Hit hard by the implosion of the housing market, several states are considering filing lawsuits again major mortgage lenders, charging them with fraud. States such as Arizona and Florida have been frustrated with banks’ inability to slow down or prevent foreclosures and their unwillingness to handle mortgage modifications. States can now take action [...]
The $8,000 federal tax credit available to first-time home buyers is set to expire on November 30th of this year. The looming expiration date has home buyers and agents scrambling to get deals done while the credit is still available.
The rebate, passed as part of February’s stimulus package, is available to anyone who has [...]
For the second time since August, the Federal Reserve has opted to slow down emergency lending programs designed to boost the economy. The decision indicates the Fed is moving its stance from managing the financial crisis to nurturing an economic recovery.
The original goal was for the Fed to buy $1.45 trillion in mortgage-backed securities [...]
American banks knew ahead of time that real estate loans with high risk – known as sub-prime loans – would degenerate into a crisis says Yuliya Demyanyk, an economist at the Federal Reserve.
What was surprising for banks was the trigger time and the scale of crisis, says Demyanyk. “Most likely, the crisis was not [...]
In the current financial climate if you have a heavy burden of debt then you could be kept awake at night worrying how you are going to pay back the money that you borrowed. The stress is exacerbated when you are in debt and you have just been made redundant. More than twenty thousand people [...]
American International Group (AIG) plans to sell its central headquarters of operations in Japan, for about 1 billion dollars to a Japanese insurance company, according to a source close to the transaction.
The transaction would represent one of the biggest sales of assets runed by AIG, to repay government debts created after the state aid received [...]
The ideal rate of interest for the American economy in the current conditions would be minus 5%, according to an internal study prepared for the last meeting of strategists of the Federal Reserve Bank, writes The Financial Times. The interest rate impacts home loans, credit cards, and more.
The analysis was based on an approach [...]
The U.S. economy is giving signs of slow but steady growth, announced the International Monetary Fund (IMF).
“There was an improvement in confidence in the business environment, signs of stabilization on mortgage market, but it is still early and should not expect a return on the increase too soon “said Charles Collyns, deputy director of the [...]
Banks go bankrupt, stock exchanges fall, and people lose their homes and jobs. There are many indirect effects that can make your life hard: inflation, a volatile exchange rate, growth rates on loans, rising prices and so on.
Look what you can do to get better with the crisis:
1. Do not dramatize. Don’t panic. Periods of crisis [...]
