FREE MORTGAGE NEWS 4U.COM by Brenda Jarvis

December 16, 2008

"And I love this idea. Congress wants to promote a car czar to oversee the auto industry. You know, even if he's half as successful as Bill Bennett was as the drug czar, oh, our problems will be solved. A car czar. What democracy has a czar?" --Jay Leno "Why is it every time we have a government crisis, we reverse to feudalism? We need a mortgage duke. A duke of mortgages. We need an energy ayatollah in this country." --       Jay Leno "Well, it looks like the automakers are going Read Full Article

October 5, 2008

Litigation pits two of largest financial institutions against one another NEW YORK - The fight over control of Wachovia intensified Saturday, as a judge temporarily agreed to block the sale of the bank by Wells Fargo, Citigroup announced in a news release. State Supreme Court Justice Charles Ramos issued the order blocking the sale of Wachovia Corp., which Wells Fargo & Co. had agreed to purchase in a $14.8 billion deal. Citigroup Inc. accused Wells Fargo of trying to cut off its Read Full Article

October 3, 2008

WASHINGTON, D.C. (October 1, 2008) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending September 26, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 455.4, a decrease of 23.0 percent on a seasonally adjusted basis from 591.4 one week earlier. On an unadjusted basis, the Index decreased 23.4 percent compared with the previous week and was down 28.4 percent compared with the same week one Read Full Article

October 3, 2008

Transaction worth about $15.1 billion; talks with Citigroup end SAN FRANCISCO - In an abrupt change of course, Wachovia Corp. said Friday it will be acquired by Wells Fargo & Co. in a $15.1 billion all-stock deal, wiping out Wachovia’s previous plan to sell its banking operations to rival suitor Citigroup Inc. A key difference is that the Wachovia deal will be done without government assistance, while the Citigroup deal would have been done with the help of the Federal Deposit Read Full Article

October 1, 2008

WASHINGTON (Oct. 1) - After one spectacular failure, the $700 billion financial industry bailout found a second life Wednesday, speeding toward passage in the Senate and gaining ground in the House where conservative opposition seemed to soften. Senators loaded the economic rescue bill with tax breaks and other sweeteners for the right and left, hoping to secure approval in the House by Friday, just days after lawmakers there stunningly rejected an earlier version and sent markets plunging Read Full Article

September 29, 2008

Dow plunges over 700 points after House defeats big financial rescue NEW YORK - Fear swept across the financial markets Monday, sending the Dow Jones industrial average down over 700 points in a volatile market, after the government’s financial bailout package failed to survive a vote in the House. The Dow was testing a record 721.56-point decline set during the first trading day after the Sept. 11, 2001, terror attacks. Still, in percentage terms, the decline remained well below the Read Full Article