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Bailing Out The House Flippers

By Jim Vicevich / February 18, 2009 /

I will post more details as they become available. But the thrust of the plan is simple. Help homeowners who are underwater or can’t afford the monthly payment. * Enable refinancing for 4 million to 5 million “responsible” homeowners who took out conforming 30-year fixed mortgages with an 80 percent or lower loan-to-value ratio and…

The value of a mortgage investment vs renting

By Steve McGough / May 16, 2014 /

Recently, we’ve seen multiple news stories suggesting buying a home and having a mortgage is not necessarily a good investment, and when making the decision to buy a home, you really should not consider it as an investment vehicle since your “rate of return” would suck. Why has this become a news-cycle theme all of a…

Dems to Media: Leave Dodd Be … Move Along

By Jim Vicevich / March 8, 2009 /

Dennis House interviewed the Connecticut Chair of the Democratic Committee on Face The State. The short hand version is in the post title. Nothing to see here … move long. httpv://www.youtube.com/watch?v=UCGiOinRORc This might be what she hopes, but not likely. Flashing mortgage papers in front of reporters who likely know as much about finance as…

Houston drops idea to pay off personal debt

By Steve McGough / February 24, 2009 /

A proposal to hand out $3,000 to individuals who did not have  good enough credit score to qualify for mortgages has been crossed off the Houston city council agenda this week. The idea was to use the $3,000 to help individuals improve their credit score by a few points so they would qualify to buy…

AP story notes Republican involvement in GSE mess

By Steve McGough / December 7, 2008 / Comments Off on AP story notes Republican involvement in GSE mess

I’m fully on board with blaming Democrat lawmakers in Washington for contributing to the mortgage crisis that started with Freddie Mac and Fannie Mae. Republicans introduced legislation that would more closely regulate the government sponsored entities (GSEs). Democrats – including Barney Frank (D-Mass.) – blocked that legislation, all but calling those asking for the changes…

The growing government hand – looking back

By Steve McGough / October 26, 2008 /

M. Jay Wells at American Thinker has put together a time line wrapping together – year by year – how the mortgage crisis happened. It’s a long post, but worth your time this Sunday morning. The piece outlines choices made by our elected leaders – and influence by organizations like ACORN – going back to…

Governement Promotes Subprime Loans – Gets Caught

By Steve McGough / April 3, 2008 / Comments Off on Governement Promotes Subprime Loans – Gets Caught

There is quite a bit of blame going on concerning the so-called subprime loan crisis. Depending on who you speak with, it’s either the predatory lenders that took advantage of people, or it was the people who signed the contract that clearly stated they were buying into an adjustable rate mortgage, but just didn’t care.…

Dualing headlines concerning housing economy

By Steve McGough / December 24, 2009 /

These reports are based on two different measures, new housing sales and existing housing sales, but tell me if there is a difference in the way the economic news is pitched.

Bloggers push results in Dodd mortgage action – Updated

By Steve McGough / February 2, 2009 /

Sen. Chris Dodd (D-Countrywide) has announced that he will refinance his mortgages through a third party and switch them to a different broker. Dodd maintains that he was not a friend of Angelo, and has been wrongly accused of requesting favorable rates from Countrywide. I assume that the Senate Ethics Committee investigation continues. Guess he…

How does a 4.5% mortgage sound to you?

By Steve McGough / December 4, 2008 / Comments Off on How does a 4.5% mortgage sound to you?

As I walked through the living room just now, I heard talk of a 4.5 percent fixed rate mortgage on Fox News. Financial industry lobbyists are knocking on Hank Paulson’s door at the Treasury Department with a plan in hand to lower interest rates to help “stabilize” the housing market. Will everyone be able to…