Smart Borrower Blog

Archive for September, 2008

700 Billion Dollar Bailout Fails

Sep 29th, 2008 @ 4:28 PM by Alden Smith

I received an alert today from the Washington Post telling me that the $700 billion bailout for Wall Street banks had failed to pass the House.  It is pretty obvious that Americans have sent a message to the elected representatives in Washington.  A recent poll online showed several days ago that 81% of Americans were […]

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Another One Bites The Dust

Sep 26th, 2008 @ 3:48 PM by Alden Smith

First Bear Stearns, then Fannie and Freddie.  Now Lehman Brothers and IndyMac.  Today Washington Mutual.  Dash away, dash away, dash away all.  It seems the vultures have come home to roost on Wall Street.  Instead of making hay while the sun shines, the Wall Street gang is dancing to pay the piper. According to the […]

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Mortgage Rates Rise, Applications Fall, and Officials Debate the Bailout

Sep 24th, 2008 @ 8:16 PM by Amber Nelson

The U.S. mortgage industry saw rising interest rates and declining demand in the latest week, as officials in Washington battled over the Bush administration’s proposed bailout of several major financial companies. According to the Mortgage Bankers Association Wednesday, the average rate on a 30-year fixed rate home loan, excluding points, rose to 6.08 percent from […]

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The Financial Industries’ Bailout

Sep 22nd, 2008 @ 3:38 PM by Alden Smith

All day long, I have been getting emails from political action groups such as Democracy For American and True Majority urging me to call Senator Levin to put a stop to the new proposal to bail out Wall Street banks.  I have spent a lot of today reading both sides of the issue, and I […]

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All The King’s Men

Sep 19th, 2008 @ 3:58 PM by Alden Smith

The obvious news this week has to be the fall of AIG, and the government’s intervention that insures it will not fail.  As taxpayers, we now own two mortgage companies and an insurance company, and reaction to this news is not good.  The nightly news sees this as something that must be done in order […]

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Fed Holds Interest Rate Steady on Inflation Concerns

Sep 17th, 2008 @ 9:02 PM by Amber Nelson

In spite of a slower economy and an ailing mortgage market, the Federal Reserve refrained from changing its key interest rate Tuesday. The federal funds rate, the fee banks charge each other for overnight transfers, has been held at 2.0 percent since April of this year. The rate has an impact on banking and mortgage […]

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Shakeout In The Financial Sector

Sep 15th, 2008 @ 4:59 PM by Alden Smith

It is appropriate tonight to report on the fall of Lehman Brothers, who I posted on Friday night.  The evening news was conducted from CNBC headquarters tonight to discuss the fall of Leham and others.  Wall Street took a tremendous hit today, falling over 504 points, and the biggest fall in history.  All this bloodletting […]

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Lehman Brothers Takes A Tumble

Sep 12th, 2008 @ 5:19 PM by Alden Smith

It had to happen sooner or later – even on Wall Street, where it seems that the big banks are invincible, trouble rears its ugly head.  I have been hearing rumors about Lehman Bros, but it wasn’t until this week that things begin to come to light about the state of affairs at that firm.  […]

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Mortgage Demand Up in Latest Week But Home Sales Unlikely to Increase in Coming Months

Sep 10th, 2008 @ 7:08 PM by Amber Nelson

While the Mortgage Bankers Association reported that the number of mortgage applications increased this week, the National Association of Realtors is forecasting that total home sales will remain at a virtual standstill for the next several months. The MBA’s data revealed that mortgage demand rose by a seasonally adjusted 9.5 percent from the week before, […]

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The Other Shoe Just Fell

Sep 8th, 2008 @ 3:56 PM by Alden Smith

If you have followed my meanderings for any time at all, you have seen the concern I have for the fate of Fannie and Freddie. Even though I am no economic analyst, the rest of the news I get on a daily basis does keep me informed, and I knew that sooner or later, they […]

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