The News Review:
- Senate to take up new housing bill next week, Democrats seeking…
- Home > Business > GHB mortgage-holders lower refinance rate
- SignOnSanDiego.com > Union-Tribune Chat
- Fact Sheet: Taking Decisive Action To Keep Our Economy Growing
- Just let the price be right
Senate to take up new housing bill next week, Democrats seeking…
Forbes – Apr 4, 2008
‘It’s painful,’ he joked. With the bipartisan bill out of the way, Democrats are expected next week to examine ideas that so far have found little Republican support. One idea is to set up a process for lowering mortgage amounts for borrowers who are struggling to keep up with mortgage payments. This would require lenders to agree to write down the value of these mortgages, but would receive this amount in payment and the Federal Housing Administration would insure and guarantee the new mortgage. Dodd said he wants to hold a hearing on this possible solution next week, and House Financial Services Committee Chairman Barney Frank of Massachusetts, who also supports this proposal, has a hearing set for April 9. Both have discussed making 300 bln usd available for the program. Another possibility is a bill that would allow judges to rewrite mortgage terms in bankruptcy proceedings in order to keep struggling borrowers from missing mortgage payments.
Related: My View: Debate grows over insurance legislation
Home > Business > GHB mortgage-holders lower refinance rate
Nation Multimedia – Apr 4, 2008
Published on April 4, 2008
However, they must have loans for first-home purchases only, and their monthly salary must not exceed Bt15,000. To be eligible, customers must already be subject to the bank's floating interest rate. Their outstanding loans must also not exceed Bt600,000. GHB president Khan Prachuabmoh yesterday said the refinancing programme was part of a Bt10-billion scheme, approved by the Cabinet on Tuesday, to help low-income earners cope with higher living expenses and inflation.
Related: Ambac to address auction-rate securities, variable debt
SignOnSanDiego.com > Union-Tribune Chat
San Diego Union Tribune – Apr 4, 2008
moderator(Q) The following question was sent via e-mail by Terri: We have a $409,000 interest only mortgage fixed for another 3 years before adjusting. We will have an extra $500 a month next year when our vehicle is paid off. Should we look at refinancing for a 40 year mortgage now or wait until next year when we will have the extra money each month? Also, my husband is retired navy, should we refi using a VA loan or go conventional. I believe we still have enough value in the home. lori_weisberg(A) Obviously, you want to take advantage of low interest rates, which should remain low for awhile, but no one knows for sure. I would investigate what your monthly costs would be for a 40-year mortgage, taking advantage of A VA loan. I don’t kow all the conditions required for such a loan, but again, do the research, and then maybe it behooves you to not wait.
Fact Sheet: Taking Decisive Action To Keep Our Economy Growing
Earthtimes – Apr 4, 2008
The new form would require all mortgage terms and settlement charges to be displayed in a standard summary, and it is expected to empower homebuyers to save an average of $500 to $700 in closing costs, while reducing the likelihood of consumers taking on loans they cannot afford. President Bush signed the Mortgage Forgiveness Debt Relief Act of 2007, which will help Americans avoid foreclosure by protecting families from higher taxes when they refinance their home mortgages. This Act created a three-year window for homeowners to refinance their mortgage and pay no Federal taxes on any debt forgiveness they receive. President Bush Calls On Congress To Further Reduce Economic Uncertainty By Passing Responsible Legislation The President remains deeply concerned about the economy and strongly believes that any government policies must be responsible. Government actions often have far-reaching and unintended consequences. Any time the government intervenes in the market, it must do so with clear purpose and great care. Many recently proposed sweeping solutions involving an expanded role for the government would only serve to make a complicated problem even worse and would end up hurting far more Americans than they would help.
Just let the price be right
News & Observer – Apr 4, 2008
To an extent not widely understood, this is all tied to home prices. When prices rise, everybody can repay loans. Price appreciation builds equity, and that allows even overstretched buyers to refinance or sell at a profit — so mortgage lending becomes nearly risk free. Defaults are rare, but if they do occur, banks reclaim houses worth more than the loan. When prices are falling, this process is reversed and lending to overstretched buyers becomes a losing proposition, no matter how low interest rates drop or how much money the government drops from helicopters. That’s why banks have curtailed lending. The government is trying in vain to get funds flowing again and put a floor under prices.
[...] BHP to investigate SA desalination plantThe Age – Feb 17, 2006It will avoid the need for BHP to take more water from eitherthe River Murray or the Great Artesian Basin. The plant will also supply quality water to Whyalla and otherEyre Peninsula towns. South Australian Premier Mike Rann said with consideration ofthe desalination option the government had demonstrated itscommitment to preserving South Australia’s water resources. “One of the greatest benefits of such a plant is that it securesthe long-term sustainability of the Great Artesian Basin,” Mr Rannsaid. BHP Billiton said after consideration of all water supplychoices the desalination plant had emerged as the company’spreferred option… South Australian Premier Mike Rann said with consideration ofthe desalination option the government had demonstrated itscommitment to preserving South Australia’s water resources. “One of the greatest benefits of such a plant is that it securesthe long-term sustainability of the Great Artesian Basin,” Mr Rannsaid. BHP Billiton said after consideration of all water supplychoices the desalination plant had emerged as the company’spreferred option.Related: SignOnSanDiego.com > Union-Tribune Chat [...]