Latest News in Mortgages and Home Loans- March 31, 2009

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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 […]

Obama Mortgage Calculator: Do You Qualify for Mortgage Modification?
In the past few weeks, President Barack Obama has announced a couple of efforts to help prevent foreclosure. One is is a mortgage modification plan designed to help people refinance their homes in order to avoid foreclosure. The idea is for them to get some loan modification or a refinance before they slip into delinquency. […]

Ready to Refinance? Make Sure You Get the Best Interest Rate
The big news right now is that mortgage interest rates are at lows not seen for decades. For those who have been fiscally responsible, now is the time to reap the rewards. And they could be big. CNN Money offers a look at what someone who has an average home with an average could save […]

Be On the Alert for Foreclosure Prevention Scams
A profusion of scams has erupted since this financial crisis hit. With aid being promised from the government, and with people becoming increasingly desperate, it is no surprise that the unscrupulous are trying to scam many folks out of their hard-earned cash. CNN Money has information on foreclosure prevention scams that are cropping up:
She’s worried […]

Figuring Out If You Qualify for Debt Consolidation
Many people are looking to use debt consolidation as a way to better manage debt or to lower overall payment amounts. However, not just anyone can consolidate debt. There are requirements to be met.
What kind of debt do you have?
Interestingly, Chris Bibey points out on the Bankruptcy & Foreclosures blog, you can’t usually consolidate secured […]

Timothy Geithner?s New Plan: Government Seizure of Non-Bank Financial Institu…
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Yesterday, Wall Street was hailing Timothy Geithner’s plan for bank rescue. Apparently, Wall Street is all about having its toxic assets taken off the balance sheets. But today, there is a little less enthusiasm on Wall Street with Geithner’s latest suggestion: He wants the government to be able to seize non-bank financial institutions.
Before […]

Mortgage Rates Lower, Thanks to the Federal Reserve
Mortgage rates are at new historic lows right now. This is in large part to the Federal Reserve decision on Wednesday to begin buying long-term U.S. Treasuries. Mortgage rates are tied in large part to long-term Treasury bond yields. The new announcement from the Fed amounts to what is known as quantitative easing.

In quantitative easing, […]

AIG Will Have to Pay Back Bonus Money
It’s finally happened: The public has caught on to the gross abuses of Wall Street types and are demanding blood. Instead of turning on their neighbors — many of whom are victims in this sad game — people are now turning on Wall Street and demanding some sort of justice. As a result, politicians are […]

Will Thornburg Mortgage File for Bankruptcy?
There is a chance that big time mortgage lender Thornburg Mortgage will file for bankruptcy. The company has been having trouble meeting its financial obligations to its own lenders, and as a result, it might be necessary to file for bankruptcy. Like many ordinary people in their personal finances, Thornburg Mortgage is overextended. And, like […]

Trying to Get a Loan Modification From Your Mortgage Lender
Right now, there are plenty of folks who are excited to try and get a loan modification. These are folks who may be in danger of foreclosure. Many of them are hardworking people who are seeing problems — like lay offs — due to the economy. As a result, they are trying to keep their […]

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