Financial Services

PUBLIC POLICY INSTITUTE

A large majority of state laws lack protections for individuals creating financial powers of attorney, according to the Public Policy Institute’s research report, Power of Attorney Abuse: What States Can Do About It.

A power of attorney is a critical planning tool – a legal document delegating authority to another person to handle financial matters. As the population ages, the power of attorney will be used even more often to appoint trusted family members and others. But the power of attorney can also be a “license to steal” because it grants broad powers with little oversight.

The PPI report, written by attorneys at the American Bar Association Commission on Law and Aging, explores the problem of power of attorney abuse and how state legislatures can protect vulnerable adults against it. It explains how the new Uniform Power of Attorney Act helps prevent, detect and redress abuse, and provides resources to promote enactment of this model law. A two-page In Brief summarizes the key points in the report.

Need for Low-Income Heating Assistance Continues Despite Recent Drop in Some Home Heating Costs This fact sheet explains that low-income households continue to struggle to pay for heat and the Low-Income Energy Assistance Program remains inadequate to help low-income individuals and families.

Can Advance Metering Help Reduce Electricity Costs for Residential Consumers? This paper examines advanced metering, a system to charge consumers different prices for electricity on the basis of the time of day the electricity is used, and potential benefits and concerns.

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A First Look at Older Americans and the Mortgage Crisis

This first-ever analysis of mortgage data by age shows that older Americans have been significantly impacted by the mortgage crisis, with more than 684,000 homeowners age 50+ in delinquency or foreclosure during July-December 2007, according to this Insight on the Issues by Alison Shelton of AARP’s Public Policy Institute. (6 pages)

September 18, 2008

By: Alison Shelton, AARP Public Policy Institute | Source: AARP Public Policy Institute

The Deathcare Industry

Major changes are taking place in the funeral and burial industries. How federal and state regulators are responding to the deathcare industry's ongoing transformation are reported in this AARP Public Policy Institute Issue Brief by Sharon Hermanson (8 pages)

May 1, 2000

By: Sharon Hermanson, AARP Public Policy Institute | Source: AARP Public Policy Institute

Older Consumers’ Attitudes Toward The Use of Credit Scores

How much do people know about credit scores? Older persons are much less likely (39 percent) than younger persons (67 percent) to be familiar with credit scores, according to this Data Digest by Sharon Hermanson and Ann Jackson of the AARP Public Policy Institute. (6 pages)

July 31, 2005

By: Sharon Hermanson, AARP Public Policy Institute; Ann McLarty Jackson, AARP Public Policy Institute | Source: AARP Public Policy Institute

Experiences of Older Refinance Mortgage Loan Borrowers: Broker- and Lender-Originated Loans

Older refinance borrowers with broker-originated loans are much more likely to report that they did not initiate the contact about the loan, relied more on the broker than borrowers with lender-originated loans, and are more likely to have received loans with less favorable terms. An AARP Public Policy Institute Data Digest by Kellie Kim-Sung and Sharon Hermanson. (4 pages)

January 1, 2003

By: Kellie Kim-Sung, AARP Public Policy Institute; Sharon Hermanson, AARP Public Policy Institute | Source: AARP Public Policy Institute

Older Subprime Refinance Mortgage Borrowers

Key findings from a national study of the experiences of older prime and subprime refinance mortgage borrowers are detailed in this AARP Public Policy Institute Data Digest by Neal Walters and Sharon Hermanson. (4 pages)

July 1, 2002

By: Neal Walters, AARP Public Policy Institute; Sharon Hermanson, AARP Public Policy Institute | Source: AARP Public Policy Institute

The Alternative Financial Services Industry

An overview of the growing array of financial services (such as check-cashing outlets, payday lenders, pawn brokers, rent-to-own stores, subprime mortgage lenders) that are a major credit and banking source for low-income and working poor consumers. In this AARP Public Policy Institute Issue Brief, Sharon Hermanson and George Gaberlavage discuss the industry's growth and address policy issues that affect consumers. (16 pages)

August 1, 2001

By: Sharon Hermanson, AARP Public Policy Institute; George Gaberlavage, AARP Public Policy Institute | Source: AARP Public Policy Institute

Credit Scores and Mortgage Lending

Credit scores are numbers calculated to measure the risk of delinquency or default posed by an individual seeking credit. In this AARP Public Policy Institute Issue Brief, Neal Walters and Sharon Hermanson describe the important role credit scores play in mortgage lending and discuss policy issues associated with their increased use. (8 pages)

August 1, 2001

By: Neal Walters, AARP Public Policy Institute; Sharon Hermanson, AARP Public Policy Institute | Source: AARP Public Policy Institute

Risk Preferences and the Investment Decisions of Older Americans

The impact that attitudes toward risk have on individual and household investment decisions of people age 51 to 61 is explored by Vickie Bajtelsmit and Alexandra Bernasek of Colorado State University in this AARP Public Policy Institute Issue Paper. (62 pages)

June 1, 2001

By: Vickie L. Bajtelsmit, Colorado State University; Alexandra Bernasek, Colorado State University;

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