In an effort to prevent a repeat of the current mortgage mess, Federal Reserve chairman Ben Bernanke says the Fed next week will issue new rules aimed at protecting future home buyers from dubious lending practices.
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A group of mostly academic economists who formed what they call the Shadow Financial Regulatory Committee Monday offered its own proposal to assist low-income real estate home buyers threatened with repossession. VOA's Barry Wood reports the group is opposed to the government idea of giving financial help to homeowners in distress.
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The good news is the Center for Economic and Policy Research believe the real estate and housing "bubble" will be over by the end of 2008.
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Homebuyers would get income tax relief under legislation approved Thursday trying to boost the state's ailing housing market.
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Claim Relief on Newly-Revised IRS Form. Homeowners whose mortgage debt was partly or entirely forgiven during 2007 may be able to claim special tax relief by filling out newly-revised Form 982 and attaching it to their 2007 federal income tax return, according to the Internal Revenue Service.
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An estimated 240,000 families can avoid foreclosure by refinancing their mortgages using the new FHASecure plan. FHA will allow families with strong credit histories who had been making timely mortgage payments before their loans reset-but are now in default-to qualify for refinancing.
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National Housing Groups Announce the Endorsement of National Industry Foreclosure Counseling Standards to Help Save Thousands from Foreclosure.
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Want to Maximize Your Home Insurance Dollars in 2008? Make 'Conduct a Home Inventory' One of Your New Year’s Resolutions.
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Mortgage lenders have to come up with a big chunk of change to give back to South Carolina homeowners. Find out what made this possible and where the funds came from.
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A new law just signed by President Bush promises that you will not have surprise income tax on a mortgage short sale or foreclosure...but what does this law really mean?
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President Bush is moving to help keep thousands of American homeowners from defaulting on their home loans in a growing crisis that has affected worldwide financial markets. VOA White House Correspondent Scott Stearns reports, the chairman of the U.S. central bank says he will also act to keep the credit crisis from hurting the economy.
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