Personal Finance

If you are afraid to ask for money, that's normal…

Reuters - Federal Reserve Chairman Ben Bernanke said on Friday that U.S. backing for the debt issued by home mortgage finance firms Fannie Mae and Freddie Mac in their current form must stand firm, even though it is appropriate to debate their future.

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AP - JPMorgan Chase & Co. said Friday it is expanding its program to modify mortgages in an effort to avoid foreclosures on up to $70 billion in loans.

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Reuters - Federal Reserve Chairman Ben Bernanke said on Friday it is appropriate to debate the future of mortgage finance firms Fannie Mae and Freddie Mac , but U.S. backing for debt they issue in their current form must stay firm.

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Reuters - GMAC LLC, the money-losing auto finance and mortgage provider, on Thursday confirmed it was seeking to become a bank holding company, and said it plans to overhaul and slash its debt load, barely four months after completing a $60 billion refinancing package.

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AP - Here's a shocker: almost half of Nevada homeowners with a mortgage owe more to the bank than their homes are worth.

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AP - With defaults on credit card debt spiraling amid a global financial downturn, banks already reeling from the mortgage crisis are losing billions more from unpaid credit card bills.

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FT.com - Sherman McCoy, the fictional 1980s "Master of the Universe" Wall Street bond trader, had his sights set on a deal which could earn him $1.7m in commission payments, money he needs to pay off the mortgage on a lavish Park Avenue apartment.

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AFP - Bank of China said it had posted 26.3 billion yuan (3.8 billion dollars) in potential losses on assets at the end of September, partially related to US subprime mortgage-backed securities.

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Reuters - Former Fannie Mae Chief Executive Daniel Mudd wished he said "no" to more of the things the company was asked to do, he told the Wall Street Journal in an interview.

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The Motley Fool - Trusts are impressively flexible, offering many ways for people to use them. Revocable trusts can encompass many people's entire estate-planning needs in a single document. On the other hand, professionals have tailored some types of trusts to fit very specific situations and types of assets. The life insurance trust, primarily designed to hold life insurance policies, is a prime example.

--- The Motley Fool ...