Interesting Personal Debt News Links (March 07, 2009)

March 7, 2009

* Nothing succeeds quite like failure (James A. Fussell, Kansas City Star)

For as long as anyone can remember, America has embraced such pull-yourself-up-by-your-bootstrap maxims as “failure breeds success,” “learn from your mistakes” and “if at first you don’t succeed, try, try again.”People are still willing to learn from their mistakes. But something has happened to failure.Citing everything f…

* When economy bottoms out, how will we know? (Alan Zibel-)

When will this wretched economy bottom out? The recession is already in its 15th month, making it longer than all but two downturns since World War II. For now, everything seems to be getting worse: The Dow is in free fall, jobs are vanishing every day, and one in eight American homeowners is in foreclosure or behind on payments.

* Mortgage boost as ECB rates tipped to fall again (Charlie Weston, The Irish Independent)

HOMEOWNERS could see their monthly mortgage payments being chopped by another 80 with the European Central Bank (ECB) expected to cut interest rates next week.

* Governing at the eye of the storm (Mail Tribune)

As if the problems in the U.S. and world economies were not enough of a challenge in themselves, the young Obama administration also is being called on to figure out simultaneously how to govern in such an emergency.

* Mortgage lending increasing at slowest rate in 23 years (The Irish Independent)

Mortgage lending advanced last month at the slowest pace in 23 years as a deepening recession and falling house prices deterred buyers.

* 0% rates beckon on mortgages and savings (Sharlene Goff, The Financial Times)

Tens of thousands of borrowers will be paying nothing for their mortgage once this weeks base rate cut takes effect, widening the gulf in costs between homeowners with fixed and tracker loans.

* SEC Moves to Stop Fraud in Real Estate, Mortgage Lending Ventures (John Henry, Arkansas Business)

The Securities & Exchange Commission on Thursday charged a Los Angeles resident, Bruce Friedman, and two of his companies with securities fraud, according to a news release by the SEC.

* Delinquent Mortgages Hit Record Level (Amy Hoak, Wall Street Journal)

More Americans struggled to pay their mortgage bills in the fourth quarter of 2008. A record 5.4 million U.S. homeowners with a mortgage, or nearly 12%, were either behind on payments or in foreclosure at the end of last year, according to an industry survey.

* UK stake in Lloyds set to hit 70pc (Telegraph)

Alistair Darling, the Chancellor, has agreed an outline deal to insure bad loans in return for non-voting shares, according the newspaper .

* Foreclosures open door for scammers (Seattle Times)

DALLAS Ellis County, Texas, Constable Mike Jones drove his white cruiser through the neighborhood of palatial two-story homes and lush lawns. He stopped in front of a house with an overgrown weedy lot and a Ford Probe jacked up in the driveway.

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