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Posted
Oct 02 2008, 02:17 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Plenty of news stories point to gloom and doom in the U.S. economy, and "FMF" at Free Money Finance informed his readers about three: Car sales have tanked, bidding for a date with tennis star Maria Sharapova topped out at a mere $10,000, and -- the craziest by far -- a woman bought an old vacant house in Michigan for $1.75.
FMF said in his tongue-in-cheek way, "I knew things were bad in Michigan, but never thought they were this bad."
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Posted
Oct 01 2008, 06:32 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
The federal government's new $300 billion Hope for Homeowners program opened for business today with the intent of staving off foreclosure for 400,000 homeowners in trouble. But we just have to wonder how effective it will be.
Here's a clue, from an Associated Press report: "Lenders, rather than borrowers, will decide whether to participate in the program, which requires them to take a loss on the initial loan."
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Posted
Sep 22 2008, 06:35 PM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
Moving to a country with a lower cost of living isn't the only unconventional way to retire -- or retire early, says Nigel, a U.S. resident who blogs at Retire To India. For the adventurous among you whose savings are secure, his post "10 alternatives to retiring abroad" is a should-read. We've already thoroughly enjoyed the posts at Early Retirement Extreme about living in an RV, which are mentioned on Nigel's list. Here are a few of the other options to consider:
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Posted
Sep 22 2008, 01:02 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Are you outraged about the $700 billion bailout plan for Wall Street, relieved that the government's offering financial markets a helping hand, or sitting back until the dust clears? You're bound to find some kindred souls in the personal-finance blogosphere. First, we'll deal with the anger.
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Posted
Sep 12 2008, 01:36 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Jacob at Early Retirement Extreme is about to cut his already spartan monthly living expenses in half. How? He and his wife are moving into an RV. This blog is called Early Retirement Extreme for a reason. Jacob, a guy in his early 30s, spent five years saving and investing 70% of his income on his way to a goal of quitting the rat race, and now he's going to save even more.
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Posted
Sep 09 2008, 05:41 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
If you closed on a house recently, prepare to kick yourself. One of the outcomes of the federal takeover of Fannie Mae and Freddie Mac is the lowest mortgage rate in five months.
According to Bankrate.com, the rate on a 30-year fixed-rate mortgage dropped half a percentage point -- to about 6% -- on Monday after the takeover was announced. Rates dropped even further Tuesday, settling at 5.79%. (To figure out how long that rate will last, you will need a crystal ball.)
It's part of a mixed bag of results American consumers can expect now that the federal government has assumed responsibility for Freddie's and Fannie's debt. And it's just the tip of the proverbial iceberg.
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Posted
Aug 29 2008, 11:40 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Congratulations are due to blogger Lynnae, who recently realized her personal version of the American dream: She and her husband have bought their first house. "I'm now the proud owner of my own home, and in more debt than I've ever been in my life! It feels good!" she wrote. How can she be happy about debt, when so many others are ruing their home-purchasing decisions? Lynnae and Jim bucked the trend: They waited for prices to fall and made an offer on a house they can actually afford -- even if they were ever forced to swing it on one income.
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Posted
Aug 13 2008, 06:13 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Financially stressed homeowners hoping to benefit from the federal housing bailout should be glad that Kyle at Rather Be Shopping is not in charge. While people who seek help through the plan will have to show they can afford to make (newly reduced) mortgage payments, Kyle has a different set of questions they'd have to answer before getting help. Among them would be: How much do you spend on vacations? What kind of car do you drive, and what kind of clothes do you buy? In other words, are you responsible with your money?
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Posted
Jul 31 2008, 03:02 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
"JLP" at All Financial Matters bought a house he knew he could afford, even though he was told he could qualify for a much larger mortgage. He saved over the years to remodel the modest house into a dream home. Did we also mention that the homeowner bailout passed by Congress and signed by President Bush really ticks him off? He wrote, "As a responsible, taxpaying citizen of the United States of America, I find it offensive that our goverment is bending over backward to keep irresponsible people in houses they can't afford." His post, "Let people (and companies) fail," provoked a rebuttal from one of the homeowners hoping to keep her house with the government's help.
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Posted
Jul 23 2008, 12:09 PM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
Here's bad news for people shopping for a house or looking to refinance an adjustable-rate or interest-only mortgage: The average mortgage rate just reached a five-year high. The rate on Tuesday for a 30-year fixed-rate mortgage was 6.71%. It's not crazy high by a long shot, but it's more than people have been accustomed to paying in recent years. The higher rate is due to the pressing problems at mortgage giants Fannie Mae and Freddie Mac, says a New York Times article, even though Congress is poised to bail them out.
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