Rate Reset for Some Homeowners May Trigger Defaults

The home foreclosure crisis that swept through the nation during the Great Recession may not be over for thousands of troubled borrowers. Some homeowners who sought help from the government’s Home Affordable Modification Program (HAMP) are about to see their mortgage payments rise this year. In some cases, those payments could eventually go up by more than $1,000 a month, according to the Washington Post. The loan modification program lowered monthly mortgage interest rates for some 1.3 million at-risk homeowners …

4 Facts You Should Know About National Debt and Default

In all of the turmoil about a possible U.S. default on its $16.8 trillion debt, there’s an overload of information to follow. Here are four tidbits that you might have missed. Sign up for the AARP Money Matters newsletter 1. China does not “own our debt.” Yes, it does hold an IOU from the United States for about $1.28 trillion, making China Uncle Sam’s largest overseas creditor. But that represents only 7.6 percent of the nation’s debt. 2. The U.S. …

Will the Fiscal Crisis Ensnare Social Security and Medicare?

Not again. It looks as if cuts in Social Security and Medicare may soon be pulled into the budget battles now under way on Capitol Hill. In an op-ed piece in today’s Wall Street Journal titled “Here’s How We Can End This Stalemate,” House Budget Committee Chairman Paul Ryan (R-Wis.) describes changes in the two programs as “vital.” Sign up for the AARP Money Matters newsletter “Let’s negotiate an agreement to make modest reforms to entitlement programs and the tax code,” …

AARP to Congress: Avoid Default, Protect Social Security and Medicare

As the nation’s largest nonprofit, nonpartisan organization representing the interests of Americans age 50 and older and their families, AARP is urging Congress to take steps to avoid default on our national debt and avoid risking benefits for current Social Security and Medicare beneficiaries or the health of our fragile economy. Older Americans care very deeply about our country, and many are grandparents who feel a sense of stewardship and responsibility to make sure that their grandchildren enjoy the same …