House prices declined 1.3% over the month of September, following August's downwardly revised -0.8% figure, according to the monthly house price index from the Federal Housing Finance Agency (FHFA) , released Tuesday. The consensus had been looking…(read more)
November 30, 2008
November 29, 2008
Thrill your guests, young and old, with these budget-savvy party tips.
Video: Save money on food by avoiding prepared foods
Made from scratch and raw food is always cheaper than buying prepared versions of the same item.
Weekly payments don’t affect FICO score
Paying your bill weekly doesn’t hurt or help your FICO score, says Dr. Don Taylor.
Oil profits and high gas prices don’t mix
An irate reader takes Shell and the IRS to task. CPA George Saenz advises moving on.
Some money markets insured
For a short period of time, the U.S. government is granting insurance coverage to some money market funds.
Banks Hammered With Regulatory Orders
The Office of the Comptroller of the Currency reported that cease-and-desist orders were recently issued against three financial institutions. The OCC reached formal agreements with another 12 banks. Removal-and-prohibition orders were issued against six individuals.
November 28, 2008
President-elect Barack Obama added two figures to his economic cabinet , naming Peter Orszag as his White House budget director and Robert Nabors as Orszag's deputy, at a press conference on Tuesday. Since January 2007, Orszag has been director of…(read more)
Thrift-store bargains offer thrills
Shopping at thrift stores enables this busy “mompreneur” to live a life of “riches.”
Get moving, jumbo conformers
If you find the right lender, you might still have time to get your jumbo conforming paperwork moving through the pipeline.
Throwing a Halloween party
Thrill your guests, young and old, with these budget-savvy party tips.
Healthy Halloween on a budget
10 cheap (and healthy) treats to fill the bags of the little ghosts and goblins.
Fed to Buy $600 Billion of GSE Debt
The government announced Tuesday it will spend $600 billion to take on the obligations of Fannie Mae, Freddie Mac and Ginnie Mae in order to reduce borrowing costs for the government-sponsored enterprises (GSEs). Agency debt has always carried an implicit…(read more)
Treasury Secretary - And the Winner is…
President-elect Barack Obama's transition team has announced that he will present his new economic team to the public on Monday. The media has all but confirmed that the new Secretary of the Treasury will be Timothy F. Geithner , president and chief…(read more)
Jumbo conforming, pig feeding
The jumbo conforming is a hybrid mortgage available in more than 220 high-cost counties.
Paulson Says New Initiatives to Assist Housing, Lending
Treasury Secretary Henry Paulson said that additional measures announced by the Federal Reserve and Treasury Tuesday morning are aimed at aiding the U.S. housing market and restoring affordable bank lending to consumers and small businesses. It was announced…(read more)
Uncle Sam knows best?
HUD has rejected paternalism, at a time when even some conservatives would like to see some paternalism.
November 27, 2008
This month’s Frugal Sense winner says online travel sites can alert you when airline fares match your budget.
November 26, 2008
It's another busy day Wednesday ahead of the Thanksgiving holiday, with the release of U.S. personal income , the PCE Core Deflator , new home sales , durable goods and weekly jobless claims . U.S. durable goods are expected to fall 3.0% in October…(read more)
Online travel sites trim costs
This month’s Frugal Sense winner says online travel sites can alert you when airline fares match your budget.
Holiday revelers likely to rein in spending this year
Bankrate readers are unlikely to spend as much as they did last year because of uncertain economic times.
Urgent jumbo conforming news
A reduction in the jumbo conforming loan size could harm some borrowers as early as this week.
Feeling Bairish? Why Sheila Bair Could Become Treasury’s First Female Chief
There's growing support from a variety of sources for President-elect Barack Obama to appoint the Federal Deposit Insurance Corporation chairwoman Sheila Bair to succeed Henry Paulson as Secretary of the Treasury. Bair, a 54-year old Republican with…(read more)
Treasury Secretary - And the Winner is…
President-elect Barack Obama's transition team has announced that he will present his new economic team to the public on Monday. The media has all but confirmed that the new Secretary of the Treasury will be Timothy F. Geithner , president and chief…(read more)
President-Elect Obama Adds Two Economic Advisers to Cabinet
President-elect Barack Obama added two figures to his economic cabinet , naming Peter Orszag as his White House budget director and Robert Nabors as Orszag's deputy, at a press conference on Tuesday. Since January 2007, Orszag has been director of…(read more)
November 25, 2008
Mortgage finance giants Fannie Mae and Freddie Mac revealed Thursday afternoon they will work to keep Americans in their homes, announcing a suspension on foreclosures starting Nov. 26, 2008 until Jan. 9, 2009. The two companies said no evictions will…(read more)
Mortgage Rates Ease Lower
Mortgage rates drifted downward for the third consecutive week according to the results of Freddie Mac's Primary Mortgage Market Survey for the week ended November 20. All of the rates tracked by the survey are now below the averages of one year ago…(read more)
S&P 500 Falls to Lowest Since 2003
Economic worries and concern about an automaker bailout hammered equity markets on Wednesday, sending the S&P 500 to its lowest since 2003 . The bulk of the selloff came after the Federal Reserve released pessimistic growth forecasts and expressed…(read more)
BNY-Mellon Rating Upgraded
Moody’s Investors Service announced that Bank of New York Mellon’s master servicer rating was upgraded to SQ2+. The action was taken based on above-average reporting and remittance processes, compliance and monitoring capabilities, and servicing stability. Moody’s ratings range from SQ1 to SQ5, with SQ1 being the strongest.
November 24, 2008
Goldman Sachs affiliates completed the acquisition of $900 million in subprime loans and mortgage servicing assets from Popular Inc., an announcement said. Mission Capital Advisors LLC reported that it has brokered the sale of $11.4 billion in loans during the past year. The company recently offered seven portfolios for more than $700 million.
Subprime Servicer’s Ratings Upgraded
Fitch Ratings announced an upgrade to Carrington Mortgage Services LLC’s residential primary servicer rating for subprime loans. The upgrade reflects Carrington’s effective loan administration, improved control environment and focused default management practices. Fitch noted that since its last review, an internal audit program has been established, policies and procedures have been re-written and critical systems have been backed up.
PFF Finished, Downey Dead
PFF Bank & Trust has been shut down, an announcement from the Federal Deposit Insurance Corporation said. In addition, Downey Savings and Loan Association, F.A., also failed. U.S. Bank, N.A., has acquired the banking operations of both failed institutions in a deal brokered by the FDIC.
Do math before merging HELOC, mortgage
In some situations, it makes sense to combine a mortgage loan with a home equity line of credit.
Thrift-store bargains offer thrills
Shopping at thrift stores enables this busy “mompreneur” to live a life of “riches.”
Verdict out on Top Tier gas
Top Tier gas is supposed to improve a car’s performance. But the claim has not been verified.
DLJ Buys $50 Million in Bogus Loans
DLJ Mortgage Capital Inc. has filed a lawsuit against dozens of defendants. The company claims it was defrauded on more than $50 million in mortgages it purchased over several years. The mortgages, which were never recorded, were made on properties that were not built or only partially constructed. One of the defendants was an appraiser who fabricated appraisals.
Make payments on mom’s car ASAP
A woman with a sliding credit rating needs to bring her mother’s car payments up to date fast.
November 23, 2008
Goldman Sachs affiliates completed the acquisition of $900 million in subprime loans and mortgage servicing assets from Popular Inc., an announcement said. Mission Capital Advisors LLC reported that it has brokered the sale of $11.4 billion in loans during the past year. The company recently offered seven portfolios for more than $700 million.
DLJ Buys $50 Million in Bogus Loans
DLJ Mortgage Capital Inc. has filed a lawsuit against dozens of defendants. The company claims it was defrauded on more than $50 million in mortgages it purchased over several years. The mortgages, which were never recorded, were made on properties that were not built or only partially constructed. One of the defendants was an appraiser who fabricated appraisals.
No. 20 Goes Down
The Georgia Department of Banking and Finance closed The Community Bank, according to an announcement. The Federal Deposit Insurance Corporation was named receiver of the failed institution. Including Community, 20 FDIC-insured banks have been closed down this year.
Healthy Halloween on a budget
10 cheap (and healthy) treats to fill the bags of the little ghosts and goblins.
Subprime Servicer’s Ratings Upgraded
Fitch Ratings announced an upgrade to Carrington Mortgage Services LLC’s residential primary servicer rating for subprime loans. The upgrade reflects Carrington’s effective loan administration, improved control environment and focused default management practices. Fitch noted that since its last review, an internal audit program has been established, policies and procedures have been re-written and critical systems have been backed up.
Urgent jumbo conforming news
A reduction in the jumbo conforming loan size could harm some borrowers as early as this week.
Uncle Sam knows best?
HUD has rejected paternalism, at a time when even some conservatives would like to see some paternalism.
Fairness is overrated
The people who are in charge of fixing the mortgage mess are well-meaning, but they don’t have an ear for politics.
Jumbo conforming, pig feeding
The jumbo conforming is a hybrid mortgage available in more than 220 high-cost counties.
November 22, 2008
Longboat Key condos
Almost the entire property area of Longboat Key is now occupied. Mostly with beautiful high-rise condos. The other developments are high end single family homes that are 2nd and sometimes 3rd homes.
Citigroup is reportedly considering a merger with financial institutions Goldman Sachs or Morgan Stanley , according to a CNBC report. Citigroup's stock is rising in after hours trading, up $0.26 to $4.97, but earlier today the stock closed down sharply…(read more)
Feeling Bairish? Why Sheila Bair Could Become Treasury’s First Female Chief
There's growing support from a variety of sources for President-elect Barack Obama to appoint the Federal Deposit Insurance Corporation chairwoman Sheila Bair to succeed Henry Paulson as Secretary of the Treasury. Bair, a 54-year old Republican with…(read more)
Citi fights foreclosures
Citi Mortgage says it’s doing a couple of things to reduce foreclosures on the mortgages.
Housing Starts and Permits at All-Time Lows
U.S. housing starts and building permits each fell to record lows in October, which economists say is bad news in the short term. However, the quicker housing activity declines, the quicker excess inventory will be cleared off the market and the housing…(read more)
S&P 500 Falls to Lowest Since 2003
Economic worries and concern about an automaker bailout hammered equity markets on Wednesday, sending the S&P 500 to its lowest since 2003 . The bulk of the selloff came after the Federal Reserve released pessimistic growth forecasts and expressed…(read more)
Treasury Secretary - And the Winner is…
President-elect Barack Obama's transition team has announced that he will present his new economic team to the public on Monday. The media has all but confirmed that the new Secretary of the Treasury will be Timothy F. Geithner , president and chief…(read more)
Freddie Mac and Fannie Mae Announce Ban on Foreclosures Until Jan. 2009
Mortgage finance giants Fannie Mae and Freddie Mac revealed Thursday afternoon they will work to keep Americans in their homes, announcing a suspension on foreclosures starting Nov. 26, 2008 until Jan. 9, 2009. The two companies said no evictions will…(read more)
Claiming tax-exempt status
Even students and dependents are not exempt from income tax, says CPA George Saenz.