Do as I say, not as I do.

So it looks like the government has gotten concessions out of private banks in regards to outstanding mortgage balances. According to USA Today  the settlement requires the five leading mortgage servicers to forgive at least $10 billion in principal that homeowners owe on mortgages. That will help underwater borrowers who owe more on their mortgages […]

Consumer Debt

Get used to this headline.  U.S. consumers fall behind on loans at record pace According to the story Soaring U.S. unemployment and a shrinking economy drove delinquencies on credit card debt and home equity loans to all-time highs in the first quarter as a record number of cash-strapped consumers fell behind on their bills. Delinquencies […]

Citi falls for Nigerian scam artist

CitiBank evidently isn’t aware of various Nigerian scams, because they actually fell for it.  No, I’m not making this up.  Here’s a link to all the details according to the NY Times. Swindles in which someone overseas seeks access to a person’s bank account are so well known that most potential victims can spot them […]

Updated bailout list

Since I last posted this list, there have been a few updates.  $1.9 trillion in new updates to be exact.  The grand total approved to be spent for the bailout programs is now up to $9.1 trillion, and we’ve actually spent $3.6 trillion – none of which we have, so it’s 100% borrowed or simply […]