$8,000 Tax credit back on the table to buy a home for first time home buyers-

This article best explains the new changes of borrowing against your $8,000 tax credit to buy a home if youre a first time home buyer.

HUD Clarifies Tax Credits
Borrowers still need 3.5% of own funds

May 29, 2009
By MortgageDaily.com staff
The U.S. Department of Housing and Urban Development has clarified how tax credits under recently passed legislation can [...]

Making Home’s Affordable Update (H4H)- The Feds rolling the dice

In an effort to fill in some of the gaps exposed in the initial Making Home Affordable (MHA) program, Washington has stepped up its efforts to assist more distressed homeowners. In a press release on April 28th, the U.S. Treasury announced an update to the program designed to assist nearly 50% of those homeowners seeking [...]

Bay Area Weelky Mortgage Report- Bad Bank in the news:

It’s Fed Day.  At 2:15pm ET, the Fed will release their interest rate decision and policy statement.  But before I get into the Fed, there is some big news hitting the wires and giving Stocks a boost this morning.
The Federal Deposit Insurance Corp (FDIC) announced last night that it may set [...]

Paraphrasing today’s Fed decision on interest rates:

For the second consecutive meeting, the Fed Funds Rate unchanged at 2.000 percent.
The key comment — which also appeared in its June statement — is below:
Over time, the substantial easing of monetary policy, combined with ongoing measures to foster market liquidity, should help to promote moderate economic growth.
Translated, it reads:
Rate and policy changes we made [...]

Fed cuts rates by a quater on Sunday

Sunday afternoon the Fed took action and cut interest rates by a quater point. This is the first-time the Fed has cut rates on a weekend since 1979.  the Fed is trying to stay ahead of the market and influence liquidity in the shadow of Bear Sterns downturn and JP Morgan chase purchase offer. Keep [...]