Despite early applications and full financial documentation (sometimes submitted within hours of portals opening), some banks, who will remain nameless for now, dropped the ball and did not timely process PPP applications on behalf of scores of small businesses who had been loyal customers for years. I am one of…
Any hit to the real estate market in Tampa Bay is likely short-lived because of several factors: We still have an inventory shortage. Interest rates are at an all-time low. Even though people lost 30% or more of their stock account value we have NOT lost 30% or more of…
The Affordable Care Act has caused millions of people to sign up for Medicaid for the first time. Medicaid is a program of free health insurance provided to low to no income individuals. Although the care itself is free, there is a lien against estate assets for any Medicaid payments…
The late night fiscal cliff tenative workout included a proposed extension of the Mortgage Debt Relief Forgiveness Act for one more year to include 2013! Floridians seeking to short sale their home but weren’t able to get it done prior to the end of 2012 can breathe a sigh of…
The recent AG settlement among the states’ Attorneys General and the five largest mortgage servicers is expected to be filed any day now. Hopefully then more light will be shed on what exactly the terms are and how they will help Florida homeowners. The Wall Street Journal reported today that…
If you are like most Florida consumers overloaded with debt, by not considering bankruptcy, you are continuing to just throw money away on debt servicing. Once you get behind, it can be nearly impossible to catch up especially now with the costs of living rising higher than wage increases. You…
Tonight at 10:00 p.m. the lead story on Channel 13 inTampa is about the National Association of Consumer Bankruptcy Attorneys’ survey that came out today warning of an emerging student loan debt bomb. News Reporter Jeremy Campbell interviewed me about this study and the future impact of student loan debt.…
From time to time clients have asked me where I go for information and insight into the mortgage crisis and economic conditions here in the U.S. Currently, my favorite bloggers are: Kurt Denninger at: http://tickerforum.org Calculated Risk at: http://www.calculatedriskblog.com/ Mike Shedlock/Mish at: http://globaleconomicanalysis.blogspot.com/ Jesse at: http://jessescrossroadscafe.blogspot.com/ Max Gardner’s bootcamp listserve…
The ordinary household is drowning in mortgage debt. Sure, some homeowners were reckless, but most were not. Regardless of fault however until the mortgage crisis is fixed and our unemployment is cut in half, our country’s households will continue their downfall. This Thursday, President Obama is to announce some sort…
Let’s put into perspective the recent S&P debt downgrade of the United States. U.S. Tax Revenue: $2,170,000,000,000 Fed. Budget: $3,820,000,000,000 New Debt: $1,650,000,000,000 National Debt: $14,271,000,000,000 Recent Budget Cut: $38,500,000,000 Now let’s remove 8 zeros and compare this to an ordinary household: Annual family income: $21,700 Money the family spent:…