Monthly Archives: December 2008

Do You Remember The Spring Of 2007?

Everything was great with the economy. Consumer spending was strong. The credit markets looked strong. Sure, the real estate bubble had burst. I am reading the 2008 book by Charles Morris, “The Trillion Dollar Meltdown: Easy Money, High Rollers, and … Continue reading

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The Crushing Burden Of Student Loans

The Los Angeles Times tells the story of Natalie Hickey. She graduated from Brooks Institute in Santa Barbara, after piling up $140,000 in student loans. Some of those loans had rates as high as 18%. Her loan payments per month … Continue reading

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The Washington Mutual Empire Was Built On Shaky Loans

Great article from the New York Times today. Washington Mutual had dreams of becoming an empire, something a lot grander than just a bank. How would they do this? By saying Yes!, just like Jim Carey’s new movie. WaMu didn’t … Continue reading

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Will Homeowners Benefit From The Bank Bailout?

Will the US Federal Reserve and Treasury Department do something to stem foreclosures? Congress wants them to. But what can be done? Why should people who bought more house than they could afford get subsidized? Why subsidize bad decisions? You’ll … Continue reading

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Thousands Rushing To Refinance

Interest rates are at their lowest point in more than 40 years. But you have to have good credit ratings to get loans. Banks have been burned by so many risky loans, subprime loans, and they’ve raised their standards. The … Continue reading

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Is Now A Good Time To Refinance?

Rates are at their lowest level in more than 40 years. Sounds like a good time to refinance. Sounds like a good time to lock in lower rates. Well that depends on what rate you are paying now and if … Continue reading

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Foreclosures At Record Highs

From the New York Times: In a move that provides relief to thousands of renters who face eviction but draws the federal government even deeper into the housing market, the loan giant Fannie Mae said Sunday that it would sign … Continue reading

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Federal Housing Administration Updates

From the New York Times: During the subprime boom, the Federal Housing Administration, created in 1934 to help lower-income and first-time buyers purchase homes, all but sat out the party. Borrowers abandoned the FHA in favor of conventional loans that … Continue reading

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Federal Housing Administration News

From the Washington Post: President-elect Barack Obama has picked New York City housing commissioner Shaun Donovan to be secretary of housing and urban development, a post that Obama said would play a lead role in his administration’s efforts to stem … Continue reading

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Refinance News

Sarah Harlan writes: (NBC)- Despite all the grim economic news of late, a glimmer of hope Friday afternoon. Interest rates dropped below six percent after the Feds committed another half-trillion dollars to buy up mortgage backed securities. Now can really … Continue reading

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