real estate and housing news

It appears the mortgage crisis is far from over. Countrywide is cutting jobs up to 12,000. The mortgage industry fluff that has been created during the housing boom is being depressed right now.



What does this mean to the homeowners?

The Fed rolled out the bailout plan to rescue the sub-prime mortgage borrowers who have fallen behind. The place is called: FHASecure.

The gloomy prediction was brought by Mortgage Bankers Association. The slowdown in housing has become a primary cause in the slowing of the national economy and it is not clear that whether we have seen the full impact of the credit shock.

No. 1 mortgage lender announces program to refinance $16 billion in loans for 80,000 borrowers facing much higher home payments.

The hoped-for saviors of the U.S. housing market could use some first aid themselves.

The plan will freeze certain subprime mortgages for 5 years, a compromise hammered out with mortgage lenders and banking regulators.

Only a slight majority of Americans want to see special treatment for those at risk of default; most blame borrowers for woes.

Experts say excess cash would do better in 401Ks, IRAs than as mortgage payment.

Another mortgage-refinancing boom is under way. But this time around, many homeowners will be watching from the sidelines.

Mortgage rates fall.

With the market gyrating and real-estate prices tanking, deciding what to do with a windfall isn't exactly easy these days. Anyone carrying high-interest credit-card debt should pay it off. After that, the choices get tougher. You could scoop up some beaten-down stocks or battered high-yield bonds, figuring they'll rebound. Or you could play it safe and pay down your mortgage.

More and more borrowers are watching their house values sink while the cost of their loans skyrockets. What to do? Skip out on the mortgage all together.

The mortgage rates have been rising. In a layman's term if you don't have time to read the whole article:

Fed's cutting rate -> inflation worries -> pushing up rates (set in bond market)

PMI insurance, or private mortgage insurance is designed to help borrowers get into a home with less than the often mandatory 20 percent down payment.

Late on the mortgage, stay put, banks may be too busy to kick you out...
The US foreclosure crisis is still unfolding...

Some basic tips for applying mortgage loan. A good read for first time home buyers.

This is a nice graphic that shows how the sub-prime mortgage problem fairs throughout the country. Different regions do differently and the image shows them.

..."Effectively, the federal government has now become the nation's mortgage lender"...

Bush, Paulson outline powerful steps targeting troubled mortgage-related assets weighing down the finance industry. Plan could cost hundreds of billions.

Home buyer tax credit is raised to $15,000. WIth the great mortgage rate and the tax credit like this, maybe it is time for the potential buyers on the sideline.