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Adjustable Mortage Resets To Really Hit the Fan in 2008
In 2008 interest rates will be reset upward on $362 billion worth of adjustable-rate subprime mortgages [ARMs] — a scenario that could significantly worsen the already serious subprime crisis, according to a report in Saturday’s Wall Street Journal.
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The Money Merge account: Why is it so Important?
Everyone I talk to has a desire to pay down there principle balance on there home, to either pay it off or create more equity. Now I know that this is an idea you would think everyone would want. However over the past 3 or 4 years no one wanted to pay there house off [...]
Fed Posts Interactive Map of U.S. Loan Conditions
The Federal Reserve is posting maps to illustrate subprime loan conditions across the U.S. The maps will be maintained by its district bank in New York. Monthly updates are planned. The maps will display regional variation in the condition of securitized, owner-occupied subprime and alt-A mortgage loans.
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Foreclosures jump 57 % in last 12 months
Home foreclosure filings surged 57 percent in the 12 month-period ended in March and bank repossessions soared 129 percent from a year ago, as homeowners struggled to make mortgage payments, real estate data firm…
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WSJ.com - Habit-Forming: Borrowers Keep Piling On Debt
While tighter lending standards have cut off all but the most credit-worthy borrowers from auto loans and home loans, many people are turning to credit cards and tapping home-equity lines of credit to dig themselves in deeper.
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Don’t Monthly Payment Yourself to Death
Most people are probably painfully aware that gas prices have been rapidly increasing over the last couple of years (and especially months), thus also increasing the costs of any items needing to be delivered from anywhere, the most common being groceries. Many people are feeling the crunch in their budgets as they find themselves having [...]
United First Financial Presents Money Merge Account Mortgage
Houston, TX (PRWEB) April 10, 2008 — United First Financial wants to know if you are concerned about what your financial future holds? Do you sometimes feel like time is going by so fast that it is almost impossible to think about paying off your mortgage or becoming totally debt free? Does planning for your [...]
Fast mortgage payoffs aren’t for everyone
When Stockton, Calif., resident Kevin Byrd refinanced his mortgage a couple of years ago, he figured he would need the full 30 years to pay off more than $300,000 in debt.
Now he expects to get it done in just 10 years. Or less.
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US Foreclosures Nearly Double
Foreclosure filings across the U.S. nearly doubled last month compared with September 2006, as financially strapped homeowners already behind on mortgage payments defaulted on their loans or came closer to losing their homes to foreclosureread more | digg story
Current Foreclosure Crisis Deemed the Worst in U.S. History
According to the most recent foreclosure numbers released by the Mortgage Bankers Association (MBA), the U.S. is embroiled in the worst foreclosure crisis in recorded history. More than 14 percent of subprime borrowers are defaulting, and prime borrowers are beginning to follow suit.read more | digg story
SEC: While Countrywide Struggles, Top 2 Execs get Millions
The two top executives at struggling Countrywide Financial Corp., the nation’s largest mortgage lender, are slated to receive a combined $19 million in payouts, a regulatory filing shows.read more | digg story
A beginers guide to mortgages
Mortgages should be straightforward - you borrow money to buy a house and pay interest on the loan. Clearly this isnt the case. This is an article explaining the basics of a mortgage.read more | digg story
Why We Borrow Until It Hurts
If the subprime mortgage mess has taught us anything, it is that we are leverage addicts. Nearly all of us are — from Northern Virginia, where we bought big houses with no money down, to Wall Street, where traders borrowed cash to make bigger bets on the housing market.read more | digg story
Why Not Just Walk Away from Your Home Mortgage
Sometimes, walking away from your mortgage makes economic sense, especially for homeowners who find themselves “upside down” — that is, they owe more on their mortgage than their house is worth. In those cases, “voluntary foreclosures are not by themselves evidence of a newfound irresponsibility on Americans’ part,”read more | digg story
Mortgage Lenders Do Not Deserve to Be Rescued By Tax-Payers
The U.S. government is working to develop several different programs meant to stave off foreclosures. Although policymakers claim that these programs are for struggling mortgage borrowers, it is obvious that the real goal is to bail out mortgage lenders. The question is: do reckless lenders deserve to be rescued?read more | digg story
This is the Reality of the Crisis in the US Economy
Tent cities have sprung up outside Los Angeles as people lose their homes in the mortgage crisis. ~ These people should at least be glad they are living in Southern California, they could be living in tents in NYC, freezing their asses off! read more | digg story
