May 22, 2012

Twelve percent of mortgages now past due – foreclosure is clearly not the problem anymore

According to the latest report from the Mortgage Bankers Association a stunning 12 percent of homeowners with a mortgage are now at least one payment behind. Given the nationwide estimate that 25 percent of homeowners with a mortgage are now underwater this really shouldn't come as a huge surprise - but it is a stunning number in historical terms in any case.

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Medical Bankruptcy

Consumer Debt Rose $21 Billion Last Month Thanks to Credit Card Use

The total amount of consumer credit circulating in the United States rose by more than $21 billion last month, raising concerns that more people … [Read More...]

ResCap Files For Bankruptcy, Eyes Paying Back Taxpayer Bailout Money

Ally Financial Inc’s mortgage unit, named Residential Capital (ResCap for short), filed for bankruptcy on Monday, according to Reuters. Ally … [Read More...]