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November 2012 Archives

Promising debt numbers from the Federal Reserve Bank

Data from the Federal Reserve Bank shows some promising figures regarding American debt: Household debt fell $74 billion in the third quarter of 2012 and mortgage debt fell $120 billion. In fact, mortgage debt is at its lowest level since 2006 and foreclosure numbers continue to drop.

Hostess bankruptcy: From Chapter 11 to Chapter 7?

Crowds of people are hitting grocery stores. Instead of buying preparations for Thanksgiving meals, however, they are buying Twinkies. Last week, Hostess declared that it would need to liquidate and could not continue its Chapter 13 bankruptcy plan.

How are states spending mortgage foreclosure settlement funds?

When the national mortgage-foreclosure settlement against the biggest mortgage companies yielded $135 million for Texas, housing advocates and distressed homeowners were glad to hear that the state would have money to help it prevent future foreclosures.

HARP refinancing: Freddie Mac erected barriers

According to new information recently disclosed by Freddie Mac officials, the mortgage company intentionally made it harder for Americans to refinance high interest mortgages because of its bottom line. In other words, they intentionally kept Americans locked in their high interest mortgages by creating barriers to HARP (Home Affordable Refinance Program) refinancing.

More seniors in debt, filing for bankruptcy

In the past few years, there have been many reports showing that the economy is as hard on senior citizens as anyone else. In 2010, for example, the number of Chapter 7 and Chapter 13 bankruptcies filed was at the highest it has been since 2005, which is the year that the bankruptcy law changed. Seniors between the ages of 55 and 64 made up 27 percent of those filers, and those over 65 accounted for 8.3 percent.

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Plano, Texas 75074

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