Vision Credit Education, Inc.

The $21 billion in losses that Citigroup had so far reported threatened to undermine the stability of the financial giant. Now the Fed is injecting an additional $20 billion into the bank for which preferred shares will be issued. This comes on the heels of an earlier $25 billion stake in the firm. Read the rest of this entry »

A NY Times article written by Steven Holmes on September 30, 1999 documented the changes at Fannie Mae that may be the root cause of the current financial crisis. What began as a pilot program to help encourage homeownership from somewhat less qualified applicants exploded into a subprime buffet by mortgage lenders using exotic mortgages that initially increased profits. The warnings in the article are eerie predictors of the collapse of the U.S. financial sector. Read the rest of this entry »

WRAL held a 2 hour call in show for viewers to consult credit and financial experts with their own problems. I joined representatives from other credit counseling organizations, law firms, credit unions and the office of the NC Attorney General. Read the rest of this entry »

We all know that Washington Mutual got into financial trouble as a result of massive subprime mortgage losses, and that many of these subprime loans originated in the 2004-2005 years. However, this is only half of the story. Read the rest of this entry »

Creditors holding delinquent debt accounts are increasingly under pressure to reign in losses by collecting on delinquent accounts. This pressure is passed on to delinquent debtors that are unable to catch up. The results are sometimes tragic. Read the rest of this entry »