Consumer Law

Times Reports on Postal Savings Banks and Countrywide Settlement

By Jeff Sovern

Today's Times has an interesting op-ed piece, "Mailing Our Way to Solvency," about the use of postal savings bank, which existed in this country until 1966 and still exist in some other countries.  The author suggests that postal savings banks could help address four problems: "the almost 10 percent of Americans without a bank account; the concerns of all Americans about the security of their savings; the growing indebtedness of the country to foreign governments and financial institutions; and underinvestment in public assets like sewer systems and bridges."

In other consumer news in today's issue, the Times reports "Countrywide to Set Aside $8.4 Billion in Loan Aid."  The money will be used to modify home loans and is part of a settlement agreement with eleven states that have sued Countrywide.  The aid will affect about 400,000 borrowers and Countrywide will also waive some fees and provide additional funds "to help people in foreclosure and relocating." 

Full post as published by CL&P Blog on October 06, 2008 (boomark / email).