Latest News in Mortgages and Home Loans- Nov 4, 2008

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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 […]

Watch Out for the HELOC Freeze
If you have a home equity line of credit (HELOC), even if you haven’t tapped it, it may be in for a freeze. Since the credit market crisis has been underway, banks have been limiting the amount they allow for a HELOC, as well as freezing HELOCs that have already been approved. Bambooclat.com points this […]

Government Working on Plan to Help Prevent More Foreclosures
With home prices dropping and with foreclosures continuing to mount, the government is announcing that new measures are being considered to help struggling homeowners. The idea is for the government to take a more direct role in helping prevent foreclosures by guaranteeing loan modifications. CNN Money reports on some of the issues surrounding the ideas […]

Is Commercial Real Estate About to Follow Residential Real Estate Down?
So far, commercial real estate has remind fairly insulated against the problems afflicting homeowners. However, there are signs that commercial real estate could be on the verge of following residential real estate lower.
Part of the problem is that commercial real estate is about to be hit by the slowing economy. There are a few factors […]

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 […]

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