Mortgage interest rates have dropped again. Finally. Things remain somewhat volatile right now, but over at Lenderama, there is optimism that mortgage interest rates could drop again:

This week will be a pivotal one for bonds on both the fundamental and
technical sides.  Bonds have been pushing higher over the last two
weeks and have broken through their 25-day moving average.  They are up
against this level and the downward trend line right now, so if they
can hold their own this week, we can say that trend has been broken and
rates will be heading lower once again.

Mortgage interest rates, while slightly and indirectly affected by the Fed funds rate (which remained steady last week), are more affected by what bonds are doing. So when you are looking at mortgage interest rates, it can help to know where US Treasuries are headed.

Mortgage interest rates have dropped again. Finally. Things remain somewhat volatile right now, but over at Lenderama, there is optimism that mortgage interest rates could drop again:

This week will be a pivotal one for bonds on both the fundamental and
technical sides.  Bonds have been pushing higher over the last two
weeks and have broken through their 25-day moving average.  They are up
against this level and the downward trend line right now, so if they
can hold their own this week, we can say that trend has been broken and
rates will be heading lower once again.

Mortgage interest rates, while slightly and indirectly affected by the Fed funds rate (which remained steady last week), are more affected by what bonds are doing. So when you are looking at mortgage interest rates, it can help to know where US Treasuries are headed.

One of the bits of news to come out this past week is the fact that Illinois plans to sue Countrywide for purposely misleading mortgage loan customers.

Illinois isn’t alone: California is also suing, and Washington State is hitting Countrywide with an administrative action that insists that Countrywide participated in lending practices that were discriminatory.

With all this bad news, it’s no surprise the Countrywide shareholders approved the sale of the company to Bank of America. They need to get what they can.

This is a great video. Can you make Benjamin Franklin frown?

I guess the real question is this: Can you find a $100 bill?

Happy Friday!

Funny Money - The most popular videos are a click away

This is a great video. Can you make Benjamin Franklin frown?

I guess the real question is this: Can you find a $100 bill?

Happy Friday!

Funny Money - The most popular videos are a click away

The State of Illinois is planning to bring a lawsuit against Countrywide. The state alleges that Countrywide used unethical and misleading practice in order to get consumers into home mortgage loans that maybe weren’t best for them.

This news comes as shareholders in Countrywide get ready to vote on whether or not to let Bank of America take over. With the way things are going, maybe it is Bank of America that should be more concerned.

Now may be the best time to get your FHA loan if you are planning on it. Why? Because the process may soon become difficult, reports The Mortgage Reports Blog:

So, consider today’s FHA stories your fair warning.  If you’re planning
to use the FHA for your next home loan, the approval process should be
much easier for you today than even just a few weeks from now.

This is due to the fact that Fannie Mae and Freddie Mac are underwriting the better loans, and leaving most of the dross for the federal government — to be funded at taxpayer expense. So, as the government’s loan portfolio deteriorates, so will your chances of getting an easy approval for an FHA loan.

As the Senate housing bill continues to receive scrutiny from a variety of groups (including the White House, which is threatening a veto), senators themselves are coming under fire. One of the architects of the bill, Senator Chris Dodd, is facing allegations that he received preferential treatment from Countrywide. Now, another Democratic senator, Kent Conrad, is looking at issues related to his possible treatment Countrywide.

Both senators deny any wrongdoing, and insist that their refinancing through a Countrywide VIP program is in line with other mortgage borrowers who sign up for similar programs offered by a variety of mortgage lenders.

Here is another video parody of "We Didn’t Start the Fire." As a blogger, I also enjoyed all the references to social media.

Happy Friday!

Here is another video parody of "We Didn’t Start the Fire." As a blogger, I also enjoyed all the references to social media.

Happy Friday!