Wash Post Personal Finance
Ack! How could I owe so much? Get me a CPA!
They say it is better to give than to receive, but paying taxes has got to be the one exception to this golden rule. At least I know that I felt far from virtuous as my tax bill kept climbing during a recent five-hour tussle with TurboTax.File Smart: It's time to make sure you've covered your tax bases
With just a month until the filing deadline, it's time to get serious about taxes.IRS offers help paying taxes
For the second year, the Internal Revenue Service is reaching out to folks in financial trouble.REITs show rising prices but growing risks
Analysts, bloggers, real estate dealmakers and managers of mutual funds are as puzzled as I am about the 90 percent rise in REIT indexes since March 2009. Commercial real estate lags the business cycle, so shares of real estate investment trusts normally do not rebound until after it's apparent the...Do you know how much to save for retirement?
When my eyesight began to give me trouble, I tried to ignore it.How much money people are saving for retirement
69% of workers say they have been saving for retirement, down from 75 percent in 2009Know the limitations when choosing among long-term-care insurance plans
If you're thinking about buying long-term-care insurance, here's one more reason to do it: Long-term-care costs continue to escalate. In 2009, the average annual cost of a private nursing-home room rose 3 percent, to nearly $80,000. Luckily, many employers are offering long-term-care insurance as an...When capping property taxes isn't fair
My family recently bought a house in a state that caps the annual increase in property taxes as long as the same owner lives in the house. But when a home changes hands, the years of caps come off. So my home is taxed at a much higher rate than identical homes owned by neighbors who have lived on...Before you buy that castle on the beach, do some digging
My father, channeling both Mark Twain and Will Rogers, used to tell me, "Buy beachfront property -- they're not making any more of it." For generations, that was pretty darn good advice.Adjustable-rate mortgage holders vulnerable to sudden rate increase
Many mortgage borrowers with adjustable-rate mortgages on which the rate has adjusted in recent years are currently enjoying extremely low interest rates. This reflects the unusually low levels of the rate indexes used by most ARMs. But these low rates are accompanied by high anxiety, because of...Mortgage rates stay below 5 percent mark
Mortgage rates held below the 5 percent threshold for the third straight week as the Federal Reserve prepares to end a program that has kept rates at or near record lows.Real Estate Live
Razzi authors the Local Address blog and is the editor of The Washington Post's Real Estate section. She is the author of two consumer-advice books: "The Fearless Home Buyer" (2006) and "The Fearless Home Seller" (2007). John McClain, deputy director of George Mason University's Center for Regional Analysis, will be her guest, answering questions about the Washington-area economy and housing market.Credit scores can drop after getting loan help
WASHINGTON -- Some homeowners who sign up for the government's mortgage assistance program are getting a nasty surprise: Lower credit scores.Health care bill extends wage tax to investments
WASHINGTON -- High-income families would be hit with a tax increase on wages and a new levy on investments under President Barack Obama's health care overhaul bill.Obama's student loan plan moving forward with health bill
President Obama moved closer to achieving one of his top policy goals Thursday as congressional Democrats joined forces behind legislation that would cut funding to private student lenders and redirect billions of dollars in expected savings into grants to needy students.Fed's emergency loans decline in past week
WASHINGTON -- Banks borrowed less from the Federal Reserve's emergency lending program over the past week in a further sign that the strains from the financial crisis are fading.Cuomo seeks probe of public retiree payments
NEW YORK (Reuters) - New York authorities, agencies, and local governments that pay public workers some of the highest salaries and benefits in the state must explain how they are calculated, the attorney general said on Thursday in a new bid to root out abuses.Featured Advertiser
Color of Money Live
Personal finance columnist Michelle Singletary answers your personal finance questions and discusses other money matters.Mortgage rates still below 5 percent
WASHINGTON -- Mortgage rates held below the 5 percent threshold for the third straight week as the Federal Reserve prepares to end a program that has kept rates at or near record lows.Brewing tensions between the Tea Party and GOP
MANISTEE, Mich./WACO, Texas/WASHINGTON (Reuters) - Some Tea Partiers say they can pinpoint the precise moment when they made it clear to the Republican Party they had no intention of being its lapdog.Brewing tensions between the Tea Party and GOP
MANISTEE, Mich./WACO, Texas/WASHINGTON (Reuters) - Some Tea Partiers say they can pinpoint the precise moment when they made it clear to the Republican Party they had no intention of being its lapdog.Personal Finance: Money Manners
Fed seeks public comments on proposed credit card reforms
In what feels like never-ending regulatory fiddling with the Credit Card Accountability Responsibility and Disclosure Act of 2009, the Federal Reserve wants to know what consumers think about certain fees that lenders charge as penalties for late payments or other issues.Calif. politics has short sellers facing big bills
SACRAMENTO, Calif. -- What should have been a legislative afterthought is threatening to become a financial purgatory for thousands of California taxpayers hit by the housing crisis.Pearlstein: Regulatory reform bill
Washington Post business columnist Steven Pearlstein discusses the regulatory reform bill unveiled Monday by Senator Christopher J. Dodd (D-Conn.)Online benefits calculators
Federal retirement: http://www.opm.gov/retire/tools/calculators/ballpark/menu.aspFed holds rates at record lows to foster recovery
WASHINGTON -- The Federal Reserve on Tuesday repeated its pledge to hold interest rates at record lows to foster the economic recovery and ease high unemployment.Social Security to start cashing Uncle Sam's IOUs
PARKERSBURG, W.Va. -- The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration.5 states rush plans for $1.5B in housing funds
PHOENIX -- The five states hardest hit by the foreclosure crisis have been given only weeks to plan how to spend $1.5 billion in federal funding announced by the Obama administration last month.Featured Advertiser
Social Security to start cashing Uncle Sam's IOUs
PARKERSBURG, W.Va. -- The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration.Fed may hint at how long rates will stay at lows
WASHINGTON -- Federal Reserve policymakers may signal at their meeting this week how and when the improving economy will lead them to start raising record-low interest rates.How to calculate the AMT, a tax we love to hate
Although almost everyone denounces it, the AMT is a big moneymaker for Uncle Sam, collecting more than $22 billion from four million taxpayers for 2008 alone. Congress has not found a replacement for this lucrative revenue raiser. Since 2001, however, lawmakers have approved a temporary patch each...Treasury hopes new rules send short sales to the rescue of underwater mortgages
With new Treasury Department rules designed to expedite short sales set to take effect April 5, relief can't come soon enough for some area buyers, sellers and real estate agents who have waded through a long and arduous process to get short sales approved by the bank.Expenses incurred buying a house can be a risk
I tried to buy a house. I applied for a loan, and the bank processed it as a Federal Housing Administration loan instead of a conventional loan. The house I was buying failed the FHA inspection, and I did not buy it.Affordable housing needs some public funding
Fairfax County aspires to greatly increase the amount of affordable housing at Tysons Corner for workers who now must commute there from afar, consuming time and fossil fuel while contributing to traffic congestion. But this newspaper reported recently that achieving Tysons's affordable housing...Lender blames escrow shortage for $400 increase in monthly mortgage payment
Q: We have owned our house for many years, and the lender has always escrowed money to pay our real estate taxes and insurance. This year, we received a notice from the lender that our monthly mortgage payment will increase by over $400 because there is an escrow shortage. Can we cancel the escrow...Featured Advertiser
Some tax issues to consider on mortgage write-downs
With the Obama administration and private lenders actively considering mortgage principal-reduction programs to help financially distressed homeowners, the Internal Revenue Service has issued a new advisory to taxpayers who receive -- or seek to receive -- such assistance. The IRS gets involved in...Mortgage interest rates down for second week as home loan applications rise
Mortgage interest rates declined for a second consecutive week as the number of home loan applications rose.Borrowers in foreclosure prevention plan losing mortgage aid
About 90,000 distressed borrowers have lost their mortgage aid under the government's foreclosure prevention plan, and many more are at risk of losing the help, according to Treasury Department data released Friday.Montgomery, Md., pension deal eases sacrifice for unions
The politics of shrinking government spending can lead to tortured math and bureaucratic back flips. In one of the Washington area's wealthiest counties, recession has prompted a bout of creative bookkeeping and something called the "Phantom COLA."Borrowers wait for answers on Obama loan plan
WASHINGTON -- Hundreds of thousands of homeowners are in limbo waiting to find out if they will be accepted for the Obama administration's foreclosure prevention program.Treasury says 1 million homeowners in loan modifications
WASHINGTON (Reuters) - An Obama administration program to help struggling homeowners modify their mortgages has more than one million active borrowers, though fewer than 10 percent have obtained permanent loan modifications, according to a Treasury Department report released on Friday.Homeowners seek help at Glendale foreclosure event
GLENDALE, Ariz. -- Hundreds of homeowners trying to avoid losing their homes to foreclosure met with housing counselors and lender representatives at an event in Glendale on Thursday.KKR files for long-awaited NYSE listing
PHILADELPHIA (Reuters) - Private equity firm Kohlberg Kravis Roberts & CoNew round of foreclosures threatens housing market
The housing market is facing swelling ranks of homeowners who are seriously delinquent but have yet to lose their homes, and this is threatening a new wave of foreclosures that could hit just as the real estate market has begun to stabilize.Online benefits calculators
Federal retirement: http://www.opm.gov/retire/tools/calculators/ballpark/menu.aspSlowly, Americans are regaining their lost wealth
WASHINGTON -- Americans are recovering their shrunken wealth - gradually. Household net worth rose last quarter, mainly because the healing economy boosted stock portfolios. But the gain was slight. And it was less than in the previous two quarters.Fed emergency loans decline in past week
WASHINGTON -- Banks borrowed less from the Federal Reserve's emergency lending program over the past week, providing further evidence that the strains caused by the financial crisis are easing.Gov't official warns on home down payment hikes
WASHINGTON -- The head of the Federal Housing Administration is warning that boosting the minimum down payment borrowers must provide to qualify for home loans backed by the agency could threaten the housing market.Featured Advertiser
BofA retirement business winning clients: CEO
CHARLOTTE, North Carolina (Reuters) - Bank of America Corp'sForeclosures drop for 2nd month in February: RealtyTrac
NEW YORK (Reuters) - U.S. mortgage foreclosure filings dropped for a second straight month in February, and notched the smallest annual increase in four years as housing-rescue efforts contained activity, a report released on Thursday showed.Personal Finance: Prosperity for a purpose
Compromise would shield payday lenders, pawnbrokers and car dealers from oversight
Payday lenders, pawnbrokers, car dealers and other companies that make loans but do not hold bank charters would be shielded from the scrutiny of a proposed federal consumer protection regulator under the terms of a tentative compromise between senators who are attempting to craft a bipartisan bill.Ex-official admits guilt in NY pension probe
NEW YORK -- A former top investment officer for New York's state pension fund admitted Wednesday that he helped channel hundreds of millions of dollars in public retirement money to investment firms that paid kickbacks to other officials to get the business.Curbing derivatives might hurt, not help, Greece
NEW YORK -- Derivatives have become a dirty word. The complex financial products helped blow up the U.S. housing market. They all but sank AIG. Now European officials want to crack down on a derivative called a credit default swap. It's an insurance-like product that they say has worsened Europe's...Citigroup tests waters in preferred securities sale
NEW YORK (Reuters) - Citigroup'sHome loan demand nudges higher in latest week
NEW YORK (Reuters) - U.S. mortgage applications nudged higher last week, reflecting increased demand for home purchase loans even as interest rates trekked higher, data from an industry group showed on Wednesday.Curbing derivatives might hurt, not help, Greece
NEW YORK -- Derivatives have become a dirty word. The complex financial products helped blow up the U.S. housing market. They all but sank AIG. Now European officials want to crack down on a derivative called a credit default swap. It's an insurance-like product that they say has worsened Europe's...Online benefits calculators for federal workers
Federal retirement: http://www.opm.gov/retire/tools/calculators/ballpark/menu.aspCommercial delinquency lower than other mortgages
WASHINGTON -- Commercial mortgages were among the best-performing loans and leases held by banks and thrifts in the fourth quarter of last year, the Mortgage Bankers Association said Tuesday.Featured Advertiser
Market rebounds, but workers have minimal savings
DES MOINES, Iowa -- Tom Taormina is 65 and has no retirement savings.AIG sells Alico unit to MetLife for $15.5 billion
CHARLOTTE, N.C. -- American International Group Inc. said Monday that it will sell its American Life Insurance Co. division for $15.5 billion to MetLife Inc. The government-approved deal, AIG's second big asset sale in two weeks, will give the insurer more cash to repay the billions of bailout...MetLife seals Alico deal after two-year quest
NEW YORK (Reuters) - MetLife IncCanada Now Somewhat Less Anti-Startup
Canada isn't shy about making life difficult for startups , and we've had one or two personal brawls with the country as well. But a change in Canadian tax law last week is designed to spur U.S. venture investments in Canadian startups and make Canada less of a leper colony for tech entrepreneurs....China banker says local govt debt may be bank risk
BEIJING -- China's banks might face risks if finance arms set up by local governments to invest in real estate and infrastructure projects cannot repay heavy borrowing, a deputy central bank governor said Monday.US-BUSINESS Summary
Bulls may run more from March 2009 lows NEW YORK (Reuters) - Bulls may get more room to run this week on the anniversary of the March 2009 lows -- if U.S. stock investors see more signs of stability after Friday's rally on smaller-than-expected job losses. The catalysts could be February retail...With bank credit frozen, small U.S. businesses starting to turn to microlenders
Ryan Fochler's life changed six years ago when he left his job in the computer industry to buy an Arlington County-based dog-walking business with $50,000 in personal savings and a home-equity line of credit. The firm grew quickly, with revenue more than doubling each year. By 2008, Fochler was r...Color of Money Challenge: Soon-to-be-former inmates ready to rebuild their lives
Stephanie Harris's management and sales skills helped her earn $3,000 for just six or seven hours of work on a "good" day.Financial pros offer strategies for financing a Roth conversion
Q: Should we borrow to pay the tax on a Roth IRA conversion?Starting over
A look at the two Maryland women who have agreed to let columnist Michelle Singletary advise them as they leave prison and start new lives.Things to think about when considering a Roth conversion
Good news: You're eligible. Until now, only taxpayers with incomes of $100,000 or less were permitted to convert a traditional retirement account to a Roth IRA. But the income-eligibility limit on Roth conversions disappeared Jan. 1 (income-eligibility limits on contributions remain in effect). So...Converting IRA to a Roth could affect college financial aid
Q: I'd like to convert a traditional IRA to a Roth, but my son will be going to college soon. Will converting the IRA affect our chances of getting financial aid?Featured Advertiser
2010 Color of Money Challenge: Christine Foote
Christine Foote Age: 33 Background: Foote grew up in a middle-income family in Wicomico County, Md. She has a 14-year-old daughter, Samantha.2010 Color of Money Challenge: Stephanie Harris
Stephanie Harris Age: 27 Background: Harris was raised in a middle-income home with parents who expected her to do well. "I had a great childhood with family values," she said. "When the street lights came on, we couldn't leave the alley behind our house." Harris, who said she was an honors stud...Fairfax's affordable housing plan might not change Tysons
Priced out of living in Tysons Corner, many among the 100,000-member workforce have been known to commute from as far as Fredericksburg and Oxon Hill, and even from points in West Virginia.Frank Ahrens: Why it's so hard for Toyota to find out what's wrong
I won't lie to you: I was not a good engineering student. That's one of the reasons I went into journalism. But I managed to acquire a bachelor of sciences in mechanical engineering, and the recent Toyota hearings on Capitol Hill brought back a lot of memories. Specifically, memories about how...The recession has hurt many people's credit scores. How to fix it?
The recession may have done a number on your credit score, even if it spurred you to reform spendthrift ways and cut up your credit cards. For many, the drops have come at the same time that lenders have tightened their standards and demanded higher scores to get the best interest rates.Squatters in their own house: When banks don't foreclose
It's been more than 16 months since Eugene and Patricia Harrison last paid the mortgage on their Perris, Calif., home. Eleven months since the notice got slapped on their front door, warning that the house would be sold at auction.Looking to refinance? Ask yourself these four crucial questions.
We want to refinance our home loan. We are at 5.75 percent and might be able to get 4.85 percent on a 30-year, fixed-rate mortgage. We would save $87 to $104 per month, and we are thinking about adding extra money each month to pay off the loan faster.Sometimes losing a home is just the beginning of the pain
As if losing one's home in a foreclosure or short sale were not already sufficiently traumatic, many former homeowners are learning that the day they turn in their keys may be only the start of an even more prolonged housing-induced misery.Featured Advertiser
30-year mortgage rates dip below 5% as market drags
Mortgage interest rates declined this week, lowering borrowing costs as the housing market's recovery shows signs of slowing.Rep. Barney Frank warns of Fannie, Freddie risks
An influential voice on Capitol Hill has unexpectedly called into question the safety of investing in Fannie Mae and Freddie Mac, raising the specter that investors who have lent money to the two firms or bought their mortgage-backed securities could one day suffer losses.Real Estate Live
Post Real Estate columnist Elizabeth Razzi will discuss the local housing market -- from condos and investment properties to contracts and mortgages on Friday, March 5, at 1 p.m. ET.Online benefits calculators
-- Federal retirement: http://www.opm.gov/retire/tools/calculators/ballpark/menu.aspColor of Money Book Club
Personal finance columnist Michelle Singletary and Thomas J. Stanley, author of "Stop Acting Rich . . . and Start Living Like a Real Millionaire," take questions on money matters.Personal Finance: Are you a pretender?
A pretender is someone who buys a BMW when they really have a Ford Fusion budget.FreeCreditReport.com isn't free; you want AnnualCreditReport.com
Beginning April 1, when you go online to view your federally mandated free annual credit reports, you'll get exactly what you came for. Hopefully.White House extends refinancing program for troubled homeowners
The Obama administration announced Monday that borrowers with little or no equity in their homes will have another year to take advantage of a refinancing program that so far has made little progress.Online benefits calculators
-- Federal retirement: http://www.opm.gov/retire/tools/calculators/ballpark/menu.aspThe Color of Money: Michelle Singletary on women with a wealthy attitude
A PURSE OF YOUR OWN An Easy Guide to Financial Security By Deborah Owens with Brenda Lane Richardson. Fireside. $15 Except for the occasional special coin or the Martha Washington $1 silver certificate, I always wondered why the face of a woman isn't part of U.S. currency. Then I saw this quote f...10 tips for spending less and saving more
If cheap is chic, then saving is suddenly sexy. America Saves Week, which is just wrapping up, takes on new meaning when the U.S. savings rate, which had dipped into negative territory, headed up to 4.6 percent last year. The savings rate could climb as high as 6.5 percent, according to Allianz G...Obama proposal aims to curb conflicts of interest in 401(k) investment advice
The Obama administration offered a long-awaited road map Friday for companies that want to perform potentially conflicting roles: managing retirement funds such as 401(k) plans for employers and advising employees as to which funds they should choose.Ask Kim: Use caution in closing credit cards
Q: I have several cards that I don't use, and I worry that I could get hit with inactivity fees and other new fees if card companies look for ways to make money in reaction to the new credit card law. It seems as though it would be better to close the credit-card accounts rather than have to pay the...Fighting foreclosure
THE OPTIMUM policy for the home foreclosure crisis is to modify the loans of as many distressed homeowners as possible. Making mortgage terms more affordable by mutual agreement enables families to stay in their houses, props up neighborhood home values and saves banks the huge costs of seizing and...Fannie Mae's huge loss means $15 billion more in rescue cash
Fannie Mae needs another $15.3 billion in federal assistance, bringing its total to more than $75 billion. And worse, the mortgage finance company warned that its losses will continue this year.Factors to consider in paying down the mortgage
We are still in our house almost 2 1/2 years after refinancing, and the rate on our interest-only mortgage is 6.5 percent. If I have $10,000 that I will not need in the foreseeable future, can I send that amount with our next payment to help pay down the principal on the loan? Or am I better off...Condo board has two options on delinquent fees
I am president of a six-unit condominium association in the District. Five of the owners reliably pay their monthly condo fee, but one does not. She owes more than $3,500. What options do we have? We understand that the unit owner is also delinquent on her mortgage payments. Can we foreclose on the...Featured Advertiser
Be aware of good-faith estimate' rules, or it could cost you
If you are planning to take out a mortgage or refinance, you might want to hear this blunt message from federal officials: Don't fly blind. When you're shopping among competing lenders for the best terms and fees, make sure you know which quotes come with a guarantee and which do not.30-year mortgage rates rise as new-home sales fall
Mortgage rates climbed for the first time in three weeks, increasing borrowing costs as new-home sales slumped to the lowest level on record.FDIC to test principal reduction for underwater borrowers
The Federal Deposit Insurance Corp. is developing a program to test whether cutting the mortgage balances of distressed borrowers who owe significantly more than their homes are worth is an effective method for saving homeowners from foreclosure.More bidders may emerge as fight for General Growth escalates
The battle for General Growth Properties, a major U.S. mall owner seeking to emerge from bankruptcy protection, is turning into the biggest real estate fight since the sale of Sam Zell's Equity Office Properties Trust.Personal Finance: CARD Act Impact
Most of the major features of the Credit Card Accountability Responsibility and Disclosure Act of 2009 are now in effect. Now we will see if this legislation will have the impact Congress intended and whether it really translates into more transparency and fairer policies for consumers.Second phase of Credit CARD Act changes begins
"Credit card debt, does it ever end?" That's a haunting line delivered by comedian Amy Poehler in a 2006 "Saturday Night Live" skit also featuring Steve Martin and Chris Parnell. The sketch was brilliantly and simply titled "Don't Buy Stuff You Cannot Afford." (You can view it at Hulu.com ).Related Links
URL to this feed
Embed this feed
RSS2HTML 
Link to this page
Link
Recent Changes