The News Review:
- As mortgage rates drop, some consider refinancing
- BREAKING NEWS: Congress talking tough to hedge fund managers …
- McCain, Obama split on how to rescue mortgages
- Enhanced VA Mortgage Options Now Available for Veterans
- Mortgage Refinancing
- OPINION-US economy and mortgage rates
- Fear over mortgage assets and Hong Kong hit HSBC
As mortgage rates drop, some consider refinancing
WCNC (subscription), NC
That has people frozen in their homes by dropping prices, thinking about refinancing instead. “I’ve actually been looking at it this morning,” said Paul Vaden. Vaden thinks refinancing might work for him and save him as much as $50 a month on his payment. “That adds up over time,” Vaden said. Maybe not, though, says mortgage broker Will Mullinix. Mullinix says by the time you pay closing costs that can average $2,000, that $50 a month savings might not be worth it. Mullinix says those who should look to refinance include, “Anyone with a rate in the 6.
BREAKING NEWS: Congress talking tough to hedge fund managers …
OhMyGov!, DC
3221, The American Housing and Foreclosure Act:
Provides
mortgage refinancing assistance to keep families from losing their
homes, protect neighboring home values, and help stabilize the housing
market. Expands
the FHA program so many borrowers in danger of losing their home can
refinance into lower-cost government -insured mortgages they can afford
to repay. This legislation will help troubled borrowers avoid
foreclosure while minimizing taxpayer exposure. Only primary residences are eligible: NO speculators, investment properties, second or third homes will be refinanced. Protects
taxpayers by requiring lenders and homeowners to take responsibility.
McCain, Obama split on how to rescue mortgages
Seattle Post Intelligencer
The government is giving money to banks in exchange for an ownership stake that can be sold to investors later, and the government can buy distressed mortgage-backed securities. The Treasury has another, more direct option: It can buy individual mortgages on which the borrowers have defaulted. That’s different from buying mortgage-backed securities. By buying bad mortgages, the government would allow homeowners to refinance their loans for smaller amounts that reflect the reduced values of their homes. Under such a plan, someone has to take a financial loss — lenders, the government or homeowners. The candidates disagree on who should take that loss. McCain says that, in cases where homeowners were responsible enough to make down payments, the government should eat the loss.
Related: McCain and Obama spending millions on advertising
Enhanced VA Mortgage Options Now Available for Veterans
Earthtimes (press release), UK
" VA has never guaranteed subprime loans. However, as a result of the new law VA can now help many more veterans who currently have subprime loans. The new law makes changes to VA’s home loan refinancing program. Veterans who wish to refinance their subprime or conventional mortgage may now do so for up to 100 percent of the value of the property. These types of loans were previously limited to 90 percent of the value. Additionally, Congress raised VA’s maximum loan amount for these types of refinancing loans. Previously, these refinancing loans were capped at $144,000.
Mortgage Refinancing
Food Consumer, IL
But before deciding, you need to understandall that refinancing involves. Your home may be your most valuablefinancial asset, so you want to be careful when choosing a lender orbroker and specific mortgage terms. Remember that, along with thepotential benefits to refinancing, there are also costs. When you refinance, you pay off your existing mortgage and create anew one.
OPINION-US economy and mortgage rates
San Diego Union Tribune, United States
Here are some more ideas on how to make ends meet. If you have a fixed rate mortgage, review the rate to see if it is higher than current rates and see about a new loan, particularly if you also have a second mortgage or equity line which can be consolidated. Next, look at your home owners insurance policy. If the deductible is $250 or $500, contact your insurance agent about how much lower your annual premium may become if you opt for a $1,000 deductible. If your property has been reassessed recently and is valued based upon data from a time when home prices were higher, contact your mortgage originator to see if it might be wise to have a new appraisal to contest the amount of the assessment.
Fear over mortgage assets and Hong Kong hit HSBC
Times Online, UK
Xstrataunderperformed the mining sector, falling 62½p to 777½p amidcontinued talk that Glencore, its biggest shareholder, would have to sellsome shares to meet margin calls. Glencore also has 12 per cent of RusAl,which is struggling to refinance a loan. In the FTSE 250, Grainger, the residential landlord, fell 54p to 72pafter it offered to buy out convertible bondholders in return for cash andshares. The issue of new shares will dilute existing holders’ stakes and sofunds sold shares in order to buy the bonds. New York: Shares tumbled amid signs that the economic slowdown could bedeeper than feared. The Dow Jones industrial average was down by 312.