Credit Counseling Trade Association Fall Conference

Credit Counseling Industry's Largest Trade Association Announces Fall Conference Sessions

This conference is designed to help credit counseling agencies understand all the changes and challenges occurring in the industry. There are significant changes to the law in the states and with the federal government, there are special requirements on providers of bankruptcy counseling regardless of DMP activity, the IRS audits are near completion and the Uniform Debt Management Services Act is being revised.

(PRWEB) September 12, 2007 -- The American Association of Debt Management Organizations (AADMO), the largest trade association for the credit counseling industry, has announced the program sessions for its Fall Conference in Austin, TX on October 22 and 23, 2007.

According to Mark Guimond, Executive Director of the AADMO, "This conference is designed to help credit counseling agencies understand all the changes and challenges occurring in the industry. There are significant changes to the law in the states and with the federal government, there are special requirements on providers of bankruptcy counseling regardless of DMP activity, the IRS audits are near completion and the Uniform Debt Management Services Act is being revised."

"We have one session in particular that no one in credit counseling should miss - it is the actual experience of one agency going through the audit and revocation process. If you want to know the truth about the audit and revocation experience, this is the only opportunity to hear first hand from one of the front line veterans. You will learn directly from the top executive of a credit counseling agency that had its 501(c)(3) tax-exempt status revoked by the IRS what actually transpired and the identified problem areas that led to revocation," said Guimond.

"With 143 planned audits, so far, this is one conference everyone should attend. It's more important than ever to have timely and accurate information about the audit process, the treatment or transfer of clients, disposition of assets and other real challenges during and after revocation proceedings," added Guimond.

Sessions will include:

The Actual Experience of Audit and Revocation - One Credit Counseling Agency Shares it All!

Leads and Referrals: Not the Same Old Ballgame
Speaker: Jeffrey Tenenbaum, Venable

"60/60 Plans" and Less Than Full Balance Payments - Understanding the Applicable Laws
Speaker: Robby Birnbaum, Greenspoon Marder

Bankruptcy Reform: Value of Credit Counseling Requirement is Not Clear
Speaker: Jason Bromberg, U.S. Government Accountability Office

Credit Counseling Industry Legislative Update
Speaker: Mark Guimond, AADMO Executive Director

Valuing Account Portfolios - Results and Analysis of the Industry Survey
Speakers: Paul A. Baumann, Leslie Moreau

Credit Counseling, Debtor Education and Bankruptcy Reform at the 2 Year Mark
Speaker: Henry Hobbs, Executive Office for United States Trustees

143 Audits - Why This Exact Number is Significant

State Regulators

NCCUSL Uniform Debt Management Services Act - "Stand-By Committee" Recommendations

The AADMO Fall Conference program and registration information can be found at www.AADMO.org.

About AADMO:
AADMO is the largest trade association for the credit counseling and debt management industry. Nationwide, the majority of licensed and legally operating credit counseling agencies are members of AADMO.

AADMO is working diligently to ensure the continued operation and viability of credit counseling and debt management organizations. AADMO provides important education and information for the entire industry.

AADMO members are consumer credit counseling agencies, debt management organizations, credit counselors, personal finance educators, credit and debt information educators, consumer lawyers and many others.

AADMO is the only trade association to have held state law compliance workshops with the New York State Banking Department and the California Department of Corporations upon enactment of their respective laws governing credit counseling. AADMO is also the only trade association for the industry to publish a formal summary of state laws that has been reviewed by state regulators.


Press Contact: MARK GUIMOND
Company Name: AADMO
Phone: 281-361-2325
Website: www.AADMO.org

Financial Expert Teaches New Investors to Pimp

Seasoned Financial Expert Teaches New Investors to Pimp the Markets Like 50 Cent in New Book

A new book teaches new, young investors to look at investing in a new light.

Detroit, MI (PRWEB) September 11, 2007 -- For one man, explaining how to profit from the volatile stock market comes down to one word, pimping. Pimping the markets is something Henry Billingslea Jr. has been doing for years. As a financial trader and author of the forthcoming book, ''Pimp The Markets: The Player's Guide to Investing on Wall Street,'' Mr. Billingslea encourages new and young investors to look at investing from a pimp's perspective.

Typically reserved for describing the procurement and management of prostitution, the word pimp has taken on a new meaning in urban culture. Everything from pimp my ride to pimp my house has been shown on T.V. For those left in the dark about the actual meaning of the word, in most cases, the word pimp means to improve a situation. For Mr. Billingslea, his free email based online investment course, Secrets to Pimping the Markets aims to do just that.

Users are encouraged to visit the site PimpTheMarkets.com and enter their email for a free investment course.

"The course provides an unconventional perspective to investing on Wall Street," explains course founder and seasoned market trader Henry Billingslea Jr. in regards to his innovative investing course.

The launch of the Secrets To Pimping the Markets investment course coincides with popular hip hop artist 50 Cent's latest album release, Curtis, on September 11, 2007.

"I wanted to launch the course on the same day as the 50 Cent album to help illustrate an important point. 50 Cent was able to get involved in the hugely popular Glaceau Vitamin Water brand at the right time, and with the company's recent sale he reaped major rewards. I want people to know that this is no accident. Pimping the markets is about being in the right place at the right time, and that is what my course aims to teach people," explains Mr. Billingslea.

With an increased awareness of the stock market and investing, this generation of young adults has been looking for a course aimed at teaching them in their own words how to best profit from the stock market. Thanks to the Secrets to Pimping the Markets free online education course, one person is taking a stand to tell people how to improve their financial situation in a language people can actually understand.
                        
For more information on the course or to sign up please visit www.PimpTheMarkets.com

Press Contact: Henry Billingslea Jr.
Company Name:
Phone: 313-824-2342
Website: www.PimpTheMarkets.com

11 States Have Triple Digit Foreclosure Increases

ForeclosureS.com: August Report: 11 States Have Triple Digit Increases

September 10, 2007 - SACRAMENTO, Calif.--(BUSINESS WIRE)--Tens of thousands of Americans lost their homes to foreclosure in August and tens of thousands more face impending foreclosure, both signs the nation's foreclosure abyss has widened.

Already this year 355,624 homes have been taken back by their lenders following foreclosure, according to analysis of REO filings by longtime California-based foreclosure experts ForeclosureS.com. An REO (real-estate owned) filing is the final step in the foreclosure process and occurs when the bank or lender files notice that it has reclaimed a property for nonpayment of debt.

Despite highly touted government and private efforts to check the nation's upward spiral of foreclosures, 11 states have recorded triple-digit increases in REO filings so far this year vs. the same period last year. This fallout from the subprime loan debacle shows no signs of abating.

On a per capita basis, which measures the real impact of housing market trends, a little more than 4 of every 1,000 households in the United States have been lost to foreclosure this year. That's up from just over 3 homes per 1,000 during the same time last year, based on internal research from ForeclosureS.com's database of more than 3.5 million property listings.

Equally as troubling, pre-foreclosure filings - including notices of default and notices of foreclosure auction - continue to increase at an alarming rate. In fact, if the current trend continues, the number of homeowners in default on their mortgages in the United States since the beginning of the year could top 1 million by the end of October, according to a ForeclosureS.com analysis.

So far this year, 731,244 pre-foreclosures have been filed nationwide. That translates to nearly 10 out of every 1,000 households in trouble financially with their mortgages.

The nation's Northeast and Southeast regions have suffered triple-digit increases in per capita numbers of homeowners in pre-foreclosure this year compared with last. Pre-foreclosures in the Southeast - 14.2 filings for every 1,000 households - were up nearly 145% so far this year compared with the same period last year. The actual number of filings in the Southeast - 158,466 - also rose 145% to date over the same time in 2006.

The Northeast, which at midyear seemed to be on track to bounce back from the foreclosure abyss, showed a more than 116% increase in per capita numbers, with 8 of every 1,000 households facing mortgages in default. The actual number of filings in the Northeast - 95,528 to date in 2007 - is 120% higher than last year's number.

It's a dismal picture, but one that may get a bit brighter for at least some homeowners, thanks to changes in the Federal Housing Administration's lending practices as announced by President Bush last month, says Alexis McGee, president of ForeclosureS.com and author of the book, "The Foreclosures.com Guide to Investing: Making Huge Profits Investing in Pre-Foreclosures Without Selling Your Soul" (John Wiley, September 17, 2007). Although some homeowners will benefit from the plan, "Thankfully, though, Bush - along with Fed Chairman Ben Bernanke - rejected a wide-scale federal bailout of lenders and borrowers," says McGee. "After all, both groups, the government leaders agree, made their own financial mistakes."

Under Bush's plan to help homeowners trapped by subprime ARMs, those who qualify - roughly 80,000 borrowers - will be able to refinance into better and more affordable FHA-backed loans. Bush also wants to raise the FHA's disconnected from the current market (especially the coastal areas), maximum loan limit of $362,000. That will allow homeowners a chance at FHA loans in markets previously all but priced out, adds McGee.

"But new bailouts and proposals aside, just how bad are things likely to get before they start improving? That depends on what day it is and what reports come from what experts," says McGee. "The basic economy remains sound. The just-released Fed's Beige Book, which describes the economic conditions in regions around the country, points to the fact that while upheaval in the financial markets has made the housing slump worse, the overall economy hasn't been widely harmed."

"At almost the same time, though," McGee adds, "the National Association of Realtors reported that its pending sales of existing homes fell in July to the lowest level in nearly six years. Although the report did support the argument for an interest-rate cut - we anticipate the Fed will cut its benchmark Fed funds rate when it meets Sept. 18 - it also worried investors who are nervous about the housing market growing so weak that it drags the economy into recession."

The also just-released Mortgage Bankers Association's National Delinquency Survey for second-quarter 2007 singles out just four states, California, Florida, Nevada, and Arizona, as the drivers of soaring national foreclosure numbers. "Get rid of those states' problems and national foreclosure numbers actually would be down, the MBA says," adds McGee. "Of course, we can't do that, plus states like Ohio, Michigan, Tennessee, and others even the MBA admits have their share of foreclosure issues, too."

MBA's latest survey points to a 5.12% delinquency rate (seasonally adjusted) of all loans outstanding in the second quarter this year, up 28 basis points from the first quarter, and 73 basis points from a year ago. (1 basis point=0.01%; 100 basis points=1% change) That doesn't include loans in the process of foreclosure - another 1.4% of all outstanding loans.

Consider a few more numbers from ForeclosureS.com that help paint the picture of the size and extent of the subprime mortgage problem - a problem that will have to work its way through the system before things start looking up, adds McGee. These numbers are from John Robbins, chairman of the Mortgage Bankers Association, and are quoted from a letter he sent to Jennifer J. Johnson, secretary of the Federal Reserve's Board of Governor's in mid-August:

    * 4.9% of current homeowners are subprime borrowers with ARMs.
    * Of those subprime ARMs, 10.13% (or approximately 250,000 homeowners) are seriously delinquent or in foreclosure.
    * Delinquencies in the subprime market were significantly higher at the end of 2000 and in 2002 as compared with the first quarter of 2007, according to the MBA's National Delinquency Survey, the widely recognized, reputable authority on delinquency numbers.

Let's look at ForeclosureS.com August's default and foreclosure numbers: Among REO filings, states with triple-digit gains year over year are: California (with filings up 471%), Arizona (up 217%), Nevada (up 192%), New Mexico (up 157%), Florida (up 141%), Hawaii (up 138%), New Hampshire (up 119%), and Minnesota (up 112%).

    * On a per capita basis, states with the most people losing their home this year include: Louisiana (14.7 homeowners out of every 1,000 households in the state), Michigan (11.1 per 1,000), Nevada (11 per 1,000), Georgia (9.9 of every 1,000), Colorado (9.8 per 1,000), Indiana (8.8 per 1,000), Ohio (7.6 per 1,000), and Missouri (7.6 per 1,000).

    * Costilla County, Colorado, leads the nation in REO filings per capita so far this year with 256.2 of every 1,000 households lost to foreclosure. But in a bit of irony, that's actually down more than 33% from the same period last year.
    * Other leading counties with their per capita REO filing numbers year to date include: Valencia County, New Mexico (80.7 filings per 1,000 households); Mohave County, Arizona (38.4 filings per 1,000 households); Elko County, Nevada (38.2 filings per 1,000), and East Baton Rouge Parish, Louisiana (33.9 filings per 1,000 households).
    * States with the most pre-foreclosure filings per capita year to date include: Nevada (30.9 per 1,000 households); Florida (21.5 per 1,000); Colorado (16 per 1,000); Illinois (15.3 per 1,000); California (14 per 1,000); New Jersey (14 per 1,000); Arizona (13.5 per 1,000); Utah (10.6 per 1,000); Texas (9.2 per 1,000 households), and Tennessee (8.7 filings for every 1,000 households).

    * Counties with the highest per capita numbers of pre-foreclosure filings nationwide year to date and for the month of August include: Alpine County, California (45.5 filings per 1,000 households); Lee County, Florida (42.3 filings per 1,000); Pinal County, Arizona (40.4 per 1,000); Flagler County, Florida (40.2 per 1,000), and Clark County, Nevada (39.2 filings per 1,000 households).

Tune in to Alexis McGee on the Foreclosure Markets:

Don't miss Alexis McGee Live discussing the nation's foreclosure crisis and her white knight approach to pre-foreclosure investing - how to make big profits without selling your soul - coming Sept. 24 and 25 to a radio station in your area.

The Truth about Foreclosure-Investing:

Coming September 17th, Alexis McGee's new book: "The ForeclosureS.com Guide to Investing in Pre-foreclosures Without Selling Your Soul" John Wiley and Sons (paperback). Available at your favorite bookseller or here:

http://www.foreclosures.com/www/pages/Guide-to-Making-Huge-Profits-Investing-in-Pre-Foreclosures.asp (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)

About ForeclosureS.com:

Sacramento-based ForeclosureS.com, publisher of foreclosure property information for more than two decades, has more than 3.5 million listings of current foreclosure filings covering nearly 1,600 major U.S. counties. To ensure accuracy, ForeclosureS.com bases its statistics on the numbers of formal notices filed against a property in the foreclosure process. In some states that can mean up to three filings against one property - notice of default, notice of foreclosure auction, and notice of REO - after a property has gone to foreclosure auction and a bank or lender takes possession of a property. In other states, it's only two filings - auction notice and REO notice. Whatever the case, the same property can be counted multiple times, and inaccurately skew the numbers. To avoid that, ForeclosureS.com reports only two sets of numbers, Pre-foreclosure (filings before foreclosure) and REO (after foreclosure) filings.

To get the details of what's happening with foreclosures and housing markets in your state, region, and county, including year-to-date and month-to-month comparisons per capita and in filing numbers, please visit http://www.ForeclosureS.com/www/pages/pressinquiry.asp.

You can customize your search and analysis with just a mouse click.

For expert commentary please contact Alexis McGee, President, Foreclosures.com at alexis@foreclosures.com. For help in using our Press Inquiry or Statistics Pages please contact support@foreclosures.com.

Contacts

ForeclosureS.com
Alexis McGee, 916-860-1122
President
alexis@foreclosureS.com