Archive for September, 2007

Headache Caused by Funding Delay and Inaccuracy

Written by Timothy Blake on September 19, 2007 under Archives, Editorial

Three years ago I refinanced an investment property. It turned into such a comedy of errors that at the time I wondered if it would ever be corrected. I still do not know how it should have been handled. The advice to borrowers when funding was delayed, was make your mortgage payment. My question was which mortgage and for how long? I did not file any complaints with regulators. What the mortgage company did, beyond making the corrections remain a mystery.

Fed Lowers Rate, Will it Help

Written by Timothy Blake on September 18, 2007 under Archives, Editorial

The fed lowered interest rates. Not by the anticipated .25%, but by .5%. Not surprisingly the markets heralded its support with a resounding rebound. The celebration may be short lived however unless lenders find investors.

Look for higher fees as banks look for profits

Written by Leatherneck on September 16, 2007 under Archives, Economic Impact

Banks are trying to make a few dollar more by making changes. Bank of America recently raised ATM fees to $3 in most locations. The average ATM surcharge for non-customers was $1.64 in 2006, nearly double that in 1998, according to Bankrate.com. Banks are also boosting other fees, often assessing $35 fees on account overdrafts and $39 late fees on credit cards.

Value of Dollar Drops for Overseas Investors

Written by Timothy Blake on September 15, 2007 under Archives, Economic Impact, Editorial

One after another, the economists who took the lectern at last week’s monetary symposium at Jackson Hole, Wyoming, devoted themselves to the sub-prime debacle facing the American economy. There is the likelihood of plummeting house prices – one eminent professor talked of 40% declines, and their long-term effect on the dollar.

Economy Slows in Australia, Northern Rock Shakes U.K.

Written by Leatherneck on September 14, 2007 under Archives, International, Outside the U.S.

People stood in line in England to withdraw their money from Northern Rock. News from Australia is not much better, where loan defaults rose by almost 30 per cent in the last financial year with failures to pay the bills on time up in every Australian state and territory, figures from the nation’s biggest credit check firm have revealed.

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