Freddie Mac

WASHINGTON (AP) -- The average interest rate for a 30-year mortgage dropped to a record low of 4.71 percent this week, pushed down by an aggressive government campaign to reduce borrowing costs. The rate, published Thursday by Freddie Mac, is the lowest since the mortgage finance company began tracking the data in 1971. The previous record of 4.78 percent was set during the week ending April 30 and matched last week. The Federal Reserve is pumping $1.25 trillion into mortgage-backed securities to try to bring down mortgage rates, but that money is set to run out next spring.

"The U.S. government - meaning us, the taxpayers - recently bailed out Freddie Mac and Fannie Mae, yet the CEOs of each of these organizations received a $14 million bonus. That is $14 million for the bonus for the CEO of Fannie Mae, and $14 million for Freddie Mac's - $28 million. Something is wrong here, if we have to bail out somebody who's getting bonuses like this. " "Item in the paper about Hemphill and Rooke leave an opening for all workers to go ahead and take companies' money - you won't be prosecuted.

WASHINGTON (AP) -- President Bush on Wednesday signed a massive housing bill intended to provide mortgage relief for 400,000 struggling homeowners and stabilize financial markets. Bush signed the bill without any fanfare or signing ceremony, affixing his signature to the measure he once threatened to veto, in the Oval Office in the early morning hours. He was surrounded by top administration officials, including Treasury Secretary Henry Paulson and Housing Secretary Steve Preston.

HAGERSTOWN -- Have you lost your job and are facing foreclosure on your home mortgage? Confused about how you will pay all of your bills? A panel of experts Wednesday night at the Washington County Free Library encouraged people not to delay in getting help. And there is free assistance, said panel members, who agreed to appear at the library to offer the public help in dealing with foreclosure. People facing foreclosure should find out who holds their loan, which could be different from the company that services the loan, panel speakers said.

When someone wins the lottery, there is a choice to be made. The winner can take small payments spread over decades or can take a large sum of money upfront. That large sum of money often is the one lottery winners take, and it is always less than the amount they would get if they chose to receive equal payments over a number of years. This mentality has a lot to do with the current economic crisis, according to Associate Professor of Economics at Frostburg (Md.) State University Bill Anderson.

WASHINGTON COUNTY -- Amid yet another down sign, a glimmer of hope emerges in a new report issued by the Office of Federal Housing Enterprise Oversight. It oversees Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation), which are the nation's largest housing finance institutions. Its data focuses mainly on properties financed with conventional 30-year home loans. This past week's report shows that the value of housing across the nation fell in 2007's last three months for the first time in 17 years.

To the editor: Since Gov. Sarah Palin came on the scene, the bold and honorable liberal hit squads of the Tri-state area have been descending on The Herald-Mail with "letters to the editor. " It seems as if they are choosing to rewrite the talking points of the "Our Little Sarah" e-mail that flooded the Internet, or to wax eloquent the comments of those great Hollywood intellects: Matt Damon, Pam Anderson and Madonna. Those who fear Palin choose to impugn her on a variety of topics, including personal family matters.

Rowland misses the mark on economics To the editor: What do 9/11 Truthers, President Obama Birthers and Columnist Tim Rowland On Financial Subjects have in common? They all have an imprecise view of reality. Rowland - again - wants us to accept his view of how the world works best. Some weeks back, it was having our local elected representatives get as much pork as possible, to compete with everyone else's elected representatives, to get as much state money as possible.

If you're a first-time buyer or haven't bought in a while, take heed of mistakes you'll want to avoid. Buying a home takes time. Invariably, your life will get busy as soon as you get serious about buying. Working with a good real estate agent who knows your area well, stays on top of details, and communicates promptly and clearly definitely helps. However, never forget that you are the decision maker. Letting your agent make decisions for you may seem like a time-saver. But, letting your agent make decisions can lead to trouble if you and your agent don't see eye-to-eye.

“If President Obama gets elected for a second term, just think of the mess he will inherit this time.” - Lappans “Remember, the people who are writing in about what an eye-opener is the movie, 'Obama: 2016,' remember, it's a movie. A movie.” - Hagerstown “I went to Boonesborough Days, and I highly enjoyed it. However, I was confused and couldn't figure out why there was not one vendor who sold kettle corn. I took my family to Boonesborough Days, and usually the highlight of the day is bringing home large bags of kettle corn.

Rowland misses the mark on economics To the editor: What do 9/11 Truthers, President Obama Birthers and Columnist Tim Rowland On Financial Subjects have in common? They all have an imprecise view of reality. Rowland - again - wants us to accept his view of how the world works best. Some weeks back, it was having our local elected representatives get as much pork as possible, to compete with everyone else's elected representatives, to get as much state money as possible.

WASHINGTON (AP) -- The average interest rate for a 30-year mortgage dropped to a record low of 4.71 percent this week, pushed down by an aggressive government campaign to reduce borrowing costs. The rate, published Thursday by Freddie Mac, is the lowest since the mortgage finance company began tracking the data in 1971. The previous record of 4.78 percent was set during the week ending April 30 and matched last week. The Federal Reserve is pumping $1.25 trillion into mortgage-backed securities to try to bring down mortgage rates, but that money is set to run out next spring.

If you're a first-time buyer or haven't bought in a while, take heed of mistakes you'll want to avoid. Buying a home takes time. Invariably, your life will get busy as soon as you get serious about buying. Working with a good real estate agent who knows your area well, stays on top of details, and communicates promptly and clearly definitely helps. However, never forget that you are the decision maker. Letting your agent make decisions for you may seem like a time-saver. But, letting your agent make decisions can lead to trouble if you and your agent don't see eye-to-eye.

HAGERSTOWN -- Have you lost your job and are facing foreclosure on your home mortgage? Confused about how you will pay all of your bills? A panel of experts Wednesday night at the Washington County Free Library encouraged people not to delay in getting help. And there is free assistance, said panel members, who agreed to appear at the library to offer the public help in dealing with foreclosure. People facing foreclosure should find out who holds their loan, which could be different from the company that services the loan, panel speakers said.

"It takes a long time for foolishness to ripple down to us poor folks. In 1977, Democrats and RINOs passed the CRA (Community Reinvestment Act), and President Jimmy Carter signed it into law. That was the beginning of the long train of abuses that led to the Fannie Mae/Freddie Mac meltdown that engulfs us today. " - Martinsburg, W.Va. "The only reason most people voted for Obama is because he is African-American. Young people were distracted by his Hollywood connections and slick appearance.

Although they have never been known for being too shy to look at the camera and lie through their teeth, one cannot help but be awestruck at the unmitigated gall of the feckless, foppish Democrats who are trying to blame the Bush administration for this economic crisis! Those rascally Democrats never seem to weary of their specious tales of imagined Republican chicanery and, of course, the unasinous (stupid) left-wing media revels in its phony charges and plays them for all they are worth, which in this vicious campaign climate, is unfortunately, worth plenty.

To the editor: Since Gov. Sarah Palin came on the scene, the bold and honorable liberal hit squads of the Tri-state area have been descending on The Herald-Mail with "letters to the editor. " It seems as if they are choosing to rewrite the talking points of the "Our Little Sarah" e-mail that flooded the Internet, or to wax eloquent the comments of those great Hollywood intellects: Matt Damon, Pam Anderson and Madonna. Those who fear Palin choose to impugn her on a variety of topics, including personal family matters.