This year, we’ve seen prominent financials companies such as Lehman Brothers, AIG, Fannie Mae and Freddie Mac on the ropes amidst a slumping economy. Although Senator John McCain seems to believe the economy is in good shape, truth is working middle class Americans have felt the pinch first but now it’s the time for the upper middle class, those making $100,000 per year and upwards to start tightening their belts.

While the average middle class American might be fortunate enough to own a home and a car, it’s the upper middle and upper class Americans who live and die by their stock portfolios. Wall Street’s woes are going to have a direct impact on suburban, upper middle class communities around the US and not just because the proposed $700 billion bailout will result in higher taxes for most Americans. The pain will spread beyond the banks themselves to their back office and IT operations, accountants, lawyers, and other professional service employees who depend on work from finance companies.

BusinessWeek compiled a compelling list of Towns That Will Be Hit Hardest by Financial Crisis. The list is based on the amount of a city or town’s population that is employed in or around the finance and real estate industry.

1. Darien, Conn.
Share population in finance and real estate: 27.23%
Nearest large city: New York
Population: 20,666
Median salary: $168,687

2. Bloomington, Ill.
Share population in finance and real estate: 26.31%
Nearest large city: Chicago
Population: 70,395
Median salary: $54,971

3. Hoboken, N.J.
Share population in finance and real estate: 23.33%
Nearest large city: New York
Population: 40,002
Median salary: $81,356

4. West Des Moines, Iowa
Share population in finance and real estate: 22.15%
Nearest large city: Des Moines
Population: 54,627
Median salary: $61,303

5. Garden City, N.Y.
Share population in finance and real estate: 20.22%
Nearest large city: New York
Population: 21,671
Median salary: $121,831

6. Summit, N.J.
Share population in finance and real estate: 19.74%
Nearest large city: New York
Population: 20,618
Median salary: $111,497

7. Westport, Conn.
Share population in finance and real estate: 19.39%
Nearest large city: New York
Population: 26,822
Median salary: $137,133

8. University Park, Tex.
Share population in finance and real estate: 18.83%
Nearest large city: Dallas
Population: 24,582
Median salary: $110,976

9. Wethersfield, Conn.
Share population in finance and real estate: 18.73%
Nearest large city: Hartford
Population: 26,146
Median salary: $63,359

10. Mountain Brook, Ala.
Share population in finance and real estate: 18.66%
Nearest large city: Birmingham
Population: 20,654
Median salary: $115,148

Jeremy Nowak, currently president of The Reinvestment Fund and a board member of the Philadelphia Federal Reserve, said the cities and towns on the list aren’t necessarily in trouble just yet. Much of it depends on the steadfastness of the local employers and a potential resurgence of businesses. Not all banks are doing badly at this juncture, he said. And the insurance industry is, so far, relatively healthy, despite the myriad of troubles besieging industry giant AIG (American Insurance Group).

“These are places to watch,” Nowak said. “This will be the starting point for future investigation, and not the answer.”

  IndyMac Bancorp Inc. (IDMC.PK) is currently under investigation by the FBI for possible fraud in connection with home loans the company made to risky borrowers. Indymac was taken over last Friday by the FDIC and assets were seized by federal authorities after the mortgage lender giant fell due to the credit crunch combined with tumbling home prices and the rising foreclosure rate.

Hundreds of customers waited in line to recover funds they had deposited into the failed bank and most deporsitors were granted immediate access to up to $100,000 held in their accounts with a threshold set at 50% for recovery of funds above the $100K mark. Fortunately for retirees and families, customers with joint accounts or retirement accounts were allowed to withdraw greater amounts.

IndyMac isn’t alone in under the FBI’s scrutiny. At least 21 other companies, including Countrywide Financial, are currently under investigation due to possible fraud tied to the subprime mortgage crisis. Authorities are looking into over 1,400 cases of mortgage fraud nationwide and at more than 400 real estate player who have been indicted since March 2008.

More information about the FBI investigation ofIndyMac is available at the following sites :

• Time Magazine - FBI Investigating IndyMac Bancorp
• Courant.com - FBI investigating possible home-loan fraud at IndyMac Bancorp.
• The Street - FBI Probing IndyMac, Report Says
• Reuters - FBI probing IndyMac for possible fraud: report

Opportunity presents itself in many ways, shapes and forms. This statement holds particularly true in the Real Estate market where a loss for one investor or homeowner can turn into financial gain for another. Forclosures are such an opportunity where profits can be made from buying and selling properties that have fallen into non-payment status. From the MortgageMag.com article Buying a Foreclosure Property Below Market Value, here is a brief description of the various types of forclosures.

There are three basic types of foreclosure properties, representing different stages in the foreclosure process: notice-of-default (NOD) and notice of trustee sale (NTS), which are both pre-foreclosure properties; and real-estate-owned (REO), a foreclosure property which has been re-purchased by the bank.For most consumers, buying a pre-foreclosure property from a private homeowner is the best option. It s important that both the buyer and the seller see the situation as a win-win situation, in order to ensure a smooth process. In this case, the seller is able to get out from under a mortgage without destroying their credit rating, the lender is saved the time and expense of foreclosing on the property, and the buyer gets a below-market price on a home.Foreclosure auction sales are typically the domain of the professional investor. These properties are formally in default, and sold to the highest bidder at an auction. Buyers are required to be physically present at the auction, and must pay 100% of the sale price in cash, on the spot. Though foreclosure auctions can offer significant savings, they are not for the feint of heart or the uninformed. Unless the buyer is already familiar with a particular property, there is usually little time to examine it. And the buyer will be competing against professional investors and sometimes even the lender at the auction. Once the lender officially reclaims a home, it becomes a real-estate-owned property (REO). While REO properties typically offer more time for evaluation and a more standard bank-managed transaction, their prices are usually very close to full retail market value.

If you are interested in learning more about these type of real estate opportunities, Cheap Homes Blowout is The #1 place to find national foreclosures, bank auctions, HUD homes, VA homes and more! which allows full access to their Foreclosure Search Network which is an online service that aggregates public data and provides its members with the foreclosure listings of publicly listed foreclosed homes. Included are Forclosures, Preforeclosures, Tax Liens and Distressed Properties. Some of the homes you will find are priced at $10,000 or less !!!

It appears the Mortgage situation in the United States is beginning to be echoed by the mortgage situation in the United Kingdom as lenders mortgage experts are urging mortage seekers to act quickly because there are many changes on the horizon facing both homeowners and lenders alike. All around the world, mortgage providers are now becoming more careful to spread their inventory over a variety of mortgage products and competitive deals (theones that benefit consumers the most) are being pulled at short notice.

David Hollingworth, of London and Country Mortgages, said: “They are being much more careful about who they are lending to and how much business they take.”

Cheltenham & Gloucester will tell homebuyers today that they must put down a minimum deposit of 10% if they want one of it’s mortgages, as the clampdown on indiscriminate lending gathers pace. Meanwhile, Royal Bank of Scotland and NatWest are withdrawing from offering mortgages for more than 95% of a property’s value.

C&G - owned by Lloyds TSB - is one of the biggest mortgage providers to rein in its lending in response to the credit crunch. The change means that a typical first-time buyer in London will have to stump up almost £25,000 to obtain one of the company’s home loans.

RBS/NatWest has already pulled out of offering mortgages above 95% through brokers; after March 7 this will also apply to branch-based home loan applications.

UK borrowers and businesses are advised to to locate the best possible mortgage deals now and lock them in before they are hit hard by the by the credit crunch.

Are you a business owner? Have you ever found yourself strapped for working capital to expand or remodel your business? Have you ever been short on funds to purchase essential supplies or advertising and promotional services? Have you ever had a perfect opportunity to upgrade your inventory with a potentially hot product line and missed out only because you were short on cash? Many business owners find themselves in the position of needing of working capital to finance operational costs while they have incoming sales but just not enough to fund the costs of getting ahead. For any entrepeneur who has found themselves in this type of financial bind, the answer to getting Quick Business Cash may just be a few mouse clicks away.

MeritCapitalAdvance.com offers a convenient program for business owners to borrow working capital balanced against anticipated MasterCard and Visa sales. The process is simple and all a business owner has to do is show they have been operational for over one year and have been accepting credit cards for at least three months with average monthly receipts over $2500. The program offered by Merit Capital Advance is not a traditional loan and doesn’t require a complicated application process and it doesn’t require any collateral to be offered on the loan applicants part. There is no fixed payment schedule as with a traditional loan and repayments are made by a small percentage of your daily Visa and Mastercard receipts being deducted until the full balance is paid off. The cash advance can be renewed when the loan amount has been paid down to 25% of the original balance.

If you are interested in this innovative financing opportunity for your business, you can call a Merit Capital Advance representative right now at 1-866-419-0649 or visit their website at http://www.meritcapitaladvance.com for more information.

The internet can be a bit overwhelming at times with all of the information and offerings available to web surfers. For consumers trying to find reliable information on mortgage loans, the task can be quite daunting considering all of the websites available to choose from. Sticking with the theme of this blog, “Personal Finance and the Golbal Economy”, whenever our editors come across a new website offering services in the areas of personal or household finance we try to share our discoveries with our readers.

MortgageFindersNetwork.com is a website that has crossed our radar here at Code4Gold and if you’re in the market for a new home mortgage, if you’re looking to refinance your mortgage or if you’re considering taking equity out of your home to cover home repairs or remodeling, there is a wealth of information at your fingertips at the Mortgage Finders Network. The website offers free quotes from quality lenders based on data you input about your loan needs. All you have to do is input the type of loan you’re seeking, your current mortgage details and a synopsis of your credit rating and up to 4 of Mortgage Finders Network’ Premier Lending Partners will contact you either by phone or email regarding your requests. The process is similar to HomeValues.com who does the same type of aggregate pairing of perspective homeowners with real estate agents in their area based on matching criteria between both interested parties.

Beside the free quotes, the site has a plethora of useful articles related to the mortgage industry that cover topics such as the various mortgage options that are available for homeowners, how to avoid mortgage scams and fraud, tips on buying a first home and many more useful topics. The articles are well written and present quality information in simple terms that anyone can understand which is one of the main reasons we are recommending perspective consumers seeking mortgage loans visit Mortgage Finders Network for themselves.