On election night Fox News showed a clip of a young African American woman saying that she knew that if she needed a tank of gas or help with her mortgage payments Obama would help her. It was pitiful to watch but not altogether that far removed from the fantasy notions running through the heads of many nave Obama supporters.
At the risk of being called a party pooper I wont mention that for $600 mil you could feed about 10 million hungry children for several years in some third world country, even Kenya. Now the little poll thats popping up on certain websites isnt about who is most likely to cheat, Obama or McCain, it is rather the question of whether we think Obama bought your vote. Even if you were an Obama supporter it would be hard to say no.
Needless to say not everyone is blithe with the election result. But in fact the election has no real result yet; that will show up over the next few years. The vote count is in the results will follow.
Continue reading “Free Gas And Mortgage Payments Says Obama Supporter”
Plainly quantitative easing is putting new cash into the streets to stimulate the economy. The money brought in will positively enable more consumers buy merchandise and services. As a result, the companies will manufacture more and hire additional workers leading to increase in employment rate in the country.
Mostly awaited QE II is finally announced. The Federal Reserve will be buying more mortgage backed securities and government bonds. The amount of the Federal Reserve money outlay will depend on many things and the eventual expenditure and its influences will be visible in future months. The Federal Reserve controls short term interest rates, like the federal funds rate which is the rate banks charge each other for overnight funds. But long term interest rates such as the fixed rate for fifteen to thirty year mortgages are determined by market forces.
Certainly the Fed could influence these rates by actively involving in these markets. This will create a strong demand for these types of products that will push up the price and move down the yields. Expectedly the consequence would be that mortgage rates drop down further increasing refinance applications and improving the real estate prices.
Continue reading “Existing Refinance Mortgage Rates and Hopeful Consequences of Quantitative Easing II”
Do you want to purchase a bigger home than what you currently live in? Then you need to learn information about jumbo mortgage rates and how to determine what lender you should use to get this type of loan for the purchase of a larger home.
The first thing you need to be informed of is what this type of mortgage rate really is. The jumbo loans are for people that want to purchase a home that requires a loan amount that is greater than $417,000.
The exact amount can vary a little, but it will depend on the New Jersey county that you reside in. Now that you know what the loan is, it is time for you to learn how you can easily select the best lender for you to use to get this type of mortgage rate.
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The US economy is on a tailspin what with unemployment at its peak and people losing jobs thick and fast. Hence, people with even very good credit history are faltering on mortgage payments. Subsequently, foreclosures have become common. >
Now the has come up with a prevention scheme to help troubled homeowners. As part of the trillion-dollar scheme, mortgage rates have been dropped. In fact, this is at the lowest level since the 40s.
However, the banks are imposing very strict regulations. As a result, many homeowners who could opt for refinance have been left out in the lurch. This credit crunch could ultimately hurt not only property owners but would have broader economic repercussion. Employment and consumer spending have started to improve after two years of intense lows.
It may be mentioned that refinancing could save consumers dollars that they could otherwise spend on other things. That could even be spent on paying debt. The spending of extra cash would spur economic growth. It would also prevent foreclosures in the long run.
Continue reading “Amidst Foreclosures; Mortgage Rates Have Dropped”
Mortgage rates tumbled, as short-term mortgage rates shot up higher sending the share of variable rate applications tumbling.
The share of adjustable rate mortgage application sank though a big drop in yield of the 1year Treasury-indexed ARM may change that. However, latest report suggests that late payments on subprime adjustable-rate mortgages have increased for eight consecutive quarters and currently sit near 17%, while delinquency improved on the fixed rate mortgages and loans insured by the Federal Housing Administration. Fueled by activity in just four states, foreclosure continued to rise during the latest quarter.
Among the rising fears, one is that the sub-prime mortgage crisis is beginning to infect America’s $300 car loan market as evidence emerges of a surge in the numbers of motorists in arrears. Lenders who made more than 40,000 sub-prime car loans in 2006 saw the percentage on those in arrears jump from 6.8% to 8%, while smaller lenders who lend to offer loans to higher risk customers saw their arrears levels more than double from 6.2% in 2005 to 14.6% in 2006. Wall Street is worried that the same mortgage borrowers who are falling behind with their home loan repayments will also miss repayments on their car loans.
The housing slump in the country is causing financial pain to banks that provided expensive home loans to low-income householders with poor credit ratings. The sub-prime car loan market targets the same risky borrowers. Like the mortgage market, sub-prime car loan companies package loans and sell them to financial investors.
Continue reading “Tumbling Mortgage Rates Resulting To Tight Market Situation”