"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.
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.
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 wasnât long before she discovered that wasnât an option -- her HELOC had been frozen.
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.
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.
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.
The housing market isnât wasting any time correcting itself, with prices across 20 U.S. cities diving 15% in the past year. Itâs yet another sign that an increasing number of homeowners are watching their net worth erode, and worse.
The housing slump, already shaping up to be the worst in a generation, still hasnât run its full course, according to Harvard Universityâs annual report on housing, released on Monday.
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.
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 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.
Bill and Pattye Bomash had heard the warnings about why parents shouldnât lend money to their grown children. How it keeps them dependent. How it inflames family tension. How it robs your retirement.
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 Macâs weekly rate survey released Thursday.
