http://ping.fm/MwggN “This seems like a very hefty amount,” said Tim Yeager, a finance professor at the University of Arkansas and former economist at the Federal Reserve Bank of St. Louis. “The FDIC’s projections of future losses are pretty severe, and they are trying everything they can to avoid tapping the Treasury.” U.S. bank premiums range from 12 cents per $100 in deposits for the safest lenders to 45 cents for banks the U.S. considers risky, said Chris Cole, senior regulatory counsel for the Independent Community Bankers of America. The FDIC yesterday proposed asking banks to pay premiums for the fourth quarter and next three years on Dec. 30. The fees will raise $45 billion.

Major U.S. Banks’ FDIC Premiums May Top $10 Billion (Update1) http://www.LendingBeeInc.com Sept. 30 (Bloomberg) — The Federal Deposit Insurance Corp.’s plan to rebuild its reserves may cost Bank of America Corp. and three of the largest U.S. banks more than $10 billion. /apps/quote?ticker=BAC%3AUS, the biggest U.S. lender by deposits, may owe $3.5 billion under an FDIC proposal that banks prepay three years of premiums, based on the lowest assessment rate multiplied by the bank’s $900 billion in June 30 U.S. deposits.

http://ping.fm/NRkHc 1,000 Best Rate    Guarantee          We have no high commission Loan Officers to talk you into paying too high of an interest rate, so the pressure is on us to deliver to you the best rate available and let the numbers sell themselves

http://ping.fm/nrmMS Hello my name is Moe Bedard and welcome to LoanWorkout.org, America’s #1 loan modification and home loan blog on the internet.  I have been providing free foreclosure help, information and safe tools to struggling homeowners since early 2007.  My good deeds and humanitarian work…

Home Mortgage Loan Rates – Interest Rates Continue to Drop http://ping.fm/dtv0s Home mortgage loan rates continue to drop through the middle of September.  Mortgage interest rates are very close to all time lows and those levels could be taken out in the very near future.  The Federal Reserve Bank has worked extremely hard to keep interest rates low and it is paying off.  Mortgage interest rates are now…

Home Mortgage Deduction Under Attack By Presidential Panel http://ping.fm/x2QRX Social Security may be the third rail of American politics, but the mortgage interest deduction is the equivalent of an electrified apple pie. Under periodic and unsuccessful attack since the Reagan years, this rule allows homeowners to deduct interest on home mortgages (including, with certain restrictions, second mortgages and home equity loans) up to $1 million, and also the property taxes on those homes. Deductions are also available for second homes that are, however infrequently, owner occupied. That deduction can also be taken for boats and possibly other “residential” vehicles that function as primary or second homes.

Philly Fed Manufacturing Index Beats Forecasts http://www.lendingbeeinc.com Manufacturing conditions in the Philadelphia area beat forecasts in September, as a survey of executives reported the highest levels of current activity since June 2007. The Philadelphia Fed’s Business Outlook survey advanced 10 points to +14.1, marking the second straight month of growth in the region covering eastern Pennsylvania, southern New Jersey, and Delaware. Forecasts were for +8.0 A third of the firms surveyed reported more activity in September, compared to 19% that said conditions deteriorated since August. This is broadly in line with the Tuesday’s Empire State survey from the New York Fed, which bounced up 7 points to 18.9. In both surveys, any reading above zero suggests growth.

Bad Credit Mortgage Refinance ? Home Loan Rates Down

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Getting a bad credit mortgage refinance could greatly save home owners money. Home loan rates have been up over the last few days but they are still very close to historical lows. Average 30 year mortgage rates have been extremely close to 5% or under over the last few weeks and things are unlikely to change. If you have bad credit you will not get mortgage interest rates this low but you will likely be able to save by refinancing at lower rates.

If you have bad credit there are several mortgage lenders out there that will be willing to help you refinance at lower rates. There are actually advertisements on the Internet and television for these types of services so it should not be hard for you to find these companies. By specializing in bad credit lending these companies might be able to make the mortgage refinance process a little bit easier for you. There is quite a bit of competition in this industry right now so feel free to check out a couple of these companies.

Some of the bad credit lenders are going to inform you of a mortgage interest rate that is not acceptable to you. The best way to get a lower mortgage rate is to improve your credit score or to increase the value of your home. In the current housing market it is going to be very difficult to increase the value of your home so improving your credit score might be the best way to go. By sitting down for a few hours and actually writing some numbers down you could improve your credit score by as much as 50 points.

The first thing you need to realize when it comes to your credit score is that the longer you have had a line of credit the better you look. If you have several credit cards that you have had for over 10 years and you are thinking about canceling them please reconsider. If a creditor sees that you have cancelled your oldest lines of credit they are going to assume something bad. Instead of getting a new credit card, call your old credit card company and see if you can get your interest rate lowered.

You can also lower your credit score by getting the balance of maxed out credit cards lower. If creditors see all your credit cards are extremely close to being maxed out then you are going to look like a bad borrower of money. You might even want to consider getting a personal loan to try and get some of the debt off your credit cards that are close to the max balance. If you improve your credit score, it could greatly improve your home loan rate on a mortgage refinance.

Debt Consolidation: Is it the Right Solution for Your Home Loan?

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When most consumers think of debt consolidation, they think of credit card debt and consolidation as a way to get a handle on those large balances and high interest rates. In tougher economic times many people look to debt consolidation companies to help renegotiate those debts. But what
about if the large balance debt you are worried about is your home loan? Can debt consolidation help on that loan?

Debt consolidation is not the answer to every budgeting problem, but in certain circumstances it could be the solution to make your debt easier to handle. At the basic level, debt consolidation takes all your loans and consolidates them into a single loan with reduced interest rates and lower monthly payments.

In reality, debt consolidation can take on many forms. Debt consolidation companies have many different solutions for an individual’s debt situation. While there may be many similarities, each individual’s debt is a unique situation so a debt consolidation company will assess each person on a case by case basis.

Here is an example of a home loan consolidation.

A homeowner has been employed for sometime and making his or her regular mortgage payments of $1000 each month. The regular paycheck has been fine to cover expenses and to even put a little into savings. But what if that regular paycheck stops? It has happened to many people during this economic downturn. Everything was paid until the regular paycheck stopped. This homeowner didn’t just decide to stop paying, things happened that were out of his control, but now he is faced with a very difficult situation.

What are some of this homeowner’s options? First, he needs to take a realistic look at his circumstances. Even with a savings of $5000 it won’t be long until he will be unable to make his mortgage payment. He doesn’t know when he will get another job and start bringing in a regular income again. Even with a part time or temporary position in the interim, it will only be a matter of time until he can not meet his mortgage payment. The inevitable is unthinkable, losing his home to foreclosure if he can’t make his payments.

This homeowner’s worries are understandable. These setbacks are not under his control, but he can keep control of his debt situation by talking with a debt consolidation company. A professional knows what parts of a home loan can be renegotiated. For example, the current home loan may
have been for 20 years with a payment of $1000. A home loan can be extended to 30 years, interest rates might go up slightly, but the monthly payment will be lowered monthly. In this situation that will be a tremendous help.

This is but one example of what a debt consolidation company can do for you. There are different solutions for different situations and for multiple loans. The first step in any case is to call a debt consolidation company and talk to a professional.

Home loan rates dive

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For those planning to take a loan to buy their house, there is good news. Several banks have slashed home loan rates recently. Again.

Bank of India has come up with a festive offer called Star Home Loan, which can be availed till December 31. For a loan of up to Rs 50 lakh, the rate of interest will be 8.50 per cent in the first year and 9.25 per cent in the second.

For loans of Rs 5 lakh-1.5 crore, the interest in the first year will be 9.75 per cent and 10.50 in the second. From the third year, the then floating rate of the bank will be applicable in both the cases.

Union Bank of India [ Get Quote ] has launched a special festive offer on home and auto loans. As per the offer, for home loans up to Rs 50 lakh, the bank will charge a fixed rate of 8.50 per cent for the first three years. From the fourth year, the interest will be a floating rate linked to the benchmark prime lending rate of the bank for all tenures. The bank has also reduced rates for car loans by 75-100 bps, depending on the tenure.

Says R.K. Nikra, chief manager, “The offer will be effective from September 1 September till October 31.”

A few days before the UBI offer, ICICI Bank [ Get Quote ] launched a special offer for all new home loans. As per the new offer, the bank will charge an interest rate of 8.75 per cent for loans up to Rs 20 lakh. For loans of Rs 20 lakh-50 lakh, the new interest rate is 9.25 per cent.

Borrowing above Rs 50 lakh will attract 9.75 per cent interest rate. Effective from August 20, the scheme is available only for a limited period of time, said an ICICI spokesperson. Apart from the special offer, ICICI Bank’s home loan interest rates are in the range of 9.25-11 per cent.

Both theses offers came within weeks of the State Bank of India [ Get Quote ] (SBI) cutting rates by 50-75 bps on high-value home loans. Earlier, SBI had launched a new home loan scheme offering 8 per cent for 1-5 years, depending on the amount, with zero processing fees, as against an average of about 10 per cent charged by others.