| Mortgage Calculators - Simple But Effective
The Oxford Dictionary defines mortgage as “the method of conveyance of property as security for debt until money is repaid". The word mortgage is a French loan word, literally meaning dead pledge, but commonly used to refer to the legal device used in securing be property. A calculator on the other hand is an electronic device used for making calculations. Owning a home or moving into a larger one is the part of any person's dream. However dreams come with the price tag and so at times, to attain what we want, we need a little financial help at times, which we refer to as loans. A mortgage calculator is a simple way to determine how much the monthly payments would be, thereby providing a base leading to the fulfillment of dreams. However, there is a word of caution here. Mortgage calculators follow the standard ratio of debt to income; which means that debt can be taken only upto 28 percent of the income.
Bear Stearns Unit Sets Up Team to Avert Foreclosures (Update2)
April 2 (Bloomberg) -- Bear Stearns Cos., the biggest U.S. underwriter of bonds backed by mortgages, set up a team to help homeowners stave off foreclosures as defaults by the riskiest borrowers surge. EMC Mortgage Corp., the Bear Stearns subsidiary that specializes in buying and servicing troubled mortgages, formed the 50-member squad to meet with homeowners having difficulty making their payments, the New York-based securities firm said in a statement today. Defaults on U.S. subprime mortgages -- loans made to borrowers with poor credit ratings or high debt burdens -- rose to a four-year high in the fourth quarter. Mortgage servicing companies are trying to arrange alternative payment plans to minimize foreclosures and losses to investors who buy bonds backed by the loans, Standard & Poor's said last month.
Equity Futures Dip Ahead of Consumer Confidence Report [delayed]
Ridgeland, MS, MAR 27, 2007 (EventX/Knobias.com via COMTEX) --Oil (-15c/bbl) is recovering from its earlier decline this morning. Gasoline futures have turned positive, and that is a negative for equity futures and consumer sentiment. The market is currently bracing for a widely expected downturn in the March Conference Board Consumer Confidence Index due at 10am ET. Builder Lennar (LEN -3.6% pre-mkt) says its too early to express confidence. The Company reported a 7% Y/Y decline in average selling prices due to much heavier use of sales incentives. The ICSC expects March sales will be up 4-5% thanks to an earlier Easter this year. Daimler Chrysler (DCX) shares are higher on a report that private equity bids for Chrysler could come in as soon as Thursday. Goldman Sachs upgraded the mortgage insurance industry to Neutral from Cautious.
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