President Bush signed the Mortgage Forgiveness Debt Relief Act of 2007 (H.R. 3648) last week. I have been off the computer for a few days, relaxing with family and friends, so I know this is not breaking news. I’m glad this bill is now law.
Also I want to take this time to wish all my readers [...]
Posts from ‘December, 2007’
Mortgage Forgiveness Debt Relief Act of 2007 is Now Law
Subprime Woes Gives the Chinese Politburo 10% Stake in Major US Bank
I know it’s strictly business, but I find this piece of news rather fascinating:
Morgan Stanley posted its first quarterly loss ever Wednesday after taking an additional $5.7 billion write-down related to subprime mortgages. The investment bank also said it would sell a $5 billion stake to China Investment Corp., a sovereign wealth fund, to shore [...]
Senate Passes Mortgage Cancellation Relief Act of 2007
Let’s say you’re $50,000 upside down and you decide on a short sale. Lets say the bank agrees to it and after months of paperwork and haggling you’re off the hook. You’re off the hook. Right? Well, not exactly. If you talk to a tax professional, they’ll tell you that Uncle Sam wants to tax [...]
Housing Market Will Return on May 6, 2009 - Get Ready
Housing is a common topic of conversation these days. In fact over the past few days a few people have asked me if I could help them sell their homes. Now, I politely explain that I arrange for home loans and am not licenced as a real estate agent. This hasn’t deterred some folks. One lady [...]
Ron Paul and Jim Cramer: Theater, Comedy or, Politics?
Mortgage and monetary policy as political football? Or is this a comedy show? Jim Cramer interviews Rep Ron Paul. A unified chorus of spite towards the Federal Reserve. Some justified, some not, but all in all politics as theater in the name of the people.
I’m already ready for January 21, 2009 and it’s not even [...]
FHA Modernization Act Passes in the US Senate
FHA Modernization Act of 2007 passed in the US Senate today and is now headed to President Bush. It had passed the house on June 25th.
For those unfamiliar with this bill here is a brief summary from the HUD website :
1) Create a new, risk-based insurance premium structure for FHA that would match the premium [...]
Navigate the Subprime Rate Freeze Rules to See If You Qualify
Last week the Bush Administration negotiated a voluntary agreement with lenders to freeze the rates on certain subprime home mortgage loans. The Wall Street Journal has an interactive graph which helps you navigate the rules to determine if you qualify for the rate freeze (hat tip: Rhonda Porter).
Also, if you qualify for the program I’ve [...]
Update: Mortgage Forgiveness Debt Relief Act of 2007
I have received a lot of questions lately on the status of the Mortgage Forgiveness Debt Relief Act of 2007 (HR 3648). For those not familiar with this act, this is a bill that would eliminate tax on forgiven debt. Here is a brief explanation (from an earlier post on this blog):
If a mortgage lender [...]
Gov. Huckabee on the Mortgage Industry
With Huckamania sweeping the nation, I found a clip where Governor Huckabee addresses the current state of the mortgage industry. He’s eloquent, smart, honest, sincere and all that good stuff. No wonder he’s taken the country by storm. Refreshing!
Fed Cuts Interest Rate by a Quarter
The Fed is spooked by the possibility of a recession. So, they cut the federal funds rate rates 0.25% today. It is now 4.25%, which means the prime rate will be 7.25% (a full 1% reduction since this summer). This should further erode the dollar against the major currencies (making Arizona real estate even cheaper for [...]
