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Who Benefits From the New Fannie-Freddie Plan

"Mortgage giants Fannie Mae or Freddie Mac may back 30 million mortgages, but that doesn't mean that the new foreclosure prevention program announced this week by the Bush administration will rescue every troubled borrower on their books.

'Foreclosures hurt families, their neighbors, whole communities and the overall housing market,' said James Lockhart, director of FHFA in a release. 'We need to stop this downward spiral.'" (Continue reading on CNN)

HSBC Strains While It Tries to Help Homeowners

"In early 2007, HSBC Holdings PLC was one of the first big banks hit by what became a global tidal wave of subprime-mortgage woes. Now there's a new problem: Changing the terms of some shaky loans has failed to keep borrowers from defaulting." (Continue reading on Wall Street Journal)

Investors Hit BofA Loan Modifications

BofA's call to action in modifying loan programs in response to several lawsuits brought against Countrywide was seen as a positive milestone for borrowers around the nation, needing financial help and loan aid. "But apparently nobody talked to one group that will shoulder much of the settlement's costs: investors who hold securities backed by Countrywide mortgages." (Continue reading on Wall Street Journal)

Home Prices in Record 9% Decline

"National home prices, driven lower by a flood of foreclosures, plummeted in the third quarter by a record 9% year-over-year, according to a report issued Tuesday." (Continue reading on CNN)

Homebuilder Sentiment Plunges to New Low

"Homebuilders' confidence in a near-term housing recovery sank to a new all-time low this month, reflecting growing worries over the U.S. financial crisis, rising unemployment and weakening consumer confidence." (Continue reading on MSNBC)

Number of First-Time Home-buyers is Increasing

"Low home prices and excess supply helped drive a rise in first-time U.S. home buyers and reduce excess inventory, according to a study released Saturday." (Continue reading on MSNBC)

Read more news on RealtyDoom

30 Year Fixed
40 Year Fixed
15 Year Fixed
5/1 ARM
30 Year Fixed Jumbo
5/1 Jumbo ARM

6.000%
6.500%
5.750%
6.000%
7.500%
6.125%

Slash the Costs of Your Home Addition

"When your family outgrows your house - or you just can't live without a master bath or family room anymore - your options are clear: trade up or add on.

If only you didn't have to live through months of chaos and dust to get the job done. Well, you might not have to, thanks to a relatively new choice - buying your addition straight from a factory." It saves you time and money. (Continue reading article)

"I've been scared crazy by all the news in the press about how bad our real estate market and economy are and being someone who didn't buy a house during the boom, I'm wondering if now is the right time.

I'm noticing that the houses around our apartment are starting to become more affordable but I'm not too sure that I want to move into a house only to have it lose value over the next couple years. But there's also a lot of discussion about how this is one of the best times to get your foot in the door for homes in California. What do you think?" (from Jerry in Burbank)

Read the Mortgage Lady's response