More Than 10% of Homeowners Missed a Mortgage Payment First Quarter of 2010

Short Sale

A short sale is when banks agree to let borrowers sell their homes for a reduced price if they owe more than it’s worth.

The number of homeowners who missed at least one payment on their mortgage surged to a record in the first quarter of the year. More than 10% of homeowners had missed at least one mortgage payment in the January-March period, the Mortgage Bankers Association said Wednesday. That number was up from 9.5% in the fourth quarter of last year and 9.1% a year earlier.

 

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Small Businesses Turning To Alternative Financing

bankloan-main_Full

Small business turning to alternative financing when big banks turn them down

In the glory days of the digital photo frame business, when his products were still a novelty and shoppers were flush with cash, getting a bank loan to manufacture them was a cinch, Michael Levy says.  We would say: ‘We got a $1 million order from the Sharper Image. We need financing. With a snap of the fingers, the guy drove down to my office, we’d sign a document, he’d give us the money,” Mr. Levy recalls, sitting in the Deer Park, Long Island, office of the Media Street Group that he runs with his brother, Norm.

 

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New Wave Of Consumer Protections To Help The ‘Unbanked’

payday

For years, the country’s makeshift network of payday lenders and check cashers has operated with little competition or federal regulation.  But as the financial crisis sparks a new wave of consumer protections, lawmakers and the private sector alike are training their sights on an industry that caters to the most vulnerable of populations: the estimated 40 million households on the margins of the nation’s financial system, with limited, if any, access to banks or credit.

 

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Nearly 1 Million Homes Are In The Process Of Foreclosure

foreclosure-sign-house

Nearly 1 million homes nationwide are in the process of foreclosure, according to a report Wednesday from the U.S. Department of the Treasury covering banks and loan servicers that make up 64 percent of all outstanding mortgages.  As of June 30, there were 992,554 homes in the process of foreclosure, up 15.3 percent from March 31 and up 79.4 percent from the same period a year ago, the Office of the Comptroller of the Currency reported.

 

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Seven Rules For The First-Time Home Buyer

MoneyL

Too many people bought too much house for too many years.  Yes, the financial system almost collapsed because mortgage bankers and brokers told lies about loan terms and loosened standards in dangerous ways, and investment bankers packaged those loans into bonds that were far more toxic than ratings agencies predicted.

 

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Can Twitter Fix an Economy in Crisis?

Can Twitter Fix an Economy in Crisis?

In search of a future for Brentwood, CA … and the U.S. work force

Raymond Alvarez:  Earthquakes, a great flood, fires – seemingly nothing could stop the rocking ’90s and California’s Contra Costa County, an area bounded by high tech companies to the south and industrial giants in the north.

Then came the fourth horseman of the apocalypse, the real estate bust.

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Seed Capital Boot Camp – How to Find Investors for Your Business

Seed Capital Boot Camp - How to Find Investors for Your Business 

 Yes, there is still money out there for investment!

Seed capital is the early stage money needed to get most businesses off the ground. It is considered a high-risk investment, but one that can reap major rewards if the company becomes a growth enterprise. This type of funding is often obtained in exchange for an equity stake in the enterprise, although with less formal contractual overhead than standard equity financing.

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