Foreclosure

Foreclosure is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. Formally, a mortgage lender (mortgagee), or other lien holder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following...

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Foreclosure Crisis Likely 5 More Years

Despite a decline in the total number of foreclosures across the U.S., the foreclosure crisis is likely to last another 5 years as it takes lenders that long to formally take back homes tied up in legal squabbles, according to a leading real estate research firm. Lender Processing Services (LPS) found major differences in foreclosure pipelines in states with judicial and non-judicial foreclosures. Judicial foreclosures require courts to approve...

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Fiscal Cliff Deal To Significantly Damage U.S. Economy

The U.S. economy may have avoided falling off the fiscal cliff into a new recession, but it is still going to tumble down a rocky fiscal escarpment -- and that's not so good either. House Majority Leader Eric Cantor, R-Va., left, and Speaker of the House John Boehner, R-Ohio, on Tuesday, before the House passed a fiscal cliff deal that will avert a recession but still hurt the economy. The deal struck between the White House and Republicans...

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Inflation: How Is It Measured?

Measuring inflation is a difficult problem for government statisticians. To do this, a number of goods that are representative of the economy are put together into what is referred to as a "market basket." The cost of this basket is then compared over time. This results in a price index, which is the cost of the market basket today as a percentage of the cost of that identical basket in the starting year. In North America, there are two main...

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Social Security (United States)

Social Security Poster: old man (Photo credit: Wikipedia) In the United States, Social Security refers to the Old-Age, Survivors, and Disability Insurance (OASDI) federal program. The original Social Security Act (1935) and the current version of the Act, as amended[3] encompass several social welfare and social insurance programs. Social Security is primarily funded through dedicated payroll taxes called Federal Insurance Contributions...

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It's official: U.S. hits debt ceiling

It's official: U.S. debt reached its legal borrowing limit Monday, giving Congress about two months before it must raise the debt ceiling or risk causing the government to default on its bills and financial obligations. Congress has about two months before it must raise the debt ceiling or risk causing the government to default on its bills and financial obligations. "I can confirm we will reach the statutory debt limit today, Dec. 31,"...

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First-time buyer

A first-time buyer (FTB) is a term used in the British and Irish property markets, and in other countries, for a potential house buyer who has not previously owned a property. A first-time buyer is usually desirable to a seller as they do not have to sell a property, and as such will not involve a housing chain. There are many factors a first-time buyer may need to consider before purchasing their first property; how much initial cash they...

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First time buying a home? Avoid these 4 pitfalls

Buying a home and taking out a mortgage is a complex process with major financial and emotional consequences. All buyers are subject to certain critical mortgage mistakes, including the five biggest ones we recently highlighted. But there are particular pitfalls you should maneuver around if this is your first time buying a home. Avoid these mistakes, and you'll save yourself some heartache, if not time and money, too. Mistake 1. Succumbing to false...

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Reid Hopeful Negotiators to Reach Last-Minute Budget Deal

Senate Majority Leader Harry Reid said negotiators could reach a U.S. budget deal today that would protect all but top earners from a tax increase at midnight. With taxes set to increase for almost every U.S. worker at midnight, there is still no agreement and gaps between the two parties remain. Photographer: J. Scott Applewhite/AP Photo “They’re progressing,” Reid, a Nevada Democrat, said of the talks in an interview as he entered the...

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European Central Bank

German Logo of the ECB. (Photo credit: Wikipedia) The European Central Bank (ECB) is the sixth of the seven institutions of the European Union (EU) as listed in the Treaty on European Union (TEU). It is the central bank for the euro and administers the monetary policy of the 17 EU member states which constitute the Eurozone, one of the largest currency areas in the world. It is thus one of the world's most important central banks. The capital...

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