Home » Mortgage News » 2008 » October
FDIC Negotiating with Treasury for Broad Loan Modification Plan
FDIC Chair Sheila Bair has been advocating a broad program of loan modifications since the beginning of the mortgage meltdown. A program that would allow troubled homeowners to renegotiate their mortgages to into something they could pay and avoided certain foreclosure. The process has received... Read More» |
Mortgage Applications are Following Mortgage Rates, No Housing Recovery
Mortgage Bankers Association's regular survey of mortgage applications showed a 17 percent spike last week. Tracking tightly a sharp decline in mortgage rates last week, mortgage applications continue to follow rate trends. Read More» |
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 historically extraordinary rate is one in a long line of efforts to avert a continuing to deteriorate US economy. Read More» |
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 flashed with opportunity. The broader market seemed very cheap and appealing. Read More» |
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 market. Home builders, hit hard by the collapsing housing market are now presenting Congress with their own recovery plan. The plan pulled from the history books would include a generous tax credit and... Read More» |
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. Estimates by Economy.com forecasts 7.3 million homeowners will default between 2008 and 2010, with 4.3 million expected to end in foreclosure. How do you break this trend? Or, perhaps more importantly, $... Read More» |
FDIC Chairman Brings New Loan Modification Incentive Plan
Loan modifications are certainly looking like the necessity plan with 7.3 million homeowners forecast to default between 2008 and 2010, with 4.3 million expected to end in foreclosure according to the latest numbers from Economy.com. Which is precisely the message FDIC Chairman Sheila Bair brought... Read More» |
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 are driven by unique forces of intervention, which make forecasting mortgage rates incredibly complex. However, it is possible to take a survey of these influencers and navigate to a reasonable trajectory. Read More» |
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 that mortgage nearly impossible. Temporary loan-limit increases for Fannie Mae and Freddie Mac, approved by Congress earlier in the year are set to expire. Read More» |
Bernanke Encourages Additional Stimulus Package as Consumer Weakness Mounts
In an unusual endorsement of Congressional fiscal policy Federal Reserve Chairman Bernanke strongly endorses a second stimulus package. Is it possible that the current economic slowdown has spooked Chairman Bernanke? Yesterday's statements are in sharp contrast to Bernanke's assurances, during his... Read More» |
Who's to Blame for the Mortgage Crisis?
While the mortgage crisis undermines the entire economy, nobody is taking responsibility or accepting accountability. But plenty of people are playing the mortgage meltdown blame game. Lots of fingers point to rating agencies that gave high marks to grossly underperforming assets. Read More» |
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 the heart of the mortgage bubble. Orange County and metro-Los Angeles was home to three of the largest mortgage lenders and biggest implosions of the current mortgage crisis. All three are under... Read More» |
Mortgage Applications Leap Upward, Even as Mortgage Rates Climb
Mortgage applications increase for the second straight month. Despite a jump in mortgage interest rates, the Mortgage Bankers Association reports the biggest single month surge in refinance applications in five years. Read More» |
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 will now use $250 billion to directly capitalize "thousands" of "healthy" banks according to Tuesday statements by SecretaryPaulson. Read More» |
Obama Announces a Larger Economic Vision
On the campaign trail in Toledo, OH yesterday Senator Barack Obama grabbed a piece of the euphoria emanating from the largest stock market rally in history--announcing a much grander economic plan. Offering another $60 billion in rescue efforts, Obama proposed an expanded economic platform that... Read More» |
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 about a different type of recovery. The US stock market and Treasury department seemed to have picked today to spark notions of a financial crisis recovery. Read More» |
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 the British government's initialization of a program to inject capital into their banks--Asian and European markets rally. Read More» |
Market Hits Record Lows, Are We Doing Too Much?
The US Stock Market plummeted to record breaking lows Thursday despite increasingly extraordinary measures by the government. It seems that nothing will bring confidence back to the investor. Meanwhile, a lack of financial trust between banks and companies continues to tighten the credit knot that... Read More» |
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 billion) to major banks like Royal Bank of Scotland, Barclays, and HSBC Holdings shoring up their capital and directly strengthening their balance sheets. In exchange, the British government would get... Read More» |
US Fed and Major World Central Banks Coordinate Rate Cut
Major world central banks react to a broadening global economic crisis by taking extraordinary measures to coordinate monetary policy. In a move to reduce growing stress in the world credit markets central banks cut interest rates by a 0.5 percent. Read More» |
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 for a mounting number of predatory lawsuits inherited in the acquisition of Countrywide. This loan modification program could trigger two historic landmarks: the largest predatory lending settlement and... Read More» |
Understanding the Bailout Rescue Plan
The Emergency Economic Stabilization Act of 2008-better known as the rescue plan-finally passed after causing widespread controversy in Congress and an extreme backlash from the general public. It won't cure our economic problems, but should revive paralyzed credit markets. Read More» |
House Set to Vote Again on $700 Billion Bailout
Once again the fate of the $700 billion economic stabilization legislation sits in the chambers of the House of Representatives. Read More» |
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, the $700 billion rescue bill passed decisively. This leaves the House of Representatives to muster the necessary support to pass similar legislation to what was voted down on Monday. Enhanced by the... Read More» |
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 of a stunning defeat in the House of Representatives on Monday that sent the US Stock Market down 700 points, the Senate will attempt a modified version. Read More» |