Mortgage and Financial News From 2007-12-16 Page 14
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Madigan savors role protecting consumers
Chicago Tribune - But when asked if that was her plan, she answered that she is pleased with her current position. ... over the summer with staff lawyers looking into complaints about allegedly misleading mortgage brokers who were pushing mortgages with teaser rates ...
2007-12-16 05:24:00 -
Rate freeze will affect few homeowners
Jackson Clarion-Ledger - Bush last week announced a plan that allows homeowners who are current in their subprime mortgage payments to keep their introductory rates for up to five years. Mississippi Banking Commissioner John Allison says the idea, while good, probably won't ...
2007-12-16 12:45:00 -
Credit crunch forces IL&P to consider rates
Sunday Business Post - ... Permanent TSB banking subsidiary is the country’s number two mortgage lender, told analysts last week that the bank’s recent decision to unilaterally increase lending rates may not be enough to shield the bank from the full impact of the current ...
2007-12-16 02:32:00 -
Mortgage rate resets only one of many factors in foreclosure mess
Inside Bay Area - ... eligible must be subprime borrowers who took on a mortgage from Jan. 1, 2005 through July 31, 2007, live in their homes, have low credit scores and are current on their payments. They must be able to prove they can't afford the higher mortgage rates ...
2007-12-16 02:39:00 -
Federal Reserve officials plan steps to crack down on shady mortgage ...
Minneapolis Star Tribune - Lenders may charge higher rates for such loans, the Fed says. Mortgage lenders say these loans are appropriate for many borrowers, including ... and "needed to help eliminate the kinds of predatory lending practices that exacerbated the current ...
2007-12-16 04:20:00 -
ARM rate relief won’t fix subprime crisis (The Buffalo News)
NEW YORK — The subprime mortgage crisis really isn’t being generated by the jump in what homeowners have to pay after their initial cheap “teaser rates” run out on adjustable-rate home loans.
2007-12-16 04:05:09 -
President Bush's mortgage plan doesn't go nearly far enough (Asheville Citizen-Times)
How timely that just as President Bush was announcing a deal to help homeowners struggling with their mortgage payments, new data were released showing that foreclosure starts set a new record.
2007-12-15 09:49:09 -
As credit rates fall, look for ways that you can save (The Morning Call)
Holiday bills have you worried? Bracing for your mortgage payment to reset higher? Have a certificate of deposit coming due?
2007-12-16 03:32:28 -
Credit crunch forces IL&P to consider rates (Sunday Business Post)
Irish Life & Permanent (IL&P) may be forced to raise mortgage lending rates for a second time - even in the absence of an ECB rate hike - if margins continue to suffer from the credit crunch, the company’s chief executive has warned.
2007-12-16 02:40:26 -
Subprime loans punish homeowners
Connecticut Post - We did this as a family," says Hamilton, standing in the dining room of her Elmwood Avenue home in Bridgeport. A decision to refinance their mortgage to include taxes and insurance payments got them tangled in an adjustable rate loan that's doubled ...
2007-12-14 03:56:00 -
Manatee shoppers using more credit
Bradenton Herald - Barta and her husband have resorted to using the equity in their home to refinance their debts and mortgage into one payment. "We rolled all of our bills into a refinance," Barta said. "With the insurance and mortgage rates, we made sure we got a ...
2007-12-16 12:23:00 -
If recession afflicts U.S., Iowa could bear up well
Des Moines Register - The Senate’s proposed changes are especially important now, given the credit crisis that has made it much more difficult and more expensive for people to refinance or get financing to buy a home. Private lenders have been reluctant to make new loans
2007-12-16 01:56:00 -
What to expect from Fed's rate cut
Baltimore Sun - Someone is going to be able to make that payment, stay on time and keep their home," McBride said. If your rate has reset ... If you don't qualify to refinance because of poor credit, then you may be able to temporarily freeze your current rate ...
2007-12-16 05:10:00 -
Foreclosure resources
Fort Lauderdale Sun-Sentinel - Use the Home Save Refinance Tab to obtain and fill out an application. Gather all important documents. Borrowers will be required to join the organization, for a $20 fee, and attend a workshop in Tampa. Info : 888-302-NACA; naca .com Federal Housing ...
2007-12-16 05:10:00 -
Southern Chase | Clinging to home, hope
Charlotte.com - They purchased their home in 2001 for $112,900 with a mortgage that had low initial payments thanks to assistance from Beazer. Now, their mortgage is about $870, down from more than $1,000 after a refinance, but still a steep hill to climb each month ...
2007-12-16 03:51:00