Home Equity Loans News
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President Barack Obama and first lady Michelle Obama held total assets between $1.9 million and $6.9 million last year, with as much as $515,000 of it in JPMorgan Chase & Co checking accounts.
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U.S. households reduced debt during the first quarter by 1 percent to the lowest level since 2006, resuming a deleveraging trend in the wake of the financial crisis, according to the Federal Reserve Bank of New York.
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MBIA Inc. will get about $1.6 billion as part of a deal to end five years of litigation against Bank of America Corp. and its Countrywide unit over claims of defective securitized mortgage loans, a person familiar with the matter said.
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Luke Nichter of Harker Heights, Texas, said he’s not a renter by choice. The Texas A&M University history professor’s $125,000 of student debt means he has no hope of getting a mortgage.
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More American homeowners will be able to use their properties as cash machines again after real estate equity jumped last year by the most in 65 years.
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Bank of America Corp., Wells Fargo & Co. and three other banks that settled a nationwide probe of foreclosure practices this month will get a bonus from the deal: protection for $308 billion of home-equity loans they hold.
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Banks that agreed to help troubled borrowers as part of a settlement with regulators over foreclosure misdeeds are spending most of the promised aid on sales that displace homeowners and forgiveness that erases home equity loans from their books.
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Home equity lines of credit that fueled a spending spree during the U.S. property boom are back.
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James Sterngold, a reporter for Bloomberg News, discusses his report on bank mortgages. Sterngold talks with Bloomberg's Kathleen Hays on "The Hays Advantage" on Bloomberg Radio.
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Taxpayers claimed 7.3 percent less in mortgage interest deductions in 2011 compared with 2010, according to preliminary data released by the U.S. Internal Revenue Service.
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