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Bush, Bernanke call for a stimulus plan |
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Clipped by Sam Stamper
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Tuesday, 05 February 2008
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The President responds to the economic crisis saying he supports government intervention. Bernanke asks for low- and middle-income household support.January 17 2008: 2:47 PM ESTWASHINGTON (AP) -- President Bush and Federal Reserve Chairman Ben Bernanke on Thursday embraced calls for an economic stimulus package to avert recession. Bernanke said such a plan should be aimed at quickly getting cash into the hands of people, especially those with low and moderate incomes.The Fed chief, in testimony to the House Budget Committee, said efforts that involve "putting money into the hands of households and firms that would spend it in the near term" would be more effective than other provisions, such as making Bush's tax cut permanent. "Again, I'm not taking a view one way or the other on the desirability of those long-term tax cuts being made permanent," he said.While shying away from endorsing a specific plan, Bernanke made clear his support for the general concept of an economic rescue package and that it be temporary so that it won't complicate longer-term fiscal challenges. It is likely that any such package would include tax rebates."Fiscal action could be helpful in principle" and may provide "broader support for the economy" than the Fed can furnish alone through reductions in interest rates, Bernanke said. However, "the design and implementation of the fiscal program are critically important," he said. |
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Mortgage meltdown: ARMs on the wane |
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Clipped by Sam Stamper
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Tuesday, 05 February 2008
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Delinquency increases in 2007 caused the number of adjustable-rate mortgages issued last year to decrease, according to Freddie MacJanuary 15 2008: 1:19 PM ESTNEW YORK (CNNMoney.com) -- The number of adjustable-rate mortgages issued by lenders declined in 2007 as loan delinquencies and economic problems took their toll on interest rate discounts, according to Freddie Mac's annual ARM survey.As of October 2007, the government-sponsored loan buyer said, ARMs made up 17 percent of loan applications, their lowest level since June 2003. |
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Last Updated ( Tuesday, 05 February 2008 )
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Adjustable loans spur new worries |
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Clipped by Sam Stamper
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Tuesday, 05 February 2008
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Defaults are climbing among option ARMs. Many require minimal monthly payments and no proof of income. By E. Scott Reckard
Los Angeles Times Staff Writer
January 14, 2008
The no-worries lending that inflated the housing bubble is resulting in a flood of soured option-ARM loans, adjustable-rate mortgages that allow borrowers to pay so little every month that their loan balances rise rather than fall, sometimes sharply.
Numbers from industry trackers suggest that these borrowers -- most of whom boast respectable and often top-tier credit scores and appear to have substantial incomes and home equity -- are starting to create a second tide of defaults for lenders swamped by the meltdown in sub-prime loans made to people with bad credit or overstretched finances.
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Last Updated ( Tuesday, 05 February 2008 )
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US 30 - year mortgage rates lowest since Sept 2005 |
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Clipped by Sam Stamper
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Tuesday, 05 February 2008
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WASHINGTON, Jan 10 (Reuters) - Interest rates on U.S. 30-year mortgages fell under 6 percent in the latest week to their lowest since September 2005, according to a weekly survey released by mortgage giant Freddie Mac (FRE.N: Quote, Profile, Research) on Thursday.U.S. 30-year mortgage rates fell to an average of 5.87 percent from 6.07 percent last week, the lowest since they averaged 5.80 percent in the week ended Sept. 22, 2005.Fifteen-year mortgage rates also fell to an average of 5.43 percent from 5.68 percent a week earlier, while the one-year ARM dipped to 5.37 percent from 5.47 percent.Freddie Mac said the "5/1" ARM, set at a fixed rate for five years and adjustable each following year, averaged 5.63 percent, also down from 5.78 percent last week.A year ago, 30-year mortgages averaged 6.21 percent, 15-year mortgages 5.96 percent and the one-year ARM 5.44 percent. The 5/1 ARM averaged 6.03 percent.Frank Nothaft, Freddie Mac vice president and chief economist, cited recent weak economic indicators and said "these weak economic reports renewed concerns about economic conditions in the near future. As a result, mortgage rates came down across the board, with 30-year fixed mortgage rates at their lowest level in more than two years."The National Association of Realtors on Tuesday said its November index of pending sales of previously owned homes fell 2.6 percent to 87.6.Last week the Labor Department reported an 18,000 increase in U.S. December nonfarm payrolls, the weakest reading since August 2003. It said the December unemployment rate stood at 5 percent, the highest since November 2005.But Nothaft said that lower mortgage rates have resulted in a rise in refinancing activity during the start of 2008.Lenders charged an average of 0.4 percent in fees and points on 30-year mortgages, down from 0.5 percent last week. They charged 0.4 percent on 15-year mortgages, also down from 0.6 percent, and 0.4 percent on the one-year ARM, below the 0.5 percent of last week.Fees and points on the 5/1 ARM averaged 0.5 percent, unchanged from a week earlier.Freddie Mac is a mortgage finance company chartered by Congress that buys mortgages from lenders and packages them into securities to sell to investors or to hold in its own portfolio. |
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Last Updated ( Tuesday, 05 February 2008 )
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For sale: 2 million empty homes |
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Clipped by Sam Stamper
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Friday, 26 October 2007
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Number of vacant homes on the market nationwide equivalent to all homes in Detroit; another sign of weak housing market. |
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