Mortgage News
Fed Outlook:
1.2 million jobs lost - Jobs have been cut every single month this year and the streak will continue.
Fed to cut rates again - It should come as no surprise that the Federal Open Market Committee is expected to cut interest rates at their regularly scheduled meeting concluding Wednesday.
Readers weigh in on economy - Readers comment on last week's financial mess.
Home equity:
Metro Atlanta trails nation in home equity gain, sale prices (Atlanta Journal-Constitution) - Maybe buying a home in greater Atlanta wasn't such a smart investment after all. The metro area is way behind the nation in home equity gain, according to a quarterly report released Tuesday by the National Association of Realtors. Over a six-year period, the median increase for 28 counties is just 1.9 percent or $2,800.
300,000 Londoners face negative equity trap (Evening Standard) - Hundreds of thousands of London home owners are heading for negative equity as the economy slides inexorably towards the uncharted territory of deflation.
Local funeral home to represent insurance firm (The Daily Ardmoreite) - Equity Life Association announced Owens Ragsdale Funeral Home is representing them in the Ardmore area.
ID Thieves Are Targeting Home Equity Lines (Fox News) - With identity theft on the rise, scammers are targeting homeowners with substantial equity in their homes.
Home loan aid program expands (Denver Post) - The government will let more borrowers qualify for a new $300 billion program that lets troubled home owners swap risky loans for more affordable ones, a Bush administration official said Wednesday.
Falling home ownership, equity, affect college enrollment (EurekAlert!) - ( University of Michigan ) Sagging college enrollments may be the next symptom of the sub-prime mortgage mess, according to a University of Michigan economist.
Kiwibank Cuts Home Loan Interest Rates (Scoop.co.nz) - Kiwibank has today cut its variable home loan rate to 7.95% to stay significantly less than the big Australian-owned banks.
Home Buyers Question If Renting Is Best (WCVB Boston) - While housing prices are going down and there are some good opportunities to buy, some would-be homeowners question if leasing a home a good option.
Home equity rates:
Mortgages:
KBC Homeloans only offering 80% mortgages (RTÉ News) - One of the biggest mortgage lenders has decided to reduce the amount of money it is prepared to lend to home buyers. KBC Homeloans, formerly IIB Homeloans, will only offer mortgages of 80% as a proportion of the value of a home.
Attorneys question Mortgages Ltd. settlement (The Arizona Republic) - Attorneys questioned whether a settlement between Mortgages Ltd. and a condo developer is necessary.
John Paulson Buys Mortgages After U.S. Drops TARP Purchases (Bloomberg) - Nov. 18 (Bloomberg) -- John Paulson , the hedge-fund manager who generated sixfold returns last year with the help of bets against subprime mortgages, has started buying debt backed by home loans, investors said.
Paulson to Buy Back into Residential Mortgages, Report Says (New York Times) - John Paulson, the hedge fund manager who gained a superstar reputation after early on betting big against the U.S. housing market, has started to buy securities backed by residential mortgages.
CORRECT: Modified mortgages often default later, processor says (Market Watch) - Sheila Bair, chairman of the Federal Deposit Insurance Corp., proposed modifying 1.5 million mortgages to prevent foreclosure, but the problems often return.
HDFC Avoids Subprime Folly With $30,000 Mortgages, Strict Rules (Bloomberg) - Tighter guidelines than at U.S. lenders means Indian mortgage companies aren't as vulnerable in a slowing economy, Mistry said in an interview in Mumbai yesterday.
More holders of troubled mortgages now eligible for relief (The Indianapolis Star) - WASHINGTON -- The government will let more borrowers qualify for a new $300 billion program that lets troubled homeowners swap risky loans for more affordable ones, a Bush administration official said Wednesday.
UPDATE: Modified IndyMac Mortgages Delinquent Again, Processor Says (Nasdaq) - SAN FRANCISCO (Dow Jones) -- Sheila Bair, chairman of the Federal Deposit Insurance Corp., proposed modifying 1.5 million mortgages to prevent foreclosure on Tuesday.
Mortgage rates:
Taxes:
Estimated tax deadline looms - Some folks face fall tax chores as their fourth 1040ES payment is due September 15.
Reporting your retirement plan rollover - When you changed jobs, you took your company retirement plan with you. We explain how to report it to the IRS.
Some hybrids qualify for tax breaks - Nissan and Mazda have finally joined Honda on the hybrid tax credit track.
Don't dump that old car, donate it - Even with tighter donation rules, that jalopy may be a valuable tax deduction, and charities like your old vehicle.
Tax record-keeping tips - Don't drown under tons of old tax forms. Here are the records to keep and the best ways to save them.
Minnesota / Property taxes take smaller jump (Pioneer Press) - Property taxes will increase next year in Minnesota, but they won't grow as fast as they have in recent years, the state Revenue Department reported Wednesday.
Hanover personal property taxes due by Feb. 5 (Richmond Times-Dispatch) - Hanover County residents will have an additional two months to pay their 2008 personal property taxes (also known as car taxes) this winter. The new due date for personal property taxes in Hanover is Feb. 5. Previously, it had been Dec. 5, but that date was moved back by the county's Board of Supervisors earlier this year. Scott Miller, treasurer, expects to mail bills to taxpayers after ...
Quorum Court levies real estate and personal property taxes (Forrest City Times-Herald) - The St. Francis County Quorum Court adopted a pair of ordinances levying real estate and personal property taxes for 2009 during its monthly meeting Tuesday.
Town won't raise property taxes next year (Bucks County Courier Times) - Thanks to a conservative approach the last couple of years, Hatboro Borough Council announced Monday at a special budget workshop it would not be raising resident's property taxes in 2009, meaning the borough's tax rate could remain the same for the fifth year in a row.
Boone residents might pay more property taxes despite lower rate (Rockford Register Star) - Boone County government?s slice of property-tax bills is its lowest rate in more than two decades. But don?t bank on paying less this year. For many, rising property values will again drive up costs despite the lowered rate.
Property, wage taxes steady in Carbondale (The Scranton Times-Tribune) - Carbondale City Council will avoid raising property taxes in a $5.5 million draft budget presented for next year, but has come up with new ?creative? fees for businesses and landlords in the city.
York City Property Taxes Could Increase (WGAL 8 Susquehanna Valley) - Mayor John Brenner's 2009 budget calls for a 6.5 percent property tax hike.
County asked to collect Nanticoke?s delinquent taxes (Times Leader) - NANTICOKE -- City council agreed Wednesday to have Luzerne County collect the city?s delinquent property taxes.
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