Month July 2009

Predatory lenders return as loan modifiers

Loan-mods are just subprime, predatory loans under a new name. When you’ve got someone who can barely afford their home, and you promise to reduce their payment in exchange for bigger payments down the road (you know, when the housing…

California reaches stop-gap budget agreement

Basically, they’ve solved nothing and just drop-kicked the problems into the future. State employees will now have three “furlough days” which works out to a 15% pay rate. The state will also take money from local governments, promising to pay…