Printing Money to Ease Their Pain.News that the Federal Reserve Bank turned an $82 billion profit by investing money it prints - and then claiming pure profit on such investments - made Wall Street giddy. To be accurate, the Fed doesn't physically print the money. The Federal Reserve Act of 1913 authorizes the Fed to direct the Treasury to print money. The Treasury charges the Fed 2.3 cents … [Read more...]
Credit Report Backstory: Explaining Your Negative Credit Score
How a good financial manager can use your credit history backstory to reverse an initial credit rejection.Interview with credit report expert Joe Stallard.Joe shares a story about a client who lost several rental homes and cars due to a case of mistaken identity - but it's definitely not what you think. Listen and enjoy."A really good financial manager - whether auto or … [Read more...]
Mortgage Modification – How Banks Take Homeowners for a Ride
Mortgage Modification. More like Mortgage Mortification.My friend Sue lost her primary source of income in early 2009 with one day's notice. That's when she decided to apply for mortgage modification assistance through her bank - Wells Fargo/Wachovia.Show Date: June 17, 2010The key criteria for receiving mortgage modification approval at Wells Fargo/Wachovia - like most banks … [Read more...]
Upside Down in Your Mortgage? Cons & Pros in Walking Away, Mailing Keys to Your Bank – 5 Million Under Water.
What are the cons/pros in walking away from your mortgage? Should you allow your property to be foreclosed, mail your keys to the bank - or not? Over 5 million people own homes currently valued at 75 percent or less of what is owed."It would cost about $745 billion, slightly more than the size of the original 2008 bank bailout, to restore all underwater borrowers to the point where they were … [Read more...]
Mortgage Refinancing Delays, Frustrations, Rejections
Homeowners who hit a wall of mortgage refinancing delays, frustrations and rejections. Feedback from our readers.Show Date: November 25, 2009Paperwork that should have been completed in weeks can take months - assuming the refinance papers aren't lost, the person in charge hasn't been fired and/or the bank doesn't drown the homeowner in an ocean of new or impossible demands.Scott … [Read more...]
Mortgage Refinancing Nightmares: Bank of America. Villa Appalling.
Mortgage refinancing and mortgage financing nightmares courtesy of Bank of America. Does it get more appalling? These mortgage horror stories were recounted on Consumer Affairs. Julius of San Diego CA (04/03/09) I live in San Diego, but do not own a home here. I wanted to purchase a home in Tennessee. I went online and started the BOA No Fee Mortgage process. A BOA representative called me, … [Read more...]
Mortgage Fallout and Fraud
Predatory lending, greed & panic in the financial markets by Joe StallardUnless you’ve been living in a cave, you’re probably vaguely aware of the current meltdown that’s recently hit the financial world.The effects of the mortgage industry debacle have been far-reaching and not always welcome.As lenders rushed to build their portfolios based on bad business models, greed and … [Read more...]