Home buyers in Michigan will soon qualify for federal tax credits. Prior home ownership restrictions apply towards the Mortgage Credit Certificate Program.
http://www.michigan.gov/mshda/0,1607,7-141-45866_53692—,00.html
A detail breakdown of what the MCC programs means to you as a first time home owner in Michigan.
http://www.mortgageloan.com/michigan-restores-federal-mortgage-credit-program-3384
Homebuilder Beazer Homes pay out $53 million to settle US Department of Justice lawsuit on mortgage fraud. Beazer Homes will avoid further media attention, possible criminal prosecution and jail time by not allowing the lawsuit to make its appearance in court .
Standard & Poor’s raised projections of troubled US mortgage securities. The losses will not stop nor slow down until the first half of 2010. More defaults on home mortgages and loans are expected.
http://www.reuters.com/article/marketsNews/idUSN0627123920090706
Should the mortgage crisis be blamed on subprime borrowers? Evidence shows that it only accounted for 34% of bad underwriting while more complicated and crazy mortgage products with rates that shot through the sky accompanied initially with very low teaser rates accounted for a majority of foreclosures.
http://business.theatlantic.com/2009/07/dont_blame_subprime_mortgages.php
WSJ article analyzing the foreclosure crisis.
Slow to adapt reverse mortgages, Texas is the last state not to offer this financial instrument.
One of the Texas consumer safeguards requires owning equity in a house before anyone could apply for a reverse mortgage…