FDIC urges buyers of failed banks to offer temporary mortgage aid for unemployed borrowersWASHINGTON — The Federal Deposit Insurance Corp. is encouraging companies that buy failed banks with troubled home loans to extend temporary help to people who have lost their jobs and can’t pay their mortgage bills. Meltdown 101: Why has Obama administration’s housing plan fallen short of high hopes?WASHINGTON — The government set expectations sky-high earlier this year when President Barack Obama launched an effort to help up 7 to 9 million homeowners avoid foreclosure. Perdue signed NC law boosting consumer protections on foreclosures, debt collectionsRALEIGH, N.C. — North Carolina consumers soon will have new protections from foreclosures and intimidating debt collection practices. Report says 19 percent of eligible borrowers offered help through Obama loan aid planWASHINGTON — The Obama administration’s $50 billion mortgage relief program is finally picking up speed after a sluggish and disappointing start: Nearly early one in five eligible homeowners have been offered help so far. After housing meltdown, buyers hold the power _ and old-fashioned rules returnThe American dream of homeownership is still attainable. Buyers just have to deal with a new set of realities. Federal Reserve says consumers slash borrowing by record $21.6 billion in JulyWASHINGTON — Consumers slashed their borrowing in July by the largest amount on record as job losses and uncertainty about the economic recovery prompted Americans to rein in their debt. Even if shoppers’ willingness to spend returns, ability likely to be constrained for yearsCHICAGO — A year after “shop ’til you drop” stopped, the nation fixates on this question: Will consumer spending ever return to pre-recession levels? Anatomy of a meltdown: How the financial crisis unfolded in 5 terrifying weeksNEW YORK — The nation was focused on a tropical storm spinning off the Carolinas and a hurricane headed for Florida. People were gaming out how a political novice named Sarah Palin might upend the presidential campaign. American Capital gets notice of acceleration on $393 million of notesBETHESDA, Md. — Investment firm American Capital Ltd. said it received notice for payment on $393 million of its privately placed notes. Standard & Poor’s lowers rating on some Continental debt, citing declining aircraft valuesNEW YORK — Standard & Poor’s on Wednesday lowered the rating on some of Continental Airlines Inc.’s debt to a lower degree of junk status, citing declining aircraft values. More auto loan payments fall behind in 2nd-qtr than last year, but rate improves from 1st-qtrNEW YORK — The rate at which people were late making auto loan payments rose in the second quarter as consumers struggled amid rising job losses. SPIN METER: College aid bill may fall short of promises to send millions more to collegeWASHINGTON — President Barack Obama says a bill in Congress would help him send millions more Americans to college. But the measure may fall short of Obama’s goal. Rate of missed credit-card payments up from last year, but better than in 1Q, TransUnion saysNEW YORK — The rate at which credit card holders fell behind on their payments was far worse in the second quarter than it was last year, but did improve sharply from the alarming level seen in the first three months of 2009. Cities, states promote last-minute negotiations to ease rising tide of foreclosuresLOUISVILLE, Ky. — Peter and Gina Fochtman sat stone-faced at the courtroom table. Across from them was the man who could determine their family’s future: an attorney for the bank trying to foreclose on their home. Regulations aimed at making credit card policies clearer may reveal higher fees, ratesNEW YORK — The rules your credit card company operates by will start getting much clearer on Thursday. But just because you’ll know what they’re up to doesn’t mean you’re going to like what you learn. Meltdown 101: What kind of credit card reforms are starting to kick in this week?NEW YORK — New rules meant to give credit card users more information and stop policies that many consider abusive are starting to take effect. Customer files lawsuit against Wells Fargo over reductions in home equity lines of creditNEW YORK — The banking unit of Wells Fargo & Co. is facing a lawsuit claiming it illegally reduced the size of customers’ home equity lines of credit. Managing your credit; your spouse may think your job loss is a blessing; sleep distractionsSWIPING PLASTIC: It can sometimes be difficult to make a purchase if you don’t have a credit card — or impossible, in the event that you need to make a hotel reservation or rent a car. Credit card companies see slight improvement in credit trendsDES MOINES, Iowa — Most major credit card companies say fewer customers defaulted on their accounts in July, but that doesn’t necessarily mean they’re financially better off. TransUnion data shows number of homeowners 2 months past due on mortgages hit new high in 2QNEW YORK — The delinquency rate on U.S. mortgage loans hit an all-time high in the second quarter, but the pace of growth for the rate slowed, a possible sign the mortgage crisis may be beginning to turn the corner. TransUnion data shows mortgage delinquencies up in last 3 months of 2008 for 8th straight qtrCHICAGO — The number of people who were late making their mortgage payments shot up 53 percent in the fourth quarter of 2008 from the same period in 2007, according to data provided by TransUnion LLC. Some tips for protecting yourself when taking out student loansAs credit standards for private loans have tightened, some for-profit, or “proprietary,” colleges are now lending money directly to students. AP IMPACT: For-profit colleges boost enrollment by lending to students with shaky creditSome of the nation’s biggest for-profit colleges and vocational schools are boosting enrollment in tough times by making more loans directly to cash-strapped students, knowing full well many of them probably won’t be able to repay what they borrowed. Fed signals end of government debt-buying program; says economy ‘leveling out’WASHINGTON — The Federal Reserve delivered a vote of confidence in the recovery on Wednesday, declaring that economic activity is “leveling out.” The central bank also signaled that it would end one of its programs aimed at propping up the economy, and kept a key lending rate at a record low. Cash-strapped states cut grants to college students despite booming demand for financial aidMADISON, Wis. — Struggling with budget shortfalls that reach into the billions, several states are making deep cuts in college financial aid programs, including those that provide a vital source of cash for students who most need the money. Journal Register emerges from Chapter 11, appoints new board membersNEW YORK — Journal Register Co., publisher of the New Haven (Conn.) Register and other newspapers, said it has emerged from bankruptcy protection and secured new financing from its lenders, six months after making its Chapter 11 filing. Judge says Abramoff must get her approval to spend remaining tax refund and other moneyWASHINGTON — Imprisoned former lobbyist Jack Abramoff will have to get the court’s permission to spend what’s left of a half-million dollar tax refund and any more money he receives, a judge ruled Tuesday. AP INVESTIGATION: Corrupt border agents being busted more for taking bribes from smugglersMcALLEN, Texas —Corruption along the U.S.-Mexican border takes many forms. AP IMPACT: Busts of corrupt US border police rise as smugglers seek more protectionMcALLEN, Texas —Corruption along the U.S.-Mexican border takes many forms. Consumers borrow less for 5th straight month as they rebuild nest eggsWASHINGTON — Consumers paid down their credit cards and cut other debt in June for the fifth straight month as they rebuild savings battered by the recession. |
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