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Who Should Face the Music When the Banks Fail?

Should everyday folks bear the brunt when banks fail, or should the bankers themselves be held responsible?

CitiMortgage Told Me to Default on My Loan

Only in the completely screwed-up world of the lending industry would this be a logical and serious piece of advice. But that’s basically what I was told after calling CitiMortg

"Cash for clunkers" bill passed by Congress - what does it mean for consumers?

A few months ago I wrote about several car buying incentives that were floating around. This was before the bankruptcy of Chrysler and GM and there was a rumor going around that t

Mortgage bailout redux: new incentives for modifying second mortgages in the Second Lien Program

The United States government launched the "Hope for Homeowners" program back in October, 2008, and so far only one loan has received final approval to refinance under this program.

Could you profit from Obama and Geithner's toxic assets plan?

This week the United States Treasury announced the Legacy Loans Program. The program is meant to be a partnership between the government and private investors to clear "toxic" ass

Should The AIG Bonuses Be Taken Away Or Not?

The whole country is up in arms about the last round of AIG bonuses, but why should they? Before you pick up your pitchfork and join the angry mob, would you return your bonus even

Will Obama's new mortgage plan really reward responsibility?

Today President Obama announced a new $75 billion Homeowner Affordability and Stability Plan to the world. It is touted as a plan that helps responsible homeowners who have not

Should We All Just Stop Paying the Mortgage?

Should you take advantage of the $700 billion bailout plan to help struggling homeowners and stop paying your mortgage?

How a $700 billion bailout became a $800 billion "rescue plan"

You might have thought that the $700 billion bailout bill seemed a bit excessive. You'll be relieved to hear that the bill that the President will sign tonight is worth a mere $800

Download the 451-page bailout proposal

Well folks, I hope you have plenty of time on your hands. The initial 3-page document that Bush and Paulson put forward has grown somewhat. It's hardly surprising, considering how

Root cause of the financial crisis

Several times recently, Treasury Secretary Paulson (and many others) have claimed that the "root cause" of the current financial crisis is "the housing correction." This is comple

Me too, Secretary Paulson!

Dear Secretary Paulson: I've looked over the fact sheet on the proposal to give the Treasury the authority to purchase "troubled assets," and although I have some doubts about th

They used to call it "loan workout"

It has never been unusual for borrowers to run into difficulty, and sometimes it becomes clear that a loan will never be repaid in full. The lender's job then is to recover as