Money Saving Consumer Tip
If you have access to the internet you may have a pipeline to saving money by joining the huge number of swap sites that have evolved in almost every area of the United States. Free classified ads on Craigslist.com have become common knowledge but the idea of sites with items to exchange – with no money involved – has boomed over the last year. Baby Clothes’s swapping is a prime example. They can be expensive to buy, few of them ever get worn out before they are outgrown, and you constantly need to get larger sizes. Sites like swapbabygoods.com have listings sorted by size of clothing and baby items that people either want to swap for another size or sell. A swapper’s wish list can be viewed to see what the individual is looking to exchange for. SwapThing.com is another such website. Local communities of parents are organizing swap events that are listed in local newspapers. A Google search for what’s going on in your area can result in huge savings.
Involuntary Business Bankruptcies Vs. Foreclosure Proceedings
Not so long ago only a few people needed to know the difference between the two terms. This week, PB Realty Holdings, LLC is being snatched from one to the other by creditors. PB Realty Holdings, LLC planned to transform Point Breeze, the historic small hotel in Nantucket, Massachusetts, into a condo-hotel and private club. Now it is half refurbished but sitting empty as a result of the credit crunch and the lead bank, TD Bank Financial Group’s TD Bank NA, wants to auction off the property next month. Contractors are in a court battle to get over $2.3 million in unpaid bills recovered while another group of creditors have petitioned the US Bankruptcy Court in Massachusetts to force PB Realty into involuntary bankruptcy. A bankruptcy would put the foreclosure auction on hold. This has become a tactic of unsecured creditors in today’s financial meltdown environment used to improve their chances of getting repaid. Unsecured creditors usually get a better deal in a bankruptcy court than in a foreclosure situation. The timing of the development met credit crunch head on and is just one more of the hard hit real estate sectors to be experiencing the prolonged devastation felt in the economy. The concept of the well-to do estate owners in Nantucket scaling down to the ownership of a “hotel condo” to have a place in the upscale area without all the cost came too late and is not likely to get a second chance on this property.
Credit Rating Firms Facing Regulation and Supervision from Securities and Exchange Commission
Congress received the proposed legislation on Tuesday, July 21st, that will bring the big credit rating firms such as McGraw-Hill Cos.’ Standard and Poor’s; Moody’s Corp.; and Fimilac SA’s Fitch Ratings under the oversight of the SEC. A ban on rating firms also doing consulting for the companies they rate. Rating firms will also have to disclose two years of fees that issuers pay to get ratings. Policies and procedures used to determine ratings would be reviewed by SEC if the legislation passes.
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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