The Pileup Behind the Fiscal Slope, and the Consequences of Inaction

By: Friday December 21, 2012 7:03 am

Say what you will about the 2010 deal to extend the Bush tax cuts, which helped to set up what we’re seeing this month. But there was definitely a virtue in getting it done by early December, allowing for a productive lame duck session that repealed Don’t Ask Don’t Tell, passed the New START arms [...]

House Democrats Call for Principal Reduction, but Tax Time Bomb Would Make That Damaging for Borrowers

By: Wednesday December 12, 2012 10:00 am

Here’s a case of just not understanding what’s going on. Yesterday, Elijah Cummings and 18 House Democrats wrote a letter to the President and lead Congressional negotiators on the fiscal slope, urging them to include “provisions that will provide assistance to homeowners who are currently underwater on their mortgages” in the final deal. This sounds [...]

The Housing Cliff

By: Monday December 10, 2012 7:45 am

Forgive me if I slip into some cliff metaphors for the next few posts, but the employment of the tool actually makes more sense in this context. The fact is that the expiration of the Mortgage Forgiveness Debt Relief Act, as explained by Adam Levin of Credit.com, represents a real threat to a nascent housing [...]

Short Sales Increase As Debt Relief Tax Time Bomb Nears

By: Thursday December 6, 2012 9:15 am

I’ve had more than a few assurances that Congress would get its act together and pass an extension of the Mortgage Forgiveness Debt Relief Act, so that underwater homeowners who get some debt relief won’t have a big tax bill staring them in the face to make their financial situation even worse. But if that’s [...]

The Serious Tax Questions Behind Strike Debt’s Rolling Jubilee

By: Monday December 3, 2012 10:00 am

I haven’t heard too much from the Rolling Jubilee, Occupy Wall Street’s idea to cancel debt after purchasing it from collectors, since the initial announcement. But Yves Smith is absolutely right to address this threat of potentially making things worse for the borrowers the Rolling Jubilee (under the name Strike Debt) means to help. It [...]

Financial Services Roundtable Joins Up With Homeowner Group to Urge Extension of Mortgage Debt Forgiveness Tax Relief

By: Thursday November 29, 2012 12:18 pm

It’s not often that the homeowner advocates at the Center for Responsible Lending and the bank lobbyists at the Financial Services Roundtable agree on anything. But they’re teaming up on urging Congress to extend the Mortgage Forgiveness Debt Relief Act, which would continue the foreclosure crisis-era policy of forgiving payment of taxes on debt forgiveness [...]

Greek Reaches Yet Another Debt Deal With Europe

By: Tuesday November 27, 2012 10:00 am

European Union finance ministers and the IMF reached another in a series of deals with Greece on long-term debt. The deal will lead to the release of another tranche of around 44 billion euros in bailout funds for the country to pay its debts to creditors, including government payroll and pensions. The deal aims to [...]

Iceland Provides Blueprint for How to Deal With the Financial Crisis

By: Tuesday February 21, 2012 1:36 pm

I love this story. It’s one of those that calls to mind the old Margaret Mead dictum, “Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it’s the only thing that ever has.” Icelanders who pelted parliament with rocks in 2009 demanding their leaders and bankers answer for the [...]

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