Republicans to Cut Everything but Military: The House GOP today unveiled an eye-popping plan to eliminate $2.5 trillion in spending over the next 10 years. Gone would be Amtrak subsidies, fat checks to the Legal Services Corporation and National Endowment for the Arts, and some $900 million to run President Obama's healthcare reform program.
Bank of America to Take $2 Billion Charge on Home Loans: Bank of America reported Friday that it had a $1.2 billion loss in the fourth quarter of last year, including a previously announced charge of $2 billion reflecting a decline in the value of its home loans and insurance business.
6.87 Million Mortgages Delinquent or in Foreclosure: Of the 6.87 million mortgages in the country that were behind on payments at the end of last year, 2,196,000 have been referred to an attorney for foreclosure
Banks drop foreclosures in Southwest Florida: Hundreds of lawsuits dismissed: Banks in recent weeks have been dropping hundreds of their Southwest Florida foreclosure lawsuits instead of facing defendants at trial, according to local attorneys and court records.
Home Buyers Are at Risk in Bad-Foreclosure Case at Massachusetts Top Court:Massachusetts’ highest court will consider whether a home buyer can rightfully own a property if the bank that sold it to him didn’t have the right to foreclose on the original owner.
California Declares Fiscal Emergency: Jerry Brown, California’s governor, declared a state of fiscal emergency on Thursday for the government of the most populous US state to press lawmakers to tackle its $25.4 billion budget gap.
Path Is Sought for States to Escape Debt Burdens: Policy makers are working behind the scenes to come up with a way to let states declare bankruptcy and get out from under crushing debts, including the pensions they have promised to retired public workers.
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