Shhh! Mortgage bankers don’t want you to file bankruptcy. They don’t want you to file bankruptcy and they definitely don’t want you to 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 …

Tags: foreclosure Mortgage Bankers Association

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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

… modification of home mortgages But now that it’s time to pass the bankruptcy legislation the bankers, mortgage companies and their very powerful and wealthy lobbying machine is attempting to take their bail out and leave the ordinary homeowner hanging, or holding the "hot potato" of toxic mortgages and massive foreclosures. They don’t want ordinary American homeowners facing foreclosure to be able to modify those toxic mortgages in bankruptcy. Why? Because they believe that …

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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 …

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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 …

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… has dropped a requirement that consumers settle disputes through arbitration. In addition, the American Arbitration Association is no longer handling consumer-debt-collection disputes until new guidelines are established.”

These are huge develops pointing towards the elimination or restriction of mandatory arbitration for credit card consumers.  But unfortunately, at this point in time, most credit card consumers are required to sign mandatory arbitration clauses that close off …

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

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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… empty homes in areas hard hit by the housing crisis…Job losses have left more than 13 percent of American homeowners with a mortgage behind on their payments or in foreclosure, according to an August report by the Mortgage Bankers Association.”

Many analysts predict that we will experience yet another wave of foreclosures that will further impact the number of people living in unstable living situations.  If you have experienced a foreclosure and/or are living with friends or …

… 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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Credit delinquency rates are at all-time highs according to the American Bankers Association.

According to an article on Reuters, U.S. consumers are falling behind on loan payments at a faster rate than has ever been seen before.  The mounting number of job losses is seen as a major reason why delinquent payments hit an all time high in the first quarter on both credit card payments and home equity loan payments.

The American Bankers Association keeps …