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FHASecure is the program started last August to allow sub-prime borrowers to switch to low, fixed-rate mortgages after they fell behind on payments because their adjustable rate mortgages reset.

Only about 1.5% of the 200,000 refinances through FSASecure are reported to be for those who were about to lose their homes. The rest were homeowners who met the criteria for the program who simply wanted to lower their payments. You can’t fault the homeowners for taking advantage of the program.  New requirements in July will change who is eligible.    (more…)

Jevic Transportation Inc., a closely held U.S. trucking company, is shutting down as the industry grapples with record-high diesel prices and slumping freight demand in a weakened U.S. economy, Bloomberg News reported this morning.    (more…)