Daily News Channel
Homebuyers scramble as mortgage rates rise Higher payments could price many would-be buyers out of the market The era of record-low mortgage rates is over. The average rate on a 30-year loan has jumped from about 5 percent to more than 5.3 percent in just the past week. As mortgages get more expensive, more would-be […]
One by-product of people being evicted from their homes during foreclosure proceedings is that they often end up renting a place to live. After losing a house to the bank, they are not likely to be homeowners again for years.
Treasury Secretary Timothy Geithner has unveiled a new plan to combat the financial crisis: convincing private financial institutions to buy up “toxic assets” with the government’s backing. While this is a step up from former Secretary Henry Paulson’s original bailout plan—in which the government itself would buy up the bad securities—it is still not the right approach. Instead, there is a better, cheaper, less risky, more direct way to improve banks’ balance sheets and restore confidence