In the United States, years before the so-called “subprime crisis”, various financial businesses existed to serve the needs of the middle class. Among those were Household International, Citifinancial, and Avco. Household International represented the Household Finance (HFC) and Beneficial Finance brands.
Austin Kilgore wrote an article about predictions from Deutsche Bank concerning the mortgage market and the financial position of homeowners. While we certainly saw mortgage blues on the horizon well before the summer of 2007, Kilgore’s article shocked even us.
The percentage of prime borrowers seriously delinquent on their mortgage rose 20.3 percent during the first quarter compared with the previous quarter. It was up 163.7 percent compared with the same quarter a year ago.
Most people fail to realize that by prolonging their problem, they are much further from a real solution.
I should have checked my horoscope before paying my mortgages this month. The stars aligned and starting last night at about 8 PM a giant “Kick Me” sign went on my backside. Actually at 8:09 PM I received a call from one of my mortgage servicers to remind me that my payment was due, except it wasn’t. They received my payment on the 13th and processed on the 14th of the month. The “War Dialer” didn’t know, so I had a “NICE” conversation with Mr. Jones, in which he actually confirmed that my account information and “War Dialer” were not on the same sheet of music.