99ers Receive Commitment from Democrat Schumer on a Tier 5 Unemployment Extension
Senator Chuck Schumer is not stopping with the extension of the unemployment benefits through November. At this time there are struggling Americans who have exhausted their 99 weeks of unemployment yet they still cannot find a job. Senator Schumer stated that there is a separate act that would extend unemployment benefits for those 99ers. In [...]
FHA Proposes Minimum 500 Credit Score to Be Eligible for HUD Government Assistance
In the middle of July the Federal Housing Administration (FHA) proposed some new guidelines when it comes to qualifying for HUD government assistance. A very hot topic over the last several years has been the minimum credit score to qualify for an FHA loan. In the proposal, the FHA would like to implement a minimum [...]
Government Assisted Living Conversion Program Receives $19.5 Million From Obama Administration
In the states of New York, Maryland, Ohio and Arizona elderly individuals will find that assisted living apartments and nursing homes have been upgraded with the help of $19.5 million that was awarded by the Obama administration. These grants come from the US Department of Housing and Urban Development (HUD). HUD Secretary Shaun Donovan made [...]
HUD and Department of Treasury Create National PSA for Making Home Affordable Modification Program
Today it was announced that the US Department of Housing and Urban Development (HUD) along with the Department of Treasury have created a national public service announcement (PSA) to increase awareness of the Making Home Affordable Loan Modification Program (HAMP). This program has acquired many different nicknames since its creation in March of 2009. Some [...]
Daily Mortgage Interest Rates Today for July 28 – Afternoon Update – 10 Year Yield Down Over 1.5%
This morning we mentioned that the 10 year treasury rate yield was down slightly and the drop has continue to escalate during the day. Around 3:00 pm we are seeing the 10 year treasury rate yield down almost 1.75% which is helping to push the 30 year and 15 year fixed mortgage rate lower. The [...]
Small Business Job Creation Struggling – Possible Unemployment Rate Increase in Second Half of 2010
In a recent interview Meredith Whitney pointed out that small business job creation is greatly struggling. With small businesses doing over 60% of the hiring over the last 15 years this is a very troubling statistic. With consumer and business lending being very tight it is hard for these small businesses to gain access to [...]
Freddie Mac Reports Cash-In Refinance Data Near All Time High – Homeowners Pay Down Their Principal
In the second quarter of 2010 Freddie Mac reports that cash in refinance data is near an all time high at 22%. This is the second highest quarter in the history of Freddie Mac data being collected on mortgage refinances (1985). The cash in refinance option peaked in the fourth quarter of 2009 at 36%. [...]
Average American Household Consumer Debt is $22,445 Which is Up Over 65% Since 2000
Many Americans realize that the average American household carries a significant amount of consumer debt but a surprising statistic is that the average household is carrying $22,445 in debt. In 2000, the total amount of consumer debt was $1.5 trillion while today we are looking at a number that is closer to $2.5 trillion. This [...]
Bad Credit Payday Loans, Same Day Check Cashing, Rent to Own Stores Portrayed in New Book “Broke, USA”
In the new financial reform bill that was signed by President Obama, there are many rules and regulations to help combat predatory lending. Many media outlets have dubbed this bill the “Wall Street Reform Bill” but as Gary Rivlin points out in Broke, USA, it happens to be the bad credit payday loans, same day [...]
Meredith Whitney Sees Double Dip in Housing – Foreclosures and Short Sales Causing Excess Inventory and Supply
In a recent interview, Meredith Whitney stated that she sees a double dip in housing as banks are starting to sell homes that they had been holding and attempting to modify. Many of these sales are comprised of short sales or foreclosures. With more foreclosures coming it is only due time before we see a [...]
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