Archive for: ‘November 2012’

‘Strike Debt’ Movement Aims to Erase America’s Debt

November 23, 2012 Posted by kingcade

The latest Occupy Wall Street movement, the ‘Strike Debt’ movement consists of a group of professors, documentary filmmakers and corporate dropouts. The group aims to purchase some of the American people’s looming debt. ‘Strike Debt’ held a fundraiser last week at the Le Poisson Rouge nightclub called the ‘Rolling Jubliee.’ Before the event took place, the group had already raised $129,00 through online donations. Since then, the group’s efforts have raised more than $350,000.

In addition to raising funds for American’s drowning in debt, the group has also produced the ‘Credit Resistors’ Operations Manual. The manual explains how to fight and ignore creditors and explains how the credit industry works. While the group remains somewhat controversial, Forbes Magazine praised the movement, calling it an “idea we can all get behind.” The group will start the movement by purchasing medical debt and later move on to student loan and credit card debt.

To read more visit: http://www.nytimes.com/2012/11/14/nyregion/occupy-offshoot-aims-to-erase-peoples-debts.html?src=recg

Or visit: http://www.prwatch.org/news/2012/11/11870/join-rolling-jubilee-“you-are-not-loan”

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com.

JPMorgan and Credit Suisse Settle with SEC for $400 Million

November 22, 2012 Posted by kingcade

JPMorgan and Credit Suisse will together pay more than $400 million to resolve allegations that they misled investors in mortgage-backed securities, the Securities and Exchange Commission announced Friday. JPMorgan will pay $297 million in the settlement. The lender was charged with misstating information regarding the delinquency status of mortgage loans that were part of a securities offering. They were also charged with allegations related to a 2008 Bear Stearns case where the lender was accused of failing to disclose its practice of collecting cash settlements from mortgages. As a result, they failed to pass on proceeds to the investors who purchased them. Credit Suisse was charged with similar allegations of misleading investors and also with misstatements in SEC filings. The lender will have to pay $120 million.

The banks did not admit or deny the charges against them and allegedly earned millions from the practices. JPMorgan reportedly earned $2.7 million and its investors lost $37 million. Bear Stearns allegedly earned $138 million and Credit Suisse, $55 million from settlement collections. JPMorgan has accumulated a number of problems since acquiring Bear Stearns that have cost the bank between $5 and $10 billion.

To read more on this story visit: http://money.cnn.com/2012/11/16/news/companies/jpmorgan-credit-suisse/index.html?iid=HP_LN

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com.

Mortgage Rates Fall to New Lows

November 21, 2012 Posted by kingcade

The housing market continues to show signs of recovery as average rates on fixed mortgages fell to new lows last week. Freddie Mac released that the average rate on 30-year loans fell to the lowest rate since 1971 at 3.34 percent. The rate was down from 3.40 percent the following week. The average fixed mortgage rate on 15-year loans was down from 2.69 percent the previous week to 2.65 percent last week.

Home prices, home sales, home construction and refinancing have all slowly increased this year. The Federal Reserve announced that tight lending standards have slowed down the economy’s recovery process. Chairman, Ben Bernanke said the banks were forced to raise their standards in 2008 after the housing market crashed. He went on to say that if banks would loosen lending standards now that things are improving, the economic recovery would speed up by boosting home sales.

To read more on this story visit: http://www.usatoday.com/story/money/business/2012/11/15/mortgge-rates/1706975/

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

South Florida’s Unemployment Rates Drop to 2008 Lows

November 20, 2012 Posted by kingcade

South Florida recently experienced its lowest rate of unemployment since 2008. The combined unemployment claims dropped eight percent during October from the previous year. However, South Florida experienced declining rates of as much as 25 percent during the beginning months of 2012. In Broward County, October’s first-time unemployment was down 12 percent from a previous three-month average. In Miami-Dade, October’s rate was down five percent from the previous year. Another positive sign for the economy is that job growth rates increased during the month of October.

Although the numbers are rising for the job market and unemployment filings are down, economists are disappointed the recovery is not at the speed it was during the end of 2011 and the start of 2012. Many believe the presidential election slowed down the job growth because companies were hesitant to hire during the campaigning process.

To read more on this story visit: http://www.miamiherald.com/2012/11/14/3097754/unemployment-claims-lowest-since.html

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com.

Hostess Forced to Close its Doors

November 19, 2012 Posted by kingcade

After failing to reach a deal with the baker’s union, Hostess’ CEO Greg Rayburn said, ‘this is it’ for the baked goods company on Friday, November 16th, 2012. Rayburn reassured Today that this was not a ploy to initiate a negotiation. The company has already suspended operations at its plants and layed off most of the 18,500 workers the company employs. Hostess has asked the court for permission to liquidate its assets, which includes 33 bakeries and 565 distribution centers.

Hostess is most famous for baked goods such as Twinkies, Ding Dongs, Ho Ho’s, Sno Balls, Donettes and the country’s best-selling brand of white bread, Wonder Bread. The company plans to sell its famous brands as part of their liquidation and will continue to sell already-baked products for several more days. The company was forced to permanently close three plants last Monday as a result of the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM) strikes. Later in the week, Rayburn said that Hostess did not have the “financial resources to weather an extended nationwide strike.”

To read more on this story visit: http://www.nbcnews.com/business/hostess-maker-twinkies-ding-dongs-says-closing-business-1C7112898

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com.