Mortgage Interest Rate Resets To Increase…

WASHINGTON (Reuters) – The current national housing crisis will continue to cause disruptions in the economy as interest rates increase on more mortgages and more home loans fail, the top U.S. housing policymaker said on Thursday.
“We know that much of this issue is still in front of us,” Steve Preston, secretary of the Department of [...]

Countrywide Scandal Being Revealed…

Senators Dodd and Conrad are among the government officials who scored V.I.P. loans from C.E.O. Angelo Mozilo.  An exclusive Portfolio investigation.
Two U.S. senators, two former Cabinet members, and a former ambassador to the United Nations received loans from Countrywide Financial  through a little-known program that waived points, lender fees, and company borrowing rules for prominent people.
Senators [...]

Trouble in Reverse?

With the housing boom gone bust, lenders are now peddling reverse mortgages to cash-hungry boomers who don’t want to sell in the storm.

Deal-hungry mortgage lenders are targeting aging baby boomers to fuel a spike in reverse mortgages that topped all of 2007’s deals in just the first four months of this year.
 
Between January and April, [...]