GENERATIONS OF QUALITY TAX SERVICE

“Saving You Time and Money”, this has always been HASS ASSOCIATES ACCOUNTING INCOME TAX philosophy. We are privately owned income tax preparation business in the United States serving hundreds of clients and generations of families. We are looking forward to serve you a focus personalized attention and quality service. The pleasure is ours working you More »

SERVING CLIENTS OF EVERY NATION

HASS ASSOCIATES ACCOUNTING has helped individuals and businesses around the world or every nation. Our “Client Map” can give a tour to meet our clients and where they are located. We are completely confident that you will find clients we serviced in your area. Ask them and you will not be disappointed. More »

HASS ASSOCIATES ACCOUNTING was at first doing business as the Tax Center and was then evolved to an accounting industry concerning about income tax preparation. More »

We dealt with generations of families to families. Our philosophy has enabled us to service entire families over generations. Trust is earned and trusts we will never break. Parents trust to the HASS ASSOCIATES ACCOUNTING and then they passed it on their children and their children will pass it on theirs… and we value this trust. Our experience, as well as our focus on customer service, will always be expected from us. More »

We truly live by our promise. As a result majority of our professional tax preparers have been with us for many years. And because the company is built on trust, those who are newly hired must pass our rigorous testing process and have multiple years experience in the preparation of tax returns. More »

 

The Wall Street Journal Pines for the Return of Liar’s Loans

The Wall Street Journal’s editorial staff (WSJ) disparages the Dodd-Frank Act and the leaders of the financial regulatory bureaus. I agree with many of those criticisms; but I distance myself from them on their horrified stance against the Act, saying that: “The regulation micromanages bank decisions down to the type and nature of loan.” The Dodd-Frank Act prohibits a “type” of loan according to the innately deceptive “nature of [the] loan.” The Act disallows liar’s loans. The WSJ believes this ban so atrocious, so evidently an infringement of the divine right of banks, that it calls it “micromanage[ment]” and presumes that the word establishes the irrationality of prohibiting liar’s loans.

As I have been discussing for more than twenty years, no truthful lender would make liar’s loans. Here is George Akerlof and Paul Romer’s clarification of the analytics in their well-known 1993 article in which they specifically alluded to my explanation. Notice the creepy manner in which they explain the explicit underwriting failures that characterized liar’s loans ten years later.

“[An officer] who is betting that his frugality might in reality create a profit would never operate the way many thrifts did, with total disregard for even the most essential tenets of lending: keeping sensible records about loans, safeguarding against external fraud and abuse, counter-checking data on loan documentations, even striving to have applicants fill out loan forms for applications. 5

5. Black (1993b) vigorously makes this point” (1993: 4 & n. 5).
When a lender fails to observe “even the most elementary guidelines of lending” it will incur grave losses. The controlling officers, however, will be made rich by making sloppy loans. Indeed, Akerlof and Romer emphasized that accounting control fraud is a “sure thing” (1993: 5).

Here are the five most notable warnings of the mortgage industry’s anti-scam unit (MARI) that the Mortgage Bankers Association sent to practically all significant mortgage lenders as early as the start of 2006:

  • Stated income loans “are open invitations to con artists”
  • Study: fraud occurrence is “90 percent”
  • “[T]he stated income loan deserves the label utilized by many people in the industry, the ‘liar’s loan.’”
  • “Apparently, many people in the industry have little … understanding of the mess produced by low-doc/no-doc products that were in fashion in the early 1990s. Those loans created hundreds of millions of dollars in losses….”
  • “Federal regulators of insured financial agencies have voiced out concerns about safety and soundness regarding these loans….”

    Even Ben Bernanke, the Nation’s chief anti-regulator, used the Fed’s distinctive statutory power under the Home Ownership and Equity Protection Act (HOEPA) of 1994 to proscribe liar’s loans in mid-2008. Bernanke deferred the effective date of the rule by 15 months because one would not want to give a deceitful lender a hard time.

    Alan Greenspan disregarded Fed Member Gramlich’s popular warnings about non-prime loans and also rejected his plea that Greenspan send the Fed’s analysts into the bank holding company affiliates to uncover the real story. The Fed’s supervisors were subjugated to the menial role of asking the systemically dangerous institutions (SDIs) what kind of loans they were making (a procedure that would definitely lead to significant understatement by the SDIs).

    “Sabeth Siddique, [queried] large banks in 2005 …how many of which types of loans they were originating. Siddique discovered the data he obtained “very alarming,” [N]ontraditional loans comprised 59 percent of originations at Countrywide, 58 percent at Wells Fargo, 51 at National City, 31% at Washington Mutual, 28.3% at Bank of America, and 26.5% at CitiFinancial.

  • Find an Apartment with Bad Credits

    There is one more painful than the ability to get a loan it is having bad credits. As a consequence the ability to get a good job and ultimately, the ability to rent a decent apartment is affected.

    Here are ways how, so don’t give up just yet.

    Month to Month- this style permits the landlord and the tenant much more leniency, which is why many apartment owners have gone to this month to month style. As compared to those who signed for a year lease month to month as landlords are not so concerned with poor credits. And to tenants with bad credit, they find apartments to rent with month to month leases great.

    Clear Debts- Pay off debts that might be a hindrance, work on clearing your debts before apartment hunting. Even up to seven years some things stay on a credit report. But even so it is always better and looks better to have a past due debt that has been paid than to have a bad debt that is not paid or there has been no effort to pay it. Most landlords will look at paid off late debts as an attempt to be responsible. And may be you key to get your new apartment.

    References- References are very significant and can be sufficient to convince a landlord to make you rent his apartment even with bad credit that is why landlords always ask for them. The landlord might be willing to move forward with a lease if someone with a good reputation is willing to give a good reference to the landlord.

    Avoid Real Estate Agents- it may be hard for a landlord to let a person with bad credits rent the apartment but there is a good chance that he still will but a real estate agent rarely will though. Shun eyeing at apartments a real estate agent is managing. Real estate agents strictly verify backgrounds and credit reports. There is slim hope of finding a good apartment through a real estate agent if you have bad credits.

    Bad credit does not prevent people from renting an apartment and if you want, the greatest chance of a decent apartment on bad credit is a month to month lease. This makes both the landlord and tenant feel more comfortable in the situation plus it is an easier payment terms.

    What is a structured settlement?

    A structured settlement is defined as an agreement by which an insurance company makes payments to an injured person as the result of a bodily injury claim settlement. The money then will be awarded to their surviving family if in the case that the injured individual is deceased.

    For about 30 years, structured settlements have been around aiding injured person. For the insurance companies, rather than paying all at once, it is easier to pay over a period of time that is why structured settlements were established. Payouts must follow a certain structure that is why it was named structured settlements.

    A financial institution is the only authorized body who can distribute structured settlements. In many cases, these institutions will specialize in structured settlements.

    For a certain period of time or even over a lifetime the payments are made in installments. Some settlements accommodate immediate payment to comprehend a specific damage that occurred.

    The defendant usually buys an annuity for you in the amount of the settlement. There are many different ways you can set the money such as when you are sick and entail medical care; you can save funds for your medical treatment.

    Over a certain amount of time, a structured settlement annuity offers tax-free payments. In some cases, the payments can be made over the lifetime of the individual. In the event that the payee dies, then the payments can be made to their beneficiary.

    The settlement cannot be changed once established. Hence, you need to be certain that it is arranged the way you want it. It will be helpful to have an attorney in determining the terms of the structured settlement.

    Structured settlements are sometimes bought by many companies so that you can receive a lump sum. There are investors that are always seeking for people who want to cash out their structured settlement. If you really want to cash it out you may sell it by parts, or sell just a part of it.
    You may exchange it with some companies who are willing to trade it with you if you think that selling your settlement is not a good idea.

    Some states do not allow structured settlements so better think about it many time before deciding. Make some research about its pros and cons and weigh if they are right for you. Who knows it might be a good way for you to get the money that is meant for you.

    Will paying my utility bills on time improve my credit score?

    No, it doesn’t factor into the credit score.  Paying your utility bills such as electric company, the gas company, and your television and phone service, it also includes cellular phone providers, on time would not reflect and it doesn’t make it to your credit score.

    Your utility companies has nothing to gain if they report you timely payments that is why most utility companies don’t go to the effort and expense of reporting your timely payments to the credit bureaus.

    But the thing is some utilities will make a report if you are late on your payments.  Therefore, it will likely go on your credit report if the account goes to a collections agency.  This will not happen unless you make an arrangement for payment with the

    But you would rather not do so because this doesn’t mean that you have an excuse of not paying your bills on time.  The utilities are charging interest on late accounts, and therefore they can send the account to a collection agency.

    GENERATIONS OF QUALITY TAX SERVICE

    “Saving You Time and Money”, this has always been HASS ASSOCIATES ACCOUNTING INCOME TAX philosophy. We are privately owned income tax preparation business in the United States serving hundreds of clients and generations of families. We are looking forward to serve you a focus personalized attention and quality service. The pleasure is ours working you.
     

    SERVING CLIENTS OF EVERY NATION

    HASS ASSOCIATES ACCOUNTING has helped individuals and businesses around the world or every nation. Our “Client Map” can give a tour to meet our clients and where they are located. We are completely confident that you will find clients we serviced in your area. Ask them and you will not be disappointed.
     

    LOCATE US FROM THE COMFORTS OF YOUR HOME

    HASS ASSOCIATES ACCOUNTING is easy to find and easy to go to because we have many office sites. We provided this interactive map so you can be able to situate us in your most convenient location. And now you can reach us from the comforts of your own home by logging-in in our online video conference and talk to one of our tax professionals. We are happy to serve you.