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News and Views of The Week


Politics News

Obama makes bid in 7 longtime Republican states

Democratic presidential candidate, Sen. Barack Obama, D-Ill., pauses for a moment while speaking at the National Urban League Annual Conference in Orlando, Fla, Saturday, Aug. 2, 2008. (AP Photo/Jae C. Hong)
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AP
AP - 44 minutes ago

WASHINGTON - Alaska is young. Georgia, North Carolina and Virginia have growing populations and many black voters. Montana has seen recent Democratic inroads, and North Dakota has sent only Democrats to Congress since 1986. Indiana borders Barack Obama's home state.

Election News

  • Democratic presidential candidate, Sen. Barack Obama, D-Ill., pauses for a moment while speaking at the National Urban League Annual Conference in Orlando, Fla, Saturday, Aug. 2, 2008. (AP Photo/Jae C. Hong)
    Obama makes bid in 7 longtime Republican states AP - 44 minutes ago

    WASHINGTON - Alaska is young. Georgia, North Carolina and Virginia have growing populations and many black voters. Montana has seen recent Democratic inroads, and North Dakota has sent only Democrats to Congress since 1986. Indiana borders Barack Obama's home state.

  • Republican presidential candidate Senator John McCain (R-AZ) addresses supporters during a campaign stop at the NAACP National Convention in Cincinnati, Ohio, July 16, 2008. REUTERS/John Sommers II
    Poll: McCain's attack strategy paying dividends AP - 1 hour, 39 minutes ago

    WASHINGTON - Intensified attacks by Republican John McCain on the character of his Democratic opponent have coincided with Barack Obama losing a nine percentage point advantage in a national poll, which showed the candidates running dead even over the weekend.

  • In this photograph provided by 'Meet the Press,' Sen. Joseph Lieberman, I-Conn., a supporter of presidential hopeful Sen. John McCain R-Ariz., debates with Sen. John Kerry, D-Mass., a supporter of presidential hopeful Sen. Barack Obama, D-Ill., on 'Meet the Press'' with Tom Brokaw Sunday, Aug. 3, 2008, at the NBC studios in Washington. (AP Photo/Meet The Press, Alex Wong)
    Obama says give Fla. and Mich. delegates full vote AP - Sun Aug 3, 5:28 PM ET

    WASHINGTON - Now that Barack Obama has clinched the Democratic nomination for president, he wants convention delegates from Florida and Michigan to have full voting rights at the party's national convention.

White House News

U.S. Congress News

  • A hazardous materials unit worker is hosed down on Capitol Hill in this Tuesday, Oct. 23, 2001 file photo where worked continued inspecting buildings and offices for anthrax contamination. A top U.S. biodefense researcher, Bruce E. Ivins, 62, apparently committed suicide just as the Justice Department was about to file criminal charges against him in the anthrax mailings that traumatized the nation in the weeks following the Sept. 11, 2001, terrorist attacks, the Los Angeles Times reported in their Friday Aug. 1, 2008 editions. (AP Photo/Ron Thomas, FILE)
    Daschle criticizes FBI's handling of anthrax probe AP - Sun Aug 3, 12:19 PM ET

    WASHINGTON - Former Senate Majority Leader Tom Daschle, whose office was a target of the anthrax attacks in 2001, said Sunday the suicide of the government's main suspect does not mean the case is over.

  • Republican presidential candidate John McCain is introduced by his wife Cindy at a town-hall style meeting in Wisconsin. McCain is finally making noise in the White House race, after weeks of anemic photo ops, scattershot attacks and looking on as Democrat Barack Obama soaked up adulation and opinion poll leads.(AFP/Getty Images/File/Scott Olson)
    McCain awakes and ignites White House race AFP - Sun Aug 3, 6:48 AM ET

    WASHINGTON (AFP) - John McCain is finally making noise in the White House race, after weeks of anemic photo ops, scattershot attacks and looking on as Democrat Barack Obama soaked up adulation and opinion poll leads.

  • In this Jan. 25, 2008, file photo, House Speaker Nancy Pelosi, right, accompanied by Senate Majority Leader Harry Reid discuss 'the State of Our Union,' at the National Press Club in Washington. They did not end the Iraq war or tackle $4-a-gallon gas. But the Democratic-run Congress created programs this year to educate veterans and feed and house the poor. Democrats also cuts deals with a weakened GOP president to send voters some economic help. (AP Photo/Dennis Cook)
    Democrats: Congress overcoming GOP neglect AP - Sat Aug 2, 11:21 AM ET

    WASHINGTON - The Democratic-controlled Congress is working to overcome years of neglect by the Bush administration of agencies intended to safeguard the health of the public, especially children, a leading Democrat said Saturday.





Fed Move May Not Change Mortgage Rates





When the Federal Reserve meets and changes rates, we all have questions: What does it mean to me? Will my mortgage rate go up or down? Is this a good time to refinance? Bankrate is here to help. We've looked at five categories -- mortgages, home equity loans, auto loans, credit cards and certificates of deposit -- to determine if the Fed's moves made you a winner or a loser. Here's a look at mortgages:

Mortgages

Winner: Bargain hunters and ARM holders
The Federal Reserve's decision to substantially trim the federal funds rate for the second time in little more than a week doesn't necessarily mean mortgage rates are going down. In fact, mortgage rates often rise following a Fed rate cut, so it's impossible to guess where they are headed from here. However, mortgage rates recently sank to their lowest level in nearly four years, making this a great time to secure a loan at a very attractive price.

Lower rates are a major boon to people with adjustable rate mortgages whose rate is scheduled to move much higher soon.

A combination of sinking mortgage rates and plunging home prices also makes this a great time to consider buying a home, especially if you are looking for a bargain and intend to keep the home for the long haul.

Loser: Anyone with credit wounds
There's an old saying: "Luck is what happens when preparation meets opportunity." Unfortunately, folks whose credit has been shaky in the past will find such luck difficult to come by, despite the opportunities presented by plunging mortgage rates.

As lenders tighten their standards, people with poor credit who hope to get a loan increasingly find themselves on the outside looking in.

Take action
Looking to buy or refinance? If so, lock in your loan now. Rates are near four-year lows, but have climbed in the past week. Although rates could go lower, they may continue to climb instead. If your credit is poor, you probably won't be able to take advantage of great rates. If possible, take steps now to rebuild your credit. That way, you may be better prepared the next time opportunities arise.

Copyright . William Eason. All rights reserved.
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