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.
The U.S. Treasury Department announced on Wednesday efforts to increase transparency and accountability for the Troubled Asset Relief Program (TARP) and “a new policy of posting investment contracts for future completed transactions to the Department’s website within five to 10 business days.” Treasury Secretary Tim Geithner said, “In the coming weeks, we will unveil a … Read more
The Federal Trade Commission announced yesterday that almost $28 million was returned to about 86,000 consumers as part of a settlement with the Bear Sterns Companies, LLC and EMC Mortgage Corporation. The September 2008 settlement was in response to charges that the companies engaged in illegal practices in servicing consumer mortgage loans – by misrepresenting … Read more
As a whole, American consumers have become much more educated in the past few years about the threat of ID theft. We’ve really stepped it up to protect ourselves from this widespread crime – a crime that violates our privacy and can lead to serious financial problems through no real fault of our own. Smart … Read more
Today at noon eastern standard time Barack Hussein Obama became the 44th President of the United States of America. The inauguration of America’s first black President brought huge crowds to Washington, estimated at about 1.4 million to 2 million. Countless others who skipped going to Washington to witness the historic event in person tuned in … Read more
The Taxpayer’s Government Bailout For any of you who may have or are thinking about helping to rescue the real estate market by buying your first house, be aware of the interest-free loan that you may be eligible for from the IRS – in the form of the first-time homebuyer’s credit. In general, a credit … Read more
The Internal Revenue Service announced yesterday that the e-file program will open on January 16, 2009, with new features that expand access to electronic filing to help taxpayers get their refunds quicker. E-filed tax returns are safe – all tax information is protected through encryption. Plus, the tax preparation software used to e-file helps prevent … Read more
Housing downturn sees no end as majority of new loan applications are for refinance. The Mortgage Bankers Association (MBA) reported today that mortgage loan application volume was up 15.8% from the previous week, on a seasonally adjusted basis. This measure of the Market Composite Index was for the week ending January 9, 2009. On an … Read more
Since December 11, 2008, Wachovia Bank began mailing restitution checks totaling more than $150 million to victims of telemarketing fraud. The checks are reimbursement for payments taken from Wachovia Bank customer’s accounts, authorized without the customer’s approval or knowledge, by fraudulent telemarketers and their payment processors. This restitution is part of a settlement for allegations … Read more
The nation’s economic troubles are taking its toll on consumers carrying too much debt – delinquencies are rising among many types of consumer credit accounts, as reported by the American Bankers Association (ABA) for the third quarter of 2008. Delinquencies are counted as accounts that are over thirty days past the payment due date. The … Read more
In his weekly radio and YouTube address, President-elect Barack Obama reiterated the importance of moving quickly to stem the rising unemployment rate. He said, “It’s not too late to change course – but only if we take immediate and dramatic action. Our first job is to put people back to work and get our economy … Read more
