Breaking Financial and Banking News
- FDIC - Most current FDIC information about your bank, new bank failures, and new insurance ceilings. (Click here)
- IRS – See newest rule about includability of forgiven debt – the amount of your loan that will be unpaid if your foreclosure is completed – and the taxation of this amount as income to you in the current year.
(Link to IRS article following the FDIC article). Check here frequently. This law is changing rapidly!
- FANNIE MAE-FREDDIE MAC temporary “holiday” moratorium on foreclosures.
Link to full article:
http://www.bizjournals.com/sanantonio/stories/2008/11/17/daily32.htm Freddie Mac has instructed its national network of mortgage services and foreclosure attorneys to stop all planned foreclosure sales and evictions involving Freddie Mac-owned mortgages during the holiday season.
The move is designed to give more homeowners facing foreclosure or eviction additional time to take advantage of the newly announced streamlined mortgage modification program, says Freddie Mac CEO David M. Moffett.
This should allow homeowners to work out agreements with mortgage services to avoid foreclosure. All foreclosure sales slated from Nov. 26, 2008, to Jan 9, 2009, will be temporarily stopped. The program applies to single-family and 2-4 unit properties. |
