Personal finance lessons from the Detroit bankruptcy

That experience, in many ways, parallels whats happening in Detroit. Much like Detroit,we all have basic maintenace were responsible for.Detroit has facility maintenance, while we have rent and insurance and so on. Much like Detroit,we have people relying on our hard work.Detroit has pensions and salaries for thousands of employees, while we have the safety and well-being of ourselves and those in our immediate family. Much like Detroit,we can face suffocating debt.Detroit has interest payments on $11.5 billion in unsecured debt. Many people in financial peril are facing interest payments on student loans, mortgages, car loans, credit card debt, and so on.

Business Finance Store President to Speak at Beauty, Brains, Business Convention this Aug. 15-17

The staff at The Business Finance Store understands that starting and growing a business is an exciting time. They keep it exciting by taking care of some of the most difficult aspects, by providing legal advice, helping with vital responsibilities like accounting & bookkeeping, and by obtaining business finance. They can quickly and easily guide entrepreneurs through many different complicated processes and put them on the path to success. For 10 years, The Business Finance Store has been helping startups and other small businesses legally structure their companies, find the right franchises, get the funding they need, and achieve the American dream of owning their own successful business. Since expanding nationwide in 2007, they have helped thousands of companies and have funded over $100 Million in business credit lines, not including SBA loans.

A quick-and-dirty guide to the housing finance reform battle

In the Senate, Mark Warner (D-Va.) and Bob Corker (R-Tenn.) have introduced a bill that would: Create a Federal Mortgage Insurance Corporation, based on the Federal Deposit Insurance Corporation, that would collect insurance premiums and provide a backstop only after a certain amount of private capital is exhaustedincentivizing companies securitizing mortgages to manage risk more carefully Wind down Fannie Mae and Freddie Mac within five years, and transfer all resources of the Federal Housing Finance Agency to the new FMIC as soon as its established Levy a small fee on every loan securitized by the FMIC for a Mortgage Access Fund to support affordable housing programs The bill hasnt had a hearing yet, and most groups cautiously applauded the introduction of the first serious, bipartisan measure to do something about Fannie and Freddie. Already, though, divergent opposition has emerged: Conservatives at the Heritage Foundation are upset that the bill basically maintains the existing government guarantee in the shape of a new entity as the National Review put it , make the two-headed monster that is Fannie Mae and Freddie Mac into a one-headed monster. Consumer groups, led by the Center for American Progress and the National Community Reinvestment Coalition , worry that the Mortgage Access Fund wont generate enough to meet affordable housing needs and that increased down payment requirements will shut out low-income home buyers. In the House, Rep. Jeb Hensarling (R-Tex.) has offered the PATH Act , which moves more aggressively toward privatization of the mortgage market. It would: Wind down Fannie and Freddie within five years Centralize all housing finance operations within a Federal Housing Administration, independent of the Department of Housing and Urban Development.

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