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Mortgage & Financial News

Small Florida bank is 17th bank failure in '08 11/06/2008

U.S. bank regulators on Friday closed Freedom Bank in Florida, the 17th bank to fail this year as the weakening economy and falling home prices take their toll on financial institutions.

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Consumer spending hit by crisis: MasterCard 11/05/2008

U.S. consumers slashed spending in October, shunning purchases of items over $1,000.  "The numbers for October are very negative across the board," said Michael McNamara, vice president at MasterCard Advisors, of sales figures.

The data provides an early glimpse into the strength of retailers' monthly sales, which will be released by chains like Wal-Mart Stores Inc, Saks Inc and American Eagle Outfitters Inc, later this week.

Wall Street is already bracing for weak sales. Consumers clamped down on spending as the financial crisis that began in September swept into October, roiling stock markets, erasing trillions of dollars in wealth and raising the prospect of a deep global recession.

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Mortgage FAQ's
Adjustable Rate Mortgages (ARM's)
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Yield Spread Premium (YSP)
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US government to punish responsible homeowners!

We can not allow John McCain or Barack Obama to push for a mortgage buy back or principle readjustment bailout for main street.  The $700 billion bailout is bad enough for most Americans to stomach, but now you're going to watch your neighbor have his/her principle magically reduced by $100k!

If this is Democracy, it sucks!

What happened to the way Washington was designed to be?  The bailout is showing us "simpletons" that Washington's democracy just doesn't work anymore.

The SOS "savior of the stupid" bailout bill failed to pass the house of representatives last week, yes I said it failed.  Today the house will be voting....

Market up, recession is over! Congress cancels all mortgages.

Ok maybe not, but the market is up 485 points today and all of the sudden there's talk of the fallout from this crisis not being so....

JUST SAY NO

Thank god they didn't pass the "bailout" plan!  Buying up all the bad mortgage backed securities from all these crazy ___ mortgage banks is ridiculous.  So what if the market went down....

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