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NY Times
Published: May 16, 2006
WASHINGTON, May 15 (AP) - The Internal Revenue Service has canceled
tax-exempt status for some of the nation's largest educational credit
counseling services after audits revealed they exist mainly to prey on
debt-ridden customers, Commissioner Mark W. Everson said Monday.
A two-year investigation of 41 credit counseling agencies resulted in the
revocation, proposed revocation or other termination of their tax-exempt
status, he announced.
Mr. Everson said that many of those ...   more »

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Middle-class families are "drowning in debt" because of the increasing
costs of housing, education, and cars, according a new report by the
Center for American Progress. The progressive think tank blames stagnant
wages from 2001 to 2004 and the rising cost of big-ticket items, not
frivolous consumption, for heavy debt burdens. Mortgage debt has
increased by 29.5% for middle-class households, and education debt
jumped 37.1% during the three-year period. "Families between 35 and 44
years of ...   more »

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A 50-year mortgage is just too much of a stretch
By Chuck Jaffe, MarketWatch
Last Update: 10:34 AM ET May 12, 2006


BOSTON (MarketWatch) -- Take the worst problems of one stupid investment
and mix it with the biggest concerns of another and you wind up with a
Stupid Investment of the Week to the second power.
And that's precisely what you will get if you fall for a 50-year
mortgage, a relatively new product that ...   more »