FREE MORTGAGE NEWS 4U.COM by Brenda Jarvis

December 8, 2008

With rates falling to all time lows, people are starting to ask a lot of questions about FHA streamline refinances. Usually they begin with, “Does FHA have a stated income refinance program?” to which I promptly respond “No”. They do however have a streamline refinance program that is designed to refinance borrowers who already have an FHA insured mortgage, into a lower interest rate. The program, designed to simply put the borrower into a better financial position, does not verify Read Full Article

December 5, 2008

Worst month since December 1974 brings total this year to 1.9 million Skittish employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 percent, dramatic proof the country is careening deeper into recession. The new figures, released by the Labor Department Friday, showed the crucial employment market deteriorating at an alarmingly rapid clip, and handed Americans some more grim news right before the holidays. As companies throttled Read Full Article

December 3, 2008

Treasury urged to cut mortgage rates: Financial industry lobbyists are urging the Treasury Department to take steps to lower mortgage rates in an effort to stabilize the housing market. Under the proposal, Treasury would seek to lower the rate on a 30-year mortgage to 4.5 percent, Scott Talbott, a vice president at the Financial Services Roundtable, said Wednesday. That’s about one percentage point below the current rate of 5.6 percent. Treasury would do so by purchasing Read Full Article

December 1, 2008

Fed chief says there are other ways agency may bolster economic activity Federal Reserve Chairman Ben Bernanke said Monday that further interest-rate cuts are “certainly feasible,” but he warned there are limits to how much such action would revive an economy likely to stay weak well into next year. The Fed’s key interest rate now stands at 1 percent, a level seen only once before in the last half-century. To help lift the country out of a recession that started in December of Read Full Article

November 25, 2008

Paulson: Programs aimed at getting lending to more normal levels The government, still struggling to manage a severe financial crisis, unveiled two new programs Tuesday that will provide $800 billion to try to help unfreeze the market for consumer debt from home mortgages to credit cards. The announcements by the Federal Reserve and the Treasury Department represented the latest modifications to the largest government bailout in history, a program designed to keep the troubled Read Full Article

November 25, 2008

$200B Treasury ABS Effort Could Fund Subprime, Commercial A new effort by the Treasury Department to revive the market for asset-backed securities could include "non-agency" mortgages, the government said today. Initial MBS Euphoria Wears Off a Bit The Federal Reserve's plan to purchase up to $500 billion of housing-related government-sponsored enterprises' mortgage-backed securities as well as up to $100 billion of their debt could mean a refinancing boom if the initial positive Read Full Article