GGN- Economic News :: August 31, 2010

PLEASE SUBSCRIBE!!!!! (TIME) Home prices rose in June for a third straight month as now-expired tax credits inspired a burst of home-buying. But prices are expected to fall through the rest of the year now that demand has faded. The Standard & Poor’s/Case-Shiller 20-city home price index released Tuesday posted a 1 percent increase in June from May and was up 4.2 percent from a year ago. – MYFOXNY.COM – If you think you’ve been seeing more people sleep on city streets, statistics back up the perception. The homeless population living on New York City streets has gone up 50 percent in the past year, according to city statistics reported by the HellsKitchenLife.com blog. – (Telegraph) An estimated 1.2 million customers will be hit by the price rise, which takes effect from the start of October. Bills will increase by 2.6 per cent, or £10 a year, from £399 on average to £409. This is the first time that any of the major six suppliers have increased their main tariffs since the summer of 2008, and some experts warned it was an worrying sign that bills were on their way back up. – (USA Today) WASHINGTON — Government anti-poverty programs that have grown to meet the needs of recession victims now serve a record one in six Americans and are continuing to expand. – (Press TV) Scottish government plans to cut front-line spending and dismiss as many as 3200 police officers in what critics label as “great news for criminals”. HEADLINES Home Prices Rise in 17 Cities in June www.time

CREDIT CARD BAD BOYS

Executives from the financial institutions who received funds from the 0 billion banking bailout faced their critics on the House Financial Services Committee on Wednesday February 11, 2009 in Washington. The chief executives at the hearing are: Kenneth D. Lewis of Bank of America, Robert P. Kelly of Bank of New York Mellon, Vikram Pandit of Citigroup, Lloyd C. Blankfein of Goldman Sachs, Jamie Dimon of JPMorgan Chase, John J. Mack of Morgan Stanley, Ronald E. Logue of State Street, and John G. Stumpf of Wells Fargo. Their silent response to the questioning tells the whole story. Since this time, these companies have offered little relief to consumers. In fact, they have raised rates on millions of more Americans to help pay for growing credit card losses. The apathy of the American public to this additional “taxation” by the banks is beyond belief. Add to this the fact that Executive pay at the banks is going back up in 2009 (NYTIMES APRIL 25th 2009), and you see we are no longer a nation that believes in “United We Stand,” but rather “Everyman for Himself.”

I know this is entirely unrelated to weight loss, but I am going through it right now! I have spent too much on my credit cards and it’s so unsettling to know I have so much debt to pay off :( Any tips or advice on paying off debt is greatly appreciated!

A home equity loan is generally a fixed rate loan, while the HELOC, or Home Equity Line of Credit, is like having a credit card on a home. Find out how the HELOC can be used for debt consolidation withhelp from a financial adviser in this free video on home equity and personal finance. Expert: Matthew McKillen Contact: www.innovativefg.com Bio: Matthew McKillen has more than 21 years of industry experience in arranging loans for his clients. Filmmaker: Christopher Rokosz

Background on NACA’s “Save the Dream” program, which has helped homeowners across America restructure and renegotiate home mortgages and home loans they can no longer afford. For more information, please go to www.naca.com

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A very funny commercial for Washington Mutual Home Loans.

Credit Card Debt

This video was uploaded from an Android phone.

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Visit my new blog… mrmortgage.ml-implode.com Wells Fargo Subprime toxic waste exposed. Do they have to raise capital? Mr Mortgage shows a 2006 Wells rate sheet. This is hard evidence of Wells doing nasty subprime loans for borrowers with scores as low as 500 and 120-day mortgage late payments, which is essentially foreclosure status. They did not sell this directly to consumers, rather used correspondents like New Century, Accredited, Countrywide etc to rebrand the programs and sell them as their own. This is a very common practice but this just proves Wells is dirtier than most. First, because not everyone did subprime. Second, because they lied of course.

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