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Yesterday the Federal Reserve announced a $500 billion commitment to purchase mortgage back securities (MBS) and a $100 billion commitment to purchase debt of Fannie Mae, Freddie Mac and the Federal Home Loan Banks. This infusion of capital into the mortgage market caused the average 30-year mortgage rate to drop to the lowest rates in [...]
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I have a friend who has fallen on hard times, and he owns home that is (was) worth well over $1M. Like most Americans, he has the home pretty well leveraged, in fact owing much more on it that it is worth today. As you can suspect, his moral is low right now and he [...]
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With all the national talk about foreclosures getting louder this year, we decided to start tracking foreclosures in Tallahassee. The first thing that we discovered is that not all foreclosures are alike, so we have some explaining to do first.
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