Austin, TX, September 19, 2007 --(PR.com
)-- New mortgage legislation moves toward federal backing of mortgages. The House bill would allow the Federal Housing Administration, which insures mortgages for low- and middle-income borrowers, to back refinanced loans for tens of thousands of borrowers who are delinquent on payments because their mortgages are resetting to sharply higher rates from low initial "teaser" levels.
The measure is Congress' first stand-alone bill in response to the mortgage-market tumult of the summer. The Senate last week passed spending legislation that includes $200 million to provide aid to nonprofits and other groups that offer counseling and information to help homeowners with high-priced mortgages avoid foreclosure.
"The American dream is in peril for many families in this country as foreclosures rise and dreams shatter," Rep. Betty Sutton, a Democrat from Ohio, a state particularly hard-hit by the default wave, declared in House debate on the measure. Current legislation and sub-prime lending has spiraled the home loan market into a tail spin leaving most mortgage brokers closing their doors.
One bright company still sustaining growth and seemingly impervious to the downturn is Texas based LoneStar Financing. With their home office in Austin, Texas, LonestarFinancing.com mortgage lending company that is staying ahead of the mortgage downturn with aggressive marketing and growth. With a working relationship with over 50 Texas lenders and Texas banks, Lone Star has been able to maintain a strong customer base while developing strong online marketing.
The newest Austin Mortgage Company
was opened Summer 2007 and a new Amarillo Mortgage Brokers
office is scheduled to open January 2008. With offices in every major Texas city and a leader in loan options and competitive rates, Lonestar has been able to continue growth in lieu of a downward mortgage spiral that has effected the rest of the Texas lending market.
The LoneStarFinancing.com success has been attributed to strong online marketing and a refined customer service and management system. Lone Star Financing is committed to providing you with the best customer service in the industry. They understand that every client is different, so they offer a variety of products to educate their clients while providing the perfect loan. At Lone Star you can put any anxiety to rest with the professional and friendly insight of the Lone Star trained mortgage lenders. They make the process of securing a loan simple and straightforward by offering you with the latest mortgage products that enable you to make a sound financial choice. Let them provide you savings by working as a loan wholesaler between the lender and the customer, to get you the home loan of your dreams at a fraction of the cost.
An estimated 2 million to 2.5 million adjustable-rate mortgages are scheduled to "reset" this year and next, jumping from low "teaser" rates for the first two or three years to much steeper rates that could cost borrowers their homes. The issue has brought politically charged debate in recent weeks over possible responses by the government, while turbulence in financial and credit markets resulting from the mortgage upheaval has cast a shadow over the economy and raised the specter of a possible recession.
Contact any of the local Lonestar Mortgage Brokers
to learn more about the benefits and services of Lonestarfinancing.com
Administration officials have said the full impact on the economy of the worst housing slump in 16 years and wildly gyrating financial markets has yet to play out. Wall Street has been betting on an interest-rate cut by the Federal Reserve - the first in more than four years - at its meeting Tuesday, to prod millions of borrowers to spend and invest more and thereby revitalize the economy.