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- Bill Rice - MortgageLoan.com | 02/27/2009 - 1:07am
Mortgage applications fell over the last week as mortgage rates climb and some borrowers wait for President Obama's mortgage plan to be implemented. However, there may be an even bigger contraction that will prevent any significant recovery--mortgage loan officers are finding it increasingly difficult to help borrowers.
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- By:
- Bill Rice - MortgageLoan.com | 02/26/2009 - 1:53am
US banking regulators reveal the details of the much anticipated "stress test" to be applied to large financial institutions. This process is intended to sort banks by their ability, strength to endure even deeper recession.
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- By:
- Bill Rice - MortgageLoan.com | 02/25/2009 - 1:40am
Taking a historic stage as the first black president, President Obama took a much more positive message to the American people. Reassuring them that although there are challenges ahead, there is little reason to underestimate the resilience of this great nation.
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- Bill Rice - MortgageLoan.com | 02/24/2009 - 1:52am
Debate builds on the topic of nationalizing US banks as Citigroup seems to be headed for that fate. The Obama administration continues to issue statements that assures the market that they favor a policy of a private banking sector. However, slips of the tongue by Federal Reserve Chairman Ben Bernanke seem to indicate that this option is being considered.
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- By:
- Bill Rice - MortgageLoan.com | 02/23/2009 - 1:32am
Gathered for the Winter meeting of the National Governors Association, the leaders of the nations' states are pouring over the details of the $787 billion economic stimulus. States are being devastated by the mortgage foreclosures and home values, whose property taxes are the most significant portion of most states' revenues.
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- By:
- Bill Rice - MortgageLoan.com | 02/19/2009 - 1:26am
President Obama has promised another $275 billion to help homeowners maintain their mortgages and avoid foreclosure. The new mortgage plan will provide $75 billion for direction foreclosure prevention and double the federal guarantee of Fannie Mae and Freddie Mac--adding another $200 billion--to a total of $400 billion.
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- Bill Rice - MortgageLoan.com | 02/18/2009 - 1:43am
Today the Obama administration releases details on how they plan to spend $50 billion, from the remaining TARP funds, to help borrowers in trouble. Most expect another round of loan modification proposals, maybe even some standardization in how to renegotiate these troubled mortgages. Unfortunately, the housing crisis of 2009 may have more to do with jobs than payment.
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- By:
- Bill Rice - MortgageLoan.com | 02/17/2009 - 1:27am
Curiously absent from the enormous economic stimulus plan, expected to be signed by President Obama today, was additional aid for a mortgage and housing market that continues to falter. However, shortly after that legislation cleared the Senate hurdles the Obama administration was talking about another rescue package.
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- By:
- Bill Rice - MortgageLoan.com | 02/13/2009 - 1:48am
The Obama administration unveiled an unprecedented plan to directly help homeowners make their mortgage payments. In a dramatic departure from current homeowner assistance programs, this plan would help borrowers before they become delinquent.
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- Bill Rice - MortgageLoan.com | 02/12/2009 - 1:56am
House and Senate leadership announced an agreement late Wednesday afternoon on a trimmed $790 billion economic stimulus package. The two houses of Congress spent nearly 24 hours negotiating a merger of the House-passed legislation and the stalled Senate version.
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- By:
- Bill Rice - MortgageLoan.com | 02/11/2009 - 1:02am
Contrary to President Obama's promise in Monday's prime time press conference, Treasury Secretary Geithner's new TARP plan was neither "clear" or "specific." Geithner's outline of Obama administration's plan seemed to fall short.
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- By:
- Bill Rice - MortgageLoan.com | 02/10/2009 - 1:23am
President Obama, in his first prime-time press conference, continually deferred questions of mortgage crisis and financial sector recovery to his Treasury Secretary. Timothy Geithner is scheduled to reveal his approach to financial system rescue and clearing out troubled mortgages.
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- Bill Rice - MortgageLoan.com | 02/09/2009 - 1:05am
Bank of America stock plunged below $4 last week on rumors that Bank of America would go back for more TARP funds or even be taken over by the US government. Embattled CEO Kenneth Lewis said rumors of a government takeover was "absurd."
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- By:
- Bill Rice - MortgageLoan.com | 02/06/2009 - 1:51am
Fannie Mae has posted new guidelines for approving homeowners attempting to lower their loan payments with a mortgage refinance.
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- By:
- Bill Rice - MortgageLoan.com | 02/05/2009 - 1:50am
Hope for Homeowners, one of the first mortgage rescue programs, has been a dramatic failure. Designed and advocated as a foreclosure prevention program, it has only received 451 applications, closed a mere 25 loans, and none have been insured by the Federal Housing Administration (FHA).
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- By:
- Bill Rice - MortgageLoan.com | 02/02/2009 - 1:02am
Wall Street reveilled briefly in the prospect of "bad banks," aggregating toxic mortgage loans into a government controlled bank. Likewise, they reacted aggressively on the hint that the plan is shoved to the back burner.
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