Posted in Mortgages on Apr 5th, 2009
This is good news, banks are starting to realize that they make money by lending. Jumbo mortgages became more expensive and harder to come by as the nation’s credit crisis deepened. That might be starting to change. “Jumbo” refers to mortgages that are too large to be bought by Freddie Mac or Fannie Mae. The [...]
Posted in Mortgages on Mar 25th, 2009
If you’re confused by the new $75 billion mortgage loan modification program Congress just passed and that was signed by President Obama, you’re not alone. Do you qualify? What do you need to do to find out? The new initiative is called Making Home Affordable. There are two separate programs within it, the Home Affordable [...]
Posted in Mortgages on Mar 14th, 2009
The average rate for a 30-year mortgage declined by 0.12 percentage points as the jobs market weakened, according to Freddie Mac (FRE: 0.402, 0.007, 1.77%). “Mortgage rates had room to ease this week following news of a weaker jobs market, which may slow consumer spending and keep inflation at bay,” said Freddie Mac Chief Economist [...]
Posted in Mortgages on Mar 5th, 2009
This is the first article I have seen that talks about a real problem people are going to face. Many of the mortgages are owned by investors, they are not going to like the fact that their “paper” is going to be re-negotiated without their consent.. “The program does nothing to address what has been [...]
Posted in Mortgages on Mar 3rd, 2009
Citigroup Inc. announced Tuesday a plan to help recently unemployed borrowers who are delinquent on their mortgages stay in their homes. “Thousands” may be eligible to take part in the Homeowner Unemployment Assist program in the next two years, Citigroup said, calling it another way in which it can help people avoid foreclosure. Under the [...]