Jeremy Redlinger

30 Year Fixed Mortgage Rate - 5.47% *4.5 Year Low 15 Year Fixed Mortgage Rate - 5.20% 5 Year Adjustable Mortgage Rate - 5.82% 1 Year Adjustable Mortgage Rate - 5.09% Source: Freddie Mac Primary Mortgage Market Survey

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A “heightened risk that the interest of the government and taxpayers may not be adequately protected,” is what the Government Accountability Office stated about the TARP program.

The TARP program which was designed by the Treasury to purchase toxic mortgage loans quickly switched over into a program called the Capital Purchase Program (CPP) which is now used to inject capital into banks and other financial institutions.

Since the $700 billion TARP program began, $195 billion has been disbursed to 87 institutions through the CPP program. Oversight of this money once it leaves the Treasury is virtually nonexistent according to the report by the GAO.

Currently there are no requirements that institutions receiving funds from the government track or report how the funds are being used. The requirement of the Treasury is for the institutions receiving the funds are to increase the flow of credit.

Since the Treasury has not yet determined how it will monitor compliance with executive compensation or any other compliances or requirements, the Treasury’s ability to ensure accountability of the institutions receiving your money is very limited.

In response to the GAO report released today, Interim Assistant Secretary for Financial Stability Neel Kashkari said “The GAO report is just one example of our compliance with the tough oversight Congress has appropriately established over the TARP.” It may be that Congress’s oversight of the TARP program is tough but the Treasury’s oversight of your money to these institutions is rather pathetic.

Also disturbing is that the Treasury has not turned down one institution that has applied for the TARP program. Instead banks and institutions who appear unlikely to win approval are encouraged to withdraw from the process. Without knowing which financial institutions, if any, have been turned away from the capital purchase program -- and why -- taxpayers have no way to assess whether their money is being directed in the most effective manner.

30 year fixed rate: 5.45%

15 year fixed rate: 5.09%

1 year ARM: 6.76%

Source: Mortgage Bankers Association

Float or Lock? Get your answers at Future Planning Financial Mortgage Rate Watch section by visiting www.fpf-direct.com.

A new report released today shows that one out of every 10 U.S. homeowners is currently behind at least one payment on their mortgage or are currently facing foreclosure. However, there are steps that homeowners can take to help themselves get back on their feet and see a brighter future.

The first thing a homeowner who is behind on their mortgage payments should do is contact their mortgage lender immediately. Time is of the essence and the sooner you contact your lender the better the chances of you saving your home.

Recently the government also passed legislation that will help homeowners negotiate a new deal between the homeowner, the lender and the government to stem a foreclosure. The basic principles of this program includes the government picking up the tab for 10 percent of the homes current value while the current mortgage lender forgives any debt over the homes current value. In return the homeowner will receive a new loan at 90 percent of the homes current value at an affordable mortgage payment.

Don't be left in the dark, take advantage of the programs that are available before the government runs out of money and you are left without a home.

If you are looking to purchase a home in the Twin Cities area, you may want to look in Minneapolis where the Advantage Loan Program can assist you with up to $10,000 on the purchase of a new home. The terms of the loan include a zero percent interest rate, no monthly mortgage payment and the mortgage loan is forgivable after 5 years. The forgiveness rate is 20 percent per year, which equates to $2,000 a year. If you sale the property or pay off your current mortgage within 5 years, the remaining balance that has not been forgiven will need to paid off. However, if you refinance within 5 years the loan can be subordinated only after the homeowners receives counseling. A lot of neighborhoods within Minneapolis are also contributing up to an additional $4,000 to homebuyers who purchase a home within the neighborhood. These neighborhoods include The McKinley, Webber-Camden and Folwell. The city of Minneapolis is also looking for more partnerships from other neighborhoods in the city. The loan funds can be used as a down payment towards the closing cost associated with buying a new, principle reduction, and towards repairs on the property. To be eligible for the Advantage Loan Program includes purchasing a home in a neighborhood that has been approved by the city. The homebuyer must qualify for and receive a traditional fixed rate mortgage loan that is considered an “A” or “prime mortgage loan. The homebuyer will also need to complete homeownership counseling course through the Homestretch counseling program.