Article Abstract:
The high costs stemming from foreclosures and other real estate-owned properties can be avoided with the help of nonprofit organizations that provide default management counseling. Many borrowers become delinquent because they are ignorant about their legal rights and options, and the information that could help them deal with their mortage commitments are often out of reach. Nonprofit counseling agencies can serve them by providing needed debt counseling and by intervening between lender and creditor. They can broker loan workouts, arrangements that are designed to provide relief to delinquent borrowers and to prevent expensive and unpleasant foreclosures. Workouts can be in the form of preforclosure sale, deed in lieu of foreclosure, assumption, modification, claim advance and forebearance. The loan workout process is discussed.
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Article Abstract:
Forensic accounting can help solve cases of fraud. The challenges in investigating fraud are many, including the possibility that such crimes are not taken as seriously as other crimes. The discipline requires a specific skill set and includes the ability to make fraud risk assessments and to be able to track how assets are acquired.
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Article Abstract:
The use of purchase accounting for savings and loan mergers is analyzed. The FASB has established guidelines for merger accounting. The handling of goodwill and amortization leads to lack of uniformity. Contemporary accounting practices provide sufficient control.
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