March 5, 2009
The Obama administration announced details of its new foreclosure prevention program yesterday. Interest rates on loans could drop to as low as 2% for some borrowers. The cost to tax payers is expected to be approximately $75 billion.
Under previous programs by the Bush administration, lenders were urged to voluntarily modify mortgages. Even [...]
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February 19, 2009
Creditslips.org has nice article on dealing with another bubble that inflated during the times of easy credit: negative automobile equity. The article states that as much as 25% of all automobile borrowers are “under water.”
Here’s how that works: The value of the trade-in is $8000; balance on the loan for that trade-in is $10,000. [...]
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