Stuff to Blog About and More: In the News, September 20, 2008

The Big Fat Bailout of 2008

The Bush administration is asking Congress to let the government buy $700 billion in bad mortgages as part of the largest financial bailout since the Great Depression. Just part of the financial events this week which have included a Wall St. roller coaster and the federal government instituting the most sweeping intervention in the financial markets since the Great Depression.

The plan: The federal government buying "hundreds of billions of dollars" of illiquid mortgage assets at a deep discount from banks. The Treasury Department, likely to run the program directly, unlike the savings and loan crisis of the 1990s that led to the creation of the Resolution Trust Company.The cost: While the proposal calls for the purchase of "hundreds of billions of dollars" of bad loans, it's 'unknown' what taxpayers will ultimately pay for the bailout.

Also this week;

Judge OKs Lehman unit sale to Barclays
4 Fannie Mae senior execs resign
GM to draw down $3.5B line of credit
Gas prices sink for third day (barrel teetering around $100)

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Ike uncovers mystery

When the waves from Hurricane Ike receded, there was a mystery. A ragged shipwreck that archeologists say could be a two-masted Civil War schooner that ran aground in 1862 or another ship from some 70 years later.
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Nickels Galore!

MyFOXOrlando.com

Two trucks crash on I-95 in Central Florida. One of the trucks was carrying millions of nickels crashed into another truck on Interstate 95 in Florida, spilling about $185,000 in change onto the highway.

Investigators from the Florida Highway Patrol said one semi-truck rear-ended another, causing about 3 million nickels to pour onto the road, according to MyFOXOrlando.com.The collision caused one of the trucks to hit a guard rail and overturn, killing a passenger inside.

FTC: Your Rights: Credit Reporting

The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months. The Federal Trade Commission (FTC), the nation's consumer protection agency, has prepared a brochure, Your Access to Free Credit Reports, explaining your rights under the FCRA and how to order a free annual credit report.

A credit report includes information on where you live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy. Nationwide consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home.

How do I order my free report?

You can order your free annual credit report online at annualcreditreport.com, by calling 1-877-322-8228, or by completing the Annual Credit Report Request Form and mailing it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

When you order, you need to provide your name, address, Social Security number, and date of birth. To verify your identity, you may need to provide some information that only you would know, like the amount of your monthly mortgage payment.

A Warning About "Imposter" Sites

The FTC advises consumers who order their free annual credit reports online to be sure to correctly spell annualcreditreport.com, or link to it from the FTC's website to avoid being misdirected to other websites that offer supposedly free reports,but only with the purchase of other products. While consumers may be offered additional products or services while on the authorized website, they are not required to make a purchase to receive their free annual credit reports.

For more information on free annual credit reports, read Your Access to Free Credit Reports.