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Debt Relief

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CALIFORNIA | LOCAL
July 21, 2000
The Italian Parliament approved, without dissent, an initiative to forgive over $4 billion in debt owed by impoverished countries ("Taking Lead, Italy to Forgive Billions in Third World Loans," July 15). Meanwhile, our House has narrowly approved $225 million in debt relief, but the Senate has only approved $75 million. The fate of the U.S. contribution to debt relief will be settled in a joint House-Senate conference; one can only hope that our legislators will be shamed into following the example of the Italian government.
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BUSINESS
January 24, 2014 | By Andrew Tangel
NEW YORK -- New York borrowers stand to get more than $35 million in debt relief under an agreement between the state's attorney general and an Anaheim-based online lender. New York Atty. Gen. Eric Schneiderman said Friday his office had settled a lawsuit accusing CashCall Inc. of illegally charging borrowers triple-digit interest rates, then hounding them once they inevitably fell behind. The suit was filed in August. Under the settlement, CashCall -- along with Western Sky Financial, WS Funding and their owners -- will pay $1.5 million in penalties.
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BUSINESS
April 22, 2010 | Kim Geiger
A new report by undercover government investigators bolsters longstanding concerns that companies promising to help consumers overwhelmed by credit card and other debts often turn out to be financial predators that charge high fees but deliver little or nothing in return. When investigators for the Government Accountability Office posed as distressed consumers seeking help, so-called debt management companies gave them wildly exaggerated descriptions of the firms' success rates and sometimes promised savings of as much as 50 cents on the dollar, Gregory Kutz, the GAO official who ran the investigation, told Congress on Thursday.
WORLD
January 8, 2014 | By Carol J. Williams
Greece on Wednesday took over the rotating presidency of the European Union amid hopeful forecasts of an end this year to its protracted recession but lingering resentment of the austerity imposed by the 28-nation bloc. Public anger over the belt-tightening that has been required as the Greek economy shrunk by 25% over the last six years prompted authorities to ban protests in Athens for 18 hours while EU officials and Greek leaders celebrated the transfer of the ceremonial six-month leadership term from Lithuania.
NEWS
December 3, 2000 | From Associated Press
Britain announced Saturday that it will forgive more than $1.43 billion in debt from 41 of the world's most impoverished countries--provided that they can ensure the money goes toward health care, education and the alleviation of poverty. Treasury chief Gordon Brown said the move will help create a "virtuous circle of debt relief, poverty reduction and sustainable economic development."
OPINION
July 25, 2004
The carefully chosen words and stark photographs with which reporter Davan Maharaj and photographer Francine Orr have chronicled the unbroken cycle of suffering and death in sub-Saharan Africa left many Times readers frustrated and angry. Yet hundreds of them were moved to offer assistance because the "Living on Pennies" series also captured the delicate flicker of hope still burning in extreme poverty's victims.
CALIFORNIA | LOCAL
June 22, 1999
Re "Democracies to Ease Debt for Poor Nations," June 19: Oh, great--now the United States wants to give welfare checks to the whole wide world, in addition to wasting untold billions on foreign aid. That is what debt relief for poor nations amounts to. Unfortunately, screeching, self-righteous do-gooders such as the millionaire [U2 singer] Bono won't get stuck with the bill for giving 33 countries a free pass (Calendar, June 19). The chump picking up the tab--with American taxpayer dollars, as usual--will be good old Uncle Sucker.
CALIFORNIA | LOCAL
June 11, 1999
The International Monetary Fund, the World Bank and the seven richest countries have been working on a way to ease the crushing debt of the world's 41 poorest countries. What they have offered so far is a plan under which only two of those countries--Uganda and Bolivia--could qualify. That's not enough.
BUSINESS
September 7, 2012 | By Jim Puzzanghera, Los Angeles Times
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...
BUSINESS
August 12, 2012 | By Kenneth R. Harney
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.
OPINION
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.
BUSINESS
September 7, 2012 | By Jim Puzzanghera, Los Angeles Times
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...
BUSINESS
August 30, 2012 | By Jim Puzzanghera, Los Angeles Times
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.
BUSINESS
August 12, 2012 | By Kenneth R. Harney
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.
NEWS
August 6, 2012 | by Carolyn Kellogg
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.
ENTERTAINMENT
May 24, 2012 | By Richard Verrier
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.
BUSINESS
April 10, 2012 | By Stuart Pfeifer, Los Angeles Times
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.
NEWS
April 8, 2012 | By Stuart Pfeifer
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.
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