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, […]
Negative Equity and Mortgage Market Losses
One of the issues that is more likely to affect “regular folks” than $700 billion bailout plans for Wall Street and Very Large Drops in the stock market, is negative equity.
Negative equity is something that is affecting a great deal of homeowners right now. This is because as home values drop, then what is owed […]
Washington Mutual Goes Down
Washington Mutual failed last night. Luckily, though, even as the FDIC took over the ailing savings and loan, JP Morgan was there to buy it. So FDIC insurance payouts aren’t needed. National Mortgage News reports on the largest bank failure in history:
The S&L is the nation’s fifth largest residential servicer with $600 billion in housing […]
Can You Really Afford to Buy a Home Right Now?
With the news of the economy, and with (an almost certain to be passed) $700 billion bailout in the works, many people are rethinking the idea of home ownership. This is a good thing. Before you buy a home, it is important to ask yourself some very basic questions. Trees Full of Money offers 5 […]
Reader Question: How Do I Know Whether to File for Bankruptcy?
Right now, with all of the economic turmoil happening, it is no surprise that people are increasingly worried about their financial situations. And this fear is what prompted this reader question:
With everything going on, I’m starting to think that bankruptcy may be my only option. I only see myself getting deeper and deeper into debt […]
$700 Billion Bailout Plan Leads to Higher Mortgage Rates
Even as Congress continues to wrangle over the $700 billion bailout plan with the White House, mortgage interest rates are already being affected. While the details have yet to be worked out, it is very clear that sometime in the next two weeks to six months a very large amount of money is going to […]
Dems: Don?t Forget Homeowners with $700 Billion Bailout Plan
The political maneuvers have begun. Rather than just shoving the $700 billion bailout plan through like the Treasury and the rest of the Bush Administration wants, some members of Congress are asking some questions about what the bailout does.
Should it just be for Wall Street? Is there any reason that others can’t get the good […]
