Mortgage Debt News
The foreclosure rampage is still hot. After the massive foreclosures from the subprime lending debacle came the huge downturn of the economy they still continue. Many current foreclosures are the people who renegotiated their subprime mortgages and then became victims of the economy by becoming jobless. 60% of US foreclosures fell in the states of California, Florida, Arizona, Nevada, and Illinois. These states have also been very hard hit by the hemorrhaging economy. Resale homes have risen slightly but as credit is still tight, remodeling (and thereby creating employment) is still not an option and new home sales have remained fairly flat. This is good news, as they have not made any large s. As of this writing, there have been 758,394 foreclosures filed in the US since January 1, 2009.
Laws affecting consumers and businesses
The jobless issues are the target of the Obama stimulus package. One of the requirements is “Made in America” products must be used for the government contracts. This is a boon to the many faltering industries but has upset many of the US manufacturers that have moved their plants to other countries to save money. Massive amounts of funding provided by the Stimulus Bill are earmarked for alternative or ‘green’ energy projects including wind, solar, and more energy efficient cars. There is debate going on about oil drilling closer to the 3 mile marker off the west coast of Florida to provide more domestic oil. This would create more American jobs both in the drilling and refining areas of that industry as well as decrease our dependence on foreign oil. With the national unemployment rate at 8.5 percent and many counties, from Coos County, Oregon (13.7%) to Flagler County, Florida (14.3%), far above that, we need to make sure that the provisions in President Obama’s bill are followed.
Credit card news
President Obama met with the credit card industry leaders again. He has pledged to protect American consumers by getting law regarding credit cards, which will eliminate the fine prints that most companies use to trick the customers, late fees, and unexpected rate increases that many credit card companies use to make high profits. So he outlined his principles for a new legislation, which provides protections to the consumers. This will allow the consumers a protection against the sudden fees hikes, an effective enforcement of laws to punish the violators, and the consumer friendly requirements such as to publish the forms in easy and understandable language. There are several laws set to go into effect in July of 2010 aiming to curtail many of these practices but Obama does not feel these go far enough to protect the American consumer and small business owners. With 80% of American households holding at least 1 major credit card – and the 25% increase in credit card debt in the last 10 years, many families and businesses are dependent on the availability of short term credit liquidity. President Obama and the credit card companies have agreed to work together to find a compromise that will not strangle the flow of credit to worthy consumers and businesses.
Coastal Credit Solutions, Inc. operates a financial market place that matches Consumers and Businesses with debt eliminating and/or alternative financing service providers. If you have over $5,000 personal or business credit card debt or are seeking small business financing, please call us 866-205-8370 for a FREE no obligation consultation.
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