Young drivers' car insurance premiums fail to deter 63% from fast cars

Young drivers are trying to get car insurance for inappropriate cars, despite the higher car insurance premiums that come with them, according to research from Gocompare.com.

The majority of young drivers are still opting for cars with powerful engines, instead of choosing smaller, less powerful cars that would cost a lot less to insure, the study found.

The biggest users of comparison sites are drivers aged 17 to 21 – 63 per cent of which are getting quotes for cars with engines bigger than 1250cc.

Modified car insurance also proves to be a lot more expensive for young drivers who are not deterred by the higher car insurance premiums, even though they could be saving a lot of money...

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American Home Mortgage Seeks Bankruptcy Protection

American Home Mortgage became the second-biggest home loan lender to file for bankruptcy protection this year, adding to signs that late payments have spread to homeowners with good credit records.

The company sought federal bankruptcy protection from creditors in Wilmington, Delaware, saying it had assets of more than $100 million and debts of more than $100 million owed to more than 100,000 creditors.

The filing comes after American Home Mortgage announced August 2 it would halt operations and slash staff.

Bankers began shutting off credit to American Home, leaving the lender unable to fund at least $750 million in home loans and stranding thousands of borrowers...