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
Countrywide to Issue Refunds to Overcharged Borrowers
Former lending giant Countrywide Financial has agreed to refund $11.5 million in cash to overcharged borrowers as part of a settlement with the North Carolina Office of the Commissioner of Banks.
An investigation launched in 2007 found that a total of 3,800 borrowers were illegally overcharged on first mortgages, and another 1,000 on second mortgages.
Those affected by the settlement will receive checks Read more
Mortgage Shakedown and Where Texas Borrowers Stand
Are you worried that the failure for Congress to pass the Federal bailout will create you to have a tougher time to get a home or auto loan? Well, you should be. The credit crisis has banks less willing to lend money to each other, which ultimately means it will be harder for borrowers to get the credit they need. But that doesn’t mean it’s impossible to borrow money for those in good credit standing. From a consumer standpoint, Read more