Earlier today, the Obama administration announced plans to expand the help available for those affected by the housing crisis. During the housing boom, many mortgage lenders offered second loans to potential homebuyers so that they’d be able to purchase real estate even without a down payment. Obama’s new plan would offer incentives to lenders to help consumers dealing with these piggyback loans.
Second loans are affecting about half of all homeowners struggling with ther mortgages. Unfortunately, homeowners who are trying to refinance for a lower monthly payment need permission from the company holding the second mortgage, and this a roadblock for …read more

The word is that even if you aren’t buying a home, now is a good time to refinance. There are government programs designed to help people refinance, and mortgage interest rates are the lowest they’ve been in a looong time. With some mortgage interest rates at 4.65% (15-year fixed at my local credit union), it really does seem like now is the time to lock in the savings that come with refinancing to a lower rate. But, as with all financial decisions, you need to be careful. There are some refinancing fees that you need to watch out for.
Refinancing fees …read more

Banks are walking away from foreclosures.

Warren Buffet, chief executive officer of Berkshire Hathaway and one of the richest people in the world, blasted lenders for fueling the housing crisis.