Capitol Hill to Tackle Mortgage Mess

The week sees the mortgage crisis take centre stage in the Senate as a bill aimed at helping homeowners and businesses affected by the subprime debacle comes up for a key procedural vote.

Set to take place on Tuesday, the bill needs 60 votes to proceed to debate, where if successful could be up for a final vote on Wednesday.

Senate Banking Committee Chairman, Christopher Dodd has vowed to push the legislation and will hold hearings in the coming week on the measure aimed at providing cheaper mortgages backed by the government.

Dodd's proposal would allow the Federal Housing Administration to encourage lenders to forgive a portion of a loan and issue a more affordable mortgage that would be backed by the federal government.

The measure would also provide a tax credit for people buying a foreclosed home as well as contain $4 billion to help cities and towns buy-up foreclosed and abandoned houses.

 

More Top Stories »

Hope Now Gaining in Foreclosure Prevention as Loan Modifications Increase

The Hope Now initiative, a private mortgage lender and servicer alliance, is increasing its effectiveness in preventing foreclosures. In October, Hope Now set a new record in foreclosure prevention modifying 225,000 mortgages. That total exceeds September's loan modifications by 13,000.

Law Firms and Banks Collaborating to Streamline Loan Modifications

Increasingly loan modifications are becoming the preferred mechanism to help defaulting homeowners and troubled bank mortgage asset portfolios. All of the major banks, Bank of America, JP Morgan Chase, and Citigroup have announced streamlined loan modification programs.

US Retailers Hope for a Big Cyber Monday

Retailers got a welcome Holiday gift on Black Friday, with retail sales actually rising 2 percent over last year. Despite the doom and gloom of economic prognosticators consumers lined the sidewalks in the wee-hours of the morning for "door-buster" deals.

Retailers Caught Flat-footed by Rapid Economic Slowdown

It's Black Friday, will they come? Black Friday a term linked to the fact that traditionally all retailers "make their year" by blasting into profitable territory for the entire year on the strength of holiday sales. This year may be a stark contrast.

President-elect Obama Subtlety Taking the Reigns of US Economic Policy

In his regular press conferences behind the very Presidential-looking "Office of the President-Elect" podium Obama quietly is absorbing the Presidency. Despite being 11 weeks away from inauguration and still two weeks away from officially being declared President-elect by the convening of the Electoral College, he is undeniably taking the reigns of US economic policy.

Federal Reserve Starts Printing Money to Jumpstart Lending

The Federal Reserve and US Treasury have announced another bailout, this one theoretically for consumers and small businesses. This plan involves another $800 billion.

Compare Rates

National Rates

Loan Type Today
30 Year Fixed   5.22
15 Year Fixed   5.17
5/1 Adjustable   5.65

Get Your Rates »

Rates may contain points

Browse Mortgage Rates

Featured Guides

Browse our comprehensive guides to popular topics related to mortgage and personal finance.

100+ Calculators