President Bush on Housing Market: Congress should do more. (Money Magazine)

http://money.cnn.com/2008/01/03/real_estate/bush_housing_Congress/

Feds may expand Mortgage Help:

http://news.yahoo.com/s/ap/20080108/ap_on_go_ca_st_pe/paulson_housing;_ylt=AnhGpfsTo.aDqSg3OPpN2.ms0NUE

Excerpt: “Paulson in the CNBC interview also called on Congress to quickly pass pending legislation that would reform the Federal Housing Administration, which he said would help 250,000 at-risk homeowners who have adjustable rate subprime mortgages refinance to more affordable loans and another piece of legislation that would expand the availability of so-called “jumbo” mortgages, loans higher than $417,000.

The two giant government-sponsored mortgage companies, Fannie Mae and Freddie Mac, cannot presently back these jumbo loans, which restricts their availability.

Any single mortgage over 417,000 is considered “jumbo”, which isn’t really an issue in Texas where the median price is around 130-160K. However, on both coasts these sub-prime ARMs are often over 417K. Therefore, they can’t be sold to Fannie Mae/Freddie Mac. One solution to the sub-prime mess is to raise the conforming loan limit to 600K, so these adjusting ARMs can be backed by Fannie Mae without being classified as “jumbo.”

Today’s Mortgage Rates: www.mylendingplace.com 512-577-2958

Starbucks President, Howard Schultz, is making java again.

http://news.yahoo.com/s/ap/20080108/ap_on_bi_ge/starbucks_ceo;_ylt=AplHKMx4gwnzfTwRFuCEuzZu24cA

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Texas Mortgage,  Home Loan Rates, Refinance:  30 year fixed rates:  (Countrywide, Wells Fargo, Wachovia)

Bad News:  Sister Britney Spears in having more drama…Oops, she did it again.  But at least this time she was wearing underwear!

Good News:  Texas Mortgage Rates are dropping due to a recent economic report.    Remember, when the financial markets gain strength, mortgage rates rise.   When we get a weak jobs report, this is potentially bad for the economy, so mortgage rates go down.    Great time to refinance, buy, or consolidate debt with an equity loan.

Good news–mortgage rates go up.  Bad news–mortgage rates go down.    As far as cousin, Britney Spears?  That’s a whole different story. 

http://www.mylendingplace.com

512-577-2958, call Jon Spears:  We do home loans (and Home Equity Loans) all over Texas.  

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Texas Mortgage & Home Loan Rates:  30 year fixed rates: 

http://www.mylendingplace.com

512-577-2958, we do home loans (and Home Equity Loans) all over Texas.  

http://www.mylendingplace.com     Read the rest of this entry »