Government's new 5-year ARM at 2 percent

Details of the Treasury Department's Homeowner Affordability and Stability Plan were announced today ... affordability level (specifically, bring down rates so that the borrower's monthly mortgage payment ... to these affordability targets through reducing the amount of mortgage principal. The initiative [more...]

Date: 2009-03-04 16:29:00

Blog posts (34) | Videos (1)
 

Socialism Is Everywhere

by hilzoy In a stunning reversal, John McCain today endorsed the redistribution of wealth: " ... do, and that's go in and buy out these bad mortgages, give people mortgages they can afford, stabilize home values and start them back up again. They did that during the depression, it was called the Home Owners' Loan [more...]

Date: 2008-10-29 05:48:29

The Internal Wall Street Dialogue

Got to love this: Financiers tell their not-for-attribution account of the mortgage crisis like this: ... they couldn’t afford, or refinance mortgages to spend money on cars they shouldn’t have bought [more...]

Date: 2009-02-03 13:39:39

Things to Consider If You Can't Afford Your Payment

I read a lot of the info. you have on your web page ... thank you. I don't live in San Diego so I'm not looking for a home. What I am trying to decide is whether to sell or refinance. I live in DELETED. My mortgage payments are now approx. $2,400. I cannot afford to refinance into a fixed rate mortgage or interest only [more...]

Date: 2008-12-28 15:23:29

Economics Refresher - It's the Economy Stupid

(please excuse how this looks.... I am still trying to figure out how to correct the looks of posts and links - if you happen to be reading this in a ... had taken money from a client and used it to make a down payment on a car Pat couldn't afford ... background in financing (mortgage, auto, and credit card), as an accountant (both checking & saving [more...]

Date: 2008-09-21 11:57:00

Do I Qualify for a Loan Modification?

(Or… What on Earth is an Affidavit of Financial Hardship?) Today the U.S ... from the above Web site that helps explain who the program is for: The Home Affordable Refinance ... mortgage owned by Fannie Mae or Freddie Mac. Normally, these borrowers would be unable to refinance [more...]

Date: 2009-03-04 19:37:09

A bailout deal for everyone?

Without much obvious help from either John McCain or Barack Obama but a whole lot of politicking, ... whose mortgages are purchased by the federal government to refinance into a more affordable mortgage [more...]

Date: 2008-09-29 00:52:07

Bankruptcy and Primary Residences

The housing bubble was blown up to its absurd proportion by the joint willingness of people to purchase homes that, in many cases, they could not reasonably afford, coupled with a mortgage industry that knew as much but was happy to lend them money anyway [more...]

Date: 2009-02-15 15:09:00

Deal Reached on Bailout?

Hot Air explains everything well, but here is the basics: A summary of the tentative agreement released by Ms ... to refinance into a more affordable mortgage. Other foreclosure-prevention measures included [more...]

Date: 2008-09-28 16:43:34

Save thousands in California

Treasury Department examples of how the new Homeowner Affordability and Stability Plan will slash mortgage payments are all well and good - a ... based on 30-year loans at various interest rates assuming a 2005-era original loan amount of a half million dollars. The monthly savings achieved with the new loan are shown in the right-most column [more...]

Date: 2009-03-05 17:30:00

Attention Old Fart Brokers: Listen to the Young Farts!

At the risk of becoming the Seinfeld of Real Estate demographics; ... . He is equating a Web Application with a car loan or a mortgage, where, if you can afford a cash purchase you avoid the added expense of financing. Large brokerages who have an in-house Web team developing [more...]

Date: 2008-09-12 18:01:49

$75 billion in mortgage relief: Obama's new "Homeowner Affordability and Stability Plan" as outlined on their blog

Wednesday, February 18th, 2009 at 9:36 am Help for homeowners The President’s strategy for economic recovery is a stool with several legs, ... to refinance into a 30 or 15 year, fixed rate loan.   Through the program, Fannie Mae and Freddie Mac ... , like, Am I eligible for assistance? Might I be able to modify my loan? When do I apply? We've put [more...]

Date: 2009-02-18 17:12:00

Scroll for updates: Bailout Deal Reached With ACORN, And Other Pork Removed

Capitol Hill finally reached an agreement A summary of the tentative agreement released by Ms ... to refinance into a more affordable mortgage. Other foreclosure-prevention measures included [more...]

Date: 2008-09-28 22:05:19

Obama's Homeowner Stability Plan: How Helpful Will It Be?

Bullish Bankers submits: Last Wednesday, February 18th, President Obama presented his Homeowner Affordability and Stability Act ... to the historic low mortgage rates that are giving many folks the opportunity to refinance their mortgages to lower monthly payments. However, some owners are not able to refinance due to current rules [more...]

Date: 2009-03-08 13:15:18

State investment tax credits

I didn't get to hear Governor Pawlenty's state of the state speech (I might watch it tonight after I get home from a late meeting) ... these bills? How do we fix the car? How do we pay this mortgage? How are we going to afford college [more...]

Date: 2009-01-15 22:14:10

Making Homes Affordable: Refinancing Initiative Details Announced

The Obama Administration unveiled the final details of its “Making Home Affordable Program, ... the new mortgage payments. To determine who owns your loan, call your servicing company and ask [more...]

Date: 2009-03-10 17:25:17

Explaining the financial crisis to a nation of third graders

They're sure talking about "root cause" a lot these days in Washington, though, with only a few exceptions such as Ron Paul (R-Texas) ... took out loans larger than they could afford, assuming that they could sell or refinance ... -rate mortgages, who had been planning to sell or refinance their homes at a higher price, were stuck [more...]

Date: 2008-09-25 04:20:00

Surviving Today’s Mortgage Market

by Brandan Hadlock, with Direct Mortgage Have current mortgage market conditions made you want to pull out your hair and scream? ... your mortgage quickly. Purchase an automobile you can afford. Use a budget. Live within your means [more...]

Date: 2008-08-25 07:15:40

How Much House You Can Afford?

More than one reader has emailed me in the last month asking how much house I thought they could afford in our sinking ... with some numbers in DinkyTown.net’s Mortgage Loan Calculator (PITI). Playing with the numbers, I found a monthly payment of $1,286.08 given these assumptions: Mortgage loan amount of $150,000 30 year [more...]

Date: 2008-09-22 16:26:21

BIG Problems Need Simple Solutions; A Bailout Plan that Works

Two months ago, hardly anyone knew of credit default swaps, commercial paper, mortgage backed securities, and mark to market accounting ... that were neither affordable, nor was the collateral worth the loan amount. It is really that simple ... , what we desperately need is a simple solution for people who borrowed too much money and made a bad [more...]

Date: 2008-10-10 20:38:59

Details About The New Making Home Affordable Program

President Obama announced the implementation of  the  Homeowner Affordability and Stability Plan, which will allow some homeowners to refinance mortgages via a streamlined process.  The plan ... to refinance their mortgages, at today’s lower rates, and provides incentives for lenders and those [more...]

Date: 2009-03-05 03:30:38

A Better Foreclosure Fix?

Good old American free-enterprise vultures may be trumping Obama’s Treasury theorists in slowing down the rate of mortgage defaults ... remaining on the loan. That way, the payments become affordable and, as equity is rebuilt, the borrower [more...]

Date: 2009-03-06 23:47:51

Moral Hazard of the Coming Mortgage Bailout

“Why am I being punished for having bought a house I could afford? I am beginning to think I would have rocks in my head if I keep paying my mortgage.” -Todd Lawrence, Norwich, CT homeowner with a traditional 30-year mortgage > Herein lies the simple problem in trying to “save” so many mortgages: A huge swath of them should not be saved [more...]

Date: 2008-10-31 14:09:11

'Too Much House' Buyers To Be Rewarded?

The Treasury and FDIC are considering a plan to guarantee about $500 billion of bad mortgages in an attempt to reduce the total number of ... , and not their ability to afford the home. If homeowners also took out a home equity line of credit, no problem ... . Your neighbor, who put nothing down, will now end up paying back what you have left on your loan, [more...]

Date: 2008-10-31 15:51:36

The One Where Moxie Pisses off Righties

The One Where Moxie Pisses off Righties December 4th, 2008 Wrote this post a few weeks ago, ... like an American car. Or that house you couldn’t afford to buy, but took out an ARM loan and expected ... or guaranteed only HALF of the US mortgages. What about the other half? You wouldn’t like to be around [more...]

Date: 2008-12-04 09:22:33

Monstrous Mortgages

It's good to know that in these tough economic times, when thousands if not millions of people can no longer afford their home, ... for a pre-approval or a loan, but just to get a lot of questions answered and put together a few scenarios ... have raised the minimum credit score they require for certain types of loans. No surprise, right [more...]

Date: 2009-02-19 17:10:15

More on Banks, and Modifying Home Mortgages in Bankruptcy

An article on the housing crisis is available on SSRN, ...  to modify their mortgage loans in bankruptcy, just like every other debtor can do, for credit card ... have published Saving Homes in Bankruptcy: Housing Affordability and Loan Modification , 2008 Utah [more...]

Date: 2009-03-07 12:00:00

Making Home Affordable—the Obama Housing Plan

On February 18, 2009, President Obama announced his plan designed to help up to 7 to 9 million families avoid foreclosure by restructuring or ... main elements. 1. The Home Affordable Refinance Program: GSE Refinancing for 4 to 5 Million ... refinance loans that the GSEs own or guarantee (about half of all outstanding mortgages). The program [more...]

Date: 2009-03-07 03:58:38

We're All In This Together

(cross-posted from my campaign blog) Last week, President Obama laid out his administration's Homeowner Affordability and Stability Plan to deal ... interest rates and to borrowers for keeping current on their loans; 2. It helps restructure loans ... will help up to 7 to 9 million families restructure or refinance their mortgages to avoid foreclosure [more...]

Date: 2009-02-23 04:41:15

Premier Student Loans – Making the Grade Affordable

It's often been said that student loans are among the most honest and honorable debts you can incur (along with car loans and home mortgages) ... to credit cards that merely allow you to spend beyond your means.Just as every student picks a university ... financing exists.One source of such financing is PremierStudentLoans.com. This site isn't [more...]

Date: 2008-12-19 00:59:00

Affordable Housing

Many young Christians, particularly a group called "New Monastics," are talking about the importance of creating new Christian communities in " ... the average new car, the auctioneer tried a new line: "The lumber in the house is worth more than ... will trigger a slowdown in the broader U.S. economy.The rising cost of mortgage financing for Detroit [more...]

Date: 2009-01-28 13:57:00

Scammers Move in on Obama’s Homes Scheme

Scammers have been quick off the mark to start making money out of those who can least afford to pay ... pay any fees for housing counselling services or modification of a delinquent loan. No one should ... to a fixed rate loan To qualify, borrowers must not be in arrears and their mortgages must [more...]

Date: 2009-03-10 18:20:25

Now's the time to buy a house!

From: Anne Alexander Hi Everyone, I came across this article written by another Epcon Communities franchisee today, ... Mortgage Rates are at ALL TIME LOWS! A conventional mortgage on a $180,000 home at a rate of 6.5 ... up to almost $50,000.00 in additional interest costs over the life of the loan! Can you afford [more...]

Date: 2009-02-16 21:54:00

Homeowner Affordability and Stability Plan: Is It Really Good for Everyone?

President Obama took center stage yesterday as he unveiled the Homeowner Affordability and Stability Plan. According to the Executive Summary issued by the White House, the plan is expected to “help somewhere between 7 to 9 million families restructure or refinance their mortgages to avoid foreclosure.” [more...]

Date: 2009-02-18 23:06:00

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