Assuming your credit score is decent now might be a good time to buy a home. According to a CNN report this week, the 30-year fixed, mortgage interest rates have been declining. Now, according to Freddie Mac’s weekly survey, the weekly average mortgage interest rates have declined to 4.28%, down from 4.37% last week. It might also be a good time to refinance, especially if you want to refinance with a 15-year fixed, mortgage interest rate. These rates also decreased this week down to 3.32% from 3.39% last week.
Last week CNN reported Mt. Gox, one of the world’s largest Bitcoin exchanges, had filed for bankruptcy in a Tokyo Court. But with close to half a billion dollars of the bitcoin virtual currency missing from an exchange in Tokyo some are starting to wonder if this was just a messy computer glitch or whether the investors have been bilked in what Reuters has termed the “bank heist of the century.”
We’ve heard President Obama define it as “the defining challenge of our time,” and it’s not unemployment or the growing issues with health insurance. It’s the growing gap between the very rich and everyone else. In fact, a recent Gallup poll found that two-thirds of Americans are unhappy with the nation’s distribution of wealth.
Although Kevyn Orr, Detroit’s state-appointed city manager, has been feverishly working with city officials to complete the Detroit bankruptcy repayment plan which outlines how Detroit will repay or renegotiate the estimated $18 billion in debt and exit bankruptcy financially viable, a United States Court on Friday has stated they will hear appeals of seven groups of petitioners in the Detroit bankruptcy case. At question will be whether Detroit is actually eligible for bankruptcy.
Having tax problems and can’t get a hold of the IRS? Apparently you are not alone. IRS Taxpayer Advocate reports 39% of average taxpayers who call the IRS get so frustrated waiting for help they simply hang up. And the bad news is it’s only getting worse.
Fisker Automotive, the hybrid sports car maker, terminated 75% of its work force, including 160 workers from their Anaheim, California, last year. By April 2013, Fisker Automotive knew they were in financial trouble. By November 2013, the company had filed for bankruptcy after a series of financial setbacks.
Is the American economy really improving? Despite what Washington, President Obama and other politicians will tell you, top financial adviser and best-selling author, Peter Schiff, reports that politicians are in a “massive campaign” to dupe the American public into believing the economy is on the road to recovery. Schiff argues that what Americans can actually expect is significant market losses in the future and an economic crash.
If you have declared bankruptcy, cannot get a credit card, have trouble not overspending or want to avoid overdraft charges, credit card giants have the perfect product for you- the prepaid credit card. While these cards are not just for those who have a sketchy credit history or who do not have banking accounts, these cards will allow you to load and withdraw as much money as you want onto them from ATMs and make payments anywhere that debit or credit cards are accepted. The prepaid credit card will also allow you to avoid risk of overdrawing a checking account and getting charged exorbitant fees.
The Associated Press revealed today that JPMorgan Chase, the lending giant and the nation’s largest bank, will pay an estimated pay $614 million under a deal announced Tuesday to improve mortgage lending practices which were blamed for much of the housing crisis.