August 2008

Strip-down of residential mortgages in chapter 13 bankruptcy would cause an additional 109,000 homes to be saved from foreclosure, two California academics concluded recently. “Although small compared to the current level of foreclosures,” Professors Ning Zhu and Michelle ‘White conclude, strip-down “would contribute to solving the subprime mortgage crisis by saving some homes from foreclosure […]

The Federal National Mortgage Association (FNMA) is a corporation organized to make loans and loan guarantees.  It is a government backed entity charged with boosting mortgage lending and is best known by the nickname Fannie Mae.  To understand the interaction between FNMA and the government, see the wiki discussion about government sponsored enterprises. Persons with […]

The penalty for intentionally failing to be complete with the information on your bankruptcy petition and schedules can be a Federal criminal offense punishable by a sentence of up to 5 years in jail and a fine of up to $250,000.00.  Under cetain circumstances, the attorney filing such a petition can also be sanction by […]

It’s no great secret that the banking industry is floundering and that credit has tightened considerably. But to date, no one has considered the effect of all of this on the nation’s credit unions. Credit Unions are beginning to follow banks and mortgage companies into failure. While the National Credit Union Administration does publish statistics […]

Darrel McGraw, West Virginia Attorney General recently warned the public about scam artists who are threatening consumers about Internet payday loans they never obtained, or paid off several years ago. McGraw says the scammers pose as law enforcement officers, investigators, lawyers and bankers. They have heavy, foreign accents, indicating they may be from off shore […]

On the brink of a new threat from Hurricane Gustav, many residents of New Orleans have yet to rebuild their homes and resettle their lives after Hurricane Katrina, partially due to the credit crisis and the resulting tightening of restrictions on lending. In addition, many residents who have not been able to return to their […]