November 2, 2013
Re "Senate GOP blocks Obama picks," Nov. 1 As the result of GOP filibuster abuse, five years after President Obama first assumed office, Bush administration holdover Edward J. DeMarco still heads the Federal Housing Finance Agency (FHFA). The Wall Street-friendly DeMarco is one of the nation's greatest obstacles to meaningful economic recovery. DeMarco blocked efforts to provide debt relief to the victims of Wall Street scammers. He did so even after the U.S. Treasury offered to pay the FHFA 63 cents for every dollar forgiven.
September 7, 2012 |
WASHINGTON - Struggling homeowners who obtain reductions in their mortgage debt face a new obstacle starting next year - a bill for taxes on that aid. A special exemption of as much as $2 million per household in principal reduction and other aid from banks, in place since 2007, is set to expire at year's end. It is one of a number of similarly expiring tax provisions - most notably the President George W. Bush-era tax cuts - and the large automatic...
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.