August 30, 2012 |
WASHINGTON - The nation's five largest banks are off to a good start on their promise to help ease the foreclosure crisis, providing nearly 140,000 struggling homeowners with a total of $10.6 billion in mortgage debt relief, according to a government report. But the banks have much more work to do to fulfill their requirements under a $25-billion agreement reached in February to settle federal and state foreclosure abuse investigations, key officials said. And to keep the pressure on, the government released the preliminary report Wednesday - the first look at how Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and Ally Financial Inc. were carrying out their commitments.
August 12, 2012 |
WASHINGTON — Here's some encouraging news for financially stressed homeowners across the country: The Senate Finance Committee has approved a bipartisan bill that would extend the Mortgage Forgiveness Debt Relief Act through 2013. Why is this important? Several reasons: The debt relief law spares homeowners who receive principal reductions on their mortgages from being hit with hefty federal income taxes on the amounts forgiven. Without it, millions of owners who go through foreclosure or leave their homes following short sales would experience even more financial stress.
August 6, 2012 |
A historic quill and lap desk used to sign the Treaty of Guadalupe Hidalgo will be auctioned Sept. 7 in Nebraska. The Treaty of Guadalupe Hidalgo was signed Feb. 2, 1848, and brought an end to the Mexican-American war. California as we know it would not exist without it. The treaty handed over 525,000 square miles of land to the U.S. It encompassed all of what are now the states of California, Utah and Nevada and parts of Arizona, New Mexico, Colorado and Wyoming. It was America's second-largest land acquisition, after the Louisiana Purchase.
May 24, 2012 |
AMC Entertainment Chief Executive Gerry Lopez said the Chinese conglomerate poised to take over the nation's second largest theater chain would provide needed debt relief and resources to upgrade many of its cinemas across the country. "We're going from a group of five financial owners -- private equity funds -- to a single strategic, long-term buyer who happens to love this business and who is already in this business," Lopez said in an interview Thursday. "For us, this is nothing but great news.
April 10, 2012 |
Here is a roundup of alleged cons, frauds and schemes to watch out for. Mortgage relief: One of the most common scams in recent years involves companies that promise to provide debt relief to homeowners who have fallen behind on their mortgages. Avoid any company that asks you to pay an upfront fee for this kind of service — instead, fees should be paid only after the firm is able to reduce monthly payments or provide other favorable results. The Federal Trade Commission recently obtained a $3.9-million judgment against three firms that charged homeowners as much as $4,000 apiece, promising to reduce mortgage payments and interest rates but failing to deliver.
April 8, 2012 |
Here is a roundup of alleged cons, frauds and schemes to watch out for. Mortgage relief - One of the most common scams in recent years has involved companies that promise to provide debt relief to homeowners who have fallen behind on their mortgages. Consumers are advised never to pay upfront fees to debt relief firms. Instead, fees should be paid only after the firm is able to reduce monthly payments or provide other favorable results. The Federal Trade Commission recently obtained a $3.9-million judgment against three firms that charged homeowners as much as $4,000 with promises of reducing mortgage payments and interest rates but then failed to provide such services.