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With a little help from Congress, homeowners could come to their own rescue
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The U.S. Treasury and Federal Reserve may need more than $700 billion to shore up bank balance sheets and restart the economy. So far, the ideas from Congress are doing nothing to improve the current dismal economic outlook. Instead of pouring capital into banks and trying to rescue homeowners who cannot meet their mortgage obligations, Congress can make a simple change to the tax code and let homeowners come to the rescue. Banks and investors hold many more good than bad mortgages, but right...
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Holiday evictions show gaps in loan aid; Efforts to ease strain of mortgages are uneven
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Rose and John Law got their eviction notice last week. After a year of trying to renegotiate a mortgage they can no longer afford, they were told they would be locked out of their home in Stockton, Calif., at 6 a.m. next Tuesday. "It is hard to hold back the tears," says Rose Law, who is 57 and suffers from a neurological disease and fibromyalgia, a condition characterized by muscle pain and fatigue. "Every time I move something, or try to pack something, I cry. Especially at my age, having...
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MORTGAGES; Rates are low, if you qualify; Low seasonal demand and high borrowing standards make a.
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The biggest savings for shoppers this holiday season may be in home mortgages, thanks to a decline in interest rates spurred at least in part by the latest federal financial rescue effort. But it's an open question whether consumers will actually want to take advantage of the cheaper loans -- or will be financially able to do so. In Southern California, rates on 30-year, fixed-rate home loans for $417,000 or less have fallen to about 5.25% -- down about half a percentage point from a week ago...
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Return on Investment; In today's market, certain projects can enhance sales potential
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For months, Alan Friedman avoided the reality of a changing real estate marketplace. Content with the status quo, Friedman balked at the suggestions of his Realtor, who nudged him to refashion the Lakeview property he was attempting to rent. Owner of a Victorian three-flat for three decades, Friedman never encountered much trouble finding a tenant. One would leave, another would enter. He never once advertised. When tenants moved out in August 2007, however, Friedman found himself in an...
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MIDDLE-CLASS BLUES; Rent-to-own is option for those who need one; It's on the rise with those who.
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Like so many people, Kris Weber, 37, never imagined she'd be in this prickly place at this time in her life. Five years ago, the office manager for an Andover dentist was married and living in a seven-bedroom, two-bath family home in Coon Rapids that she and her husband had bought from his parents for about $260,000. His three nephews and a niece lived with them on and off. Between their two jobs, they paid their bills and had a little left over for the movies and trips to the Minnesota Zoo....
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New loan program 'falls short'; Only Fannie, Freddie mortgages qualify for lower rates, longer...
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WASHINGTON -- Once again, the government has offered another plan to help troubled homeowners. Once again, critics say it doesn't go far enough. The plan announced Tuesday by federal officials and mortgage giants Fannie Mae and Freddie Mac sounds sweeping in its approach: Borrowers would get reduced interest rates or longer loan terms to make their payments more affordable.
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FDIC offers new mortage aid plan
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WASHINGTON Publicly breaking with the Bush administration's official stance, the Federal Deposit Insurance Corp. proposed Friday to use $24 billion in government funding to help 1.5 million American households avoid foreclosure. Where to find that money, though, is in dispute. FDIC officials want to use part of the $700 billion bailout of the financial industry to pay for it. But the Treasury Department is opposed to that idea. Testifying on Capitol Hill Friday, Neel Kashkari, the Treasury...
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Return on Investment; In today's market, certain projects can enhance sales potential
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For months, Alan Friedman avoided the reality of a changing real estate marketplace. Content with the status quo, Friedman balked at the suggestions of his Realtor, who nudged him to refashion the Lakeview property he was attempting to rent. Owner of a Victorian three-flat for three decades, Friedman never encountered much trouble finding a tenant. One would leave, another would enter. He never once advertised. When tenants moved out in August 2007, however, Friedman found himself in an...
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The government may let more borrowers qualify for a $300-billion program designed to let troubled homeowners swap risky loans for more affordable ones, a top Bush administration official said yesterday.
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New rules on home loans; The U.S. will require greater clarity on terms and costs.
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Lenders and mortgage brokers will be required to provide U.S. home buyers clearer information about loan terms and closing costs under rules issued Wednesday by the U.S. Department of Housing and Urban Development.
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