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- Bill Rice - MortgageLoan.com | 09/30/2008 - 12:11am
Considered a bi-partisan done deal, the enormous market bailout bill was voted down in dramatic fashion. With 95 Democrats and 133 Republicans casting "Nay" as their vote the Emergency Economic Stabilization Act of 2008 did not even make it out of the House of Representatives.
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- By:
- Bill Rice - MortgageLoan.com | 09/29/2008 - 12:30am
House of Representatives votes down the $700 billion market bailout bill. Bringing surprise and shock into the financial markets, which headed down as much as 500 points (Dow) during the losing vote.
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- Bill Rice - MortgageLoan.com | 09/29/2008 - 12:15am
Wachovia becomes the latest giant to fall into an apparent three bank consolidation. Wachovia was acquired this morning by Citigroup. The FDIC assisted agreeing to absorb losses above $42 billion and would get $12 billion in preferred stock and warrants from Citigroup.
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- Bill Rice - MortgageLoan.com | 09/29/2008 - 12:05am
After an intense weekend of negotiations the formally named Emergency Economic Stabilization Act of 2008 is headed to the House of Representatives for its first vote. Senator and Republican Presidential nominee, in a statement on ABC's "This Week," probably captured the sentiment of Congress and Americans the best, "This is something all of us will swallow hard and go forward with."
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- By:
- Bill Rice - MortgageLoan.com | 09/28/2008 - 12:22am
Working through Saturday evening and into the wee-hours of Sunday morning Congress hammered out a tentative breakthrough. Negotiations, and volatile debate spanned the entire weekend. Discussions were reported to have been peppered with elevated voices and plain language.
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- Bill Rice - MortgageLoan.com | 09/26/2008 - 12:29am
While the Nation focused on the contentious negotiations over the $700 billion bailout of the financial market a giant oak fell quietly in the forest. The FDIC seized Washington Mutual on Thursday afternoon, and immediately sold their assets to JP Morgan for $1.9 billion.
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- Bill Rice - MortgageLoan.com | 09/25/2008 - 12:14am
Mortgage rates are down, but homes are not selling. Why? The disconnect is directly linked to the objectives of the current $700 billion bailout being proposed by the Bush administration and US Treasury--our system of credit has ground to a halt.
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- Bill Rice - MortgageLoan.com | 09/24/2008 - 12:34am
At the closing bell, after another punishing day on Wall Street, a $5 Billion vote of market confidence came from the heartland. The iconic value investor Warren Buffett struck a deal with Goldman Sachs that may overshadow the $700 billion Treasury bailout.
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- Bill Rice - MortgageLoan.com | 09/23/2008 - 12:06am
The American taxpayer is angry at picking up the tab for greed and excess. Congress wrestles with a crisis that can little afford time for deliberation. However, a theme is emerging--it is the bitter medicine that will heal us.
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- Bill Rice - MortgageLoan.com | 09/22/2008 - 12:27am
Congress was handed a monumental weekend task--review and prudently approve a $700 billion dollar bailout. The proposal is eerily short and simple (full text of legislation). Many are urging Congress to ask more questions prior to singing this broad proposal.
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- Bill Rice - MortgageLoan.com | 09/19/2008 - 12:16am
Like it or not the US taxpayer is coming to the rescue of the financial markets. Following weeks of firefighting rapidly, unpredictable, and calamitous individual financial services crisis Treasury Secretary Paulson comes with a comprehensive plan to stop the madness.
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- Bill Rice - MortgageLoan.com | 09/17/2008 - 12:41am
Last week mortgage rates plummeted to a five month low and took the steepest weekly dive in 28 years. Does this forecast a mini refinance boom? Not likely. Lower rates does not mean easier mortgages, this time around.
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- Bill Rice - MortgageLoan.com | 09/16/2008 - 12:55am
An economic roller coaster ride preludes today's Fed meeting. A continual battle between mortgage market recovery, a softening economy, and the dull roar of inflation in the background. However, despite the economic drama of the last month the Federal Reserve is most probably going to do nothing--leaving benchmark lending rates at 2%
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- Bill Rice - MortgageLoan.com | 09/15/2008 - 12:59am
Life has sprung back into mortgage lenders and banks. Borrowers are calling for the new, low rates and loan officers are calling past clients to tell them the good news. Mortgage rates have dropped at a 28 year historical rate--over 0.50 percent in one week. With rates as low as they have been since April 2008 homeowners are thinking this is a unique opportunity to get out of risky adjustable rate mortgages.
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- By:
- Bill Rice - MortgageLoan.com | 09/11/2008 - 12:47am
There are millions of homeowners and home buyers that desperately need to find the right mortgage. Some need more reasonable payments, while others are taking the opportunity to get a great deal on distress housing prices. Fortunately for all of these eager borrowers the US government wants to make the process of getting that new mortgage as easy as possible.
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- Bill Rice - MortgageLoan.com | 09/10/2008 - 12:00am
Lehman is expected to end its long and public quest for a suitor today. Plans are to outline its plans today to strengthen its balance sheet and calm investor nerves. The latest turn away by the Korea Development Bank, who confirmed that talks have ended, sent Lehman shares plummeting 45 percent to close at $7.79 on Tuesday.
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- Bill Rice - MortgageLoan.com | 09/09/2008 - 12:48am
August's unemployment numbers surged 84,000 to 6.1 percent, a five-year high. Rallying back the recessionary and doomsday economist. Coming out of the Fed's annual economic summit with dialogue that seemed certain to point to Fed rate increases at the September FOMC--the other shoe has dropped.
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- Bill Rice - MortgageLoan.com | 09/08/2008 - 12:45am
The government hopes its takeover of Fannie Mae and Freddie Mac on Sunday will bring stability to the free falling mortgage market. Unfortunately, the move is unlikely to help the growing number of homeowners struggling to make their mortgage payment.
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- Bill Rice - MortgageLoan.com | 09/08/2008 - 12:59am
Washington Mutual (WaMu) a constant whisper on the bank failure watch list, has aggressively moved to save itself. Today WaMu announced the ousting of chief executive Kerry K. Killinger and agreed to file a recovery plan with its chief regulator, the Office of Thrift Supervision (OTS).
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- Bill Rice - MortgageLoan.com | 09/06/2008 - 12:28am
Fannie, Freddie expected to be taken over by the government as early as this weekend to prevent pending failure of the two huge mortgage institutions.
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- Bill Rice - MortgageLoan.com | 09/05/2008 - 12:43am
The mortgage market is in a monumental shakeup and that is leaving many borrowers with rejected stamped on their mortgage application. However, there are lots of options to improve your chances of getting approved from credit repair to government mortgage assistance programs. Learn a few simple techniques to get your next mortgage application approved.
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- By:
- Bill Rice - MortgageLoan.com | 09/04/2008 - 12:40am
GMAC became the latest in a long line of mortgage business downsizing and closings. GMAC announced on Wednesday that it will be laying off 5000 employees and closing over 200 of its retail mortgage branches throughout the US.
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- Bill Rice - MortgageLoan.com | 09/03/2008 - 12:10am
On the heels of a reasonably priced Freddie Mac auction of $1 billion in 5-year notes Fannie Mae and Freddie Mac's stock continues to climb out. This re-issuance priced at a spread of 95.6 basis points more than the 5-year US Treasury notes--signaling a reasonable risk premium and capability to continue issuing debt.
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- Bill Rice - MortgageLoan.com | 09/02/2008 - 12:40am
As the next Federal Open Market Committee (FOMC) quickly approaches the anti-inflationary hawks are softening their rhetoric for a rate hike. Increasingly the call on September 16 looks to be one of staying the course as economic indicators continue to report in confusingly balanced, good and bad way. This certainly makes a case for the Fed to take their hands off the economic wheel again and let markets do as they may--to determine reality from hype.
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- Bill Rice - MortgageLoan.com | 09/01/2008 - 12:57am
It seems we are in the perfect economic storm for mortgages. Many homeowners and potential home buyers are stuck in a confusing mix of market signals. A blend of good and bad that leave us with a balanced scorecard. This is leaving most experts offering little practical advise and instead focusing on predicting the bottom.
Since, there is little market news on this Labor Day lets take the down time to step back and see what all these current mortgage trends might mean to you.
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