Speaking at the Atlanta Fed’s Financial Markets Conference, Federal Reserve Chairman Ben Bernanke addressed the current state of the U.S. economy, calling current financial market conditions “far from normal.” “The provision of liquidity by a central bank can help mitigate a financial crisis. However, central banks face a tradeoff… Read More Now
HR 3221 - Foreclosure Prevention Act aids home buyers
In an effort to soothe a struggling housing market, Congress has taken yet another step to help homeowners and businesses weather the tough times they may be facing.
New Fannie Mae Program May Benefit 150,000 homeowners
Another program to aid in the subprime mortgage crisis has been announced by Fannie Mae. Under the new rules Fannie will refinance mortgages at up to 120 percent loan to value and the program appears to be limited to loans that are paid to date and that Fannie either owns or insures. Fannie estimates that 150,000 homeowners could be helped by such a program. Read More Now
Interest Rate Drop Causes mortgage Activity Surge
After a string of declining weeks, the mortgage Bankers Association (MBA) announced today that week-over-week mortgage activity surged 15.6 percent for the week ending May 2.
Consumer credit Rises Well Above Forecasts in February
Surprising to the upside, seasonally adjusted consumer debt rose $15.3 billion in March, according to data released Wednesday from the U.S. Federal Reserve, which also showed that total consumer credit rose to 2.558 trillion. Read More Now
FHA Loans Grow Costly As Banks Add Fees
Lenders that make loans insured by the Federal Housing Administration are adding costs and restrictions that make those mortgages more expensive for consumers and less widely available.
Economists Divided on What Jobless Claims Say About the Labor Market
The current pace of jobless claims is relatively low compared to the previous recession, some economists say. However, others note that the rise in continuing claims is consistent with a higher unemployment rate than its current 5.0%, suggesting more trouble in the labour market than the latest figures might indicate. Read More Now
Fed, FTC Propose New Rules on Lenders
The Federal Reserve and Federal Trade Commission proposed new rules on Thursday which would require lenders to inform consumers of unfavourable developments or changes to the terms of their loans. Under the proposed regulations, the lenders would also have the option of divulging a consumer’s credit risk rating. Read More Now
mortgage calculator: How much home can I afford?
A mortgage calculator should answer questions, not ask so many that you’re left baffled. Find out how a good mortgage payment calculator can tell you exactly how much home you can afford, and help you estimate the costs that you might not be thinking about as you shop for your new home.
Fed cuts fed funds rate again - 7th consecutive cut
For the seventh consecutive meeting, the Federal Open Market Committee (FOMC) cut the Fed Funds Rate, this time reducing it to 2.00%.