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Northeastern PA Mortgage News

Mortgage credit to stay tight for months; what you need to know (at MarketWatch)
In today’s mortgage market, there’s still money out there for those with good credit scores, significant down payments and decent income streams.


After IndyMac failure, be sure your accounts are properly insured (at MarketWatch)
"You can count on us" was their slogan. Not quite. IndyMac Bancorp Inc. had $1 billion of uninsured, unsecured, and unprotected consumer deposits at stake. The 10,000 uninsured depositors will get 50 cents on the dollar now and wait for the rest.


How turmoil over Fannie, Freddie could affect morgtage market (at MarketWatch)
Get ready to see mortgage rates rise somewhat as concerns about Freddie Mac and Fannie Mae continue, those in the mortgage industry say.


Mortgage rates mixed on week, remain well below year ago (at MarketWatch)
Mortgage rates changed little this week as the housing sector received mixed economic reports, Freddie Mac’s chief economist said on Thursday.


Decision-making expert is flummoxed in search for a house (at MarketWatch)
DURHAM, N.C. -- My wife Sumi and I are house hunting. That presents many problems.


Senate moves on housing legislation (at MarketWatch)
WASHINGTON -- Massive housing legislation moved one step closer to passage Monday night, as senators voted to limit debate on the package.


In tough economic times, beware these critical nest-egg mistakes (at MarketWatch)
Recession or not, these are fast becoming hard times, and hard times can lead to bad decisions.


Fed's overlooked message: Dump your ARM now. if you can (MarketWatch)
While the media and the market scrutinized every word of the Federal Reserve Board's message last week, it seemed to overlook the most important signal, which was there loud and clear for anyone reading between the lines.


Surprise cuts in equity lines chop homeowners from needed cash (at MarketWatch)
When Denise Lopez bought two new tables, a floor lamp and a chair recently, her intent was to finance it with her home equity line of credit. But it wasn’t long before she discovered that wasn’t an option -- her HELOC had been frozen.


Facing foreclosure? Four ways to get the help you need (MarketWatch)
Anyone in danger of losing a home to foreclosure would do well to seek help early, be proactive and get balanced advice.


Homeowner wants to refinance, but bank suggests a short sale (MarketWatch)
Question: My first mortgage is an interest-only loan at 4.75% with a balance of $287,967, and a second mortgage with another lender. It is due to reset on March 31, 2009. I wanted to refi now before the loan adjusts, so I called the lender and submitted all the documents.


Fed sharpens its focus on inflation (at MarketWatch)
The Federal Reserve sharpens its focus on inflation, saying that the upside risks to inflation have increased and keeping interest rates unchanged for the time being.


Head of Senate banking panel urges passage of housing bill (at MarketWatch)
Sen. Chris Dodd, D-Conn., influential chairman of the Senate banking committee, urges fellow lawmakers to put aside partisanship and approve a massive housing bill to ease some of the financial stresses pressuring families across the nation.


As house prices drop steeply, one reader points to benefit (at MarketWatch)
The housing market isn’t wasting any time correcting itself, with prices across 20 U.S. cities diving 15% in the past year. It’s yet another sign that an increasing number of homeowners are watching their net worth erode, and worse.


Housing slump rivals deepest slowdowns in 60-plus years: Report (at MarketWatch)
The housing slump, already shaping up to be the worst in a generation, still hasn’t run its full course, according to Harvard University’s annual report on housing, released on Monday.


Is it wise to get out of an ARM loan if the balance due is low? (MarketWatch)
Question: I currently have a five-year interest-only adjustable-rate mortgage of $50,000 on a condo in Century City, Calif., that I purchased last year at $750,000. My mortgage balance is so low that I'm not sure what to do at the end of five years when it converts into a variable interest mortgage.


Senate bill aims to reduce foreclosures, reform Fannie, Freddie (at MarketWatch)
A bipartisan housing bill that aims to provide relief to homeowners facing foreclosure and contain problems in the housing market was announced on Tuesday, and the Senate is expected to begin debate on the proposal soon.


Mortgage applications fell 15.3% last week: MBA (at MarketWatch)
Mortgage applications filed last week fell a seasonally adjusted 15.3% compared with the week before, mainly due to a decrease in refinance applications, the Mortgage Bankers Association reported on Wednesday.


Five ways to lend to your kids without keeping them in your debt (MarketWatch)
Bill and Pattye Bomash had heard the warnings about why parents shouldn’t lend money to their grown children. How it keeps them dependent. How it inflames family tension. How it robs your retirement.


Long-term, fixed-rate mortgages jump, ARMs hold steady (at MarketWatch)
Longer-term, fixed-rate mortgages jumped this week to their highest level in 11 weeks but shorter-term, adjustable loans held steady or fell, according to Freddie Mac’s weekly rate survey released Thursday.