Chase and GMAC to halt foreclosures in Utah and other news

After several court decisions throughout the nation against JP Morgan Chase and GMAC Mortgage, the lenders have decided to halt foreclosure proceedings in 23 states including Utah. At question is their foreclosure process including accusations that they fabricated documents they couldn’t find to complete foreclosures on homeowners.  Read more about it here:

An article in the Salt Lake Tribune gives (I think) some good advice for the new reality of the economy, including buying a house you can easily afford (which regardless of what FHA, Fannie Mae or Freddie Mac approve you for I always recommend doing), paying down credit card debt and saving for emergencies rather than relying on credit cards or lines of credit to take care of them. It really is going back to the old idea of savings, which until the past year Americans have had a negative saving rate. Read the whole article here:

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