The Federal Reserve announced this week that it will use its authority in the $700 billion Troubled Asset Relief Program to begin modifying mortgage loans for struggling homeowners in an effort to slow down the residential home foreclosure rate, Bloomberg reports (“Fed Adopts Policy to Modify Mortgages, Stem Home Foreclosures,” Jan. 27, 2009). (more…)

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Controversial legislation that would give bankruptcy judges the power to modify mortgage loans is facing a major battle in Congress, according to the Associated Press (“Fight Is On Over Judges Altering Mortgages,” Jan. 26, 2009). (more…)

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Consumers may want to think twice about where they shop and the type of purchases they make to avoid getting hit with a lower credit limit, reports ABC’s Good Morning America (“‘GMA’ Gets Answers: Some Credit Card Companies Financially Profiling Customers,” Jan. 28, 2009). (more…)

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More Americans are struggling to pay off their medical bills as they continue to lose their jobs, along with their health insurance, to a worsening economy, and as scaled-back health care contributions from employers make a bigger dent in the personal finances of those consumers who still have their jobs. (more…)

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Two California men have been convicted of filing fraudulent bankruptcy petitions on behalf of Kansas homeowners who were behind on their mortgages and in danger of losing their homes to foreclosure, according to a U.S. Department of Justice press release (“Los Angeles Men Convicted On Charges Of Filing False Claims In Kansas Bankruptcy Courts,” Jan. 20, 2009). (more…)

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A California woman behind a real estate ponzi scheme that deceived both investors and homeowners has been sentenced to 12 years in prison and ordered to pay an $8.5 million fine, according to a U.S. Department of Justice press release (“Woman Who Promised to Help Homeowners Avoid Foreclosure Sentenced to Over 12 Years in Prison for Taking Millions From Investors in Fraudulent Scheme,” Jan. 20, 2009). (more…)

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J.P. Morgan Chase & Co. has agreed to modify more than $1 trillion in mortgage loans the bank previously owned and sold to investors in an effort to help more Americans avoid foreclosure and to help stem lenders’ losses from foreclosure, reports The Wall Street Journal (“J.P. Morgan Expands Loan Effort,” Jan. 16, 2009). (more…)

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During the third quarter of 2008, nearly 5,000 Indiana homeowners — about four times as many as during the same period last year — were able to avoid foreclosure by completing a mortgage loan modification, reports the Homeowners Preservation Foundation, which tracks the impact of foreclosures nationwide (“Record Number of Mortgage Modifications,” Chicago Tribune, Jan. 11, 2009). (more…)

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During today’s challenging economic times you may be struggling to keep your head above water. And looking back on the financial mistakes you’ve made, you wonder if you’d be on better financial footing if your parents had done a better job teaching you about money. (more…)

Popularity: 6% [?]

Consumers, who can already get a annual free credit report from each of the three major credit-reporting bureaus, may soon be able to get a free credit score from their bank or credit union, reports The Wall Street Journal (“Credit Scores May Be Offered More Widely,” Jan. 15, 2009). (more…)

Popularity: 4% [?]