Real Estate Directory

Mortgage Aps Flood Banks

 US banks are getting a surge of mortgage applicationsbecause of dramatically lower interest rates, after record loan defaults and thousands of job cuts have stretched mortgage industry resources to the limit.

Applications for home loans more than doubled in the two weeks after the Federal Reserve said it would buy mortgage bonds to help stabilise the market, prompting mortgage rates to fall by more than three-quarters of a percentage point.

There Giving Mortgage Loans Away for Nuthin!

Freddie Mac says mortgage rates at 37-year low, spurring historic refinancing opportunity  

 Rates on 30-year-fixed mortgages dropped this week to their lowest levels in at least 37 years, as the Federal Reserve pledged to pour money into the mortgage market in an effort to spur the moribund U.S. housing market.   Freddie Mac, the mortgage company, reported Thursday that average rates on 30-year fixed-rate mortgages dropped to 5.19 percent, down from the year's previous low of 5.47 percent, set last week. The rate is the lowest since Freddie Mac's weekly mortgage rate survey began in April 1971.

How the Daily News Stole the Empire State Building

In one of the biggest heists in American history, the Daily News "stole" the $2 billion Empire State Building. And it wasn't that hard. The News swiped the 102-story Art Deco skyscraper by drawing up a batch of bogus documents, making a fake notary stamp and filing paperwork with the city to transfer the deed to the property. more