US Financial News

What is the purpose of the CARD Act?

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| Tags: Act, Card Act
Posted April 20, 2010 by John Wane under Financial News

Here’s an interesting tidbit from Diana Olick over at RealtyCheck.

Former Credit Suisse analyst Ivy Zelman, the one that came up with the infamous mortgage rate reset chart, said on average it takes 417 days for a lender to send a foreclosure notice after a borrower stops making mortgage payments.

Yep, 417 days. More than a year. Oh, and it can take another year after that for the bank to finally reclaim the property and boot out the homeowner.

In other words, those who stop making mortgage payments, either by necessity or strategically, can hang around for a long, long time.

You may even get a couple thousand if you play nice and return the keys to the lender and don’t steal anything.

Of course, this is just the average number of days it takes, and I’m not sure where she pulled the figure from. But i

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| Tags: Mortgage, Paying Mortgage
Posted April 20, 2010 by Oliver Blake under Financial News

Around the developed world, young workers are nearly three times as likely to be unemployed as their older counterparts.

The chart below shows the ratio between the unemployment rates for young workers and those for the rest of the labor force.

Source: Organization for Economic Cooperation and Development

These numbers were released last week, in conjunction with an Organization for Economic Development report on youth unemployment. (More on the report here.) The report found  that young people had been disproportionately bearing the burden of high joblessness in the wake of a global recession.

There is a good bit of variation among different industrialized countries, however.

In the United States, for example, the unemployment rate for workers age 15 to 24 was 19.1 percent in the last quarter of 2009, whereas the rate for workers age 25 and over was 8.6 percent. That means that the unemployment rate for the young was a little more than twice as high as that for the rest of the work force.

This ratio was on the relatively low end; in Sweden, the unemployment for young people was over quadruple the rate of unemployment for everyone else.

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| Tags: World
Posted April 19, 2010 by Hanna Silver under Financial News

Investing in the market is a very lucrative business. As long as someone puts his money in there, it is up to another person to work hard and ensure that it increases in value. At the end of trading period they go sell their shares and make some money. The problem is that it is never predictable but thanks to the stock gurus, there are some indicators that may give someone a lead on how to read the stock market.

The first thing a person has to do is to keep an eye on the industry that does the packaging. This mainly entails watching the company’s progress and knowing which company is doing well in terms of production and profits.

Going through the paper will also enable a person to know what consumers are after. This is especially the case in book releases. The entertainment industry is yet another place to look. If a company has the best ratings and is listed on the stock market, it would be wise to invest in such a company. Other indicators would be keeping up to date with current events and changes in trends in terms of fashion.

| Tags: Market, Market Indicators
Posted April 17, 2010 by John Wane under Financial News

This great quote was heard recently on Dave Ramsey`s radio program: Desperation is the mother of broke.
This quote and others like it from well-known financial advisors admonishes us to stay the course with our financial plans in spite of some turbulence occurring around us. These are the principles you need to embrace and live by all the time, not just in the tough times:

Diversify. Do not put all of your financial eggs in one basket. Spread your money and accounts among several different companies. That way, if one of them has a problem, all of your money will not be tied up with that organization. Look for the reputable companies. The ones that have been around the longest usually provide the safest haven for your money. Check the track record of that company to see how well they perform for their customers. Keep in mind that they are there to serve you, not the other way around.

Do Not Act on Emotion. Some are considering pulling out some money and keeping it in a safe inside their house. This is foolish logic. If the financial markets were to crash, that money would not be worth anything either.

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| Tags: Financial, Tough Financial
Posted April 15, 2010 by Hanna Silver under Financial News

A new study into the value of wardrobe contents has found that the contents of a woman’s wardrobe are worth around £7,000. However, estimates show that most women would value their clothing at £3,500, half of what the contents are actually worth.

In light of this research, Post Office Home Insurance is reminding women to ensure they have appropriate home insurance cover to protect their belongings.

Post Office Home Insurance advises people to assess the details of their home insurance policy carefully. For example, most home insurance providers offer cover on a ‘new for old’ basis, which means the value should reflect the cost of replacing an item with a new version .

Post Office Home Insurance also advises policy holders to ensure they keep a detailed an inventory as possible of items in their wardrobe. Valuations of expensive clothes and taking photographs of unusual or specific items could also assist in calculating the value of clothes in case of a home insurance claim.

Additionally, Post Office Home Insurance recommends that people check to see if their home insurance policy has a single item limit. I

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| Posted April 15, 2010 by Oliver Blake under Financial News

For the fourth time this year, the Post Office has announced cuts to its fixed-rate mortgages .

According to the lender, the reductions reflect its ambition of becoming a leading player in the UK mortgage market by offering consumers long-term good value products.

Following rate cuts in the first three months of the year, the Post Office has decided to reduce the rates on its two and five-year fixed-rate mortgage deals at 60 per cent, 75 per cent and 80 per cent loan-to-value (LTV).

And Marco Hughes, Post Office director of personal lending, claimed that the provider is “constantly challenging traditional high street lenders”.

He added: “To support this we are dedicated to growing and expanding our mortgage range and expect to announce further new rates and products in the near future.”

In March, the Post Office announced rate cuts to its full range of fixed-rate mortgage products.

Indeed, the lender opted to lower the rates on all of its two, three and five-year fixed-rate deals at 60 per cent, 75 per cent and 80 per cent LTV.

| Tags: Mortgages, Post Office
Posted April 13, 2010 by John Wane under Financial News

This is not a fun topic, but it is one that you need to address anyway. Most people think that as long as they have some type of life insurance, they do not have to deal with the details of what happens when they are gone.

How wrong that is. Think of the heartache your loved ones will be going through, and on top of that, having to drill through the details of your files to try to find important documents, etc. Not a pretty picture.

So, here are some tips that you need to make sure you do NOW before something happens.

Mandatory Items

1. A will. This is by far the most important document that you can have. It sets out who gets what. But, even more important than that is that it saves your loved ones from a rough road if you do not have one. Consider that it would be hard enough with one.

2. Asset listing. Put together all of your financial information and store it in one place. You need to let the executor of your will know the location of these documents:

A listing of all of your personal and financial properties and the values.

The types of accounts you own including brokerage accounts, retirement accounts, real estate, and life insurance policies.

How these assets are owned. Are they joint, individual, or in a trust?

The types and amounts of any debts and the names of the creditors / lenders.

3. Account numbers and locations. You need to have a listing of bank accounts and contact information. Also, if there are any beneficiaries noted on the accounts.

4. Important financial records. Your monthly recurring bills need to be kept in a place that can be accessed.

Do not forget to address the importance of a living trust or living will if you so desire. If you have questions about any of these issues listed here, consult a professional who will sit down with you and walk you through the steps necessary to make an tough time easier on the ones you love. They will love you all the more for it.

| Posted April 13, 2010 by Hanna Silver under Financial News