Tag Archives: Settlement

$25B Settlement May Offer Little Help

March 07, 2012   Alexander Stewart   No comments

Only 5 percent of underwater homeowners are likely to qualify for mortgage principal reductions under the recent $25 billion foreclosure abuses settlement, an economist with the Brookings Institution has calculated.

Those 500,000 homeowners would see principal reductions averaging $20,000 each, based on the $10 billion of the settlement set aside for that purpose, according to recently published estimates by Ted Gayer, co-director of economics studies for the Brookings Institution. Even so, Gayer estimates that would eliminate only 30 percent of the equity deficit of the average underwater homeowner.

There are currently 11.1 million U.S. Read the full post

  Tags: Settlement, Settlement May

Debt Settlement Industry Warns Against Non-Professionals Tackling Debt Settlement

July 28, 2009   admin   No comments

Ridiculous! That was our first thought when reading the title of this press release from TASC (The Association of Settlement Companies), an organization that “serves to protect consumers through an organization seal that represents best practices and standards of reputable companies”.

The press release was TASC’s response to an ABC News Report that was aired on July 20, which purportedly shared some “success” stories in which consumers were able to negotiate and settle their credit card debt without the assistance of a debt settlement company.

A snip-it from the press release:

TASC, which seeks to protect consumers, does not want those struggling with similar unsecured debt to be misled into thinking that the method of debt settlement presented in the report is typical, practical or, in many cases, successful.

“We are always on the side of success, but generally it’s actually quite difficult for individuals to settle debt with multiple creditors since each creditor is only interested in collecting the individual debt owed to them,” Chris Kesterson, President of TASC, said. “We want the co

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  Tags: Debt Settlement, Settlement