Interesting Personal Debt News Links (February 7, 2009)

February 7, 2009

* ‘Wicked’ loan shark guilty of rape (Mirror)

A loan shark who raped an impoverished customer and threatened to petrol-bomb another woman’s house has been convicted of 18 charges.

* Bankruptcies hit record high (Mirror)

Rocketing numbers of consumers and businesses are falling victim to the financial crisis according to latest figures which revealed a 251% rise in companies going bust and a record number of personal bankruptcies.

* Immorality and greed (Lancaster New Era)

The year 2008 was a year of despair for many people in our nation. Many people lost their jobs and others lost their homes to foreclosures. People who saved for retirement have seen their savings go down as much as 50 percent.

* Man admits drug plot (John Futty, Columbus Dispatch)

A Galena man risks life in prison after agreeing yesterday to a plea deal in which he admitted selling drugs, some of which were financed through mortgage fraud.

* Real-estate agent gets 41 months in prison in mortgage-fraud case (Houston Business Journal)

Real estate agent Linda Edwards was sentenced Friday to up to three years and five months in federal prison and ordered to pay nearly $800,000 after her conviction in a mortgage fraud case.

* Barnegat man admits cruelty in deaths of 64 animals (Press of Atlantic City)

BARNEGAT TOWNSHIP – A township man who left 64 animals to die in his foreclosed home last April has pleaded guilty to animal cruelty.

* Flood insurance: Better safe than sorry (Daily Record)

KITTITAS CONTY Kittitas Countys January floods served as a wake-up call to many area residents living in flood-prone areas.

* Michigan to lead suit against Bear Stearns (Christine Williamson, Pensions & Investments)

Michigan Retirement Systems, Lansing, was named lead plaintiff in a federal securities class-action lawsuit accusing Bear Stearns Cos. Inc. and five of its current and former executives of misleading investors.

* Record number of homes sitting empty (Kathleen M. Howley, Bloomberg News)

A record 19 million U.S. houses stood empty at the end of 2008 as banks seized homes faster than they could sell them and prices continued to fall.

* Lifelines for those drowning in debt (Derry News)

Attorney Myers: I have tens of thousands of dollars in debt. Should I file a bankruptcy? What are the long range consequences?

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