Mortgage and Financial News From 2007-12-8 Page 12
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Local lenders skeptical of Bush's mortgage plan
Norfolk Virginian-Pilot - The Bush administration embraced a plan this week that calls for freezing the interest rates paid by borrowers with adjustable-rate subprime loans before their current rates jump. The initiative, put together by a coalition of banks, mortgage ...
2007-12-07 10:10:00 -
Few helped by freeze on loan rates
St. Petersburg Times - Homeowners dialing up their mortgage companies to get their current rates frozen could be disappointed. The White House plan doesn't force mortgage companies to give eligible homeowners a break. It is voluntary. Bush, announcing the initiative ...
2007-12-06 10:47:00 -
Pro-Con: Is the Bush administration’s subprime mortgage plan a good ...
Kansas City Star - The Bush administration reportedly is close to a deal that would extend current interest rates for many of the 1.5 million families whose subprime mortgage payments otherwise would jump through the roof next year. Families threatened with foreclosure ...
2007-12-06 03:59:00 -
Mortgage Lenders Finalizing Plan to Help Homeowners with Sub-Prime ...
Onlypunjab.com - Many current homeowners are close to default, though, as the adjustable rates on their sub prime mortgage program skyrocket. Some financial experts believe these mortgage rates should be temporarily frozen to make it easier for these homeowners to ...
2007-12-08 05:12:00 -
Variable interest rate loans are like gambling in Vegas
Cincinnati Enquirer - Many of these home buyers knew exactly what they were doing. Getting a variable interest rate loan, hoping to refinance later when property values increase, is like gambling in Vegas. Sometimes you win and sometimes you lose. Willie Harsley Withamsville
2007-12-08 02:20:00 -
Q3 2007 "Flow of Funds"
Safe Haven - The number of Americans who fell behind on their mortgage payments rose to a 20-year high in the third quarter as borrowers were unable to refinance or sell their homes. The share of all home loans with payments more than 30 days late ...
2007-12-08 05:55:00 -
Minorities hit hard in U.S. subprime crisis
Calgary Herald - They painted the walls, fixed the yard and made friends with the neighbours, who let the Clavon boys pick their basil. In 2005, he worked with a mortgage broker to refinance his home with another fixed-rate loan. But on the night before signing, the ...
2007-12-08 01:45:00 -
Mortgage refinancing: Do your homework
CNN Money - The short answer is that it depends. You'll need about 10 to 20 percent of equity in your home in order to refinance, so it really depends on how much money you put into your down payment and how much principal you've paid off so far. Check your ...
2007-12-07 10:57:00 -
Auto Loan Refinance to Reduce Monthly Payments (Albert Lea Tribune)
(ARA) - If high gas prices coupled with a big monthly car payment have you thinking that it might be time to trade in your truck or SUV, you'll be happy to know there is an alternative.
2007-12-08 06:57:05 -
Home Prices Will Hit Bottom in 2008 (Kiplinger Magazine via Yahoo! Finance)
After hitting bottom, home values will slowly recover.
2007-12-07 11:30:06 -
Fraud suspect connected to county case
Brazoria Facts - In such a scheme, someone takes out a mortgage on a home for someone with bad credit and puts the mortgage in the name of someone with good credit, prosecutors said. Higgins also is accused of writing several bad checks, according to court documents. ...
2007-12-07 09:48:00 -
Bail out homeowners? Homeowners should pay price for their own errors
Rochester Democrat and Chronicle - By doing this, they would have cleaned up their bad credit and had less non-mortgage debt to pay in addition to their new mortgages. To bail them out now rewards additional irresponsible and immature 'instant gratification' behavior and that of the ...
2007-12-06 01:00:00 -
Credit crisis hits home in Florida
Inside Bay Area - NEW YORK — If you think the credit crisis is someone else's problem, just look at what is going on in Florida ... pool that minded the district's money temporarily shut off access to the funds after it made some extremely bad bets on its mortgage ...
2007-12-08 02:35:00 -
Lewis tops up holding in Bear Stearns
Financial Times - The shares are off nearly 40 per cent this year as Bear has been hit hard by the credit squeeze. Two hedge funds managed by the bank collapsed this summer amid bad mortgage bets. Bear reported a 61 per cent fall in third quarter earnings due to a ...
2007-12-07 08:37:00 -
Kenneth Harney: Housing boom's hangover to give home buyers a dire ...
Arizona Daily Star - This is outrageous," said Steven Moore, a mortgage broker with 1st Solution Mortgage in Falls Church, Va. "On a loan of $300,000 and with a credit score of 675 — which is not a bad score — and a 75 percent loan-to-value ratio (25 percent down ...
2007-12-07 11:00:00