Latest News in Mortgages and Home Loans- Dec 23, 2008

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Bush Administration to End FHA Secure, Despite Calls for Continuation
One of the programs that many mortgage industry and related groups has been fairly happy with has been FHA Secure. FHA Secure is a program that the Bush Administration put into practice back in August of 2007 when the first hints of a massive subprime mess were starting to be taken seriously. (Warnings, of course, […]

Fannie Mae Servicers Can Now Do Streamlined Loan Modification
Yesterday marked the first day that Fannie Mae servicers could offer streamlined mortgage loan modification through the Streamlined Modification Program (SMP) that was announced back in November. The program, reports Market Watch, is designed to help home owners in danger of foreclosure get loan modification more quickly:
The SMP is designed to be a streamlined process […]

State of Utah Warns Against Foreclosure Fraud
Things are getting crazy out there. As the economy continues to worsen, more and more people are in danger of losing their homes. Job loss and other issues are starting to take their toll on even the most responsible of home owners. And, as foreclosures mount, so, too, does foreclosure fraud.
Foreclosure fraud
Foreclosure fraud comes in […]

Bank Writedowns Hit $1 Trillion
Writedowns have so far cost banks $1 trillion, causing the U.S. dollar to plunge, companies like Morgan Stanley to be downgraded, and worries about the economy to resurface. Yesterday’s Fed rate cut can only do so much to stave off worries about the economy and try to fight against recession. Indeed, with all of these […]

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 […]

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