My Financial Healthcheck

For the first time in a couple months in early October the 30 Year Fixed Mortgage dropped below 5% for the most qualified borrower as the nation experienced a poor employment report for September.  Many of the biggest names in the banking business, Wells Fargo, Citibank, Bank of America have been forced to try and defend themselves from lawsuits for unfair lending practices.  Some of the cases involve the classic predatory lending lawsuits schemes, where certain borrowers were given mortgages with high interest rates, while other suits are combating loans that are ultimately unaffordable.  The second week in October bought on higher rates as comments from Federal Reserve Chairman Ben Bernanke said he would not the current era of easy money get out of hand, raising fears it was closer to hiking interest rates than previously thought, this caused a selloff in the bond market and sent rates bank into the low 5% area.   Some 500,000 homeowners have been helped by Obama mortgage rescue plan, the plan was projected to help over 4 million homeowners……does anything that comes out of Washington as far as predictions go ever come close to the numbers they project???  Can you say Healthcare…..