Your Questions About Mortgage Rates News

Helen asks…

8 years of Republican-omics:mortgage rate what?DUBYA’s golf pals doin’ fine!?

LET THEM EAT RECESSION

http://news.google.it/news?ned=us&hl=en&…

Exxon profit beats its record again
Seattle Times, United States – 4 hours ago

Exxon Mobil reported another blowout quarter Thursday, as oil prices hit a record over the summer and gasoline soared well above $4 a gallon across the …

Global giants’ profits jump
The Statesman, India – 4 hours ago
NEW YORK/LONDON, Oct. 30: Energy giants Exxon Mobil and Royal Dutch Shell reported strong quarterly profits, propelled mainly by record oil prices which had …

Exxon Mobil beats own profit record
Chicago Tribune, United States – 4 hours ago

Exxon Mobil Corp. smashed its own record for quarterly profit Thursday, ringing up $14.8 billion in net income in the third quarter, powered by high …

Exxon sets profit record —- again
Atlanta Journal Constitution, USA – 4 hours ago
By Steven Mufson Washington —- Exxon Mobil Corp. smashed its own record for quarterly profits Thursday, ringing up $14.8 billion in net income in the third …

Exxon wins big again at the pump
Salt Lake Tribune, United States – 5 hours ago
In this July 31, 2008 file photo, a customer holds a gas pump handle at an Exxon station in Vancouver, Wash. Exxon Mobil Corp. sets quarterly profit record …

Oil producers’ profits may be at their peak
Houston Chronicle, United States – 7 hours ago
By KRISTEN HAYS Copyright 2008 Houston Chronicle With oil prices no longer in the triple digits, analysts expect to see cutbacks from energy companies. …

Exxon sets record with nearly $15 billion quarterly profit
Dallas Morning News, TX – 7 hours ago
By ELIZABETH SOUDER / The Dallas Morning News Exxon Mobil Corp. earned more in the third quarter than any US company has ever earned in a single quarter, …

Exxon shatters record for US profit on operations
Minneapolis Star Tribune, MN – 9 hours ago
Exxon Mobil Corp., the world’s largest publicly traded oil company, reported income Thursday that shattered its own record for the biggest profit from …

Exxon breaks profit record; Shell, Marathon also soar
Houston Chronicle, United States – 10 hours ago
By KRISTEN HAYS Copyright 2008 Houston Chronicle Exxon Mobil again broke its own quarterly profit record amid the summer’s unprecedented oil prices, …

Shell and Exxon join the profits bonanza
guardian.co.uk, UK – 11 hours ago

admin answers:

Let’s imagine you run a manufacturing business. The cost of your raw materials goes up drastically, the cost of transportation for your output goes up, and your energy bills go up. Your profit margin usually runs around 10% of your gross receipts. Given the higher cost of doing business you:

1) Eat all the increases, cutting your profit margin down to almost nothing, or even lose money.

Or 2) Increase your prices, keeping your margins at the same levels, thereby actually raising the actual net profit slightly.

If you said 1, you won’t be in business long.

Betty asks…

the bloated welfare states of France and Sweden have lower corporate rates and generally better corporate tax?

Now that recession-warning lights have begun to blink, Democrats should give tax hikes a rest.
As tax-happy Democrats might have noticed, the stock market resembles a kindergartner on a swing set: half-giddy, half-scared, and hyperactive. Meanwhile, payrolls sagged by 4,000 positions last month. Not since August 2003 has America created no new jobs. Fifty-two economists in September 13’s Wall Street Journal offered a 36-percent average probability of recession by next September, up from 28-percent in August.

Oil hit $81.93 per-barrel Wednesday — hardly good news. And the tumultuous home-mortgage industry suffered 243,497 foreclosure listings last month, up 115-percent versus August 2006, RealtyTrac.com reports. This mess triggered 12,000 layoffs, just at lender Countrywide Financial Corp. To prevent tight credit from suffocating the economy, the Federal Reserve Board Tuesday hastily administered a 0.5-percent federal-funds-rate reduction.

Amid these worrisome omens and genuine human suffering, the last thing America needs is for congressional Democrats to stuff a pillow over the economy’s face. But they can’t control themselves.

“Through 2012, the Democratic Congress’ new budget raises taxes $217 billion,” the National Taxpayers Union’s Pete Sepp calculates. “If no surpluses appear that year, another $175.5 billion tax hike automatically kicks in.”
This $392.5 billion includes a halving of the per-child tax credit, restoration of the marriage penalty, a 50-percent leap in the low-income tax bracket (10-percent under Republicans; 15-percent under Democrats), and the resurrection of the Death Tax — from 0 to 55-percent.

After August’s tragic Minneapolis bridge collapse, House Transportation chairman James Oberstar (D., Minn.) proposed a “temporary” nickel-a-gallon federal gasoline-tax increase. Never mind that existing gas-tax revenues vanish into narcissistic pork projects rather than urgent infrastructure repairs. Such a tax hike would “cost American motorists an estimated $25 billion over the next three years,” NTU reckons.

Democrats cannot plea that soaring deficits require tax hikes to absorb red ink. Indeed, the federal budget gap narrowed from $413 billion in 2004 to $158 billion today, proving that the best deficit medicine nearly always is to limit taxes and consequently unleash American enterprise. A thinner federal slice of a bigger economic pie usually yields revenues exceeding pre-tax-cut levels.

Federal receipts have zoomed 7-percent this year. “The tax cuts are working exactly as intended,” Heritage Foundation analyst Brian Riedl argues. “Lower tax rates have increased the incentives to work, save, and invest, and as a result, the economy has grown faster than expected.” He adds: “Concerns that the Bush tax cuts would lead to a long-term shortfall of government revenues have proven false …Tax revenues in 2007 are now estimated to be $70 billion above the level projected even before the 2003 tax cuts. In other words, tax revenues are now above their pre-tax cut baseline.”

Democrats cannot deny what happened after President Bush and Capitol Hill Republicans slashed maximum capital-gains taxes from 18 to 15-percent in 2003. Rather than dwindle $5.37 billion between 2003 and 2006, as the congressional Joint Tax Committee’s antique, static-analysis model wrongly predicted, revenues actually advanced $53 billion.

Foreign economic ministers understand these lessons and are lowering taxes as if Franklin Roosevelt never lived and Ronald Reagan never died.

“Sweden and Russia last year eliminated their estate taxes because they said the tax was economically counterproductive,” economist Stephen Moore wrote in the August 31 Wall Street Journal. “In Germany under Chancellor Angela Merkel, the corporate tax rate has been reduced to less than 30 percent from 39-percent.” Poland recently chopped its business tax from 27-percent to 19.

Even Hanoi gets it! Thanks to corporate-tax relief, “the business environment will become more and more attractive, resulting in increased investment,” Vietnamese tax chief Nguyen Van Ninh told Moore.

While America’s corporate tax levitates at 35-percent, seven European Union nations have lowered business levies this year. The EU-average corporate tax is 24.2-percent.

“Further corporate tax rate cuts are being implemented in Germany, Estonia, Spain, and the United Kingdom, and rate cuts are being discussed in the Czech Republic and France,” observes Cato Institute senior fellow Dan Mitchell. “Even the bloated welfare states of France and Sweden have lower corporate rates and generally better corporate tax systems than America.”

Democrats thus resist global pro-market trends, even among progressive governments long on social solidarity and short on “reckless cowboyism.”

But, for most Democrats, these facts and numbers are irrelevant. Taxes are not about merely funding vital government duties and basic public services. They are meant to punish the wealthy, “correct” personal behavior, and distribute universal largesse. Thus, Democrats itch to raise taxes on highly lucrative private-equity partnerships, from 15 to 35-percent.

True to form, the Democratic Senate voted in August to hike cigarette taxes 156 percent, from 39 cents to $1 per pack. This would ignite a massive explosion in the State Child Health Insurance Program. The Democratic House extended government medicine to kids in families of four earning quadruple the Federal Poverty Line, or $82,600 — twice today’s threshold. The House also redefined “child” as an eligible boy or girl …up to age 25.

While America’s economy clings from a ledge, Democrats dance on its fingertips. When the donkey party promises “change,” it delivers — good and hard.

admin answers:

That’s funny, what you call “raising taxes” i call “repealing Bush’s tax cuts for the wealthy”

isn’t it amazing how we can both be technically correct but that by saying it this or that way one can give it a really good spin?

Linda asks…

Despicable – mortgage lenders in “No rush” to pass on rate decrease to borrowers – disgusting?

The source:-

http://news.bbc.co.uk/1/hi/business/7713158.stm

Today, BOE base rate was slashed to a new 53-year low.

However, as we have seen with previous other interest rate cuts, mortgage lenders are shuffling their feet in passing the drop to customers, or even worse, not passing on the full rate.

If we look at a typical mortgage T&C’s, we reveal that all payments encompass the previous calendar month. So, at most, lenders should take a corresponding month to pass the rate cut onto customers. Why then, have many of the high street banks not passed this on previous cuts?

If the FSA was not a bunch of toothless, chinless wonders who serve no actual productive contribution to the world of economics, much less humanity, the banks would be hung, drawn and quartered. Is it cynical to assume banks want to milk maximum return on customer’s borrowings, in the days where every morsel counts?

Do you agree it is a disgusting practice, and something really ought to be done, ot do you think it is simply atypical of a financial institution?

admin answers:

Inter bank lending rate is a new dreamt up euphemism for ”Get stuffed chum, we want more money so pay up and shut up”.

Our Government is dry hand washing in the back ground pleading that some crumbs be handed down to us pond life.

Do we as Tax Payers now own part of these banks or not?.

If not, then we have all been taken for a ride, conned by banks and government in collusion.

Lizzie asks…

Closing on a new home..what does today’s news mean for me?

I’m closing in 2 weeks on a brand new home in Texas. I’m assuming the rate I was quoted last week has dropped a bit but what else does today’s news mean for a 30 year fixed mortgage?

admin answers:

If you aren’t at 5.5% or lower on a 30 year fixed, you got screwed.

Donna asks…

Are banks still selling adjustable rates for homes? Why hasn’t the gov. stepped in?

I was wondering if our government has stepped in and ended the adjustable rate bank loans for houses. So many people have defaulted.

Why havne’t we heard anything on the news about that? They act like the loans are still out there. If they are and you still did qualify somehow why would the gov. continue to let this happen.

According to some business journals we’ve only seen the first couple waves of defualted adj. rate mortgages. We still have 3-4 more years of forclosures. What a mess.

How can poor people working meanal jobs ever think they will afford a house? I have a 30 years fixed on a really nice house that I can afford. Are most people in America really that stupid?
You must all be realitors or something. Ya let people borrow money they don’t have and watch me pay for it. Free market my ass!!!

admin answers:

ARMs have been around for a long time and for some circumstances they are the preferable choice. The problem came when they started being overused and were combined with relaxed lending practices. No consumer should ever think that the person trying to sell them something has their best interest in mind and should take extra steps to make sure they understand the terms of the loan they are receiving. There were mistakes on both sides from mortgage brokers who didn’t really understand what they were selling and buyers who didn’t really understand what they were buying. And of course there were many people who knew they weren’t doing the right thing (on both sides) but did it anyway just to see if they’d get away with it.

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