Latest News in Mortgages and Home Loans- Feb 03, 2009

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Is Your Mortgage Statement Correct?
Right now, mortgages are in the news. A lot. From concerns that prime borrowers are the next wave of foreclosures (thanks to the fact that job loss is likely to result in a wave responsible people suddenly unable to make their payments) to the almost weekly drops in mortgage interest rates, home loans are big […]

Mortgage Market Remains Slow
The numbers are in, and December new home sales fell 14.7 percent. Indeed, this is an indicator that times really are quite tough in the housing and mortgage market. After all, it is very difficult to buy a home when you don’t have a job — or are afraid of losing your job. With unemployment […]

Economic Stimulus Package: Homebuyer Credit Update
One of the features of the economic stimulus package that was passed yesterday was a change in the way the $7,500 tax credit for new homebuyers is administered. Prior, this tax credit was meant to paid back over 15 years. Needless to say, this credit wasn’t particularly popular. (Not to mention the fact that many […]

Cram Downs Approved By House
The House is looking over an economic stimulus package right now, and as it does that a House panel has also been examining the merits of cram downs. The findings? Cram downs should help the economy. Now, of course, Congress hasn’t exactly been doing a bang up job with the economy, considering how the $7 […]

Financial News: Geithner Confirmed, FDIC Seeks Interest Rate Resrictions
There are a couple of interesting points of financial news today:

Timothy Geithner has been confirmed as Treasury Secretary by the Senate.
The FDIC is going to tighten its interest rate requirements.

These developments could have an impact on your personal finances, as well as on the economy.
Timothy Geithner as Treasury Secretary
During his confirmation hearings, and on other […]

U.S. Existing Home Sales Get a December Boost
One of the main economic indicators – especially now that the housing market is such a big focus of the economy — is the U.S. existing home sales data. This is data that takes into account how many homes (already built) were sold in a month. The news just came out for the December existing […]

Mortgage Lender News: Bank of America, John Thain and Bankruptcy
Things just keep getting messier for Bank of America. Early last year, Bank of America was seen as a solid, financially sound, company that could swoop in and save failing financial institutions. Indeed, that is just what everyone thought had happened when Bank of America bought Countrywide last year. However, in hindsight, that looks like […]

Housing Market News: Housing Starts Fall
One of the lead indicators of the health of the housing market is how many housing starts there are. Another indicator is the number of building permits issued. Today, though, the news looks pretty bleak, as December housing starts and permits show a drop. Mortgage News Daily reports on today’s housing market data:
Housing starts, which […]

FHA Loan: Low Down Payment, Credit Score Not a Big Deal
Right now, it can be difficult to get a home mortgage loan at a good interest rate. It can be hard to get a home mortgage loan at any rate. This is because mortgage lenders have changed their lending standards since the credit market crisis and the subprime lending crash. To get the best interest […]

FDIC Asks Banks to Report on How They Spent TARP Funds
One of the biggest scandals of the economic bailout bill passed last fall has to with how the $350 billion set aside for banks through TARP funds was spent. The money was meant to be spent in helping Americans avoid foreclosure. It was supposed to loosen up cash flow and banks were supposed to use […]

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