Home Buyer Tax Credits 2009 Act 2

I am back to the blog after spending months being extremely busy looking to buy a house.  We finally bought the house, and of course, soon after Congress passed the Worker, Homeownership, and Business Assistance Act of 2009, which includes a $6,500 credit for repeat homebuyers but only for those who buy their houses after [...]

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Guest Post: The Tax Code ENCOURGES Leverage
Debunking Bush Tax Cut Myths
Your Tax Dollars at Work
Read more on Taxes at Wikinvest

Cash for Clunkers – Good for Your Personal Finances, the Environment, or the Auto Manufacturers?

On June 24, 2009, President Obama signed the Consumer Assistance to Recycle and Save (CARS) Act of 2009.  It was actually included as Title XIII in HR 2346, the Supplemental Appropriations Bill for Iraq, Afghanistan, Pakistan and Pandemic Flu.  The full text of HR 2346 including Title XIII is available at this website. The CARS [...]

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Three Winners from Cash for Clunkers
China Auto Sales Leave US in the Dust
Read more on Cash for clunkers, Auto Makers at Wikinvest

Eligible Homeowner Facing Delinquency Rejected by the Bank for a Loan Modification

There was an interesting article in the New York Times detailing the plight of Eileen Ulery, a homeowner in Mesa, Arizona caught up in the delinquency/foreclosure crisis. She basically owes $143,000 on a house worth only $122,000, a loan to value of about 117%. She lost her job at Arizona State University with an income [...]

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Are Bank Stocks Such a Good Buy?
THE DETERIORATING MACRO PICTURE
Read more on Banking, Loans at Wikinvest

More Federal Foreclosure Mitigation Programs for Delinquent Homeowners, but How Effective?

The moratoria banks had on foreclosures have expired, and a steady stream of foreclosures is expected to hit the market throughout the remaining year. As these foreclosed properties add to the supply of houses on the market, home prices are expected to continue to decline or stay declined. More on this topic (What's this?) Gayest [...]

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Is Treasury’s New Second Lien Program Going to Make a Difference to Foreclosures?

Last week Treasury announced the Second Lien Program to work in tandem with the primary mortgage modification under the Home Affordable Modification Program to help homeowners avoid foreclosure.  Treasury also announced new lender incentives under the beleaguered Hope for Homeowners Program for underwater homeowners.  Are these new programs going to make a difference in continuing [...]

Home Prices Down, Mortgage Interest Rates Down, but Buyer Beware – Mortgage Fees Are Up

Interest rates are low, and house prices are down, but all you eager mortgage buyers out there, beware.  Mortgage fees and private mortgage insurance (PMI) have gone up, sometimes based on the credit score, and underwriting and appraisal rules have changed for the worse. More on this topic (What's this?) The Boldest Prediction I’ve Heard [...]

FICO’s MortgageReliefOnline.com for Free Credit Counseling and Assistance with Making Home Affordable Program

In my earlier post here, I had discussed the details of President Obama’s Making Home Affordable Program.  The program has two components — Home Affordable Refinance program for solvent homeowners with a loan-to-value as high as 105%, and Home Affordable Modification program for delinquent or nearly-so homeowners unable to pay their mortgages. More on this [...]

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investigating your credit history for free
Walking Away with a 780 Credit Score
Read more on Credit Score at Wikinvest

Ben Bernanke’s Credit Easing — Mortgage Rates at Historic Lows, but the Credit Crunch Continues

In his address at the 2009 Credit Markets Symposium in Charlotte, North Carolina, Federal Reserve Chairman Ben Bernanke said on Friday, April 3 that the Federal Reserve has been pursuing a strategy of credit easing to address the current crisis involving a severe disruption of credit markets and declines in asset prices. He said, “As [...]

Is Treasury’s Public-Private Investment Program for Toxic Assets a Dud, or a Clever Plan and an Opportunity for Personal Finance?

Treasury Secretary Geithner unveiled the new Public-Private Investment Program for Legacy Assets (PPIP) on Monday to a huge applause by the Wall Street and many questions from the skeptics.  PPIP is the Obama Administration’s plan to purchase the toxic assets off the banks’ balance sheets.  What is involved in the Public-Private Investment Program?  Will it [...]

Is President Obama’s Making Home Affordable Program Going to Stem the Tide of Foreclosures and Improve the Economy?

The Treasury Department has finally come out with detailed guidelines for the Making Home Affordable Program.  This housing rescue plan is estimated to cost $75 billion and help seven to nine million homeowners. Is the plan going to reduce foreclosures?  Is it going to help delinquent and solvent homeowners?  And, is it going to be [...]

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