Latest News in Mortgages and Home Loans – Nov 11, 2008

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AIG Gets More from the Government
This morning, the big news (aside from a Chinese economic stimulus announcement) is that AIG is getting a new bailout deal. The deal keeps getting better for AIG, with the total package now coming to $150 billion. It seems that it doesn’t matter what AIG does (read: luxury retreat), the company is going to get […]

Your Home Can Save You Money on Taxes
Most people understand that they can deduct their mortgage interest from their taxes each year. But you may not be aware of the helpful tax nuggets in the $700 billion bailout package that was recently passed. Additionally, some previous stimulus packages have also include some favorable tax rules. Here are some more ways that your […]

Paying Down Debt: The Mortgage Should Be the Last Thing on the List
When trying to get out of debt, it is very important to consider what type of debt you have. Not all debt is created equal, and you should pay off the most detrimental debts first. This means that, by and large, your mortgage should be the last debt you actively try to pay off.
Good debt […]

How will Barack Obama Fight Foreclosure?
Last night, Barack Obama won an historic election for U.S. president. Of course, now the real work begins. While it is unlikely that everything Obama says he would like to do will be possible, there are some things that might get done. And some of them are likely to be in the area of fighting […]

Lending Rates Fall, But Credit is Still Tight
Lending rates are falling right now, and this is good news. Indeed, today’s Election Day is bringing all sorts of good news to the people of the United States. There are indications that banks are starting to lend to each other again, and that could mean that at some point they’ll start lending to the […]

JP Morgan Steps Up to the Housing Rescue Plate
JP Morgan is stepping up to the housing rescue plate. The company has its own plan for loan modification, and it has been working on helping those at risk for foreclosure work through their problems and get a payment they can afford, hopefully warding off foreclosure. And, as the bank unveils its new plan, it […]

Mortgage Trends: Default on Purpose?
One of the mortgage trends we saw earlier in the whole subprime lending mess was people making the conscious decision to simply walk away from their homes. Rather than try to save the home, some people, unable to make resetting mortgage payments, simply walked away. In some corners, the move was being seen as a […]

Mortgage Market News: Mortgage Interest Rates Spike, Plan for Foreclosures
Today, there is a reasonable amount of mortgage market news — and it’s still before noon. The biggest items of interest for some are the following:

Mortgage interest rates are spiking.
The FDIC and the Treasury are unveiling a plan to stymie foreclosures.

Mortgage interest rates head higher
While yesterday’s Fed rate cut is likely to help adjustable rate […]

Mortgage Market Trend: FHA Financing Finds New Popularity
When my husband and I bought our house last year, we went with FHA financing, coupled with a first time homebuyer program from the state. It worked out really well. But at the time we bought our home, FHA financing was not terribly popular. The main reason is that with FHA financing, a 3% down […]

Scaling Back Mortgage Loan Expectations
When my husband and I were looking for a home last year, it was just as the subprime thing was starting to come to light. No crisis, though. Mortgage interest rates were just below 6% and it was still possible to get a home with no down payment. We have a good credit score, and […]

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