Steadfast Finances
A Personal Finance & Investing 101 blog that delves into current events, consumer education, and techniques to improve your bottom line.
Best Reads of the Week: Prime Borrowers Beginning to Default on Mortgages Edition.
I’m concerned about the growing number of prime borrowers who are delinquent on their mortgages. According to Wall Street traders and pundits, we still have a decent chance seeing a double bottom on the S&P 500. If the short term economic outlook involves anything resembling the phrase “prime mortgage crisis”, we have a pretty good chance of making Wall Street puke up some of the 50% gain from the March lows.
Perhaps Diana Olick from CNBC’s Realty Check Blog said it best:
The loans that are defaulting now are due to job losses, and when you have no income, there is simply no loan modification program for which you will qualify.
Bargaineering has a clever stop-motion video discussing the most powerful force in the universe: compound interest.
Being Frugal is ditching her bank (Chase) and looking for a smaller community bank that doesn’t treat people like a customer ID number. Pretty detailed account of why good customer service is critical to retaining customers, and apparently, Chase isn’t doing a good job of it.
Lending Club put together a “peer-to-peer lending 101″ type webinar that’s perfect for anyone who is curious how the process actually works. If you’re interested in getting started, take a look at my plan to beat the Lending Club average returns.
Financial Highway has a clever post with 11 Dumb Ways to get in Debt. We always like to believe we’re in debt for good reasons, but sometimes, that’s just not the case.
I love when insiders speak out and let us know what’s going on within their industry. Everyday Finance has a few solid tips for anyone who wants to lower their prescription drug costs with Medical Expense Reductions from an Insider.
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11:41 pm
It’s scary how many homes are still going into foreclosure. Makes me wonder when we’ll ever see the end of it.
Thanks for the link!
[Reply]
Matt SF Reply:
September 6th, 2009 at 6:06 pm
@ Lynnae,
Yeah, it’s very scary when you actually look at the delinquency and jobless data. We’ll see the end, but not until the housing values come back down to the home value trendline started post WWII.
No problem on the link… I really liked your post. I must have read 3 or 4 loan applications on Lending Club over the last 2 weeks saying “I don’t want to give big banks any more of my money” for reasons very similar to yours. Perhaps a new business trend?
[Reply]