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Recovery Plan for a National Hangover
By Frank Bocchino
New Year's Eve is over and we celebrated a new year. And like those who imbibed too much champagne, now comes recovery from the financial hangover known as 2008. Many are hoping that President-elect Barack Obama and congressional Democrats recovery program will do the trick better than your favorite college fraternity remedy. This plan will offer about $300 billion of tax cuts to individuals and businesses.
The size of the proposed tax cuts could reach $775 billion over two years -- much greater than many had anticipated in hopes to entice Republican support and prodding companies to create jobs. The package will also include more than $100 billion in tax incentives for businesses to create jobs and invest in equipment or factories. Oh Indy Mac, When Are You Coming Back?The FDIC announced Friday that it had struck a deal to sell failed mortgage lender IndyMac to a group of private investment firms for $13.9 billion. The buyers include JC Flowers & Co. and hedge fund Paulson & Co., which focuses on distressed assets, as well as the private investment firm managed by George Soros. IMB Management Holdings, co-CEO of Dune Capital Management, will control the bank. Terry Laughlin, who ran Merrill Lynch Bank & Trust, will serve as CEO.Can Indy rally fast enough to help the jumbos? While plunging mortgage rates have started a refi boon, borrowers with jumbo loans are still seeing interest rates hovering at 7.0, prompting many to abandon refinancing plans altogether.And while inter-bank lending rates have fallen since Congress approved the $700 billion Troubled Asset Relief Program on Oct. 3, most bank lending to consumers remains tight and interest rates high. The average credit-card rate was 14.33 percent on Dec. 16, according to IndexCreditCards.com in Cleveland, almost unchanged from 14.41 percent in October 2007.Will the Obama national hangover remedy work better than tomato juice, an ice pack and Vitamin C? Well the momentum for good news is ripe following rallying stocks Friday and a Dow gain of 258 points. And the Federal Reserve Bank of New York started buying mortgage-backed securities today as part of a $500 billion program to support the U.S. housing market. The details of the purchases will be made available on Thursday, January 8th. LionMTS
Oh Indy Mac, When Are You Coming Back?
The FDIC announced Friday that it had struck a deal to sell failed mortgage lender IndyMac to a group of private investment firms for $13.9 billion. The buyers include JC Flowers & Co. and hedge fund Paulson & Co., which focuses on distressed assets, as well as the private investment firm managed by George Soros. IMB Management Holdings, co-CEO of Dune Capital Management, will control the bank. Terry Laughlin, who ran Merrill Lynch Bank & Trust, will serve as CEO.Can Indy rally fast enough to help the jumbos? While plunging mortgage rates have started a refi boon, borrowers with jumbo loans are still seeing interest rates hovering at 7.0, prompting many to abandon refinancing plans altogether.And while inter-bank lending rates have fallen since Congress approved the $700 billion Troubled Asset Relief Program on Oct. 3, most bank lending to consumers remains tight and interest rates high. The average credit-card rate was 14.33 percent on Dec. 16, according to IndexCreditCards.com in Cleveland, almost unchanged from 14.41 percent in October 2007.
Will the Obama national hangover remedy work better than tomato juice, an ice pack and Vitamin C? Well the momentum for good news is ripe following rallying stocks Friday and a Dow gain of 258 points. And the Federal Reserve Bank of New York started buying mortgage-backed securities today as part of a $500 billion program to support the U.S. housing market. The details of the purchases will be made available on Thursday, January 8th.
LionMTS
Rapid Mortgage Company 78 N. Main St. Springboro, OH 45066 MB.802955.000