Mortgage News October, 2008

FDIC Negotiating with Treasury for Broad Loan Modification Plan

FDIC Chair Sheila Bair has been advocating a broad program of loan modifications since the...

Mortgage Applications are Following Mortgage Rates, No Housing Recovery

Mortgage Bankers Association's regular survey of mortgage applications showed a 17 percent spike...

Fed Cuts Rate Half a Point, Now at 1 Percent-Mortgage Rates Head Higher

The Federal Reserve unanimously cut the benchmark rate to 1 percent. This expected, but...

Market Leaps Nearly 900 Points, Eyes Turn to Fed Rates Today

Shortly after US markets opened yesterday, with the Dow hovering just over 8000, traders eyes...

US Home Builders Propose Home Buyer Plan to Help Housing Market

Home sales unexpectedly jumped 2.7 percent in September, giving hope for a bottom to the housing...

Breaking the Cycle of Foreclosures without Economic Recovery is Daunting

Foreclosures continue to surge, up 55% from last year and the future doesn't look any better...

FDIC Chairman Brings New Loan Modification Incentive Plan

Loan modifications are certainly looking like the necessity plan with 7.3 million homeowners...

Mortgage Rates Spike, but Could Be on the Decline

There are lots of unusual effectors in the market driving today's mortgage rates. Most of them...

Mortgage Bankers Looking for Lending Options in High Cost Markets

If you are looking to buy or refinance a house in New York or California you may find financing...

Bernanke Encourages Additional Stimulus Package as Consumer Weakness Mounts

In an unusual endorsement of Congressional fiscal policy Federal Reserve Chairman Bernanke...

Who's to Blame for the Mortgage Crisis?

While the mortgage crisis undermines the entire economy, nobody is taking responsibility or...

US Attorney Hunting Down Mortgage Crooks, Ready to Indict

US Attorney Thomas O'Brien, Los Angeles' top federal prosecutor, is routing out mortgage fraud in...

Mortgage Applications Leap Upward, Even as Mortgage Rates Climb

Mortgage applications increase for the second straight month. Despite a jump in mortgage interest...

Paulson Will Invest in Thousands of Banks, But Can He Get Them to Lend?

The Treasury has now shifted its strategy in deploying the $700 billion rescue legislation. It...

Obama Announces a Larger Economic Vision

On the campaign trail in Toledo, OH yesterday Senator Barack Obama grabbed a piece of the...

US Government Takes Columbus Day to Get Down to Work

Normally a day for government offices and banks to take the day off, this Columbus day was all...

European and Asian Markets Rise On New International Assurances

Following a Friday meeting of the G-7 (Economic leaders of the top 7 industrialized nations) and...

Market Hits Record Lows, Are We Doing Too Much?

The US Stock Market plummeted to record breaking lows Thursday despite increasingly extraordinary...

Paulson Takes Page from British, May Directly Inject Capital into US Banks

On Wednesday the British government launched a plan to offer up to £50 billion ($87...

US Fed and Major World Central Banks Coordinate Rate Cut

Major world central banks react to a broadening global economic crisis by taking extraordinary...

Loan Modifications, Not Government Bailouts May Be the Answer

Bank of America is to launch an $8.6 billion loan modification program. Initiated as settlement...

Understanding the Bailout Rescue Plan

The Emergency Economic Stabilization Act of 2008-better known as the rescue plan-finally passed...

House Set to Vote Again on $700 Billion Bailout

Once again the fate of the $700 billion economic stabilization legislation sits in the chambers...

Senate Evening Vote Ends Passes Bailout Plan, House Now Holds Keys

In an evening vote by the Senate, most likely not a coincident that it was after US market close...

US Senate to Vote on $700 Billion Rescue Plan

Tonight the US Senate will take their turn at passing the $700 billion bailout plan. On the heels...

National Rates

Loan Type Today
30 Year Fixed   5.65
15 Year Fixed   5.49
5/1 Adjustable   5.85

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