Derivatives loopholes are a clear and present danger

This is a classic case of too little too late from the U.S. government. For a problem that was a clear and present danger to the United States years ago, the Bush administration took action Friday (November 14, 2008) to strengthen government oversight of derivatives trading and close the loopholes that have allowed these complex …

Some H&R Block foreclosures stopped as loans called immoral

A Massachusetts judge is blocking H&R Block from automatically foreclosing on up to 9,700 Bay State homeowners, ruling that the firm apparently wrote mortgages with “reckless disregard (for) the risk of foreclosure.” “Any lender with even a modicum of business morality should recognize that it is immoral, unethical and unscrupulous to issue a home loan …

A foreclosure story involving Beneficial Finance and failed HSBC short sale

Up until October 2004, my husband had steady employment as an aeronautical Engineer In early 2004 we refinanced with Beneficial Finance, a division of HSBC. Days after refinancing my husband was forced into early retirement. This also happened after hubby’s 401K plan through his employer lost 3/4 of its value. We lived carefully on a …

Cheap gas, halt on foreclosures too good to be true?

One out of every five Americans no owes more on their home than it is worth, according to research involving JPMorgan Chase’s decision to temporarily halt foreclosures. While that certainly is good news for many, it is not good news for investors and banks. “Prime mortgages, especially where there are pay-option ARMs involved, (are) becoming …