World news and information

 The Obama administration has given another year of life to an foreclosure prevention program allowing certain borrowers to refinance underwater mortgages owned or guaranteed by Freddie Mac and Fannie Mae. The Home Affordable Refinance Program had been set to expire June 30. HARP, as it’s known, will now continue through June 2012. With 30-year fixed-rate mortages below [...]

Introduction In Douglas Millowitz v. Citigroup Global Markets et al (“In Re Salomon Analyst Metromedia Litigation”), 544 F.3d 474 (2nd Cir. 2008), the Second Circuit extended the fraud-on-the-market presumption of reliance, first set forth in Basic v. Levinson, 485 U.S. 224 (1988), to analyst reports. The Court also stated that defendants should be afforded the [...]

Just recently the U.S. House of Representatives decided to pass a new bill that will grant an extension and expansion of the Federal Tax Credit for First-time Home Buyers. This extended tax credit will be good through April 30th, 2010 that now also includes a 60 day extension should there be a binding contract in [...]