Content about Personal finance

By late 2008, Mike Petro had seen enough. It was, for many, the height of the financial mess in this country, marked by bank failures, mortgage crisis, and bailouts; in his view, the financial structure of the United States was teetering on the brink.

“Middle-class workers were taking out home equity loans to pay bills because they were maxed out on their credit cards; their 401(k) plans were shrinking,” Petro said.

The National Lumber and Building Material Dealers Association (NLBMDA) applauded Congress for reinstating the higher conforming loan limits for the Federal Housing Administration (FHA) through 2013, helping reduce uncertainty for an already fragile housing market. 

By increasing the loan limits guaranteed by FHA to $729,750, Congress has taken a step to stabilize home values while enabling creditworthy consumers to get home loans with the best mortgage rates, lowest fees and better down payment requirements, the NLBMDA said.

Bad news for the housing market was delivered Aug. 22 by the Mortgage Bankers Association, which reported that the percentage of homeowners who have missed at least one mortgage payment on their homes has risen for the second straight quarter. 

An analysis published by the Wall Street Journal showed that the nation’s 10 largest mortgage lenders denied 26.8% of loan applications in 2010, an increase from 23.5% in 2009. 

The National Association of Home Builders is among the industry groups lining up against a planned 20% down payment rule for qualified residential mortgages. Here's what we heard from readers.

"I believe a 20% down payment would end up making a much healthier housing industry in the long run."
— Tim Stine
Stine Lumber

The Scottsdale Police Department, working with fraud investigators from eBay, Home Depot, Walmart and federal authorities, arrested 36 suspects involved in a major retail theft syndicate that returned stolen merchandise to retailers and then auctioned the gift cards on eBay, according to a Feb. 25 news release from the Maricopa County Attorney’s Office. The case has uncovered more than $1.2 million in proceeds from the crime, authorities said. 

Oak Brook, Ill.-based Ace Hardware Corp. is bringing its 19-million strong Ace Rewards customer loyalty program to a new level, with the help of Visa.

The new Ace Rewards Visa has been launched nationwide -- marking the first time for a hardware co-op to pair up with one of the big payment networks with a rewards card. Issued by U.S. Bank, the Visa card is available in a consumer version, plus a version designed for small business owners.