| Defaults moving beyond sub-prime
Thought the mortgage meltdown was just a sub-prime affair? Think again. There's another time bomb waiting to explode, experts say: risky loans made to people with good credit.
So-called pay-option adjustable-rate mortgages, or option ARMs, were the easiest and most profitable home loans for lenders and brokers to make for much of this decade. Last year, they accounted for about 9% of the volume of all mortgages made in the U.S. and were especially popular in California, Florida and Nevada -- states where home prices rose the most during the housing boom and are now falling most sharply.
An option ARM loan gives a borrower the option of paying less than the interest due, causing the loan balance to rise. If it rises too much -- say, by 10% or 15% -- the opportunity to make a low payment vanishes and the required payment skyrockets.
Work Continues on Newport Beach and Golf Resort Community
The 18-hole layout, named Newport Dunes, is part of the first phase of construction at the coastal destination, which will ultimately boast residential villages, multiple hotels, a marina, tennis and beach clubs, two golf courses and recreational amenities on Mustang Island, located on the south end of Port Aransas. .
Reverse mortgage workshop informs public about the pros and cons
Local residents gathered at the Kernville Chamber of Commerce Jan. 16 to learn more about reverse mortgages. The Prince Financial Corporation representative, Barbara Prince, Bankers First representative Rylan Rozell and Patty Nash of McKenzie and Nielsen provided those in attendance with large packets of information on the ins and outs of reverse mortgages including the negative aspects of entering into a reverse mortgage. The purpose of the presentation was to educate as well as provide financial opportunities for seniors. According to the Reverse Mortgage Page website over 50,000 Americans applied for reverse mortgages in 2006. A reverse mortgage is a way to borrow against the equity in your home rather than a forward mortgage where you are attempting to purchase a home and build home equity by making mortgage payments.
In South Carolina, it's Obama vs. Clinton. That's Bill Clinton.
I FOR ONE WILL NOT VOTE FOR HILLARY CLINTON, HILLARY AND BILL HAVE SPENT THIER TIME IN THE WHITE HOUSE AND HE STILL REVOKED BILLS AND OUR MILITARY MEN AND WOMEN ARE STILL FIGHTING,THEIR FAMILIES ARE LOSING LOVE ONES EVERYDAY. WHY VOTE FOR JOHN EDWARDS HE HAS NEVER DONE ANYTHING FOR THE POOR WHITE/BLACK , TO LOOK AT I CAN SEE THE PREJUDICE IN HIM. HE MIGHT HAVE CAME FROM A FAMILY OF HARD WORKERS , BUT HE AS WELL AS HILLARY/BILL DO NOT CONSIDER US (BLACKS) AND ANY OTHER NATIONALITY BESIDES WHITES AS HUMAN BEINGS .ARE WE STILL TO BE THERE DOORKEEPERS/MAIDS, BUT BEFORE OBAMA BECOMES PRESIDENT OF THE UNITED STATES , THE WHITE MAN WILL STILL BE EATING SOUP AND POTATOES FOR THE YEAR BUT YOU KNOW THEY ALWAYS GET WHAT THEY WANT AND WE AS BLACKS ARE STILL ON THE BACK BURNER. WE NEED TO SHOW ARE GOVERNORS OF OUR STATES AND COUNTIES THAT WE ARE SICK AND TIRE OF BEING TAKING ADVANTAGE OF.
Real estate woes impact TL Area indirectly
William and Terri Schildgen of Schaumburg, Ill., are packed and ready to move to Mountain Home. Just one major hurdle remains their house, in a prime Chicago neighborhood, awaits a buyer. "We're packed and ready to go," said Schildgen, a retired carpenter. "Our whole life is in boxes." .
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