FREE MORTGAGE NEWS 4U.COM by Brenda Jarvis

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

November 25, 2008

• Talking about the economy over the weekend, Barack Obama said, “There are no quick, easy fixes.” To which Amy Winehouse said, “There are in my neighborhood.” --Jay Leno   • Down in Washington, the big Capitol Hill Christmas tree arrived. The contract to decorate the tree went to Halliburton for $10 billion. --David Letterman     • Another good day for the stock market. Up almost 400 points today. If this keeps up every day for the next three years, we’ll Read Full Article

November 25, 2008

I had a great question come in yesterday that I thought would make a great topic for this week’s article. An originator asked- “How does HUD define a homeowner association’s “right of first refusal” regarding condominium project review for approval or for spot loan review for approval? What does that term mean?” The reason this question is an important one regarding FHA financing is because it is a HUD requirement that the subject condominium association not maintain a right of Read Full Article

November 25, 2008

Investors focus on Fed, Treasury plan instead of GDP data Wall Street is poised to extend its advance to a third day on the government's plan to aid companies that issue credit cards, make student loans and finance car purchases. The Treasury Department and the Federal Reserve said Tuesday they plan to use $20 billion of the government's $700 billion financial rescue to help revive troubled credit markets. The government's decision overshadowed a report that the nation's gross Read Full Article

November 24, 2008

Decline in real estate is expected to get worse WASHINGTON - Nationwide sales of existing homes fell more than expected last month, as economic fears made buyers leery even though prices plunged to the lowest level in more than four years. And the decline is expected to get worse because October's results reflect sales contracts signed before Wall Street's nosedive. The National Association of Realtors said Monday that sales of existing homes fell 3.1 percent to a seasonally adjusted Read Full Article

November 24, 2008

Says bank rescue necessary to ‘safeguard the financial system’ WASHINGTON - President Bush argued Monday that the government’s dramatic rescue of Citigroup was necessary to “safeguard the financial system” and help the economy recover, and he said there could be more such moves if other institutions need help. Bush said he approved the action, recommended by Treasury Secretary Henry Paulson, while flying back to Washington on Sunday evening from meetings Read Full Article