Tax Credits & Surging Home Sales: What Happens After April 30?

The major housing indicators agree that the homebuyer tax credits – extended and expanded late last year – finally kicked in last month as new home sales soared 27 percent for March, a month over month rate not seen since 1963. The Commerce Department reported yesterday that new-home sales jumped to a seasonally adjusted annual rate of 411,000, reversing February’s record low and blowing past expectations of most housing industry analysts.

Goldman Sachs: Long on Profit, Short on Its Good Name

Goldman Sachs & Co. was still reeling today from the civil fraud case brought against the firm and a vice president when it reported a stellar first-quarter performance, nearly doubling its profit from a year ago to $3.29 billion. But its good name, a faint pre-crisis memory, has a tough road ahead. Details and back-stories and ramifications continue to surface around one complex deal at the heart of the Securities and Exchange Commission case against one of the most successful financial firms in the world.

932,234 Properties: Foreclosure Filings Set New Highs in 1st Quarter

Foreclosure actions set too many records in the first quarter – the highest monthly total in March and the highest quarterly number for bank repossessions, or REOs – with 932,234 properties affected, a 7 percent increase from the previous quarter and a 16 percent jump from a year ago.

IRS: 10 Ways to Avoid Income Tax Return Errors

With the mounting pressure of filing your income tax return by April 15, the Internal Revenue Service says mistakes become increasingly common. Math errors by paper filers are still frequent in tax returns. Your refund may end up in someone else’s bank account if you give the wrong direct deposit information. Or you may end up missing out on valuable tax credits.

Short Sale Foreclosure Fix with Debt Forgiveness is Underway

The Obama Administration today launches its first program to offer a short sale, or a deed-in-lieu, to rescue homeowners from foreclosure, while forgiving the difference between the sale price and the amount owed on mortgages. Home Affordable Foreclosure Alternatives, or HAFA, is intended to reduce the need for potentially lengthy and expensive foreclosure proceedings.

Obama Signs ‘Meaningful Reform’ of Student Loan System

President Obama today signed into law a landmark overhaul of the federal student loan system that promises to bolster Pell Grant funding, make it easier for graduates to repay college aid and save $68 billion by eliminating “middlemen” lenders. “We are finally undertaking meaningful reform in our higher education system,” Obama said.

Principal Writedowns New Option in Foreclosure Rescues

In a move long sought by critics of the government’s foreclosure prevention program, U.S. Treasury officials today said principal writedowns to 115 percent of loan-to-value will be offered as an alternative mortgage modification. In addition, the Obama Administration announced a new program to help unemployed homeowners. They will be offered temporary forbearance for a minimum of 3 months, and up to six months for some borrowers.

Obama: Tax Breaks Eye Small-Biz Owners ‘on the Fence’

President Obama today signed into law a jobs bill offering tax breaks that he said would particularly help struggling small business owners who are “on the fence” about hiring an additional worker or “anyone at all.” With a ceremony in the Rose Garden, the jobs incentive bill became law after the Senate passed the measure with a 68 to 29 vote yesterday. The legislation provides about $18 billion in tax breaks and pumps $20 billion into highway and transit programs.

Bank of America to End Debit Card Overdraft Fees

Just about when new rules take effect forcing banks to halt overdraft fees unless a customer opts-in, Bank of America has decided to do away with overdraft fees on debit card purchases altogether. The nation’s largest bank stands to lose tens of millions, or more, in fee revenue. And now may force top competitors to follow suit.

Fed to Ban Credit Card ‘Inactivity’ Fees, Restrict Other Penalties

In new rules defining “unreasonable” penalty fees under credit card reform laws, the Federal Reserve today proposed prohibiting so-called “inactivity fees” and other fees that exceed the dollar amount associated with the card customer’s violation. The Fed is also requiring card issuers that have increased rates since January 1, 2009 to “evaluate whether the reasons for the increase have changed and, if appropriate, to reduce the rate.”

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