Senator McCain to Temporarily Cease Campaign to Work on Bailout Package
September 24, 2008
Speaking to reporters in New York, U.S. Senator John
McCain said he would temporarily suspend campaign
operations to return to Washington, D.C. and participate in the
crafting of legislation geared at aiding the financial markets.
Interest Group and State Regulators Express Opinions on Bailout
September 24, 2008
Housing and banking special interest groups as well as a group that
represents state level banking regulators have weighed in with their
opinions and concerns about the banking bailout proposal
which is rolling out piecemeal from the Federal Reserve and the
Department of the Treasury. Two of the groups are less than happy with
portions of the proposed policies.
Bernanke Tells Congress Financial Stability is Threatened
September 24, 2008
Testifying on the state of the economy before the Joint Economic
Committee in Washington D.C., Fed Chairman Ben Bernanke said
there are “grave threats” to financial stability in the U.S.
Existing Home Sales Fall 2.2% to 4.91 Million in August
September 24, 2008
Existing home sales fell slightly more than expected
to an annualized pace of 4.91 million units in August, a 2.2% decrease in
the month, following July’s upwardly revised sales figure of 5.02
million. Even with a bigger loss than expected, the range in the past 11
months has been relatively narrow, according to the National Association
of Realtors (NAR).
Freddie Mac's Bitsberger Urges Congress to Quickly Pass Treasury Proposal
September 24, 2008
Freddie Mac Treasurer Tim Bitsberger said it’s
business as usual at the mortgage giant but called on the U.S. Congress
to quickly pass the bailout plan submitted by U.S. Treasury Secretary
Henry Paulson, since the market is facing a “crisis of confidence”.
MBA Mortgage Applications Move Down in Week Ending Sept. 19
September 24, 2008
Weekly mortgage applications in the United States
decreased in the week ending Sept. 19, according to data released from
the Mortgage Bankers’ Association (MBA) on Wednesday, which reported a
10.6% week-over-week rise in applications.
Senator Schumer Confident Bill Will Pass in Under Two Weeks
September 24, 2008
Speaking in interviews with CNBC and Bloomberg Television on
Wednesday, Senator Chuck Schumer said it is “highly
likely” that the U.S. financial market bailout plan would pass sometime
in the next two weeks, but not before some modification.
Wall Street vs. Main Street - What Will The Government’s Bailout Package Do For You?
September 24, 2008
To battle America's looming financial crisis, The Bush Administration has proposed a $700 billion package - but what's in it for you?
Doing Mortgage Research? Getting Answers to Mortgage Questions Online
September 24, 2008
One of the best places to get information when you are researching a mortgage is online. You’ll find news, articles, mortgage calculators, production information and just about anything you are looking for. You’ll find explanations of mortgage related information. You’ll find mortgage rates. You can pretty much find anything.
Low-Interest Mortgage Rates Spur Refinance Boom
September 24, 2008
This morning the Mortgage Bankers Association (MBA), in its Weekly Mortgage Applications Survey for the week ending September 12, announced that loan applications surged 33.4 percent higher than the previous week.
Fed Funds Rate Holds Steady at 2%
September 24, 2008
The Federal Open Market Committee announced today that it will again hold its Fed Funds rate at 2.0 percent. This is the rate at which banks loan money to one another, impacts mortgage rates for adjustable rate mortgages and home equity lines of credit.
Lehman Brothers & Merrill Lynch News Should Continue to Drive Down Mortgage Interest Rates
September 24, 2008
While last weekend saw the government takeover of Fannie Mae and Freddie Mac, this weekend brought on the collapse of Lehman Brothers (a 158-year-old investment bank) and the purchase of Merrill Lynch by Bank of America. Once again, the change in the financial markets most likely means mortgage rates are falling, according to Quicken Loans Chief Economist Bob Walters.
Fed’s Action to Save Fannie Mae and Freddie Mac Lowers Mortgage Rates
September 24, 2008
When the government took control of mortgage giants Fannie Mae and Freddie Mac this past week, a funny thing happened. The Financial Markets liked the move. The result? Mortgage rates are down!
Plummeting Mortgage Rates Trigger Jump in Mortgage Loan Activity and FHA Loans
September 24, 2008
Rapidly falling mortgage rates are bringing consumers seeking a mortgage out in droves, according to the report released today by the Mortgage Bankers Association. The association’s Weekly Mortgage Applications Survey, which measures week-over-week volume of people applying for a mortgage to either purchase a home or refinance an existing mortgage, showed loan application activity increased 9.5%.
The Government, Fannie Mae & Freddie Mac - What Does It All Mean?
September 24, 2008
If you were near a TV or computer this weekend, you know that after weeks of buzz, the government took control of mortgage giants Fannie Mae and Freddie Mac. But unless you like studying charts and following stocks, you might not know who those oddly-monikered companies are and what this news means to you.
History Proves Current Mortgage Rates Are Near Historic Lows
September 24, 2008
While mortgage rates may have increased slightly over the past four years, they’re still the lowest they’ve been over the course of 25 years. So while we may be hearing that mortgage rates have increased, it’s still an excellent time to purchase or refinance with a low mortgage rate.
Surge in FHA Loans Leads Jump in Weekly Mortgage Loan Activity
September 24, 2008
A greater number of people applied for a mortgage loan to purchase or refinance a home last week than the one that preceded it, continuing a recent wave of positive economic reports regarding housing.
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September 24, 2008
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