U.S. Government News

Bank Failure: Inland Bank & Trust, Oak Brook, Illinois, Assumes All of the Deposits of First Choice Bank, Geneva, Illinois

Fri, 19 Aug 2011 16:38:57 PST

First Choice Bank, Geneva, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation -Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Inland Bank & Trust, Oak Brook, Illinois, to assume all of the deposits of First Choice Bank.

U.S. Federal Rating: Standard & Poor Lowers Rating of the U.S. Government from AAA to AA+

Fri, 05 Aug 2011 18:35:24 PST

Earlier today, Standard & Poor’s rating agency lowered the long-term rating of the U.S. government and federal agencies from AAA to AA+. With regard to this action, the federal banking agencies are providing the following guidance to banks, savings associations, credit unions, and bank and savings and loan holding companies (collectively, banking organizations.

Bank Closure: Columbia State Bank, Tacoma, Washington, Assumes All of the Deposits of Bank of Whitman, Colfax, Washington

Fri, 05 Aug 2011 18:31:02 PST

Bank of Whitman, Colfax, Washington, was closed today by the Washington State Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Columbia State Bank, Tacoma, Washington, to assume all of the deposits of Bank of Whitman.

Home Equity Loans: Great Benefits, Serious Risks

Fri, 27 May 2011 05:53:14 PST

"If a home equity product is not repaid, a creditor likely can foreclose on the home — to sell the property to pay off what is owed," explained C. Lee Page, an FDIC Consumer Affairs Specialist. "And if the home cannot be sold for enough to pay the debt, the borrower will be responsible for making up the difference.

Escrow Services: What Mortgage Borrowers Need to Know

Fri, 27 May 2011 05:23:33 PST

An "escrow" account is usually set up when you get a mortgage and it is maintained with money from your loan payment. Your mortgage servicer will then use that money to pay your real estate taxes, homeowners (hazard) insurance and other costs that you have agreed to.

Unable to Pay Your Mortgage? You can get assistance.

Fri, 11 Mar 2011 12:58:37 PST

Unemployment, illness or unexpected expenses can make it tough for homeowners to pay their mortgages. If you are struggling to pay your mortgage or have fallen behind on your payments, you can find help.

FTC's Mortgage Relief scams Ban Takes Effect

Mon, 14 Feb 2011 08:11:33 PST

The advance fee ban under the FTC’s Mortgage Assistance Relief Services (MARS) Rule is designed to protect financially distressed homeowners from mortgage relief scams that have sprung up during the mortgage crisis.

Homeowners Foreclosure: California Joins Multi-State Coalition to Protect Homeowners Facing Foreclosure

Thu, 14 Oct 2010 09:53:40 PST

While California continues its own vigorous efforts to ensure that homeowners facing foreclosure are treated fairly and lawfully," Brown said, "we are now working together with other attorneys general and regulators to seek solutions that reach across state lines to protect all borrowers at risk of losing their homes in this foreclosure crisis

Mortgage Metrics Report for Second Quarter of 2010 Released

Fri, 24 Sep 2010 10:07:45 PST

The credit quality of first-lien mortgages serviced by the largest national banks and thrifts remained steady during the second quarter of 2010, according to a report released today.

Mortgage Relief Services: Marketers Banned from Selling Mortgage

Mon, 26 Jul 2010 22:34:01 PST

Eight marketers are banned from selling mortgage modification or foreclosure relief services under settlements with the Federal Trade Commission. The FTC alleged that the marketers charged homeowners up-front fees and falsely claimed they could get their mortgage loans modified or prevent foreclosure on their homes.

Mortgage Loans: Cash Strapped CountryWide Borrowers May be Entitled to a Refund

Mon, 07 Jun 2010 23:01:23 PST

According to the complaint filed by the FTC, Countrywide’s loan-servicing operation deceived homeowners who were behind on their mortgage payments into paying inflated fees – fees that could add up to hundreds or even thousands of dollars.

Foreclosure Rescue Scams: A New Twist in the Scam

Fri, 14 May 2010 07:07:05 PST

If you are facing default on your mortgage or foreclosure on your home, watch out for the latest scam: phony "forensic mortgage loan audits." Con artists claim that for an upfront fee, their audits can help you hold onto your home. Don’t believe them.

New Homebuyer Credit Form Released; Taxpayers Reminded to Attach Settlement Statement and Other Key Documents

Tue, 19 Jan 2010 11:35:48 PST

The Internal Revenue Service today released the new form that eligible homebuyers need to claim the first-time homebuyer credit this tax season and announced processing of those tax returns will begin in mid-February.

New Laws for 2010: Landmark Mortgage Reform Helps Borrowers

Thu, 31 Dec 2009 08:16:54 PST

January 1, 2010 not only marks the New Year, but also the effective date for many new California laws. Among the bills taking effect on January 1 are several important new laws that address some of California’s most pressing issues, including the mortgage crisis, water conservation and important consumer protections.

IRS: First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify

Tue, 24 Nov 2009 21:57:46 PST

A new law that went into effect Nov. 6 extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers.

Is Foreclosure Knocking at Your Door?

Wed, 23 Sep 2009 08:28:04 PST

Stop living in fear of losing your home. If you are having financial difficulties - due to a job loss, a higher mortgage payment, or any other reason - you are not alone. The economic crisis has made it hard for many responsible homeowners to make ends meet

Mortgage Relief Services Scams: FTC Announces New Crackdown

Mon, 21 Sep 2009 06:00:49 PST

The Federal Trade Commission today announced two new law enforcement actions in a continuing crackdown on mortgage foreclosure rescue and loan modification scams, bringing to 22 the number of these cases the Commission has filed since the housing crisis began. The FTC also announced developments in similar pending mortgage-related actions.

IRS: Ten Facts about the First-Time Homebuyer Credit

Fri, 18 Sep 2009 10:08:45 PST

Many taxpayers who purchase a home this year will qualify for an $8,000 federal tax credit. The refundable first-time homebuyer credit is a major tax provision in the American Recovery and Reinvestment Act of 2009. But time is running out to qualify for this credit.

Mortgages: Attention, Shoppers! New Rules Will Help You Get a Fair Deal

Mon, 14 Sep 2009 12:34:01 PST

Shopping for a mortgage can take time and effort. And choosing the wrong mortgage can be costly , in the worst cases, leading to the loss of your home if you can't afford the payments

Foreclosure Rescue and Loan Modification Scammers Still Prey on Stressed

Fri, 28 Aug 2009 10:25:55 PST

As previously reported in FDIC Consumer News, many homeowners having difficulty making their monthly mortgage payments are being targeted by criminals who charge large upfront fees and falsely "guarantee" to rescue a home from foreclosure.