Mortgage and Financial News From 2009-2-21 Page 01

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• Index shows owning home more affordable - West Online

  Falling interest rates and rising government subsidies has made owning a home more affordable than it has been for the past five years, a reports says. And nowhere has affordability improved more than in Perth and regional WA, the Housing Industry ...
  2009-02-15 08:05:00

• Obama plan thwarts job creation - La Grange Daily News

  WASHINGTON – There are two fundamentally entrenched sides in the debate over the best way to get the American economy growing again. One is to spend nearly $1 trillion (including interest on the debt) through hundreds of federal, state and local ...
  2009-02-21 02:14:00

• Refinancing home loan in Florida takes more than good credit - Fort Lauderdale Sun-Sentinel

  When mortgage interest rates fell to their lowest point in four decades, a flood of borrowers asked their lenders to refinance their home loans. But because home prices have fallen so far and lenders are making it hard to qualify, plenty of South ...
  2009-02-20 05:57:00

• Low Mortgage Rates Will Cost You - Wall Street Journal

  Mortgage rates are low, but getting a home loan is going to cost you. New rules by Freddie Mac and Fannie Mae are upping the fees for borrowers with less than perfect credit, those in the mortgage industry say. Other increased costs reflect the ...
  2009-02-20 05:57:00

• US unemployment to top nine percent - Cayman Net News

  US unemployment to top nine percentCayman Net News, Cayman IslandsThis will give the Federal Reserve room to keep interest rates at rock bottom for a long time. A poll of nearly 100 economists found the central bank is unlikely to tighten monetary policy until at least the second quarter of next year, and even then ...
  2009-02-21 09:58:04

• Even Bay Area's high-end home market hurting - San Francisco Chronicle

  Even Bay Area's high-end home market hurtingSan Francisco Chronicle,  USA"There was a lot of discussion ... at the open house about the feeling of relief that the stimulus package has passed and that interest rates are so good," she said. "Buyers expressed optimism and readiness to re-enter the market. ...
  2009-02-21 10:10:47

• No Rest for the Weary Economy - FOXBusiness

  No Rest for the Weary EconomyFOXBusinessLow mortgage rates are expected to keep home sales from sliding further though price cuts too could contribute. And Monday, FOX Business Network will report the January data on the FOX Business shopping cart. Mark Lieberman is the senior economist for ...
  2009-02-21 10:10:50

• It's a PITI -- Why Obama's Mortgage Plan Doesn't Work - FOXBusiness

  It's a PITI -- Why Obama's Mortgage Plan Doesn't WorkFOXBusiness“For a sample household with payments adding up to 43% of his monthly income, the lender would first be responsible for bringing down interest rates so that the borrower’s monthly mortgage payment is no more than 38% of his or her income. ...
  2009-02-21 10:10:55

• Plan to stem foreclosures must address negative equity - Chicago Daily Herald

  Plan to stem foreclosures must address negative equityChicago Daily Herald, ILPhase two, executed in much more deliberate fashion, was to reduce interest rates to mortgage borrowers. Where phase one had the highest priority, phase two is low priority, adopted largely because it is easy to implement and helps some homeowners, ...
  2009-02-21 10:14:15

• Homes: The Benefit Of A Long-Term Rate - Glasgow Daily Record

  Homes: The Benefit Of A Long-Term RateGlasgow Daily Record, UKMortgages are generally long term commitments so it can make sense to consider fixing your mortgage rate in the longer term, ensuring you know what your payments are going to be - irrespective of changes in interest rates. This means that if you can ...
  2009-02-21 10:25:36

• Thousands of Brockton area homes “under water” - Wicked Local Brockton

  Thousands of Brockton area homes “under water”Wicked Local Brockton, MAA home in this situation usually can’t be refinanced to a more affordable rate. And selling the house at its deflated value won’t raise enough money to pay off the mortgage, making foreclosure tough to avoid. Business professor Jon Bryan of Bridgewater ...
  2009-02-21 10:41:06

• Will Herb & Marion Sandler pay a price? - Pittsburgh Tribune-Review

  Will Herb & Marion Sandler pay a price?Pittsburgh Tribune-Review, PAThe type of mortgage sold by the bucketful were known as Option ARMs. They carried low "teaser" interest rates that had the potential to adjust up, which they disastrously did. At the same time, housing values collapsed. ...
  2009-02-21 11:00:59

• Foreclosure rules based on state, not federal, laws - Richmond Times Dispatch

  Foreclosure rules based on state, not federal, lawsRichmond Times Dispatch, VAQ:If your home is foreclosed on by your mortgage lender, will the lender go after you if the house sells for less than you owed, and if there are two loans on your house, what is the role of the second mortgage (trust) holder? ...
  2009-02-21 11:02:14

• Save or spend? Invest in yourself, financial experts say - Richmond Times Dispatch

  Save or spend? Invest in yourself, financial experts sayRichmond Times Dispatch, VAShe spent when necessary, paying off the 30-year mortgage on her eastern Henrico County home years early. But she knows what is good for her may not be best for the whole. "I do understand that by spending less and purchasing less items, I am probably ...
  2009-02-21 11:02:15

• Human Nature And The Financial Crisis - Forbes

  Human Nature And The Financial CrisisForbes, NYThese people were susceptible to what behavioral scientists like me call unrealistic optimism: They were convinced that their interest rates would not rise; or they were confident that their salaries would rise faster than their mortgage payments; ...
  2009-02-21 11:03:39

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