The number of U.S. workers filing new claims for state unemployment benefits rose more than twice as much as expected last week to a 26-year high indicative of continued employment declines amidst a recessionary economy, the Wall Street Journal reported today. Initial claims for jobless benefits spiked 58,000 to a seasonally adjusted 573,000 in the [...]
A comprehensive bailout for General Motors, the Ford Motor Company and Chrysler could cost as much as $125 billion, and even the companies themselves are hard pressed to dispute that figure, the New York Times reported today. Mark Zandi, chief economist of Moody’s Economy.com, testified before Congress last week that the Big Three’s request for [...]
Despite government and industry efforts, the number of homeowners falling behind on their mortgages or already in foreclosure climbed during the third quarter and is poised to accelerate as the country’s recession deepens, the Washington Post reported on Saturday. About 6.99 percent of mortgage loans were delinquent during the quarter, according to the survey by [...]
What is the HOPE for Homeowners Program? This is a new program for borrowers at risk of default and foreclosure. The program provides new, 30-year, fixed rate mortgages that are insured by the Federal Housing Administration (FHA).
It may help you refinance your mortgage into a more affordable payment.
H4H is voluntary. Both lender(s) and borrower(s) must [...]
Natural gas marketer Catalyst Energy filed for chapter 11 bankruptcy protection Wednesday after its credit evaporated overnight, the Atlanta Journal-Constitution reported yesterday. Georgia utility regulators will begin deciding today if Catalyst can continue to sell gas in Georgia, as state law requires marketers to have enough credit to pay for the gas they order. Catalyst [...]
