The Fed’s recent quarter-point rate cut could either mean more or less cash in your pocket, depending on what you accounts you own. Here is the breakdown:
Several Democrats proposed a bill last week in the House of Representatives that would allow bankruptcy courts to alter mortgages written by so-called “predatory lenders.” The bill would save around 600,000 Americans from foreclosure, says its author, Representative Brad Miller from North Carolina.
Two professors have released a paper branding adjustable rate mortgages, which are responsible for the subprime meltdown, as the optimal mortgage type for rational borrowers. As we know all too well, few borrowers are antiseptically rational. According to Columbia professor Tomasz Piskorski and NYU professor Alexei Tchistyi, ARMs hold several unrivaled advantages:
States are beginning to enact protections for subprime borrowers, reacting to the absence of a national solution from Washington. North Carolina last week became one of one of several states to clamp down on the adjustable-rate mortgages that have fueled the subprime meltdown.
According to an informal poll held on on Massachusetts Police Department message boards, 58.27% of the 127 police officers responding sometimes carry a weapon off-duty, 26.77% always carry a weapon and 14.96% never carry a weapon.