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Why the Fed's rate cuts won't help you

Date: 03/18/2008 / Category: Finance and Credit , Current Grade A-

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In its efforts to keep irresponsible bankers on Wall Street afloat, the Federal Reserve is spurring inflation, crippling the dollar and cutting into retirees' incomes. And mortgages and car loans won't get any cheaper.

The Federal Reserve today continued its attempt to get out in front of the worst financial crisis to hit the world banking system in five decades by slashing short-term interest rates by three-quarters of a percentage point, to 2.25%, the lowest level since 2004.

But the Fed's effort will have little effect on the ability of the average American to get a cheap loan for... continue reading >>

FED'S Lower the Rates some more!

Date: 01/28/2008 / Category: Finance and Credit , Current Grade ?

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The Federal Reserve sliced an important interest rate Wednesday - its second reduction in the last six weeks - to help the economy survive the strains of a deepening housing slump that is likely to crimp growth in coming months.

Fed Chairman Ben Bernanke and all but one of his colleagues agreed to lower the federal funds rate by one-quarter percentage point to 4.50 percent at the end of a two-day meeting.

Economists believe the riskiest time for the economy will be early next year, reports CBS News correspondent Anthony Mason.

“The pace of... continue reading >>

FBI Mortgage Fraud Notice

Date: 10/30/2007 / Category: Finance and Credit , Current Grade B-

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For Immediate Release
March 8, 2007

Washington D.C.
FBI National Press Office
(202) 324-3691

FBI ISSUES MORTGAGE FRAUD NOTICE IN CONJUNCTION WITH MORTGAGE BANKERS ASSOCIATION

Washington, D.C. – Today the FBI and the Mortgage Bankers Association (MBA) entered into an agreement to combat Mortgage Fraud. The FBI and the MBA will make available a Mortgage Fraud Warning Notice as a proactive means of educating consumers and mortgage-lending professionals of the penalties and consequences of this criminal activity.

“Mortgage Fraud is clearly becoming a problem that requires the unified efforts of law enforcement, regulators, and industry,” said Karen... continue reading >>

American Home Mortage Bad Checks

Date: 10/21/2007 / Category: Finance and Credit , Current Grade B-

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CNNMoney: American Home points finger for bad checksAmerican Home Mortgage Investment Corp. bounced 564 property tax checks in Maryland but blamed other financial institutions for the problem, the state's commissioner of financial regulation said Thursday. Officials ask why lender's tax checks bounced State and local officials in Maryland are demanding an explanation from now-bankrupt lender about why property tax checks failed to clear. September 24 2007: 5:07 PM EDT

NEW YORK (AP) -- American Home Mortgage Investment bounced property tax checks for some Maryland homeowners, local and state officials said Monday, and they have demanded an explanation from the bankrupt... continue reading >>

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