Smart Borrower Blog

Archive for July, 2008

The New Legislation – Help Or Bailout?

Jul 27th, 2008 @ 4:38 PM by Alden Smith

The Senate took a weekend session to fruition this week and passed the new housing bill, which Bush has agreed to sign.  Although I see this as a sign that at least the government is recognizing the pickle homeowners are in, I have to ask myself who benefits the most from this legislation.  Supposedly, the […]

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The New Housing Legislation

Jul 26th, 2008 @ 5:10 PM by Alden Smith

NBC Nightly News reported tonight that the new housing legislation will go to the President’s desk for signature on Monday, possibly Tuesday latest.  Bush has agreed to sign.  All it took to get this through was an all time low in consumer confidence, the worst housing market we have seen in decades, and a lot […]

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Interest Rates On The Rise

Jul 25th, 2008 @ 5:14 PM by Alden Smith

I find it odd that with the economy the way it is, with Freddie and Fannie teetering, and the prices of homes dropping lower all that time, that interest rates are steadily increasing. I would like to think that interest rates would drop, but that is not the case. This certainly would help to jump […]

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New Initiatives Aid Struggling Borrowers

Jul 20th, 2008 @ 5:31 PM by Alden Smith

The mortgage industry has really suffered from “creative financing” but I ran across a system in place today I felt worth mentioning.   We now see two initiatives for people who have lost their homes, but are being allowed to stay in them to try to regain solvency and get back on track. One of these […]

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Why Are The Feds Overlooking Mortgage Brokers?

Jul 19th, 2008 @ 4:09 PM by Alden Smith

In a previous post I discussed the steps the Fed is taking to stop shoddy and unethical mortgage practices. I saw it as a good thing. I am troubled by the fact that the Fed isn’t rolling it out until October 2009, and, because it was of interest, decided to dig further into the concept. […]

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The Banks Are Bleeding

Jul 18th, 2008 @ 4:06 PM by Alden Smith

If you take a really good look at the way things are right now concerning banks, mortgages and bailouts, you see a whole lot of trouble on the horizon.  Freddie and Fannie are in the soup, and it would be no surprise to me that the government will step in to pull their collective butts […]

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Fed To Curb Shady Lending Practices

Jul 13th, 2008 @ 4:40 PM by Alden Smith

It is no secret that the Fed is working to curb shady housing practices.  It has been talked about for a long time, yet we have seen nothing substantial materialize yet.  Now that the housing market is deeply depressed, it seems Washington is finally willing to lend an ear. From The Associated Press, here are […]

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Fannie And Freddie In Free Fall

Jul 11th, 2008 @ 6:09 PM by Alden Smith

The NBC Nightly News tonight was all atwitter with the latest news about Fannie Mae and Freddie Mac, the lending giants that handle $5.1 trillion in loans and mortgages.  Backed by the Fed, the two giants are in free fall with over $11 billion in loss this year.  Senior Bush officials are looking to place […]

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The New President’s Legacy

Jul 6th, 2008 @ 5:35 PM by Alden Smith

Let’s face it – whoever wins the White House in November is gaining a legacy that will be hard for the toughest individual to face.  Although a President has many powers and authorities, he cannot change the fact that the foreclosure crisis and values of homes in the country of ours is going to magically […]

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The Real Face Of Subprime?

Jul 5th, 2008 @ 6:03 PM by Alden Smith

I read with interest today about a woman living in Altoona, Pa. This woman, Vicki Miller, had bought her childhood home from her mother’s estate for $32K.  No matter how you look at it, $32K isn’t a whole lot of money these days.  Ms. Miller now is looking at her debt doubled; her once-significant equity […]

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