Interesting Personal Debt News Links (April 09, 2009)

April 9, 2009

* There are no bad loans (Bob Kieber, Summit Daily News)

Over the past few months we have all heard about all the bad loans that are now in foreclosure. Let me say that this is all a misrepresentation of the facts and there are no bad loans.

* What the Fed said — and meant (Jeannine Aversa, News & Observer)

“Members agreed that substantial additional purchases of longer-term assets eligible for open market operations would be appropriate. Such purchases would provide further monetary stimulus to help address the very weak economic outlook and reduce the risk that inflation could persist for a time below rates that best foster longer-term economic growth and price stability.”

* FORECLOSURE MYTHS (Cynthia Sells, Summit Daily News)

Myth: I have not paid my mortgage in months and no one has contacted me. I think I can stay here forever and not pay anything

* CITY OF LOCKPORT: Housing case awaits owner to charge (Joyce Miles, Union-Sun & Journal)

Assigning responsibility to someone anyone for the dilapidated state of 407 South St. continues to be a complicated matter.

* Centerpoint crafts plan to pay creditors (Andrew Johnson, Arizona Republic)

Creditors of Tempe Land Co. LLC, developer of the bankrupt Centerpoint condo project in downtown Tempe, could be paid back in full in five to seven years under a reorganization plan the company filed in court this week.

* Northern Rock gets tough on mortgage borrowers who have made overpayments (Emma Simon, Telegraph)

Unlike most lenders, Northern Rock offered fully flexible mortgages, which allowed customers to overpay each month and then borrow back this money or take payment holidays at a later date.

* Don’t let tough times go to your waist during Emotional Overeating Awareness month (Rebecca Williams, Orlando Sentinel)

April showers certainly are plaguing us this year. People are losing their jobs left and right, houses are going into foreclosure, businesses are shutting their doors for good. Oftentimes, it seems like every day is getting cloudier and those May flowers are nowhere in sight.

* Wells Fargo shocks market with big profit (Elinor Comlay, WXXI)

(Reuters) – Wells Fargo & Co said it expects to post a $3 billion first-quarter profit, sending its shares soaring, lifting a wide range of stocks, and providing a welcome jolt to the troubled banking sector.

* Ford’s bet pays off (Bill Vlasic, Star Tribune)

On Nov. 29, 2006, Ford Motor made a surprising pitch to the nation’s biggest banks. In a packed ballroom at a New York hotel, Ford’s chief executive, Alan Mulally, said he would mortgage all the company’s assets for billions of dollars in loans to finance an overhaul of the troubled automaker. Although the economy was healthy then, Mulally said the money would give Ford “a cushion to protect fo…

* Falling home values and the college tuition crunch (Scott Van Voorhis, Boston Globe)

Heres another reminder of how the housing market collapse has spread its ugly tentacles into just about every corner of our lives.

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