foreclosures

Older Unemployed Face a Tough Road

Posted on 01/2/2014 by |AARP Blog Author | Comments

WorkWhat’s the prognosis for the older long-term unemployed? Grim. That’s the takeaway from “Set for Life,” a new American Public Television documentary underwritten by the AARP Foundation. The hour-long program tracks several primary breadwinners who have lost their jobs, the effect that has on their families and their efforts to land a new one. The program catalogs the dismantling of the American Dream – an informal compact that assured workers of relative job stability, health care, and the opportunity to …

Say What? Bank Helps Borrowers Find Work

Posted on 04/22/2013 by |Money and Work | Comments

Bulletin Today | WorkAs shocking as it may seem, an Ohio-based bank is helping some of its unemployed borrowers find jobs. Why, you ask? Because these customers are at serious risk for defaulting on their home mortgages. Fifth Third Bank, which operates some 1,300 branches in 12 states, has teamed up with employment firm NextJob to offer free job search assistance. It includes one-on-one coaching, online job search software and other resources to mortgage holders who could face foreclosure because they’re out of work and …

Mortgages Snare Bigger Share of Boomers’ Earnings

Posted on 01/22/2013 by |Money and Work | Comments

Bulletin Today | Money & SavingsRemember how our parents paid off their homes and then retired? Fewer of us are doing that today. What’s more, our house payments are taking a bigger chunk of our earnings than they did a decade ago, according to an AARP report. Older, middle-income families spent 30 percent or more of their income on housing, up from 20 percent in 2000, the report finds. The median monthly cost: $1,460, up from $1,277 in 2000. Sure, the recession set many families …

Feds Get Tough With Home Loans

Posted on 01/10/2013 by |Money and Work | Comments

Bulletin Today | Money & SavingsFederal regulators announced new rules Thursday that are intended to protect homeowners from getting sucked into the kinds of risky loans that caused millions to lose their properties during the collapse of the housing market. The rules laid by the Consumer Financial Protection Bureau (CFPB) take effect one year from now. Sadly, they’re too late to help families who’ve already foreclosed because they couldn’t afford the terms of their loans. Still, it’s better late than never. Under the terms of the …

Report: Freddie Mac Nixed Refis For Troubled Borrowers

Posted on 10/26/2012 by |Money and Work | Comments

Bulletin Today | Money & SavingsWhen millions of borrowers were locked into high-interest mortgages that hiked their monthly payments to unaffordable levels, mortgage giant Freddie Mac made it more difficult for them to refinance to lower-interest loans, to avoid cutting into company profits, according to a published report. The tightening of refinancing rules occurred during the deepest years of the recession, when homeowners needed help the most, causing hundreds of thousands of delinquencies and foreclosures, according to economists and former and current Freddie Mac officials …