| High-End Housing Blues
With industry analysts not predicting relief within the next year, that could be the issue.Sagely agrees. "I think we're going to see some surplus in these higher-end homes the further we go along."Mortgage Slow DownRealtors aren't getting any help from mortgage companies when it comes to getting customers into certain homes. Bill Oberste, principle broker with Kralicek Realty, said one of his agents has had several customers who were denied home loans recently and would have normally received one in years past.Foreclosures have taken a toll on mortgage companies. Countrywide Financial, the nation's leading mortgage lender, reported a $1.2 billion third-quarter loss Oct. 26. While much of the losses are due to foreclosures on subprime and unconventional loans, that strain has also affected high-end loans.Just as subprime mortgages can't be purchased and guaranteed by Fannie Mae or Freddie Mac, the same goes for jumbo mortgages, or any home loan totaling more than $417,000.
10 Tips: Beat 'Gotcha Capitalism'
For nearly two and a half years, msnbc.com writer Bob Sullivan has been exposing scams and sneakiness through his blog, The Red Tape Chronicles. Based on his investigative reporting, Bob has written a book, “Gotcha Capitalism: How Hidden Fees Rip You Off Every Day – and What You Can Do About It." Bob's book highlights the machinations of a system that is rigged to make most consumers throw up their hands and simply give up. After all, who has the time to wade through an avalanche of fine print and decipher all the incomprehensible fees on their cell-phone bills, credit-card bills, cable bills, hotel bills, retirement plans, gym memberships, bank statements, mortgages and student loans? .
CNBC's Money Mentors Team Up For Debt Makeovers In 'The Millionaire ...
With the holidays behind many consumers and 2008 in full swing, most Americans are feeling pressure to get their debt under control. What kind of debts are people facing this year? Credit card debt, medical debt, mortgage debt, "Gen X" debt and student loan debt are just some of the bills keeping Americans from their dreams. CNBC's money mentors have now teamed up for "The Millionaire Inside: Debt Makeover," which will help guide consumers to stomping out their debt in 2008. The show premieres Jan. 29 at 9 p.m. and midnight ET. The Millionaire Inside: Debt Makeover gives four guests debt makeovers of a lifetime. Money Mentors Carmen Wong Ulrich, Ric Edelman, Dr. Doug Hirschhorn, and John Ulzheimer each provide part of the debt prescription plan needed to help guests stop the vicious debt cycle and to start investing for the future.
Open wonder
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Auditor shift to delay H&R Block data
KANSAS CITY, Mo. - H&R Block Inc., the nation's largest tax preparer, delayed release of its second-quarter earnings report yesterday to give its new auditors time to review the numbers. But it said it expected a much larger loss as the company's mortgage business continues to drag it down. A preliminary report said H&R Block expected a net loss of $502.3 million, or $1.55 a share, for the quarter ended Oct. 31, compared with a loss of $156.5 million, or 49 cents a share, for the same period a year earlier. Of that loss, $366.2 million, or $1.13 a share, came from discontinued operations, including much of its Option One Mortgage Corp., which has suffered as an increase in borrower defaults and the drying up of credit markets have caused dozens of lenders to disappear. H&R Block said losses from continuing operations would amount to $136.1 million, or 42 cents a share.
Desperate in NH: Fibbing About Obama and Iraq?
Campaigning in Dover, New Hampshire the day before the primary, Senator Hillary Clinton once again pounded Barack Obama for being big on talk and small on deeds. And before a crowd that could barely fill half of a modest-sized gymnasium, she continued to claim that Obama is a disingenuous politician, no noble and inspiring force of change. Using the thin opposition research her campaign operatives have managed to unearth on her rival, she recited what's becoming the campaign's regular litany of Obama's alleged hypocrisies. Saying you oppose the Patriot Act and then voting to extend it-"that's not change," she declared. Saying you're against special interest lobbying and then having a lobbyist co-chair your New Hampshire campaign-"that's not change," she thundered. Saying in a campaign speech that you will not vote to fund the Iraq war and then voting for $300 billion in war financing-"that's not change," she exclaimed.
SATURDAY CLOCKWATCH
Earlier Manchester United went top with an easy 4-0 win over Wigan at Old Trafford. Up in Scotland, Rangers suffered a shock home 1-0 defeat to Hibernian, who now go top of the SPL ahead of Celtic, who play tomorrow. In the day's other games Hearts brushed aside Falkirk 4-2, Dundee United got back on track with a 1-0 win over Motherwell while Kilmarnock and Inverness drew 2-2. In the Championship, leaders Watford secured an impressive 3-1 victory at Scunthorpe to extend their lead at the top to four points over Charlton, who were held 1-1 by Barnsley. Third placed West Brom lost an entertaining clash 3-2 against Southampton while there were also wins for Cardiff, Ipswich, Leicester, Stoke and Wolves. Dropping into League One and the new leaders are Tranmere after they toppled Southend 2-1 in the big game at Roots Hall.
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