Latest News in Mortgages and Home Loans- Dec 16, 2008

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Should You Pay Your Mortgage Off Early?
One of the debates that often surfaces surrounding the home mortgage loan is whether or not it is worth it to pay your mortgage off early. Since I am of the school that it is better to get out of debt as soon as possible, I tend to be on the side of doing what […]

Citi, AIG Enjoy Bailouts; Auto Industry Bailout: EPIC Fail
Well, it happened. Congress decided to make a stand. Over a paltry $14 billion loan. After dishing out nearly $1 trillion to ensure that the financial companies are fine, the Senate balks at a relatively small loan for the auto industry. The Senate requires the auto industry to come with a plan to make themselves […]

Mortgage Interest Rates Plumb Lows
Mortgage interest rates are much lower now than they were a few months ago. In fact, long term mortgage rates are at lows not seen for four years. Mortgage News Daily reports on the new 30 year fixed mortgage interest rates:
The 30-year fixed-rate mortgage (FRM) averaged 5.47 percent with an average 0.7 point for the […]

Mortgage Applications Drop After Two Weeks of Record Numbers
Mortgage applications have dropped, but that’s not too bad, considering the record numbers of mortgage applications that have been pouring in the last couple of weeks. CNN Money reports on the state of the mortgage market:
“While applications may have been somewhat lower last week, it’s important to remember we are coming off the previous two […]

Would an Income Tax Holiday Help the Economy?
All sorts of ideas are floating around as our leaders try to get a handle on the economy. Indeed, there are a number of ideas out there, all of them designed to help stimulate the economy. Sometimes it seems as though our leaders are just tossing things up against a wall to see what will […]

Loan Modification Only Delaying the Inevitable for Some Homeowners
Back at the beginning of the year, loan modification was hailed as the way to help troubled homeowners deal avoid foreclosure. Turns out that in many cases, loan modification only helps delay the inevitable. CNN Money reports on foreclosures:
Some 53% of borrowers with loans modified in the first three months of 2008 and 51% of […]

Can Fractional Ownership Help Ease Foreclosures?
There are a number of interesting ideas out there that might help ease foreclosures. Most of them are not really being considered by the government. The government is thinking more in terms of forcing interest rates down and trying to help banks feel good about loan modification. Oh, and bailouts that are supposed to increase […]

Could Lower Mortgage Interest Rates Mean a Housing Market Bottom?
One of the big issues right now is that mortgage interest rates have been higher than they should be. With the credit market crisis causing wariness on the part of mortgage lenders, interest rates have been somewhat high. Now, though, there is a plan to try and get mortgage interest rates down. Mortgage News Daily […]

Sheila Bair Encouraged by Barack Obama?s Foreclosure Ideas
The chairperson of the FDIC, Sheila Bair, has been pushing an aggressive plan, modeled off of what was tried when IndyMac went under, to help stop foreclosures. Her efforts, though, have been running into opposition from the Treasury Secretary, Henry Paulson, as well as other prominent members of the Bush Administration. The current administration seems […]

Mortgage Market News: Fannie Mae, Bush Administration
It’s a busy Monday morning in the world of mortgage market news. One of the big pieces of news comes from Fannie Mae (and other mortgage lenders). The other piece of news is rather damning evidence that the Bush Administration was pretty well aware of what was coming in terms of the mortgage market crisis. […]

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