s, millions of home owners drained tapped their home equity to pay for home renovations, college educations for their children and, in some cases, even frivolous spending like vacations. But around 2007-2008, when the housing bubble burst, most lenders shut that spigot off. Now it looks like retirement account loans could… Read More

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