Latest News in Mortgages and Home Loans- March 30, 2010

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Treasury Gets Ready to Sell Citi Shares
One of the things the government did during the mortgage market crisis to help shore up Citi was to buy shares in the company. Now the Treasury department says that it is planning to unwind its position in Citi as this year progresses.

New Mortgage Modification Options for Jobless
One of the big concerns right now is that as the employment situation remains dire, a new wave of foreclosure could hit. As a result, the Obama Administration is working to provide help for those who have been jobless.

Back and Forth Over Mortgage Modification Program
Image by joelogon via Flickr

Back and forth continues over the success (or lack thereof) of the mortgage modification program put into effect last year. President Barack Obama suggested the program as a way for families to avoid foreclosure. However, the plan included trial modifications, not to become permanent until it was clear that the trial [...]

Bank of America to Begin Reducing Mortgage Principals
Bank of America announced yesterday it would begin reducing the principal on some mortgages by up to 30%.

Reader Question: Can I Delay Taking a Mortgage Deduction on My Taxes?
After consulting with an accountant and looking at the IRS web site, it appears that you can only take the mortgage deduction in the year that you paid the mortgage interest.

February Existing Home Sales Fall Slightly
There are, of course, hopes that now that President Obama has got his #1 domestic priority taken care of (health care reform), he can turn focus to job creation. It remains difficult to stem the tide of foreclosure and convince people to make a large purchase when the economy continues to shed jobs.

10 Benefits of the Healthcare Reform Bill
The House just passed its version of a healthcare reform bill. Of course, some of the provisions won’t kick in for years yet. Others, though, are on their way. Indeed, once the Senate and House agree on a reconciliation version, and the President signs, there are some almost immediate benefits. Crooks and Liars offers 10 [...]

Home Improvement: Can You Get a HELOC?
It may be a good time to do home improvements, with price low and financing relatively cheap, but the problem is getting approved for home equity financing.

Home Construction Better Than Expected
Image by Getty Images via Daylife

It is true that home construction declined in February (probably due, in part, to the weather). However, the numbers were still better than expected. CNN Money reports on expectations for February construction, and the numbers:
Economists surveyed by Briefing.com expected February housing starts to dip to an annual rate of 570,000.
The [...]

Will Moody?s Downgrade America?s AAA Sovereign Debt Rating?
Things just got a little more interesting in the world of global finance. (As if we needed more excitement on that front.) Moody’s, the credit rating agency, issued a warning today about the sovereign debt of four rather well-known countries:

U.S.
Britain
Germany
France

Yeah, you might have heard of them. These are among the largest Western economies, and considered [...]

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