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Why it's not too late to refinance |
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Clipped by Sam Stamper
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Tuesday, 01 April 2008
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Rates have crept up from recent lows, but even now, a refi can be a smart move.By Joe Light, Money Magazine staff reporter Last Updated: March 24, 2008: 3:58 AM EDT (Money Magazine) -- Earlier this year, when mortgage rates dipped below 6% for the first time since 2005, homeowners rushed to refinance costlier loans. In fact, more than six out of 10 mortgage applications so far this year have been for refis. |
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Stalled housing bill moves forward in Senate |
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Clipped by Sam Stamper
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Tuesday, 01 April 2008
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- NEW: Senate leaders agreed to move forward on stalled housing legislation
- Proposed bill allows bankruptcy judges to reset mortgages on primary residences
- Bill would give $4 billion for communities to buy, refurbish foreclosed properties
By Ted Barrett
CNN WASHINGTON (CNN) -- Senate leaders have agreed to move forward on stalled legislation aimed at easing the impact of the falling housing market, the chamber's top Republican and Democrat announced Tuesday. "The time has come for us to legislate, not continue our bickering," Senate Majority Leader Harry Reid, D-Nevada, told reporters. |
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The Truth About the Mortgage Market |
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Clipped by Sam Stamper
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Tuesday, 01 April 2008
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April 01, 2008 Vancouver, WA – Sub-prime mortgages have now been credited for bankrupting well over 110 lenders and seriously damaging operations at many major mortgage firms. They've reportedly wiped out 5 hedge funds, tens of thousands of jobs, and have led to millions of foreclosures with millions more on the way. And, as if that weren't enough, subprime mortgages are also blamed for massive volatility in the stock, bond, credit, futures, and real estate markets here in the US and around the globe. Some say losses in the mortgage securities market alone could reach hundreds of billions of dollars this year.
This means that, for any Americans looking to buy, sell, or refinance a home, they are confronting a very different market from the one that existed just 6-12 months ago.
How did this happen?
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Paulson calls for broad but limited regulatory change |
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Clipped by Sam Stamper
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Tuesday, 01 April 2008
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Sweeping blueprint for restructuring financial oversight stirs criticism for providing no aid for mortgage crisis and economic downturn. By Peter G. Gosselin
Los Angeles Times Staff Writer
April 1, 2008
WASHINGTON — Treasury Secretary Henry M. Paulson Jr.'s blueprint for regulatory reform, officially unveiled Monday, sets the stage for a confrontation with Congress by offering no relief for troubled homeowners and in many instances advocating less, not more, federal supervision of the nation's financial system.
Paulson proposed the broadest restructuring of federal regulatory institutions in 75 years with a call to merge agencies and redraw lines of authority that in some cases go back to the Great Depression. But the plan would put off for years any attempt to create new regulations for the streamlined system to enforce.
As a result, even if the new structure were eventually adopted, it would do little to prevent a repeat of the current crisis or something similar, the Treasury secretary acknowledged.
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Democrats seek quick strike vs. foreclosure |
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Clipped by Sam Stamper
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Tuesday, 01 April 2008
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Key leaders say they'll seek a vote aimed at keeping families in their homes.By Les Christie, CNNMoney.com staff writer Last Updated: March 31, 2008: 6:07 PM EDT NEW YORK (CNNMoney.com) -- Leading Democrats in the Senate said Monday they would try to force a vote this week on legislation designed to help troubled mortgage-holders stay in their homes. Democrats will try to win Senate consideration for their Foreclosure Prevention Act, which aims to help families avoid foreclosure and aid the recovery of communities already harmed by the crisis. Republicans blocked an earlier attempt to debate the bill last month. |
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