Fed Announces $800 Billion in Homeowner, Consumer and Small Business Aid

The U.S. Federal Reserve and Treasury Department announced yesterday (Tuesday) ... often taken for students, car owners, credit card ... in direct debt issued by those firms. Beginning next week, the Fed’s primary lenders will auction [more...]

Date: 2008-11-26 15:26:47

Blog posts (139) | Videos (9)
 

Restrictions on Wage Garnishment for Debt Collection

Many debtors that have defaulted on their credit card debt or other unsecured loans are concerned about their wages being garnished. Often collection agencies will threaten to turn your debt over to their ‘legal department’ ... for you… at no charge. The U.S. Department of Labor has developed The Federal Wage Garnishment Law [more...]

Date: 2008-11-30 16:13:23

The Case for Doing Nothing About Foreclosures

Should we do nothing about the foreclosure machine? That’s the argument today from Lex at the Financial Times ... -A mortgage delinquency numbers has been the $100bn worth of Federal tax rebate cheques distributed ... - the Countrywide solution - usually leads pretty quickly to failure, but reducing the amount of debt [more...]

Date: 2008-12-10 14:30:58

Permanent Link to Neiman asks, did the media steal Christmas?

Neiman asks, did the media steal Christmas? Comments (3) ... sponsored by Financo Inc during the annual National Retail Federation conference in New York, attended ... start making interest payments on some of its senior notes by issuing more debt, rather than using [more...]

Date: 2009-01-13 21:47:27

American Opportunity Tax Credit

As a general rule, I typically oppose almost all federal government spending on anything other than the responsibilities expressly outlined in our Constitution. I believe that such expenditures result in waste, corruption, debt and a limiting of the right to “life, liberty and the pursuit of happiness”. Much of government sponsored financial aid has really only served to drive up the price of a college education and increase the amount of our national debt. [more...]

Date: 2009-09-23 11:00:09

Washington’s Spending Addiction

Just in case you didn’t realize it, Washington has a spending problem. And this problem paves the way for a myriad of dismal scenarios. Last month, the White House released updated budget numbers that are downright scary . The Obama Administration is projecting a federal deficit of $1.6 trillion this year and his budget would create $9 trillion in budget deficits over the next decade – more debt than America accumulated from the Presidencies of George Washington to George W. [more...]

Date: 2009-09-25 02:10:02

Fed Sees Economy Improving, Slows Buying of Mortgages

The Federal Reserve said that the US economy was in recovery after a severe downturn and decided to slow purchases of mortgage debt to extend that program’s life until the end of next March. Bonds Erase Losses as Fed in For Long Haul Klik her for at læse hele nyheden [more...]

Date: 2009-09-23 19:55:03

Recent Bankruptcy? It’s Not Impossible to Obtain a Home Loan

Because the new bankruptcy laws go into effect on October 17, 2005, more Americans than ever are filing for relief using the federal bankruptcy laws ... discharge. Ironically, some those that would not previously qualify for a mortgage do qualify after ... payments. The DTI* (debt-to-income) ratio of this person is 81.25%. Since his credit score is low [more...]

Date: 2009-01-15 00:11:26

Put an experienced VC in charge of the TARP funds

News Report: BofA to access more TARP funds Not that it should come as a complete surprise, but Bank of America (BAC:NYSE) ... is close to getting billions of dollars more in federal support from taxpayers. As Congress debated ... -elect is being sworn in? In the venture capital world at least, VCs and venture debt lenders alike [more...]

Date: 2009-01-15 15:37:09

Researching A Refinance

Refinance now, secure your future! When the Fed dropped its target federal funds rate to 0.00% - 0.25%, one of the other things it said was that it would be buying up long term debt. This, coupled ... like we’ve hit that sweet spot to at least warrant investigation. Our Mortgage Situation My current [more...]

Date: 2008-12-22 14:43:01

OMG Obama's Spenders Need a Debt Reduction Counselor, Says ND Democrat

There's nothing funny about OMG Obama's spending habits but this is pretty hilarious. Laugh while you can, bitches. Save them, Byron Dorgan! NPR : The Federal Reserve said Friday it's drafting a plan that, for the first time, would police compensation for investment bank employees. Fed would try to encourage long-term investment strategies over short-term risk-taking by financial institutions. President Obama has urged Congress to pass tougher regulations on the financial industry. [more...]

Date: 2009-09-22 17:00:00

Weekly remarks: GOP sees more taxes, debt in healthcare reform; Obama sees progress at UN

Weekly Republican Remarks by Rep. Johnny Isakson of Georgia, as provided by the Republican National Committee Hello, I'm Senator Johnny Isakson from Georgia. First, I want to send my condolences to the families of those who have lost their lives in the floods that have devastated my home state this past week. I am working with Senator Saxby Chambliss , Governor Sonny Perdue and the administration to bring federal assistance to those who have suffered damages. [more...]

Date: 2009-09-26 10:00:00

Police: Debt Collector Stole Identities

Posted on Thursday, 10 of September , 2009 at 4:32 pm NEWSTEAD—An Erie County debt collector is under arrest for allegedly stealing identities through her employment. Hope M. Dunlap, 38, of North Main St., Newstead, has been charged with first degree scheme to defraud and identity theft, both felonies. State Police said they were alerted to suspicious online loan payments by a local Federal Credit Union. [more...]

Date: 2009-09-10 21:32:44

No Pork, Part II (by Russell Roberts)

Obama is aware that a few people might be skeptical of the government's ability to spend 500 or so billion dollars quickly and wisely ... be a piece of cake: The mounting debt has raised an alarm on Capitol Hill, where some Republicans ... of the late-1980s, when overspending automatically triggered across-the-board cuts to federal programs [more...]

Date: 2009-01-07 15:50:01

Is It Time For A New Mortgage Calculator

If You Get A Call From Your Mortgage Company Realtor Federal and State laws are on the side of those who are in the unfortunate predicament of ... and respectability–as long as a collection agency is the one at hand, not the original creditor. Most people ... or personally involved in it. And very few realize that debt collectors are comprised of debt [more...]

Date: 2008-11-29 02:38:23

Michael Vick To Be Released Soon - So Should He Be Allowed To Play In The NFL Again?

He’s been in federal prison for the past 13 months for his well publicised and hideous crime of dog fighting ... just like any other criminal: NORFOLK, Virginia (AFP) — An attorney for former American football star ... of such a horrid thing? Yes, he should. It’s called “paying your debt to society”. And hoo, boy, he just paid [more...]

Date: 2008-12-22 14:04:41

GM and Chrysler get US$17.4 billion bailout

They’ve done it, the Detroit boys have managed to secure federal emergency loans to execute their plans to stay afloat ... stock, firms must accept limits on executive pay and eliminate perks such as corporate jets, debt owned ... and emissions requirements, and firms must not issue new dividends while in debt with the government. Ford [more...]

Date: 2008-12-21 09:09:13

The Federal Government may be counting on Middle America's spending to shore up the economy, ... accounts. In the past few months, we've begun paying down debt and putting money aside for a rainy day ... , there's no ladder tall enough to help them see over the top. Some have ended up in this position [more...]

Date: 2009-01-15 14:26:27

Daschle-care: bringing everything you hate about the Federal Reserve to healthcare

Dana Blankenhorn seems to have missed the fact that the Federal Reserve is one of those institutions that one should not cite as an example of ... , for better collection and better presentation, is a never-ending preoccupation for Fed policymakers ... debt is at any particular time, but my spending habits are well outside the scope of their role [more...]

Date: 2008-11-26 16:46:30

Are there any disadvantages to getting a consolidation loan?

YES, there could be. Consolidation is used as a debt management tool and is ideal for those who are having difficulty making their monthly payments ... market at the wrong time. If you happen to consolidate your federal loans when the interest rate is high than you are stuck with that rate. You can not consolidate your loans again at a later date [more...]

Date: 2008-12-29 21:46:40

Why Bother Becoming a Bank?

Last week the Federal Reserve Board gave GMAC, the mostly spun-off financial arm of General Motors, permission to become a bank ... the Troubled Asset Relief Program (TARP). Today the Times reports that GMAC, which loans money to car ... things, it has to convert 75 percent of its debt into equity and shrink the share of the company owned [more...]

Date: 2008-12-29 16:47:00

Debt Rattle, December 4 2008: The throws of a drunken darts player

National Photo Co Cabbage 1918 Washington, D.C., Food Administration: Making sauerkraut Ilargi: ... , and do so exponentially. Whether automakers get their federal billions or not, they won’t be able ... its limits. I've been thinking about the impossible conundrum that the autoworkers union, the UAW [more...]

Date: 2008-12-04 23:54:24

THINKING ABOUT TOMORROW

Social Security and Medicare are on a course to eventually crowd out every other government program or usher in a significantly larger federal ... and local governments. Suppose Social Security and Medicare were ended tomorrow -- collecting ... the liability owed to those nearing retirement (55 and older) more than doubles the accrued debt [more...]

Date: 2008-12-03 13:36:58

Will the Last Honest Bank Please Stand Up?

Reuters reported that Bank of America is close to receiving billions of dollars more in federal support.  This money will come from……TAXPAYERS.  Bank of America made the decision to buy Merrill Lynch and Countrywide last year when the financial crisis was in it’s infancy.  Bank of America KNEW that Countrywide was deep in debt due [more...]

Date: 2009-01-16 01:41:45

Federal Home Loan Bank of Seattle Suspends Dividend

The FHLBs are probably about to become a huge story. From Bloomberg: Seattle FHLB Likely Short of Capital on Mortgage Debt (hat tip Brian) ... and “excess” stock repurchases, after the declining value of mortgage bonds likely led ... with the U.S. Securities and Exchange Commission today. ... The FHLB system has $1.25 trillion of debt, making [more...]

Date: 2009-01-13 16:19:46

Larry Summers Sounds Alarm, Urges Aggressive Federal Intervention to Rescue Economy

Larry Summer's latest comment at the Financial Times, "What we can do in this dangerous moment ... of containing inflation and relying on growth increasingly fueled by debt and financial innovation rather than rising worker incomes. Palley has argued that that program is inherently self limiting [more...]

Date: 2008-06-30 02:59:03

Tight budgets and corrections priorities

Federal budget numbers are always flabbergasting to me and I can only react with awe to the news that the 2009 federal deficit totaled $1.2 TRILLION, with a big, fat, capital "T."Most state budgets including Texas, OTOH, must balance themselves or else request specific debt approval from voters in bond elections, so state budgets [more...]

Date: 2009-01-07 17:34:00

TARP II: The Wrath of TALF

In normal times the Federal Reserve responds to crises by using teeny, gold-plated hydraulic levers to raise and lower interest rates ... which it will lend up to $200 billion to support the issuance of debt backed by consumer and small-business debt -- such as credit-card loans, student debt, auto loans and loans backed by the Small [more...]

Date: 2008-11-26 15:35:02

Come on baby- stimulate me

And that is probably the 1 millionth blog with that title today. Forgive me, I couldn’t resist ... infrastructure elements that are going to be subsidized by federal money? I wonder how long those jobs ... do with that much money. I guess I should put it toward the $50,000 in debt I am just with credit cards and medical [more...]

Date: 2009-01-16 04:30:13

Obamanomics - The Not New Deal

Based on Mr. Obama's speech yesterday, the federal government plans to spend it's way out of this recession mounting a trillion dollar or more ... much worse, and subject our children and their children to an unbelievably enormous debt ... people to spend and accrue more debt is a path to further destruction. The way out of debt [more...]

Date: 2009-01-09 17:15:00

The U.S. Dollar: A Federal Reserve Thingy

by The Mogambo Guru The front of a recent issue of Barron's asks, "Are Treasury Bonds Safe? ... , "This means that anybody who is buying any debt - when the central banks of the world are creating more and more money and credit at such astronomical rates - is a real moron, or lunatic, or both [more...]

Date: 2009-01-07 21:29:29

Consumer deleveraging: only just begun?

Yesterday, the Federal Reserve reported that outstanding consumer credit for November fell a worse-than-expected $7.9 billion, lending support to the notion that the consumer is deleveraging. However, based on the accompanying graph of year-over-year changes in consumer credit and mortgage debt relative to GDP [more...]

Date: 2009-01-08 06:26:08

Debt Rattle, November 22 2008: Ordinary People

Timothy H. O'Sullivan Hero July 1863 John L. Burns, the 'old hero of Gettysburg,' with gun and crutches. Born ca. 1793, a 70-year-old veteran of the War of 1812 when he was wounded in the Battle of Gettysburg, having volunteered his services as a sharpshooter to the Federal Army. Died of pneumonia in 1872 [more...]

Date: 2008-11-22 20:20:22

Today in Russian Business - Nov 25, 2008

The federal budget has given the Deposit Insurance Agency $7.2 billion to protect troubled banks. Advantages of devaluing the ruble: make Russian exports more attractive. Disadvantages: deplete the foreign reserve fund. As banks let go more and more workers, debt collectors are seeing [more...]

Date: 2008-11-25 11:31:13

Bush Approves $17.4B Greenless Bailout for GM, Chrysler

President Bush has announced the federal government will provide $13 ... , the government will demand immediate repayment. Ford is not seeking immediate aid. Treasury Secretary ... compensation and eliminate perks such as corporate jets. Debt owed to the government would be senior [more...]

Date: 2008-12-19 17:30:34

Will the Federal Government Provide Bankruptcy Financing?

One topic we've mentioned from time to time is the near disappearance of the debtor in possession financing market and why that is a more serious ... to other debt, to pay all those bills during the Chapter 11 process. No DIP, no Chapter 11 for a lot [more...]

Date: 2008-11-25 06:35:10

All Your Home Loans Are Belong To Us To Boost Liquidity

"The Federal Reserve Bank of New York started buying mortgage-backed securities today as part of a $500 billion program to support the U.S ... . housing market." ∙ New York Fed Begins Purchases of Agency Mortgage Debt Bloomberg ... [more...]

Date: 2009-01-05 15:05:08

The Reckless Federal Reserve, Bernard Madoff and Elihu Root: Lessons for Today

The Federal Reserve has now moved to escalate even further its inflationary jihad in a vain and highly dangerous attempt to “stimulate” the economy ... to buy up mortgage-backed debt and consumer debt, the balance sheet will be up to about $3 trillion [more...]

Date: 2008-12-20 22:14:32

Fed Move Takes Rate Markets Into Unexplored Terrain

The Federal Reserve’s unprecedented switch to a range for its key target rate has propelled rate markets into uncharted territory ... of programs, from purchases of agency debt to mortgage-backed bonds to the possible purchases of Treasurys [more...]

Date: 2008-12-17 17:00:26

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