FTC targets credit repair companies with law suits - 11/13/08 06:00 PM
With tightening mortgage guidelines, increasing foreclosures, growing credit card delinquency, credit standards have become more and more important. In response to growing consumer need,  numerous companies now offer "for fee" credit repair. I had written about concerns with some of these services in a previous post.
A recent NPR story addressed the growing industry that offers to "power wash" consumer credit scores. Many companies promise to increase credit scores over 100 points by removing negative references, including items that are correct and accurate. Most companies even advertise to remove bankruptcy, foreclosure, and judgment references.
In the interview, Charles Helms with non- … (4 comments)

Down Payment Assistance Needed - Call Congress for upcoming lameduck session - 11/10/08 06:41 AM
With all the misspent funds for the $700 billion Bucks for Banks program now well underway, we are still left with millions in home inventory and millions of prospective home owners unable to buy because of a lack of down payment.
Congress will meet next week and look at economic stimulus. The approach will be to spend more money.
If housing is at the center of the problem, it is time to take another look at proven programs that do not use the US Treaury.
Restore 100% conventional programs - My Community, FNMA Flex, Freddie 100, Home Possible, Community Reinvestment Act programs. I have … (4 comments)

Nonfarm payroll employment drops - leading indicator of foreclosures - 11/07/08 08:40 PM
Today the significant nonfarm payroll report came out with worse than expected numbers. We have been reading about job losses for weeks, and they continue with evidently quicken pace. Of the 1.2 milliion lost jobs this year, 651,000 have been lost the last 3 months.
Some predictions have unemployment growing to over 8%. We are 6.5% now.
FNMA's economic analysis for October points to the nonfarm payroll as a leading indicator of foreclosures. Of course this should not be a surprise, but for a nation already in a foreclosure crisis caused by dropping property values and high interest adjustable rate mortgages, the … (6 comments)

Treasury reports bailout progress - bucks for banks - 11/07/08 04:16 PM
The Treasury gave its first update on the progress of $700 bailout package. So far $125 billion has been distributed or pledged to 9 major banks. The money has not been used for purchasing defaulted mortgages, as was the original proposal. Of course, soon after passage of the bailout proposal, the target was changed to focusing on bank capitalization. Buying defaulted mortgages took a back stage, as it was thought that a capital stock investment would provide more capital for lending. This seemed a good plan with good hopes to open back up the credit markets, although it did not directly address … (1 comments)

 
Richard_smith_photo Rainmaker_large

Richard Smith FHA VA Rural Development in TN GA

Chattanooga, TN

More about me…

Address: 1961 Northpoint Blvd, Suite 110, Chattanooga, TN, 37343

Office Phone: (423) 280-0345

Cell Phone: (423) 280-0345

Email Me



Listings

Links

Archives

RSS 2.0 Feed for this blog