Bad WaMu, Bad


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Money Management Tips - The first step in repaying debt is not to make payments. The first step is to change your mindset and behavior.

Acknowledge your debt: Unless you first realize you are in debt, you can't properly motivate yourself to take action. Sort of like admitting you have a gambling or drinking problem.

Calculate how bad your debt is: This is probably the most unpleasant step, since we'd rather ignore debt completely.

Stop charging more debt: You'll make it more difficult; or impossible, to payoff debt if you keep piling on more. It may be difficult; or even unwise, to stop using credit altogether, especially if doing so will prevent a late payment. If you must continue to use credit, do so only to prevent late payments until you can get your income-payment schedule synchronized.

Create a budget - and stick to it: With a personal budget, you can avoid late payments, as well as having to use credit to cover shortages between paychecks. Also you will be able to plan retirement and save money to improve your financial security over the long term and to stop living payday-to-payday. You can establish percentages of your income for entertainment and vacationing as well as for bill payments. Once you have your budget on paper, you'll need to stick to it. This may be the second hardest part of your debt recover plan.

We provide several personal budget and financial calculators to assist you. You can track expenses to see where money is most wasted. We also have a credit card interest calculator so you can see how much interest you'll end up paying overtime.

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Credit Federal

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Bad WaMu, Bad

By Credit Federal | Published 09/27/2008

Despite the very bad decisions and the resulting failure of Washington Mutual (WaMu), Alan Fishman (their Chief Executive) could pocket over $18 million in salary, bonuses and severance, according to the terms of his employment agreement even though he's been in place for less than three weeks.

This is quite disturbing, considering how WaMu was quick to take action against delinquent borrowers, yet cannot effectively manage their own payroll.

Federal regulators seized WaMu, making it the largest bank failure in history. JP Morgan Chase has since grabbed up WaMu's banking assets.

Read more of our "bank" articles.

Washington Mutual Bank says it is cooperating in an investigation into its relationship with a family of Southern California real-estate flippers.

Washington Mutual made 43 home loans to Vijay and Supriti Soni of Corona del Mar since early last year and six of the 22 homes sold have already gone into foreclosure, The Orange County Register reported Sunday.

The Soni family financed $24.5 million in real estate purchases and is now being investigated for possible fraud by the Orange County District Attorney's office, the newspaper said.

"This is an active investigation and we are fully cooperating with local law enforcement regarding this matter," bank spokeswoman Sara Gaugl told the Register. "We will not tolerate misrepresentation or fraud of any kind."

The newspaper said the troubled Soni mortgages have amounted to nearly $3 million, noted that even as real estate values tumbled in the past year the Soni operation never sold a home at a loss.

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Bad WaMu, Bad - by <a href=http://creditfederal.com>CreditFederal.com</a> <div style="text-align: left; font-family: Verdana;">Despite the very bad decisions and the resulting failure of Washington Mutual (WaMu), Alan Fishman (their Chief Executive) could pocket over $18 million in salary, bonuses and severance, according to the terms of his employment agreement even though he's been in place for less than three weeks. This is quite disturbing, considering how WaMu was quick to take action against delinquent borrowers, yet cannot effectively manage their own payroll. Federal regulators seized WaMu, making it the largest bank failure in history. JP Morgan Chase has since grabbed up WaMu's banking assets. Read more of our "<a target='_top' target="_top" style="font-weight: bold; font-style: italic;" href="http://creditfederal.com/bank-checking-account.html">bank</a>" articles. </div> Washington Mutual Bank says it is cooperating in an investigation into its relationship with a family of Southern California real-estate flippers. Washington Mutual made 43 home loans to Vijay and Supriti Soni of Corona del Mar since early last year and six of the 22 homes sold have already gone into foreclosure, The Orange County Register reported Sunday. The Soni family financed $24.5 million in real estate purchases and is now being investigated for possible fraud by the Orange County District Attorney's office, the newspaper said. "This is an active investigation and we are fully cooperating with local law enforcement regarding this matter," bank spokeswoman Sara Gaugl told the Register. "We will not tolerate misrepresentation or fraud of any kind." The newspaper said the troubled Soni mortgages have amounted to nearly $3 million, noted that even as real estate values tumbled in the past year the Soni operation never sold a home at a loss. This article provided courtesy of <a href=http://creditfederal.com target=_new>www.CreditFederal.com</a>, a personal credit resource of good or bad credit credit cards and loans.

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Credit Advice: Keep in mind that; due to government regulations, there are fewer credit card offers, particularly for bad credit people. If you have credit problems and already have a credit card, you may want to hang-on to it even if the issuer raises rates or lowers limits.