Great News for Homebuyers!!Fed Cuts Key Interest Rate to Historic Low
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The Federal Reserve yesterday slashed its benchmark federal funds rate – the overnight rate at which banks lend to each other – from 1 percent to a target range of 0 percent to 0.25 percent, the lowest rate on record.
In the last 15 months, the target federal funds rate has been cut 10 times. By dropping this key interest rate to almost nil, the U.S. central bank has exhausted what has historically been its most fundamental tool for managing the economy. With yesterday's announcement, the Fed has done all it can with ordinary rate cuts, and said that because of continuing weak economic conditions, it is likely to leave its key short-term lending rate at "exceptionally low" levels for "some time."
Fed policymakers are now promising aggressive new initiatives to combat the country's deepening recession, vowing to use "all available tools" to shore up the U.S. economy and provide “sustainable economic growth.”
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The Internal Revenue Service (IRS) announced an expedited process that will help prevent a federal tax lien block on the refinancing of mortgages or the sale of a home by financially distressed homeowners.
If taxpayers are looking to refinance or sell a home and there is a federal tax lien filed, there are options, the IRS said in a press statement. Taxpayers or their representatives, such as their lenders, may request that the IRS make a tax lien subordinate to the claim by the lending institution that is refinancing or restructuring a loan. Or, under certain circumstances, taxpayers or their lender representatives can petition the IRS to fully dismiss its claim if the home is being sold for less than the amount of the mortgage lien, the IRS explained.
The process to request a subordination or dismissal of a tax lien
takes approximately 30 days after the submission of the completed
application.
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