Five Questions: Will I Owe Taxes on Forgiven Mortgage Debt?
A key tax provision set to expire at the end of the year could trip up the Obama administration’s push to have banks forgive mortgage debt more often for borrowers who are underwater.
Banks divided on loan rules
Richard Cordray wants lenders to adhere to the most basic tenet of banking: making sure borrowers can repay. Getting them to agree on how is proving tougher.
Borrowers sue over apparent loan mod mishaps
LOS ANGELES — It seemed Maria Campusano’s financial problems were behind her when the mortgage on her Victorian home in a Massachusetts mill town was chopped by hundreds of dollars a month. (1 hour ago)
Jpmorgan Ousts Home-lending Chief After Foreclosure Lapses
JPMorgan Chase & Co., the second- largest U.S. bank, ousted mortgage chief David Lowman after it overcharged active-duty military personnel on loans and improperly foreclosed on other borrowers. (2 hours ago)
Borrowers Refuse to Pay Billions in Home Equity Loans
Lenders wrote off as uncollectible $11.1 billion in home equity loans and $19.9 billion in home equity lines of credit in 2009. (5 mins ago)
SBI extends teaser home loan plan till April 30
SBI has merged the two loan categories and reduced the spread to uniform 1.75 per cent. State Bank of India’s borrowers may have to pay a tad higher interest under its dual-rate home loan scheme, which has been extended to April 30 this year. The bank is the only lender to extend the scheme. (3 days ago)
Obama administration says ‘plain vanilla’ home loans would benefit borrowers
WASHINGTON – If President Barack Obama gets his way, consumers who take out mortgages would automatically get a “plain vanilla” loan such as a traditional 30-year fixed-rate mortgage unless they opted for a riskier variety. (11 mins to go)
Study: Subprime mortgage modification efforts underwhelming
Efforts to help beleaguered borrowers are still falling short as 70 percent of homeowners who are two months behind on their mortgages still aren’t getting aid, a new report released Tuesday found. (7 mins ago)
Piling On: Borrowers Buried by Fees
A handful of public-minded bankruptcy court judges are exposing the questionable practices of the mortgage servicing business. (13 mins ago)
Wall Street Faces Fury Over Subprimes
Regulators are trying to punish Wall Street for mortgage finance practices that expanded home ownership and spread risk among a host of new players — but also may have duped borrowers and investors who supplied cash to fuel a housing boom that’s turned bust. (27 mins ago)