Bank Notes
January 11th, 2011
- The Motley Food rated H&R Block as the “Worst Stock in the S & P 500,” mainly on the news that they will offer free federal e-file returns. “How desperate has H&R Block become, if it needs to resort to coaxing taxpayers into its stores with free federal filing?” they ask. A contrary viewpoint would say that the market is already discounting their business. Block’s fundamentals reflect a very low valuation. It is also worth mentioning that Jackson Hewitt is offering free preparation for basic federal returns (online).
- The Colorado Attorney General’s Office announced a settlement with Payday Everyday of Colorado. The Texas company operates the Payday Everyday of Colorado and FastBucks stores. The company deserves credit for innovative names, but they are going to have to pay $125,000 for compliance problems. Some of the penalties will go to their customers. The company cannot apply for a license for five years.
- Fannie Mae changed its loan level pricing adjustment (LLPA) fee schedule. The LLPA imposes a series of fees on mortgage loans delivered to the GSE. The new rules are effective beginning April 11, 2011. The new rule increases the number of mortgage loans that will have an LLPA fee. It extends an LLPA to loans with LTVs as low as 65 percent or to loans with a CLTV of 80 percent.
- The Kardashian sisters are so busted….Revenue Resources Group says that they want the sisters to pay $75 million for failing to fulfill their contractual commitments relative to Kardashian Kard. The sisters apparently were obligated to make appearances for the next three years, as well as including the Kard in all of their public events.
Filed under: housing finance,mortgage lending,payday lending | Tags: GSEs, H&R Block, Kardashian Kard, LLPA, payday
January 11th, 2011 09:53:08
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January 11, 2011
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Alan Schwartz
January 11, 2011
Motley Fool rates Block very low for offering free filing but Jackso Hewitt has offered free Federal filing for years with paid tax preparation. Block is doing the same thing. Also Jackson Hewitt has RALs but Republic Bank announced that the RAL is capped at $1500 much less than most JH customers have ever gotten; the bank also will have a higher reject rate then previously. It will be intersting to see how this plays out as the busy season for Block and JH is mid Jan through mid Feb.
edh
January 11, 2011
Your facts are wrong concerning Jackson Hewitt. JH is not offering free tax returns in its stores. Their on-line product is free for the 1040ez. Block is offering a free 1040EZ on both its on-line product and in it’s store fronts.
adam
January 12, 2011
You are both right. Jackson Hewitt offers free file for federal tax returns. It is a free file for the 1040EZ, through their online product. Thanks for contributing!!!
Only the Facts
January 12, 2011
JH has has and still offers free electronic filing with paid tax preparation. With HRB not having a RAL, JH should have a good year. Might as weel, I expect a RALess market next year.