Latest News in Mortgages and Home Loans- May 26, 2009

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Happy Memorial Day!
Image by Dustin C Oliver via Flickr
Today is the observation of Memorial Day. The actual Memorial Day is not until Saturday, but it is observed the last Monday in May, so that is today. I think it is a good idea to take a few minutes to reflect on the sacrifices made by our service [...]

Debt Forgiveness: Taxable in Many Cases
It is important to recognize that in many cases the debt forgiveness you receive is taxable. Even though you do not actually receive any money when a debt — or part of a debt – is forgiven, the IRS taxes you like you did. However, there are some instances in which debt forgiveness is not [...]

Credit Score: Important for Getting a Mortgage Loan
One of the most important aspects of your personal finance life is your credit score. This number is essentially a snapshot of your credit history — the record of how responsible you are when it comes to loans. In order to get a mortgage loan, you need to have a reasonably good credit score. Indeed, [...]

Credit Card Rules Make it Through the Senate
Image by larrybobsf via Flickr
New credit card rules have been passed by the Senate. They still have to go to the House, before heading to President Obama’s desk, but they are well on their way. It appears that this is the year for credit card reform. The rules passed by the Senate go beyond what [...]

U.S. Housing Market Set to Stabilize Soon
Image by Getty Images via Daylife
Today, April data for housing starts was released. It shows a record low. Housing construction has slowed dramatically, especially in terms of apartment buildings. However, the data shows that single-family homes increased in construction in April. This latter bit of the data is being used — along with the fact [...]

6 Things That Can Derail Your Home Closing
When it comes to closing on a home, there are a number of things that could go wrong, preventing your home sale from going through. Whether you are the buyer or the seller, here are 6 things that could derail your home closing:

Mortgage financing falls through. This is one of the biggest issues that could [...]

Big Insurers To Get Access to TARP Funds
It took months and months (and bailout loans for banks and auto makers), but insurers are finally getting access to TARP funds. TARP funds, which were first made available to big banks in order to help them avoid collapse, are now being used as a general sort of backstop for capital. Large insurers are the [...]

Mortgage Rates a Little Higher on Economic ?Green Shoots?
Mortgages rates are a little higher this week, thanks in part to optimism over economic “green shoots“. However, it remains to be seen whether or not rates will keep climbing. Indications are that celebration over these tentative signs of possible and imminent economic recovery are a bit premature. This means that mortgage rates might possibly [...]

Foreclosures Rise in April by 32%
Image by Getty Images via Daylife
Foreclosures are on the rise again. After a brief reprieve at the end of 2008 and the beginning of 2009, foreclosures are rising again. This probably has a lot to do with the fact that many mortgage lenders and states put a moratorium on foreclosures over the holiday season and [...]

Europe Prepares Its Own Bank Stress Test
Over the last few days, one of the main topics of conversation has been the bank stress test results recently released. Controversy over how the tests were analyzed and the results presented has flared up. Adjustments to measurements and analysis were made at the request of banks, and the stress test results showed no serious [...]

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