Money Saving Consumer Tip
The best money savings deals going right now involve cars and houses. Both are government backed and will only be available for a set amount of time. IF a consumer is in need of a more fuel efficient vehicle and either has the money in savings or a very secure job the “Cash-for-Clunkers” program which gives $3,500 t0 $4,500 towards the purchase of a newer, fuel efficient vehicle is something to take advantage of . On Thursday, August 6th, Senate voted on the plan to add an additional $2 billion dollars to the rebate program which they are projecting will carry the program through Labor Day.
The $8,000 tax credit and is the other major money saving government sponsored program available until the end of 2009. Existing houses dipping under $100,000 in many areas and an interest rate the lowest offered in 30 years makes now the time to buy a home. Qualifying for a mortgage today is harder than it has been in the last five years but if you meet the basic qualifications the $8,000.00 the government offering can be a great infusion of funds for making the purchase. Although it is referred to as a first-time home-buyer tax credit buyers that have not owned a home in the past five years are eligible.
Bank of America Under Serious Scrutiny for Misleading Shareholders About Merrill Lynch Acquisition
On Wednesday, August 5th, Judge Jed S. Rakoff refused to approve a settlement reached between the Securities Exchange Commission (SEC) and Bank of America on the grounds that the ‘settlement agreement’ did not clarify if Bank of America is guilty of issuing a statement to its shareholders that was materially false concerning the details of the deal to purchase Merrill Lynch in September of 2008. It has been charged that when campaigning for approval from their shareholders to purchase the failing Merrill Lynch Bank of America told investors that Merrill Lynch would not pay the year-end bonuses without B of A’s approval when in fact B of A had already authorized up to $5.8 billion in bonuses. The agreement proposed between Bank of America and SEC did not specify where the $33 million to pay the penalty was to come from. Judge Rakoff specifically felt it should be clear whether or not the funds would be coming directly or indirectly from the resources received as part of Bank of America’s bailout package from public funds. Accountability is critically important when public bailout money is involved.
Investigation of Mortgage Servicers by the Associated Press Found Abuses Abound
30 of the 38 mortgage servicers the government is paying to help homeowners restructure their home loans are facing lawsuits for violations of laws that protect homeowners in foreclosure and prevent debt-collection abuse. Charging illegal fees and forcing mortgagees to pay for unnecessary insurance policies are also actions being challenged in court. Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc. are the major players in the mortgage servicing industry facing litigation on these counts. It is important for any homeowner seeking such services to know what is required and what is not to protect themselves against abuses from these companies.
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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