Saturday, January 10, 2009
Seeking protection
In an age when foreclosures are at a record pace, credit card debt is hitting new highs and personal savings are at an all time low, millions of American families are worried about their children�s future.
In an age when foreclosures are at a record pace, credit card debt is hitting new highs and personal savings are at an all time low, millions of American families are worried about their children�s future. While they�d like to teach their kids about finances, the sad truth is many parents are not skilled enough with their own money to offer solid guidance. And financial literacy - a skill young people desperately need - isn�t taught in high school.
That�s where Vince Shorb comes in. A self-made millionaire at age 32 and creator of the interactive multi-media course �Financially Free by 30,� Shorb is a young adult financial literacy advocate and expert. read more
Economy drives up car-loan defaults
The home loan program was dubbed South Street.
It turned the idea of credit risk on its head. Consumers just exiting bankruptcy could get a mortgage with few questions. They could have some of the lowest possible credit scores. And they didn't have to submit any pay stubs or tax returns.
Subprime mortgage lender Fieldstone Investment Corp. of Columbia created the loan program during the real-estate gold rush in 2004 as competitors flooded the market.
read more
It turned the idea of credit risk on its head. Consumers just exiting bankruptcy could get a mortgage with few questions. They could have some of the lowest possible credit scores. And they didn't have to submit any pay stubs or tax returns.
Subprime mortgage lender Fieldstone Investment Corp. of Columbia created the loan program during the real-estate gold rush in 2004 as competitors flooded the market.
read more
