Sir Bernanke christened the great new ship, the QE3 today. The QE3, whose longer moniker is Quantitative Easing, Round III, pledges that the Central Bank will print, er, buy $40 billion of mortgage backed securities each month. This monthly "investment" in the U.S. economy has a strict starting point, immediately. Or at least when they can crank up the printing presses. The … [Read more...] about How Low Can We Go?
Obamaâ€™s Mortgage Refinancing Aid, Who Really Benefits?Obamaâ€™s administration latest efforts to protect and aid familyâ€™s that cannot pay their mortgages and are in serious risk to foreclose aims to help 9 million home owners and further measures intend to provide information and advice to home owners on mortgage refinancing and on mortgage options to home … [Read more...] about Obamaâ€™s Mortgage Refinancing Aid, Who Really Benefits
The July 17 deadline for cities and nonprofits to apply for their share of nearly $2 billion in Neighborhood Stabilization Program funding. A new report from PolicyLink, a national research and action institute advancing economic and social equity, detailing how some states and cities are dealing with foreclosure may provide some inspiration for those who have still not applied … [Read more...] about How Cities & States are coping with foreclosure
A study by the Boston Fed has found that the administrationâ€™s mortgage rescue plan has failed to provide that all important profit incentive. According to todayâ€™s Boston Globe: Mortgage lenders donâ€™t try to rework most home loans held by borrowers facing foreclosure because it would probably mean losing money. The Boston Fedâ€™s findings suggest the Obama … [Read more...] about Fed study: Obama mortgage plan should give money to borrowers, not banks
"The economy is based on trust," said Dean Johnson, associate professor of finance at Michigan Technological University in Houghton, Michigan. In situations like the recent housing bubble, or even the stock market collapse of 1929, where markets were driven by debt and fueled by the false expectation that values can only increase, trust can be a very fragile thing. "One … [Read more...] about Is Trust Returning to the Mortgage Industry?