Politicians want to throw money at the credit crisis. It will only make things worse, much worse. Best to leave things to the market. Refinance With Bad Credit The Heritage Foundation blogs about the Senate’s new “Foreclosure Enhancement Act.” So what will the House do? It is holding hearings now on the housing “crisis.” As [...]
Home Equity Loan The StarTribune reports that the bill would have the government back thousands of troubled mortgages. We’d spread the pain of this credit crisis from those who made ill-advised mortgages to the average tax-payer. Great. The FHA (Federal Housing Administration) would insure $300 billion in distressed mortgages. Mortgage Refinance Homeowners buckling under their [...]
Auto Refinance Companies The Times of London reports on Alistair Darling’s attempts to halt the credit crisis. Lenders and the Labor government have become increasingly hostile over the past few weeks. The prime minister has criticized lenders for not passing on interest rate cuts to homeowners. The Bank of England will shoot 15 billion pounds [...]
Buying a home is harder these days. Home Refinancing The Des Moine Register reports about the new harsh reality: Lenders are making more requirements of borrowers. They want higher credit scores and more money down and more proof of income. Mortgage defaults have forced banks to write down about $250 billion in the past six [...]
Refinance Student Loans Nineteen mortgage companies are under investigation by the FBI. This number is up from 17 in March. There’s a ton of financial fraud the FBI is digging into, particularly in relation to the subprime mess. Countrywide, the biggest subprime lender, is under FBI investigation. Big surprise. I’m sure Congress is salivating at [...]