Subprime mortgages are finally starting to bite - and bite hard! The hand that fed the FICO-challenged amongst us for all these years is in danger of 'losing' a few fingers very shortly!
Worse still, a massive tightening up of the way in which FICO scores are given out could make things difficult for GOOD home loan borrowers as well!
It's a frightening reality - financial institutions across America really are starting to sit up and take notice of the ever-growing financial threat presented by tens of thousands of home owners 'perilously close' to defaulting on their mortgage payments.
The following 4-minute video offers some revealing insight into the extent of the subprime woes, plus tips on how to avoid possible fallout from credit tightening. Check it out…
If you've got something to say about the "subprime debacle" then please share your thoughts and opinions below. This is a very serious challenge to the financial well-being of the US economy; not just a kick to the groin of a few slack-arse bad payers!
NEWSFLASH - Australian mortgage lending rates have been held at their current level of 6.25% for the second time in a month.
Looks like the Australian Treasury Department's sustained campaign of 'scare tactics' has paid off in the short term. While they've been openly threatening to push the Oficial Cash Rate higher for the past few months, encouraging economic data - particularly around inflationary figures - has once again, let Australian home owners and investment property owners "off the hook".
Although you can bet your bottom dollar that rates won't come back down again this year, there's increasing confidence that they won't go much higher either… and that's a GOOD THING!!!
The New Zealand dollar, despite being firmly locked in the grip of its longest and strongest bull market run ever, is frighteningly close to collapsing! When this happens, smart forex traders are going to make a fortune from the crash!
"Yes, I know I'm renowned for my contrarian opinions, but one thing you don't know about me is that I have been trading the global forex markets for over 15 years… and I KNOW when a currency is so 'overbought' that there are almost certainly no buyers left to push it higher!
I could've made over 7 million dollars from a property investment of just two hundred thousand…but can youbelieve it - I said "no!"
16 August 1977 will be forever etched in my memory for two equally distressing reasons:
Firstly, Elvis Presley died that day, and that was a bummer.
Secondly, I opted not to buy the three town houses being built next door - town houses that I could've picked up for around $75,000 each - town houses that last year were collectively sold for a staggering 7.2 million!
Trust me, that was a REAL bummer!
I've never lived that day down, to tell you the truth. I was young. I was ambitious. I was living with my girlfriend in a luxury pad in Sydney's ritzy eastern suburbs. In fact, I was a whole lot of things back then… but the one thing I wasn't, was investment-savvy…….
Aussie home owners and property investors breathe a 'collective sigh of relief' - for now.
Despite the crushing weight of opinion from some of Australia's most seasoned economic forecasters, the Reserve Bank of Australia chose to keep the official cash rate on hold for at least another month.
I wasn't the only one stunned into silence when the interest rate decision was handed down at 9.30am local Sydney time this morning. The RBA surprised the hell out of a whole lot of people with its decision to keep interest rates at 6.25% until at least May.
Having said that, I must confess that I was - and am - very relieved that interest rates didn't go up another quarter of a percent this morning! Look, Australia is a great country - and yeah, I'm the first to admit that we Kiwis 'take the piss' out of our ocker cousins 24/7… but hey, we only give as good as we get……
