Millions of homeowners are at least 60 days past due on their mortgages and facing imminent foreclosure; but they're having a hard time taking advantage of mortgage modifications that could help them avoid foreclosure. The government's Making Home Affordable program has experienced sub par involvement from mortgage servicers and only 9 percent of eligible borrowers [...]
According to an article in the Star-Telegram , at least 30 mortgage servicers have faced lawsuits accusing them of harassing borrowers, imposing illegal fees, charging for unnecessary insurance and failing to quickly aid homeowners facing foreclosure despite billions of dollars invested in foreclosure prevention by the government. But despite the lawsuits and controversy surrounding mortgage [...]
General Motors has announced that it will be forced to implement job losses because only 6,000 GM blue-collar workers have taken the latest round of early retirement and buyout offers. General Motors, which has 54,000 factory workers, has stated that it wants to slash its workforce to save labor costs and survive the economic downturn. [...]
According to an article in the Courier-Journal, Georgetown, Indiana is considering bankruptcy after facing a debt of $1.45 million over a long-delayed sewage plant project. The municipal bankruptcy would be unprecedented in Indiana and many experts are concerned that the city may not have the power to declare bankruptcy. The article said: "Georgetown's leaders "have [...]
According to an article in the Star Tribune a federal bankruptcy trustee handling Denny Hecker's personal bankruptcy sued Hecker's female friend, demanding that she return documents and $119,800 worth of cash and gifts received from Hecker since January. The article said:"The lawsuit lists a $60,000 fur coat and $58,900 in check payments that Hecker gave [...]
According to an article in the Dallas Morning News, hard times could mean more economic abuse for some. Economic abuse is when one person uses money or money difficulties to control or harm another. What it looks like: Controlling access to a shared bank account by confiscating or "holding hostage" ATM cards and checkbooks. Maxing [...]
According to an article in the Dallas Morning News , retail occupancy fell this year to 87 percent due to store closings and retail bankruptcies. The article said: "Overall retail building and shopping center occupancy was at 87 percent at the end of June - down from 87.6 percent at the start of the year, [...]
According to an article in the Star-Telegram , an estimated 5,550 Texans are losing their health coverage each week as the number of job losses increase and the cost of healthcare rises, making many Texans vulnerable physically and financially. The article said: "Rising like a deadly tide, escalating health care costs will have caused 866,580 [...]
According to an article in Bloomberg, CIT Group Inc., a 101-year-old commercial lender is facing a possible bankruptcy as it has failed to secure an emergency loan to pay creditors. If CIT Group (not Citigroup) files bankruptcy it will be the first bank who received TARP funds to do so. The article said: "A bankruptcy [...]
According to an article in the Dallas Morning News, Texas construction starts are expected to drop by more than 20 percent this year due to foreclosures , bankruptcy and the tightening of the credit access for construction companies and investors. The article said: "It's the biggest such fall-off since 1967, according to a report issued [...]