borrow

Dodd Defends Sweetheart Countrywide Mortgage Deal

admin — Mon, 14 Jul 2008 17:23:34 +0000

Jeff Poor

U.S. Sen. Chris Dodd (D-Conn.) has remained largely unhurt by the controversy over his “sweetheart” deal with mortgage lender Countrywide. But CNBC’s Carl Quintanilla finally bucked the media trend of ignoring the scandal and brought the loan up in an interview with the former Democratic presidential hopeful July 14.

ABC Warns of Credit Card 'Addiction'

admin — Wed, 11 Jun 2008 21:35:21 +0000

Kelly Brown

When credit card companies “just make it so easy,” people become addicted to debt. That’s what “Good Morning America” reported on the June 11 show.

“With the increased costs of gas and groceries, more Americans are turning to their credit cards to make ends meet,” Robin Roberts reported. “But for some people it has reached a crisis situation, so bad that their credit card problem has turned into an addiction.”

CNN Shows a Better Way to Handle Potential Foreclosure

admin — Mon, 14 Apr 2008 21:27:52 +0000

Jeff Poor

Reports about people who are in trouble with their home mortgages have been common on news broadcasts in recent weeks. Often the borrower is portrayed as the victim and the lender is vilified.

However, the April 14 edition of CNN’s new business show, “Issue #1,” cast one lender in a different light. A Brooklyn, N.Y., homeowner on the brink of foreclosure wrote the lender asking for some leeway on her mortgage payments.

Foreclosure Filings Drop Month-to-Month, So Burnett Reports Year-over-Year Increase

admin — Thu, 13 Mar 2008 16:33:51 +0000

Nathan Burchfiel

Foreclosure filings in February 2008 were down 4 percent from January, but you wouldn’t know that from watching NBC’s “Today” show March 13.

That’s because CNBC contributor Erin Burnett only reported that “foreclosures were up 60 percent in February,” citing RealtyTrac.com. She was referring to the year-over-year increase in filings from February 2007, although she didn’t make that distinction.

Burnett Quadruples Foreclosure Statistics

admin — Fri, 07 Mar 2008 17:44:34 +0000

Nathan Burchfiel

The subprime lending “crisis” has already led to a record rate of home foreclosures, so why do the media continue to exaggerate already disappointing statistics?

In an egregious mischaracterization March 7, CNBC’s Erin Burnett told the NBC “Today” show that “we had about 8 percent of homes in this country right now are in the foreclosure process.”

Eight percent? Yikes!

'World News' Jumps to Criticize 30-Day Foreclosure Freeze

admin — Wed, 13 Feb 2008 13:51:58 +0000

Jeff Poor

No amount of reprieve for debtors is “sufficient” for critics. Following the Bush administration’s latest announcement of a mortgage grace period, ABC News fretted.

The administration, in partnership with six of the biggest mortgage lenders in the United States, unveiled an anti-foreclosure proposal on February 12 as a goodwill gesture by the lenders.

'Nightly News' Uses Anecdotal Evidence to Condemn Reverse Mortgages

admin — Fri, 11 Jan 2008 17:24:53 +0000

Jeff Poor

The old cliché “if it sounds too good to be true, it probably is” might be appropriate for a lot of situations, especially when you’re borrowing against what is your most valuable asset – your home.

Liberal Economist Urges Government to Seize Private Homes

admin — Fri, 24 Aug 2007 16:12:58 +0000

Dan Gainor

What’s a constitutional amendment among friends? Not much, if you are a liberal economist like Dean Baker. Baker wrote an August 20 piece on Commondreams.org urging Congress to eliminate foreclosures and let homeowners live in those houses indefinitely.

Time Magazine Blames Lenders, Makes Case for More Mortgage Regulations

admin — Tue, 21 Aug 2007 20:01:49 +0000

Jeff Poor

There’s no question there has been an uptick in foreclosures because of bad business decisions – primary the so-called NINJA (No income, no job or assets) loans made by some mortgage lenders. And there’s plenty of blame to go around.

But Barbara Kiviat, a Denver-based reporter for Time Magazine, blamed lenders. Kiviat, in the August 27 issue of Time, suggested there was a predatory element involved meant to lure the unsuspecting borrower to get in over his head.

ABC: Stock Market 'Crashing,' 'Legalized Gambling' Ruins Family's Mortgage

admin — Mon, 13 Aug 2007 21:54:48 +0000

Stuart James

In the media frenzy over housing and the markets, ABC’s Chris Cuomo broke new ground August 13. His “Good Morning America” report about the “drama on Wall Street” disparaged the stock market – a market he said was “crashing.”

What Now -- Student Lenders Stealing Food from Borrowers?

admin — Mon, 18 Jun 2007 21:03:15 +0000

Jeff Poor

The latest slant on student loans: private lenders essentially steal food off borrowers’ tables.

A woman who earns only $200 more a month than she pays toward her student loan is not a representative example, yet it’s the one ABC chose for its June 17 report.

“World News” used the example of Nicole Gibson, a graphic designer making $1,400 a month, who pays $1,200 a month toward her student loans.

Student Loan Providers 'Sound Like Drug Companies,' CNN Reporter Scolds

admin — Mon, 16 Apr 2007 17:43:10 +0000

Amy Menefee

Rachel Waters

Guilty until proven innocent – that was the verdict for the student loan industry on CNN’s “In the Money.”

The show’s anchors turned a story on investigation of college financial aid offices into a diatribe on corporate scandal and an approval of more government control of student borrowing.

“This kind of a scandal is the kind of thing you think about when you think about Enron and, y’know, Wall Street firms and chop shops …” said panelist Jennifer Westhoven on the April 14 program.

Foreclosures Up: ABC, CBS Blame Lenders

admin — Wed, 14 Mar 2007 19:29:21 +0000

Julia A. Seymour

CBS and ABC heaped blame on lenders, rather than borrowers after a stock market slide yesterday was spurred by new home foreclosure numbers. Both networks lamented the problems of borrowers rather than blame them for taking out high-risk loans.

According to CBS “Evening News” about 8 percent of subprime borrowers are three months behind in payments or are facing foreclosure. “World News with Charles Gibson” on ABC reported that there are 900,000 homes in foreclosure right now.