Morning Mortgage Meltdown: Double Whammy, Single Bright Spot
Friday, May 16, 2008, by Sarah Hromack
· Bush has left the door open (for once!) to discussion of a new mortgage crisis relief plan currently in the works in the Senate; if passed, Fannie Mae and Freddie Mac would backstop the mortgage insurance fund with monies culled from a new affordable housing fund. The administration is demanding stricter oversight for Fannie and Freddie, gouging risky borrowers for higher mortgage insurance rates. While the Senate is struggling to appease the While House, it's proposed FHA insurance fund isn't going over so well with G.W.B. [Reuters]
· WaMu has cut $6 billion in available home equity credit in order to save its own ass in a flailing market. Watch out for the junk mail this week, as all affected parties should expect to receive a letter notifying them of their imminent financial demise. [EB Business Times]
· A happy note: R: In April, home construction rose at the highest rate in 2 years. Go figure. [Charleston Gazette]
About Curbed SF
From the Golden Gate to The Mission, in San Francisco, it all comes back to our neighborhoods: where we live, where we work, where we eat, and where we play. Covering real estate sales, rental prices, and news-making deals and much more, it's all on Curbed SF. More about Curbed SF...
· Bush has left the door open (for once!) to discussion of a new mortgage crisis relief plan currently in the works in the Senate; if passed, Fannie Mae and Freddie Mac would backstop the mortgage insurance fund with monies culled from a new affordable housing fund. The administration is demanding stricter oversight for Fannie and Freddie, gouging risky borrowers for higher mortgage insurance rates. While the Senate is struggling to appease the While House, it's proposed FHA insurance fund isn't going over so well with G.W.B. [Reuters]
Full Content Feed