They claim to be able to pay off your payday loan(s) for a one time fee (for their services that must be paid by a certain date) and then you make monthly or bi-weekly payments to them that will go towards the principle amount of your other existing loans after they have settled with them for you to just pay towards the loan, no more interest. I just wanted to see if this is really legit and if anyone who has worked with them that can give me an opinion on their services. Thanks in advance.

They claim to be able to pay off your payday loan(s) for a one time fee (for their services that must be paid by a certain date) and then you make monthly or bi-weekly payments to them that will go towards the principle amount of your other existing loans after they have settled with them for you to just pay towards the loan, no more interest. I just wanted to see if this is really legit and if anyone who has worked with them that can give me an opinion on their services. Thanks in advance.

-Passed the financial bill. -Passed the health care bill. -Obama made education a national priority. -Obama made the environment a national priority. -Obama shift the focus from the war in Iraq to Afghanistan -Obama saved the American automotive industry from collapsing Obama saved wall street. -Obama slowed the recession -Obama instituted enforcement for equal pay for women -Obama instituted a new afghan war policy which limits aerial bombing and prioritizes in aid, infrastructure, diplomacy and good government practices by afghans. -Obama renewed loan guaranties to Israel -Limited salaries of seniors white house aides -Obama authorized constructions and opening of health centers for veterans -Improving benefits for veterans -Obama appointed the first Latina to the supreme court -Obama authorized discussions with North Korea and private mission by Pres. Bill Clinton to secure the release of two Americans held in prisons -Making more loans available to small businesses -Beginning the process of reforming and restructuring the military -Improved housing for military personnel -Increasing pay and benefits for military personnel -Improved conditions at Walter Reed Military Hospital and other military hospitals -Obama established a new cyber security office -The FDA is now regulating tobacco -Lower drug costs for seniors -Obama Ended the previous practice of protecting credit card companies; in place of it are new consumer protections from credit card industry’s predatory practices (my favorite one) -Obama Ended the previous policy of offering tax benefits to corporations who outsource American jobs; the new policy is to promote in-sourcing to bring jobs back

-Passed the financial bill. -Passed the health care bill. -Obama made education a national priority. -Obama made the environment a national priority. -Obama shift the focus from the war in Iraq to Afghanistan -Obama saved the American automotive industry from collapsing Obama saved wall street. -Obama slowed the recession -Obama instituted enforcement for equal pay for women -Obama instituted a new afghan war policy which limits aerial bombing and prioritizes in aid, infrastructure, diplomacy and good government practices by afghans. -Obama renewed loan guaranties to Israel -Limited salaries of seniors white house aides -Obama authorized constructions and opening of health centers for veterans -Improving benefits for veterans -Obama appointed the first Latina to the supreme court -Obama authorized discussions with North Korea and private mission by Pres. Bill Clinton to secure the release of two Americans held in prisons -Making more loans available to small businesses -Beginning the process of reforming and restructuring the military -Improved housing for military personnel -Increasing pay and benefits for military personnel -Improved conditions at Walter Reed Military Hospital and other military hospitals -Obama established a new cyber security office -The FDA is now regulating tobacco -Lower drug costs for seniors -Obama Ended the previous practice of protecting credit card companies; in place of it are new consumer protections from credit card industry’s predatory practices (my favorite one) -Obama Ended the previous policy of offering tax benefits to corporations who outsource American jobs; the new policy is to promote in-sourcing to bring jobs back

1. The Economic Recovery Tax act of 1981 did all of the following EXCEPT: a) provide more funds for social welfare programs b)reduce the amount of money taken in by the federal government c) attempt to stimulate business economy d) put more money in the hands of consumers 2. Ronald Reagan's economic included all of the following facets EXCEPT a) providing less government regulation in big business b) reducing taxes on the wealthiest Americans c) enforcing strict protection of natural environments d) encouraging wider participation in the stock market 3. One effect of deregulation was a) strengthening of organized labor unions b) the destruction and bail-out of the savings and loan industry c) more economic power for the poor d) big business withdrawing its support from President Reagan 4. Federal tax and spending policies of the 1980s made life more difficult for a) wealthy corporations b) small businesses which saw their taxes lowered c) the wealthiest members of American society d) workers caught in industrial restructuring 5. Developments in foreign relations in the late 1980s included a) the emergence of a strong isolationist foreign policy by the United States b) a heightening of Cold War tensions and the arms race c) relatively peaceful revolutions that toppled Soviet control of Eastern Europe d) President Bush's aggressive verbal attacks on Mikhail Gorbachev

1. The Economic Recovery Tax act of 1981 did all of the following EXCEPT: a) provide more funds for social welfare programs b)reduce the amount of money taken in by the federal government c) attempt to stimulate business economy d) put more money in the hands of consumers 2. Ronald Reagan's economic included all of the following facets EXCEPT a) providing less government regulation in big business b) reducing taxes on the wealthiest Americans c) enforcing strict protection of natural environments d) encouraging wider participation in the stock market 3. One effect of deregulation was a) strengthening of organized labor unions b) the destruction and bail-out of the savings and loan industry c) more economic power for the poor d) big business withdrawing its support from President Reagan 4. Federal tax and spending policies of the 1980s made life more difficult for a) wealthy corporations b) small businesses which saw their taxes lowered c) the wealthiest members of American society d) workers caught in industrial restructuring 5. Developments in foreign relations in the late 1980s included a) the emergence of a strong isolationist foreign policy by the United States b) a heightening of Cold War tensions and the arms race c) relatively peaceful revolutions that toppled Soviet control of Eastern Europe d) President Bush's aggressive verbal attacks on Mikhail Gorbachev

My husband is active duty Army, and we have an investment property that is being foreclosed upon. Is there anything in the SCRA that will help us? The property was purchased after he joined the Army, and we are not in a position to pay the note, so restructuring of the loan is not an option. I'm just wondering if the SCRA can make this process any easier on us/our credit score? Ok, that was my understanding of it. The bank sent us a letter that made it sound like there might be more to it than that. Thanks!

My husband is active duty Army, and we have an investment property that is being foreclosed upon. Is there anything in the SCRA that will help us? The property was purchased after he joined the Army, and we are not in a position to pay the note, so restructuring of the loan is not an option. I'm just wondering if the SCRA can make this process any easier on us/our credit score? Ok, that was my understanding of it. The bank sent us a letter that made it sound like there might be more to it than that. Thanks!

ABC Corporation is having financial difficulty and therefore has asked XYZ to restructure its $3 million note outstanding. The note has 3 years remaining and pays a current rate of interest of 10%. The market rate for a loan of this nature is 12%. The note was issued at its face value. REQUIRED: Prepare the journal entry that ABC and XYZ would make for each of these restructurings 1. XYZ agrees to modify the terms of the note, indicating that ABC does not have to pay any interest on the note over the 3-year period.

ABC Corporation is having financial difficulty and therefore has asked XYZ to restructure its $3 million note outstanding. The note has 3 years remaining and pays a current rate of interest of 10%. The market rate for a loan of this nature is 12%. The note was issued at its face value. REQUIRED: Prepare the journal entry that ABC and XYZ would make for each of these restructurings 1. XYZ agrees to modify the terms of the note, indicating that ABC does not have to pay any interest on the note over the 3-year period.

GM took Government bailout money and is now being run by the Government and the unions. They continue to lose money and recently tried to claim that they paid pack the loan. They did so by using more TARP (our) money. Ford took nothing, cut costs and restructured on their own and made a $2.1 billion PROFIT this last quarter. @ Lost. Yes GM made bad decisions. Ford did too. They lost billions over the last few years. The difference is they turned themselves around. @future The point is that Ford DIDN'T.

GM took Government bailout money and is now being run by the Government and the unions. They continue to lose money and recently tried to claim that they paid pack the loan. They did so by using more TARP (our) money. Ford took nothing, cut costs and restructured on their own and made a $2.1 billion PROFIT this last quarter. @ Lost. Yes GM made bad decisions. Ford did too. They lost billions over the last few years. The difference is they turned themselves around. @future The point is that Ford DIDN'T.

Health Insurance isn't a good name for it. I think of it as bankruptcy insurance. I have it so if I get sick I'm not driven into bankruptcy with huge medical bills I couldn't pay otherwise. It makes me wonder if maybe they should restructure their policy to be bankruptcy insurance and give breaks to people who pay off their credit cards, auto notes and student loans.

Health Insurance isn't a good name for it. I think of it as bankruptcy insurance. I have it so if I get sick I'm not driven into bankruptcy with huge medical bills I couldn't pay otherwise. It makes me wonder if maybe they should restructure their policy to be bankruptcy insurance and give breaks to people who pay off their credit cards, auto notes and student loans.

2006 and I have been paying the loan and still am April 2010, our divorce finalised March 2010. He wants to buy a home himself. There was no equity at the time of separation only debt due to a bad investment and borrowing for his business, (all of which I have been paying as was on house loan)which he shut down on separation although really just restructured as still services clients that the previous business had. He now wants his name off the loan or says it will have to be sold. We have 2 children together who live with me most of the time. I do not have the income to refinance the home. Is there anything I can do?

2006 and I have been paying the loan and still am April 2010, our divorce finalised March 2010. He wants to buy a home himself. There was no equity at the time of separation only debt due to a bad investment and borrowing for his business, (all of which I have been paying as was on house loan)which he shut down on separation although really just restructured as still services clients that the previous business had. He now wants his name off the loan or says it will have to be sold. We have 2 children together who live with me most of the time. I do not have the income to refinance the home. Is there anything I can do?

I also told I would get a call to confirm my loan restructure had been granted but I never got a letter or a call. I was told I would be sent a copy of the new loan agreement but I never recieved a copy.

I also told I would get a call to confirm my loan restructure had been granted but I never got a letter or a call. I was told I would be sent a copy of the new loan agreement but I never recieved a copy.

I have new loan modification under this plan through Wells Fargo. I was told this is new loan restructure and I am free to sell or rent if I need to in the future. I need to expand because of upcoming baby. Can I use this property as rental? I assume yes but need to know

I have new loan modification under this plan through Wells Fargo. I was told this is new loan restructure and I am free to sell or rent if I need to in the future. I need to expand because of upcoming baby. Can I use this property as rental? I assume yes but need to know

Today I received this email ... is this correct? (below) NOW THIS IS UNDISPUTABLE!!! NO MATTER WHAT YOUR POLITICAL LEANINGS. Quoted by : Ross Greenwood of Money News. Right now the Federal Government is at pains to tell everyone - including us the mug-punters and the International Monetary Fund that it will not exceed its own, self-imposed, borrowing limits. How much? $200 billion. And here's a worry. If you work in a bank's money market operation; or if you are a politician; the millions turn into billions and it rolls off the tip of the tongue a bit too easily. But every dollar that is borrowed, some time, has to be repaid. By you, by me and by the rest of the country. Just after 5 o'clock tonight I did a bit of maths for Jason Morrison. But it's so staggering its worth repeating now. First though; here's what Chairman Rudd has been saying about - what he calls - these temporary borrowings. Remember Those Words : Temporary Deficit. But the total Government debt could end up around $200 billion. So here's a very basic calculation ... I used a home loan calculator to work it out ... it's that simple. $200 billion is $200,000 million. The current 10 year Government bond rate is 4.67 per cent. I worked the loan out over a period of 20 years. Now here's where it gets scary ... Really scary. The repayments on $200 billion come to more than one and a quarter billion dollars - every month - for 20 years. It works out we - as taxpayers - will be repaying $154 billion in interest and principal every year ... $733 for every man woman and child - every year. The total interest bill over the 20 years is - get this - $108 billion. Remember, this is a Government that just 18 months ago had NO debt . NO debt. In fact it had enough money to create the Future Fund to pay the future liabilities of public servants' superannuation ... And it had enough to stick $20 billion into the Building Australia Fund last year ... Money News Presenter, Ross Greenwood Who were the idiots who voted these spin-doctoring bozo's into office? (not me,mate) Alan Jones Comment - this is frightening: Hmmmmm?? He continues... A note that was sent to me which explains that the six leading members of the Government from Mr. Rudd down, the top six have a collective work experience of 181 years, but only 13 in the private sector. If you take out of those 13 years the number that were spent as trade union lawyers, that total 11, of the 181 years only two years were spent in the private sector. So the people who will rack up a net Federal debt of a minimum of $188 billion, the highest in our history, have virtually no experience in business. So out of those 181 years: - no years spent running their own business - no years spent starting their own business - no years spent as a director of a family business or a company - no years as a director of a public company - no years in a senior position in a public company - no years in a senior position in a private company - no years working in corporate finance - no years in corporate or business restructuring - no years working in or with a bank - no years of experience in the capital markets - no years in a stock-broking firm - no years in negotiating debt facilities with banks - no years running a small business - no years at the World Bank or IMF or OECD - no years in Treasury or Finance. But these people have plunged Australia into unprecedented debt, and now threaten to torpedo employee share schemes which they plainly don't understand. Well, in a way you can't blame them. It is clear the electorate did not do their homework, because the Gov't is there by right. If you have read this, you may like to pass it on to your friends as you, them and me and our grandchildren, will be repaying the these debts for years to come........................................... ........ and that scares me for the welfare of our children and grand children! This is what a fiscal conservative does with our money. I've been around long enough to see several cycles of government and the pattern seems to be that Labor run us into the red from Whitlam onwards and when the cart is far enough into the poo, we vote in a conservative government who set about repaying the debt and building wealth. When we are in good enough shape financially, we vote them out and give it back to labor to spend all over again. Sound familiar? This time we have really blown it. They have not only spent our kids future fund that the Libs built up for us but they have also spent another 200 Billion that we don't have to put us back in the poo again.... and they call us the lucky country... (end of email)

Today I received this email ... is this correct? (below) NOW THIS IS UNDISPUTABLE!!! NO MATTER WHAT YOUR POLITICAL LEANINGS. Quoted by : Ross Greenwood of Money News. Right now the Federal Government is at pains to tell everyone - including us the mug-punters and the International Monetary Fund that it will not exceed its own, self-imposed, borrowing limits. How much? $200 billion. And here's a worry. If you work in a bank's money market operation; or if you are a politician; the millions turn into billions and it rolls off the tip of the tongue a bit too easily. But every dollar that is borrowed, some time, has to be repaid. By you, by me and by the rest of the country. Just after 5 o'clock tonight I did a bit of maths for Jason Morrison. But it's so staggering its worth repeating now. First though; here's what Chairman Rudd has been saying about - what he calls - these temporary borrowings. Remember Those Words : Temporary Deficit. But the total Government debt could end up around $200 billion. So here's a very basic calculation ... I used a home loan calculator to work it out ... it's that simple. $200 billion is $200,000 million. The current 10 year Government bond rate is 4.67 per cent. I worked the loan out over a period of 20 years. Now here's where it gets scary ... Really scary. The repayments on $200 billion come to more than one and a quarter billion dollars - every month - for 20 years. It works out we - as taxpayers - will be repaying $154 billion in interest and principal every year ... $733 for every man woman and child - every year. The total interest bill over the 20 years is - get this - $108 billion. Remember, this is a Government that just 18 months ago had NO debt . NO debt. In fact it had enough money to create the Future Fund to pay the future liabilities of public servants' superannuation ... And it had enough to stick $20 billion into the Building Australia Fund last year ... Money News Presenter, Ross Greenwood Who were the idiots who voted these spin-doctoring bozo's into office? (not me,mate) Alan Jones Comment - this is frightening: Hmmmmm?? He continues... A note that was sent to me which explains that the six leading members of the Government from Mr. Rudd down, the top six have a collective work experience of 181 years, but only 13 in the private sector. If you take out of those 13 years the number that were spent as trade union lawyers, that total 11, of the 181 years only two years were spent in the private sector. So the people who will rack up a net Federal debt of a minimum of $188 billion, the highest in our history, have virtually no experience in business. So out of those 181 years: - no years spent running their own business - no years spent starting their own business - no years spent as a director of a family business or a company - no years as a director of a public company - no years in a senior position in a public company - no years in a senior position in a private company - no years working in corporate finance - no years in corporate or business restructuring - no years working in or with a bank - no years of experience in the capital markets - no years in a stock-broking firm - no years in negotiating debt facilities with banks - no years running a small business - no years at the World Bank or IMF or OECD - no years in Treasury or Finance. But these people have plunged Australia into unprecedented debt, and now threaten to torpedo employee share schemes which they plainly don't understand. Well, in a way you can't blame them. It is clear the electorate did not do their homework, because the Gov't is there by right. If you have read this, you may like to pass it on to your friends as you, them and me and our grandchildren, will be repaying the these debts for years to come........................................... ........ and that scares me for the welfare of our children and grand children! This is what a fiscal conservative does with our money. I've been around long enough to see several cycles of government and the pattern seems to be that Labor run us into the red from Whitlam onwards and when the cart is far enough into the poo, we vote in a conservative government who set about repaying the debt and building wealth. When we are in good enough shape financially, we vote them out and give it back to labor to spend all over again. Sound familiar? This time we have really blown it. They have not only spent our kids future fund that the Libs built up for us but they have also spent another 200 Billion that we don't have to put us back in the poo again.... and they call us the lucky country... (end of email)

Dear Bank Manager I am writing to thank you for bouncing the check with which I endeavoured to pay my plumber last month. By my calculations some three nanoseconds must have elapsed between his presenting the check, and the arrival in my account of the funds needed to honour it. I refer, of course, to the automatic monthly deposit of my entire salary, an arrangement which, I admit, has only been in place for eight years. You are to be commended for seizing that brief window of opportunity, and also for debiting my account with $50 by way of penalty for the inconvenience I caused to your bank. My thankfulness springs from the manner in which this incident has caused me to re-think my errant financial ways. You have set me on the path of fiscal righteousness. No more will our relationship be blighted by these unpleasant incidents, for I am restructuring my affairs in 2005, taking as my model the procedures, attitudes and conduct of your very bank. I can think of no greater compliment, and I know you will be excited and proud to hear it. To this end, please be advised about the following changes: First, I have noticed that whereas I personally attend to your telephone calls and letters, when I try to contact you I am confronted by the impersonal, ever-changing, pre-recorded, faceless entity which your bank has become. From now on I, like you, choose only to deal with a flesh and blood person. My mortgage and loan repayments will, therefore and hereafter, no longer be automatic, but will arrive at your bank, by cheque, addressed personally and confidentially to an employee of your branch, whom you must nominate. You will be aware that it is an offence under the Postal Act for any other person to open such an envelope. Please find attached an Application Contact Status which I require our chosen employee to complete. I am sorry it runs to eight pages, but in order that I know as much about him or her as your bank knows about me, there is no alternative. Please note that all copies of his or her medical history must be countersigned by a Justice of the Peace, and that the mandatory details of his/her financial situation (income, debts, assets and liabilities) must be accompanied by documented proof. In due course I will issue your employee with a PIN number which he/she must quote in all dealings with me. I regret that it cannot be shorter than 28 digits but, again, I have modelled it on the number of button presses required to access my account balance on your phone bank service. As they say, imitation is the sincerest form of flattery. Let me level the playing field even further by introducing you to my new telephone system, which you will notice, is very much like yours. My authorised contact at your bank, the only person with whom I will have any dealings, may call me at any time and will be answered by an automated voice. By pressing Buttons on the phone, he/she will be guided thorough an extensive set of menus: 1. To make an appointment to see me 2. To query a missing repayment 3. To make a general complaint or inquiry 4. To transfer the call to my living room in case I am there; Extension of living room to be communicated at the time the call is received. 5. To transfer the call to my bedroom in case I am still sleeping. Extension of bedroom to be communicated at the time the call is received. 6. To transfer the call to my toilet in case I am attending to nature. Extension of toilet to be communicated at the time the call is received. 7. To transfer the call to my mobile phone in case I am not at home. 8. To leave a message on my computer. To leave a message a password to access my computer is required. Password will be communicated at a later date to the contact. 9. To return to the main menu and listen carefully to options 1 through 8. The contact will then be put on hold, pending the attention of my automated answering service. While this may on occasion involve a lengthy wait, uplifting music will play for the duration. This month I've chosen a refrain from The Best Of Woody Guthrie: "Oh, the banks are made of marble With a guard at every door And the vaults are filled with silver That the miners sweated for" After twenty minutes of that, our mutual contact will probably know it by heart. On a more serious note, we come to the matter of cost. As your bank has often pointed out, the ongoing drive for greater efficiency comes at a cost. A cost which you have always been quick to pass on to me. Let me repay your kindness by passing some costs back. First, there is the matter of advertising material you send me. This I will read for a fee of $20 per page. Inquiries from your nominated contact will be billed at $5 per minute of my time spent in response. Any debits to my account, as, for example, in the matter of the penalty for the dishonoured cheque, will be passed back to you. My new phone service runs at 75 cents a minute (even Woody Guthrie doesn't come for free), so you would be well advised to keep your inquiries brief and to the point. Regrettably, but again following your example, I must also levy an establishment fee to cover the setting up of this new arrangement. May I wish you a happy, if ever-so-slightly less prosperous, New Year. Your humble client Written by a smart person.

Dear Bank Manager I am writing to thank you for bouncing the check with which I endeavoured to pay my plumber last month. By my calculations some three nanoseconds must have elapsed between his presenting the check, and the arrival in my account of the funds needed to honour it. I refer, of course, to the automatic monthly deposit of my entire salary, an arrangement which, I admit, has only been in place for eight years. You are to be commended for seizing that brief window of opportunity, and also for debiting my account with $50 by way of penalty for the inconvenience I caused to your bank. My thankfulness springs from the manner in which this incident has caused me to re-think my errant financial ways. You have set me on the path of fiscal righteousness. No more will our relationship be blighted by these unpleasant incidents, for I am restructuring my affairs in 2005, taking as my model the procedures, attitudes and conduct of your very bank. I can think of no greater compliment, and I know you will be excited and proud to hear it. To this end, please be advised about the following changes: First, I have noticed that whereas I personally attend to your telephone calls and letters, when I try to contact you I am confronted by the impersonal, ever-changing, pre-recorded, faceless entity which your bank has become. From now on I, like you, choose only to deal with a flesh and blood person. My mortgage and loan repayments will, therefore and hereafter, no longer be automatic, but will arrive at your bank, by cheque, addressed personally and confidentially to an employee of your branch, whom you must nominate. You will be aware that it is an offence under the Postal Act for any other person to open such an envelope. Please find attached an Application Contact Status which I require our chosen employee to complete. I am sorry it runs to eight pages, but in order that I know as much about him or her as your bank knows about me, there is no alternative. Please note that all copies of his or her medical history must be countersigned by a Justice of the Peace, and that the mandatory details of his/her financial situation (income, debts, assets and liabilities) must be accompanied by documented proof. In due course I will issue your employee with a PIN number which he/she must quote in all dealings with me. I regret that it cannot be shorter than 28 digits but, again, I have modelled it on the number of button presses required to access my account balance on your phone bank service. As they say, imitation is the sincerest form of flattery. Let me level the playing field even further by introducing you to my new telephone system, which you will notice, is very much like yours. My authorised contact at your bank, the only person with whom I will have any dealings, may call me at any time and will be answered by an automated voice. By pressing Buttons on the phone, he/she will be guided thorough an extensive set of menus: 1. To make an appointment to see me 2. To query a missing repayment 3. To make a general complaint or inquiry 4. To transfer the call to my living room in case I am there; Extension of living room to be communicated at the time the call is received. 5. To transfer the call to my bedroom in case I am still sleeping. Extension of bedroom to be communicated at the time the call is received. 6. To transfer the call to my toilet in case I am attending to nature. Extension of toilet to be communicated at the time the call is received. 7. To transfer the call to my mobile phone in case I am not at home. 8. To leave a message on my computer. To leave a message a password to access my computer is required. Password will be communicated at a later date to the contact. 9. To return to the main menu and listen carefully to options 1 through 8. The contact will then be put on hold, pending the attention of my automated answering service. While this may on occasion involve a lengthy wait, uplifting music will play for the duration. This month I've chosen a refrain from The Best Of Woody Guthrie: "Oh, the banks are made of marble With a guard at every door And the vaults are filled with silver That the miners sweated for" After twenty minutes of that, our mutual contact will probably know it by heart. On a more serious note, we come to the matter of cost. As your bank has often pointed out, the ongoing drive for greater efficiency comes at a cost. A cost which you have always been quick to pass on to me. Let me repay your kindness by passing some costs back. First, there is the matter of advertising material you send me. This I will read for a fee of $20 per page. Inquiries from your nominated contact will be billed at $5 per minute of my time spent in response. Any debits to my account, as, for example, in the matter of the penalty for the dishonoured cheque, will be passed back to you. My new phone service runs at 75 cents a minute (even Woody Guthrie doesn't come for free), so you would be well advised to keep your inquiries brief and to the point. Regrettably, but again following your example, I must also levy an establishment fee to cover the setting up of this new arrangement. May I wish you a happy, if ever-so-slightly less prosperous, New Year. Your humble client Written by a smart person.

I purchased my home in 2008 and have occupied the property for 2 years. I applied for a loan mod after my employer told me I needed to take a pay-cut and I am at risk of losing my job. My bank denied my request for a long modification for reasons they won't disclose. I am also 100k underwater and have only paid 5k into principle. I stoped paying my mortgage in October 2009 after I was denied a modification. At that time, I was current on my loan and literally scraped money together to stay current on my loan. Three months after my default, I get a letter in the mail stating that the bank (CHASE) wants to help me with restructuring and modifying my loan. It's funny how they won't help the people that are being responsible, but they will help those that just give up and walk away from their home. I cannot believe the banks are dong this, they are just encouraging others to walk away. I decided to try a short sale and my realtor said that my neighbor was shocked by how much the homes had droppped in value and now he is listing his home for 20k lower than mine (same model and size). What happened to all this bailout money that we will all end up paying for at some time? I may be forced to just sign the property over to the bank and let them have back their collatoral. I live in a non-recourse state and the bank cannot come after me for a defeciency judgement so it really just makes financial sense to walk away from my property. And I could care less about my credit at this time. Ryan M....I will not be taxed for the debt forgiveness. There is a debt forgivness act that does not expire until 2012.

I purchased my home in 2008 and have occupied the property for 2 years. I applied for a loan mod after my employer told me I needed to take a pay-cut and I am at risk of losing my job. My bank denied my request for a long modification for reasons they won't disclose. I am also 100k underwater and have only paid 5k into principle. I stoped paying my mortgage in October 2009 after I was denied a modification. At that time, I was current on my loan and literally scraped money together to stay current on my loan. Three months after my default, I get a letter in the mail stating that the bank (CHASE) wants to help me with restructuring and modifying my loan. It's funny how they won't help the people that are being responsible, but they will help those that just give up and walk away from their home. I cannot believe the banks are dong this, they are just encouraging others to walk away. I decided to try a short sale and my realtor said that my neighbor was shocked by how much the homes had droppped in value and now he is listing his home for 20k lower than mine (same model and size). What happened to all this bailout money that we will all end up paying for at some time? I may be forced to just sign the property over to the bank and let them have back their collatoral. I live in a non-recourse state and the bank cannot come after me for a defeciency judgement so it really just makes financial sense to walk away from my property. And I could care less about my credit at this time. Ryan M....I will not be taxed for the debt forgiveness. There is a debt forgivness act that does not expire until 2012.

I purchased my home in 2008 and have occupied the property for 2 years. I applied for a loan mod after my employer told me I needed to take a pay-cut and I am at risk of losing my job. My bank denied my request for a long modification for reasons they won't disclose. I am also 100k underwater and have only paid 5k into principle. I stoped paying my mortgage in October 2009 after I was denied a modification. At that time, I was current on my loan and literally scraped money together to stay current on my loan. Three months after my default, I get a letter in the mail stating that the bank (CHASE) wants to help me with restructuring and modifying my loan. It's funny how they won't help the people that are being responsible, but they will help those that just give up and walk away from their home. I cannot believe the banks are dong this, they are just encouraging others to walk away. I decided to try a short sale and my realtor said that my neighbor was shocked by how much the homes had droppped in value and now he is listing his home for 20k lower than mine (same model and size). What happened to all this bailout money that we will all end up paying for at some time? I may be forced to just sign the property over to the bank and let them have back their collatoral. I live in a non-recourse state and the bank cannot come after me for a defeciency judgement so it really just makes financial sense to walk away from my property. And I could care less about my credit at this time.

I purchased my home in 2008 and have occupied the property for 2 years. I applied for a loan mod after my employer told me I needed to take a pay-cut and I am at risk of losing my job. My bank denied my request for a long modification for reasons they won't disclose. I am also 100k underwater and have only paid 5k into principle. I stoped paying my mortgage in October 2009 after I was denied a modification. At that time, I was current on my loan and literally scraped money together to stay current on my loan. Three months after my default, I get a letter in the mail stating that the bank (CHASE) wants to help me with restructuring and modifying my loan. It's funny how they won't help the people that are being responsible, but they will help those that just give up and walk away from their home. I cannot believe the banks are dong this, they are just encouraging others to walk away. I decided to try a short sale and my realtor said that my neighbor was shocked by how much the homes had droppped in value and now he is listing his home for 20k lower than mine (same model and size). What happened to all this bailout money that we will all end up paying for at some time? I may be forced to just sign the property over to the bank and let them have back their collatoral. I live in a non-recourse state and the bank cannot come after me for a defeciency judgement so it really just makes financial sense to walk away from my property. And I could care less about my credit at this time.

President Bush signed into law the $700 billion Troubled Asset Relief Program on October 3, 2008. along with Democrats 34 Senate Republicans and 91 House Republicans voted for the bill. September 8, 2008, the federal government seized the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The Treasury agreed to provide up to $200 billion in capital. September 16, 2008, the Federal Reserve Board, with the support of the Treasury Department, authorized the Federal Reserve of New York to lend up to $85 billion to the American International Group (AIG). October 8, 2008 Federal Reserve increases AIG bailout by $37.8 billion. November 10, 2008, the Federal Reserve and Treasury Department announced a restructuring of AIG's bailout, increasing its total loan package to $150 billion. December 19, 2008, President Bush made available $13.4 billion of TARP funds to General Motors and Chrysler and agreed to release an additional $4 billion to G.M. under this plan in February 2009. Forced Bank of America to acquire Merrill Lynch. Forced Banks to take TARP money to hide which ones were in trouble. Bush created the biggest new entitlement since Lyndon Johnson, the Medicare drug benefit. George Bush also had his cronies in the Justice Department write memos granting legal approval to ignore constitutional rights, including First Amendment freedoms of speech and the press and Fourth Amendment requirements for search warrants.

President Bush signed into law the $700 billion Troubled Asset Relief Program on October 3, 2008. along with Democrats 34 Senate Republicans and 91 House Republicans voted for the bill. September 8, 2008, the federal government seized the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The Treasury agreed to provide up to $200 billion in capital. September 16, 2008, the Federal Reserve Board, with the support of the Treasury Department, authorized the Federal Reserve of New York to lend up to $85 billion to the American International Group (AIG). October 8, 2008 Federal Reserve increases AIG bailout by $37.8 billion. November 10, 2008, the Federal Reserve and Treasury Department announced a restructuring of AIG's bailout, increasing its total loan package to $150 billion. December 19, 2008, President Bush made available $13.4 billion of TARP funds to General Motors and Chrysler and agreed to release an additional $4 billion to G.M. under this plan in February 2009. Forced Bank of America to acquire Merrill Lynch. Forced Banks to take TARP money to hide which ones were in trouble. Bush created the biggest new entitlement since Lyndon Johnson, the Medicare drug benefit. George Bush also had his cronies in the Justice Department write memos granting legal approval to ignore constitutional rights, including First Amendment freedoms of speech and the press and Fourth Amendment requirements for search warrants.

I want to go to medical school full-time but I have a wife and 4 kids to take care of...Is this possible? Yes my wife works, but she makes enough to pay for food. That leaves mortgage, car pymnt, student loan, housing expenses, misc kid costs.... Any way to make this happen? I currently make six-figure salary and job is on chopping block during restructuring of company and I want to become a doctor! So, looking for a way...Thanks in advance. Well as far as loans go...I have never asked the question of whether or not you can get them to cover living expenses...Has anyone ever done that?

I want to go to medical school full-time but I have a wife and 4 kids to take care of...Is this possible? Yes my wife works, but she makes enough to pay for food. That leaves mortgage, car pymnt, student loan, housing expenses, misc kid costs.... Any way to make this happen? I currently make six-figure salary and job is on chopping block during restructuring of company and I want to become a doctor! So, looking for a way...Thanks in advance. Well as far as loans go...I have never asked the question of whether or not you can get them to cover living expenses...Has anyone ever done that?

In increasing the deficit? President Bush a Republican signed into law the $700 billion Wall street bailout called the Troubled Asset Relief Program on October 3, 2008 and he had Republican support. 34 Senate Republicans voted for the bill. 91 House Republicans voted for the bill. George Bush many Republicans supporting him also made commitments worth a total of $8.5 trillion in the bailouts of 2008. September 16, 2008, the Federal Reserve Board, with the support of the Treasury Department, authorized the Federal Reserve of New York to lend up to $85 billion to the American International Group (AIG). October 8, 2008 Federal Reserve increases AIG bailout by $37.8 billion. November 10, 2008, the Federal Reserve and Treasury Department announced a restructuring of AIG's bailout, increasing its total loan package to $150 billion. September 8, 2008, the federal government seized the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The Treasury agreed to provide up to $200 billion in capital. (But yet all the hatred and charges of socialism of the Conservatives & tea party movement people is directed at President Obama and the Democrats.)

In increasing the deficit? President Bush a Republican signed into law the $700 billion Wall street bailout called the Troubled Asset Relief Program on October 3, 2008 and he had Republican support. 34 Senate Republicans voted for the bill. 91 House Republicans voted for the bill. George Bush many Republicans supporting him also made commitments worth a total of $8.5 trillion in the bailouts of 2008. September 16, 2008, the Federal Reserve Board, with the support of the Treasury Department, authorized the Federal Reserve of New York to lend up to $85 billion to the American International Group (AIG). October 8, 2008 Federal Reserve increases AIG bailout by $37.8 billion. November 10, 2008, the Federal Reserve and Treasury Department announced a restructuring of AIG's bailout, increasing its total loan package to $150 billion. September 8, 2008, the federal government seized the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The Treasury agreed to provide up to $200 billion in capital. (But yet all the hatred and charges of socialism of the Conservatives & tea party movement people is directed at President Obama and the Democrats.)

The US government bailed watch dog said that the US bailout spur risk. The report aimed 1) To preserve home ownership and poverty,jobs and unemployment.To increase financing for US business and consumers, but lending is actually decreased. I would explore further; Banks used the TARP money to restructured and reform their non performing mortgage and overdraft and loan customers. To prevent them from being homeless and applying foe bankruptcy protection. When they had rehabilitated their borrowings banks can write back their bad debt loans provisions into profits. This accounts for their huge profit in the current year and their ability to repay the TARP money back to the government in such a short time. If banks are to start their lending business again, they need to recapitalised their balance sheet. This they can do by selling right issues to their shareholders and foreign investors,fundrisings and even some good governance banks did, defer their bonuses of the senior executives for three years. TARP is a Trouble Asset Relief Program, a bailed out program or a loan to banks, certainly do not make the government as a preferred shareholder as some thought. Those banks are responsible banks they pay back the TARP money lent to them before awarding themselves with bonuses.. TARP had help banks to become performing again. Obama administration now wants to convince investors that they have a credible plan to control US deficit and debt. And continue to create job. I hope the government,the fed.and regulators acts as a catalyst and guide Allow banks their desired lending guidelines ,size and their desired corporate culture. The commercial freedom and to do their business profitable. Yahoo answer team, please delete my question on the expiry time. Thank you.

The US government bailed watch dog said that the US bailout spur risk. The report aimed 1) To preserve home ownership and poverty,jobs and unemployment.To increase financing for US business and consumers, but lending is actually decreased. I would explore further; Banks used the TARP money to restructured and reform their non performing mortgage and overdraft and loan customers. To prevent them from being homeless and applying foe bankruptcy protection. When they had rehabilitated their borrowings banks can write back their bad debt loans provisions into profits. This accounts for their huge profit in the current year and their ability to repay the TARP money back to the government in such a short time. If banks are to start their lending business again, they need to recapitalised their balance sheet. This they can do by selling right issues to their shareholders and foreign investors,fundrisings and even some good governance banks did, defer their bonuses of the senior executives for three years. TARP is a Trouble Asset Relief Program, a bailed out program or a loan to banks, certainly do not make the government as a preferred shareholder as some thought. Those banks are responsible banks they pay back the TARP money lent to them before awarding themselves with bonuses.. TARP had help banks to become performing again. Obama administration now wants to convince investors that they have a credible plan to control US deficit and debt. And continue to create job. I hope the government,the fed.and regulators acts as a catalyst and guide Allow banks their desired lending guidelines ,size and their desired corporate culture. The commercial freedom and to do their business profitable. Yahoo answer team, please delete my question on the expiry time. Thank you.

nor to even have called for an end to pre-election viloence - isn't the need of the hour to make a statement that this lack of responsible behaviour will no longer be tolerated? There are reports that underworld figures have been asked to come back to Sri Lanka by the Rajapaksa Government to participate and stir pre and post election violence. There are reports from the police, DIG and Auditor General as well as from the Election Commisioner and the Former Chief Justice of the Supreme Court that the problems are all eminating from the offices of the President. There are major portions of tsunami funds unaccounted for and there is no indication that a Free and Fair election will be held on January 26th. http://www.dailymirror.lk/print/index.php/news/123-news/1040.html Prior to talking about more loans for "redevelopment" the issues of the day of corruption, family favoritism, the lack of initiative to implement the constitution and the continual harrasment of ordinary citizens including reports that villagers are being run over by trucks operating questionable sand mining operations leave the heads of certain political parties in the government coalition also acting in completey illegal and reckless manners. My granfather was the founder of the World Buddhist Congress and my bloodlines go back to the original Queen of Sri Lanka. My feeling about political parties is that with all the vaulting that goes on between parties that there is no rationale for placing interchangeable laurels on any politician's head - living or dead. The is not a mandate in the land for either a ruler or a ruling party that cannot rule itself by the rules embnodied in the constitution. The big mistake of all recent political leaders is that they have not followed the constitution and instead of speaking of non-matter such as the 17th amendment the need of the day is the 17th amendment. Rajapaksa has not implemented the 17th amendment prior to running presidential elections and he is curbing the Election Commisioner from performance of duties. That is a dereliction of his own dities. We have had enough of election promises that have come to naught and we will not be lining the pockets of politicians who work in conjunction with criminal mafias that kill our citizens for peacefully and in an orderly manner excersising their rights. The time to have implemented these promises was prior to elections being held - which is precisely what Rajapaksa promised to do and has not done. An interim government for Sri Lanka based on immediate implementation of the 17th amendment and a concurrent review of post tsunami aide and BOI dealings is indeed necessarry after Eelam War as well as taking the legal and remedial actions to ensure that the country works properly so that there will not be a need for another war is the call of the day. The biggest problem is that the politicians have forgotten that they too are public servants and the tax base can be greatly restructured to a One Tax/ Level Tax system based on all citizens of legal age filing a tax return. That is also a fundemental instrument in creating Equal Rights. http://www.lankabusinessonline.com/fullstory.php?nid=255840951 Selling off companies that are listed under Ceylinco Groups to unregistered family based entities also is not a matter that should be approved by the SEC and this sale should come under full judicial and controller reviews as there are 700 thousand investors that have not been paid. Vote for change and accountability a combination that can be gained by a Fonseka/Silva ticket. I do not believe that the GSP + matter is legally an item that is still applicable to Sri Lanka and I do believe that Equal Rights is tied to the constitution of our country and not to GSP+. I disagreed with Wickremesinghe economic policy that left so many unemployed but think that the overloading of the government sector is also not beneficial there has to be a proper mix. This problem is a much easier fix than the issue was under Wickremesinghe economics. The economy is not in ruins but before we take on debt we should constructively consider and implement the manners of checks and balances of which the easiest and most powerful tool is the tax return as we can hypothesize all day long about what is driving and stagnating the economy and what sectors/individuals should qualify for additional assistance because currently those that need assistance are not getting it and the funds are not being accounted for. These issues were ones that I had asked to be completely reviewed 3 years back and the findings still have not been released because of the major fracture in the opinions of political parties - there is a real fear that exists in going back to capitalist stream which disregards the needs of the masses and instead of barreling back into an "open" economy there needs to be stage where prepatory foundation is set. We cannot build an economy based on GSP+ because GSP+ was afforded to CHECK DRAFTS NOW CABREAAL/BEN B/SILVIO

nor to even have called for an end to pre-election viloence - isn't the need of the hour to make a statement that this lack of responsible behaviour will no longer be tolerated? There are reports that underworld figures have been asked to come back to Sri Lanka by the Rajapaksa Government to participate and stir pre and post election violence. There are reports from the police, DIG and Auditor General as well as from the Election Commisioner and the Former Chief Justice of the Supreme Court that the problems are all eminating from the offices of the President. There are major portions of tsunami funds unaccounted for and there is no indication that a Free and Fair election will be held on January 26th. http://www.dailymirror.lk/print/index.php/news/123-news/1040.html Prior to talking about more loans for "redevelopment" the issues of the day of corruption, family favoritism, the lack of initiative to implement the constitution and the continual harrasment of ordinary citizens including reports that villagers are being run over by trucks operating questionable sand mining operations leave the heads of certain political parties in the government coalition also acting in completey illegal and reckless manners. My granfather was the founder of the World Buddhist Congress and my bloodlines go back to the original Queen of Sri Lanka. My feeling about political parties is that with all the vaulting that goes on between parties that there is no rationale for placing interchangeable laurels on any politician's head - living or dead. The is not a mandate in the land for either a ruler or a ruling party that cannot rule itself by the rules embnodied in the constitution. The big mistake of all recent political leaders is that they have not followed the constitution and instead of speaking of non-matter such as the 17th amendment the need of the day is the 17th amendment. Rajapaksa has not implemented the 17th amendment prior to running presidential elections and he is curbing the Election Commisioner from performance of duties. That is a dereliction of his own dities. We have had enough of election promises that have come to naught and we will not be lining the pockets of politicians who work in conjunction with criminal mafias that kill our citizens for peacefully and in an orderly manner excersising their rights. The time to have implemented these promises was prior to elections being held - which is precisely what Rajapaksa promised to do and has not done. An interim government for Sri Lanka based on immediate implementation of the 17th amendment and a concurrent review of post tsunami aide and BOI dealings is indeed necessarry after Eelam War as well as taking the legal and remedial actions to ensure that the country works properly so that there will not be a need for another war is the call of the day. The biggest problem is that the politicians have forgotten that they too are public servants and the tax base can be greatly restructured to a One Tax/ Level Tax system based on all citizens of legal age filing a tax return. That is also a fundemental instrument in creating Equal Rights. http://www.lankabusinessonline.com/fullstory.php?nid=255840951 Selling off companies that are listed under Ceylinco Groups to unregistered family based entities also is not a matter that should be approved by the SEC and this sale should come under full judicial and controller reviews as there are 700 thousand investors that have not been paid. Vote for change and accountability a combination that can be gained by a Fonseka/Silva ticket. I do not believe that the GSP + matter is legally an item that is still applicable to Sri Lanka and I do believe that Equal Rights is tied to the constitution of our country and not to GSP+. I disagreed with Wickremesinghe economic policy that left so many unemployed but think that the overloading of the government sector is also not beneficial there has to be a proper mix. This problem is a much easier fix than the issue was under Wickremesinghe economics. The economy is not in ruins but before we take on debt we should constructively consider and implement the manners of checks and balances of which the easiest and most powerful tool is the tax return as we can hypothesize all day long about what is driving and stagnating the economy and what sectors/individuals should qualify for additional assistance because currently those that need assistance are not getting it and the funds are not being accounted for. These issues were ones that I had asked to be completely reviewed 3 years back and the findings still have not been released because of the major fracture in the opinions of political parties - there is a real fear that exists in going back to capitalist stream which disregards the needs of the masses and instead of barreling back into an "open" economy there needs to be stage where prepatory foundation is set. We cannot build an economy based on GSP+ because GSP+ was afforded to CHECK DRAFTS NOW CABREAAL/BEN B/SILVIO

Dec. 30 (Bloomberg) -- GMAC Inc., the home and auto lender that counts the U.S. government as the largest stakeholder, is discussing with the Obama administration a third bailout of $3 billion to $4 billion, said a person familiar with the matter. The size of the assistance is under negotiation, the person said on condition of anonymity because the talks are private. A deal may be reached in days as Detroit-based GMAC incorporates losses from its home-loan businesses, the person said. GMAC received two rounds of government aid totaling $13.5 billion as it struggled with losses at home-mortgage operations, which include Residential Capital LLC, known as ResCap. The primary lender to General Motors Co., its former parent, and Chrysler Group LLC is being helped by profits in auto-lending and is working to sell or restructure the ResCap unit. “We question why GMAC needs this capital,” CreditSights Inc. analyst Adam Steer said in an interview. “If you look at where the losses are coming from, it’s not coming from the core automotive business, it’s coming from the legacy portfolio at ResCap.” Steer has called for GMAC to cut ties to the home lender or place it in bankruptcy. http://www.bloomberg.com/apps/news?pid=20601103&sid=ap0H4JFsSyTs Should the government still be backing companies with taxpayer dollars?

Dec. 30 (Bloomberg) -- GMAC Inc., the home and auto lender that counts the U.S. government as the largest stakeholder, is discussing with the Obama administration a third bailout of $3 billion to $4 billion, said a person familiar with the matter. The size of the assistance is under negotiation, the person said on condition of anonymity because the talks are private. A deal may be reached in days as Detroit-based GMAC incorporates losses from its home-loan businesses, the person said. GMAC received two rounds of government aid totaling $13.5 billion as it struggled with losses at home-mortgage operations, which include Residential Capital LLC, known as ResCap. The primary lender to General Motors Co., its former parent, and Chrysler Group LLC is being helped by profits in auto-lending and is working to sell or restructure the ResCap unit. “We question why GMAC needs this capital,” CreditSights Inc. analyst Adam Steer said in an interview. “If you look at where the losses are coming from, it’s not coming from the core automotive business, it’s coming from the legacy portfolio at ResCap.” Steer has called for GMAC to cut ties to the home lender or place it in bankruptcy. http://www.bloomberg.com/apps/news?pid=20601103&sid=ap0H4JFsSyTs Should the government still be backing companies with taxpayer dollars?

Our mortgage balance is a lot more than the house is currently worth. We both work, can afford the payment and don't have bad credit, so many of Obama's Recovery and Reinvestment Act stipulations don't apply to us.. Any suggestions to lower the payments? I've heard of these loan restructuring companies that promise you the world, but don't know who I can trust. I'm a bit hesitant to give all my personal and financial information out when I don't know who is on the other end of the phone. Help!

Our mortgage balance is a lot more than the house is currently worth. We both work, can afford the payment and don't have bad credit, so many of Obama's Recovery and Reinvestment Act stipulations don't apply to us.. Any suggestions to lower the payments? I've heard of these loan restructuring companies that promise you the world, but don't know who I can trust. I'm a bit hesitant to give all my personal and financial information out when I don't know who is on the other end of the phone. Help!

any money back from it thanks to any one with info x

any money back from it thanks to any one with info x

The Analysis is a summary of your research which led you to the answer to the questions asked in the problem. Your Analysis must include reference to the Code Sections that are relevant. You might also discuss Treasury Regulations, relevant rulings (Revenue Ruling, Private Letter Rulings and so forth), or cases that are similar to your facts and provided you with background so you could answer the questions. You will not be able to answer these questions without consulting the online tax services which I will illustrate over the course of the semester - starting with the first class. In other words, you will need to “dig deeper” than the brief summary of the law provided in the text. Although you will be graded primarily on your ability to identify the proper source of law that answers the questions, I will also grade your writing style and citation form. The papers generally run approximately 3 to 5 pages (double spaced) in length. ABC Corporation has fallen on hard times. They have generated losses in the last few years and now have $30,000 in NOL carryforwards at the beginning of 2009. They lost money for the year 2009 and generated an NOL of $10,000 which brings the total NOL carryforward as of the end of the year to $40,000. At the end of 2009, they have total assets of $1,000,000 basis/ $800,000 FMV, and total liabilities of $900,000. They have $500,000 in depreciable fixed assets included in the total assets of $1,000,000. They have been in discussion with their various lenders and one lender is willing to reduce a $100,000 loan to $80,000. A second lender is not willing to reduce principal but is willing to reduce the interest rate down to a rate where ABC can afford the payments. This is a $500,000 loan at a 10% interest rate payable in five years. ABC has been paying on the note for two years. The interest payments are payable monthly. The lender is willing to drop the rate to 4% (you may assume that the applicable federal rate, or the published government rate, is 4.49%). At 4% ABC will owe three interest payments of $20,000 each over the remaining life of the note. (The following information is provided if it is necessary for your answer. The present value of the interest and principal payments under the revised note at the applicable federal rate of 4.49% for the remaining three years on the note is $493,264.) 1. What alternatives are available to ABC regarding the principal reduction for Loan 1. You should compute the numbers that would be reported on the tax return under all the alternatives that are available. 2. Which alternative would you advise and why? Note that you can probably expect that tax rates will go up in future years in light of the cost of the Bailout Programs and the Health Care initiative (if it passes). 3. What alternatives (if any) are available for the interest rate restructuring for Loan 2. You should compute the numbers that would be reported on the tax return for ABC. Any help would be greatly appreciated. :D

The Analysis is a summary of your research which led you to the answer to the questions asked in the problem. Your Analysis must include reference to the Code Sections that are relevant. You might also discuss Treasury Regulations, relevant rulings (Revenue Ruling, Private Letter Rulings and so forth), or cases that are similar to your facts and provided you with background so you could answer the questions. You will not be able to answer these questions without consulting the online tax services which I will illustrate over the course of the semester - starting with the first class. In other words, you will need to “dig deeper” than the brief summary of the law provided in the text. Although you will be graded primarily on your ability to identify the proper source of law that answers the questions, I will also grade your writing style and citation form. The papers generally run approximately 3 to 5 pages (double spaced) in length. ABC Corporation has fallen on hard times. They have generated losses in the last few years and now have $30,000 in NOL carryforwards at the beginning of 2009. They lost money for the year 2009 and generated an NOL of $10,000 which brings the total NOL carryforward as of the end of the year to $40,000. At the end of 2009, they have total assets of $1,000,000 basis/ $800,000 FMV, and total liabilities of $900,000. They have $500,000 in depreciable fixed assets included in the total assets of $1,000,000. They have been in discussion with their various lenders and one lender is willing to reduce a $100,000 loan to $80,000. A second lender is not willing to reduce principal but is willing to reduce the interest rate down to a rate where ABC can afford the payments. This is a $500,000 loan at a 10% interest rate payable in five years. ABC has been paying on the note for two years. The interest payments are payable monthly. The lender is willing to drop the rate to 4% (you may assume that the applicable federal rate, or the published government rate, is 4.49%). At 4% ABC will owe three interest payments of $20,000 each over the remaining life of the note. (The following information is provided if it is necessary for your answer. The present value of the interest and principal payments under the revised note at the applicable federal rate of 4.49% for the remaining three years on the note is $493,264.) 1. What alternatives are available to ABC regarding the principal reduction for Loan 1. You should compute the numbers that would be reported on the tax return under all the alternatives that are available. 2. Which alternative would you advise and why? Note that you can probably expect that tax rates will go up in future years in light of the cost of the Bailout Programs and the Health Care initiative (if it passes). 3. What alternatives (if any) are available for the interest rate restructuring for Loan 2. You should compute the numbers that would be reported on the tax return for ABC. Any help would be greatly appreciated. :D

father of 3 need assistance with a loan .at wits end ! bad accident caused finacial disaster. Have been tring to get things back on track but it has caught up with me. Simple fact i need a loan to turn things around .ITs not about getting a job have 1 need to restructure monies . accident ruined credit. regular lending institutions wont help .Tired just need a loan . does anyone know one ? thanks

father of 3 need assistance with a loan .at wits end ! bad accident caused finacial disaster. Have been tring to get things back on track but it has caught up with me. Simple fact i need a loan to turn things around .ITs not about getting a job have 1 need to restructure monies . accident ruined credit. regular lending institutions wont help .Tired just need a loan . does anyone know one ? thanks

invest in the global markets? http://www.nytimes.com/2009/12/01/business/01sorkin.html?hp I mean, those "Shariah-compliant loans" are basically bonds, in every way. So how will "Islamic finance" be restructured, if at all?

invest in the global markets? http://www.nytimes.com/2009/12/01/business/01sorkin.html?hp I mean, those "Shariah-compliant loans" are basically bonds, in every way. So how will "Islamic finance" be restructured, if at all?

“Recession hits all of us, Chuck,” John Andrews said as he grabbed his burger off the lunch trunk counter. “The key,” he continued as he slathered mustard on his lunch, “is knowing how to restructure.” “But John, I don’t have any money to restructure. The Chuck Truck is practically in the dump now,” Chuck Mathers said. “Is it in the dump or is it not? There is no practically in my profession.” Chuck stopped flipping his burgers and looked at John. He was still eating his burger and somehow he had managed not to get any mustard on his pinstripe suit. “You know what I mean, Andrews. I can’t just go gallivanting and buy new equipment or develop another recipe. I have no money.” “Exactly, Chuck! This is when you need to shift strategies. I hear you can hire someone to paint Edward Cullen on the side of your truck.” “Your solution is Edward Cullen? You think an Edward Cullen lunch trunk will save my lunch trunk business? I own the Chuck Truck! It doesn’t change for anyone!” Chuck threw his spatula onto his grill, splattering grease all over the inside of his truck. “You might want to address your anger issues, Chuck,” Andrews said as he backed away from the lunch trunk and resumed eating out of grease splattering distance “Anger issues? Are you serious Andrews? You just suggested I put a pop culture icon on the face of my burgers! How could I not be upset?” Chuck exclaimed. “Whoa Chuck, calm down. I didn’t mean to offend you, buddy. I’m saying that if you want to stay competitive in the lunch trunk business you have to move with the times, and the time is pop culture, and pop culture is vampires.” Chuck sighed and gathered napkins to begin cleaning the grease. “Don’t be too depressed, Chuck. Edward Cullen is not the worst thing that could happen to your lunch trunk. Maybe you could put his girlfriend Bella on the lunch trunk too. She is pretty, isn’t she?” Chuck dropped the napkins and faced Andrews. “She’s not real!” Chuck said. “But good looking, and people love good looking,” Andrews said as he finished his burger. “What about burgers? Do people not care about a hearty grilled sandwich anymore?”Chuck asked. He picked up his spatula turned the grill off so that it wouldn’t overheat. Andrews went back to the lunch trunk to throw his trash away and stopped to address Chuck one more time before he had to return to work. “Chuck, it’s not that people don’t care about your sandwiches. Trust me, I love them! You have to take into account, however, that people simply aren’t eating out these days and a little bit of persuasion, like getting to see Edward Cullen, might be enough to convince the people to come out more.” “I own a lunch trunk, not a fancy restaurant! Who can’t afford one of my 75 cent burgers?” “Sometimes price isn’t the issue, Chuck. When times are tough, people are convinced they can’t afford anything, let alone a burger. Do you know how many tickets I had to sort through at the office because people wouldn’t pay a quarter for parking meters?” “Let me guess. Hundreds?” “Hundreds indeed! I’m still not done sorting them!” “And painting Edward Cullen on my truck could fix that problem?” “Of course it will! Go to the bank and take out a loan to get your truck a paint job. If you need any help filling out the paperwork for the loan, see me in my office. I’m going there now, and I’ll be there until five. I know you will do anything to save the Chuck Truck. You’ll come around.” Andrews said. As Andrew briskly disappeared around the corner, Chuck examined his lunch trunk. There was still grease everywhere and the forty-two of the fifty premade burgers he had ready for today sat waiting for him on his preparation counter. He turned his head and saw a large stock of his other sandwiches and chip bags. Chuck looked at his corkboard next to his chips so he could see the collection of all the notes people gave him over the years. He read them all, from “Chuck’s burgers rock my innards!” to “I don’t love lunch trunks! I love the Chuck Truck!” Inspired by these notes and the growing mounds of unsold burger, Chuck realized he had to make a choice to save his business. Maybe an Edward Cullen lunch truck wouldn’t be so bad. His burgers would still taste the same, and it would be still be him in the truck. But one question lingered in Chuck’s mind. Would an Edward Cullen lunch truck still be the Chuck Truck, and if it was, would the Chuck Truck still be worth saving?

“Recession hits all of us, Chuck,” John Andrews said as he grabbed his burger off the lunch trunk counter. “The key,” he continued as he slathered mustard on his lunch, “is knowing how to restructure.” “But John, I don’t have any money to restructure. The Chuck Truck is practically in the dump now,” Chuck Mathers said. “Is it in the dump or is it not? There is no practically in my profession.” Chuck stopped flipping his burgers and looked at John. He was still eating his burger and somehow he had managed not to get any mustard on his pinstripe suit. “You know what I mean, Andrews. I can’t just go gallivanting and buy new equipment or develop another recipe. I have no money.” “Exactly, Chuck! This is when you need to shift strategies. I hear you can hire someone to paint Edward Cullen on the side of your truck.” “Your solution is Edward Cullen? You think an Edward Cullen lunch trunk will save my lunch trunk business? I own the Chuck Truck! It doesn’t change for anyone!” Chuck threw his spatula onto his grill, splattering grease all over the inside of his truck. “You might want to address your anger issues, Chuck,” Andrews said as he backed away from the lunch trunk and resumed eating out of grease splattering distance “Anger issues? Are you serious Andrews? You just suggested I put a pop culture icon on the face of my burgers! How could I not be upset?” Chuck exclaimed. “Whoa Chuck, calm down. I didn’t mean to offend you, buddy. I’m saying that if you want to stay competitive in the lunch trunk business you have to move with the times, and the time is pop culture, and pop culture is vampires.” Chuck sighed and gathered napkins to begin cleaning the grease. “Don’t be too depressed, Chuck. Edward Cullen is not the worst thing that could happen to your lunch trunk. Maybe you could put his girlfriend Bella on the lunch trunk too. She is pretty, isn’t she?” Chuck dropped the napkins and faced Andrews. “She’s not real!” Chuck said. “But good looking, and people love good looking,” Andrews said as he finished his burger. “What about burgers? Do people not care about a hearty grilled sandwich anymore?”Chuck asked. He picked up his spatula turned the grill off so that it wouldn’t overheat. Andrews went back to the lunch trunk to throw his trash away and stopped to address Chuck one more time before he had to return to work. “Chuck, it’s not that people don’t care about your sandwiches. Trust me, I love them! You have to take into account, however, that people simply aren’t eating out these days and a little bit of persuasion, like getting to see Edward Cullen, might be enough to convince the people to come out more.” “I own a lunch trunk, not a fancy restaurant! Who can’t afford one of my 75 cent burgers?” “Sometimes price isn’t the issue, Chuck. When times are tough, people are convinced they can’t afford anything, let alone a burger. Do you know how many tickets I had to sort through at the office because people wouldn’t pay a quarter for parking meters?” “Let me guess. Hundreds?” “Hundreds indeed! I’m still not done sorting them!” “And painting Edward Cullen on my truck could fix that problem?” “Of course it will! Go to the bank and take out a loan to get your truck a paint job. If you need any help filling out the paperwork for the loan, see me in my office. I’m going there now, and I’ll be there until five. I know you will do anything to save the Chuck Truck. You’ll come around.” Andrews said. As Andrew briskly disappeared around the corner, Chuck examined his lunch trunk. There was still grease everywhere and the forty-two of the fifty premade burgers he had ready for today sat waiting for him on his preparation counter. He turned his head and saw a large stock of his other sandwiches and chip bags. Chuck looked at his corkboard next to his chips so he could see the collection of all the notes people gave him over the years. He read them all, from “Chuck’s burgers rock my innards!” to “I don’t love lunch trunks! I love the Chuck Truck!” Inspired by these notes and the growing mounds of unsold burger, Chuck realized he had to make a choice to save his business. Maybe an Edward Cullen lunch truck wouldn’t be so bad. His burgers would still taste the same, and it would be still be him in the truck. But one question lingered in Chuck’s mind. Would an Edward Cullen lunch truck still be the Chuck Truck, and if it was, would the Chuck Truck still be worth saving?

Hi, Here are some facts - Property is Short Sale Approved. Location California. Realtor is charging us "Negotiator" fees and also Commission; approx $6K+; got the loan approved. however the lender is denying to pay the fees the Realtor is charging us. Seller bank is giving 3% in closing. Lender bank is asking the Realtor to restructure the loan to accommodate the 6K fees directly from the seller and reduce the closing %. Realtor is refusing to modify the loan structure and threatening to drop us and go with another buyer. We are 10 days from closing on the house. Can the Realtor cancel the escrow on us? FYI -> Escrow co. is Pinnacle and the Realtor is a Pinnacle agent as well representing both the seller and the buyer. We are the buyers. Need to act fast .. your thoughts? the realtor send me a word doc asking to pay the 6K at close of Escrow or by Cashier's check 3 days prior to closing; is this even legal?

Hi, Here are some facts - Property is Short Sale Approved. Location California. Realtor is charging us "Negotiator" fees and also Commission; approx $6K+; got the loan approved. however the lender is denying to pay the fees the Realtor is charging us. Seller bank is giving 3% in closing. Lender bank is asking the Realtor to restructure the loan to accommodate the 6K fees directly from the seller and reduce the closing %. Realtor is refusing to modify the loan structure and threatening to drop us and go with another buyer. We are 10 days from closing on the house. Can the Realtor cancel the escrow on us? FYI -> Escrow co. is Pinnacle and the Realtor is a Pinnacle agent as well representing both the seller and the buyer. We are the buyers. Need to act fast .. your thoughts? the realtor send me a word doc asking to pay the 6K at close of Escrow or by Cashier's check 3 days prior to closing; is this even legal?

need to restructure finances for family sake

need to restructure finances for family sake

So a buddy of mine who hasnt paid his mortgage for going on a year now and hasnt been foreclosed on is banking money since he hasnt paid his mortgage and now his morgage company is willing to restructure, not refinance, his mortgage to cut his payment almost in half. Yet, my wife and I have credit scores of 800 and have never been late on a payment and we cannot get our loan restructured and we can't refinance because the value of our house has gone down so much we are upside down. What's wrong with this country to where it is now almost a benefit to not pay your bills and you will get a break but if you do pay everything on time you get no help???

So a buddy of mine who hasnt paid his mortgage for going on a year now and hasnt been foreclosed on is banking money since he hasnt paid his mortgage and now his morgage company is willing to restructure, not refinance, his mortgage to cut his payment almost in half. Yet, my wife and I have credit scores of 800 and have never been late on a payment and we cannot get our loan restructured and we can't refinance because the value of our house has gone down so much we are upside down. What's wrong with this country to where it is now almost a benefit to not pay your bills and you will get a break but if you do pay everything on time you get no help???

have been with bank and have tried for 2yrs just to restructure my loans extend term

have been with bank and have tried for 2yrs just to restructure my loans extend term

the home was bought in Sacramento in '04 via purchase-money loan. the mortgage remains with the original lender and never refinanced/ restructured.

the home was bought in Sacramento in '04 via purchase-money loan. the mortgage remains with the original lender and never refinanced/ restructured.

Hi everyone - So we have been working with our lender to refinance our mortgage to make it more affordable... For months. It seems every time we turn around they need another document or have some type of missing information. recently we were denied and found out it was due to a typo on there end - they had 4000 a month in credit card payments when that was the current balance!! (it made our monthly living expenses about 9000 a month - NO ONE at the mortgage company thought this was weird or high - they just went with it!!) So, they recommended we start over.... We just found out we are not able to use the governments "making home affordable" program because while our mortgage company participates, the private inventor on our loan does not (BS huh?) So, my question, has anyone actually had success in refinancing / restructuring their loan though their lender? Does anyone know of other programs or companies we should contact for help? thank you for your help.

Hi everyone - So we have been working with our lender to refinance our mortgage to make it more affordable... For months. It seems every time we turn around they need another document or have some type of missing information. recently we were denied and found out it was due to a typo on there end - they had 4000 a month in credit card payments when that was the current balance!! (it made our monthly living expenses about 9000 a month - NO ONE at the mortgage company thought this was weird or high - they just went with it!!) So, they recommended we start over.... We just found out we are not able to use the governments "making home affordable" program because while our mortgage company participates, the private inventor on our loan does not (BS huh?) So, my question, has anyone actually had success in refinancing / restructuring their loan though their lender? Does anyone know of other programs or companies we should contact for help? thank you for your help.

It was filed for record on 4/30/09. My landlord had 90 days as of 4/30/09 to either pay what he owed $12727.01, or restructure his loan. Now it is August 10th, and still nothing from the bank or from my landlord to let me know what is going on with the property. Does anyone know of any way to find out the status on the home without asking the landlord. I don't want to ask him because I want and need the truth so I can get on with my life, and I don't think I can trust his word at this point. I tried looking up the property at the clerk recorders office, and all it shows so far is the notice of default I already have. Please, any information you can give would be appreciated.

It was filed for record on 4/30/09. My landlord had 90 days as of 4/30/09 to either pay what he owed $12727.01, or restructure his loan. Now it is August 10th, and still nothing from the bank or from my landlord to let me know what is going on with the property. Does anyone know of any way to find out the status on the home without asking the landlord. I don't want to ask him because I want and need the truth so I can get on with my life, and I don't think I can trust his word at this point. I tried looking up the property at the clerk recorders office, and all it shows so far is the notice of default I already have. Please, any information you can give would be appreciated.

My father just passed away in Oct. 2008, from what my mom has told me...only his name was on the loan. Although, my mom,me and my siblings names are on the title...the bank won't even bother talking to us or my mom. What options do we have? We just want to restructure the loan. We don't want to foreclose.

My father just passed away in Oct. 2008, from what my mom has told me...only his name was on the loan. Although, my mom,me and my siblings names are on the title...the bank won't even bother talking to us or my mom. What options do we have? We just want to restructure the loan. We don't want to foreclose.

My husband and I have a loss of income and more debt now and have found it hard to pay our home loan on time.We love our home and want to stay in it but have always felt the apprasial for the loan was a bit inflated by wells fargo.I recently tried to list our home through a realtor to sell it and was told it would never pass a home inspection and that there is no way it could have apprasied for what it did through wells fargo.Now im stuck with my home and unable to sell it and owe more than it's worth.I am trying to get the loan restructured through wells fargo so we can at least afford the payment.If they can't get my payment lowered we plan to file bankruptcy on it because we just can't afford the payments now. I was planning to tell wells fargo about all of this and that my apprasial was inflated,i owe more than its worth and plan to file bankruptcy if they can't lower the payment but was told to keep my mouth shut because wells fargo has the loan insured and don't care if i pay them because they will still get their money either way and they won't restructure the loan if i disclose all this info.I don't understand how all this works.I would like to stay here even though i owe more than the house is worth because its my home and i love it,on the other hand I don't want wells fargo to screw with me either.I am aware of the lawsuits from others suing wells fargo for overinflating apprasials.This all being said I am about to fax wells fago paper work showing proof of our harship and all the evidence to support my claim.Should I tell them I plan to file bankruptcy on this house and that they will never make back all the money thats owed because they overinflated the apprasial or should I be nice and at their mercy just hoping they reduce the payment and i can keep my home?

My husband and I have a loss of income and more debt now and have found it hard to pay our home loan on time.We love our home and want to stay in it but have always felt the apprasial for the loan was a bit inflated by wells fargo.I recently tried to list our home through a realtor to sell it and was told it would never pass a home inspection and that there is no way it could have apprasied for what it did through wells fargo.Now im stuck with my home and unable to sell it and owe more than it's worth.I am trying to get the loan restructured through wells fargo so we can at least afford the payment.If they can't get my payment lowered we plan to file bankruptcy on it because we just can't afford the payments now. I was planning to tell wells fargo about all of this and that my apprasial was inflated,i owe more than its worth and plan to file bankruptcy if they can't lower the payment but was told to keep my mouth shut because wells fargo has the loan insured and don't care if i pay them because they will still get their money either way and they won't restructure the loan if i disclose all this info.I don't understand how all this works.I would like to stay here even though i owe more than the house is worth because its my home and i love it,on the other hand I don't want wells fargo to screw with me either.I am aware of the lawsuits from others suing wells fargo for overinflating apprasials.This all being said I am about to fax wells fago paper work showing proof of our harship and all the evidence to support my claim.Should I tell them I plan to file bankruptcy on this house and that they will never make back all the money thats owed because they overinflated the apprasial or should I be nice and at their mercy just hoping they reduce the payment and i can keep my home?

I don't qualify for a loan modification because my loan isn't backed by Fanny or Freddie. I don't qualify for refinance because I can't sell my home for at least what I owe on it. I just want to refinance my loan to get into a 30 year fixed rate loan. I'm not asking them to write off any amount. I just want to restructure my loan. I have nearly perfect credit and perfect payment history. But GMAC says I don't have sufficient income and says I might consider "short selling" my home....but I have perfect payment history and nearly perfect credit. Wouldn't they be better off taking a gamble on me??!!

I don't qualify for a loan modification because my loan isn't backed by Fanny or Freddie. I don't qualify for refinance because I can't sell my home for at least what I owe on it. I just want to refinance my loan to get into a 30 year fixed rate loan. I'm not asking them to write off any amount. I just want to restructure my loan. I have nearly perfect credit and perfect payment history. But GMAC says I don't have sufficient income and says I might consider "short selling" my home....but I have perfect payment history and nearly perfect credit. Wouldn't they be better off taking a gamble on me??!!

My wife noticed an advertisement on the television about an attorney who restructures mortgage loans. She called and got some info from the gentleman over the phone. As of now he hasn't asked for any social security #'s or anything like that but he has asked for a copy of our mortgage statement and a list of our expenses. Can he scam us with information on the mortgage statement and how should I go about this.

My wife noticed an advertisement on the television about an attorney who restructures mortgage loans. She called and got some info from the gentleman over the phone. As of now he hasn't asked for any social security #'s or anything like that but he has asked for a copy of our mortgage statement and a list of our expenses. Can he scam us with information on the mortgage statement and how should I go about this.

Anyone use a decent mortgage company in Denver I need it for refinancing my existing loan and restructuring it

Anyone use a decent mortgage company in Denver I need it for refinancing my existing loan and restructuring it

I have a somewhat complicated situation and would appreciate some serious, educated advice: My husband and I live in Las Vegas, NV in a home that has significantly depreciated since we bought it 4 years ago. We paid $570,000, and it's now appraised at approx. $270,000 due to our lovely economy! We still owe $460,000, and we have an interest only loan that is coming to the end of the 5 year arm in a couple of months, so our mortgage is going to increase significantly! My husband also has a rental home that is worth what he owes on it. (We were just married, and all debts, etc. are in his name only) My husband is in the process of being sued for over $400,000 due to medical equipment that he leased for a Dr. he employed that has skipped town. He must therefore file for BK to avoid paying $400,000 for equipment he cannot use. My husband believes that our only option is to let our home go to the bank (ASC) and move into the rental home, but, we do not want to leave our current home! What are our options? Will a BK court allow us to restructure our current mortgage for the amount the home is now appraised? We haven't missed a payment, and the bank won't allow us to refinance now. And we're afraid that if we stop paying on our current mortgage in order to get the bank to work with us, let the rental home go back to the bank, and file BK, that no bank will allow us to refinance/restructure because our credit will be destroyed, and then we won't have any home at all! Please help! Thank you

I have a somewhat complicated situation and would appreciate some serious, educated advice: My husband and I live in Las Vegas, NV in a home that has significantly depreciated since we bought it 4 years ago. We paid $570,000, and it's now appraised at approx. $270,000 due to our lovely economy! We still owe $460,000, and we have an interest only loan that is coming to the end of the 5 year arm in a couple of months, so our mortgage is going to increase significantly! My husband also has a rental home that is worth what he owes on it. (We were just married, and all debts, etc. are in his name only) My husband is in the process of being sued for over $400,000 due to medical equipment that he leased for a Dr. he employed that has skipped town. He must therefore file for BK to avoid paying $400,000 for equipment he cannot use. My husband believes that our only option is to let our home go to the bank (ASC) and move into the rental home, but, we do not want to leave our current home! What are our options? Will a BK court allow us to restructure our current mortgage for the amount the home is now appraised? We haven't missed a payment, and the bank won't allow us to refinance now. And we're afraid that if we stop paying on our current mortgage in order to get the bank to work with us, let the rental home go back to the bank, and file BK, that no bank will allow us to refinance/restructure because our credit will be destroyed, and then we won't have any home at all! Please help! Thank you

I got a 700$ pay cut from work and i am looking to get another 300$. My mortgage is through bank of american and i cant afford living in it anymore. I bought my house for 200,000 in a 30 year fixed at 6.25%. I have never been late on a payment,but my credit is gone due to the fact that i lost money to pay some credit cards. Please only response if you know about restructuring loans or how to go about it. thank you.

I got a 700$ pay cut from work and i am looking to get another 300$. My mortgage is through bank of american and i cant afford living in it anymore. I bought my house for 200,000 in a 30 year fixed at 6.25%. I have never been late on a payment,but my credit is gone due to the fact that i lost money to pay some credit cards. Please only response if you know about restructuring loans or how to go about it. thank you.

They are out of Scottsdale, Az and sent me a letter about restructuring my home loan. I don't really understand the process.

They are out of Scottsdale, Az and sent me a letter about restructuring my home loan. I don't really understand the process.

We need to regulate how much the CEOs are making. Forget throwing money at the problem, let them fall into bankruptcy. the nation should not pay 1.1 trillion dollars for the mistakes of several companies which could restructure and rebuild during bankruptcy laws. We need a flat rate income tax. lower taxes for all classes no taxes for income lower than 17,000. STOP SPENDING STOP regulating oil companies that way they can drill and build more refineries. **** u liberals oil companies are the experts not polticians. That will lower energy costs. GET RID OF WELLFARE for young people. U get it only if you have a REAL reason for not being able to get a job. SHRINK GOVERNMENT, which will lead to less spending and less taxes. Lower capital gains raise taxes on the rich by a small percent to help pay for deficits. lower death tax regulate helathcare costs slightly. STOP regulating and forcing banks to give out the very sub-prime loans that killed us. We don't have the right to houses. Source(s): REAGANOMICS, CLINTONOMICS Deregulation was one of the main reasons for our fault. We need to self regulate OR have limited regulations... I'm not an ideologue... Thanks for all your opinions. They are very helpful...

We need to regulate how much the CEOs are making. Forget throwing money at the problem, let them fall into bankruptcy. the nation should not pay 1.1 trillion dollars for the mistakes of several companies which could restructure and rebuild during bankruptcy laws. We need a flat rate income tax. lower taxes for all classes no taxes for income lower than 17,000. STOP SPENDING STOP regulating oil companies that way they can drill and build more refineries. **** u liberals oil companies are the experts not polticians. That will lower energy costs. GET RID OF WELLFARE for young people. U get it only if you have a REAL reason for not being able to get a job. SHRINK GOVERNMENT, which will lead to less spending and less taxes. Lower capital gains raise taxes on the rich by a small percent to help pay for deficits. lower death tax regulate helathcare costs slightly. STOP regulating and forcing banks to give out the very sub-prime loans that killed us. We don't have the right to houses. Source(s): REAGANOMICS, CLINTONOMICS Deregulation was one of the main reasons for our fault. We need to self regulate OR have limited regulations... I'm not an ideologue... Thanks for all your opinions. They are very helpful...

Citigroup Inc. is increasing base salaries for many of its employees — reportedly by as much as 50 percent for some workers — as it restructures its compensation program amid new restrictions on bonus payments. The increased salaries will offset lower bonuses, according to a person familiar with the matter who requested anonymity because the plans have not been made public. The higher salaries are not the equivalent of annual raises, the person added. Citi faces restrictions on bonuses as part of a new government compensation oversight plan because the bank received bailout funds from the Treasury Department. By shifting the mix in compensation packages, it will allow Citi to pay most employees as much as they received in 2008 while adhering to bonus caps. Citi has reported six straight quarterly losses totaling nearly $30 billion. The bank has received $45 billion in loans from the government. A portion of those funds will soon be converted to common stock, giving the government a 34 percent stake in the bank. The administration recently named Kenneth Feinberg a "special master" to oversee compensation packages awarded to the seven companies that have received the most government support, including Citigroup. Feinberg can reject pay plans he deems excessive and review compensation for the top 100 salaried employees at those companies. Bank of America was not immediately available to comment on whether it also is planning to alter its compensation program. http://news.yahoo.com/s/ap/us_citigroup_compensation I doubt they're talking about secretaries or customer service reps, they're talking about the decision-makers and executives in charge who haven't run the company well in the first place. Of course, while they take raises others get laid off. Is this blatant corporate greed or are you okay with it?

Citigroup Inc. is increasing base salaries for many of its employees — reportedly by as much as 50 percent for some workers — as it restructures its compensation program amid new restrictions on bonus payments. The increased salaries will offset lower bonuses, according to a person familiar with the matter who requested anonymity because the plans have not been made public. The higher salaries are not the equivalent of annual raises, the person added. Citi faces restrictions on bonuses as part of a new government compensation oversight plan because the bank received bailout funds from the Treasury Department. By shifting the mix in compensation packages, it will allow Citi to pay most employees as much as they received in 2008 while adhering to bonus caps. Citi has reported six straight quarterly losses totaling nearly $30 billion. The bank has received $45 billion in loans from the government. A portion of those funds will soon be converted to common stock, giving the government a 34 percent stake in the bank. The administration recently named Kenneth Feinberg a "special master" to oversee compensation packages awarded to the seven companies that have received the most government support, including Citigroup. Feinberg can reject pay plans he deems excessive and review compensation for the top 100 salaried employees at those companies. Bank of America was not immediately available to comment on whether it also is planning to alter its compensation program. http://news.yahoo.com/s/ap/us_citigroup_compensation I doubt they're talking about secretaries or customer service reps, they're talking about the decision-makers and executives in charge who haven't run the company well in the first place. Of course, while they take raises others get laid off. Is this blatant corporate greed or are you okay with it?

I have a client that owns a 2 family investment property in NY. His current balance is 511k. Client is in good standing with clean mortgage history. Bank calls clients and offers him a reduction of mortgage if he refinances the home. I called the bank and they state that they need to get the loan off their books and are willing to take the 385K if refinanced with another bank. Has anyone ever heard of that? And how do you handle a restructured loan?

I have a client that owns a 2 family investment property in NY. His current balance is 511k. Client is in good standing with clean mortgage history. Bank calls clients and offers him a reduction of mortgage if he refinances the home. I called the bank and they state that they need to get the loan off their books and are willing to take the 385K if refinanced with another bank. Has anyone ever heard of that? And how do you handle a restructured loan?

Hello find myself out of a job with an expensive car. If I were to sell it I'd take a 9k hit. Seeking advice on whether or not my bank would be willing to lower my payments/restructure it. Sending out this feeler before I ask them directly to see if anyone has any experience in this area. Thanks in advance.

Hello find myself out of a job with an expensive car. If I were to sell it I'd take a 9k hit. Seeking advice on whether or not my bank would be willing to lower my payments/restructure it. Sending out this feeler before I ask them directly to see if anyone has any experience in this area. Thanks in advance.

1. Swine Flu Second Wave: Typically, influenza outbreaks come in waves, getting worse with each one. The very ease with which we seem to have survived the first wave of swine flu may make us vulnerable to a horrific second wave. 2. Commercial Real Estate Collapse: Various commercial real estate deals face trillions in refinancing obligations over the coming years. But the market is practically closed, ensuring massive bankruptcies and restructuring. Why are lenders so freaked out? Because existing loans are going sour at a pace unlike anything we've seen in history. Because of that, even commercial real estate properties with strong cash flows are finding financing extremely difficult to come by. 3. The Option Adjustable Rate Mortgage Explosion: Anyone referring to the "subprime crisis" has got to get with the program. The subprime wave of defaults is basically over. Now the question is, what about all the other types of mortgages? You know, Option ARM, Alt-As and of course, good old fashioned prime mortgage. The big wave of Option ARM resets has yet to come, and given the drop in home prices, refinancing won't be realistic. Let's hope the homeowners can afford their new monthly payments. 4. Global Food Crisis: As we saw last year, the global food supply teeters on the edge of adequacy. Any serious shock--floods in the Midwest, a war in Asia, social unrest in China, political upheaval in Thailand or Egypt--could result in shortages in countries that import large amounts of their food. 5. Israel Bombs Iran: The Obama administration's openness to the Iranian regime may have the perverse effect of emboldening its nuclear ambitions. Very likely, the fears of the nuclear Iran are over-stated. It would probably behave like most members of the global nuke club, cowed by its own destructive power into behaving responsibly. But Iran isn't the only country to worry about in the region. Israel may not be willing to tolerate a nuclear armed Iran, and may choose to strike out to destroy Iran's nascent nuclear capabilities. This would obvious raise tensions throughout the Middle East. At the very least, oil prices will likely spike and remain elevated following any military action against Iran. This, in turn, will slow the global economy. 6. A Wave of Municipal Defaults: Historically, cities and states don't default on their loans very much. But as Warren Buffett pointed out, historical results don't mean jack because muni insurance wasn't around. Unless it gets a bailout, California may go bankrupt, causing the muni market to seize up, bringing public works and spending to a halt, kneecapping GDP. At that point, with no ability to borrow, the other states will rush to default themselves, sparing their taxpayers any more pain. 7. Another Bank Run: It seems unlikely, given the government's implicit guarantee of the banking sector, but it's always possible that investors or lenders could lose confidence in one of the banks again, prompting a financing run a la Bear Stearns. If this happened, we'd be back to square one with all the confidence and bailouts since Lehman's collapse -- only, the government would have fewer bullets left in the gun. 8. Runaway Inflation: The Federal Reserve seems confident that it can "land the recovery." Is it right? There's good reason to be skeptical that the Fed will be able to reduce the monetary base before it floods out into the economy, driving up prices and destroying savings. For one thing, the Fed has never really been very good at doing this. By the time the Fed realizes that inflation is taking off, it may be too late. 9. North Korean Missile Launch: Wee dictator Kim Jong II has lulled the world to sleep, performing missile tests on a seemingly daily basis. What was once a cause for alarm now barely merits a bulletin on CNBC. In fact, the dollar has rallied on the nervousness. But his neighbors in China, South Korea and Japan are freaked out and an actual war, or genuine provocation, could wreak havoc on far eastern trade. This might cause investors to flee towards the dollar, but it would be terrible for markets and economic activity. 10. Chinese Financial Crisis: Most economic discussion of China these days is about how dependent the US government has become on China buying Treasury bonds. But China has lately learned that its own economy is dangerously leveraged on foreign demand for Chinese manufactured goods. The global downturn has helped expose the fragility of the Chinese economic miracle, and worse might be coming. A collapse of profits in China could very well spark a banking crisis, much like the collapse of real estate prices did to US financial institutions. Very little attention has been paid to the fragility of the Chinese financial system, which is dominated by large, slow, non-transparent, often corrupt state-run banks and centralized decision making. Slowing exports could be the tide that goes out and reveals whi

1. Swine Flu Second Wave: Typically, influenza outbreaks come in waves, getting worse with each one. The very ease with which we seem to have survived the first wave of swine flu may make us vulnerable to a horrific second wave. 2. Commercial Real Estate Collapse: Various commercial real estate deals face trillions in refinancing obligations over the coming years. But the market is practically closed, ensuring massive bankruptcies and restructuring. Why are lenders so freaked out? Because existing loans are going sour at a pace unlike anything we've seen in history. Because of that, even commercial real estate properties with strong cash flows are finding financing extremely difficult to come by. 3. The Option Adjustable Rate Mortgage Explosion: Anyone referring to the "subprime crisis" has got to get with the program. The subprime wave of defaults is basically over. Now the question is, what about all the other types of mortgages? You know, Option ARM, Alt-As and of course, good old fashioned prime mortgage. The big wave of Option ARM resets has yet to come, and given the drop in home prices, refinancing won't be realistic. Let's hope the homeowners can afford their new monthly payments. 4. Global Food Crisis: As we saw last year, the global food supply teeters on the edge of adequacy. Any serious shock--floods in the Midwest, a war in Asia, social unrest in China, political upheaval in Thailand or Egypt--could result in shortages in countries that import large amounts of their food. 5. Israel Bombs Iran: The Obama administration's openness to the Iranian regime may have the perverse effect of emboldening its nuclear ambitions. Very likely, the fears of the nuclear Iran are over-stated. It would probably behave like most members of the global nuke club, cowed by its own destructive power into behaving responsibly. But Iran isn't the only country to worry about in the region. Israel may not be willing to tolerate a nuclear armed Iran, and may choose to strike out to destroy Iran's nascent nuclear capabilities. This would obvious raise tensions throughout the Middle East. At the very least, oil prices will likely spike and remain elevated following any military action against Iran. This, in turn, will slow the global economy. 6. A Wave of Municipal Defaults: Historically, cities and states don't default on their loans very much. But as Warren Buffett pointed out, historical results don't mean jack because muni insurance wasn't around. Unless it gets a bailout, California may go bankrupt, causing the muni market to seize up, bringing public works and spending to a halt, kneecapping GDP. At that point, with no ability to borrow, the other states will rush to default themselves, sparing their taxpayers any more pain. 7. Another Bank Run: It seems unlikely, given the government's implicit guarantee of the banking sector, but it's always possible that investors or lenders could lose confidence in one of the banks again, prompting a financing run a la Bear Stearns. If this happened, we'd be back to square one with all the confidence and bailouts since Lehman's collapse -- only, the government would have fewer bullets left in the gun. 8. Runaway Inflation: The Federal Reserve seems confident that it can "land the recovery." Is it right? There's good reason to be skeptical that the Fed will be able to reduce the monetary base before it floods out into the economy, driving up prices and destroying savings. For one thing, the Fed has never really been very good at doing this. By the time the Fed realizes that inflation is taking off, it may be too late. 9. North Korean Missile Launch: Wee dictator Kim Jong II has lulled the world to sleep, performing missile tests on a seemingly daily basis. What was once a cause for alarm now barely merits a bulletin on CNBC. In fact, the dollar has rallied on the nervousness. But his neighbors in China, South Korea and Japan are freaked out and an actual war, or genuine provocation, could wreak havoc on far eastern trade. This might cause investors to flee towards the dollar, but it would be terrible for markets and economic activity. 10. Chinese Financial Crisis: Most economic discussion of China these days is about how dependent the US government has become on China buying Treasury bonds. But China has lately learned that its own economy is dangerously leveraged on foreign demand for Chinese manufactured goods. The global downturn has helped expose the fragility of the Chinese economic miracle, and worse might be coming. A collapse of profits in China could very well spark a banking crisis, much like the collapse of real estate prices did to US financial institutions. Very little attention has been paid to the fragility of the Chinese financial system, which is dominated by large, slow, non-transparent, often corrupt state-run banks and centralized decision making. Slowing exports could be the tide that goes out and reveals whi

After waiting to qualify for the home and coming up with a down payment for this 2-yr lease purchase agreement, the leasing agent says that the owner is pursuing a restructured loan for the house I want and another.Is it still a good idea to enter this agreement? If he has to restructure before entering the deal with me, wasn't he about to lose the house? Thanks for your answers.

After waiting to qualify for the home and coming up with a down payment for this 2-yr lease purchase agreement, the leasing agent says that the owner is pursuing a restructured loan for the house I want and another.Is it still a good idea to enter this agreement? If he has to restructure before entering the deal with me, wasn't he about to lose the house? Thanks for your answers.

Has anyone heard of National Loan restructuring? They are based in West Palm Beach,Florida. They provide loan modifications. They are listed on the BBB website with an A rating. Just a little skeptical because they want money up front.

Has anyone heard of National Loan restructuring? They are based in West Palm Beach,Florida. They provide loan modifications. They are listed on the BBB website with an A rating. Just a little skeptical because they want money up front.

DETROIT – Bankruptcy protection for the nation's biggest automaker is becoming more probable with a deadline just over two weeks away, the company's top executive told reporters Monday. General Motors Corp. CEO Fritz Henderson is still holding out hope that the company can restructure without court protection, but he says the tasks to complete before a June 1 government-imposed deadline are large. The automaker, Henderson said, is looking at its operations country-by-country to determine where it might have file for bankruptcy, but he says a U.S. bankruptcy doesn't necessarily mean that GM would file in other locations. "Certainly the task that we have in front of us is large," Henderson said during a conference call to update the company's restructuring efforts. "There is still an opportunity and still a chance for it to be done outside of a court process." GM shares fell 13 cents, or 8.1 percent, to $1.48 in midday trading. General Motors has received $15.4 billion in federal loans, and the government deadline to restructure or seek Chapter 11 protection is just over two weeks away. But the company must reach concessionary agreements with unions, persuade thousands of bondholders to exchange $27 billion in debt for 10 percent of GM's stock, cut thousands of dealers, close plants and lay off more salaried workers. Under Chapter 11 reorganization, a company can stay in operation under court protection while sheds debts and unprofitable assets to emerge in a stronger financial position. Also Monday, Henderson left open the possibility that GM would move its corporate headquarters out of Detroit. The company, he said, is looking at everything within its business. "It's not like we have that queued up at the top of our list," he said, adding that GM has a large number of people in Detroit and is proud to be here. He would not comment about reports about Fiat Group SpA's interest in getting 80 percent of GM's European Opel operations, saying that any structure must address the needs of both partners. Henderson said GM has an urgent need for funding from the German government, so any partner for its European operations would have to be suitable to the government. "We have a need for funding, actually, in our European business, that's important and urgent and the German government hasn't indicated an interest in running our business," Henderson said. "We're going to make sure that any partner we pick in this business is going to be suitable for them, so that if we need their support, we obviously want them to find any partner to be reasonable and acceptable. Henderson cast doubt on reports that GM may sell its Latin American operations, saying they have consistently brought great returns to the company. "This is a business that we know and like very much," he said.

DETROIT – Bankruptcy protection for the nation's biggest automaker is becoming more probable with a deadline just over two weeks away, the company's top executive told reporters Monday. General Motors Corp. CEO Fritz Henderson is still holding out hope that the company can restructure without court protection, but he says the tasks to complete before a June 1 government-imposed deadline are large. The automaker, Henderson said, is looking at its operations country-by-country to determine where it might have file for bankruptcy, but he says a U.S. bankruptcy doesn't necessarily mean that GM would file in other locations. "Certainly the task that we have in front of us is large," Henderson said during a conference call to update the company's restructuring efforts. "There is still an opportunity and still a chance for it to be done outside of a court process." GM shares fell 13 cents, or 8.1 percent, to $1.48 in midday trading. General Motors has received $15.4 billion in federal loans, and the government deadline to restructure or seek Chapter 11 protection is just over two weeks away. But the company must reach concessionary agreements with unions, persuade thousands of bondholders to exchange $27 billion in debt for 10 percent of GM's stock, cut thousands of dealers, close plants and lay off more salaried workers. Under Chapter 11 reorganization, a company can stay in operation under court protection while sheds debts and unprofitable assets to emerge in a stronger financial position. Also Monday, Henderson left open the possibility that GM would move its corporate headquarters out of Detroit. The company, he said, is looking at everything within its business. "It's not like we have that queued up at the top of our list," he said, adding that GM has a large number of people in Detroit and is proud to be here. He would not comment about reports about Fiat Group SpA's interest in getting 80 percent of GM's European Opel operations, saying that any structure must address the needs of both partners. Henderson said GM has an urgent need for funding from the German government, so any partner for its European operations would have to be suitable to the government. "We have a need for funding, actually, in our European business, that's important and urgent and the German government hasn't indicated an interest in running our business," Henderson said. "We're going to make sure that any partner we pick in this business is going to be suitable for them, so that if we need their support, we obviously want them to find any partner to be reasonable and acceptable. Henderson cast doubt on reports that GM may sell its Latin American operations, saying they have consistently brought great returns to the company. "This is a business that we know and like very much," he said.