Mortgage and Financial News From 2008-3-15 Page 6
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Proposals aim to turn mortgage crisis around
USA Today - The newly announced plan is designed to prevent a rerun of the current financial crisis, in which lax standards in mortgage lending have sparked ... Mortgage rates were below 6% earlier this year but have been rising due to bond market turmoil.
2008-03-12 05:55:00 -
Mortgage hike alert after US bank crash
Scotsman - ... lenders struggling to raise funds to cover the costs of the loans they make are now more likely to keep their own mortgage rates ... want you, and you will be stuck on your existing lender's variable rate, potentially 3% higher or more than your current ...
2008-03-15 04:55:00 -
Mortgage Newsletter You Can Customize
Colleyville Courier - Current Mortgage rates at 2-year lows. Federal fund rates dropped to 3.0% on January 30th, 2008. Act now to lock-in a low fixed rate and save thousands.
2008-03-15 11:54:00 -
A 1930s Loan Rescue Lesson
Washington Post - The Home Owners' Loan Corporation (HOLC) was one such successful temporary intervention; its help in the 1930s mortgage ... agency would acquire defaulted residential mortgages from lenders and investors, give its bonds in exchange, and then refinance ...
2008-03-13 09:08:00 -
Mother of two boys: "Why my children?"
Asbury Park Press - The Gonzalez family had a large amount of money in their bank account from a recent refinance of the mortgage on their home. Toledo forced Wanda Gonzalez at knifepoint to withdraw $500 from an automated teller machine - the maximum amount the machine ...
2008-03-14 09:39:00 -
Finally Real Answers: Congress Moves on Housing Crisis
American Progress - Chairman Frank's bill also requires the Treasury Department, the Department of Housing and Urban Development, and the Federal Reserve to propose a structure for auctions of home mortgages to allow for bulk refinance, which CAP has argued could help ...
2008-03-13 02:34:00 -
A new leaf
Chicago Tribune - It wasn't just home buyers or sellers who participated in the housing boom. Homeowners took advantage of low interest rates and rising property values to refinance their mortgages into a lower rate and many times rewarded themselves with extra cash ...
2008-03-14 02:30:00 -
Borrowers Finding What Citi, Prudential Say Isn't What They Do
Bloomberg - We had a 90-day window to refinance without penalty,'' Wimmer said. Wimmer said a mortgage broker got them new home loans at about 5.83 percent.
2008-03-14 06:26:00 -
Paulson's Plan: All Prevention, No Cure
BusinessWeek - ... some time as it works to fend off broader proposals being debated in Congress to aid struggling homeowners, such as having the government step in to help refinance troubled mortgages or allowing bankruptcy judges to renegotiate their values when home ...
2008-03-12 05:55:00 -
Brace for further rate rise in May
News.com.au - Despite the rush to refinance, Ms Montgomery said home owners should tread carefully or potentially wind up worse off. "There are break costs and costs to get into the new loan, so no knee-jerk reactions," she said.
2008-03-14 06:55:00 -
Fed Chairman Urges Lenders To Forgive Some Loan Principal
CNN Money - He added that investors may be able to share in future home price increases under a proposal by the Office of Thrift Supervision, which would let borrowers refinance at current home values while giving the lender a "negative equity" certificate that ...
2008-03-13 03:53:00 -
Gross, Ross, SEC Fail to Break Paralysis in Auction-Rate Bonds
Bloomberg - The Port Authority, the owner of bridges, tunnels, airports and transit facilities around New York City, sold $700 million of bonds March 12 to refinance auction securities after rates on the debt soared to 20 percent Feb. 12 from 4.3 percent the ...
2008-03-13 09:08:00 -
Dodd, Frank Urge More U.S. Aid to Stem Foreclosures (Update4)
Bloomberg - Frank's plan would have FHA provide as much as $300 billion in guarantees to help refinance loans for borrowers at risk of foreclosure. Participating lenders or mortgage holders would reduce principal in exchange for a payment from the proceeds of a ...
2008-03-13 03:31:00 -
Home loan demand drops as rates near 5-month high
Reuters South Africa - Consumers seeking to refinance their existing home loans tend to be highly sensitive to shifts in interest rates. The refinance share of applications decreased to 50.6 percent from 52.4 percent the previous week.
2008-03-11 05:57:00 -
Frank: Use $300 Billion to Fight Foreclosures
NPR News - Morning Edition , March 14, 2008 ยท More help could be on the way for people struggling to pay off their home loans. Rep. Barney Frank of Massachusetts wants the federal government to refinance up to $300 billion worth of troubled mortgages
2008-03-14 03:30:00