Welcome to Home Mortgages
Mortgage Loan Lenders Article
This is a selection made from among articles on Mortgage Loan Lenders. For a permanent link to this article, or to bookmark it for future reading, click here.
from:
Mortgage Bailout - What Does It Mean for Homeowners? Too Little Too Late or Just Plain Wrong?
By Lin Ennis
A recent political cartoon in my small-town newspaper showed a little man with big ears standing in a boat wherein a fat man sat smiling and smoking a cigar. The fat man was labeled "Banks"-obviously one of the two being rescued. The small guy with big ears-the other person being rescued-was bailing water from their beleaguered craft, to keep it from sinking into the black as night sea called "SUBPRIME." Trouble was, as the bucket's contents were hurled with great speed (indicated by the ferocity of the cartoonist's splash marks), they hit the face and chest of a passerby in another boat-labeled "Homeowners."
According to "saman" at Foreclosure DataOnline, "There is, of course, a difference between steps that can be taken to prevent foreclosures and a bailout, but many people fail to recognize the difference and remain steadfastly against both. Some economists even believe that proposed remedies might do just the opposite of what they are for, and actually make things worse."
Lenders, by and large, are not known for holding their customers' interests closest to heart. That's why they didn't offer fixed rate loans to 45% of people of color (Black or Hispanic) who qualified for them! And of course, by reselling the mortgages as securities, lenders including the government's Freddie Mac entered into contracts with investors. Now that really complicates saving anybody besides the government and the lenders, with the possible exception of investors.
Jack Hough, over at SmartMoney.com, is clear the bailout will hurt homeowners far more than it will help them. But his reasons may surprise you. Here's Hough:
"The government's new 'teaser freezer' plan would extend for five years the artificially low introductory rates on mortgages made to some buyers with spotty credit between January 2005 and this past July, a period that contained the real-estate market's bubbliest months. A typical such mortgage carries a teaser rate of 7% to 9% for the first two years, and an ordinary rate of 9% to 11% thereafter. Without government intervention, monthly mortgage payments on these loans will increase as much as 30% over the next two and a half years...The president's plan will keep some of these people in their homes, no question.
"But it will also make them poorer. That's because if two percentage points on a mortgage rate decides whether someone can afford to keep their house or not, then they can't afford to keep their house. They're paying too much. By continuing to pay too much, they'll divert their would-be savings to an asset that's likely twice as expensive as it should be right now, and even if it's not, tends to produce poor returns over long time periods."
Hough himself rents, and has good reasons for doing so. He goes so far as to say that renting would make more sense for most people in this day and age. As a homeowner, and a renter until five years ago, no one appreciates his point more than I. He dumps his "excess cash" (my term, not his) into business investments, which even at 1% profit have a greater yield than the house you live in. (The house you live in generates no yield until you sell it, and even at what most folks call a huge profit, may not cover maintenance during the time of ownership.)
He says if the government intervenes at all, it should do so in a way that will make folks wealthier, not poorer. I like that idea. Let's make sure every homeowner in America gets a comparable favor or cash flow similar to what's being forgiven those who can't pay. Then we'll all be wealthier!
And get my free report "Three Easy Ways to Own Your Home Sooner". You can also leave your name at the end of that report for more free tips on saving thousands by avoiding mortgage interest.
Article Source: http://EzineArticles.com/?expert=Lin_Ennis
http://EzineArticles.com/?Mortgage-Bailout---What-Does-It-Mean-for-Homeowners?-Too-Little-Too-Late-or-Just-Plain-Wrong?&id=935659
Mortgage Loan Lenders Specific links
Blinkx Video Search
- World's largest video search engine. Over 26 million hours of video. Watch it all!
-- http://www.blinkx.com/
Free Tech and Gadget Reviews!
- Watch GeekBrief With Cali Lewis on Mevio!
-- http://www.geekbrief.mevio.com/
Watch Funny Videos!
- Click here to see funny videos, pictures, jokes, commercials, and more funny stuff from Comedy.com.
-- http://www.comedy.com/
New Rap Music
- Search Emerging Artists & Help Vote Them Into Stardom. Join Today
-- http://www.ourstage.com/
Get Hired
- Earn more money with a better job now
-- http://www.hotjobs.com/
Mortgage Loan Lenders News
Brown Offers 1 Billion Pound Mortgage Loan Guarantee (Update2) - Bloomberg
 ITV.com | Brown Offers 1 Billion Pound Mortgage Loan Guarantee (Update2) Bloomberg - Foreclosures totaled 11300, compared with 10100 in the second quarter, the Council of Mortgage Lenders, which represents British home-loan providers, ... Government announces plans to help with mortgage repayments Brown's £1bn reposessions package Northern Rock holds back on repossession for six months |
The New York Times Features VA Mortgage Center.com - MarketWatch
 International Business Times | The New York Times Features VA Mortgage Center.com MarketWatch - VA Mortgage Center.com has something local banks and lenders may not -- expertise in VA home loans. Too many veterans and service members are unaware of ... Family loans: 5 ways to protect your cash |
Mortgage applications up 112.1% last week, due to drop in rates: MBA - MarketWatch
 Post Chronicle | Mortgage applications up 112.1% last week, due to drop in rates: MBA MarketWatch - Applications to refinance an existing loan rose 203.3% last week, compared with the week before. Mortgage applications to purchase a home rose a seasonally ... Mortgage applications more than double Mortgage applications surge by record amount |
Mortgage fraud incidents up 45 pct in 2Q - The Associated Press
 HispanicBusiness.com | Mortgage fraud incidents up 45 pct in 2Q The Associated Press - The report is based on data submitted by the institute's subscribers, which are mostly lenders, about loans that were originated in the second quarter and ... Home loan fraud still rising Mortgage Fraud Jumps by 45% on Fewer Loan Applications in US, Per ... Mortgage Fraud Rises |
Sheila Bair's Mortgage Miracle - Wall Street Journal
Sheila Bair's Mortgage Miracle Wall Street Journal - The FDIC would pay servicers $1000 for every loan they modify, and taxpayers will share the losses if loans re-default. To get to 31%, lenders could offer ... FDIC chief: Intervene on foreclosures |
How to qualify for a mortgage loan - Standard
 Standard | How to qualify for a mortgage loan Standard, Kenya - Mortgage lenders will be reluctant to issue loans on properties whose values are not ascertained or where values do not tie in with the prices because it ... |
Smaller Mortgage Lenders See Opportunity in Turmoil - Wall Street Journal
Smaller Mortgage Lenders See Opportunity in Turmoil Wall Street Journal - At the same time, traditional mortgage-loan giants are facing a tougher challenge from some lenders that usually don't get mentioned with the industry's ... US Bank poised to grow bigger, stronger Lenders Tiptoe Into Bulk Sales |
California, Arizona take different approaches to fix mortgage mess - Bizjournals.com
California, Arizona take different approaches to fix mortgage mess Bizjournals.com, NC - Arnold Schwarzenegger recently announced his state has inked deals with number of lenders, including Countrywide Financial and GMAC, to fast-track loan ... |
Lenders Become Proactive - New York Times
 New Zealand Herald | Lenders Become Proactive New York Times, United States - The companies’ loans make up about 58 percent of single-family mortgages nationwide. Lenders are willing to change the loan terms if homeownership costs ... Fed to give lenders an $800b lift Home shoppers rush in as mortgage rates fall More Worms In The Capitalist Apple |
Fixed-rate trap snares 43000 home owners - Sydney Morning Herald
 Sydney Morning Herald | Fixed-rate trap snares 43000 home owners Sydney Morning Herald, Australia - MORE than 40000 unlucky people have been caught out in a fixed mortgage rate trap, having taken out their loan at the highest fixed interest rates in a ... |