Interesting Personal Debt News Links (February 21, 2009)

February 21, 2009

* Boomer Bankruptcy Strains Retirement (Denver Post)

According to the National Association of Consumer Bankruptcy Attorneys, the number of people over the age of 65 who filed for bankruptcy tripled between 1994 and 2004. There are several reasons for this increase:

* 73 criminal counts filed against real estate broker (Sacramento Bee)

State Attorney General Jerry Brown filed 73 criminal counts against a Nevada County real estate broker Friday, charging him in a massive mortgage fraud case that may have cost hundreds of investors up to $21 million.

* Stocks fall through a barrier

NEW YORK — An important psychological barrier gave way on Wall Street Thursday as the Dow Jones industrials fell to their lowest level in more than six years.

* Distressed sellers seek desperate measures (Sharlene Goff, The Financial Times)

Growing numbers of redundancies and a dearth of mortgage finance are forcing more homeowners to contact companies that can help them sell their properties quickly.

* Chaska man is sentenced seven years in mortgage scheme (Rochelle Olson, Star Tribune)

In a hearing marked by delays and discord, a Chaska man who was president of a home-building company received a seven-year prison sentence Friday for his part in a mortgage fraud scheme in the southwestern suburbs.

* Economist: We’re In The ‘Soup’ Of Recession (KDKA)

It’s easy to get nervous these days when you listen to news about layoffs, foreclosures and falling stocks.

* Turner and King face grilling over failure to rein in reckless bankers (Rosemary Gallagher, The Scotsman)

The UK’s financial and banking regulators will be put on the spot by the Treasury Select Committee, which is investigating the banking crisis. The FSA is expected to admit its failings and that they have now been addressed in an attempt to prevent any further crises.

* Neighborhood Watch: How You Can Fight Blight (Jeff Garigliano, Reader’s Digest)

When T. J. Stone moved to Green Valley Ranch more than two decades ago, he loved everything about it. The sprawling housing development was 17 miles from polluted downtown Denver, and the community offered friendly neighbors, acres of parks, and stunning mountain views. Stone paid $88,000 for his home on 44th Place, a 2,300-square-foot split-level built in 1983, with a pear tree and maples in t…

* San Antonio woman gets prison time in mortgage scam

SAN ANTONIO A San Antonio woman convicted with her husband of bilking mortgage lenders out of $1.67 million has been sentenced to more than six years in prison.

* Flat applications to law schools spark worry (Chris Mondics, Philadelphia Inquirer)

With a few notable exceptions, applications are flat this year compared with last at law schools nationally and in the Philadelphia region – a trend that is worrisome to some legal educators.


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