Analysis by Lizzie O’Leary of Bloomberg News:

Are you living in Florida and facing foreclosure? According to WWSB ABC 7 Florida foreclosures, were up about 6% last month. United way started up a hotline to help some people save their homes. United Way 2-1-1 of Manasota is a 24-7 hotline that connects callers with Suncoast groups offering assistance. More and more people are needing help so to accommodate this growth, 2-1-1 is expanding its reach.

For more on this:
2-1-1
United Way Announces $3.4 Million Investment in Community
New 2-1-1 number to assist all residents
2-1-1- arrives in Dunn County

The second part of the discussion on the U.S. subprime mortgage meltdown by 60 Minutes Correspondent Steve Kroft.

For more on this see:
60 Minutes: House Of Cards - Part I
[CBS 60 Minutes] House Of Cards: The Mortgage Mess
House Of Cards: The Mortgage Mess
60 Minutes: House of Cards

60 Minutes Correspondent Steve Kroft reports on the U.S. subprime mortgage meltdown and how it affects capital markets worldwide.

For more on this see:
[CBS 60 Minutes] House Of Cards: The Mortgage Mess
House Of Cards: The Mortgage Mess
60 Minutes: House of Cards

You may be loosing your house, but there is a resolution. The newest plan is to “reach out to borrowers” and give them the information they need to save their houses. The goal is to let borrowers know what programs are out there that may help them keep their homes. But are the homeowners who are embarrassed by the fact that they can’t pay their mortgage going to bite?

For more on this:
Operation HOPE Mortgage Crisis Initiative Gets Boost From Neighborworks America
Jack O’Connell and Jean Chatzky: Combating California’s financial literacy crisis
Foreclosure aid plan outlined

Resources:
Avoid Foreclosure with a Forbearance Mortgage
How to Protect Yourself From Mortgage Defaults

When faced with financial hardship, do you keep the credit or pay the mortgage. According to Michael McAuliffe on MSNBC, paying off credit card bills before paying your mortgage is becoming a growing trend. Consumers are using their credit cards to buy food, clothing, and pay their utilities, while at the same time their home is getting closer to foreclosure. These consumers feel they are going to lose their houses anyway, but is that the smart thing to do? After all, losing your home to foreclosure will have a greater negative affect on your credit. Watch the video and see what a recent survey by Capital One found.

For more on this read:
People Choose To Pay Credit Cards, Default on Mortgage
Harried homeowners seek out help
Greenspan predicts long recession
Apply subprime lessons to credit cards

Economist say we are seeing some action with first time home buyers. For the economy to rebound it has to start with the housing market, so can first time buyers boost the market or are there too few options available for this to happen? Also with lower housing prices, what do you need to do as a seller to make sure your house sells in this first time buyer’s market?

For more on this read:
U.S. housing slump may require tax credit to encourage buyers
Part one: Shoppers can get more house for their money across price ranges
First-time home buyers have few options

Tax rebate checks and reduced rates to prevent further recession, how do you, as an individual, prepare for an economic recession? Here’s some advice on preparing yourself and your family for economic recession, even if it is a minor recession.

Most importantly, come up with a budget and stick to it. By doing this, you can find places to cut discretionary spending. When you get your tax rebate check, use it to pay down credit card debt or store it away and start saving young.

Past studies of stimulus packages have been shown to boost the economy within two weeks as 80% of the stimulus money re-enters the economy. So don’t fret on the current recession, just remember in order for the market to gain, it has to take a setback and watch this video for more tips.

For more on this read:

How you can prepare for a recession
Preparing for economic fire and ice
How to Prepare for an Economic Recession

The Australia Federal Government commissioned investigation into mortgage fees. In their mortgage fee review results, it was discovered that the largest lending institutions charge the biggest fees.

To most consumers it’s not exactly clear what the entry and exit fees are, but currently the average mortgage is refinanced every three years and paying attention to these fees can save a lot of money. So will this review create competition for better consumer options? Well already some banks are offering mortgage products free of exit fees.

Will we get more of these results as these fees are disclosed to consumers?

For more on this see:

Government releases mortgage fees review
Penalised for mortgage loyalty
HSBC lifts mortgage fees for limited period
Mortgage fee review will boost competition: Govt

According to BBC News, tent cities are popping up in the US as the economy gets worse and more are displaced by the mortgage crisis.

For more on this:
Tent cities popping up all over America
America’s new subprime shanty-towns
Housing crisis at historic level