Money Management
A facial close-up of a bearded and disturbed elderly gentleman.

Americans disagree with Social Security cuts to trim deficit

According to a recent poll conducted by research firm GfK Roper and funded by AARP, Americans largely disapprove of cutting Social Security in order to reduce the national deficit. The Huffington Post reports that polls results show that 85 percent of adults are against cutting Social Security. A large sample (72 percent) “strongly opposes” such
Walking Away

Strategic defaulters more likely to be financially educated

People who engage in “strategic default,” purposely defaulting on a mortgage when it’s no longer worth the effort, may be more financially astute than other homeowners in default. A recent study indicates that strategic defaulters have higher credit scores than people who stick out a bad mortgage. However, there are not many people who engage
bill shock regulation to prevent this as pictured

FCC to propose bill shock regulations that rein in mobile fees

“Bill shock” regulations to protect consumers from being burned by surprise mobile phone charges are being proposed by the Federal Communications Commission. Mobile users have been ambushed for years by surprise charges, but the issue came to the forefront last month when Verizon, under FCC pressure, agreed to refund customers about $50 million for bogus
Apps on an Android cellphone

Amazon defies Apple lawsuit by opening Appstore

With great fanfare and a free Angry Birds download, Amazon opened its Appstore this morning. This is despite a cease-and-desist order and federal trademark lawsuit filed by Apple computer over the use of the name “Appstore.” This is one of multiple lawsuits over the use of the term “app,” all of which could be driving
Congressional Hearing

Bailout official labels mortgage modification program a failure

The Inspector General of government bailout programs has labeled the mortgage modification program a failure. Neal Barofsky, appointed to oversee the bailout programs including the Home Affordable Modification Program, blasted the program in a Congressional hearing for being ineffective. More than half a million applicants have gotten their mortgages modified. Mortgage modification program blasted in
A “For Rent” sign.

Experian to include rental data in credit reports

Renters interested in rebuilding their credit scores now have another tool at their disposal, reports The Detroit News. The credit bureau Experian, which acquired the property management database company RentBureau last summer, will begin factoring rental history into credit scores. This move will help scores of consumers, but it may also hurt, experts say. Millions
new hires

Private sector job creation in December blows away expectations

Private sector jobs were created in December at a pace more than doubling expectations, according to a report released Wednesday. Another jobs report indicated that job losses dropped to the lowest level in 10 years. The two reports submitted ahead of the Labor Department jobs report due Friday may show that the U.S. labor market
For Sale

More people are getting bank loans and buying houses

The number of people getting bank loans for houses is increasing. Existing home sales crept up over November for the third increase in four months. However, sales are far below the levels that were seen last year. More homes being sold and bank loans taken out for purchases The housing market is still struggling to
bush tax cut deal favors passengers, not the driver

Bush tax cut deal: the more you earn the more you benefit

Coverage of the Bush tax cut deal proposed by the Obama administration this week has focused on tax cuts for the rich. But the tax compromise contains other provisions that would benefit ordinary Americans, depending on how well off they are. Economists are praising the deal as a stimulus package once thought impossible after the
recession special

Great Recession ended last summer, but growth recession continues

Recession is a technical term that technically doesn’t apply to what the U.S. is currently going through. Economic misery as a real-life condition persists, but a government panel announced Monday that the recession officially ended in June 2009. The economic downturn started in December 2007 and lasted for 18 months — the longest slide since
housing market double dip

Home prices in October beat forecast, dipping lower than expected

Home prices dipped lower than expected from September to October according to an industry report. The Standard & Poor’s/Case-Shiller home price index released Tuesday also reported that October’s plunge in home prices was the greatest year-over-year drop since December 2009. Analysts blamed the end of the homebuyer tax credit and warned of a double-dip in

Economic indicators we should be worried about

Enjoy this unlucky top 7 We all want to hear good news; it’s human nature. Perhaps that’s what the Obama administration and current Federal Reserve leadership are playing off of as they paint a picture of America’s economy in real recovery. But the reality is that many things still could go wrong before we’re out
foreclosure moratorium

Experts: Foreclosure moratorium will harm weak housing market

Calls for a nationwide foreclosure moratorium have been rising, but the White House and the housing industry are against it. A foreclosure moratorium has not been declared, but many mortgage lenders have imposed what amounts to a voluntary moratorium by suspending foreclosure proceedings on their own. Real estate experts and administration officials agree that a
Apartment

JP Morgan Chase purchases multi-family loans from Citi

As a part of its goal of expanding its lending portfolio, JP Morgan Chase has purchased a loan portfolio from Citi. The deal is worth about $3.5 billion, and is a part of the $8 billion in troubled loans Citi has been selling to others. The purchased loans are practically guaranteed payday loans for JP
Radar Gun

Ohio speeding tickets could really cost you – no proof needed

Getting a speeding ticket is never fun – between fees, fines, and increased insurance costs, you’re looking at more than $400. In Ohio, however, the state that gives out the most speeding tickets, fighting that ticket just got a lot harder. The Ohio Supreme Court has ruled that “trained” officers can rely on visual estimates
Hondas

Consumer Reports cars point out the best and worst choices

Consumer Reports cars that made the magazines “Best 10″ list don’t include the government bailout automakers General Motors and Chrysler. The best cars for auto financing are being built by Honda and Subaru, according to Consumer Reports latest automaker rankings. The automaker showing the most dramatic improvement is South Korean carmaker Hyundai,jumping to fourth place
Islamic traders who use Shariah law to guide their investment choices.

Shariah Islamic stock index opens in India

In accordance with Shariah law, Muslims are not permitted to invest in companies that derive significant benefit from interest, as Muslims consider this to be usury. In order to facilitate business-minded Muslims who wish to diversify their investment portfolios, the Bombay Stock Exchange (BSE), the Mumbai-based Taqwaa Advisory and Shariah Investment Solutions have launched an