Smart Borrower Blog

Archive for October, 2008

Looking At The Latest Bailout

Oct 31st, 2008 @ 4:38 PM by Alden Smith

The news tell us that the government is preparing a $40 billion plan to help American homeowners who are currently in trouble with their mortgages.  What about the other side of the coin – the people holding a fixed rate mortgage and have the ability to pay?  What are their thoughts on all this? I […]

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Fed Slashes Rate to 1.0 Percent

Oct 29th, 2008 @ 8:05 PM by Amber Nelson

By a unanimous vote, the Federal Open Market Committee, a branch of the Federal Reserve, decided to cut its target rate by 50 basis points Wednesday to 1.0 percent. The last time the federal funds rate, the interest rate which banks charge each other for overnight transfers, was at 1.0 percent was in 2003 and […]

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Why The Mortgage Crisis Is Hard To Fix

Oct 27th, 2008 @ 4:06 PM by Alden Smith

You cannot turn on the news or watch television without hearing about the gloom and doom in the marketplace – stocks tanking, the worst recorded days on Wall Street in its history, people losing their homes due to default, on and on.  I have paid closer attention to the markets and mortgages than many of […]

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Greenspan Grilled On The Mortgage Market

Oct 24th, 2008 @ 4:18 PM by Alden Smith

For many years, Alan Greenspan, former chairman of the Federal Reserve, has been a fixture in Washington.  Markets moved on his words.  He is a highly educated man, and knows the markets probably better than anyone.  Now, Greenspan is taking a ding in Washington for the current market mess. I doubt if Greenspan will concur […]

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Mortgage Demand Falls to Record Low

Oct 22nd, 2008 @ 8:47 PM by Amber Nelson

The number of U.S. mortgage applications submitted in the latest week reached an eight year low, according to data released Wednesday from the Mortgage Bankers Association. The MBA’s mortgage application index, fell dramatically by 16.6 percent to a seasonally adjusted 408.1 during the week ended October 17, 2008. That represent the lowest reading since December […]

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Bernanke Proposes A New Stimulus Package

Oct 20th, 2008 @ 3:51 PM by Alden Smith

I wonder when we stop giving away taxpayer money.  I also wonder where this bottomless pit of dollars is coming from.  Are we simply printing more money, without a silver or gold standard to justify it?  I suppose I just dated myself, but it seems to me with the national debt hovering at $10,344,777,848,904.04 right […]

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The Problem With The Rescue Plan

Oct 17th, 2008 @ 5:11 PM by Alden Smith

We see the government reach out to Wall Street banks with a helping hand to the tune of $750 billion dollars.  Many of us, unless we follow the news like I do, breathe a sigh of relief.  Finally, something is being done, even though it could end up costing the American taxpayers dearly.  I think […]

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World Banks On Better Footing

Oct 13th, 2008 @ 4:24 PM by Alden Smith

Tonight we see more stability on Wall Street, with the largest gain in the history of the exchange for one day.  Stocks rallied 11%, meaning a lot of dollars changed hands. We see this on a move by Great Britain.  In 5 days, they accomplished what the US government has been trying to do for […]

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Where The Market Stands Now

Oct 10th, 2008 @ 4:25 PM by Alden Smith

By now, everyone is aware of the mess the economy is in.  The NYSE took another hit today, dropping very low in mid-afternoon trading and making a slight recovery by the closing bell.  Trading was suspended in Russia and Iceland, and markets all over the world are hemorrhaging.  Consumer confidence is now at a level […]

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McCain Announces New Mortgage Plan for American Homeowners

Oct 8th, 2008 @ 8:55 PM by Amber Nelson

Struggling homeowners could get direct help from the government if Republican presidential candidate John McCain is elected. The Arizona senator announced his new $300 billion mortgage aid proposal during Tuesday night’s presidential debate. The plan, dubbed the American Homeownership Resurgence Plan, would authorize the federal government to buy up failing home loans and refinance them […]

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