Tumblelog by Soup.io
Newer posts are loading.
You are at the newest post.
Click here to check if anything new just came in.

Obama Is Sending The Wrong Message On Owning A Home - Yahoo News

President Obama has announced another executive maneuver meant to make it easier for first-time buyers and those on the cusp of qualifying for a mortgage to become home owners. The Federal Housing Administration will reduce the annual cost of mortgage insurance for people receiving subsidized FHA loans from 1.35% of the borrowed amount to 0.85%. That cut should save the typical borrower about $900 per year, according to the White House. The FHA move comes on top of other measures meant to make home ownership easier for middle- and low-income borrowers, such as recent moves by Fannie Mae and Freddie Mac to allow lower down payments for some borrowers and to ease standards for lenders , which ought to make mortgages easier to get. The housing recovery has been a notable weak spot in an otherwise improving economy, with home values still about 10% below peak values from 2006. Tough lending standards, meanwhile, have kept many potential buyers on the sidelines.
Source: http://news.yahoo.com/obama-is-sending-the-wrong-message-on-owning-a-home-190228471.html

Obama Pays Respects at French Embassy After Paris Attack - ABC News

Behind him hung a painting of George Washington at Yorktown with French Gen. Jean-Baptiste Donatien de Vimeur, better known as Count Rochambeau. "As allies across the centuries, we stand united with our French brothers to ensure that justice is done and our way of life is defended," Obama wrote. "We go forward together knowing that terror is no match for freedom and ideals we stand for ? ideals that light the world." He signed off with "Vive la France !" Afterward, Obama stood briefly near the table with his head bowed in a moment of silence before shaking hands with embassy personnel. Obama has denounced the "cowardly, evil attacks" that took place Wednesday at the offices of the satirical newspaper Charlie Hebdo.
Source: http://abcnews.go.com/Politics/wireStory/obama-pays-respects-french-embassy-paris-attack-28098461

Obama cutting mortgage fees for FHA borrowers: Good news for housing market? - Yahoo News

Under the proposal, participating students would be expected to maintain a modest grade point average and participating schools would have to meet certain academic requirements. States would opt in to the program and put up a fraction of the funding. "Put simply, what I'd like to do is to see the first two years of community college free for everybody who is willing to work for it," the president said. David Baime, vice president for government relations at the American Association of Community Colleges, called the plan an "extraordinary" investment. He said the essence of the proposal is to reduce the cost of attending community college and "that is a concept that we heartily endorse." Last year, Tennessee Gov. Bill Haslam signed into law a scholarship program using lottery funding that provides free community and technical college tuition for two years to the state's high school graduates.
Source: http://news.yahoo.com/obama-propose-free-community-college-program-233139588--politics.html

Obama to Ease Mortgage Rules for 800,000 Low-Income Households - Yahoo News

Take our quiz on inequality and incomes. FHA loans currently account for about 15 percent of new mortgages, a sizable chunk thats heavy on low-income households and first-time buyers. The insurance premiums cover the cost of loans that go bad, and the administration says the FHA program will remain financially sound. President Obama touted the shift in a speech Thursday in Phoenix a city that saw some of the best of an epic housing boom a decade ago and the worst of a housing bust that followed. Over time, this is going to potentially have an impact over millions of families all across the country, Mr. Obama said.
Source: http://news.yahoo.com/obama-cutting-mortgage-fees-fha-borrowers-good-news-202947262.html

Obama proposes free community college program - Yahoo News

When a buyer cannot qualify for an affordable mortgage because a bank is concerned about their ability to repay the loan, the FHA can step in and offer a guarantee to the bank that it will bear some or all of the losses in the event of a default The price is a guarantee fee, which is typically paid by the borrower in the form of a higher monthly mortgage payment. Related: White House Rolls Out State of the Union Spoilers download The presidents order would knock the guarantee fee down by half a percentage point. The move wont cause a major shift in the housing market, but it will allow many buyers who are currently right on the margin in terms of being able to afford a home, to get the loans they need. In a post on Medium yesterday, White House Senior Adviser Dan Pfeiffer said the move was necessary because homeownership is out of reach for too many Americans families who can afford to buy a home, but find themselves shut out because the lending market is too tight. Thats why the President will announce a new executive action that will help more responsible Americans own a home, building on efforts already underway to cut red tape that holds them back. However, combined with a recent move by Fannie Mae and Freddie Mac to allow first-time buyers to purchase their homes with as little as 3 percent down, the changes to FHA loans have some critics warning that weve been down this road before. Related: What Chickens and Gold Have in Common: Lower Prices Given the current state of the economy, there is no reasonable argument for the need to support housing to boost the economy, said economist Charles Calomiris, an adjunct fellow at the Manhattan Institute.
Source: http://news.yahoo.com/obama-ease-mortgage-rules-800-181200498.html

Don't be the product, buy the product!