High Cost Loan Limit Drop Could Hinder Borrowers in 2009
As the New Year gets underway, a number of new laws are in effect, including things like bans on texting while driving.
With regard to mortgage, loan limits have also changed, which could mean big, bad surprises for those looking to refinance or purchase a new home in more expensive areas of the country.
As of January 1, the so-called high-cost conforming loan limit fell roughly 14 percent from $729,750 Read more
Indymac Federal Sold to Investor Group for $13.9 Billion
The FDIC has entered into a letter of intent to sell Indymac Federal to a private investor group that includes big names such as John Paulson and computer pioneer Michael Dell.
The failed bank will be sold to IMB HoldCo LLC, a thrift holding company controlled by IMB Management Holdings LP, for roughly $13.9 billion, and will be headed by current Dune Capital Management chairman Steven Mnuchin.
As part Read more
Culturally Affiliated Native American Human Remains Not Published in Notices
http://www.nps.gov/history/NAGPRA/REVIEW/MaasCulturallyAffiliatedReportFinal.pdf
Intends to clarify the circumstances surrounding a collection of more than 1,000 Native American human remains in museum and federal agency collections across the U.S., to link the remains to present day Indian tribes, and promote the process of repatriation of the remains to the tribes. From the National Park Service.
Culturally Affiliated Read more
New Year, Great Mortgage Rates
As a new year dawns, we already have great news to report: Mortgage rates are at historic lows. The news on the economic front may continue to be dismal, but this is actually great news for homebuyers and homeowners looking to refinance.
The big financial headline for the first business day of the year was the release of the ISM Manufacturing index, a key economic indicator.
Numbers released today showed that the performance Read more
Bank of England base rate: how are mortgages affected?
The Bank of England’s base rate is a very important figure at the heart of the UK economy. It determines how expensive it is for banks to lend and borrow money, and it influences interest rates on consumer loans and saving accounts.
With the current economic situation looking uncertain, there has been much talk about which way the base rate will go. On the one hand, the Bank of England recently dropped the base rate to encourage Read more
Christmas holidays out as Britons opt to stay at home
New research has shown that more Britons are choosing to stay at home over the Christmas period due to the financial crisis.
The study by the AA found that nearly a fifth of those who travelled last Christmas have decided to stay at home this year.
As well as the economic crisis putting pressure on British consumers, the falling value of the pound has meant that travelling abroad is more expensive compared with last year, Read more
Due to Low Mortgage Interest Rates Homeowners Continue to Apply for Mortgages in Record Numbers
Undaunted by the holiday season, consumers continued to apply for mortgages in record numbers last week, according to the latest Weekly Mortgage Applications Survey, released today by The Mortgage Bankers Association (MBA).
The MBA reports that its Market Composite Index, which measures mortgage loan application volume, shows the number of people applying to refinance their mortgage”:/refinance dipped only 0.4 percent while the purchase Read more
Low Interest Rates, Low Housing Prices and Lower Down Payments. The Home Buying Stars Have Aligned.
Want to start off the New Year with some good news? (We thought so.) If your New Year’s resolution centers around buying a home, there are THREE big things going on that you should know about.
The home buying stars have aligned, and they’re telling you to take advantage.
#1 Mortgage interest rates have dropped to the lowest they’ve been in 50 years. With mortage interest rates at historic lows, the number of people Read more
Utah is Fastest Growing State in 2007-2008
http://www.census.gov/Press-Release/www/releases/archives/population/013049.html
Press release which reports that Utah with a population growth of 2.5% was the fastest growing state in the period from July 1, 2007 to June 30 2008. Arizona, Texas, North Carolina and Colorado were also among the five fastest growing states. Texas gained the most people, 484,000, while Michigan and Rhode Island were the only two states whose population Read more
Simplified IVA plans withdrawn
Anyone with an interest in IVAs (Individual Voluntary Arrangements) will probably have heard about the fate of the SIVA (Simplified IVA).
The Insolvency Service has announced that plans to introduce SIVAs have been withdrawn, stating that the ‘successful operation of the IVA Protocol has resulted in many of the desired improvements in the IVA marketplace being implemented without the need for further legislation’.
Simplified Read more