Latest News in Mortgages and Home Loans- Oct 14, 2008

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Paulson Warns Against Banks Hoarding Capital
One of the issues that has been contributing to a lack of liquidity in the financial markets is the fact that banks have been rather reluctant to lend to each other. Without banks lending to each other (and businesses and individuals, for that matter), the flow of capital has been rather slow. Credit has been […]

Seller Financing Gaining in Popularity as Mortgage Market Continues to Flounder
One of the biggest issues afflicting would-be homeowners right now is an extremely illiquid and rigid mortgage market. Many mortgage lenders are balking at offering home loans — even to those with reasonably good credit. They are demanding higher down payments and sometimes simply refusing to lend. My neighbors across the street have been on […]

Wells Fargo Emerges Victorious in Battle for Wachovia
Late yesterday, Citi gave up the fight for Wachovia, and the stock market has been rewarding all parties involved. Wells Fargo will now absorb Wachovia — without the aid of government assistance — as long as it gets the green light from the Federal Reserve. MarketWatch reports on Citi’s change of heart:

[…]

Canadian Mortgage Market: Things are Calming Down
Occasionally, I get requests from readers to add a little bit of coverage of the Canadian mortgage market. And, of course, I am happy to oblige our friends to the north with a little bit of news.
Things have been interesting in Canada lately. Even though the Bank of Canada participated in the global rate cut […]

Presidential Debate: John McCain Wants to Buy Up Home Mortgage Loans
Last night I watched the second presidential debate between John McCain and Barack Obama. I thought many of the questions asked were relevant. And while I favor Barack Obama on issues from energy to health care, I would have liked to have heard him say a little more about the housing crisis than merely to […]

Fed Rate Cut: Are More Cuts on the Way?
This morning marked an historic coordinated effort by central banks around the world to ease the credit crisis. As the flow of capital has been reduced across the globe, banks have been stepping in to do what they can to alleviate the crisis and get credit moving. Unthawing the credit markets is seen as vital […]

Bank of America Bails out Countrywide Mortgage Loan Borrowers
Back in July, Bank of America acquired Countrywide — and a pile of debt and subprime mortgages about to go into foreclosure. However, thanks to a settlement reached, mortgage loan borrowers in all 50 states will receive the benefit of Bank of America’s stability and buying power. In a radical and aggressive mortgage loan modification […]

Financial Crisis Trends: Buy and Bail
One of the latest trends to hit the housing market is the presence of what is known as the “buy and bail.”
Buy and bail
This is an interesting decision that is being made by many people right now. In the buy and bail scheme, someone who sees that he or she is in too deep with […]

Government Housing Rescue Plan Started Wednesday
On Wednesday, amidst all the hoopla surrounding the $700 billion bailout package, the housing rescue plan the government approved weeks ago was quietly launched. However, reports CNN Money, things aren’t likely to take off anytime soon:
Banks, however, didn’t receive the program’s details from the FHA until Wednesday, and say it will likely be weeks before […]

Senate Passes Bailout Package. Doesn?t Help Mortgage Loans.
Last night, the Senate passed its version of the $700 billion bailout package. Bible Money Matters conveniently summarizes the three main changes the Senate added to the bill:

FDIC limits raised to $250,000 from $100,000.
Business tax breaks extended, and middle-class gets protection from alternative minimum tax.
Health insurance companies have to provide coverage for mental health issues.

Obviously, […]

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