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As the song goes "what a difference a day makes." On Wednesday President Obama unveiled his $275 billion housing plan to help stem the tide of foreclosures. By the next day, mortgage lenders' phones were ringing off the hook. Lending Tree, the online mortgage lender had the highest loan request volume day for the month. Traffic at Zillow.com was up 56% on Wednesday.

While the program announced on Wednesday will help the foreclosure problem, it does not contain a provision for servicers to modify mortgages. Professor Chris Mayer, senior vice dean at Columbia University said that 50% of mortgage servicers have some kind of restriction on loan modification which can only be changed through legislation.

Continue reading Obama's housing plan is off to a roaring start

Obama's housing plan is off to a roaring start originally appeared on BloggingStocks on Fri, 20 Feb 2009 12:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>foreclosuresinthenewsmortgage refinancingMortgageRefinancingObama housing planObamaHousingPlanFri, 20 Feb 2009 12:00:00 EST<![CDATA[Dumb Money Move No. 6: Refinance your mortgage with a variable interest rate loan]]>http://www.bloggingstocks.com/2008/08/07/dumb-money-move-6-refinance-your-mortgage-with-a-variable-inte/http://www.bloggingstocks.com/2008/08/07/dumb-money-move-6-refinance-your-mortgage-with-a-variable-inte/http://www.bloggingstocks.com/2008/08/07/dumb-money-move-6-refinance-your-mortgage-with-a-variable-inte/#commentsFiled under:

This post is part of a series where personal finance expert Dan Solin looks at money moves that may seem smart in tough economic times, but are actually quite dumb. See all 12.

Lucky you. You have a fixed rate mortgage. However, the payments are a stretch for your budget and you have mounting credit card bills that you are paying off at a high rate of interest.

A friendly "debt counselor" suggests that you refinance your mortgage at a variable rate. Your initial mortgage payments will be less than your fixed mortgage and you will be able to pay off some of those high interest rate credit card debts with the cash you generate. As an added bonus, your mortgage payments are deductible, but your credit card interest is not.

Everyone's a winner. Right?

Not exactly.

Continue reading Dumb Money Move No. 6: Refinance your mortgage with a variable interest rate loan

Dumb Money Move No. 6: Refinance your mortgage with a variable interest rate loan originally appeared on BloggingStocks on Thu, 07 Aug 2008 15:53:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>fixed rate mortageFixedRateMortagemortgage ratesmortgage refinancingMortgageRatesMortgageRefinancingvariable rate mortgageVariableRateMortgageThu, 07 Aug 2008 15:53:00 EST