| State reaches $105,000 settlement with mortgage company
The Kentucky Office of Financial Institutions has reached a $105,000 settlement with Nationstar Mortgage LLC. Nationstar, formerly known as Centex Home Equity Co. LLC, does not admit liability, according to a news release. The settlement arose from investigations of the company's offices in Louisville and in Lewisville, Texas, in 2006. OFI concluded that Nationstar has employed "numerous unregistered loan officers," the release said. The $105,000 settlement will go toward the Nationwide Mortgage Licensing System, a collaborative effort among state regulators to bring greater efficiency and accountability to the mortgage industry by creating a standardized system for licensing. As part of the agreement, OFI also has been directed to adjust loans where violations might have occurred in regard to the refinancing terms.
Do your credit cards have a holiday hangover?
I did consolidate my debt which helps, but this past holiday I spent $1,500 and I'm off track, yet again! I even got another credit card to pay for the holidays. Soon I will not only have to pay credit card debt, but school loans as well. Please help.
— Christine Christine: Stop the madness. Seriously. What you need is to put a halt to your borrowing, then the decent amount of money you say you earn should enable you to dig yourself out. We know from research that about one-third of people who consolidate credit card debt then go out and charge their cards right back up again. That's precisely what you did. So, no more consolidations. No more applying for credit. Work with the cards you have. Call and ask them to lower their interest rates. Then, starting with the card with the highest rate, pay as much as you can on that card and the minimums on the rest.
The Clock is Ticking on Some Now-Or-Never Tax Breaks
Sure, you're busy drawing up holiday gift lists for family and friends. But don't forget to give yourself a present: a lower tax bill next spring. Now's the time to make last-minute moves to trim your 2007 taxes. Beyond heeding the standard year-end advice of maxing out tax-deductible retirement savings, donating to your favorite charity and selling losing investments to offset taxable gains, you may benefit from taking advantage of several other tax breaks scheduled to expire at the end of 2007. For instance, retirees 70½ and older get one last chance to avoid paying taxes on up to $100,000 in IRA distributions donated directly to a charity. Homeowners who install energy-efficient improvements by December 31 can claim a tax credit of up to $500. And consumers who deduct state sales tax on their federal return have until New Year's Eve to purchase big-ticket items, such as a car or boat, to add to their sales-tax tally.
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