Adjustable Rate Mortgage Blog December Archive

Mortgage Holiday

12/17/08 17:53

Mortgage holiday was outlined by the UK Government where the Bank of England responded to the ongoing financial crisis cutting the interest rate down to 2 percent.

Today's rate is the lowest for more than half a century. The bank, with the worsening economy, is prepared to take drastic action just to cope up.

Some industry experts says that the previous rates is not enough to boost the market and stop the recession.

Link: Cutting Back The Interest Rate

A Colorful and Bright Future for Home Owners

The United States financial crisis is slowly being coped up by some financial institutions and an extensive campaign to drastically change the once glorious economic state of the US to its dominating glory. Some financial institutions are courteous and bold enough to suspend foreclosures and debt plans to their customers which will allow these customers to have more time to save their valued properties. To see what this institution is and what is its decisions, read the rest of it here:

Link: ING Direct suspends evictions for the holidays - Hockessin, DE - The Community News

Is Lower Mortgage Loans Good?

Credit crisis continues as rates on 30 year mortgages plunged to its lowest level since January this year after the government swiped a new effort to aid the the housing market.

Freddie Mac, mortgage finance giant, says that the average 30 - year rates on a fixed mortgages dropped to 5.53 percent from 5.97 percent, and the lowest since January.

Government plans to launch industry-backed plan to lower the 30-year mortgage rate to 4.5 percent by giving out billions to buy off securities issued by Fannie Mae and Freddie Mac but Experts say this won't be such good idea. Details on the link below.

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South Carolina sees increasing delinquent rates

Even though it is not as severely affected as other regions in the country, the state of South Carolina is starting to see the increasing number of delinquent homeowner all around the state, which is measured to be around one in ten.

All of this is, of course, attributed to the generally weak housing and financial markets. More details about this report only here at TheState.com

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Refinancing Your Mortgage

Applications for mortgage refinancing has tripled over the news of the Federal Reserve buying $600 billion worth of troubled assets and loans. Everybody wants to have a second chance at breathing.

However, how easy (or difficult) is it to refinance a mortgage during these turbulent times? Do you have to have a clean record? Learn here at BusinessWeek.com

Link: Refinancing Your Mortgage - BusinessWeek

If Only They Rechecked

What ifs, what ifs, and more what ifs. What if banks became more careful to find out if borrowers have jobs before releasing even a penny? Would the crisis be prevented? What if the government had the guts to resist the bank lobbyists? Would we be not in such a mess right now?

Clearly, there was a lot of fault in these greedy banks' decisions.

Link: Government warned of mortgage meltdown - Dec. 1, 2008