California taxpayers who lost their home to foreclosure or a short sale in 2013 got a last minute tax break when the legislature extended favorable tax treatment for forgiven mortgage debt. The state law covers only sales or foreclosures occurring prior to January 1, 2014.  It mirrors but is less expansive than the federal law on […]

Warning:  we are returning to the bad, old days of home foreclosure with tax consequences in California. Foreclosure starts  in California were up 8% over the prior month in January, and the federal home foreclosure tax provisions that kept borrowers from both losing their homes and acquiring a whooping tax bill expired. Extensions of the […]

Ocwen’s mortgage servicing failings will cost it big bucks. The Attorneys General of the states and the CFPB have reached a settlement with Ocwen regarding its misconduct as a mortgage loan servicer. Ocwen must provide $2 billion in principal reductions to borrowers, along with cash to those who were victimized in the course of a […]

The aftermath of  mortgage mess mess will be with homeowners  for as far into the future as we can see. Even those who held on to their homes can expect trouble. The “who’s got the note” theory of foreclosure defense that swept the rest of the country never made much headway in California. We are […]

Three of the five big banks who settled charges of mortgage lending abuse have failed to live up to their settlement commitments. Who’s surprised that Bank of America, JPMorgan Chase and Citigroup were each found wanting by the watchdog appointed to monitor their compliance? Monitor Joseph Smith reported that these banks flunked 7 of the […]