Weekly Mortgage Update

It is no surprise that the banking sector is feeling the pinch right now, amidst a massive nationwide credit crunch, among thousands of new monthly foreclosures and credit card defaults. Standard and Poor recently has downgraded the entire banking sector because of their massive writedowns agains...

An answer to the foreclosure epidemic made some serious headway on Tuesday, as the Senate banking committee voted 19-2 in favor of the FHA bailout program which is proposed to lend $300 billion dollars from the FHA over the next five years, mainly for people that are underwater on their mortgage....

Today the Senate Housing Committee will be voting on a final version of the FHA Bailout program that will prevent 500,000 foreclosures, and fund over $300 Billion in new loans over the next five years. The plan is designed to help homeowners who are upside down on their mortgage, allowing them to...

Foreclosures across the country are continuing to rise, as Congress is continuing to find ways to continue the mortgage meltdown. Thousands of foreclosures pop up every month across the United States, however there is even a far worse trend appearing to rear its ugly head. Just in the past few we...

 President Bush has asked for three things as of late regarding the weak housing market. Reform Fannie Mae and Freddie Mac, get revenue bonds for each state, and modernize the FHA. The House answered yesterday with a whopping vote in favor of the new FHA bailout program. It makes sense at every e...

With the recent downturn in the mortgage industry, many products once very popular, are now getting a facelift, as we go into a tightening of credit, where only the most qualfied borrower will get a loan. Stated loans, as they are called, are primarily for borrowers who have a hard time proving t...

Mortgage financing giant Fannie Mae posted its 3rd straight quarterly loss today of 2.2 billion dollars, mainly because of fair market value losses in residential housing across the United State. Fannie Mae also reduced its quarterly dividend by .25 cents, which will free up $390 million for the ...

Countrywide home loans got downgraded on Friday to a credit rating of "junk" by wall street analysts. Bank of America recently agreed to buy into Countrywide stock, and help them reorganize debt not to exceed $25 billion. The reality however, is that Bank Of America will be holding the portfolio ...

On Thursday the House Committee approved a new method of handing the foreclosure crisis, entitled "short-pay" loans. This will enable the homeowner to negotiate a payoff with their current lender to accept less then what is owed. The government sponsering entity on this is the Federal Housing Adm...

Va Home Loans are one of the safest home loan programs available to people who qualify today. Unlike FHA loans that only go up to 97% financing, and include mortgage insurance, VA loans are 100% financing with no money down. There is no mortgage insurance on this loan, because VA insures your loa...