Latest News in Mortgages and Home Loans- Oct 21, 2008

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Planning to Refinance? Looking at a Home Mortgage? Maybe You Should Get a Mov…
Many people waiting for mortgage rates to drop right now. Indeed, many people think that they should be heading lower soon, what with banks starting — albeit cautiously — to lend to each other again. Additionally, Ben Bernanke is supporting efforts for a second economic stimulus package and hinting that Fed rates may be cut […]

Buying a Home: Get a Home Inspection
When buying a home, it is well worth it to get a home inspection. Indeed, you should make sure that your contract includes a provision for a home inspection. Even if you have to pay for it yourself. In some cases, though, in this buyer’s market, you might be able to convince the seller to […]

Fight Homelessness: Donate to Local Efforts to Fight Poverty
Today is Blog Action Day. Bloggers around the world are uniting to address the issue of poverty — hoping to bring more attention to global poverty. This is an issue that requires some thoughtful action. When there are those of us who have so much — even during this time of economic hardship — it […]

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:

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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 […]

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