Mortgage Tips and Resources

NY senator: Bailout should include mortgage help
“New York Sen. Hillary Rodham Clinton offered her own to-do list Monday for the financial crisis, saying the government has to alter the terms of millions of now-shaky mortgages.

Clinton offered her goals after a private meeting with Timothy Geithner, president of the New York Federal Reserve Bank. She said the Bush administration’s proposed $700 billion bailout package ignores the key part of the economy where the troubles began: bad mortgages. ” AP, silive.com Keep Reading >>

Blame Fannie Mae and Congree For the Credit Mess
“Many monumental errors and misjudgments contributed to the acute financial turmoil in which we now find ourselves. Nevertheless, the vast accumulation of toxic mortgage debt that poisoned the global financial system was driven by the aggressive buying of subprime and Alt-A mortgages, and mortgage-backed securities, by Fannie Mae and Freddie Mac. The poor choices of these two government-sponsored enterprises (GSEs) — and their sponsors in Washington — are largely to blame for our current mess.” Wall Street Journal Keep Reading >>

U.S. Mortgage rates unchanged on Monday
“The average rate on a 30-year U.S. mortgage with no upfront points was unchanged on Monday at 6 percent, according to BestInfo Inc.

If the mortgage market on Tuesday continues in its current direction, rates may rise.  The 30-year mortgage rate with one upfront point was unchanged at 5-3/4 percent.” Reuters Keep Reading >>