Latest News in Mortgages and Home Loans- Nov 25, 2008

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National Association of Homebuilders Wants its Own Stimulus Package
With all the largess flowing from Washington, it’s starting to become difficult in terms of figuring out where money is going (no one’s worried about where it’s coming from, at any rate). And I know everyone’s all about the Citi bailout this morning, but another stimulus may be on the way. This one may have […]

Buying a Home: The 20% Down Payment is Making a Comeback
Back when my parents bought their first home, a 20% down payment was a must. You weren’t even considered for home mortgage loan unless you had 20% down. Straight-up. No fancy piggy-back loans or other “creative financing.” Nope. You had to have a 20% down payment.
Somewhere between when my parents bought their first home 30 […]

Are Foreclosure Vouchers the Answer to the Mortgage Market Mess?
There are a number of plans being proposed right now with regard to how to fix the mortgage mess by preventing foreclosures. Unfortunately, a lot of the ideas circulating out there are variations on a familiar theme: Throw money at a problem and hope it goes away.
Someone else is coming out with a new idea, […]

Housing and Mortgage Market News: Starts and Applications Fall
There are two bits of housing and mortgage market news that have recently come out: Both housing starts and mortgage applications are declining. In this economy, things are getting a little dicey, and it is more difficult to get a loan — and fewer people are even bothering. And as a result of declining interest […]

Seller Financing Gains in Popularity in this Economy
One of the issues right now in the housing market is how difficult it is to get lender financing. After all, many lenders are reluctant to lend. They’ve gone from offering loans to just about anyone to the other extreme: Getting approved for a mortgage loan can be a lot of hassle.
Which is why seller […]

Foreclosures: Watch Out for Scams
Times like these offer — in almost equal parts — fear and opportunity. Unfortunately, scammers are more than willing to take advantage of people who feel fear right now, as well as those who are looking for opportunity. Foreclosure scams are in abundance right now, causing problems for homeowners worried about foreclosure, as well as […]

Job Loss Can Only Add to Foreclosures
Originally, the housing market crisis seemed limited to subprime loans and to those who made imprudent choices when buying homes. Now, though, the ripples are spreading. The housing market crisis has affected the credit market and brought down once untouchable Wall Street institutions. And today, with the announcement that Citi is planning to cut around […]

Global Recession is Upon Us
Even though we have yet to be declared in a “technical” recession, there are experts and analysts from around the globe insisting that the developed world — including the U.S. — is in a recession. The Organization for Economic Cooperation and Development (OECD) is also reporting that this is the first time in more than […]

Streamlined Mortgage Loan Modifications on the Way
With Alt-A loans heading into the same realm of foreclosure as the subprime loans before them, things are increasingly looking grim for mortgage lenders. Indeed, many people are deciding that trying to save their homes are too much trouble, and simply walking away. With all of these issues coming into play, it is no surprise […]

If Anyone Deserves Mortgage Loan Modification, It?s Veterans
On this Veterans’ Day, as I ponder the many great men and women (some of them relatives and friends) who have given so much for this country, my thoughts inevitably turn to the fact that military foreclosures are on the rise. In my mind, this is inexcusable. Military personnel sacrifice so much for us, including […]

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