News

2009

December

22

• Consumer Action nationwide survey of financial literacy programs (Financial literacy programs in local communities have continued need for printed materials). Consumer Action, a national non-profit consumer education and advocacy organization, has published the results of a survey of community-based organizations (CBOs) titled "Implementation of Community-based Financial Literacy Programs in the U.S." Click here to

• Borrowers with modified loans in trouble. One of the biggest challenges to ending the foreclosure crisis is this: A surprising number of homeowners who get their monthly payments reduced fall behind again within a year. When borrowers get into financial trouble,

• More bailed-out community banks fail to pay. A growing number of community banks that got federal bailouts are failing to pay quarterly dividends they owe to the government, including two banks that got aid after congressional intervention on their behalf, according to

20

• Eliminating 'he said, she said' on loan mods. When it comes to home mortgage modifications, everyone seems to have a complaint. Borrowers accuse mortgage servicers, which process the paperwork, of often losing important documents like pay stubs and bank statements. Servicers assert that

• Minimize your taxes for 2009. The days of 2009 may be dwindling to a precious few, but there is still time for taxpayers to check over this year's finances and possibly save themselves some money when they file their tax returns

19

• A consumer watchdog with a full set of teeth. Had there been a federal watchdog consumer protection agency during the early years of this decade, could it have prevented the housing boom and bust that put millions of homeowners into foreclosure and sucked trillions

17

• Citi suspends foreclosures for 30 days. Citigroup will suspend foreclosures and evictions for 30 days in a temporary break for about 4,000 borrowers during the holiday season. The New York-based bank said Thursday the suspension will run from Friday through Jan. 17. It applies

• Advice on 2009's most pressing money issues. I'm often asked about saving vs. aggressively paying off debt. Such was the case with the following reader, who wrote: "My husband thinks he may be laid off soon. I am wondering if I need

• Bank of America defends efforts to modify mortgages. Bank of America, the country's largest mortgage lender, on Wednesday defended its performance in the federal foreclosure relief program, saying that far fewer of its customers are eligible for the plan than government estimates indicate

15

• Winterize your home with energy audit. It's that time of year -- not just for shopping, baking or partying, but for winterizing your home. OK, so this last idea isn't as much fun. Call it a killjoy if you want. It

14

• States push e-filing taxes to save money, paper. A growing number of states are cutting back on distributing printed income tax forms in an effort to save money and encourage electronic filing. Verenda Smith with the Federation of Tax Administrators in Washington, D

13

• 8 popular myths about your credit score. By now, you're probably aware of the wide use of credit scores, and how this three-digit number can determine whether you get credit and under what terms. But there is a lot of misinformation about

• Tip tips: Be generous, but don't be bullied. Just about anyone who serves you during the year should get a token of appreciation. The norm for your nanny and house cleaner is a week's pay. Your mail carrier is not allowed to accept

12

• Short sale help on the way. If you're in trouble on your mortgage and can't get a loan modification, check out the Obama administration's new standardized short-sale plan that's scheduled to roll out during the next several months. The program, outlined

10

• Mortgage agency's growth fuels risky lenders. The trouble signs surrounding Lend America had been building for years. A top executive was convicted of mortgage fraud but still helped run the company. Home loans made by its headquarters were defaulting at an

08

• IRS says both must qualify for homebuyer credit. The first-time homebuyer credit was expanded more than a month ago so that even some longtime homeowners could claim up to $6,500 if they bought a new principal residence. But as the weeks went by, a

• TARP funds for mortgage aid?. House Democrats are seeking to tap the government's massive bailout fund to help homeowners who have lost their jobs and are struggling to make their mortgage payments. House Financial Services Committee Chairman Barney Frank (D-Mass.)

06

• New rules for reverse mortgage counselors. Older homeowners who are considering a reverse mortgage can now get more help with the process. The Federal Housing Administration, which insures reverse mortgages, last month instituted new standards for the counselors who, according to

05

• Enter the maze of tax credit rules. If you're thinking about applying for the new $6,500 federal tax credit for repeat home buyers or the extended $8,000 version for first-time buyers, here's some news: The IRS has just issued its first formal guidelines for

03

• Hope Now reports mortgage modification gains. Nearly 2.7 million homeowners this year have received mortgage modifications or repayment plans, independent of those helped by a government program to get borrowers into modified home loans, a private-sector group supported by the mortgage industry