Consumerist
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bailouts
Is The Federal Housing Administration Going To Need A Bailout?
Earlier today a former Fannie Mae exec and the current head of the FHA gave conflicting testimonies to Congress about the health of the mortgage insurer—particularly about whether or not it's going to require a taxpayer bailout in the next couple of years. More » -
recession watch
First-Time Home Buyers: Use $8k Tax Credit For Down Payments Or Closing Costs?
BusinessWeek has an interesting article about a little known program that will allow first-time home buyers (technically, those who have not owned a home in three years) to use the 8k tax credit to offset down payments or closing costs. More » -
Looking for a mortgage? You might want to consider an FHA loan. The New York Times says, "The Federal Housing Administration used to be known as a place for low-income borrowers with tarnished credit histories. But now, it has become a destination for borrowers whose credentials are respectable, but not stellar." [NYT]
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scams
FedMod.com: Loan Mod Scammers Advertising On Network TV?
Matt at SteadFastFinances tipped me off to a possible loan-modification scam running ads on network TV. More » -
badvertising
Don't Fall For Mortgage Infomercials Masquerading As "News Networks"
Reader Brian says he saw the above pictured infomercial on CNBC this Sunday, and is wondering how they get away with such a "blatant attempt to take advantage of those same mortgage consumers who where hoodwinked in the first place." More » -
bailout
Will The New Homeowner Rescue Bill Help Rescue You?
A new bill that will help 1-2 million homeowners escape their unaffordable mortgages by refinancing into new low-cost fixed-rate loans insured by the Federal Housing Administration (FHA) has passed the House and will now move on to the Senate. If it is eventually passed by the Senate and signed by the President (who is no longer threatening to veto it), will it help you? More » -
subprime meltdown
Pending Home Sales Plummet 12% In July
Pending home sales plummeted in July—dropping 12%—the steepest drop since the pending sales index was created and nearly 5 times what analysts were estimating. More »
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