Client News Release
Community Reinvestment Act may gain new prominence (MarketWatch) and Pay attention to credit scores today to buy home next year (MarketWatch)
City of Industry, CA --(www.FinancialNewsUSA.com)-- 11/13/2008 - Mortgages industry news provided by Financial News USA (OTC: FNWU). WASHINGTON (MarketWatch) -- As the market evolves during the financial crisis, the Community Reinvestment Act may achieve new prominence among consumers, regulators and institutions.The law, which encourages federally regulated banks and thrifts to provide credit to low- and moderate-income communities, has come under pressure from conservative critics who claim it fostered irresponsible lending and led, at least in part, to the subprime mortgage meltdown. [Read the full article]
CHICAGO (MarketWatch) -- If you're planning on waiting out this housing downturn, intending to buy a home when the coast is clear, you better start checking your credit reports now. There may be some surprises waiting for you.
Credit-card companies are reducing credit limits on some borrowers. And for some people, that may cause a drag on their credit score.Here's why: A major factor in calculating a person's credit score is credit utilization, said Barry Paperno, consumer operations manager for Fair Isaac's myFICO division. When your total available credit shrinks, the percentage of credit that is being used goes up -- and that has the potential to do some damage to your credit score."That will become a problem for some consumers, and it's something that they need to be paying close attention to," said Steve Ely, president of Equifax Personal Information Solutions. [Read the full article]
ORLANDO, Fla. (MarketWatch) -- Over the summer, many in the housing industry applauded the temporary first-time home buyer tax credits written into the Housing and Economic Recovery Act of 2008. But apparently buyers weren't as impressed.
The tax credit gives first-time home buyers up to a $7,500 credit for buying a home between April 8, 2008, and July 1, 2009. Realtors say it hasn't been effective in getting people to buy homes, which would reduce the excessive inventory on the market.The problem, they say, is that buyers are turned off by the repayment requirement of the credit. The credit needs to be paid back over a 15-year period, beginning on a buyer's 2010 tax return. In effect, it's really an interest-free loan."For the economist, even with the repayment feature, it was a clear benefit. Money today is better than money tomorrow. [Read the full article]
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