Interesting Personal Debt News Links (May 01, 2009)

May 1, 2009

* Senate defeats Obama-backed, anti-foreclosure bill (Anne Flaherty, San Francisco Chronicle)

dozen Democrats joined Republicans in the 45-51 vote to scuttle the bill, which Obama had said was important to saving the economy and promised to push through Congress. But facing stiff opposition from banks, Obama did little to pressure lawmakers who worried it would encourage bankruptcy filings and spike interest rates.

* Don’t dismiss state help for mortgagebacked securities (George Hay, The Daily Telegraph)

Slicing and dicing huge quantities of duff mortgages into securities and selling them to investors who were oblivious to their poor quality undermined the financial system.

* ‘Cramdown ‘ Lacks Votes (Elizabeth Williamson, Wall Street Journal)

President Barack Obama’s proposal to give homeowners new relief in bankruptcy court appears headed to defeat in the Senate Thursday, barring a last-minute compromise.

* People are angry. Of course, people are always angry, because it’s one of the… (Jon Carroll, San Francisco Chronicle)

Let me tell you about my life. No, stop looking at your watch – this is just 850 words, and you can sit still for that. Without revealing too many details, let me just give you an overview of my financial situation. I’m employed, although I’m employed in the newspaper business, so how much does that really count? But still, a paycheck. Yes, I am one of those millions of Americans – a majority o…

* Small kitchen, smaller budget? 5 tips to renovate (Josh Hoffner, The Gazette)

An intriguing trend has emerged from the wreckage of the real estate market: The brave souls taking the plunge into homeownership are increasingly turning to studio apartments and smaller homes.

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