It's the same old question. Have we finally hit rock bottom? Well—according to some good news out today from Bankrate.com—you get the feeling that we may have actually turned a small corner.
As of today, the jumbo mortgage rate is down to 6.59%. That’s good news for most of us hungry for any shred of improvement in the industry.
Plus—yesterday, Countrywide announced news that it’s creating new programs to help bale out those borrowers who got something for nothing. In fact, they’ve created a ‘special unit’ of 2,700 employees to play nursemaid to these borrowers. So—it looks like we’re finally starting to clean up the mess.
But with more than 1.5 million mortgages resetting by 2008, we’ve got a long haul ahead of us. Just how special are those 'special units' anyway? Still—any sign is a good sign. I’ll take what I can get.
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BillSparkmanTheCoach |
| As a recovering procrastinator, I can speak from experience about putting things off. But I have learned a lot about what it takes to produce the results you desire from your life and business.
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SantaCruzSentinel |
| The press, the public, Congress and our presidential candidates have been hammering mortgage brokers. They have all focused on mortgage brokers while looking for a reason to explain the current state of affairs of this nation's real estate market.
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ChicagoSunTimes |
| Take all your rotten eggs, put them in one basket and tie a bow on it -- and if you believe that you now have the fixings of a tasty omelet, then you must still believe in the Easter Bunny!
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AlterNet |
| With all the bad news about housing sales these days, it's tough to know when is the right time to buy.
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OrlandoSentinel |
| Central Florida has been spared any hurricanes so far this year, but a different kind of storm has been roaring through the region. More than 11,000 homeowners had defaulted on their mortgages through August -- almost twice as many as for all of 2006, according to a Sentinel report. In a single ZIP code in Poinciana, nearly 300 homeowners had defaulted.
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NewYorkTimes |
| For all the pain in the mortgage market, investors who hold bonds backed by risky home loans have continued to receive their monthly interest payments — until now.
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Bloomberg |
| Some see laudable bipartisanship in Paulson's approach to problem solving and feel he'll go down as a good, if not great, Treasury secretary, destined to sit next to Robert Rubin in the Mount Olympus of Economics. Others, especially conservatives, see a man of small accomplishment with limited devotion to bedrock Republican free-market principles.
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Bloomberg |
| A slowdown in the U.S. economy may be prolonged as a house-price drop cuts off a source of funding for consumers, said Joseph Stiglitz, a Nobel economics laureate.
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SFGate |
| The jumbo-mortgage market, which went into a deep freeze in late August, is starting to thaw.
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StreetInsider |
| Lehman Brothers downgraded the mortgage finance sector from Neutral to Negative, saying the sector does not reflect the worst of their problems. The firm said loan losses will likely get larger.
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Reuters |
| An unusually high degree of risk-taking across asset classes made recent financial market turmoil all but inevitable, former Federal Reserve Chairman Alan Greenspan said on Sunday.
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SFGate |
| Think it's tough to find a loan for a new house? Try getting a second mortgage on the house you already own.
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PalmBeachPost |
| Treasury Secretary Henry Paulson Jr. says the mortgage business needs a lot more regulation. Coming from such a level in an administration that never saw a regulation it thinks ought to be obeyed, his speech at the Georgetown University Law Center last week was a stunner.
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Freep |
| The budget crisis will hamstring some efforts. And because the state was so wracked by economic woes even before subprime lending reached its peak, many of the solutions being proposed won't help people here.
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NapaValleyRegister |
| Direct mail advertisers work tirelessly to find ways to keep you from throwing their pitches in the trash, but the Napa County District Attorney's office is charging that one Central Valley mortgage broker has gone too far.
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StarTribune |
| Government does its part to prosecute unscrupulous brokers and predatory lenders. But there are ways the community can aid those hurt by this unnatural disaster.
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