Right now, most credit card consumers are required to agree to mandatory arbitration when disputes arise in order to receive their credit card.  But according to an article in the Dallas Morning News, mandatory arbitration clauses in credit card agreements and other consumer agreements may be in its final days.

The article said:

“…the Obama administration’s proposal to create a Consumer Financial Protection Agency includes giving the agency broad authority …

Tags: American Arbitration Association Arbitration Bank of America Business Credit card JPMorgan Chase

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… have the power to modify a toxic mortgage in bankruptcy.  In a letter from The Mortgage Bankers Association to Congressional leaders, mortgage bankers expressed their outright opposition to a mortgage bankruptcy “cram-down” amendment in the Wall Street Reform and Consumer Protection Act that would give homeowners the power they need to modify toxic mortgages in bankruptcy.

It shouldn’t surprise the average American homeowner, especially those facing foreclosure, that the letter …

Tags: foreclosure Mortgage Bankers Association

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According to an article in the Star-Telegram, American Airlines has cut its fleet from 900 planes to 600. Because it has fewer planes, the company announced 700 job losses and the closure of its Kansas City maintenance base. The job losses will affect mechanics, engineers, management as well as union and non-union workers. No job losses have been announced for the Fort Worth maintenance facility; but if the airline industry continues to …

Tags: American Airlines Job Loss

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According to an article in the U.S. News and World Report, the American Bankers Association announced record high delinquencies in consumer loans.  They attribute the increase to the almost 6-million jobs lost since the beginning of the recession.  Delinquencies are not limited to a particular type of loan.  The highest rate of delinquencies is in home equity loans.  They have gone from 3.03 percent to 3.52 percent.  Delinquencies have also increased …

Tags: American Bankers Association Credit card Federal Reserve System Unemployment

According to an article in the Dallas Morning News, American Airlines in implementing job losses as it attempts to avoid bankruptcy and dig itself out of a financial hole. Approximately, 921 flight attendants at American Airlines will face unemployment, while 228 other employees will be furloughed.  Already, 224 employees have taken two-month involuntary leaves in lieu of job losses. In June, American Airlines warned that it would probably …

Tags: American Airline Employment

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According to an article in the Star-Telegram, American Airlines is experiencing more job losses, cutting 323 flight attendants by the end of the month as they downsize their operations by 7 percent due to shrinking demand for travel. The Fort-Worth based airline cut over 800 flight attendants last year due to the recession and is in the process of cutting more labor costs as it struggles to survive and avoid bankruptcy. The current move …

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If there ever was a time when the average, hard-working American homeowner needed a little help, it’s now. The economy is a complete and total mess. The financial markets are near collapse! Unemployment is at a 5-year high, and foreclosures are at record levels. But right now those that claim to represent the best interests of the average American working stiff, the small mom and pop shops and the senior citizens who depend on the stability of our …

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Last year the Obama administration created the American Recovery Capital lending program which is providing $255 million in emergency loans until September for “viable” small businesses facing immediate financial hardship. Businesses facing financial problems could receive deferred payment loans of up to $35,000 interest-free for five years.  However the program has not worked out as many had hoped and it may not provide much relief for …

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… that they mistakenly believed would become immediate “cash cows.” The major problem facing American businesses is their overleveraged position, weak sales and the lack of credit available for expansion or investments. Many are married to expensive labor contracts and vendor agreements that are proving to be less than lucrative in the down market.  Companies such as GM and Chrysler have already used Chapter 11 bankruptcy to free themselves from these agreements and reorganize their …

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… to alleviate many of the problems with student loans.

According to an article in the Austin American Statesman, “A National Association for College Admission Counseling survey released this month showed 71 percent of high schools reported that more of their students are forgoing their “dream schools” than in previous years.”  More students are opting to stay at home (or closer to home) and attending cheaper, public universities for undergraduate studies.

Karen Copetas, the …

Tags: Education National Association for College Admission Counseling Student Undergraduate education United States

… Originally, the government’s foreclosure program was supposed to save over a million American homeowners from foreclosure; but so far, only about 190,000 homeowners have received modifications designed to stop foreclosure. Millions more wait (often in vain) for a return phone call or letter from their lender regarding a modification of their mortgage so that they can avoid foreclosure. Right now there are 2.4 million Americans in foreclosure with very little hope of receiving …

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There are approximately 59 million Americans living in association governed communities and according to an article in the Star-Telegram, many of them are facing foreclosure because of past due homeowners association dues.

The article said:

Thousands of Americans who have generally kept up with their mortgages are still in danger of losing their homes because they made a fateful trade-off in this shaky economy — they let their homeowner …

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