Here are some interesting articles for this week.
IRS making sure your rebate gets spent (Marketplace, audio) – This April Fool’s story fooled me. It gave me a good laugh.
Iceland’s Biggest Banks Targeted by ‘Unscrupulous’ Speculators (Bloomberg) – Iceland banks under attack. You can’t blame the attackers if your banks borrowed four times of your country’s GNP.
How Many Points Should I Pay On My Mortgage? Do You Like To Gamble? (My Money Blog) – Another great article by Jonathan. Should you pay points when you get a mortgage? It comes down to a guessing game on whether and when the interest rate will go down after you get your mortgage. If you think it may go down within a few years, don’t pay points. If you think it won’t go down in the next few years, pay points. Also see my previous post “No Cost” Mortgage Refinance: Stepping Down the Ladder.
Accident Victims Face Grab for Legal Winnings (Wall Street Journal) – This article brought out an outcry from many bloggers. Wal-Mart haters, chill. Whoever injured the woman should pay her medical bills and her future income, not Wal-Mart. Wal-Mart already advanced her medical bills. Getting paid back is fair. It’s called subrogation.
McCain Rejects Broad U.S. Aid on Mortgages (New York Times) – Also don’t miss the included pop-up for Candidates’ Proposals on Housing. Although I side with Democrats on many issues, I have to say McCain “gets it” on this one. The mortgage crisis is a result of the burst housing bubble. Mortgage backed securities investors, lenders, and borrowers were all counting on the housing bubble continuing. They bet and they lost. It’s that simple. Losing their home? It’s not their home to begin with.