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What You Need to Know Before You Apply for Secured Credit Cards
If you’ve been facing credit challenges and haven’t been able to obtain credit, you may be getting ready to apply for secured credit cards. Before you do, you need to realize that not all secured cards are created equal. Here are some things to consider before submitting any secured credit card application…The DepositWhen you apply

U.S. Needs to Maintain a Role in Mortgage Securities

Bernanke Says the U.S. Needs to Maintain a Role in Mortgage Securities

The mortgage modification movement is poised for a big jump off the starting blocks with the Friday announcement by JP Morgan Chase & Co. of plans to modify terms on $70 billion in home loans for as many as 400,000 borrowers, according to today's Associated Press article in the Los Angeles Times and a longer article in the Wall St. Journal.
Borrowers behind on their payments or about it be -- particularly those with option adjustable interest rate mortgages, a.k.a. options ARMs, that result in negative amortization -- could be moved into loans with lower rates or smaller principal amounts owed.
JP Morgan joins other lenders taking a similar course, including Bank of America and Wachovia.
Reports the Journal:
"The move ... suggests that banks are realizing they can improve the value of their loan portfolios through mass modifications rather than foreclosures, which tend to produce larger losses. Until now, mortgage holders have been reluctant to renegotiate loans or have been doing so one-by-one, a time-consuming process. The bundling of loans into securities that are then sold to investors further complicates matters."
Foreclosures will be put on hold for 90 days while the modification process is put into effect. That's a long road ahead.