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pony-up $550 billion. The income tax increases would be collected over the next 10 years to cover half of the foreseen cost says Representative Charles Rangel (D-NY.) He is chairman of the powerful Ways and Means Committee charged with writing tax legislation. According to The New York Times (07/10/09), Mr. Rangel believes the rest of the needed revenue would be derived by less spending on Medicare as well as reducing healthcare costs. The ideas that the government could either, accurately project the cost of anything, or reduce the cost of anything else, are comical. Putting my amusement aside, however, it is the “Robin 
Stanley J. Kazwell, Jr. is the author of a new book, The Mortgage Meltdown: The Mindsets That Got Us Here and What You Can Do About It. In it he offers a unique perspective on how our current economic situation evolved. Then he offers solutions to help the reader to “take control. Your individual life is yours to create.” 
What does the most financially strapped state in the union do when they run out of money? They pay their bills with IOU’s.
Congress has no quick fixes. I want to know “Why not?”
“I used TurboTax to prepare my returns.”Kazwell Newsletter
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LOS Offerings Integrate Servicing Systems
A "seamless process" has been developed for boarding loans directly from Mortgage Builder Software's loan originations system to sub-servicer Cenlar FSB's servicing platform, a July news release indicated.
A Cenlar executive explained that lenders are learning about the potential profits from maintaining servicing rights, and Cenlar's subservicing helps prevent layering on fixed operational costs.
Calyx Software also sees revenue opportunities for its customers in loan servicing based on a recent news release unveiling an alliance with Servicing Solution LLC. -
2010 Bankruptcies Top 1 Million
Consumer bankruptcy filings during August fell 8 percent from July, the American Bankruptcy Institute reported.
The decline followed a bounce in July.
Year-to-date Aug. 31, 2010, filings totaled 1,034,843. -
Public Debate on Revisions to FHA Guidelines
The public was invited on July 15 to comment on three U.S. Department of Housing and Urban Development initiatives designed to help restore the Mutual Mortgage Insurance Fund capital reserve account.
More than 900 comments were received by the comment deadline on Aug. 16, a public filing Friday said.
The "overwhelming majority" of the comments addressed the proposed 3 percent limitation on seller concessions. -
Reverse Originations Gaining Steam
The U.S. Department of Housing and Urban Development reported last week that reverse mortgage originations climbed to 5,901 loans for a maximum claim amount of $1.5 billion in July from 5,304 loans endorsed for $1.3 billion a month earlier.
It was the second month in a row of gains.
In August, according to the Reverse Market Insight newsletter, reverse mortgage production increased 13 percent. -
Wachovia Vs. WaMu Debated by Regulators
In an appearance before the Financial Crisis Inquiry Commission, regulators testified about the why there was disparate treatment in the resolution of Washington Mutual Inc. and Wachovia Corp.
The Federal Deposit Insurance Corp.'s chairman said the FDIC had known for months that WaMu was in trouble.
But with Wachovia it didn't know until very late in the game how dire the situation was.
In addition, Wachovia was deemed systemically important.