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.
American International Group, bailed out four times with up to $170 billion and now almost 80% government-owned, is under fire for paying executive bonuses last week to the very division responsible for the credit default swaps that nearly brought the company down. AIG argues that the bonuses were promised before the taxpayer bailouts to the … Read more
The Federal Trade Commission on Tuesday alerted consumers that the agency has received complaints about companies who claim to give consumers a free credit report. The credit reports these companies offer aren’t truly free – the consumer gets stuck with fees that are hidden in the fine print, or they are enrolled in memberships for … Read more
In his weekly address on Saturday, President Obama talked about the condition of the economy and steps the government is taking to turn it all around. Obama reminded us that 651,000 jobs were lost in February, for a total of 4.4 million jobs lost since the start of the recession. He mentioned that the unemployment … Read more
Scam artists are quick to exploit the ongoing economic crisis – by tricking taxpayers into believing the recently passed stimulus package has something in it for them. The Federal Trade Commission on Wednesday put out a warning about a number of internet scams claiming that individuals can claim government grants being paid out from the … Read more
We’ve heard plenty about the various methods identity thieves use to steal people’s private information. Some go dumpster diving, some come up with a ploy to trick consumers out of their private information, some steal wallets and mail. And some actually buy the consumer’s information directly from a consumer credit reporting agency. The Federal Trade … Read more
The New and Improved First Time Homebuyer Credit When last year’s $7500 first time homebuyer credit – which was actually a loan that had to be paid back to the government – didn’t do enough to stimulate the housing market, the American Recover and Reinvestment Act 2009 made the deal even sweeter. First of all, … Read more
The U.S. Treasury Department today unveiled the details of the “Making Home Affordable” loan modification program. “Only two weeks after the President unveiled his plan to help promote homeowner affordability, we are moving forward today with these guidelines to implement that plan,” HUD Secretary Shaun Donovan said. “This step forward represents a tremendous coordinated effort … Read more
The first month of the year saw a decline in pending home sales, according to a report released today by the National Association of Realtors. The pending home sales index for January at 80.4 fell 7.7% from a downwardly revised reading of 87.1 in December. The index is also 6.4% below January 2008 when it … Read more
Citigroup announced on Tuesday that the company has introduced the Citi Homeowner Unemployment Assist program. This is the latest program offered under Citi Homeowner Assistance, a multi-faceted program to help people avoid foreclosure and stay in their homes. “Citi understands that unemployment is a major concern facing the American economy right now, and it especially … Read more
The Federal Trade Commission – the nation’s consumer protection agency against fraud – reported on Thursday that identity theft was the number one consumer complaint for the ninth year in a row. Of the 1,223,370 complaints in 2008 to the FTC, the Better Business Bureau, the Federal Bureau of Investigation, and other agencies, 313,982 – … Read more
