Weekly Recap (10/11/10-10/15/10)by Tim Manni
Frustration over the lack of a suitable response from Washington to help the nation’s underwater borrowers has once again ramped up discussions of walking away. In late September we wrote a post titled “Little interest in FHA Short Refinance program.” Here are a few of the comments we’ve received from that post which showcases the frustration underwater borrowers are experiencing and how it may influence their decision to walk away (emphasis added)…
Fed to purchase Treasuries?
The next Federal Open Market Committee (FOMC) meeting is scheduled for November 2, 2010 — the day of mid-term elections. Unless there’s substantial economic improvement between now and then, it is believed that some announcement will come with regards to the Fed purchasing Treasury obligations (known as Quantitative Easing).
Safer is better
With so much uncertainty in an unpredictable mortgage market, banks and investors have shown quite the appetite for safer investments, like Treasuries. Even with their record low yields, Treasuries provide investors with a guaranteed return (even if it’s a meager one at that)…
Whether or not you have been able to refinance at today’s record-low mortgage rates, there’s another, less-known strategy out there for reducing your monthly payments: “recasting” or “re-amortizing” your home loan.
Recasting your mortgage allows you to lower your monthly payments by putting up a large sum of money against your mortgage’s principal. Your balance is recasted to a smaller amount and you pay accordingly…
If you haven’t checked it out recently, be sure to visit the “HSH in the News” section of the blog (at the top-right corner, just below the search box).
Premier media outlets across the country contact HSH.com on a weekly, if not daily, basis, to quote our mortgage rate information and our experts in their news items.
The “HSH in the News” section is just another facet of our overall website which offers readers the latest commentary and information on what’s happening in the mortgage and housing markets.
Here are just a few examples of our latest mentions…
A lack of economic growth translates to, among many other things, a lack of employment opportunities. That was quite evident in September’s employment report.
Economic deceleration also means lower mortgage rates…