Stay updated on financial news, market trends, and economic changes that affect your money. From interest rate hikes to government policy shifts, we break down what’s happening now—and what it means for your finances.
Homebuyers are choosing smaller homes than they had been in the previous year, according to a report released on Monday by the National Association of Home Builders (NAHB). The NAHB analyzed data recently released by the U.S. Census Bureau to find that the nationwide average for new single-family homes dropped to 2,438 square feet in … Read more
The amount of Troubled Asset Relief Program (TARP) funds paid back to taxpayers has exceeded the amount of TARP funds outstanding, the U.S. Treasury Department reported on Friday. The Treasury reports that through the end of May, TARP repayments have reached a total of $194 billion (there’s $190 billion outstanding). TARP repayment officially surpassed the … Read more
A so-called extended auto warranty company has been ordered to stop pitching their services upon allegations by the Federal Trade Commission that their product is misleading and deceptive to consumers. A temporary restraining order has been issued against Fereidoun “Fred” Khalilian and his company, The Dolce Group Worldwide, LLC, d/b/a My Car Solutions. The FTC … Read more
Two mortgage firms, Countrywide and Bank of America, have agreed to pay $108 million to settle charges that they misled and overcharged troubled homeowners who were falling behind on their mortgage payments, according to a report released by the Federal Trade Commission on Monday. The dollar amount represents one of the largest judgements imposed in … Read more
Residential mortgage delinquencies homes rose for the first quarter 2010 to a seasonally-adjusted rate of 10.06% of all loans outstanding, according to the National Delinquency Survey released last week by the Mortgage Bankers Association (MBA). Unadjusted, the rate of delinquencies fell from 10.44% in the fourth quarter of 2009 to 9.38% in the first quarter … Read more
The Federal Trade Commission announced today that approximately 3,500 consumers who paid for phony work-at-home scams will be sent checks worth a total of $95,000 in redress. The victims of the scam were misled by mass-mailings sent out by a company called EDI Healthclaims, the FTC said. Representatives of the “home-based business opportunity” tricked consumers … Read more
As the deep recession brought about severe job losses among workers, families have been struggling to manage on less income and cut costs in every way possible. And many Americans have dealt with a tough situation by reducing the biggest expense for any family – maintaining a separate household. According to a study released by … Read more
Despite widespread unemployment, consumers in the last half of 2009 have been working hard to pay their debts on time. According to the American Bankers Association (ABA) Consumer Credit Delinquency Bulletin, consumer loan delinquencies in the fourth quarter of 2009 fell in eight out of eleven loan categories. This was the second quarter in a … Read more
The nation’s unemployment rate hit 10% last year, and a long, two year global recession has threatened the financial security of families around the world. It comes as no surprise that state governments are the next to feel the painful effects of a shaky economy; less money being earned and less money being spent across … Read more
The Federal Trade Commission (FTC) testified today to the U.S. House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services that the agency has completed most of the consumer credit protection projects required by the Fair and Accurate Credit Transaction (FACT) Act of 2003, also known as FACTA. The FACT Act … Read more
