Subprime fallout continues in 2012

It was the summer of 2007. We waited for mortgage lending to explode (or implode). If you recall, Bear Sterns had problems that shocked everyone, HSBC announced the first subprime mortgage losses, and Lehman Brothers said Lehman was not associated or affiliated with subprime borrowers. Bear Sterns is gone, Lehman had egg on their face, …

Countrywide BofA is mailing settlement checks

Countrywide Financial Corp. has mailed checks for more than $3,000 to hundreds of Connecticut residents who lost or could lose their homes as a result of the company’s “abusive and unfair” home loan practices, Attorney General Richard Blumenthal said Monday. The payments are part of a previously announced, $8.4 billion, multistate settlement with Countrywide, now …

Changes in Credit Card Terms Can Make You See RED.

Lucky for my readers, I went to “Charm School”. If not for that I’d be foaming at the mouth and posting obscenities. Now I say, “That’s NICE.” I received changes in terms from my credit card provider. My periodic rate raised 5% for new purchases. That’s NICE. In September 2008 my periodic rate was 15.99%. …