Reverse Mortgages Need More Regulation, The Comptroller of the Currency Says
Reverse mortgages are growing in popularity. But the dangers they pose to unsuspecting seniors are tremendous, according to the OCC. Also, reverse mortgages are extremely costly, which can be startling, especially if you don't understand all of the costs and fees that go into originating a reverse mortgage. Just because you don't pay out of pocket for a reverse mortgage doesn't mean it's not expensive.
Posted on:
Jun 8, 2009
Credit Card Debts Can Be Sold To Debt Collection Agencies
How long do you owe a credit card debt? If you haven't paid on a credit card debt for the past five years can a credit card company still sell the debt to a collection agency? What is the statute of limitations for collecting on a debt?
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Jun 3, 2009
New Guidance from HUD: Use $8,000 tax credit toward FHA loan costs
This morning, HUD Secretary Shaun Donovan announced a new program that will allow first-time buyers to use the $8,000 tax credit toward FHA loan costs, rather than wait to file their 2009 tax returns (in 2010) to get the cash. We've published the Shaun Donovan HUD statement and the FHA Mortgagee Letter that describe the program on the ThinkGlink.com website.
Posted on:
May 29, 2009
Senate Passes HOPE for Homeowners
Washington, D.C. is abuzz with the flurry of legislative activity today. President Obama announced the new CAFE standards for automobiles (35 miles per gallon by 2016), the credit card bill passed the Senate, and now the amended HOPE for Homeowners legislation has sailed through.
The big news with…
Posted on:
May 19, 2009
Unemployment Claims Rise During Week Ending May 9
First-time unemployment claims rose for the week ending May 9, the Department of Labor reported today. An estimated 637,000 people filed for unemployment the first time, up 32,000 from the week before.
Bloomberg News' sources attribute the jump to recent automobile industry layoffs. The 38 economists…
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Posted on:
May 14, 2009
GDP Declines More Than Expected In First Quarter
American real gross domestic product declined by 6.1 percent in the first quarter, according to advance estimates by the Bureau of Economic Analysis. Since this is an estimate, the GDP numbers may be revised.
This was a greater decline than expected, but less than the 6.3 percent decline of the GDP…
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Apr 29, 2009
Federal Tax Deduction For Buying New Automobile
If you're looking at buying a new car this year you'll likely be able to deduct the sale tax you pay on your federal income taxes for the 2009 tax year.
IRS announced seven things you should know about this new deduction:
- State and local sales taxes paid on up to $49,500 of the purchase price of…
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Apr 20, 2009
Beware of IRS’ 2009 “Dirty Dozen” Tax Scams
As that April 15 tax deadline edges closer and closer, the IRS has released a list of top tax scams to watch out for. Whether you've already sent off your return or you're one of the last minute filers, make sure you don't get trapped by any of these scams:
Beware of IRS’ 2009 “Dirty Dozen” Tax Scams…
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Apr 13, 2009
Tax Deduction For Buying A New Car
The deadline for filing 2008 taxes is fast approaching. Just about two weeks away!
It's never too early to start planning for the next year's taxes. So consider this for 2009.
If you buy a new car, costing up to $49,500, this year you can deduct the state sales and excise taxes from your 2009 taxes.
As…
Posted on:
Mar 31, 2009
Finance Car Or Pay In Cash?
A prospective car buyer has saved enough to buy his next automobile in cash, but is considering financing it to build on his already-good credit. A car loan isn’t needed to keep your credit in great shape. If you’re able to buy a car with cash, you can use the Internet to research and negotiate and ensure you still get a great deal.
Posted on:
Mar 23, 2009
