General Finance

by margie.johnson , in category: General Finance , 5 months ago
1 answer last reply 5 months ago from juana

How to get loan officer license in california?

Have you seen the ads by the credit card company about the difference between the things you can buy with your credit card and the experiences that are priceless? The purpose of the ads is to persuade you that things with a price tag are worth buying because those things can create a priceless experience.

Joe Versus the Volcano is about the opposite effect. It is a money story about the high cost of trading the priceless for something that comes with a price tag.

What People Do For Money

Traditional stories are full of examples of people who traded the priceless for a price.

The Bible has many such stories of what people do for money and things that money can buy.

Esau traded his birthright as the first-born son for a bowl of lentils. How much is a bowl of lentils worth? You can put a price tag on that. You cannot put a price tag on your status as the first-born son in a patriarchal society.

In the best known example of all, Judas betrayed Jesus for thirty pieces of silver. What is the price tag of any life? What is the tradeoff between honor and money?

A Money Story About Tradeoffs

If you can get past the over-the-top silly stuff in Joe Versus The Volcano, particularly about orange soda guzzling Polynesians, who roll out a huge red carpet on a wheel, while eating grapes on a South Pacific atoll that has never seen a grapevine, and mocking their hired hero with preposterous antics, all the while singing and dancing a Hebrew hora, you will see a money story about people who have made tradeoffs of the priceless in exchange for something with a price tag.

What People Do For Money

How much is health worth? Joe trades his health for $300 a week.

How much is a life worth? Mr. Granamore is willing to trade Joe’s life for a rare mineral “boobaroo” that comes with a high price tag.

How much is self-respect worth? Angelica trades her self-respect for Daddy’s money, and all the things that Daddy’s money can buy.

How much is preservation of your island and the lives of your people? The Waponis are willing to trade the well-being of their people for orange soda.

These are the tradeoffs between things with a price and things that are truly priceless in the movie.

Some know they have done it. Some haven’t. But all pay a high price for trading the priceless for something with a price tag.

In a handful of cases around the country, Citigroup has reached settlements with homeowners who accused the bank of filing fraudulent mortgage documents [1] to prove its legal standing to collect the debt in bankruptcy proceedings, Bloomberg reported today.

The cases put a twist on recent efforts by banks to patch over problems created because lenders and securitizers were sloppy with documentation during the housing bubble. These homeowners alleged that Citigroup’s mortgage assignments—a key document produced whenever the ownership of a mortgage changed hands—were flawed because they were dated after the bankruptcy was filed.

Mortgage assignments, as we’ve noted [2], are sometimes processed in-house by mortgage servicers, but they may also be contracted out to companies, in this case a Texas company called Orion Financial Group. (Orion has not been accused of wrongdoing but told Bloomberg it does not “create fraudulent documents.”)

In the settlement agreements with homeowners, Citigroup did not admit wrongdoing but agreed to cover their legal costs and slash their interest rates. In a few cases, the bank also reduced the amount outstanding on mortgages. Here’s Bloomberg:

Citigroup paid almost $82,000 in opponents’ legal costs when settling challenges to four bankruptcy claims that used Orion letters in 2010, according to agreements filed with federal bankruptcy courts in New York and Arkansas. The bank reduced interest rates on the remaining debt by an average of 49 percent, while cutting the outstanding mortgage balance in three cases by a combined $55,000, the filings show.

A Citigroup spokesman told Bloomberg that it reaches settlements in cases for “a variety of reasons, usually so both parties can avoid the expense of ongoing litigation.”

The documents from these cases get into some of the technicalities. Take this case in New York, in which Citigroup’s mortgage unit, Citimortgage, filed this proof of claim [3]. Both the promissory note [4] and the mortgage [5] produced were agreements between the borrower, Replique D’Amelio, and the lender, Home Loan Center. Citimortgage also included an assignment of mortgage [6], dated June 24, 2010, to prove that ownership of the mortgage had been transferred to Citimortgage.

The homeowner’s attorney objected, however, questioning the validity of the mortgage assignment and noting that bankruptcy proceedings had started June 2, 2010—before the supposed transfer of ownership was executed.

“The assignment of mortgage is an attempt to perfect a lien [7] after the commencement of the case and therefore is voidable by this Court,” attorney Linda Tirelli argued in a motion objecting to Citimortgage’s proof of claim.

Rather than produce an original assignment to prove its claim, the company chose to settle. Though the cases cited by Bloomberg took place in bankruptcy courts in New York and Arkansas, they bear similarity to a recent ruling in Massachusetts. In that case, the state’s highest court voided two foreclosures because neither U.S. Bank nor Wells Fargo could produce an original assignment or evidence of an original assignment [8] when it sought to foreclose on two Massachusetts properties.

The Massachusetts court, as we noted, ruled that “confirmatory assignments,” or assignments produced after a foreclosure had been attempted, were insufficient to prove the bank’s legal standing to foreclose unless there was sufficient evidence of an earlier assignment.

by lamar_jakubowski , in category: General Finance , 3 years ago
5 answers last reply 2 years ago from gaylord

I am in need of a new vehicle and I am trying to decide if I am better off buying a car (likely used) or leasing. I think I can get a car for around $300 a month as a lease with my credit scores. With my insurance, i will be around $450 to $500. I think if I bought a car, the monthly payments would be cheaper but if the car is used, I risk the chance of it having issues down the road and needing to pay out of pocket for the repairs.

by hardy_langosh , in category: General Finance , 3 years ago
5 answers last reply 2 years ago from lavinia

I was always under the impression that a bond was certificate proving debt but someone said that it has more to do with loans, not debts and now I am confused and don't fully understand what it is. Can someone explain to me in the simplest way possible so I get an idea of what a bond is?


by ramiro , in category: General Finance , 3 years ago
5 answers last reply 2 years ago from reanna

I always hear about people saving loads of money each week using coupons. They just call it "couponing". I want to give this a try but I don't know the best way to do it. What papers have the coupons and how to I keep everything organized?

by hardy_langosh , in category: General Finance , 3 years ago
4 answers last reply 2 years ago from wilton_von

I am trying to find some supplemental work to help out right now since I am unable to go back to work yet and I honestly don't know when I will be able to. I have government checks coming in each month which is enough to just scrape by but I have nothing left over to get anything extra like eating out, buying gifts, and the like. I want to find something I can do for now to bring in an extra, say, $500 a month. Anything out there online right now worth trying?

by trinity_mueller , in category: General Finance , 3 years ago
6 answers last reply 2 years ago from wilton_von

When you are trying to pinch pennies so to speak, you look for all areas to save money and this includes where you shop. Some say online shopping helps them to save money. With services like Honey and other browser add-ons, you can easily track sales. While I think this is true for clothing and other general shopping, I am not sure food options or household goods are actually cheaper. What do you think in your experience?


by sydni , in category: General Finance , 3 years ago
6 answers last reply 2 years ago from wilton_von

Considering my husband is out of work till who knows when, my teenage son is out of work and my stay at home job doesn't pay enough... I am thinking of doing this to cover costs of things that need to get done. We had planned on repairing the roof this spring but now we can't really afford to but we are beginning to get leaks which is bad. I don't know if this is wise or not or what other options we have.

I don't mind taking the bus, I did it half my life but I do prefer having a car. I am kind of seeing all my options right now since I am in need of a new vehicle. I am wondering if bus fair prices will go down now that the gas prices are dropping so much and if this is the case, I might put off getting a car until the fall.

by trinity_mueller , in category: General Finance , 3 years ago
5 answers last reply 2 years ago from eliza.stracke

I know this can be an embarrassing topic for many folks out there so you don't need to go into detail if you don't want to. I recently helped my brother file for it. He had college debts, credit debts, and a whole mess of money issues he couldn't keep up with. He is only 27 mind you. I think it is more common for people in their 20's to do this now than ever before because they are set up by the system to fail, especially if they choose to go to an expensive university like my brother did.

by wyman_rowe , in category: General Finance , 3 years ago
5 answers last reply 3 years ago from stephanie

You can't refinance student loans through the federal government. You can consolidate federal student loans, but federal consolidation won't lower your interest rate or save you money. When you refinance loans, a private lender pays off your existing loans and issues you a new private loan with new terms.


by sydni , in category: General Finance , 3 years ago
5 answers last reply 3 years ago from brock_jenkins

Is anyone else out there struggling with this like my family is?

Both my husband and son are out of work and the work I do from home is all we have coming in, it is not much. We have been tapping into our savings just to buy food and pay bills. If we are forced to carry on like this, we will end up depleting our savings which is not something we want to happen.

How can we budget ourselves during this mess?

by trinity_mueller , in category: General Finance , 3 years ago
5 answers last reply 3 years ago from brock_jenkins

With everything going on in the world and knowing so many people are struggling right now, I wonder how many people actually have an emergency fund going. This is different from a savings in the sense that it is only to be used for emergencies like medical issues, car accidents, or if you lose your job. Do you have an emergency fund going?

by brock_jenkins , in category: General Finance , 3 years ago
no answers

Who here has started planning their retirement and have all their fund in order?

I am approaching 30 and want to get this done within the next few years. I read that the average person these days don't plan for this until they are in their 50's which is cutting it way too close!

Discuss general personal finance issues and home accounting not covered on the other finance boards.