Q. My wife and I are considering buying our first home this summer. The only thing we have done so far is poke around the Internet to learn about the process. It appears that an FHA loan is the most suitable for us because we don’t have a lot of cash for a down...
GMAC Sells $250M in Problem Mortgages as CFO Steps Down
GMAC Financial Services has auctioned off $250 million of problem mortgage assets, using Citigroup Inc. as its broker on the deal, according to a report from American Banker. “Our plan is to continue to sell assets through the year in our normal course of business and as we have done historically,” a GMAC spokesperson...
Twice-Monthly Half Mortgage Payments Might Save You Money
Some financial planners advise making two half payments on your mortgage each month instead of one full sum. The idea is that homeowners will save thousands of dollars over the years in interest payments. Does this idea hold water? Finance blog The Simple Dollar posits that, assuming your lender allows you to split your...
Pelosi: Treasury Allocation to California is Step in Right Direction for Many Families at Risk of Losing Their Homes
Washington, D.C. – March 9, 2010 – (RealEstateRama) — Speaker Nancy Pelosi released the following statement today on the Treasury Department’s allocation of $700 million to California’s housing finance agency under the President’s most recent $1.5 billion initiative to prevent foreclosures in the five hardest hit states. “Today’s announcement is a step in the...
Mortgage relief funds headed to California
Targeting California and the four other states hardest hit by the housing crisis, President Obama on Friday offered a $1.5 billion “innovation fund” to devise solutions for homeowners struggling against foreclosure. “What we can do is help families that have done everything right to stay in their homes,” Obama said at a town hall...
More than one way to trim health coverage premiums
Skyrocketing premiums have stunned some consumers who buy their own health insurance policies. People in several corners of the country are facing increases of 20 percent or more from some insurers. Congress has asked the largest health insurer, WellPoint Inc., to testify about rate hikes of up to 39 percent for its Anthem Blue...
