According to an article in the Star-Telegram, the government and many economists claim that the recession is in its waning days; but job losses tell a different story.

The article said:

“The government releases third-quarter Gross Domestic Product figures on Thursday. Many forecasters say they will show GDP growing at an annual rate of about 3 percent, validating a widely held belief among economists that the recession ended in June or …

Permalink: /job_loss_unemployment/job-losses-continue-to-rise-despite-government-recovery-claims-2/

According to an article in the Star-Telegram, the government and many economists claim that the recession is in its waning days; but job losses tell a different story.

The article said:

“The government releases third-quarter Gross Domestic Product figures on Thursday. Many forecasters say they will show GDP growing at an annual rate of about 3 percent, validating a widely held belief among economists that the recession ended in June or …

Permalink: /job_loss_unemployment/job-losses-continue-to-rise-despite-government-recovery-claims/

According to an article in the Star-Telegram, the government plans use shame (instead of Bankruptcy) to encourage the mortgage industry to modify more toxic mortgages and prevent foreclosure.

The article said:

“By publishing the names of companies that are lagging behind in the government’s plan to ease the housing crisis, officials are counting on public outrage to get the industry on track. The Treasury Department on Tuesday plans …

Permalink: /bankruptcy/the-government-plans-to-use-shame-instead-of-bankruptcy-to-stop-foreclosure/

… says borrowers who owe up 25 percent more than their home’s market value will qualify for government help refinancing their mortgages. The program currently is limited to borrowers who owe 5 percent more than their homes are worth.”

It’s good news that more homeowners will be eligible for the foreclosure prevention plan; but now we just need to convince mortgage lenders to participate. Millions of American homeowners are facing foreclosure despite the investments into the …

Permalink: /dallas_bankruptcy/more-adjustments-to-government-foreclosure-prevention-program/

The government has already “invested” over $75 billion to prevent a millions of foreclosures. But has that plan actually reduced the amount of foreclosures ? The short answer is no. The long answer is a little more complicated. Originally, the government’s foreclosure program was supposed to save over a million American homeowners from foreclosure; but so far, only about 190,000 …

Permalink: /dfw_metro_bankruptcy/are-government-foreclosure-prevention-programs-failing-the-american-homeowner/

According to an article in the Star-Telegram, President Obama wants to create a package of government approved loans that will present less risk and confusion for borrowers and possibly prevent another foreclosure crisis.

The article said:

“If the Obama plan for simplifying the mortgage process is approved, here’s how it might work:

The government would give its seal of approval to a handful of mortgage types – a standard 30-year fixed-rate mortgage and perhaps a few …

Permalink: /foreclosures/president-obama-hopes-to-create-government-approved-mortgages/

… beginning to show glimmers of hope.

Geithner said the new program will initially seek to harness government and private resources to purchase a half-trillion dollars of bad assets off the balance sheets of banks and said he expects that purchases eventually could grow to $1 trillion.

Supposedly this “bad assets” shopping spree will relieve banks of bad debts which will free them to loan more money to the American consumer. But is that what we really need? And will it really work? …

Permalink: /breaking-news/government-to-buy-banks-bad-assets/

… – that agree to participate. Suppliers to those companies would have to agree to terms of the government-backed protection and pay a small fee for the right to participate.

The Treasury Department said General Motors and Chrysler have already agreed to participate. Auto companies would request funds from Treasury to provide government backing for the money and be required to “make a financial commitment in connection with the support received from Treasury.”

Auto suppliers have …

Permalink: /economy/government-bail-out-for-auto-parts-suppliers/

… of the year. There are going to be a lot of foreclosures despite this foreclosure plan. With the government foreclosure plan the power to modify mortgages is still being left in the hands of the mortgage companies that created the toxic mortgages in the first place. The mortgage companies have already shown that they are often unwilling to modify mortgages in a way that is truly affordable for homeowners, which is why so many homeowners with mortgages voluntarily modified end up in …

Permalink: /loans-mortgages/government-gives-200-billion-more-to-mortgage-companies/

… Bank of America announced that they would halt all foreclosures on owner occupied homes until a government plan devised to stem foreclosures is finalized or until March 6th, whichever comes earlier. The article also said that Citigroup will extend its current foreclosure moratorium until the administration comes up with a plan to stop the rising rate of foreclosures or until March 12. President Obama has announced that he plans to spend at least $50 billion to prevent foreclosures. …

Permalink: /breaking-news/major-banks-halt-foreclosures-and-await-government-plan-to-help-homeowners/

… cash?

Are you kidding me? Basically these banks, many of which faced bankruptcy without government intervention are now claiming that holding money in reserve and scrutinizing loans is thwarting their ability to make loans and help boost the economy. This is the root of the problem; these banks almost went bankrupt because they failed to do what the regulators are now requiring of them. The banks failed to have enough cash reserve and failed to properly scrutinize debtors and this …

Permalink: /bankruptcy/banks-complain-government-stifling-their-efforts-to-boost-the-economy/

Most Americans hope that when they seek the advice of a bankruptcy attorney , the attorney will be free to advise them on the course of action they believe is best.  However, if you left it up to some legislators and their handlers, bankruptcy attorneys would face the mute button.  Currently there is a federal law that restricts what advice a bankruptcy attorney can give to clients and …

Permalink: /bankruptcy/should-the-government-restrict-your-bankruptcy-attorney%e2%80%99s-advice/