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Lawmakers set new mortgage bankruptcy bill (Reuters)
Reuters - Legislation designed to stem foreclosures by allowing bankruptcy judges to erase some mortgage debt will be introduced by Congressional Democrats on Tuesday, and hopes are high that it will pass after a similar plan failed last year.

Mortgage applications remain at 5-year highs (AP)

For sale boards are seen on properties in central London, Jan. 2, 2009. House prices in Britain fell in 2008 at their fastest rate for at least 25 years, the country's biggest mortgage lender said Friday, further stoking market expectations that the Bank of England will cut borrowing costs further next week. (AP Photo/Tom Hevezi)AP - Mortgage applications remained at their highest level in more than five years last week, as borrowers took advantage of attractive rates and rushed to refinance their home loans.


Estate Planning in a Down Market (BusinessWeek Online)
BusinessWeek Online - When times are tough, people tend to hold on to what they have that much more tightly. But for those who can get beyond that psychological response, there's a silver lining in today's combination of depressed asset values and low interest rates: Transferring assets to the next generation has rarely been less costly.

Mortgage crisis spurs tougher rules for brokers (AP)

Shirley Webster, president of the Greater Citizens Coalition of Martindale-Brightwood, tours the Brightwood neighborhood on the near north side of Indianapolis, Tuesday, Dec. 16, 2008.  The area has a problem with vacant homes, many of the homes have been stripped of their pipes and the home pose a danger to the students in a nearby elementary school.  (AP Photo/Michael Conroy)AP - Becoming a mortgage broker in Indiana used to be easy. Too easy.


Fed aims to buy $500 billion in MBS by mid-year (Reuters)

Federal Reserve Bank Chairman Ben Bernanke at the Federal Reserve in Washington, December 4, 2008. (Jonathan Ernst/Reuters)Reuters - The U.S. Federal Reserve on Tuesday moved forward aggressively with an effort to drive down mortgage costs, setting a goal of buying $500 billion in mortgage-backed securities by mid-2009.


Mortgages: What You Need to Know in 2009 (BusinessWeek Online)
BusinessWeek Online - With all the doom and gloom over housing, you might be surprised to know that this is a fantastic time to get a mortgage. Not if you have poor credit, to be sure. But you can get a great deal on a 30-year, fixed-rate, conforming loan these days if you have a solid FICO score, a manageable debt burden, and proof positive of a reliable income.

NY Fed begins purchasing mortgage securities (AP)
AP - The Federal Reserve Bank of New York said Monday it has begun purchasing mortgage-backed securities in an effort to bolster the battered housing market.

Wells Fargo completes Wachovia purchase (Reuters)

Pedestrians walk outside Wachovia corporate headquarters in Charlotte, North Carolina, October 22, 2008. (Chris Keane/Reuters)Reuters - Wells Fargo & Co said it has completed its roughly $12.7 billion purchase of Wachovia Corp, a big bet that it properly assessed the risks in Wachovia's huge book of mortgage and real estate loans.


Plan B for retirees who counted on home equity (AP)
AP - The safety net is almost gone, the nest egg is cracking.

Mortgage rates fall to third straight record low (AP)

For sale boards are seen on properties in central London, Jan. 2, 2009. House prices in Britain fell in 2008 at their fastest rate for at least 25 years, the country's biggest mortgage lender said Friday, further stoking market expectations that the Bank of England will cut borrowing costs further next week. (AP Photo/Tom Hevezi)AP - Rates on 30-year mortgages fell to a record low for the third straight week and borrowers took advantage of the drop, sending new applications soaring.


Street looks to '09 with relief after terrible '08 (AP)

Igor Lerner, left, and Dilip Patel, both specialist traders for Bear Wagner, work from their post during early activity on the floor of the New York Stock Exchange, Wednesday Dec. 31, 2008.  Wall Street showed a modest advance in the final session of a dreadful year as investors took some comfort from a sharp drop.  (AP Photos/Bebeto Matthews)AP - The last trading day of 2008 on Wall Street provided a merciful end to an abysmal year — the worst since the Great Depression, wiping out $6.9 trillion in stock market wealth. Six years of stock gains disappeared as the economy crumbled and markets crashed around the globe, shaking the confidence of professional and individual investors alike.


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