Smart Borrower Blog

Archive for February, 2009

Country Shows Strong Reaction To The Bailout Plan

Feb 21st, 2009 @ 8:07 AM by Alden Smith

You don’t need to look any further than the trading floor of the NYSE to see people’s reactions to the proposed mortgage bailout.  This week CNBC reporter Rick Santelli went on a rant, wanting to know why people who pay their bills on time need to help bail out people that don’t.  It is a […]

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Geithner Reveals Obama Bailout Plan

Feb 11th, 2009 @ 11:29 PM by Amber Nelson

The Obama administration laid out its new bailout plan Tuesday, projecting a total cost of $1.5 trillion to $2 trillion, including the second half of the original $700 billion bailout program funding. U.S. Treasury Secretary Timothy Geithner held a press conference, giving out details of the Financial Stability Plan and defending the high price tag. […]

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Blacks & Hispanics Are Led Down The Garden Path

Feb 9th, 2009 @ 4:52 PM by Alden Smith

Image by bobster1985 via Flickr Here is a real legacy for you.  During the Bush administration, minority Americans lost up to $213 billion in wealth during the eight years that Bush was in office.  It was attributed to the so-called subprime mortgage crisis.  The Boston-based social advocacy organization United for a Fair Economy recently released […]

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Refinancing May Not Be As Easy As You Think

Feb 7th, 2009 @ 8:21 AM by Alden Smith

Thirty year mortgages are continuing to hover around the 5% mark.  This keeps interest in refinancing high.  Even though many homeowners want to trade in their adjustable rate mortgages for fixed-rate loans or combine first and second mortgages to bring the payments down, we find that this is not always doable. There are a lot […]

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Low Rates Spur Major Refinancing, But Not Home Buying

Feb 4th, 2009 @ 2:42 PM by Amber Nelson

The demand for mortgage money shot up in the latest week, led heavily by an increase in refinance requests, according to the Mortgage Bankers Association Wednesday. The MBA’ weekly Market Composite Index, a measure of the number mortgage applications filed, grew by 8.6 percent in the week ended January 30, 2009, to 795.4 on a […]

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The Problem With Option ARM Mortgages

Feb 2nd, 2009 @ 5:14 PM by Alden Smith

Little is discussed about the option adjustable-rate mortgage.  This creative mortgage option hit it s peak during the housing boom.  It offered a lot of creative options for people with little options.  Prospective buyers were given four ways to pay back these loans, most of them involving low initial outlays that would reset at much […]

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