Mortgages // Current TV

Behind the Fannie and Freddie fears

All debt issued by mortgage giants Fannie Mae and Freddie Mac comes with a prominent... more

Chique
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3 years ago
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Canada new home prices lower

Prices for new homes in Canada rose 4.1 per cent in May from a year earlier, the... more

urlspotter
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3 years ago
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Congress wrangles over bill to help homeowners

A long-stalled mortgage rescue inched Thursday toward Senate passage, only to be sent... more

lavenderballoon
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3 years ago
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No more 40 year mortgages

The federal government will no longer guarantee 40-year or zero-down mortgages in an... more

urlspotter
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3 years ago
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Fannie Mae, Freddie Mac Stocks Down

WASHINGTON (MarketWatch) -- Shares of Fannie Mae and Freddie Mac plunged for the third... more

lavenderballoon
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3 years ago
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40 year and zero down mortgages are out

In an announcement released today, the government said government-backed mortgages... more

urlspotter
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3 years ago
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Approval Is Near for Bill to Help U.S. Homeowners !!!

WASHINGTON: A bill aimed at helping hundreds of thousands of homeowners in danger of foreclosure cleared an important test vote in the U.S. Senate on Tuesday, raising the prospects for final passage of an aid bill by midsummer.

By 83 to 9, the Senate agreed to end debate on the assistance package and move to a final vote, which could come very soon. The test vote was considered crucial, since 60 votes were required under Senate rules to bring the debate to a close.

Housing legislation still has other obstacles to overcome, notably a veto threat from the White House. Differences between the Senate and the House, which approved a somewhat different housing-rescue bill by 266 to 154 last month, will have to be ironed out. And the senators will have to work out differences among themselves on various amendments to their version.

But the overwhelming vote in the Senate was nevertheless a good omen for those hoping to see passage of an assistance bill, as were reports on Capitol Hill that intensive negotiations are under way between Senate and House architects of housing legislation. There have also been reports that lawmakers are willing to excise or tweak sections most objectionable to President George W. Bush.

Moreover, the White House signaled that it is not dead-set against the measure. "We do think that there are some really good aspects of that Senate bill," Bush's chief spokeswoman, Dana Perino, said shortly after the vote. "And we have been working closely with them to try to change the bill in a way that, we think, it could be something that the president could sign."
Perino said the White House was most concerned about a section of the bill that would provide $4 billion to states to purchase homes already foreclosed upon. "And our concern is that that just helps the banks," she said. "That doesn't help the consumers and the people who are trying to stay in the homes."

Senator Christopher Dodd, Democrat of Connecticut and a major figure behind the legislation as chairman of the Banking, Housing and Urban Affairs Committee, said before the test vote that the bill was not perfect. But he said the package was the best that could be achieved, and he said passage was essential in view of the "deeply troubling" wave of foreclosures.

The bill would create an affordable housing fund, financed by Fannie Mae and Freddie Mac, the government-sponsored financial institutions that purchase mortgages from lenders. In the first year after final approval of the legislation, the fund would provide about $500 million for the foreclosure-rescue campaign.

Under both the House and Senate plans, lenders could limit their losses from potential foreclosures by agreeing to reduce the principal balances of loans at risk of default. Borrowers, many with expensive adjustable-rate loans, could then apply to refinance with a more stable, 30-year, fixed-rate mortgage insured by the government through the Federal Housing Administration.

Just before the House approved its rescue plan last month, Bush threatened to veto it, saying it would put taxpayers' money at risk and "reward speculators and lenders." And the margin by which the House approved its measure, while substantial, did not reach the two-thirds that would be necessary to override a veto.

The issue is further complicated by differences among Democrats. Some fiscally conservative Democrats have voiced concerns over how to pay for the assistance measure, while members of the congressional Black Caucus have argued that it would not do enough to help African-Americans."WASHINGTON: A bill aimed at helping hundreds of thousands of homeowners in danger of... more

mjsmith11
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3 years ago
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Fight Foreclosure: Produce the Note "How to"

Using the “produce the note” strategy is something all homeowners facing... more

consumeradvocate101
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3 years ago
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Mortgage Fraud

A seller asks about putting money down for a buyer who has no down payment. Lenders... more

IlyceGlink
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3 years ago
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US foreclosure filings surge 65 percent in April

One in every 519 U.S, households received a foreclosure filing in April.

iamforchange
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4 years ago
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Fight Foreclosure - Make 'Em Produce the Note

The mortgage companies won't help. The government won't help. It's... more

consumeradvocate101
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4 years ago
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5 comments

Campaign Advisors for Obama and Clinton Tied To Lending Crisis

On the campaign trail, Democrats Hillary Rodham Clinton and Barack Obama have proposed... more

JanforGore
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4 years ago
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Did Spitzer Cross the Wrong People and Seal his Doom?

The subtitle to this article is, "How the Bush Administration Stopped the States... more

resolute
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4 years ago
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Confused about the Money Burp?

There's been a huge amount of discussion lately of the US Sub Prime housing... more

phillyharper
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4 years ago
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1 comment

Mortgage Finance Company to Lost an Additional $5.5 to $7.5 Billion Dollars

"The chief executive of Freddie Mac estimated Tuesday the mortgage finance... more

looey23
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4 years ago
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Interest Rate Freeze Agreement Reached

The Bush administration has developed a plan to freeze interest rates for five years... more

looey23
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4 years ago
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1 comment

Scared of heights on the property ladder?

Everyone dreads the moment when its time to start thinking about taking that first... more

mattbrawn
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4 years ago
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3 comments

House Prices Drop, Not Good for Homeowners

House prices fell for the first time in two years this month, sending a shudder... more

abbym0308
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4 years ago
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2 comments

Real Estate Can Kill You.

Take a risk or steer clear of the bursting bubble? What we learned buying a home... more

jonr
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4 years ago
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7 comments

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