I just got back from taking my two grandchildren trick or treating. I took them to the residential area where I used to live. It is an older neighborhood where the houses were built about 50 to 60 years ago. Before I moved, my neighbors were divided between those older than 60 years old, those [...]
October 2008
In a major shift in the pattern of consumer delinquencies, non-homeowners may now be better credit risks than homeowners. In addition, consumers with mortgages originated prior to 2005 tend to be better credit risks than those who obtained mortgages after January 2005. These were some of the findings in a study of consumer risk patterns conducted [...]
Recently, a well-dressed, well-spoken person came to my office to discuss filing for bankruptcy. A quick review of claims by creditors revealed several lawsuits and an assortment of credit card debt. There were two mortgages and two car loans. Even though both husband and wife were working, the total monthly income was barely enough to [...]
Last year almost 71,000 complaints about creditor harassment were filed with the Federal Trade Commission. That is twice the number that filed in 2003. But that’s not all. Over 14,000 complaints were reported to the Better Business Bureau, and thousands more were filed around the country with state and city officials. David Polino, the president [...]
Countrywide Home Loans, Inc., has been in the news alot lately. One story recently reported in The Wall Street Journal is probably resulting in lots of cheering over at Countrywide.
In the midst of the biggest increase in foreclosures in many years, New York foreclosures fell 10% during the third quarter of 2008. Does this mean that the foreclosure crisis is over, at least in New York? Not at all. The thrid quarter decline in foreclosures is due to a new law that went into [...]
