Down payment assistance plans (DAP) are proving to be harder to kill than Dracula. I think it was only last summer or early fall when FHA finally prevailed and Congress, after a lot of kicking and screaming, outlawed the product. No sooner was it buried than the home builders and real estate industry were trying to exhume [...]
Archive for January 28th, 2009
Now that the Fed has shot all the bullets most of us can relate to, their end of the FOMC meeting announcements lack the same high drama. The one today was pretty much what you would exact. Going to keep rates at zero for the foreseeable future, the economy sucks and we’re buying securities and [...]
If you want to read the IMF’s World Economic Outlook Update, here is the link. Or you can just feast your eyes on this chart. It pretty much tells you all you need to know.
It’s a foregone conclusion that the stimulus bill is going to come out of Congress pretty much in its current form but surfing around the Web today, it’s hard to find many excited about it. Except of course the old bulls in Congress. The Wall Street Journal, unsurprisingly, flayed it today on its editorial page. [...]
It looks like the rich are starting to suffer along with everyone else. The WSJ is reporting that jumbo loan delinquencies are soaring. About 6.9% of prime “jumbo” loans were at least 90 days delinquent in December, according to LPS Applied Analytics, a mortgage-data research firm. The rate was up sharply from 2.6% a year [...]