Related articles from Yahoo AnswersOpen Question: how can I refinance while in bk? I pay my trustee on time but Im having problems paying my mortgage on time. ?
but I'm at a 12% interest rate and all I'm looking for is someone to lower my monthly payments to where I can handle the monthly notes. 1424.00 a mont is high and I cant swim above water.
Open Question: why has my interest rate on my mortgage gone up and then down?
In a bad mortgage, our interest rate was 12.125 then our forclosure letter said 11.125, now we received a letter that it was 10.125 do you think we are being jerked around by the mortgage company
Open Question: why has my interest rate changed.?
why has my mortgage interest rate gone down
Open Question: How long does it take for the mortgage rates to go down after Fannie & Freddie are taken by US Govt? ?
Sunday's(09/07) federal takeover of Fannie Mae and Freddie Mac will likely translate into lower mortgage rates. How soon does this happen? 2 week or 2 months? I am closing in the last week of sep and have my rate locked @6.00 for 30 yr fixed. I have one free float down option. I spoke to my loan officer today and they went down to 5.75. Should I float down immediately or wait so that it goes further down in next couple of weeks. Any guidance is much appreciated!!
Open Question: I'm selling my home, but there is a problem?
I bought a new home three years ago, and the Finance company said if my Fiancee and I went into it together, we would get a better interest rate on the loan. I did not like the idea, but she (my fiancee) talked me into it. Six months after we closed, things with her went sour very quickly. We made made an agreement that she would stay in the home, and I would pay half the mortgage until we were able to sell the house of have someone assume the mortgage. Without any warning, she packed up and abandoned the property and left town. Since then I have had to move myself due to a company transfer, and have been making the mortgage payments myself to keep the property from going into foreclouseure while I tried to find a buyer. I now have a person who wants to assume the mortgage, but the problem is, I have not been able to locate her so she can sign the paperwork and her family refuses to tell me where she is. I really need to get this done, what can I do?
Open Question: Next sucker on the list?
When The mortgage giants decided they wanted to make a bundle they sold people on the idea of buying a home if they could afford it or not. The Republican administration removed regulation and the mortgage people could then sell to anyone. Working or not. Then those greedy mortgage people build a trap into the mortgage loans. The interest rate would sky rocket. Then they put those mortgages into bundles and sold them to overseas countries showing them that as soon as the rates sky rocked, the could make a bundle and the bundle, not telling the overseas suckers that the people who bought homes were set up, and could never pay that new rate.
Now the whole thing has collapsed, and the government wants the tax payers to pay the overseas borrowers who are getting more then a little angry over being had. They want to put the CEO'S into prison, and so the government is giving them our tax money to buy them off, and that is why they are not helping a single America home owner. Now if we let them do this, the tax payer will be the next sucker on the list.
Think about this.
Open Question: Will interest Rates Drop and should i wait ?
I am supposed to be closing on a home in the next 2 weeks and was given an interest rate of 6.6%. I believe it too high, but however with this new change in mortgage, do you think i should wait till end of the month to see if the rates drop.
Open Question: Can a U.S. citizen living abroad get a normal mortgage (not a foreigner loan) for a home in the U.S?
The home would be rented out in FL while we live abroad. We currently get paid in a foreign salary and I spoke to a broker who said that because of that we'd have to have 30% down payment and the interest rate would be 8%. Our incomes and credit scores didn't even matter. Just looking for a second opinion or further insight. Thanks.
Open Question: Is the Community Reinvestment Act responsible for the govt bail out of the mortgage industry? ?
The Clinton administration has turned the Community Reinvestment Act, a once-obscure and lightly enforced banking regulation law, into one of the most powerful mandates shaping American cities—and, as Senate Banking Committee chairman Phil Gramm memorably put it, a vast extortion scheme against the nation's banks. Under its provisions, U.S. banks have committed nearly $1 trillion for inner-city and low-income mortgages and real estate development projects, most of it funneled through a nationwide network of left-wing community groups, intent, in some cases, on teaching their low-income clients that the financial system is their enemy and, implicitly, that government, rather than their own striving, is the key to their well-being.
The CRA's premise sounds unassailable: helping the poor buy and keep homes will stabilize and rebuild city neighborhoods. As enforced today, though, the law portends just the opposite, threatening to undermine the efforts of the upwardly mobile poor by saddling them with neighbors more than usually likely to depress property values by not maintaining their homes adequately or by losing them to foreclosure. The CRA's logic also helps to ensure that inner-city neighborhoods stay poor by discouraging the kinds of investment that might make them better off.
The Act, which Jimmy Carter signed in 1977, grew out of the complaint that urban banks were "redlining" inner-city neighborhoods, refusing to lend to their residents while using their deposits to finance suburban expansion. CRA decreed that banks have "an affirmative obligation" to meet the credit needs of the communities in which they are chartered, and that federal banking regulators should assess how well they do that when considering their requests to merge or to open branches. Implicit in the bill's rationale was a belief that CRA was needed to counter racial discrimination in lending, an assumption that later seemed to gain support from a widely publicized 1990 Federal Reserve Bank of Boston finding that blacks and Hispanics suffered higher mortgage-denial rates than whites, even at similar income level.
Basically this act gave people who could not afford loans a way to buy a home under the impression that home ownership will bring people out of poverty. See the story at:
http://www.city-journal.org/html/10_1_the_trillion_dollar.html
Open Question: Tracker or Fixed Rate Mortgage - UK Remortgaging Advice Oct 2008?
My 2year fixed rate with Nationwide at 4.9% is coming to an end Oct 2008. I have researched around and the best remortgage to get is to stick with Nationwide as there would be no fees. I have been offered 5.78% on a 2yr or 3yr fixed or Initial Rate of 5.64% on a 3yr tracker. The problem is Im not sure whether to go with a tracker or fixed as im not sure what interest rates are predicting?
Open Question: What percentage of 30 year fixed 300k loans are held by Fannie Mae or Freddie Mac?
The stories keep saying 50% of American mortgages are held by the two. I was shocked to hear people say "let them go under". Then I ask them about their home loan and they say it's held by Citibank or B of A....wrong! They service the loan, but they don't hold the paper, just collect payments and pass them on.
What percentage of typical loans 300k fixed rate for 30 years are held by FNMA or FHLMC. Why don't the candidates seem to know that?
The 50% that aren't held by Fannie or Freddie are Jumbo, FHA, hard money, sub-prime or negative ammortization ARMS.
Open Question: first time homeowner assistance?
Hello,
Is there any assistance available to first time home buyers in Indiana? I know about the $7,500 tax credit. However, I also heard that a qualifying person can get the mortgage rate reduced by 1% under some federal program. Can you advise what programs like that exist?
Thanks!
Open Question: To buy a house or to save money?
We are living in a mining town at the moment with subsidised rent so we have a bit of extra disposable income. I am feeling a bit anxious to buy a house in the city, even though we dont currently live there, I want somewhere to go home to in a year or so. The places I have been looking at are within 1km of the beach, and there are a couple suburbs we can afford, I am afraid that if we don't buy while it's affordable that we will miss the opportunity and never afford that lifestyle. I also know we will be paying a lot of uneccessary interest if we choose to buy now rather than put it off and save. So.. what should we do? We are in Australia if that changes the situation any. We can either buy a house for $350,000 and rent it out for $300 a weekand pay the mortgage at interest rate of 9% or so, or we can save money an put it in a high interest account and get 6% return. Also in a year and a bit we will be given about $175,000 cash so do you think we should wait til we get that money?
Open Question: Is it safe or a scam to buy a shelf corporation to get a line of credit?
I received an email from B2B CREDIT SOURCE selling shelf corporations to get a line of credit. I called the number to get more info. The shelf corporation is registered in the state of Nevada. The purchase price is $15,000 and 5% OF THE AMOUNT APPOVED FOR THE LINE OF CREDIT. It will take 60days to obtain the line of credit from $150,000 to 200,000 with NO PERSONAL GUARANTEE. Dave the agent at b2b credit source said mostly the 60days is for them to build the Dun and Brad score. Is there anyone out their, that has ever bought a shelf corporation for this purpose?
THIS IS THE EMAIL I RECEIVED.
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Open Question: Is any American worried about this?
China Suddenly Can't Afford U.S. Debt
Friday, September 5, 2008 12:06 PM
Article Font Size
China's central bank has been on a buying spree for the last seven years, taking home $1 trillion worth of U.S. Treasury bonds and mortgage-backed debt issued by Fannie Mae and Freddie Mac.
Now the bills are coming due, and the bank doesn't have enough money to pay them.
That's because the bank's U.S. investments, which comprise most of China's foreign securities, are worth a lot less when converted from weak U.S. dollars to stronger yuan, reports The New York Times.
Last year, China spent more than one-eighth of its entire economic output on foreign bonds and has bought even more this year. If it stops buying dollar-denominated securities now, the dollar would tank, and U.S. interest rates would skyrocket.
The situation is so serious that the People's Bank of China, which earlier ignored warnings from the International Monetary Fund that its $3.2 billion capital base is too small, has asked the country's Finance Ministry to help it get more capital.
The move may signal a shift in power from the bank to the Finance Ministry, which has long advocated slowing the yuan's appreciation to increase the global competitiveness of Chinese goods.
The U.S., however, wants a stronger yuan, which would reduce Chinese competitiveness and the U.S. trade deficit as well. The yuan has risen 21 percent against the dollar since mid-2005, when China quit pegging its currency to the dollar.
U.S. Treasury Secretary Henry Paulson, long an advocate of a strong yuan, warned in a recent issue of Foreign Affairs that the Chinese juggernaut is headed for the wall, a serious risk for the rest of the world's economies.
Open Question: What accomplishments has Obama made in his life?
Look for yourself http://www.barackobama.com/pdf/ObamaBlueprintForChange.pdf
i suggest you read that entire blue print but i will sum it up for you.
ok America is #3 in preventable deaths right behind two 3rd world
countries. Barack Obama has a brand new plan to make health care
affordable and end the monopoly of the 2 major insurance companies. We
also pay over double for drugs than other countries so he is going to
allow Americans to buy drugs from other Developed countries. He is also
going to make Generic drugs more available and block big drug companies
from preventing the sale of generic drugs. this list of solutions goes
on! Our credit card companies make 90% of their profits on our poorest
citizens! Barack Obama will put a interest rate cap of 36% on credit
cards, he will make a consumer reports style grading system on every
credit card and make it clearly shown on credit card applications! He
will make it easier to read and understand credit card offers. He will
ban interest rates on fees!! This list too goes on! Our banks are
committing fraud and ruining our housing market! Right now if they are
caught committing fraud they will make billions and be fined millions
and walk away free and stay in business. Barack Obama will put them in
jail if they commit fraud! He will make sure home owners have honest and
complete information about thier mortgage options. he will give tax
credit to middle income families. This list goes on! We have the highest
disease statistics on planet earth. Barack Obama will increase the
budget on prevention of disease right now we spend 3 cents of every
health care dollar on prevention which is clearly not working. I want
all these things and im amazed that Barack Obama wants them too i really
am amazed that he cares so much about us. I wanted all of these things
already and he to me is like a dream come true! Barack Obama has already
been in the government and his track record is one of integrity and
fighting for the American Worker he already has fought George Bush on
things and won! he has some of the best ethics in politics!
Open Question: Any thoughts on teaching as a career? Thought I wanted to switch careers to be a teacher, now I'm not so sure?
To anyone who is a teacher, or is teaching as a 2nd career, or to anyone who would like to comment......I need advice and encouragement!
I have a bachelors degree in accounting, and have worked as an accountant for the last 4 years. Although the pay is good and accounting is a stable career, I often find myself thinking there has to be more to life. Teaching always has appealed to me, and I often think I would be more fulfilled teaching elementary students as opposed to staring at spreadsheets and numbers for the rest of my life.
Therefore, a year or so ago I began a teacher preparation program online. I have progressed well through it and have passed my content exams. Because it is online I have been able to continue working my accounting job. I am married w/ a mortgage and bills so it is important for me to continue working.
I am on track to do my student teaching in January 2009, so at that point I will not be able to work any job. Okay so here is where it gets complicated.....
Due to company restructuring, I had to leave my accounting job described above this past July. I knew I needed to work right up until January. I felt I had two options: get another accounting job until my student teaching in January, or substitute teach instead to gain classroom experience before student teaching.
Right before I left my job in July, a great corporate accounting position became available in the town I live in, with a 10 minute commute. I applied for the job, and got it! But after working there only 8 days, I quit. Looking back I'm afraid that was a huge mistake.....this was a local, stable job, opportunity for advancement, great money and very low stress. But for some strange reason the eight days I worked there all I could think about was how I am over accounting and that I would much rather be substituting and preparing for my teaching career.
So I quit that job, and it was literally only two days later that I began to wonder if that wasn't my biggest mistake ever. I am now rethinking teaching altogether.....I have been doing a lot of reading along with talking to teachers, and I am beginning to wonder if all of the bad things about teaching outweigh the wonderful things. The unbelievable amount of stress, workload and teacher drop out rate all scare me to death.
Maybe I am just suffering from "the grass is always greener" mentality. Yes, again accounting can be unrewarding at times, but you hear so many bad things about teaching as a career I wonder if a boring, yet stress free, good paying accounting job would have been the wiser choice........I know its seems I am rambling, but I am so confused and distraught. At this point I am wondering if I gave up a job with more money/less work for a job that will certainly be less money/more work. Any insights or opinions? To you teachers out there, would you recommend teaching?
Open Question: Are Americans worried that the Federal bailout of Freddie Mac & Fannie Mae indicates a shift into Socialism?
The boards of Freddie Mac and Fannie Mae are holding emergency meetings in Washington this weekend to approve the Federal takeover of the two companies. In other words, due to their insolvency, they are being Nationalized. The shareholders will be wiped out and the debt will be guaranteed by the US government.
This sad turn of events is occuring because Freddie and Fannie fell over themselves to guarantee mortgages acquired by sub-prime borrowers, many of whom had no savings and were living paycheque to paycheque.
Freddie and Fannie were able to do this because the financial environment, created by the FED, through its own reckless lending practices and artificially low interest rates, encouraged it.
My question is, do Americans understand that Nationalization is a Communist practice? That this is the way they handle things in Cuba and North Korea and this is how things were done during Communist times in the USSR?
Are Americans surprised that this slide into Socialism is occurring under a Republican president? After all, isn't it the Republicans who like to claim that government is useless and should be cut back to a bare minimum? That government should not tax and spend? That everyone should fend for themselves and never expect help from the government?
So why is it ok for Freddie Mac and Fannie Mae to get Nationalized in the biggest bailout in history?
Let's have some intelligent answers, please. No illiterates, children, or pop-eyed conspiracy theorists. And try to refrain from blaming the whole mess on the Democrats, or Saddam Hussein, or some other convenient scapegoat.
jbcarl9991, I told you not to try to blame this mess on the Democrats, and you did anyways. But I still gave you a thumbs-up because you made me laugh :-)
Open Question: Was the problem the mortage lenders or the Fed?
Obama and McCain want to slap all kinds of restrictions on mortgage lending, in the wake of the mortgage meltdown.
http://news.yahoo.com/s/ap/20080906/ap_on_el_pr/candidates_mortgage_giants
The mortgage meltdown happen because less-than-creditworthy borrowers got 3.5% ARMs that later became 8.5% ARMs.
But, was the problem so much the lenders' doing or the Fed's? Would these mortgages have been written - could they have been written - if the floating rate hadn't fallen below 5%?
Isn't this akin to eating too much and then blaming the particular part of your body where the most fat shows up?
Chevy if they prevent the artificially low interest rate from causing havoc in one market it will just cause havoc in another. Haven't we learned that by now?
Does no one see that the return to low rates is what drove oil prices up?
How many bubbles do you need to see before you stop considering each one as an independent matter, and a matter independent of monetary policy?
Why don't more people recognize that the collateral kept appreciating in value because the lenders kept making the loans, which in turn happened because the supply of credit was artificially increased?
Open Question: Is 6.5% a good mortgage rate these days?
My credit score is about 730 and my wifes score is about 690. Our lender is telling us we can get around a 6.5. Do you think this is just average? Do you think I should shop around?
Open Question: What is a good mortgage interest rate these days?
My credit score is about 730 and my wifes score is about 690. Our lender is telling us we can get around a 6.5. Do you think this is just average? Do you think I should shop around?
Open Question: Question about refinancing your Home?
I have a 1st mortgage on my home and we have a low interest rate and a low amount on a 2nd mortgage on the same home.
We would like to refinance our 1st mortgage and not have to roll the 2nd mortgage into the first however friends of ours told us that if you have a 2nd mortgage on the same house you want to refinance you have to combine the two into 1 mortgage.
My question would be is this a true I have to role the 2nd into the 1st when I refinance the 1st mortgage.
Thanks for the help
Kristy
Open Question: Will you rate how bad my life is sucking on a scale of 1 to 10?
In comparison to yours if you wish
1 being really crappy, 10 being the best
details:
-I've been happily married for 2 years, I think our relationship is amazing, and I love him more than I ever thought he would
-We just bought our first house! BUT we financed it though his mother, and pay her like a mortgage, and she now want's her money back, we must refinance or sell
-I'm addicted to pain killers (really expensive)
-I must admit, I'm the worst alcoholic I know, when I don't have pills, I drink up to a 1/2 a fifth a night
-We just got the greatest dog ever, we love her sooo much!
-I hate my job, of course I've never liked any job, who does, but this one is taking a toll on my body and my mind, and because of the house thing, I can't quit
-I really love my husband
-I love my family (except my mother, who I hate)
-My sibling is addicted to drugs, worse than I am, and I constantly worry that he will accidently overdose, or kill himself.
-My psychiatrist put me on ritalin, and though it doesn't do anything, I still take it and think I'm becoming dependent.
there are so many other things, but these stand out the most.
so, do you think I'm normal, or f'd up?
and I'm only 23
Open Question: Building a new home in Greenville, SC with Ryan Homes?
My husband and I are planning on building a new home in Greenville, SC, we are having issues signing the contract, Has anyone had any problems with them taking too long to build the house or keeping your deposit? What about their mortgage company, we heard of people getting stuck using their mortgage company with a higher interest rate because they threatened to keep their deposit?
Any experiences would help, both good and bad, thanks
Open Question: Why should my tax money go to bail out people with bad mortgages?
I work hard for my money and I was smart enough to walk away from my contract when they decided I was better with an adjustable rate, so why should I pay for someone else's mistake? I understand about the economy and all that but if they had not been greedy and over zealous in the first place (the buyers, the banks, the loan officers, etc) then we would not be in this situation. What is the difference between saving a person's house and saving something like their car, you can live in either essentially but the government does not bail people out of getting repoed, it just pisses me off that I should have to do this
thanks superjoe for supporting socialism, makes me glad that i live in the ussr . . . wait a second its the usa
Open Question: Minimum credit score for best rates?
What is the minimum credit score one would need in order to receive the best rates on mortgages and home equity products? (Any of the three credit bureaus).
Open Question: This is the problem for accounting class,can anybody help me especially in regards to the call entry? Thanks?
Effective April 1 2004, The Bl. Corp. which has a Dec 31st year end , authorized $1,500,000 of callable , mortgage bonds (secured by 2,200,000 of property and equipment, at market value). The bonds paid interest at a rate of 8% per year and had a term of 6 years. Interest was payable each Sept 30th and March 31st. On July 1, 2005, the company issued 1,000 of the bonds in exchange for $906,000 in cash. On October 1, 2007 the company called the bonds, and paid the existing bondholders $1,150,000 in cash.
Prepare the journal entries related to the bonds that Bl. Corp made for the period April, 1 2004 through Dec 31, 2005.
In addition , prepare the journal entry the company made when it redeemed the bonds in October 2007.
Resolved Question: Is the Mortgage Bailout Just Another Transfer to Illegal Immigrants?
The highest default rates are in highly hispanic CA, NV, NM and FL.
Are people in SD, ND, WI, MN, WY, and MT basically getting almost nothing other than the bill?
Open Question: Should I go to bank i am dealing with now to refinance my mortgage or seek another institution to do my refina?
I filed Bankruptcy Chapter 7 in April and received my letter of discharge in July. I have a high interest rate on both mortgages because I have a 80/20 two different loans, i have always paid both mortgage companies on time and in full and i am current with my mortgage. I have until 2011 before my mortgage changes over to an Adjustable Rate Mortgage and I want to avoid a possible high interest rate and wanted to know should i wait a while to even attempt to refinance, try to do it with the banks i am currently with or try other institutions?
Open Question: Can anyone proofread my college writing paper?
Throughout the last several decades, we have seen the world’s dependency on oil and gas, which are among two of the most important resources, growing at a rapid rate. The economy is influenced by many factors that determine its surplus or deficit. As the demand for oil and gas grows, the American family spends an average of $200 to $300 in gasoline every month. Oil and gas continue to be major contributors to the stability or instability, of the larger economies, such as those of the United States, Germany, and Japan, and the third-world nations as well.
The world, as a whole, depends greatly on oil and gas as their main energy source. Our economy has continuously shown that it is seriously affected when gas and oil prices are on the rise. Over the last several years, the price per barrel has set record highs, and many economists question whether the price per barrel will ever drop to the forty or even the fifty dollar range.
According to the Oil Price Information Service, supplies are still at a relatively good level, in spite of the growing demand for greater consumption. This demand has pushed the price of the gallon of gas in the United States from a comfortable amount of $2.09, to more than $3.50 a gallon, within the last several months. This price surge has been the highest since last year. Since our entire economy is oil energy dependent, that has raised the prices of both perishable and nonperishable goods that Americans purchase. Many analysts are in accord with the probability that it will reach $4.00 a gallon, by summer’s end.
The catalysts responsible for these sharp increases are directly related to the many disruptive current events that we hear in our news channels. Recent world events such as the war in Iraq, the instability in Nigeria, and the conflict between Chavez and Bush have all contributed to the price of oil going up. This in itself has translated to an increase in gasoline prices.
The war in Iraq has also caused instability in the region and a decrease in production, coupled with an increase in demand from emerging nations such as China and India. The oil rich country of Nigeria has also been dealing with internal political conflicts, which has brought about sabotage and chaos in its region. While it is dealing with these local problems, it too is unable to focus on maintaining a production level needed to keep the price per barrel of oil at an acceptable level.
It has been obvious that in the international market the consumption of oil and gas is increasing day by day. It is due to the fact there are numerous more advancements in the field of science and technology so we have more requirements. Despite of all these facts we have limited reserves of gas and oil in many countries so import usually results in the facts. All we can do is to pray for betterment and wait for a miracle. Our energy future is extremely important to everyone with costs increasing by double digit amounts almost daily. When asking about the price of anything, the answer is always "Supply and Demand". The demand for fuel is higher. The supply is limited.
There are also conflicts of interests between Venezuela’s president Hugo Chavez and the George Bush’s administration. Constant quarrels between the two presidents may also fuel the price problems. Venezuela's proven oil reserves are among the top ten in the world. Oil generates about 80 percent of the country’s total export revenue, contributes about half of the central government’s income, and is responsible for about one-third of the country’s gross domestic product.
In addition, the falling American dollar, coupled with the United States credit woes in the secondary mortgage market and its ominous banking industry, the U.S. dollar’s purchasing power continues to get battered.
OPEC: Organization of the Petroleum Exporting Countries. OPEC's mission is to coordinate and unify the petroleum policies of member countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital to those investing in the petroleum industry. One of the greatest questions that has loomed over OPEC’s ability to keep the price of oil below an acceptable level, is whether or not OPEC will have the capacity to produce an average of 20 million barrels of crude oil, per day. It is no secret that OPEC has been known to submit false capable production numbers on several occasions. The international markets have on several occasions questioned whether or not they are actually capable of meeting the required production levels, or are they simply in a position where they may not be able to sustain the needed production levels, to combat the increasing price of gas.
With these issues looming over our minds, the United States is now in a position where it must allocate a great amount of time and resources to curtail its dependency on forei
dependency on foreign oil; however, the cost of this exploration will likely result in an insurmountable cost, that will be measured not on a monetary level, but on the loss of animal species and the habitat where those species reside. biological, seismic, and geological studies were used to complete a Legislative Environmental Impact Statement that described the potential impacts of oil and gas production in these areas. The results found has supported the environmentalist claim, that drilling will result in irreparable losses to several species that are common to the serene habitat. Polar bears and the millions of migratory birds that depend on the vital habitat would become extinct due to oil spills. Much of the nation’s coastal waters are offlimits to new oil and gas leasing until 2012 under executive orders first issuedby Bush’s father, President George H.W. Bush, in 1991 and extended by President Clinton in 1998.
In addition, Congress has taken action annually since 1981 to preclude drilling in coastal areas. But high petroleum prices have caused policymakers to begin rethinking a variety of issues, including opening the Arctic National Wildlife Refuge to energy exploration and imposing mandatory limits on greenhouse gas emissions from oil refineries and power plants. In addition, whether or not the areas have the necessary amounts of crude oil in the grounds has become a difficult question to answer. Although production has been going on in Alaska, on the Naval Petroleum Reserve since the 1970’s, it is at a very bare minimum, and it is not likely to impede on the ramped price increases, that we are seeing.
Suppose the domestic production levels were actually sufficient to keep prices at bay, would our problems be resolved?
The unfortunate answer to that questions is no, because during the early 1900’s, there were heavy tariffs imposed on domestic oil drilling. These tariffs were created to keep oil companies form drilling in these areas. During these early times, foreign oil dependency became that much more appealing, because there was never a tax imposed on the imports of foreign oil. It became cheaper and safer to import oil from other oil rich countries in the Middle East, Africa, and South America. In essence, the good tariff taxes that were levied some 60 years ago are now actually not so good, as far as making a strong argument to extract domestic crude oil today. Environmentalists, however, contend that it has kept our serene frontier less prone to species and terrain depletion.
With so many different issues that we must contend with, to extract crude oil for our personal consumption, it is not difficult to understand why it has always been a very complex issue that the world must resolve.
There is no real definitive solution to this problem, and as more problems come about, we are likely going to see this problem manifesting to major global problem.
Open Question: i need help with getting a fixed rate mortgage.?
I am @ an adjustable and the adjustable is up 8%.
Resolved Question: Do you agree with European Central Banks decision?
Do you agree with European Central Banks decision? keeping rates unchanged.
what is tougher on us?
high mortgage payments or inflation in food and energy expenses?
Open Question: How do I request to assume the mortgage?
My father passed away and his home was not fully paid off. His name was on the mortgage and the title and as advised by my attorney I have registered my quick claim deed of the property. My question is how do I request to assume the mortgage from the bank. The loan is a non assumable mortgage, but the banks loan officer told me to write a letter to the bank requesting to assume the mortgage and stated that the bank as been allowing assumption of non-assumable mortgages? Not really sure what all that means, but what kinds of things do I put in the letter requesting to assume? The interest rate is really low and the loan principal is down to 47,000 on a value of 122,000. Are they going to underwrite this loan or just let me sign a legal document making it my responsibility? Any advice or information would be great. I can't refi the loan because my own house has not sold yet, but I have been making both payments for over six month myself.
Resolved Question: Do responsible people who didn't get adjustable rate mortgages feel slighted by Barack Hussein Obama?
Barack Hussein Obama only talks to the irresponsible morons who got these loans and wants to use billions of dollars of your tax money to bail them and the irresponsible lenders out to keep you priced out of the housing market.
Joseph F, I would call the police or get my baseball bat to get that bum off my lawn.
Open Question: I have a rental property that I'm trying to keep but the neighborhood has gotten terrible and I'm evicting ?
the current tenants due to non payment and I've carried the payments myself for 8 mos. they have completely destroyed the bottom unit I really don't have the money to fix it back up right now because I've used all my money to keep the mortgage,insurance,and taxes current as well as protect my credit rating but now I can no longer pay this mortgage and my primary. Does anyone have any advice for me? selling it is next to impossible where the property is(Detroit) and the way values have gone down I'm sure I'm upside down in it. Also I was paying a management company to tend to this for me, would they be liable for the damages the tenants caused because they didn't do inspections on my behalf?
Open Question: Do credit unions really have the best deals on a home mortgage?
From the research I've done, the rates seem quite a bit better than most other banks. Is there a downside to getting a home mortgage from a credit union? Why wouldn't everyone do it if the rates are so much better?
Open Question: I just sold my home, got a large amount of equity back, want to buy in new city, but have poor credit. ?
My employer is moving me to a new city and I sold my home to be able to have the equity for purchasing the next one. In preparing my home for sale, my mortgage company would not extend a line of credit for upgrades because of my poor credit rating. Living in an expensive area, I ruined my credit rating by robbing Peter to pay Paul. The lower cost of living in the new city will ease things up, and I will not need as large a loan because of the equity I have to put into this purchase. I am afraid I will not be able to qualify to buy when I move the end of this month. What can I do immediately to make my financial picture look more attractive to potential lenders?
Voting Question: When obtaining a Home mortgage what should you look for apart from a good rate?
Special clauses or terms etc......
Voting Question: Is this how a 10/1 30 year adjustable rate mortgage works?
I want to do a 10/1 30 year adjustable rate mortgage. It is my understanding that the rate will remain the same for the 1st 10 years then adjust. Is this accurate, or can my rate change before the 10 years and if my rate remains the same, does that mean that my monthly payment will remain the same for 10 years, aside from tax and PMI increases?
Voting Question: Questions about adjustable rate mortgages?
I want to do a 10/1 30 year adjustable rate mortgage. It is my understanding that the rate will remain the same for the 1st 10 years then adjust. Is this accurate, or can my rate change before the 10 years and if my rate remains the same, does that mean that my monthly payment will remain the same for 10 years, aside from tax and PMI increases?
Voting Question: What is the best way to approach my mortgage company in negotiating a lower interest rate?
Resolved Question: Is there any way out of our financial nightmare?!?
This is a long one so bare with me!
About 3 years ago now my partner and I bought a flat. We were first time buyers and had no savings but were desperate to get on the property ladder so we decided to get a 'Together Mortgage' with Northern Rock. This meant we got a mortgage and an unsecured loan at the same rate of interest so we were able to pay a deposit and also clear some of our credit card debts.
We were happy with the deal at the time and quite confident that house prices would continue to rise (which they did for a while) so that when we came to sell, we would be able to pay off the mortgage and the loan and hopefully have some equity as well.
Unfortunately, my partner had a bit of a problem with personal debt and despite having paid off his credit cards with the unsecured loan when we bought the flat; he continued to use them until he got into a situation where he was struggling to meet the minimum payments each month. As you can imagine this caused a great deal of stress.
We decided the best option was for him to contact a financial management company and enter into a payment plan. It’s not an IVA. They explained that he would not be able to obtain any credit whilst he was in the plan which was fair enough, and they negotiated with his creditors so his interest rates were frozen enabling him to pay back the debts much quicker. He'll be debt free in 18 months. What they failed to mention to us though, was that this agreement means that he has defaults on his credit file. We didn't know this until he's been in the payment plan for over a year.
This was at Christmas when we attempted to get another mortgage. Our fixed rate deal with Northern Rock was coming to an end and they wanted ridiculous amounts of money for us to go onto another fixed rate deal.
However, as we had a 115% mortgage and my partner has a bad credit rating, we tried everything, even putting the mortgage in my name, but we couldn't get another mortgage.
So we stayed with Northern rock on their variable rate mortgage and although we are paying an extra £150 per month, touch wood, it hasn't gone up this year.
My question is though, how on earth do we get out of this situation? We are nearly 25 now and I don't want to be stuck in a one bedroom flat forever. I want us to move forward in our lives but I don't see how we can with our huge mortgage and my partners bad credit rating?
Voting Question: what would be a common APR for a relatively safe investment of $40k?
i have several friends who have lots of money. I would like to convince them to invest $40k in me over 10 years at 10% interest payback. taking out the what the investment is, (me) , would a $40k investment that paid back 10% per year (calculated like mortgage) for 10 years be a "good deal" investment for someone with $40k to invest? Another way to ask: If you had $40k to spend and a bank/mutual fund was offering 10% per year over 10 years, would that be a reasonable rate to invest in?
Open Question: What are your thoughts (part 3)?
Protect Homeownership and Crack Down on Mortgage Fraud
Obama will crack down on fraudulent brokers and lenders. He will also make sure homebuyers have honest and complete information about their mortgage options, and he will give a tax credit to all middle-class homeowners.
* Create a Universal Mortgage Credit: Obama will create a 10 percent universal mortgage credit to provide homeowners who do not itemize tax relief. This credit will provide an average of $500 to 10 million homeowners, the majority of whom earn less than $50,000 per year.
* Ensure More Accountability in the Subprime Mortgage Industry: Obama has been closely monitoring the subprime mortgage situation for years, and introduced comprehensive legislation over a year ago to fight mortgage fraud and protect consumers against abusive lending practices. Obama's STOP FRAUD Act provides the first federal definition of mortgage fraud, increases funding for federal and state law enforcement programs, creates new criminal penalties for mortgage professionals found guilty of fraud, and requires industry insiders to report suspicious activity.
* Mandate Accurate Loan Disclosure: Obama will create a Homeowner Obligation Made Explicit (HOME) score, which will provide potential borrowers with a simplified, standardized borrower metric (similar to APR) for home mortgages. The HOME score will allow individuals to easily compare various mortgage products and understand the full cost of the loan.
* Close Bankruptcy Loophole for Mortgage Companies: Obama will work to eliminate the provision that prevents bankruptcy courts from modifying an individual's mortgage payments. Obama believes that the subprime mortgage industry, which has engaged in dangerous and sometimes unscrupulous business practices, should not be shielded by outdated federal law.
Address Predatory Credit Card Practices
Obama will establish a five-star rating system so that every consumer knows the risk involved in every credit card. He also will establish a Credit Card Bill of Rights to stop credit card companies from exploiting consumers with unfair practices.
* Create a Credit Card Rating System to Improve Disclosure: Obama will create a credit card rating system, modeled on five-star systems used for other consumer products, to provide consumers an easily identifiable ranking of credit cards, based on the card's features. Credit card companies will be required to display the rating on all application and contract materials, enabling consumers to quickly understand all of the major provisions of a credit card without having to rely exclusively on fine print in lengthy documents.
* Establish a Credit Card Bill of Rights to Protect Consumers: Obama will create a Credit Card Bill of Rights to protect consumers. The Obama plan will:
o Ban Unilateral Changes
o Apply Interest Rate Increases Only to Future Debt
o Prohibit Interest on Fees
o Prohibit "Universal Defaults"
o Require Prompt and Fair Crediting of Cardholder Payments
Reform Bankruptcy Laws
Obama will reform our bankruptcy laws to protect working people, ban executive bonuses for bankrupt companies, and require disclosure of all pension investments.
* Cap Outlandish Interest Rates on Payday Loans and Improve Disclosure: Obama supports extending a 36 percent interest cap to all Americans. Obama will require lenders to provide clear and simplified information about loan fees, payments and penalties, which is why he'll require lenders to provide this information during the application process.
* Encourage Responsible Lending Institutions to Make Small Consumer Loans: Obama will encourage banks, credit unions and Community Development Financial Institutions to provide affordable short-term and small-dollar loans and to drive unscrupulous lenders out of business.
* Reform Bankruptcy Laws to Protect Families Facing a Medical Crisis: Obama will create an exemption in bankruptcy law for individuals who can prove they filed for bankruptcy because of medical expenses. This exemption will create a process that forgives the debt and lets the individuals get back on their feet.
McCain supporters, this is your chance to provide any legitimate challenge to Obama's plans. Where are you?
McCain supporters, this is your chance to provide any legitimate challenge to Obama's plans. Where are you?
Buzz- How is this spam? It is one small piece of Obama's detailed plans to address our nation's woes. Upset because it opposes and lays to rest the false claim that he is all air and no substance?
No valid responses from McCain supporters. It is worse than I thought it would be.
Resolved Question: math problem: function increasing/decreasing?
The monthly payments, P dollars, on a mortgage in which A dollars were borrowed at an annual interest rate of r% for t years is given by P=f(A,r,t)
Is f an increasing or decreasing function of A? Of r? Of t?
If you could explain how you know if f is an increasing or decreasing function that would be great. I'm doing some review problems and I'm a little rusty on these kinds of things.
Voting Question: Isn't Hussein Obama nothing more than Jimmy Carter with a tad more color?
Why on earth would we want to re-live the Carter era?
20% mortgage rates...IF you had a job!
Military credibility destroyed; hostages held 444 days while Jimmy made mouth noises in the White House trying to "talk" with radical Islamics!!!! They understand bullets, not English.
Inflation out the roof...
Gridlock in Washington, polarized by Carter's lack of capability to lead.
Obama looks EXACTLY like that tax and spend liberal democrat named Jimmy Carter...with a tad more color.
We don't need it, why punish ourselves again?
Voting Question: Why is Obama more like a TV preacher than a politican?
Honestly, his physical policies = raise taxes and empower government to "do more"....that's a gameday playsheet from Carter, Dukakis, Kerry...tax and spend, it feeds inflation, raises the cost of money, do you remember 18% mortgage rates for homes under Carter's tax and spend policies???? Reagan had to work 2 years to fix that one.
Obama has lots of words, just like a bad TV preacher. But what he lacks is a direction for our country that works!
McCain has a level headed approach and knows that we need government OUT of our way. We need LOWER taxes, we need INVESTMENT in America, driving up taxes moves companies and work somewhere else.
Let Obama and Oprah have a 1 hour TV show for their followers, but we need a leader, not a parrot squawking Carter's policies that brought our country to its knees.
Resolved Question: Buying 1st home: How/what is the easiest way to learn about...?
Closing Costs?
Types of Mortgages?
Interest Rates & Credit Scores?
Is there any good websites or books that explain the process and help you understand what all the terms and loan types are?
Voting Question: Where is the best source to find the current (today's) mortgage interest rates percent for my state?
for the Maryland/Washington DC metro area.
Voting Question: I have a fixed rate mortgage....But my monthly payments keep going up!?
I just got a letter in the mail informing me that by october of this year it will go up $300 more!
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