You are at the checkout counter with an armload of packages and as you dig into your purse or wallet, you're presented with an offer of a store credit card along with a holiday gift.
QUESTION 1: I wanted to know if you could tell me how much longer the tax credit for first-time homebuyers will be available? I am a US citizen living abroad and plan to purchase a condominium in Texas-would this tax credit apply to me for that? --Anonymous
Only a tiny percentage of troubled homeowners have received permanent modifications under President Obama's foreclosure prevention plan, raising concerns about the effectiveness of the $75 billion effort.
Housing counselors, who've received more than $400 million in federal funds to help mitigate the mortgage crisis, are helping troubled homeowners avoid foreclosure and lower their monthly payments, a study released Wednesday has found.
The mortgage meltdown has ravaged the finances of a crucial government agency tasked with propping up the housing industry.
JPMorgan & Chase announced plans Tuesday to hire 1,200 mortgage loan officers as the bank moves to expand its home loan business.
Consumer credit fell in September for the eighth straight month, the longest streak of declines since the Federal Reserve started keeping records in 1943.
Fannie Mae, the largest provider of funding for U.S. home loans, said on Thursday bad mortgages and a federal foreclosure prevention program left it with a $18.9 billion loss, forcing it to tap the Treasury again to plug a hole in its net worth.
Giving troubled borrowers yet another way to avoid foreclosure, Fannie Mae said on Thursday it would allow eligible homeowners to rent their own homes.
The number of Americans filing personal bankruptcies surged 9% in October and were on target for the highest annual total in four years, according to a report issued Wednesday.
You are at the checkout counter with an armload of packages and as you dig into your purse or wallet, you're presented with an offer of a store credit card along with a holiday gift.
QUESTION 1: I wanted to know if you could tell me how much longer the tax credit for first-time homebuyers will be available? I am a US citizen living abroad and plan to purchase a condominium in Texas-would this tax credit apply to me for that? --Anonymous
Only a tiny percentage of troubled homeowners have received permanent modifications under President Obama's foreclosure prevention plan, raising concerns about the effectiveness of the $75 billion effort.
Housing counselors, who've received more than $400 million in federal funds to help mitigate the mortgage crisis, are helping troubled homeowners avoid foreclosure and lower their monthly payments, a study released Wednesday has found.
The mortgage meltdown has ravaged the finances of a crucial government agency tasked with propping up the housing industry.
JPMorgan & Chase announced plans Tuesday to hire 1,200 mortgage loan officers as the bank moves to expand its home loan business.
Consumer credit fell in September for the eighth straight month, the longest streak of declines since the Federal Reserve started keeping records in 1943.
Fannie Mae, the largest provider of funding for U.S. home loans, said on Thursday bad mortgages and a federal foreclosure prevention program left it with a $18.9 billion loss, forcing it to tap the Treasury again to plug a hole in its net worth.
Giving troubled borrowers yet another way to avoid foreclosure, Fannie Mae said on Thursday it would allow eligible homeowners to rent their own homes.
The number of Americans filing personal bankruptcies surged 9% in October and were on target for the highest annual total in four years, according to a report issued Wednesday.
Despite losses in their own investments, 65% of grandparents plan to help their grandkids pay for college, reports the College Savings Foundation. That may spell relief for parents squeezed by the economy. But handled incorrectly, such giving could hurt your child's chances for financial aid, says Joe Hurley of savingforcollege.com. Here are the best ways for Grandma to give.
Out: credit cards. In: debit cards. As more and more Americans shun traditional credit cards, they're turning to debit cards. But you should know there are downsides to debit cards too.
Mortgage applications fell last week for the third week in a row, even as interest rates edged lower, an industry group said Wednesday.
Mortgage applications plunged last week as rates ticked higher above 5%, an industry group said Wednesday, as the expiration of a home buyer tax credit drew nearer.
If you are among the 6.5 million homeowners who took out a low-rate adjustable-rate mortgage during the housing boom, you've probably spent the past couple of years waiting for your day of reckoning to come.
During the housing boom, mortgage lenders were doling out the dough, giving loans to people who could never have qualified before.
The possibility of securing a mortgage rate below 5% has greatly improved in recent weeks, in a positive sign for would-be home buyers.
Consumer credit pulled back for the seventh straight month in August, led by a steep decline in credit card usage, a government report said Wednesday, as unemployment soared and cash-strapped consumers continued to limit spending.
Mortgage applications surged last week as interest rates on home loans remained low, an industry group said Wednesday.
Personal bankruptcies topped the 1 million mark in the first nine months of the year, the first time it has done so in four years, according to an industry research firm released Friday.
QUESTION 1: I know that Congress is considering extending the unemployment benefits, but what about Cobra? That has been a godsend for my husband and me. Instead of paying $1,100 a month, we only pay $434. My husband has been laid off since December of 2008 after 22 years with a newspaper company. --Dawn, Ohio
The foreclosure crisis grinds on amid signs of hope.
Substantially fewer homes were repossessed in August than in July, but just as many Americans were behind on their mortgage payments, according to a report released Thursday.
It's only a couple of weeks or even days until school begins. And if you don't think you'll be able to get a handle on your college tuition bill, here with your guide to last minute money.
Question 1. Do you have to claim the money in the Cash for Clunkers program you received as income in your tax returns for next year? -- Joe, Indiana
Kristin Schlaud brimmed with pride when she became the first in her blue-collar family to make it to college. But three years after law school, she is completely broke, saddled with almost a quarter-million dollar debt.
Introduction: Use this CNN Student News financial glossary to help students understand concepts about today's U.S. economy that are currently in the news.
Borrowing money today requires impressing an increasingly hard-to-please crowd. With creditors of all kinds more cautious than ever, you need an A+ application to land the best terms -- and that means an A+ credit score, the number lenders use to judge your risk of default.
Want to create jobs? Restaurant owner Rob Redfearn says send some stimulus money his way and he would create 50 jobs within three months.
There's a reason consumers are worried about protecting their credit- and debit-card information.
Home mortgage rates were mixed this week as the Federal Reserve began easing away from its repurchase of Treasurys.
The Obama administration's first progress report on its foreclosure prevention plan confirms it is off to a slow start.
Home mortgage rates were nearly unchanged from the previous week as investors weigh better-than-expected corporate earnings against the record volume of debt the government is selling.
As a growing number of Americans default on their mortgages, the Obama administration is set to meet Tuesday with industry executives to discuss their efforts so far to help people save their homes.
Home mortgage rates ticked lower after Federal Reserve Chairman Ben Bernanke said the central bank will continue to keep interest rates low.
Speculation that Ben Bernanke might very well be appointed for a second-term as Federal Reserve Chairman when his term expires in January 2010 has to remind one of Washington's Alice in Wonderland-like quality.
As complaints mount about President Obama's foreclosure prevention program, the administration is ratcheting up the pressure on mortgage servicers.
Home mortgage rates saw an up-and-down week but ended almost unchanged, according to a report released Thursday.
Do you need to borrow to fund a college education for yourself or your child? Be sure you're taking my "Clark Smart" approach to borrowing.
The government's new student loan reform plan gets good grades from graduates with low-paying jobs struggling under a lot of debt. But it's on probation from some borrowers, including married couples and those who will be subject to a new tax liability.
Home mortgage rates fell for the third time in four weeks, with the 30-year fixed slipping to 5.59% from 5.7% the prior week, according to a report released Thursday.
College tuition increases about 5% to 8% a year. And most students are now just beginning to get their financial aid packages.
Home mortgage rates retreated last week, with the 30-year fixed slipping to 5.7% from 5.8% the week prior, according to a report from a financial data aggregator released Thursday.
Colleges aren't getting any cheaper, but federal student loans are.
The Obama administration is widening its mortgage refinancing program to allow more borrowers hit hard by falling home prices to take part.
Today the government will begin offering a repayment plan that lets graduates reduce their monthly student loan payments based on their income. It's called the income based repayment plan and it's available to borrowers who took out federal loans or used a federal consolidation loan to combine their debt.
One of the great headaches of the American dream is about to get less painful.
As a graduate from Syracuse University with a master's degree in international relations, Jana Morgan was hoping to help victims of human rights violations caused by resource wars.
Sales in the decimated housing market may finally be bottoming, but don't expect home prices to stop dropping before mid-2010 at the earliest, analysts and economists say.
Home mortgage rates sank sharply last week, retreating from a recent run-up that peaked the previous week. The 30-year fixed slipped to 5.76% from 5.95%, according to a report released Thursday.
Americans saw $1.3 trillion of wealth vaporize in the first quarter of 2009, as the stock market and home values continued to decline, according to a government report released Thursday.
Home mortgage rates jumped in the most recent week, pulled higher by skyrocketing Treasury yields.
When the stock market goes up these days, your 401(k) isn't the only thing that will follow. So, too, does the volume of Google searches for economic terms.
Home mortgage rates jumped in the most recent week, with the average 30-year fixed rate rising to 5.65%, according to a report released Thursday.
The refinancing tide has ebbed, but mortgage profits for the nation's biggest banks are in no danger of drying up.
Mortgage rates burst past the 5% mark for a 30-year fixed-rate loan late in May, peaking at an average of 5.45% on Thursday. It was the highest level reached by mortgage rates this year, but on Friday they fell back to 5.27%.
Government debt prices rose Thursday after the benchmark 10-year yield had hovered at a 6-month high earlier in the session, at the last of three major auctions scheduled for the week.
You're not alone. Credit card companies are tightening their underwriting standards as they try to pare down their debt. Here is some advice on how to cope if you've been denied credit.
Home mortgage rates jumped in the most recent week, pulled higher by rising Treasury yields, according to a report released Thursday.
Despite all the hand-wringing and attempts to contain the foreclosure plague, the problem still spread during the first three months of 2009, as the number of foreclosure actions started hit a record high, according to a quarterly report.
House prices are taking a long ride in the wayback machine. Unfortunately, Americans' housing-related debt isn't going anywhere fast.
Nearly 270,000 troubled homeowners were issued mortgage workouts in April, according to a industry report released Wednesday. That was up from about 250,000 in March.
Home mortgage rates were mixed this week, with the average 30-year ticking higher, according to a report released Thursday.
One of the biggest disappointments of the foreclosure prevention fight has been HOPE for Homeowners, a plan Congress passed in an attempt to help as many as 400,000 underwater, delinquent borrowers from going into foreclosure.
Fannie Mae and Freddie Mac, charged with helping lead the nation out of its housing crisis, are facing "critical" financial problems, federal regulators said Monday.
More than 55,000 troubled homeowners have received loan modification offers under President Obama's foreclosure prevention program, officials said Thursday.
Freddie Mac asked for another $6.1 billion in government aid Tuesday, after reporting a $9.9 billion quarterly loss.
Fannie Mae, the troubled mortgage finance company, reported a first-quarter loss of $23.2 billion on Friday.
Home mortgage rates ticked only slightly higher this week, according to a report released Thursday.
By now, most college-bound high school seniors have accepted an admissions offer and are cruising blissfully toward graduation, summer, and their chosen campus come fall. For parents, on the other hand, the hard work of financing this education is just beginning.
As Chrysler heads to bankruptcy court today in New York City, it becomes the highest profile failure for the private equity industry and its former owner Cerberus. But there is a slender silver lining for the New York money men.
The Obama administration lost a bid to add a powerful weapon in its fight against foreclosure Thursday, after the Senate voted down a proposal to allow bankruptcy judges to modify mortgages.
Home mortgage rates were mostly unchanged this week, with the average 30-year fixed mortgage rate holding steady, according to a report released Thursday.
Lenders continued to rewrite troubled mortgages at a fast clip during March, but the weakening economy still sent foreclosure starts soaring to a record high.
The Obama administration said Tuesday it is expanding its foreclosure prevention program to cover second mortgages and to direct more troubled borrowers to the Hope for Homeowners program.
After nearly 100 days in office, the Obama administration's campaign to lift the economy out of its deepest funk since the 1930s showed no signs of slowing down.
Question 1. We heard you mention forgiveness of law school loans. Our son and daughter-in-law are both new attorneys saddled with law school loans and we'd love to help them find more information, if possible. -- Paul and Mari
Home mortgage rates were slightly higher this week, jumping from near record-lows last week, according to a report released Thursday.
The acting chief financial officer of mortgage finance giant Freddie Mac, David Kellermann, was found dead Wednesday morning, police said.
Mortgage rates fell slightly this week and appear to be settling into a range near historically low levels, according to a national survey released Thursday.
Many college graduates are struggling with heavy student loan debt and steep monthly payments that limit their professional options. But for some, choosing the career of their dreams could actually lift that burden.
You've been waiting for this moment for nearly 18 years: Your baby is almost ready for college. Your finances, not so much. The market's protracted free fall means that your college fund is now worth just a fraction of what you need. Your home's value has no doubt dropped sharply too - no help there. The only thing that keeps going up, you guessed it, is college tuition. So it's goodbye, Dream School U., hello, Central State, right?
The road to a housing recovery will be a difficult one.
Home mortgage rates were slightly higher this week, snapping a 4-week streak of declines, said a report released Thursday.
Consumer credit fell in February, led by a sharp decline in credit card usage, a government report said Tuesday, as the ailing economy and widespread unemployment curbed spending.
Mortgages insured by the Federal Housing Administration can be a lifeline for low-income or high-risk borrowers. These loans have tiny down-payment requirements, competitive rates and easy credit-score hurdles.
It may seem obvious: Increasing how much troubled borrowers pay on their mortgage leads to redefaults. But that didn't stop America's banks.
An increasing number of students aren't making their student loan payments according to the Department of Education.
Home mortgage rates continued to march lower, according to two separate reports released on Thursday.
Lenders have helped an increasing number of mortgage borrowers to get current on payments and stay in their homes, but the tide of foreclosures is still rising.
Home mortgage rates dropped to a 52-year low this week, according to a report released Thursday, in the wake of the government's announcement that it will buy more than $1 trillion in debt.
Mortgage rates are lower than 5% - but how can you get the best refinancing deal?
If HOPE for Homeowners, the foreclosure-prevention plan passed last summer, was a soft drink, it would be New Coke. If it was an automobile, it would be an Edsel. A movie? Howard the Duck.
Mortgage interest rates are already flirting with record lows and the Federal Reserve's move to buy up government debt will send those rates even lower. But it doesn't look like it will get any easier for borrowers - even those with good credit.
As loan servicers scramble to implement President Obama's foreclosure prevention plan, the administration on Thursday unveiled a Web site to assist homeowners in determining whether they are eligible for help.
Troubled mortgage giant Fannie Mae planned to pay four top executives retention bonuses ranging from $470,000 to $611,000, according to a February SEC filing.
President Obama's eagerly anticipated foreclosure prevention program went into effect on Wednesday. It targets 9 million borrowers for help - are you one of them?
For real estate appraisers, determining what a house is worth has become increasingly difficult, which is making it even harder for buyers to purchase homes or for homeowners to refinance.
For real estate appraisers, determining what a house is worth has become increasingly difficult, which is making it even harder for buyers to purchase homes or for homeowners to refinance.
Household net worth in the United States declined by $11.2 trillion last year, according to a government report issued Thursday, and Americans curbed their spending as they watched the value of their assets fall.
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