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Article Author: Michelle Singletary

In its latest mortgage report, the Mortgage Bankers Association said delinquencies in the fourth quarter of 2007 were the highest in the history of the association's survey. The rate of foreclosure starts and the percentage of loans in the process of foreclosure were at the highest levels ever.

The Federal Reserve also recently released a study that found homeowner equity fell below 50 percent, which means it is exceeded by mortgage debt. That hasn't happened since 1945. Both reports are highlighted in "Mortgage Foreclosures Reach All-Time High" (March 7) by Post reporters Renae Merle and Tomoeh Murakami Tse.

To help bail themsevelves out of debt, many homeowners are turning to their friends and family to borrow money. Read my column today for advice on what to do if you're approached by a loved one.

Here are a few more stories related to the mortgage mess:

• To see what the state of Maryland is doing, read: "Legislators Seek to Stanch Spate of Home Foreclosures", by Philip Rucker

• Here's a piece about an FBI probe that highlights ireregularities happening in the real estate industry as a result of the subprmie mess.

• The U.S. Treasury also released a report this morning about what went wrong in the collapese of the subprime mortgage market.

But despite all the bad news, for some, the current housing crisis may be a good opportunity to pick up some bargains, writes real estate columnists Ilyce R. Glink and Samuel J. Tamkin in "Finding the Silver Lining in Foreclosures" (March 8).

Also, reverse mortgages are beginning to see some growth, reports Anne Kates Smith in "A Reverse Mortgage Mess?" (March 9). Reverse mortgages allow homeowners (62 and older) to turn equity into cash as long as they stay in the house. But this type of mortgage doesn't come without some concerns. Some are wondering if reverse loans could become the mortgage scandal of the next decade. Some of the issues you should be aware of include:

•  Some marketers are using misleading information to pitch this product.

• Some seniors are possibly being pressured to buy inappropriate financial products with the proceeds of the loan.

• The high cost of the loans.

Today's Chat

Got a personal finance problem you need help with? If you missed, today's online discussion, then read the transcript to see if anyone may have asked a question that was on your mind.

Consumer Tips

Here are a few stories that ran in The Post recently that may help you be a better consumer.

• Looking to buy a car soon? Then check out "Haggling Drives Home the Deals" (March 9).

• Did you receive a gift card for the holidays? Then you definitely need to read "Bankruptcy Makes Gift Cards Worthless" (March 3).

• Looking to buy green toys for your tots? Well it's going to cost you reports The Post's Annys Shin in "Non-Toxic Tots" (March 1).

It's Cheaper To Keep Her

Amid the outrage of New York Governor Eliot L. Spitzer allegedly being involved in a prosecution ring, I couldn't help focusing on how much he allegedly paid.

It's been reported that Spitzer paid thousands of dollars for a liaison with a lady of the evening.

For that price, you get a woman with "good looks, a clean bill of health and the ability to serve as a charming conversationalist and elegant companion at social functions" writes Post reporters David A. Fahrenthold and Tom Jackman in "High-Priced Call Girls' Lips Are Sealed" ( March 12).

Opinion writer Harold Meyerson just couldn't comprehend paying that much. He writes in "What $5,500 an Hour Buys": "I confess I keep coming back to one detail as this gloomy tale unfolds: $5,500. That's what Spitzer and his fellow numbered clients were shelling out per hour if they booked the Emperors Club VIP's top-of-the-line providers. I've given serious thought to this over the past day, and I'm not sure that I've even had a sexual fantasy that, if actualized, would be worth $5,500 an hour."

This whole sordid affair reminds me of a blues song, "Cheaper to Keep Her." I often quote the lyrics to my husband (in jest) whenever the topic of cheating comes up. I love the version by Johnnie Taylor. It will have you tapping your foot. Click here to read the lyrics.

My take on the situation: If Spitzer were a frugal fellow, his political career wouldn't be ruined. And he would definitely know it's cheaper to keep your own wife.

Tax Tips 2008

With a month till deadline, it's crunch time. The Post offers its annual tax guide reporting on tax scams, rebates, tax software, failure to file and more. Get it all here:

•  "IRS Warns of Scams To Steal Data With Offer of Tax Rebate" (Jan. 31) by Brian Krebs.

• "Woe to Those Who Owe, but Find a Way to Pay" (March 9) by Nancy Trejos.

• "This Year's Stimulus Rebate Is One Incentive to Finish Filing" (March 9) by Jeffrey H. Birnbaum.

• "Do-It-Yourself Help for Filing: 3 Programs to Ease the Chore" (March 9) by Rob Pegoraro.

Consult the tax guide for more.

Also check out my column "Use Your Foolish Refund Wisely," (March 9) about what to do with a tax refund.

Here are other tax related columns I wrote:

• A $200 Surrender to the Tax Pro

• Tax Refunds Can Be Worth Their Wait in Gold

• Rebate Fact and Fiction

You are welcome to e-mail comments and questions to singletarym@washpost.com. Please include your name and hometown; your comments may be used in a future column or newsletter unless otherwise requested.

-Michelle Singletary