… to an article on Reuters , the recent recovery in the credit markets might be in trouble.  The Federal Reserve is getting some of the credit for the rebound by helping the credit markets recover.  One program that the Fed used to get credit flowing again is the Term Asset-Backed Securities Loan Facility, or TALF.  Now, many people are concerned as to whether or not the credit markets will be able to stand on their own at the end of December, because that is when the program is set to …

Tags: Asset-backed security Federal Reserve System Financial services TALF Term Asset-Backed Securities Loan Facility

According to an article in the Star-Telegram, the Federal Reserve expects that unemployment will top 10 percent and remain high for the next several years.

The article said:

In fact, most Fed policymakers said it could take “five or six years” for the economy and the labor market to get back on a path of full health in the long term. And, most officials saw “the economy as still quite weak and vulnerable to further adverse shocks.” …

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… your bank signed you up for costly “ over-draft protection ” that is costing you dearly? The Federal Reserve Board wants to hear your comments ( No Gotcha Fees ). Many consumers who are often facing foreclosure and bankruptcy are also discovering, the hard way that they have been signed up for “over-draft protection” programs without their knowledge an option many customers don’t want.

How It Works

Bank customers are often (with their knowledge) signed up for the most …

Permalink: /dallas_bankruptcy/the-federal-reserve-board-wants-to-hear-your-voice/

According to an article in the Dallas Morning News, the Federal Reserve is taking steps to help homeowners facing foreclosures save their homes. Under the Federal Reserve program, qualified homeowners facing foreclosure will be provided several options to avoid foreclosure such as:

*lowering the principal amount owed on the mortgage

*reducing the interest rate on the mortgage

*lengthening the term of the mortgage loan (i.e. 45 years …

Permalink: /foreclosures/federal-reserve-taking-steps-to-curb-foreclosures/

… a result, many consumers are taking the usual measures to finish riding out the recession.  The Federal Reserve announced that more consumers are spending less and saving more.  According to the Feds, the savings rate has increased to 6.9 in May.  Most of us are doing what we can to make it through the recession, as reflected by the savings rate.  In addition, the administration has promoted several programs to help people keep their homes, improve practices in the credit card industry, …

Tags: American Bankers Association Credit card Federal Reserve System Unemployment

… in the Dallas Morning News, President Obama has proposed sweeping changes in how our financial system is regulated. The President’s regulation plan, if approved, would give new powers to the Federal Reserve allowing it to oversee the entire financial system and would also create a new consumer protection agency designed to protect Americans from credit abuse.

The article quoted the President:

“ Mortgage brokers will be held to higher standards, exotic mortgages that hide …

Permalink: /foreclosures/president-obama-to-overhaul-financial-system/

The Federal Trade Commission (FTC) has proposed changes to the law that would prohibit so-called “ foreclosure prevention” companies from charging up-front fees for their services. 

“Homeowners facing foreclosure or struggling to make mortgage payments shouldn’t have to contend with fraud­ulent companies that don’t provide what they promise,” FTC Chairman Jon Leibowitz said. …

Tags: Federal Trade Commision foreclosure homeowners

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According to an article in the Star-Telegram, the Federal Housing Administration (FHA) has been terribly weakened by the foreclosure crisis and many analysts fear that the housing agency may need a taxpayer bailout.

The article said:

“On Friday, the FHA said its financial reserves had sunk below mandatory levels for the first time in its 75-year history. While officials insist the agency won’t require a taxpayer rescue, falling home …

Tags: Barack Obama Federal Housing Administration FHA foreclosure

Permalink: /foreclosures/federal-housing-administration-shaken-by-foreclosure-crisis/

The Federal Trade Commission (FTC) successfully sued three debt collection companies who scammed consumers into paying money they did not really owe.   A total of $1.6 million was recovered from the debt collection scammers and will be distributed to 24,916 consumers.

In 2003, the FTC sued three companies, operating under the name National Check Control, charging them with harassing and abusing …

Permalink: /breaking-news/federal-trade-commission-to-reimburse-consumers-scammed-by-debt-collectors/

While America has taken quite a beating in this economy, the bankruptcy system has done its job to keep things more stable than not.  What most Americans don’t realize is that Americas’ bankruptcy system is unique and generous to debtors while much of the world lacks a bankruptcy system or if they do have a bankruptcy system, it is inadequate in giving the debtor the type of debt relief that would truly give them a second chance. What exactly makes the U.S. …

Permalink: /bankruptcy/the-importance-of-america%e2%80%99s-unique-bankruptcy-system/

… Divins, a self-proclaimed foreclosure prevention specialist was sentenced to 350 months in a federal prison for bilking homeowners out of thousands of dollars. This foreclosure scammer was also ordered to pay $83,600 in restitution to her victims and will be placed under supervision for three years after she is released from jail.

The article said:

“On June 17, 2009, a jury convicted Divins of seven counts each of criminal contempt and mail fraud. The jury found that since January …

Permalink: /foreclosures/foreclosure-scammer-sentenced-to-federal-prison/

… Morning News, sales of new homes surged 9.6 percent in July, an increase driven by the $8,000 federal tax incentive for buyers.

The article said:

“The Commerce Department said Wednesday that sales rose to a seasonally adjusted annual rate of 433,000 from an upwardly revised June rate of 395,000. Sales are now up more than 30 percent from the bottom in January, but are still off nearly 70 percent from the frenzied peak four years ago.”

The federal tax incentive for homebuyers …

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