When recent reports surfaced stating that Facebook founder and CEO Mark Zuckerberg could possibly face a $2 billion tax bill, tax professionals nationwide began speculating that the social media giant set a record for the most taxes paid at one time.

I personally have never seen a bill into the billions close, but not quite, Anthony Nitti, a CPA in Colorado and partner with Withum, Smith and Brown told CNN.

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Late last week, Congress agreed to reinstate the temporarily inflated FHA loan limits that fell on October 1.

So for the next two years, homeowners in high-cost regions of the country will be able to take out FHA loans for amounts up to $729,750, as opposed to the $625,500 cap that previously applied.

While this may sound like a win for the badly bruised housing market, a recent study suggested otherwise.

Back in July, a pair of George Washington University researchers claimed that higher FHA loan limits would do little to positively affect housing.

In fact, they noted that the FHA loan limit could be slashed in half and still serve 95 percent of its historic target market.

But we all know times have changed, and the FHA’s target market isn’t the underserved, low-income borrowers of times past.

These days, it’s anyone who doesn’t want to come up with a large down payment to purchase a home.

Thanks to their flagship 3.5% down loan program, the FHA’s market share has risen to about 30 percent of loan origination volume, putting pressure on capital reserves and increasing the likelihood of a taxpayer bailout.

All this at a time when we’re supposed to be shrugging off government support and bringing private capital back into the mix.

For the record, those researchers feel the FHA should hold a nine to 15 percent share of the mortgage market and lower the max loan limit to $363,000.

Fannie and Freddie Still Capped at $625,500

Meanwhile, the conforming loan limit for mortgages backed by Fannie Mae and Freddie Mac is staying put at $625,500, likely because any more risk thrown their way would be considered unacceptable.

This is a blow for those in high-cost regions of the United States looking to avoid jumbo loan financing and the higher mortgage rates that come with it.

Why? Well, most

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Delray Credit Counseling provides debt consolidation services to its customers. In addition to this, they also offer free continuing educational guidance materials to their customers, even if they are not registered in their debt management plan. Their accent on avoidance of issues and education of the consumers is considered as a great thing in debt consolidation. Medical bills, credit cards and collections accounts are covered under their debt consolidation services. Those customers, who are incapable of decreasing or facing issues in fulfilling monthly payment requirements can apply for debt consolidation services offered by Delray Credit Counseling.

You can get rid of the interest rates and also prevent late and over-limit fees through the debt management program.

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Unemployed homeowners can now be excused from making mortgage payments for up to a full year on Freddie Mac-supported home loans, the lender has announced.

The new program doubles the length of time unemployed homeowners can obtain a forbearance on a Freddie Mac mortgage, up from six months previously. The new program takes effect Feb. 1, 2012.   “These expanded forbearance periods will provide families facing prolonged periods of unemployment with a greater measure of security by giving them more time to find new employment and resolve their delinquencies,” said Tracy Mooney,a Freddie Mac senior executive. “We Read full post…

“Detroit Knows Cars” automobile fine art show is making its premiere in Detroit! The exhibit will open January 7 at 6 p.m. in the Chase Tower Building lobby (611 Woodward Avenue).  This free fine art show features members of the Automotive Fine Art Society and artists who have exhibited at Concours d’Elegance, the finest classic and collector car events in the country.

Focusing on the aesthetics, beauty, and significance of automobiles, these collective works illustrate many different art styles and techniques including painting, photography, and sculpture. The exhibit will be open from January 7 until January 28 from 6:00 a.m. to 6:0

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