Lenders looking to collect on high-interest credit card debt from bankrupt consumers could soon be forced to negotiate better repayment terms with these consumers if key democratic senators are successful in pushing new bankruptcy reform legislation through Congress. (more…)

Popularity: 6% [?]

Out-of-work homeowners with Citigroup mortgages may soon be getting a break from their lender. Citigroup announced that it will be cutting mortgage payments to an average of $500 a month for three months under its new Homeowner Unemployment Assist program, reports The Associated Press (“Citigroup to Cut Mortgage Payments for Jobless,” March 3, 2009). (more…)

Popularity: 4% [?]

A mortgage loan modification company in Orlando, Fla., is being sued by Attorney General Bill McCollum for allegedly violating the state’s new foreclosure rescue law, The Associated Press reports (“Fla. AG Accuses Home Loan Rescue Company of Fraud,” Feb. 15, 2009). (more…)

Popularity: 7% [?]

Four of the nation’s biggest banks have announced a moratorium on foreclosures for the next few weeks while they await the details of President Obama’s $50 billion financial stability plan to stem foreclosures for homeowners, the Associated Press reports (more…)

Popularity: 5% [?]

Wade County sheriff Warren Evans of Michigan is refusing to enforce lender foreclosure sales in his county and has unsuccessfully petitioned Michigan governor Jennifer Granholm to impose a six-month moratorium on foreclosure sales, the Associated Press reported (“Wayne Co. Sheriff to Stop Sale of Foreclosed Homes,” Feb. 3, 2009). (more…)

Popularity: 5% [?]

You may’ve seen the headlines. Unsuspecting tenants who are responsibly paying their rent on time are among a growing number of foreclosure victims – as many as 40 percent of renters in single-family housing are being evicted from foreclosed rental properties after their cash-strapped landlords stop paying the mortgage, reports the National Low Income Housing Coalition in Washington, D.C. (more…)

Popularity: 3% [?]

In today’s current economic climate, consumers who are struggling with overwhelming personal debt, job loss, and mortgage foreclosures are increasingly turning to bankruptcy protection, reports CNNMoney.com (“Consumer Bankruptcies Jump in 2008,” Jan. 6, 2008). (more…)

Popularity: 4% [?]

CompuCredit Corp. and its debt collection agency have agreed to repay consumers as much as $114 million to settle a lawsuit initiated this past June by the Federal Deposit Insurance Corp. and the Federal Trade Commission, which accused the organization of deceptively marketing and collecting on subprime credit cards to consumers (“CompuCredit and Its Collection Agency Settle FTC-FDIC Case for $114 Million,” Inside ARM, Dec. 22, 2008). (more…)

Popularity: 4% [?]

The number of people claiming unemployment benefits climbed to a 16-year high, according to this week’s numbers from the Labor Department, further cementing fears that the jobless rate could jump from its current 6.5 percent to nearly 8 percent next year (more…)

Popularity: 3% [?]

Citigroup Inc. lost $1.44 billion during the third quarter from credit card debt it packaged and sold as bonds, the financial services giant reported in a recent regulatory filing (more…)

Popularity: 4% [?]