The NY Times reports that President Obama has proposed new rules for federally guaranteed mortgages. The good news for homeowners battling tough economic times is that it will help to reduce the monthly mortgage payments of up to one million homeowners.
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US Bankruptcy Court fees go up November 1st
Filing Fees for U.S. Bankruptcy Court in Western Washington will be going up November 1st. Notably, Chapter 7 bankruptcy fees will rise from $299 to $306 and Chapter 13 fees will go from $274 to $281.
Unpaid student loans = $1 trillion
A new report indicates that unpaid student loan debt exceeds $1 trillion. The amount of student loans taken out last year exceeded $100 billion. [Read more…]
Social Security recipients will receive 3.6 percent boost
The AP reports that Social Security recipients will receive a 3.6% cost of living adjustment for 2012. It has been two years since the last increase for recipients.
Via AP:
About 8 million people who receive Supplemental Security Incomewill also receive the 3.6 percent cost-of-living adjustment, or COLA, meaning the announcement will affect about one in five U.S. residents.
Monthly Social Security payments average $1,082, or about $13,000 a year. A 3.6 percent increase will amount to about $39 a month, or just over $467 a year, on average.
Sen. Dick Durbin calls for boycott of BOA
Illinois Senator Dick Durbin has called for consumers to leave Bank of America as a result of its new $5 monthly fee. The fee comes as a result of a financial reform law Durbin helped to craft which lowered the interchange fees that banks could charge merchants. [Read more…]