The division of the Treasury that fights money laundering and other financial crimes is sending letters to U.S. businesses that are involved in some way with bitcoins, the virtual currency rapidly growing in popularity as an tradable commodity or e-commerce payment option.
Bitcoin’s value has soared in recent days to the $600 level. Welcome to the murky world of virtual money, which is now assuming a veneer of legitimacy with Congressional hearings on the dangers of its online existence.
Employees at some companies will now be able to carry over up to $500 in their health “flexible spending accounts” — FSAs — from one year to the next, under new rules announced Thursday by the U.S. Treasury and the Internal Revenue Service.
The Treasury’s new approach seems to be working. In the 12 months ending June 30, 2013, the number of homeowners assisted more than doubled from 58,519 to 126,858, and the amount of funds disbursed grew by more than 200 percent, from $511 million to $1.7 billion.
The wide disparity in the productivity of HAMP (Home Affordable Modification Program) — based on the update provided by U.S. Treasury and housing officials Friday — bolsters the claims by a government watchdog released last month that called the program’s re-default rate “alarming.”
Fannie Mae, the biggest mortgage finance company under government control, said Thursday it earned a record $58.7 billion profit in the January-March quarter and that it would remain profitable for the “foreseeable future.”
U.S. Treasury officials are defending the default rates of the Obama Administration’s mortgage modification campaign, known as HAMP, after a strongly critical analysis from a government watchdog called the program’s track record “alarming.”
The Obama Administration’s much-hyped, four-year-old mortgage modification program, known as HAMP or Making Home Affordable, is failing to keep homeowners from staying in permanently-reduced payment plans, resulting in an “alarming rate” of defaults, according to a government watchdog.
The Obama Administration’s Home Affordable Modification Program, which marked its fourth year last month, has surpassed 2 million mortgage-reduction trials initiated, according to the latest update released Friday.
Community banks participating in the government’s Small Business Lending Fund increased loans through the fourth quarter of 2012 by $1.5 billion over the prior quarter — for a cumulative total of of $8.9 billion since the low point of the Great Recession in 2009.