Latest News in Mortgages and Home Loans- April 14, 2009

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Canceling Your Credit Card Could Hurt Your Chances of Getting a Home Loan
Image by dogonthesidewalk via Flickr
Right now, many people seemed inclined to cancel credit cards and go with cash. There is a movement, in this time of recession, to get back to the sound basics of finances and get rid of debt. For many people, getting rid of credit cards is the way to do this. […]

Are the FDIC?s Commitments Higher Than Thought?
We here about the FDIC, which guarantees deposits in institutions. Indeed, the FDIC recently increased the amount of money it insures to $250,000 per account. However, there are some concerns about whether or not the FDIC would be able to cover this amount. Additionally, some think that commitments the FDIC already has could be higher […]

Wells Fargo Forecasts Profits
The big news today is that Wells Fargo is forecasting a Quarter 1 profit of $3 billion. The news prompted a stock market rally in the financial sector that brought all of Wall Street higher today. I
Image by Getty Images via Daylife
ndeed, the news about Wells Fargo profits has many optimistic that the worst is […]

FHA Loans Performing Well in this Economic Climate
Even though the Federal Housing Administration is experiencing problems due to loan defaults and foreclosures, FHA loans are still performing relatively well. When you compare FHA loans to subprime loans, they are performing admirable. Indeed, the FHA is expected to be able to weather the current mortgage market crisis and recession in better shape than […]

?Sticky? Asking Prices Slowing Existing Home Sales
I read something interesting over the weekend in a local newspaper. It is a story about how sellers are refusing, in some cases, to lower the asking prices on their homes. This is a development that is contributing to the slowdown in home sales in some real estate markets. Andrea Mitchell offers this insight into […]

Loan Modifications May Be Working: Here?s Why
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Mortgage lenders aren’t thrilled about loan modifications, but they may be working nonetheless. The key is affordability. Loan modifications that help homeowners better afford their payments result in better results than mortgages that don’t change anything at all. CNN Money reports on the latest government report showing that loan modifications may […]

New Accounting Rules for Banks
Image by Getty Images via Daylife
Mortgage lending banks have had problems lately with toxic assets on their balance sheets. Complex derivatives and credit default swaps make up a large amount of “assets” causing problems on the balance sheets of banks. After leveraging heavily to invest in these opaque vehicles that hardly anyone knew how to […]

Is Commercial Real Estate Next?
Commercial real estate has been barely hanging on in some areas (although Detroit is famous for its “dead” malls already). However, with a deepening economic recession, things can’t keep limping along for much longer. Indeed, there are two main issues that are likely to affect commercial real estate in the near future:

Slumping retail sales and […]

Twitter Helps Fast Track Mortgage Loan
Image via CrunchBase
Any number of pundits and others make fun of Twitter. My husband makes fun of Twitter. He just doesn’t “get” it. Some days, I don’t know why I am doing it, either. And then I get a job lead or some other benefit, and my faith in Twitter is renewed. Today, I found […]

Bank Failure Friday: Omni National Bank
It’s turned into kind of a joke: “Failure Friday” has become a staple on many finance and mortgage blogs. Friday seems to be the day that regulators seize failing banks, and in the current climate, some people really like to hear about these failures. Failure Friday is almost an official term. I haven’t really got […]

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