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BREAKING NEWS It's the government's latest "here's how we'll fix the mortgage meltdown  plan-du-jour": In case you missed it, Treasury Secretary Henry Paulson and Alphonso Jackson, Secretary of Housing & Urban Development have unveiled yet another plan to stop the river of red running throughout the nation's housing markets.
From USA Today comes an outline of this latest strategy... "is called "Project Lifeline" would pause foreclosure proceedings for borrowers who are more than 90 days in arrears while lenders determine whether they could make payments under new terms.
The new effort will cover all types of home loans, unlike an earlier plan aimed at freezing interest rates for subprime mortgage holders who cannot afford rates that reset to higher levels.
The plan initially involves six of the largest mortgage lenders, in hopes more will sign on. The participants are Bank of America, Citigroup, Countrywide Financial, JPMorgan Chase, Washington Mutual and Wells Fargo, who say together they service about half the mortgages in the USA.
All six are already involved in Hope Now, the effort the Bush administration brokered with the mortgage industry late last year to freeze rates on some subprime mortgages for five years. Since then, Treasury Secretary Henry Paulson has urged lenders to expand that effort to cover struggling homeowners with conventional mortgages."
Dover's Analysis: It's bad news followed by some pretty good great news, actually. First, the bad news:
1. This plan is as toothless as HopelessNow, announced last Fall, has proven to be. A lot of feel good "there's a plan to help you" statements from the usual federal government suspects, followed by "we're here to help!" lipservice from our nation's Top 6 mortgage companies.
2. Like the HopeNow, it's voluntary.
3. And the real test: What are they going to fix?
a. They'll freeze your interest rate for 5 years...so what?
b. They'll hold off foreclosing for an extra 30 days....hmmmmmmm, this last part I like. It's not much, but I'll take it.
Dover's B.S. detecting rule? Anytime you hear a politician, mortgage industry mouthpiece of member of the media praising the "we'll freeze your interest rate" strategy, rest assured that these people are clueless, or hope that you'll stay forever clueless.
It's not about the interest rate!!! You could give homeowners a 0% interest rate and they'd still be up the red ink-filled creek without a paddle. Why? Because they were put into an inappropriate mortgage to begin with! Too much mortgage = Predatory Lending, period.
The good news? Giving struggling Americans an extra 30 days before foreclosing is terrific news! Since we're in the final stages of preparing our pro-consumer offensive against the mortgage industry, that extra 30 days couldn't come at any better time! We're now in the middle of educating Americans through our Strategic Homeowner Information Targeting Initiative now, and the escalation-side of our plan will launch by mid-April. Plenty of time to gear up our strategy which will force the mortgage and banking industries to engage in meaningful negotiations that will benefit homeowners for the long-haul and not just 30 days or 5 years.
 What’s worse than being betrayed by a friend or a loved one? Realizing that your favorite appendage is listening in to your most private conversations.
Incredible as this may seem, your own cell phone may have already been the target of hackers, sharing your most intimate conversations with...? It's incredible what these hackers are capable of doing these days. Check out this article and make sure you take the proper counter-measures to keep you off of the victim's list...
Cellphone & Hacker Invasions/Part II: As long as we're on the topic of your cell phone being a target for the bad guys,  you'll definitely wanna read why our phone bills could be going up, thanks to an onslaught of text messages originating from spammers and heading our way...
Hackers & Bank Fraud Thieves/Part III: Just wait until the scammers get a hold of this new and convenient technology!
Forget about ever having to go to the bank because [insert drumroll, please] coming to a PC near you: Just scan those checks you were going to deposit and and e-mail ’em instead!
(I think I can actually hear those Nigerians already salivating about this one…)
You don't have to own an iPod to listen!  You know what's better than reading Ben's whacked out take on the world via this Blog? Listening to his weekly podcasts!
It's like a radio show without all of the irritating commercials and inane weather-and-traffic-together updates.
Sign-up here and have new shows sent directly to your computer for listening or download onto your iPod as soon as they're available!
Identity Thieves, Part IV: Do you need to reminded one more time that the bad guys n ever sleep? Here’s more proof that YOU are your worst enemy when it comes to identity theft and on-line fraud...read it and (don't) weep...
Identity Thieves, Part V: You'll never guess one of the greatest resources for bad guys out to steal your Social Security Number. (Hint: Every county has one...it's called the courthouse!)...read all about how and why you're at risk...
You've heard me talk about Predatory Lenders, but according to  New York Post columnist Michelle Malkin, she thinks there's a bunch of Predatory Borrowers out there: She even thinks the subprime borrowers are a buncha whiners! See for yourself...read her story here...
So what do you think? Are subprime borrowers without guilt? Should they be held responsible for 'signing the line' on a mortgage they knew they could never repay? Click here and talk to me...tell me what you think!
It's what you need to must
know before you pop the
most expensive question of your life!
Sorry to rain on your parade of love...but since Valentine’s Day is the #1 day for marriage proposals–and since 1 out of 2 first marriages ends up in divorce court–60% of second marriages going the same route–I think it’s worth reviewing some pre-proposal or pre-wedding day steps that you’ll thank me for in the future. Put your hormones in neutral for a few minutes and click here before it’s too late.
Click here to watch Ben's controversial report on this topic for NBC's iVillage Live, Valentine's Day'07...
Oops! Already married and think you may be sleeping with the enemy? Valentine’s Day is the easiest day of the year to catch a cheating spouse. Click here to get Ben’s time-tested tips designed to help you figure out where your marriage measures up…(or not).
So you're hellbent on buying jewelry for that special someone this Valentine's Day, huh? I’ve always loved the terrific deal pawnshops offer anyone looking for a deal on jewelry...or musical instruments, or CDs or DVDs or sporting of gardening equip ment, or....
Check out my special report on why pawnshops can really stretch your budget, and other ways to get the most bang for your buck...
Looking for a stock tip that takes advantage of this lousy economy? Pawnshops are getting hot for cash-strapped consumers, as ABC News points out in their recent story on the subject...
Customer Service Nightmares/Part I: We've heard the horror stories...you're trying to plan 'the perfect evening' with that special someone, but the event or evening is spoiled because you were treated lousy.
 You're gonna love the story of how one man took matters into his own hands. (Don't try this yourself!)
Kinda reminds me of Leo Getz' tirade in Lethal Weapon 2...
Customer Service Nightmares/Part II: David Letterman's picked on the cable industry for years, giving all of us a voice for the crappy service and wasted days waiting for the cable guy.
Apparently it's not just the cable guy that's been guilty of treating us poorly. You're gonna love this story about the extreme measures one frustrated guy took to get his Dish Network repairman to fix his TV. (Again, don't try this yourself!)
Customer Service Nightmares/Part III: Anyone else out there despise the credit card industry as much as I do? Last week Rep. Carolyn Maloney (D-NY) introduced legislation to level "the playing field between card companies and cardholders while fostering fair competition and free market values." 
The "Credit Cardholders' Bill of Rights Act of 2008" would take actions such as protecting cardholders against arbitrary interest rate increases; prohibiting card companies from imposing excessive fees on cardholders; and requiring Congress to provide better oversight of the credit card industry.
While this all sounds wonderful, I'll be surprised if this law ever becomes a reality. Why? Because the banks have so many lawmakers bought and paid for much influence in Washington D.C. Read all about it here...
The question? What drug are Grandma & Grandpa pursuing these days...and why? Find out why it's not just for the young-and-the-restless anymore... 
Most doctors' offices don't carry this live-virus vaccine because they've gotta have a freezer in which to store it at the required minus-5 degrees Fahrenheit: And few insurance companies cover its cost (about $165 per dose), but that's not stopping older Americans from pursuing this "anti-Herps" drug. Find out why...
 Denial is NOT a river in Egypt, ya dope!
It’s what alotta homeowners are in when it comes to putting a realistic current market value on their homes.
The real question is: Just how honest are you being with yourself (or your spouse) on this front? Read more...
Where's the closest "Spending 12-Step" meeting in your neighborhood?
Check out this just-released study that confirms what I’ve been preaching for years: Money’s a drug and in many cases, as addictive and potentially destructive as the usual list of suspects. Okay now, I want you to s-l-o-w-l-y put down that credit card...and walk away from your wallet with your hands up...and read more here.
All kidding aside, spending and hoarding (one of its related  destructive behaviors) really can take a person's life over and end up isolating them as much as the other 'mainstream' addictive personality disorders: The story of actress Delta Burke is a sad one, and may serve as a wake-up call to others hiding this more-common-than-you-might-think behavior...
Since more and more homeowners are turning into renters these days, before you sign a new lease,  you need to find out if your future landlord graduated from this obscure but well-known prep school for property management!
Obviously these landlords have been studying the semantic of screwing consumers creatively! Check out when a rent increase isn’t a rent increase: It's the art form of nickel-and-diming defenseless consumers, taken to a new level, and more expensive than ever before!!! Read all about it here...
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