Alex De Mostafa's Articles in Mortgage

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How to stop foreclosure and save your credit rating There are essentially three ways which someone can stave off the loss of their home and all of their valuable equity due to foreclosure. Private Mortgage Insurance (PMI) Private mortgage insurance is a great tool for those of us who do not have the typical 20% down payment. How to Decide if an adjustable rate mortgage is Right for You An adjustable rate mortgage, called an ARM for short, is a mortgage with an interest rate that is linked to an economic index. The Home Mortgage Interest Deduction is Widely Overestimated and Misunderstood Debt subsidies, in particular the home mortgage interest deduction, are seen as a great benefit to home ownership. The benefit is widely overestimated and misunderstood. Bring Back Paternalism in the Mortgage Market As a society, we have created a system that strongly encourages a borrow-and-spend mentality. Saving in all its forms are punished while borrowing is strongly subsidized and encouraged. The credit orgy of the 00s saw this system taken to its ultimate extreme. The result was a vicious credit crunch, a collapse in asset values, and an economic downturn second in severity only to the Great Depression. Obviously, something needs to change. A little paternalism in the mortgage market is one of a number of necessary regulatory reforms.

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