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Consumer Financial Protection Bureau Takes Shape

by Flexo

In July, the federal government passed a sweeping new law to reform the financial industry. One of the biggest and most hotly contested aspect of this new law is the establishment of the Consumer Financial Protection Bureau. President Obama has tapped Elizabeth Warren to oversee the development of this new agency. The new director won’t ... Continue reading this article…

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TARP Bailout: It’s a Success and Failure

by Flexo

The Troubled Asset Relief Program (TARP), created and enacted by President George W. Bush’s administration in 2008 with strong support from Republicans, has been deemed a success for taxpayers by President Obama’s administration on the date of its so-called ending, despite being criticized by opponents both liberal and conservative. Only $386 billion of the original ... Continue reading this article…

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Qualifying for a Mortgage as a Self-Employed Individual

by Flexo

I mentioned recently that I’m considering buying a multifamily home in the area close to the local Ivy League university and renting out the units, and perhaps living in one unit myself. A quick search on Yahoo Real Estate reveals two are available, priced a $665,000 and $420,000. My current lease isn’t finished until July ... Continue reading this article…

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New Financial Regulations in the Wall Street Reform Law

by Flexo

Updated: The media are calling the new Wall Street Reform Law, recently signed by President Obama, the most significant reform of the financial industry since the Great Depression. It looks to tighten the reins on a industry that helped cause the recent recession by requiring the Federal Reserve to create and enforce regulations on the ... Continue reading this article…

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Pregnant Women Are Liabilities to Mortgage Lenders

by Flexo
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Here’s the message conservative lenders are sending: Don’t have a baby if you want to qualify for a mortgage. On maternity leave or paternity leave, it’s common for a family’s income to drop. If income during the leave is classified as disability income, mortgages look at this income as temporary, and they often don’t consider ... Continue reading this article…

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Rich Homeowners More Likely to Walk Away From Mortgages

by Flexo

When it comes to walking away from a house and mortgage, wealthy homeowners are doing their part. Not only are those with a $1 million net worth or above more likely to stop payments, but they are also more likely to see their home as an investment and cut their losses. Of homeowners with a ... Continue reading this article…

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Good and Bad Uses of Leverage

by Flexo

Earlier this year, I suggested starting the decade off right by paying off debt. In general, debt is something that should be eliminated. Credit card debt is expensive and often unnecessary, personal loans generally carry a cost to personal relationships as well as interest, and mortgages hang around forever and make you a renter who ... Continue reading this article…

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GMAC Changes Name to Ally Financial

by Flexo

A year ago, GMAC Bank, or its brand, ceased to exist. In order to distance itself from its parents, General Motors and GMAC Financial Services, the bank changed its name to Ally Bank. With government funding, Ally Bank went on to become a competitive online bank, offering interest rates high enough to draw the ire ... Continue reading this article…

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