Bad Credit Fha Mortgage

Equitable solution

Her finances were skidding out of control until she shifted into reverse. The Northwest Side woman found a solution in a home loan that pays her a reverse mortgage on the modest home she bought in 1986. Tapping her homes equity, the loan provided Jackie Thomas money to pay off debts and will continue to provide money monthly. She is not required to pay anything toward the loan as long as she lives in the house. She or her heirs will repay the loan after the house is sold. The 81-year-old is among a growing number of older homeowners who have embraced reverse mortgages. Since January, the number of reverse mortgages nationwide has increased 77 percent from the 27,186 loans issued during the same period last year. In the 2005 federal fiscal year (October 2004 to September 2005), the Federal Housing Administration endorsed 43,131 reverse mortgages.

Earnings: Changes cut into Wamu profits

Washington Mutual Inc., in a hurry to remake the company and boost profitability, said Wednesday it is putting its mutual funds business up for sale, has an agreement to sell a huge portfolio of mortgage servicing rights and plans to speed up the shift of work to offshore vendors.

The net effect of the announcements was a cut in second-quarter earnings to $767 million, or 79 cents a share, down from $844 million, or 95 cents a share, a year ago.

The Seattle-based consumer bank and mortgage lender said its second-quarter earnings would have been higher than a year ago, and would have beaten analysts' per-share estimates by 1 cent, had it not taken charges for the sale of the mortgage servicing rights and restructuring.

Wamu Chief Executive Kerry Killinger said in a conference call with investment analysts that the announcements reflect "a major acceleration point in the transformation of our business."

Killinger said in a later interview the moves are not prompted by a concern that bad times are coming.

Local card use up, so is ensuing debt

Credit card companies are making it harder to turn down the call to spend now and pay later. But local debt management experts say it's more critical than ever to wisely flash your plastic.

That's because more factors are coming into play, officials at Catholic Charities and Consumer Credit Counseling Service-Pueblo say.

Gasoline prices are rising and volatile.

Aquila electric utility and Xcel natural gas utility have told officials at Catholic Charities that they likely soon will begin to penalize customers who pay their bills late, said Peggy Meservey, the agency's money management bookkeeper.

A critical time period in which Puebloans could come up short on money is approaching - the beginning of a new school year and the Colorado State Fair, according to Meservey.

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