| Reverse Mortgage Law Has Unhappy Birthday at Senate Aging Hearing
Witness Carol Anthony told how her father, a World War II veteran, had left his wife financial well prepared for her senior citizen years. But, after falling into the hands of a reverse mortgage broker, close to $165,000 had been effectively lifted from her estate. (Read her testimony below news report.) The hearing yesterday was to examine the rapid growth of reverse mortgages and hear from those most affected by the expanding industry: seniors citizens. With the senior population soaring as baby boomers reach retirement age, the committee looked specifically at ways to ensure consumers are protected as they consider this type of loan. Seniors who have worked their entire lives to be able to enjoy retirement should not be victimized by people out to make a buck, said U.S.
We will respond to U.S. rate cut, says Chidambaram
Davos: Five days ahead of the review of India's monetary policy, Finance Minister P. Chidambaram said New Delhi would respond to the hefty cut in the U.S. interest rates to avert the resultant surge in foreign funds. "We will respond through appropriate fiscal and monetary measures," he told reporters at the World Economic Forum here on Thursday. The Reserve Bank of India's quarterly review of its monetary policy on January 29 comes on the heels of the surprise 75 basis points cut in interest rates by the U.S. Federal Reserve on Tuesday. The U.S. rate cut was part of the efforts to stimulate consumption to keep the world's largest economy from slipping into a recession — fears of which led to a meltdown in the global equity markets. "We are concerned that it [the U.S.
Auction reveals market's struggle for footing
The first local foreclosures auction in several years left dozens of buyers clucking happily, but it also revealed a lot about the depth and speed of the real estate market's tumble, buyers and agents said.A Texas-based auctioneer made a two-week run through California this month, starting in a packed ballroom at the Temecula Creek Inn Nov. 6 and continuing through last week with dates in the Central Valley. For buyers who arrived at the auction here with cash or with lender approval, it was a field day. Several houses went for just half the price they fetched in their most recent sales in 2005 or 2006. .
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