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23 Jul 09 Fed Chief Talks Mortgage Rates and More

Today on Capitol Hill, Fed Chairman Ben Bernanke continued his testimony before Congress and is taking a lot of heart from many of the Senators are questioning some of his past action and future plans.  The Fed chief reiterated his stance that mortgage rates would remain low for the near future in an effort to stimulate the struggling housing sectors across the nation.

Many Senators, both Democrats and Republicans alike are questioning his prior handling of the subprime mortgage debacle, the financial crisis and his failure to act in a timely manner to avert this crisis, his balking at independent audits of his actions and his apparent belief that the Feds should have even more power than they have now.  Congress and the Obama Administration are not subject to home foreclosures, charge offs or bankruptcies.

When Wall Street gets nervous, mortgage interest rates tend to benefit and that is the case today. As investors sell off stocks and buy bonds, mortgage rates do well. There is very little change from the close of business, as regards mortgage rates today, but no news is good news. We saw rates drop substantially yesterday, close to the lows we saw earlier this year. 

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17 Mar 09 FHA Receives Boost in 2010 Budget Proposal

President Obama’s budget proposal for fiscal year 2010 validated what many home financing experts have been crying out for, especially since the subprime mortgage market’s troubles have sparked the downturn in traditional mortgage lending. The FHA budget proposes an 18.45% boost to Department of Housing and Urban Development funding, reversing an eight-year pattern.

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