Interesting Personal Debt News Links (March 17, 2009)

March 17, 2009

* Blame Democrats for mortgage mess (Kansas City Star)

Democrats, including President Obama, act surprised by the fact that so many owe more on their homes than they are worth.

* Rhode Island tops nation in rate of mortgage fraud, report finds (Providence Journal)

Rhode Island has displaced Florida as the state leading the nation in mortgage fraud, according to a report made public yesterday by the Mortgage Asset Research Institute.

* Mortgage arrears up 31% in 2008 (BBC News)

The number of mortgage accounts in arrears has shot up by 31% in the past year, according to figures from the Financial Services Authority (FSA).

* The losers won’t just lose quietly (Gil Smart, Lancaster New Era)

On Feb. 19, Rick Santelli of CNBC, railed from the floor of the Chicago Board of Trade against President Obama’s plan to bail out homeowners facing foreclosures. He was you guessed it OUTRAGED, HE WAS OUTRAGED! because the Obama plan subsidizes the “losers,” people who should be made to suffer the consequences of their own poor decisions.

* Home reposessions up two thirds in a year says Financial Services Authority (Telegraph)

A total of 46,750 properties were repossessed by lenders during the year, up from 27,900 in 2007, the City watchdog said.

* Economy making it harder to get jurors for trials (The Tribune)

It was a routine question from a Palm Beach County circuit judge to 70 potential jurors: How many of you can’t serve because of a financial hardship?

* Hamptons hit by recession (James Quinn., Telegraph)

The exclusive beach-side region of the Hamptons made up of a series of small but affluent towns on the eastern end of New York’s Long Island is being hard hit by the recession, as inhabitants struggle to meet mortgage payments and others attempt to sell up to liquidate assets.

* NJ man admits role in mortgage fraud scheme

NEWARK A New Jersey man has pleaded guilty in a mortgage fraud and property-flipping scheme involving rental properties in Paterson.

* Auto delinquency rates rise nearly 9 percent in 4Q

NEW YORK — The percentage of auto loans past due 60 days or more rose 8.9 percent in the fourth quarter of 2008, compared with the prior-year period, according to credit reporting agency TransUnion. And the numbers point to auto delinquencies shooting to their highest point in a decade by the end of the year.

* �2,000 fee rise ‘won’t deter students’ (Donald Mac Leod, Guardian Unlimited)

NUS president, Wes Streeting: ‘It is extremely arrogant of vice-chancellors to be fantasising about charging students even higher fees.’ Photograph: Linda Nylind


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