Interesting Personal Debt News Links (April 06, 2009)

April 6, 2009

* Regulators struggle to contain foreclosure fraud (John W. Schoen, Newsweek)

The government is struggling to hold back a wave of foreclosure “rescue scams arising from the growing number of homeowners facing the loss of their homes. It may be fighting a losing battle.

* A global effort to avert economic disaster (Michael Boskin, San Diego Union-Tribune)

With the global economy mired in recession and financial crisis, policy-makers everywhere have launched a series of monetary, financial and fiscal responses. Nevertheless, economies continue to contract, unemployment to rise and wealth to decline.

* Mortgage refinancing surge expected (Tom Ramstack, Washington Times)

Homeowners are being tempted to refinance their mortgages as the nation’s struggling economy produces the lowest interest rates in nearly a half-century.

* Recession exit strategies carry high risk (John Thornhill, The Financial Times)

The good news is that even some of the worlds most enthusiastic economic pessimists, such as Nouriel Roubini of New York University, are beginning to discuss exit strategies from the worst global recession in generations. The bad news is that many of these exit strategies appear as toxic as a bunch of subprime mortgage assets.

* Tracker Mania and other Ailments (Anm Blog, The London Evening Standard)

tell the victims of tracker mania. I know. I’m one of them. The symptoms manifest themselves early each month: on the dot of noon.

* Nervous in Newcastle is now decisive in Dunfermline (Andrew Hill, The Financial Times)

The ignominious collapse of the Dunfermline Building Society is more of a nuisance than a heart-stopping moment in UK finance. And maybe everyone is a little jaded by bail-out Mondays. Still, the lack of detail from the government is striking.

* SHORT SALE in a nutshell (Cynthia Sells, Summit Daily News)

What can the average person do to stop a foreclosure? If you find yourself behind on your home loan payment, first, dont wait until you are several mortgage payments behind to get help. Mortgage companies have entire departments, known as loss mitigation, available to help you out of this mess. You have to specifically ask for that department simply speaking to a customer service represen…

* ‘We Will Find You’: Feds on Housing Scams (Matt Jaffe, ABC News)

The Obama administration has already unveiled its plan to stem the rising home foreclosure rate , but with foreclosure scams also increasing, the administration today announced a multi-agency effort to crack down on scams that prey on struggling homeowners.

* Dad says James Duncan is a crook (Leslie Berkman, Press-Enterprise)

Who would defraud his own father? Dow Duncan, who faces criminal charges for making false statements on a mortgage application, contends that is just what his son, James B. Duncan, did.

* Debt: The next big American crisis? (Chris Hansen, Newsweek)

The economy is in freefall and no one’s sure where rock bottom is. And as the mortgage crisis and mounting job losses melt away the American dream, another fundamental economic problem is being exposed: America’s debt epidemic.


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