As we've previously covered at HULIQ, mortgage rates are approaching all-time lows. According to the Mortgage Bankers Association, an industry group, this has fueled huge demand in terms of mortage applications.

Freddi Mac's latest survy on 30-year fixed-rate mortgages fell below 5% this week. This is the first time since the end of May, according to Freddie Mac, and closing in on the all-time low set in April.

In this time of recession, when something like this arises, the question becomes: is this a demonstration of insensitivity or of advocacy? Or just pure greed? A limited-edition "American Girls" doll is causing controversy. The doll, "Gwen," is a homeless version of the popular doll series.

For an economy that, according to Ben Bernanke, is out of recession, it sure doesn't feel that way. Not only are there six jobless applicants for every job opening (much less those employed seeking work), now the news is that Fannie Mae mortgage defaults climbed to a record high in July.

While people like Ben Bernanke say the recession is over, ask someone unemployed and you may get a different answer. According to the Labor Department’s July numbers, only 2.4 million full-time permanent jobs were open, with 14.5 million people officially unemployed. Do the math: that's a 6:1 ratio in the wrong direction.

Ann Minch, who singlehandedly started a "debtor's revolt" within the last couple of weeks, after seeing huge increases in her credit card interest rate, has declared victory. In a follow up post on YouTube, Minch noted that Bank of America has agreed to reduce her rate.

In 1987 when I started as a "retail stock broker" there were hundreds of high quality “investment ideas” to show customers on a daily basis – literally hundreds. There were dozens of AAA rated fixed income products, many quality high yielding stocks, and pages of conservative, safe, AAA rated insured municipal bonds. Oh how things have changed.

Initial filings for unemployment insurance fell by 12,000 last week, from 557,000 to 545,000. That is the good news. Unfortunately, the bad news is that the number of continuing jobless claims keeps growing.

Long-term mortgage rates continued to trickle down last week. It was a very slight drop, but as current mortgage rates remain near historic lows, interest in home sales will continue to rise, perhaps helping the economy bounce back faster.

Money market funds, in general, are safe ways to gain interest, with in general, higher rates than savings accounts. Much like mutual funds, they have a share price, which is usually $1 per share. Money market funds are uninsured, though in the past they have always been safe. That is, unless something like the mortgage collapse and the "Great Recession" happens.

It's clear there's a recession going on, and it's also clear that it's a recession like none other, a Great Recession, some call it. While the recession's ugly toll can be seen in closures of businesses, increased use of food banks, and that like, there's nothing like numbers to bring us stark reality.

Consumers continued to save in June, with consumer debt dropping for the fifth straight month. Unfortunately, the message from economists is that consumers need to spend, spend, spend if the global economy is to recover.