When the new rules go into effect, unemployment benefits will no longer count as income for determining whether a person qualifies for a long-term reduction in their mortgage payments.

So for people with no income other than unemployment, there will be no loan modifications – the chief tool for preventing foreclosures.

“It’s ridiculous how impractical the guidelines … are,” said Al Ripley, an attorney with the N.C. Justice Center. “They truly do not address the needs of unemployed people.”

This program is the centerpiece of the $75billion federal effort launched in February 2009 to stem foreclosures. President Barack Obama has said HAMP – the Home Affordable Modification Program – would help 3million to 4million people avoid foreclosure through 2012.

But only about 170,000 homeowners received long-term modifications in the first year. The small numbers drive criticism that the U.S. Treasury program is flawed, and that lenders do a poor job of implementing it.

Read more: http://www.charlotteobserver.com/2010/04/11/1369820/foreclosure-program-falls-short.html#ixzz0kr3caTLS

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Foreclosure program little help for jobless

That according to US REO and cited by an NAACP rep in a recent LA Times editorial. “The money should have gone to direct payments to homeowners, just like they did with the banks.”

Hard to argue with that logic (although US senators and even some authorized to dole out HAMP funds see it differently).

The nonprofit ProPublica has confirmed that only a tiny amount of the HAMP qualified mortgages have been given permanent status – and black Americans are underrepresented.

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Foreclosures among blacks still on the rise, despite stimulus

Even though the rate of foreclosure notices is slowing, according to RealtyTrac, default notices, scheduled foreclosure auctions and bank repossessions — were reported one in every 417 U.S. housing units in November. Up 18% from the same time last year.

Is this recovery? You be the judge! While our leaders are pork-barreling their way into the holiday break… which is likely to be another 20-30 days of time that nothing gets done, you and I are still struggling to get a break, find jobs that can actually support us, and figure out how we are going to pay that $18,000 tuition bill for a child in college after the holidays.

Recession… depression… downturn… whatever snap-label anyone wants to put on it, the economy is still in trouble.

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One in Every 417 Homes in Some State of Foreclosure!

President Obama is expected to have the bill on his desk as early as this morning – and signed immediately!

For those whose benefits have already expired, this extension should automatically kick in, providing immediate relief to those in need!

Further Reading:

• More Help for Jobless
• Unemployment Bill Sent to House
• Senate OK’s Jobless Extension

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Extended Unemployment Benefits on the Way!

“From a technical perspective, the recession is very likely over at this point,” Bernanke said in responding to questions at the Brookings Institution. “It’s still going to feel like a very weak economy for some time because many people will still find that their job security and their employment status is not what they wish it was.“

Wait – I thought the God of the Financial World said the worse is past?!

Typical two-sides speakeasy from another appointed Politician!

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Did You Hear? The Recession is Over!

If you have credit card debts, but are also saving a small amount each month, you would be better off in the long-run putting that money towards paying off your credit card debt before beginning to save. If you can afford it, even by an extra 10 or 20 each month, always pay more than the minimum monthly repayment asked for. Find details of a company who claim to be able to have certain unsecured loans and credit card debts up to 25,000 written off providing that they were taken out before a certain date.

But the percentage of those who owe a balance versus those who don’t stays pretty much the same, as does the percentage carrying hefty credit card debts. Credit card debt consolidation is convenient for you if your credit card debts amount 5,000 and exceeding that. Other debt sites can also provide you with an increased repaying duration. It will combine all your debts into one, including car loans, credit card debts, and your mortgage. If you have equity in your home, you can refinance it and get a new mortgage or take out a line of credit.

It’s really a good idea to probe a little deeper into the subject of being sued for credit card debts. What you learn may give you the confidence you need to venture into new areas.

If you are already facing credit card debts, the guide will give you tips on how to overcome them. Learn how to use your credit card wisely so and reap the credit card rewards that come with it by visiting the guide to credit cards section. An easy way to earn 18% or better is to get rid of credit card debts as soon as possible. I wonder if people who run up big credit card debts will learn something from this exercise. It’s like someone who repeatedly refuses to pay their body corporate levies.

Calculate the interest on your credit card debts and transfer it accordingly. We recommend this method for students because your credit card debts are probably low enough that the additional interest won’t be enough to make up for the danger you might face with having to keep up with numerous payments. When God’s people eliminate credit card debts they are choosing to honour God’s hope for a sound financial life.

Credit Cards will be an important resource for all those who are bemoaning their large credit card debts and would like a way to consolidate them. To consolidate credit card debt, you require a loan. But it is quite alarming that even teenagers have been so sucked into the world of credit card that when they graduate college most of them have huge inflated credit card debts. This phenomenon should be taken in high consideration by the public.

Don’t limit yourself by refusing to learn the details about can you be sued for credit card debts. The more you know, the easier it will be to focus on what’s important.

Christopher Stone is the author of this article. DebtConsolidationLoans2U.com provides debt resources and asks can you be sued for credit card debts

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How to Lower Credit Card Debt

I wonder what will happen when these talking heads come out of their hole and look at how the real world, you know.. the 10% of citizens that are unemployed, the 20% that are un, or under employed, or how about the rest of us who are burning through savings faster than Micheal Jackson fans buying a copy of Thriller!

Stop the Presses – We are Out of the Recession

According to Larry Summers:

The number of people searching for the term “economic depression” on Google is down to normal levels, Summers said.

Obviously, Larry needs to step out and get a bit more insight to what middle class Americans are feeling. Even though a Google search volume metric may be down, he might want to look at some of the searches that are UP!

Lets Jump into Google Trends

Economic Depression vs Unemployment

Oops – Missed on that one Larry! Link

Economic Depression vs Part Time Job

Yup – missed that one too – look like more people are looking for a part time job also! (link)

Economic Depression vs Sell House

Looks like more people are selling their homes, bucking the trend of several years, when it usually slows before now! (link)

Economic Depression vs Bankruptcy!

Last but not least… look how the search for bankruptcy has trended! Oops, going the wrong way Larry! (link)

Bottom Line

If our Gov’t is using google data to determine the state of the economy in the US – please tell me where to apply for a job!

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Economic Depression – The Truest Indicator of the Economy!

The Credit industry is doing its best to sap every penny out of americans, which is evident by the latest round of rate increases and available credit reductions by Citibank. Even myself, with fantastic credit and a never-late history on our credit cards, got the letters from both Citi and Amex, telling us they had reduced our line and increased our rates!

Our Government Continues to Expand!

While everyone suffers through bankruptcy and record foreclosure rates, our US Government continues to spend like mad, bailout businesses in back-office deals that we never hear about, and add new departments, commissions and any other way they can spend the tax money we pay.

Is it time for another Revolution to clean out Washington?

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Is it Time for Another Revolution in the USA?

Obama said:

“those ridiculous contracts with pages of fine print that no one can figure out – those things will be a thing of the past,”

what he doesn’t mention is that all of that junk got there in the first place, as a result of previous rules and regulations drafted over the years from other consumer protection guidelines! In other words… more of the same, except this time, we want you to think we are actually something about it! …yawn…It will be interesting to see how much this new commission will end up costing taxpayers in the longrun, since most of these types of initiatives are developed for good cause, but by the time the lobbyists get their claws into the actual verbiage, guess who gets screwed in the end?

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Consumer Financial Product Commission Bill On Its Way!

Allison, best known for once leading the ill-fated Fannie Mae… wait… aren’t they part of this problem to begin with? I’m no rocket scientist, but in the corporate world I came from, when you are part of a failure, you don’t get appointed to special projects! You usually get a nice severance package and are asked to quietly go away! I guess our Gov’t does things differently.

Tell Us Something We Don’t Know

“I believe this is still a very serious economic time for this country, and much more has to be done to restore stability,” Allison told the Senate Banking Committee.

“We have to see this program through and make sure it’s well-administered all along the way,” he later added.

Allison added that if he is confirmed to as Assistant Secretary for financial stability at the Treasury Department, (That’s one heck of a long title) he would work to increase transparency of the TARP and Bailout programs and share more details with Congress. He also vowed to do more to widen participation of the government’s anti-foreclosures effort.

Read the full story at: http://www.seattlepi.com/business/1310ap_us_bank_bailout.html

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Officials Say Foreclosure Bailout Plan Needs More Time!