WHAT THE WORLD NEEDS....ECONOMIC UPDATE

By
Mortgage and Lending with The Mortgage Advantage, Inc.
The International Money Fund issued a statement today stating the main worries for our globe today is inflation. Food and Energy (oil) costs are at an all time high and it is not just the third world countries that are at risk. The rising costs will affect all of us. Some analysts are predicting that gas will be over $4.00 per gallon to celebrate the summer travel season. Hmmm….coincidence? The U. S. can spend a trillion dollars to start a war in Iraq, send tax rebates to millions, yet we cannot figure out how to lower the cost of gasoline? The House of Representatives passed the controversial Homeowners Aid Package. The nitty-gritty of the bill is asking current lenders to reduce the principal balance of homeowner’s home loans in declining markets, so they can refinance at a fixed rate with an FHA loan. It now has to go to the Senate and then the President before it becomes law. It has become a “party bill” and not one that serves margaritas. Most Republications are against, the Dems for. Bets are on that as the bill stands now, it will not pass the Senate and President Bush says he will veto. So just so we can understand…. the government can step in and save Bear Stearns, give the banks cheap money to borrow, and the current lenders can still sell the foreclosed homes to recoup a few bucks, yet coming up with a viable solution (quickly) for current homeowners to save their homes in not an option? FYI: FHA will change the upfront mortgage insurance effective July 14. Currently all FHA homeowners pay 1.50 percent of their base loan amount that is added into the loan. The new upfront mortgage insurance will be a sliding scale from 1.25 to 2.25 percent depending on the loan size, down payment and credit score.
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