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Big Incomes - Bigger houses

This modern, highly crafted cottage has a contemporary look. Outside, it uses the woods of the Pacific Northwest to achieve a rustic simplicity blended with an elegant design. Zip code 98039 lies just across Lake Washington from Seattle. Medina is a billionaire's playground; Bill Gates lives on the waterfront. Adjusted household income in 2004 was $569,371. CNNMoney.com

Moderate-Income Home Buyers Hit by Predatory Lenders

One in 30 homeowners in Philadelphia has been hurt by predatory lenders who target people who live in moderate-income neighborhoods and whose homes are often their only asset, illustrating a problem that's captured the attention of federal and local legislators throughout the country. The group timed the study to coincide with debate on how to stem the national surge in mortgage delinquencies and foreclosures, both of which have risen to record levels in some parts of the country. Washington Post

No Bailouts for Sub-Prime Borrowers

ON TUESDAY, the Mortgage Bankers Assn. announced rising quarterly home foreclosure rates. The Dow Jones industrial average plunged almost 250 points. The chairman of the Senate Banking Committee speculated that millions could lose their homes. In the meantime, lenders have every incentive to cut struggling borrowers some slack. Ambitious presidential candidates shouldn't be suggesting that the government might want to too. Los Angeles Times

Don't Get Stung: Know Thy Mortgage

As you read reports of borrowers who were surprised when payments on their adjustable-rate mortgages shot up from introductory teaser rates, or who were thwarted in their attempt to refinance because they discovered that their current loan has a stiff prepayment penalty, you might start to wonder if any such surprises might lurk in your own mortgage. If it says your rate is fixed, check to see how long it will remain fixed. Thirty years? Five years? Six months? Unless it says 30 years (or more), you have some type of adjustable-rate mortgage, or ARM. Yahoo Finance

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