Facebook shares sink 11 percent as reality overtakes hype(Reuters) - Facebook shares sank 11 percent in the first day of trading without the full support of the company's underwriters, leaving some investors down almost 25 percent from where they were Friday … More »Facebook shares sink 11 percent as reality overtakes hype
(Reuters) - Facebook shares sank 11 percent in the first day of trading without the full support of the company's underwriters, leaving some investors down almost 25 percent from where they were Friday and driving others to switch back to more established stocks. Facebook's debut was beset by problems, so much so that Nasdaq …
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SHANGHAI/NEW YORK (Reuters) - Yahoo Inc will sell as much as half of its 40 percent stake in Chinese e-commerce powerhouse Alibaba Group for $7.1 billion, ending years of fractious talks over how to extract value from its most prized asset. Yahoo also increased its stock buyback authorization by $5 billion to $5.5 billion …
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NEW YORK (Reuters) - Stocks rose more than 1 percent on Monday, with the S&P 500 snapping a six-day losing streak in a rebound from equities' biggest weekly drop in almost six months, but Facebook slumped in its second session after a disappointing debut. Tech shares were among the day's biggest gainers, with an S&P sector …
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Exclusive: U.S. lets China bypass Wall Street for Treasury ordersNEW YORK (Reuters) - China can now bypass Wall Street when buying U.S. government debt and go straight to the U.S. Treasury, in what is the Treasury's first-ever direct relationship with a foreign government, … More »Exclusive: U.S. lets China bypass Wall Street for Treasury orders
NEW YORK (Reuters) - China can now bypass Wall Street when buying U.S. government debt and go straight to the U.S. Treasury, in what is the Treasury's first-ever direct relationship with a foreign government, according to documents viewed by Reuters. The relationship means the People's Bank of China buys U.S. debt using …
Silicon Valley takes Facebook fizzle in strideSAN FRANCISCO (Reuters) - Facebook's lackluster initial public offering performance is a black eye for many on Wall Street and could have ramifications for similar upcoming deals such as an offering by … More »Silicon Valley takes Facebook fizzle in stride
SAN FRANCISCO (Reuters) - Facebook's lackluster initial public offering performance is a black eye for many on Wall Street and could have ramifications for similar upcoming deals such as an offering by Twitter, but venture capitalists in Silicon Valley are keen to shrug off Facebook's stumble - at least for now. ...
Flurry of arguments start Gupta insider-trading trialNEW YORK (Reuters) - Former Goldman Sachs director Rajat Gupta "threw away his duties" by divulging bank secrets to hedge fund manager Raj Rajaratnam, a U.S. prosecutor said at the start of Gupta's insider-trading … More »Flurry of arguments start Gupta insider-trading trial
NEW YORK (Reuters) - Former Goldman Sachs director Rajat Gupta "threw away his duties" by divulging bank secrets to hedge fund manager Raj Rajaratnam, a U.S. prosecutor said at the start of Gupta's insider-trading trial on Monday. The defense punched back that the government had no direct evidence. Gupta, 63, once a boldface …
U.S. lawmakers frustrated in Wal-Mart corruption probeWASHINGTON (Reuters) - U.S. lawmakers investigating Wal-Mart Stores Inc for alleged bribery in Mexico are frustrated by the lack of cooperation they have received from the company, a committee staffer … More »U.S. lawmakers frustrated in Wal-Mart corruption probe
WASHINGTON (Reuters) - U.S. lawmakers investigating Wal-Mart Stores Inc for alleged bribery in Mexico are frustrated by the lack of cooperation they have received from the company, a committee staffer familiar with the investigation said. Attorneys for Wal-Mart briefed the committee earlier on Monday about the company's …
Insight: Morgan Stanley cut Facebook estimates just before IPO(Reuters) - In the run-up to Facebook's $16 billion IPO, Morgan Stanley, the lead underwriter on the deal, unexpectedly delivered some negative news to major clients: The bank's consumer Internet analyst, … More »Insight: Morgan Stanley cut Facebook estimates just before IPO
(Reuters) - In the run-up to Facebook's $16 billion IPO, Morgan Stanley, the lead underwriter on the deal, unexpectedly delivered some negative news to major clients: The bank's consumer Internet analyst, Scott Devitt, was reducing his revenue forecasts for the company. The sudden caution very close to the huge initial …
- Some investors still await confirmation on Facebook orders
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NEW YORK (Reuters) - Some customers of Fidelity Investments, Morgan Stanley and Charles Schwab are still waiting to see if their trades for Facebook shares were completed on Friday. Massive demand for the social networking giant's initial public offering on Friday, which set a trading volume record for U.S. market debuts, …
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SAN FRANCISCO (Reuters) - Facebook Inc's underwhelming debut on Wall Street increases the pressure on the social networking giant to deliver stellar growth - a novel situation for Chief Executive Mark Zuckerberg, who has been clear he is more interested in building products than making money. Facebook shares fell 11 percent …
- Eaton to buy Cooper Industries for $11.8 billion
(Reuters) - Diversified industrial manufacturer Eaton Corp struck a deal to buy electrical equipment maker Cooper Industries Plc for $11.8 billion in cash and stock and said it would shift its incorporation … More »Eaton to buy Cooper Industries for $11.8 billion
(Reuters) - Diversified industrial manufacturer Eaton Corp struck a deal to buy electrical equipment maker Cooper Industries Plc for $11.8 billion in cash and stock and said it would shift its incorporation to Ireland to save on taxes. The deal, Eaton's biggest ever, will allow the company to offer a broader range of electrical …
- Nasdaq announces plan for unfilled Facebook orders
NEW YORK (Reuters) - Nasdaq has engaged federal regulators to untangle the problems that occurred at the opening of Facebook Inc's initial public offering on Friday that could eventually result in financial … More »Nasdaq announces plan for unfilled Facebook orders
NEW YORK (Reuters) - Nasdaq has engaged federal regulators to untangle the problems that occurred at the opening of Facebook Inc's initial public offering on Friday that could eventually result in financial restitution for investors who did not get shares at the desired price. The Financial Industry Regulatory Authority …
- Early Facebook mutual fund buyers still in money
(Reuters) - Fidelity Investments and other big mutual fund families that were early backers of Facebook Inc are likely still winners despite the social network's troubled stock market debut. Facebook shares … More »Early Facebook mutual fund buyers still in money
(Reuters) - Fidelity Investments and other big mutual fund families that were early backers of Facebook Inc are likely still winners despite the social network's troubled stock market debut. Facebook shares were priced at $38 per share in its initial public offering on Thursday. Despite an initial bump in their market debut …
Barclays to sell $6.1 billion BlackRock stakeLONDON (Reuters) - British bank Barclays is selling its near-20 percent stake in U.S. asset manager BlackRock, worth $6.1 billion, as tougher global regulations have cut the attraction of such holdings. … More »Barclays to sell $6.1 billion BlackRock stake
LONDON (Reuters) - British bank Barclays is selling its near-20 percent stake in U.S. asset manager BlackRock, worth $6.1 billion, as tougher global regulations have cut the attraction of such holdings. Barclays has held the stake for almost three years, a legacy of BlackRock's $15 billion purchase of Barclays Global Investors, …
Question
How does the John Cummuta debt reduction system work?
www.nightingale.com/LandingPages/tp...
There are supposedly forms you can complete that enable you to apply more to the principal (less to the interest) without exceeding your normal monthly payment. I called my mortgage company; they said there are no such forms and that the principal and interest are amortized throughout the 30 years of the loan... That the amoritization schedule could not be altered... That you could only reduce your principal by paying more than your monthly payment (and indicating that the extra should be applied to principal). If that's so, how could the system possibly work? They (John Cummuta) told me I could pay off my 30 year loan (27 left) in 7 years.
Best Answer
If this guy wants money for his debt reduction system, just say NO! It's undoubtedly a scam.
He might be referring to the infamous bi-weekly payment system. Typically you have to pay $300 or $400 to set this program up. Don't waste the money. The trick is bi-weekly payments create a 13th month payment each year.
You can easily pay off your mortgage early by adding money earmarked for principal only. Even $10 a month will help pay down the principal faster.
Other Answers
never heard of it, first check with your mortgage company
to see if there are any penalties for paying off early and
just send extra money into your mortgage payments
each month.
I think the old adage "If it sounds too good to be true, it probably is" might well apply here.
There are any number of supposed programs available that can make you debt free, but I am rather leery of buying into any of their claims. I think doing it the old fashioned way, via paying in a timely manner and applying extra to the principal when you can, would be your best way. Your mortgage company would know the particulars of your loan, and the information that they gave you when you called them seems more realistic than a claim from an unknown entity.
Just a shot in the dark here, but I am pretty sure that this program you referenced is only available to you if you pay for it? It would probably benefit you most to take the cost that they would charge and apply it to your principal. :)
Have a good day!
The only way to pay down your mortgage is 1 of 2 ways. The first way is to sign up with a biweekly company or ask the lender if you can pay your mortgage on a biweekly basis. The other way is called rate and term. You can refinance the mortgage by reducing your term of the loan. So you can go down to a 20-yr or 15 yr from a 30 yr term mortgage. Just remember when you reduce the term it doesn't necessarily mean that the payment will be lower. You are crunching 30 years into a lower term. The rate also may be lower too.
When paying the mortgage on a biweekly you are going to reduce your term by 7 years. Maybe that is the John Cummuta system. It will take 23 years instead of 30 years to pay off your mortgage.
You should pay all bills on a bi-weekly basis. This will have a dramatic impact on your credit history. It will jump your credit scores higher.
Source(s)
I am in the mortgage industry over 5 years. I am a published author on credit and debt.
by steve s - 5 years ago
