Mortgage News

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High-Stakes Mortgage Fraud Trial Gets Under Way in San Francisco
At the heart of a mortgage fraud trial that opened Monday in San Francisco are millions of dollars in loans that never should have been made, the lawyer for a family estate told the jury in opening statements. U.S. Bank sued on behalf of a mortgage pool to try to recover $1 million from the estate following its sale of a property. The estate, in turn, has countersued the mortgage pool and others ... (Tue, 09 Feb 2010 04:46:50 GMT)

Grim Foreclosure Numbers Spur Mortgage Reform Bills
ATLANTA - Metro Atlanta's foreclosure notices jumped a whopping 27% this month over January. That bad news is sure to spur on some state lawmakers who're trying to reform Georgia's mortgage laws and crack down on fraud. (Tue, 09 Feb 2010 01:09:16 GMT)

Leonard Lucas of Love Funding's Boston Office Closes $3.8 Million Refinance Loan for Elderly Apartment Complex in ...
Boston, Mass., Feb. 8, 2010… Love Funding today announced that its Boston office secured a $3,829,500 refinance loan for a not-for-profit elderly apartment complex located in Trujillo Alto, Puerto Rico. Leonard Lucas, First Vice President with the national mortgage-banking firm’s Boston office, originated the transaction. (Tue, 09 Feb 2010 00:54:20 GMT)

Homeowners rent out rooms to stave off foreclosure
Reeling from the recession's one-two-three-punch of job woes, climbing mortgage payments, and evaporating equity, desperate Silicon Valley homeowners are dipping into a nearby income stream to avoid foreclosure:That bedroom just down the hall. (Tue, 09 Feb 2010 00:47:22 GMT)

West Ham striker Nouble joins West Brom on month-long loan deal
West Brom have signed West Ham striker Frank Nouble on an initial month-long loan, with the deal set to be completed when the emergency window reopens on Tuesday. (Tue, 09 Feb 2010 00:40:29 GMT)

Bullard: Fed Should Sell Mortgage Holdings Before Hiking Rates
Bullard: Fed Should Sell Mortgage Holdings Before Hiking Rates (Mon, 08 Feb 2010 23:42:59 GMT)

Lawsuit accuses mortgage brokers of targeting seniors
Illinois Attorney General Lisa Madigan has filed a lawsuit against two mortgage brokers, accusing them of using deceptive marketing to solicit senior citizens for reverse mortgages. (Mon, 08 Feb 2010 23:10:05 GMT)

Aaxa Mortgage gets second life
Video Body A Wilmington-based mortgage company will remain open, thanks to the help of a West Coast bank. Aaxa Mortgage was forced to close its doors last week after an agreement with another bank went bad. As of Friday, Aaxa's 60 employees were without jobs. Now things are looking considerably better. Aaxa CEO Greg Gianoplus managed to salvage his company over the weekend. The company will now ... (Mon, 08 Feb 2010 23:02:59 GMT)

HAMP Champ: What Ever Happened to That Obama Mortgage Modification Plan?
One year ago this month, the President announced a plan to alleviate the housing crisis. So, why have so few receieved mortgage modifications to date? Mortgage - President of the United States - United States - Business - Financial Services (Mon, 08 Feb 2010 23:01:21 GMT)

Mortgage insurance won't last forever
Dear Dr. Don, I currently co-own a house, but will soon refinance so I can buy out the other party's interest in the property. We (me and the other party) have a conventional loan but I am getting an FHA loan to refinance. (Mon, 08 Feb 2010 21:12:01 GMT)

USDA triples direct loan funds available for low income families buying homes
The local USDA Rural Development office is looking for very low and low-income families to qualify for a home loan. (Mon, 08 Feb 2010 20:59:25 GMT)

State sues Woodridge mortgage company over deceptive marketing
Attorney General Lisa Madigan filed lawsuits against two mortgage brokers, accusing them of using unfair and deceptive marketing practices to solicit seniors for reverse mortgages. (Mon, 08 Feb 2010 20:58:20 GMT)

Crucial Facts to Know About Refinancing Rochester Homes
Refinancing is a great alternative for mortgage payments, especially if the market agrees. Oftentimes, though, this move could potentially do more harm than good, which is why careful analysis and due diligence are important. (Mon, 08 Feb 2010 20:36:10 GMT)

William K. Barth: President Obama Should Stop Home Foreclosures
"We haven't yet found a way of dealing with this......" Assistant Treasury Secretary Herbert M. Allison Jr. on home mortgage-loan modifications Early in his term... (Mon, 08 Feb 2010 20:31:20 GMT)

Federal Home Loan Bank of San Francisco's Board of Directors Appoints Three New Members to Affordable Housing Advisory ...
SAN FRANCISCO----The Board of Directors of the Federal Home Loan Bank of San Francisco has appointed three new members to its Affordable Housing Advisory Council — Jasmine Borrego of TELACU; Joel Jacinto of Search to Involve Pilipino Americans ; and Dean Matsubayashi of Little Tokyo Service Center Community Development Corporation . (Mon, 08 Feb 2010 19:00:00 GMT)

State Street to Pay Mortgage Securities Investors $300 Million
Firm settles with the SEC over charges it misled investors about subprime mortgage investments. (Mon, 08 Feb 2010 18:14:22 GMT)

Mortgage networks under the spotlight
It is difficult to get an up-to-date picture of the state of mortgage distributors’ finances as most have only recently filed their accounts for 2008 but the figures act as a useful pointer to the financial position for some networks and big distributors. (Mon, 08 Feb 2010 17:14:12 GMT)

(AFX UK Focus) 2010-02-08 16:40 Russia Sberbank pays $1 bln loan ahead of schedule
MOSCOW, Feb 8 (Reuters) - Sberbank, Russia's biggest lender, has redeemed a $1 billion subordinated loan ahead of schedule, the bank said on Monday. State-controlled Sberbank, home to half of Russians' deposits, has said said it had no plans to return to the external debt market in the first half of 2010 "The decision was made according to international practice... and agreed with the central ... (Mon, 08 Feb 2010 17:13:27 GMT)

Mortgage group has mortgage trouble
If there’s any group that should be wise to the dangers of too much debt, it’s the Mortgage Bankers Association. The Wall Street Journal reports today, however, that the association took a big loss on the sale of its office building. (Mon, 08 Feb 2010 17:12:07 GMT)

MNB to support forint mortgage lending with bond purchases up to HUF 100 billion
The National Bank of Hungary (MNB) on Monday announced a program to support growth on the forint-denominated mortgage loan and mortgage bond market through bond purchases up to HUF 100 billion and regulatory initiatives based on a decision by rate-setters. (Mon, 08 Feb 2010 16:55:00 GMT)

Russia Sberbank pays $1 bln loan ahead of schedule
MOSCOW, Feb 8 (Reuters) - Sberbank , Russia's biggest lender, has redeemed a $1 billion subordinated loan ahead of schedule, the bank said on Monday. (Mon, 08 Feb 2010 16:24:54 GMT)

'Irregular' $2.5m loan sparks Marac investigation
Missing paperwork relating to an "irregular" $2.5 million loan is at the centre of an internal investigation at Marac. (Mon, 08 Feb 2010 16:14:36 GMT)

Bad loan costs Marac $2.5m
Pyne Gould Corp's Marac finance unit will take a $2.5m hit after it turned up an irregular loan which had been arranged by a single member of staff. (Mon, 08 Feb 2010 16:02:25 GMT)

'Irregular' $2.5m loan sparks Marac investigation
Missing paperwork relating to an "irregular" $2.5 million loan is at the centre of an internal investigation at Marac. Yesterday, Pyne Gould Corporation, parent company of Marac, issued a statement to the New Zealand stock exchange, revealing it had found irregularities. (Mon, 08 Feb 2010 16:01:34 GMT)

Saudi Arabia’s Mortgage Law to May Double Market Size, NCB Says
Feb. 8 (Bloomberg) -- Saudi Arabian property market may double in size by 2015 if a planned mortgage law is put into effect, NCB Capital said. “A timely implementation of the mortgage law would further support a sustained take-off in the real estate space,” chief economist Jarmo Kotilaine said in an e-mailed report today. (Mon, 08 Feb 2010 16:01:12 GMT)

Is 'forensic mortgage analysis' legitimate?
    SEATTLE -- It's an offer many struggling homeowners can find hard to resist. It begins with a flyer or phone call from a company offering to review your financial documents in order to find a dramatically lower mortgage rate. But the problem is, it often is an offer that is too good to be true. Richard Hagar works at American Home Appraisals and does fraud profiling for government agencies ... (Mon, 08 Feb 2010 15:32:39 GMT)

Is 'forensic mortgage analysis' legitimate?
It begins with a flyer or phone call from a company offering to review your financial documents in order to find a dramatically lower mortgage rate. But the problem is, it often is an offer that is too good to be true. (Mon, 08 Feb 2010 15:29:37 GMT)

Newington council to hold hearing on refinancing bond issues
By SUSAN CORICA Correspondent (Mon, 08 Feb 2010 15:10:09 GMT)

Mortgage Bankers Association Forced Into Short Sale: Today's Outrage
How bad is the mortgage crisis?It's so bad that the Mortgage Bankers Association had to sell its headquarters for less than it owes. (Mon, 08 Feb 2010 14:31:55 GMT)

Best start for O.C. home market in 5 years
Steve Thomas at Altera Real Estate’s latest Orange County home inventory report says that demand for local homes is starting off a year at its highest level in 5 years. (Mon, 08 Feb 2010 13:12:13 GMT)

Mortgage funds to stay in deep freeze
INVESTORS could be forced to wait up to four years to recover their money from frozen mortgage funds (Mon, 08 Feb 2010 13:00:00 GMT)

iEmergent Announces First Quarter (Q1) Update to 2010-2014 Mortgage Volume Forecasts
DES MOINES, Iowa----iEmergent, a Des Moines, Iowa-based market research, forecasting and advisory services firm for the financial services, mortgage and real estate industries, issued a first-quarter update to its formal 2010 - 2014 Mortgage Volume Forecast that was originally released in November, 2009. (Mon, 08 Feb 2010 12:00:00 GMT)

The Fraser Institute: Canada Should Follow Australian Model and Leave Mortgage Insurance to Private Sector
TORONTO, ONTARIO--(Marketwire - Feb. 8, 2010) - Government intervention in the mortgage insurance market is exposing Canadian taxpayers to enormous potential liabilities if Canada were to be hit with a mortgage default crisis similar to what occurred in the United States, according to a new peer-reviewed study released today by the Fraser Institute, Canada's leading public policy think-tank. (Mon, 08 Feb 2010 11:37:50 GMT)

John Terry's 3.95million-pound home loan mystery
London, Feb 8 : English professional football player John Terry is said to have taken out a 3.95-million-pound mortgage on his 2.25-million-pound home last year. (Mon, 08 Feb 2010 09:44:48 GMT)

Newington council to hold hearing on refinancing bond issues
By SUSAN CORICA Correspondent (Mon, 08 Feb 2010 09:10:56 GMT)

Whitney in collaborative home ownership initiative
Whitney National Bank is participating in a collaborative effort with Habitat for Humanity and the Federal Home Loan Bank of Dallas to provide homeownership opportunities to low-income households in St. Tammany Parish. (Mon, 08 Feb 2010 06:34:35 GMT)

Mortgage rates rise slightly
Rates on 30-year fixed mortgages rose slightly this week, inching above 5 percent, Freddie Mac said Thursday. The average rate on a 30-year fixed mortgage was 5.01 percent this week, up from 4.98 percent last week. (Mon, 08 Feb 2010 05:30:21 GMT)

New mortgage company Web site
A new nationwide database shines a little more light on the mortgage industry. (Mon, 08 Feb 2010 05:19:03 GMT)

Kiwibank cuts mortgage rates
State-owned Kiwibank has cut its variable mortgage rate by 14 basis points (bps) to 5.65 per cent, making it the second lowest bank variable rate behind BNZ's headline Total Money rate of 5.59 per cent.At the same time, Kiwibank... (Mon, 08 Feb 2010 05:18:07 GMT)

Database details mortgage lenders
SPRINGFIELD - Prospective mortgage borrowers can now turn the tables and check out the financial and employment backgrounds of the people who want to give them the loan. (Mon, 08 Feb 2010 05:13:53 GMT)

Jury still out on home tax credit impact
New Hampshire accountants say clients who bought houses in 2009 are applying for the federal home tax credit, but it is too soon to say whether the tax credit -- or market forces -- are boosting home sales. (Mon, 08 Feb 2010 05:09:51 GMT)

Newington council to hold hearing on refinancing bond issues
By SUSAN CORICA Correspondent (Mon, 08 Feb 2010 04:16:06 GMT)

Bad loan costs Marac $2.5m
Pyne Gould Corp's Marac finance unit will take a $2.5m hit after it turned up an irregular loan which had been arranged by a single member of staff. (Mon, 08 Feb 2010 02:27:51 GMT)

Businessman found sleeping rough had hidden loan
A few days after finance company Marac's chief risk officer disappeared and was found living rough - the company's disclosed they've found a hidden loan that breaks company guidelines. (Mon, 08 Feb 2010 02:03:53 GMT)

Police invite lenders to talks as charity home debts mount
The police are offering to talk to money lenders who are charging the guardian of a charity home for children 50,000 baht a day in loan repayments and interest to renegotiate her borrowing. (Mon, 08 Feb 2010 01:56:57 GMT)

Kiwibank cuts variable mortgage rate
State-owned Kiwibank is cutting its variable mortgage rate by 14 basis points to 5.65 percent and hiking its 18 month fixed rate by 10 basis points to 6.49 percent. read more (Mon, 08 Feb 2010 01:16:56 GMT)

Marac audit reveals 'irregular' loan
Marac has today disclosed that an internal audit found one loan that was outside the company's internally prescribed practices. (Mon, 08 Feb 2010 01:10:53 GMT)

Kiwibank cuts variable mortgage rate
State-owned Kiwibank is cutting its variable mortgage rate by 14 basis points to 5.65 percent and hiking its 18 month fixed rate by 10 basis points to 6.49 percent. (Mon, 08 Feb 2010 00:25:59 GMT)

'Irregular' Marac loan costs $2.5m
Pyne Gould Corporation’s Marac finance unit has turned up irregularities relating to a business loan and will take a $2.5 million provision against its first-half results. (Mon, 08 Feb 2010 00:17:28 GMT)

'Irregular' Marac loan costs $2.5m
Pyne Gould Corporation s Marac finance unit has turned up irregularities relating to a business loan and will take a $2.5 million provisions against its first-half results. (Mon, 08 Feb 2010 00:16:06 GMT)

Mortgage brokers seek trusting relationship with planners
Mortgage brokers will increasingly look to join with financial planners as their industries converge. (Sun, 07 Feb 2010 23:21:25 GMT)

Inter cruise as Roma home in on record
Inter Milan continued their inexorable march towards a fifth straight Serie A title as they crushed Cagliari 3-0 at the San Siro while AC Milan were held to a 0-0 draw at Bologna on Sunday. (Sun, 07 Feb 2010 22:08:42 GMT)

Geithner Claims Mortgage Modifications a Success Despite House Probe
Millions more Americans are facing financial security as a result of stabilizing home prices, Treasury Secretary Tim Geithner said Sunday, even though only about 66,000 people have benefited from permanent mortgage loan modifications aimed to prevent foreclosure, a figure that has resulted in a House panel investigation. (Sun, 07 Feb 2010 21:01:14 GMT)

USDA triples direct loan funds available for low income families buying homes
The local USDA Rural Development office is looking for very low and low-income families to qualify for a home loan. (Sun, 07 Feb 2010 17:16:51 GMT)

Mortgage investors try to regroup after meltdown
NATIONAL HARBOR, Md. -- The financial wizards who concocted the complicated mortgage-linked investments that nearly brought down the world economy are trying to come back from the dead. (Sun, 07 Feb 2010 14:39:06 GMT)

Pastors, churches indicted in mortgage fraud scheme
Attorney General Beau Biden announced that Jamaar Manlove Townsend; Larry Manlove, Bear; Jamaar's wife, Rhonda Manlove; Master Builders for Christ, Middletown; and Vision Builders Christian Center, Bear have been charged in a 21-count indictment for crimes related to a mortgage rescue scam. (Sun, 07 Feb 2010 14:18:03 GMT)

Habitat for Humanity home in Charlotte to be super energy-efficient
CHARLOTTE -- The first Habitat for Humanity home to be built in Charlotte is slated for construction this summer. It will be the first in Charlotte -- and it also will take the lead in energy efficiency among Habitat homes in New England. (Sun, 07 Feb 2010 13:06:19 GMT)

Two Kansas projects selected for ARRA funds
Kansas USDA Rural Development State Director Patty Clark congratulated Manhattan PE CO, LLC of Manhattan and Big Sugar Lumber & Home Center, Inc. of Fort Scott on their recent selection for Agency Business and Industry Guaranteed Loans through funding made available by the American Recovery and Reinvestment Act. The purpose of the USDA Rural Development Business and Industry Guaranteed Loan ... (Sun, 07 Feb 2010 10:39:29 GMT)

Top Canadian Banks Want Government To Cool Off Rise In Home Prices
Canada's top bankers are pushing the government to clamp down on the mortgage market to cool off the rise in home prices. (Sun, 07 Feb 2010 10:15:12 GMT)

'Cash-in' refinancing gains steam
Thinking of cashing out some equity when you refinance your mortgage? That's what millions of homeowners once did when they needed extra money. (Sun, 07 Feb 2010 09:40:13 GMT)

Canyon News - Real Estate Appraiser Receives Three Years for Mortgage Fraud
BEL AIR—On January 29, a former state-licensed real estate appraiser was sentenced to three years in federal prison and ordered to pay more than $46 million in restitution for her role in a massive mortgage fraud scheme that caused tens of millions of dollars in losses to federally insured banks, according to the Federal Bureau of Investigation. (Sun, 07 Feb 2010 08:37:34 GMT)

'Cash-in' refis growing in popularity
Instead of tapping into equity, Americans are preferring to put in cash to cut debt. Thinking of cashing out some equity when you refinance your mortgage? Sure, that used to be what millions of homeowners did when they needed extra money. (Sun, 07 Feb 2010 08:30:06 GMT)

Mortgage rates rise slightly
Rates on 30-year fixed mortgages rose slightly this week, inching above 5 percent, Freddie Mac said Thursday. The average rate on a 30-year fixed mortgage was 5.01 percent this week, up from 4.98 percent last week. (Sun, 07 Feb 2010 08:19:27 GMT)

Mortgage rates rise to 5.01%
Rates on 30-year fixed mortgages rose slightly last week, inching above 5 percent, Freddie Mac said Thursday. The average rate on a 30-year fixed mortgage was 5.01 percent last week, up from 4.98 percent the previous week. Last year at this time, the average rate for a 30-year fixed mortgage was 5.25 percent. (Sun, 07 Feb 2010 08:07:17 GMT)

Mortgage investors busy trying to regroup
The financial wizards who concocted the complicated mortgage-linked investments that nearly brought down the world economy are trying to come back from the dead. (Sun, 07 Feb 2010 07:23:34 GMT)

ECHO HOPE lowers hurdles of home ownership
AZTEC — Sommar Martinez has a good job and decent credit history, but walking into a bank to arrange the purchase of her family's first home simply wasn't an option. (Sun, 07 Feb 2010 07:10:01 GMT)

Chicago-Area First Time Home Buyers Webinar
Peter Thompson, senior loan officer with the PT Mortgage Group at Wintrust Mortgage (www.ptmortgage.com), will be presenting a free, educational webinar: (Sun, 07 Feb 2010 07:01:00 GMT)

Whitney in collaborative home ownership initiative
Whitney National Bank is participating in a collaborative effort with Habitat for Humanity and the Federal Home Loan Bank of Dallas to provide homeownership opportunities to low-income households in St. Tammany Parish. (Sun, 07 Feb 2010 06:49:35 GMT)

Essex, Middlesex home sales on rise
Single-family home sales in Essex and Middlesex counties increased last year compared with 2008, but prices continue to slide, according to The Warren Group, a Boston publisher of real estate data. (Sun, 07 Feb 2010 06:18:54 GMT)

Law weeds out mortgage loan officers
New Hampshire lost more than half its mortgage loan officers on Jan. 1, when a new law went into effect requiring them to be licensed. Some decided not to apply; others failed the test. Before the champagne toasts on Dec. (Sun, 07 Feb 2010 05:40:47 GMT)

Paying your credit card bill before the mortgage
My grandmother Big Mama had a key financial rule that I've followed throughout my life. (Sun, 07 Feb 2010 05:00:00 GMT)

Mortgage giants GSEs in limbo: In housing, a dangerous policy vacuum grows.
THERE IS NO END in sight to the federal bailout of Fannie Mae and Freddie Mac . President Obama's fiscal 2011 budget proposal said as much in a few phrases that promised nothing more definitive than continued "monitoring" of the two mortgage giants, which have been operating since mid-2008 in the... (Sun, 07 Feb 2010 05:00:00 GMT)

Saudi mortgage law to boost bank lending
Saudi banks are expected to reverse several months of tight credit policy and open up their massive lending coffers when the long-awaited mortgage law is issued this year, the Gulf kingdom's largest bank said yesterday. (Sun, 07 Feb 2010 04:50:36 GMT)

HOUSING: Federal effort to help homeowners revives risky mortgages
The pitch is strikingly familiar: A home loan deal that offers afive-year "teaser" rate with low monthly payments, but thenescalates to sharply higher costs. (Sun, 07 Feb 2010 03:06:43 GMT)

Terry's £4m mortgage mystery: Why did disgraced £170k-a-week star need huge cash loan?
Questions were raised last night about the state of John Terry’s finances after it was revealed that the mortgage on his Surrey mansion is now almost twice the value of the property when he bought it. (Sun, 07 Feb 2010 01:34:10 GMT)

4. Daughter's back at home but mum finds it hard to forgive
JOHOR BARU: A mother is finding it hard to forgive her daughter's boyfriend although his family paid more than RM30,000 to secure her release from loan sharks. (Sun, 07 Feb 2010 00:19:19 GMT)

Area housing market helped by tax credit, mortgage rates
A combination of the federal first-time homebuyer tax credit and low mortgage rates reduced the impact of a down economy on the Binghamton-area housing market in 2009, real estate agents said. (Sat, 06 Feb 2010 22:15:50 GMT)

USDA triples direct loan funds available for low income families buying homes
The local USDA Rural Development office is looking for very low and low-income families to qualify for a home loan. (Sat, 06 Feb 2010 17:33:34 GMT)

Habitat awards 21st home
Like any family, Glenn and Sue Ann Gogo had hopes of one day building their dream home. (Sat, 06 Feb 2010 17:03:37 GMT)

Lower county home sales recovering
is sensing an upswing in the real estate market. Darien-based asset management The Patriot Group recently announced the sale of the late William Backhouse Astor’s Beechwood home in Newport, R.I., for $10.5 million to Larry Ellison, Oracle Corp.’s co-founder and chief executive officer. (Sat, 06 Feb 2010 15:19:46 GMT)

Pastors, churches indicted in mortgage fraud scheme
Attorney General Beau Biden announced that Jamaar Manlove Townsend; Larry Manlove, Bear; Jamaar's wife, Rhonda Manlove; Master Builders for Christ, Middletown; and Vision Builders Christian Center, Bear have been charged in a 21-count indictment for crimes related to a mortgage rescue scam. (Sat, 06 Feb 2010 15:02:54 GMT)

Georgia gov proposes mortgage fraud unit
State Sen. Bill Cowsert, one of the governor’s floor leaders in the Senate, has introduced legislation that would create a special unit from the GBI, the Department of Banking and Finance and local law enforcement to investigate mortgage fraud crimes.. (Sat, 06 Feb 2010 15:00:19 GMT)

Home again - and it's West Ham
After five weeks between the previous two home games against Bolton and Chelsea, we are back at home within a week with today's visitors West Ham United. (Sat, 06 Feb 2010 11:59:28 GMT)

Peter Boutell, Lending a Hand, Feb. 6, 2010: Mortgage industry raises barrier to entry
Those of us in the mortgage origination business have been offering advice and providing the financing and refinancing products that virtually every homeowner in America depends upon. (Sat, 06 Feb 2010 09:46:10 GMT)

Big Six banks urge Ottawa to tighten mortgage rules
Canada's top bankers are pushing the government to clamp down on the mortgage market to cool off the rise in home prices. The heads of the country's six largest banks have privately told policy makers that they fear the wide-ranging economic fallout of a U.S. style binge-and-collapse in housing. (Sat, 06 Feb 2010 09:31:45 GMT)

Mortgage rates on 30-year loans rise to 5.01 percent
Mortgage rates in the U.S. rose for the first time in five weeks, threatening to slow the housing market's recovery as government incentives near expiration. (Sat, 06 Feb 2010 08:45:33 GMT)

Kansas City Fed official favors ending mortgage-buying crutch
Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, said Friday that the planned end of central bank mortgage buying need not push up borrowing costs significantly. (Sat, 06 Feb 2010 08:29:36 GMT)

Welcome home: Short sales simplified
What is a short sale? In a short sale, a lender agrees to let a homeowner who's facing financial hardship sell their home for less than the mortgage owed. A short sale is an alternative to foreclosure, typically not pursued until after other efforts to keep the owner in the home have been exhausted. There are potential tax consequences that should be discussed with a tax professional. Why is a ... (Sat, 06 Feb 2010 07:22:52 GMT)

GMAC may need to do more for mortgage unit
GMAC Inc., whose leader has called its money-losing mortgage unit a millstone around the company's neck, may need to contribute more capital to the operation, according to Moody's Investors Service. (Sat, 06 Feb 2010 06:12:00 GMT)

More refinancing homeowners put cash in, not take it out
Thinking of cashing out some equity when you refinance your mortgage? Sure, that used to be what millions of homeowners did when they needed... (Sat, 06 Feb 2010 06:08:00 GMT)

Refinancing options for homeowners underwater
Homeowners with a mortgage balance exceeding the property's current value know the futility of trying to get a refinance. Refinancing options for so-called "underwater" mortgages are limited because most lenders require some equity in the property — ideally about 20 percent. (Sat, 06 Feb 2010 06:07:29 GMT)

Mortgage markets brace for future without federal aid
The wind-down of federal support for mortgage rates, set to end in two months, is a momentous test of whether the Obama administration and the Federal Reserve have succeeded in jump-starting the housing market and ensuring it can hold its own. The stakes for the economy are massive. (Sat, 06 Feb 2010 06:07:09 GMT)

Cash-in refinancing could help homeowners save money
Thinking of cashing out some equity when you refinance your mortgage? Sure, that used to be what millions of homeowners did when they needed extra money. (Sat, 06 Feb 2010 05:00:00 GMT)

Mortgage bankers group sells D.C. offices to Bethesda company
Even the pros are taking a beating. The Mortgage Bankers Association, its membership expert in real estate, sold its $90 million headquarters in downtown Washington on Friday for $41 million. (Sat, 06 Feb 2010 05:00:00 GMT)

Hundreds seek help with loan mods
Many Valley residents have complained about problems with banks involved in the federal loan modification program. Frustrated homeowners have told 12 News how banks are dragging their feet, paperwork is messed up and people are forced out of their homes. (Sat, 06 Feb 2010 04:39:13 GMT)

Nev. Loan Mod Firm Agrees To Pay Fine
A loan modification firm agrees to pay a $5,000 fine and refund fees to homeowners whose loans were not completed under a settlement announced by the Nevada attorney general's office. (Sat, 06 Feb 2010 02:04:37 GMT)

Judge in Countrywide Case Removed Over Claim of Discount Loan
Feb. 5 (Bloomberg) -- A Florida judge was ordered to remove himself from a foreclosure proceeding by Bank of America Corp. ’s Countrywide unit after the homeowner claimed the judge received a discount loan from an affiliate of the mortgage lender. (Fri, 05 Feb 2010 23:08:33 GMT)

GMAC May Give Funds to Mortgage Unit, Moody’s Says (Update1)
GMAC Inc., whose leader has called its money-losing mortgage unit “a millstone around the company’s neck,” may need to contribute more capital to the operation, according to Moody’s Investors Service. (Fri, 05 Feb 2010 20:54:14 GMT)

GMAC May Give Funds to Mortgage Unit, Moody’s Says (Update1)
Feb. 5 (Bloomberg) -- GMAC Inc. , whose leader has called its money-losing mortgage unit “a millstone around the company’s neck,” may need to contribute more capital to the operation, according to Moody’s Investors Service. (Fri, 05 Feb 2010 20:53:00 GMT)

Home Sellers Have The Advantage In NE Queens
In some parts of northeastern Queens, prospective home buyers have few choices in the housing market. (Fri, 05 Feb 2010 20:52:17 GMT)

USDA triples direct loan funds available for low income families buying homes
The local USDA Rural Development office is looking for very low and low-income families to qualify for a home loan. (Fri, 05 Feb 2010 20:47:29 GMT)

Obama Calls For Small Business Mortgage Refinancing, Increase To Loan Limits
(RTTNews) - President Barack Obama Friday proposed the next in a series of measures aimed at assisting small businesses and creating jobs. (Fri, 05 Feb 2010 20:40:55 GMT)

Crime boss Lock gets 13 years for mortgage fraud
Milwaukee crime boss Michael Lock was sentenced Friday to 160 months in federal prison on his conviction for running a mortgage fraud operation. (Fri, 05 Feb 2010 18:21:22 GMT)

Lenders pursue mortgage payoffs long after homeowners default
When John King stopped making payments on his home in Coral Gables, Fla., two years ago, he assumed the foreclosure ended his mortgage contract... (Fri, 05 Feb 2010 18:06:49 GMT)

New refinancing trend is cash in instead of cash out
Thinking of cashing out some equity when you refinance your mortgage? That used to be what millions of homeowners did when they needed extra money. (Fri, 05 Feb 2010 17:52:28 GMT)

Georgia gov proposes creating mortgage fraud unit
The Georgia Bureau of Investigation could soon get the power to investigate allegations of mortgage fraud under a new proposal being pitched by Gov. Sonny Perdue. (Fri, 05 Feb 2010 16:25:09 GMT)

The hot housing and mortgage edition
Is it best to go with a variable-rate or fixed-rate mortgage, is there a bubble in home prices and a close-up of Vancouver and Toronto markets (Fri, 05 Feb 2010 13:14:25 GMT)

Match-winner Nathan's eager for home comforts
LIVERPOOL loan star Nathan Eccleston admits he is champing at the bit ahead of his Huddersfield Town home debut against Carlisle United tomorrow (kick-off 3pm. (05/02/2010) (Fri, 05 Feb 2010 13:11:04 GMT)

Dark outlook for first home buyers
Analysts say first home buyers will find it harder to get a foothold in the residential property market. (Fri, 05 Feb 2010 12:55:05 GMT)

FSA Bans Mortgage Director for Failing to Separate Client Funds
Feb. 5 (Bloomberg) -- A director of a U.K. subprime mortgage company was banned from holding a senior financial position over claims that he failed to properly separate client accounts. (Fri, 05 Feb 2010 12:50:30 GMT)

Mortgage insurance won't last forever
Mortgage insurance premium payments will not hound a homeowner forever. (Fri, 05 Feb 2010 11:00:00 GMT)

Don't overlook tax break of mortgage points
Don't overlook the points you paid to get a lower mortgage rate. They can be a useful tax break. (Fri, 05 Feb 2010 11:00:00 GMT)

Mortgage activity soars
Mortgage applications shot up more than 21 percent last week, compared with the previous week, but were down about 11 percent from the same week last year, the Mortgage Bankers Association reported. (Fri, 05 Feb 2010 10:24:59 GMT)

Mortgage rates up but still a deal
Long-term home mortgage rates inched up this week, but they're still at bargain levels.The average 30-year, fixed-rate mortgage climbed to 5.01 percent from 4.98 percent last week, mortgage giant Freddie Mac said Thursday.The average 15-year, fixed-rate mortgage edged up to 4.40 percent from 4.39 percent.Five-year, adjustable rate mortgages also rose to 4.27 percent from 4.25 percent, while the ... (Fri, 05 Feb 2010 10:15:49 GMT)

Whitney in collaborative home ownership initiative
Whitney National Bank is participating in a collaborative effort with Habitat for Humanity and the Federal Home Loan Bank of Dallas to provide homeownership opportunities to low-income households in St. Tammany Parish. (Fri, 05 Feb 2010 06:36:53 GMT)

Official says Fed might buy more mortgage-backed securities
The Federal Reserve would consider reopening its program to support the mortgage market if interest rates spiked or the economy showed new weakness, Federal Reserve Bank of New York President William C. Dudley said in two new interviews. (Fri, 05 Feb 2010 05:00:00 GMT)

Remodeling your home without home equity
Kelly Hess and her husband, David, spent $8,000 in April remodeling the outside of their Dallas house, and they paid for it without a home-equity loan. They tapped their “house savings account” to replace the roof and install an 8-foot-high wooden fence in the backyard of the four-bedroom brick ranch house they bought in 2006. The Hesses prove there are other ways to pay for home improvements ... (Fri, 05 Feb 2010 03:10:48 GMT)

Turf loan a go
BATH — By the slimmest of margins Wednesday night, the Bath City Council authorized a $300,000 loan to help fund the installation of artificial turf at McMann Field, home of several Morse High School sports teams. (Fri, 05 Feb 2010 01:04:04 GMT)

9 NYC Residents Targeted In Major Mortgage Scam
Imagine paying your mortgage off and then suddenly finding out you once again owe big bucks for your home. That's exactly what happened to a Brooklyn woman, and she's not alone. One of the victims scammed was Robert Booker. Another was senior citizen Jean Kemp. "I was furious. I was absolutely furious. I was upset and everything else," she told CBS 2. (Fri, 05 Feb 2010 00:26:56 GMT)

How troubled mortgage insurer Radian redeemed itself
Tomorrow marks three years since Philadelphia mortgage insurer Radian Group Inc. announced a $5.5 billion deal to be bought by competitor MGIC Investment Corp. (Fri, 05 Feb 2010 00:02:00 GMT)

GMAC Reports Record Loss on Home Mortgage Defaults (Update3)
Feb. 4 (Bloomberg) -- GMAC Inc. , the auto and home lender controlled by the U.S. government, posted a record quarterly net loss, driven by the declining value of mortgage assets. (Thu, 04 Feb 2010 22:55:57 GMT)

2nd UPDATE:SEC Settles With State Street On Subprime Mortgage Charges
2nd UPDATE:SEC Settles With State Street On Subprime Mortgage Charges (Thu, 04 Feb 2010 21:58:09 GMT)

Mortgage investors try to regroup after meltdown
The financial wizards who concocted the complicated mortgage-linked investments that nearly brought down the world economy are trying to come back from the dead. Thousands of them trooped to a conference center eight miles south of the nation's capital this... Mortgage - Business - Financial Services - United States - Investment (Thu, 04 Feb 2010 21:46:10 GMT)

Mortgage investors try to regroup after meltdown
The financial wizards who concocted the complicated mortgage-linked investments that nearly brought down the world economy are trying to come back from the dead. (Thu, 04 Feb 2010 21:22:53 GMT)

Economy Rockford: The Clock is Ticking on Refinancing at Record Low Rates
Studies show roughly three out of four mortgage applications were for refinancing during much of December. (Thu, 04 Feb 2010 21:13:47 GMT)

Loan Modification Denied By Chase For Now Barred Reason
What's Your Reaction? On the Saturday before Thanksgiving, Lesa Herron of Santa Rosa, Calif., opened a letter from Chase Home Finance. She'd been denied a permanent modification under the federal government's loan-mod program, Chase said, because "Your hardship is not of a permanent nature." (Thu, 04 Feb 2010 20:15:50 GMT)

Turf loan a go
BATH — By the slimmest of margins Wednesday night, the Bath City Council authorized a $300,000 loan to help fund the installation of artificial turf at McMann Field, home of several Morse High School sports teams. (Thu, 04 Feb 2010 20:04:04 GMT)

UPDATE:SEC Settles With State Street On Subprime Mortgage Charges
UPDATE:SEC Settles With State Street On Subprime Mortgage Charges (Thu, 04 Feb 2010 19:13:29 GMT)

GMAC Reports Record Loss on Home Mortgage Defaults (Update2)
Feb. 4 (Bloomberg) -- GMAC Inc. , the auto and home lender controlled by the U.S. government, posted a record quarterly net loss, driven by the declining value of mortgage assets. (Thu, 04 Feb 2010 18:46:01 GMT)

Mortgage rates edge up slightly
Rates on 30-year fixed mortgages rose slightly this week, inching above 5 percent, Freddie Mac said Thursday. The average rate on a 30-year fixed mortgage was 5.01 percent this week, up from 4.98 percent last week. Last year at this time, the average rate for... Mortgage - Freddie Mac - Fixed rate mortgage - Tax rate - Business (Thu, 04 Feb 2010 17:15:39 GMT)

Mortgage rates edge up slightly
Rates on 30-year fixed mortgages rose slightly this week, inching above 5 percent, Freddie Mac said Thursday. The average rate on a 30-year fixed mortgage was 5.01 percent this week, up from 4.98 percent last week. (Thu, 04 Feb 2010 16:54:25 GMT)

Holloway Lodging Real Estate Investment Trust Announces $10.5 Million Mortgage Refinancing
Holloway Lodging Real Estate Investment Trust announced today that it has obtained commitments to refinance mortgages on its Radisson Suite Hotel Halifax and Holiday Inn Express Halifax properties in Nova Scotia . (Thu, 04 Feb 2010 16:23:00 GMT)

Mortgage Rates on 30-Year U.S. Loans Rise to 5.01% (Update2)
Feb. 4 (Bloomberg) -- Mortgage rates in the U.S. rose for the first time in five weeks, threatening to slow the housing market’s recovery as government incentives near expiration. (Thu, 04 Feb 2010 16:00:53 GMT)

Report finds loan delinquencies soaring
JACKSONVILLE, Fla. — The January 2010 Mortgage Monitor report, released by Lender Processing Services Inc. (LPS), showed that home loan delinquency rates in the U.S. have now surpassed 10 percent. (Thu, 04 Feb 2010 15:58:45 GMT)

Mortgages: 30-year mortgage climbs above 5%
Rates on fixed-rate mortgages rose slightly this week, with the 30-year fixed-rate mortgage averaging just higher than 5%, according to Freddie Mac's weekly survey of conforming mortgage rates. (Thu, 04 Feb 2010 15:46:50 GMT)

Freddie Mac: Benchmark Mortgage Rate Up To 5.01%
Freddie Mac: Benchmark Mortgage Rate Up To 5.01% (Thu, 04 Feb 2010 15:28:09 GMT)

GMAC Reports Record Loss on Home Mortgage Defaults (Update2)
GMAC Inc., the auto and home lender controlled by the U.S. government, posted a record quarterly net loss, driven by the declining value of mortgage assets. (Thu, 04 Feb 2010 14:23:44 GMT)

Cumbrian MP repays mortgage interest cash
Workington MP Tony Cunningham has repaid £2,718 in mortgage interest that he received in Parliamentary expenses for his London flat. (Thu, 04 Feb 2010 13:10:12 GMT)

Mortgage Rates Inch Higher: Bankrate
Mortgage Rates Inch Higher: Bankrate (Thu, 04 Feb 2010 13:03:52 GMT)

Bankrate: Mortgage Rates Inch Higher
The streak of four straight weekly declines in mortgage rates was broken this week. According to Bankrate.com's weekly national survey, the average conforming 30-year fixed mortgage rate rose to 5.15 percent. (Thu, 04 Feb 2010 12:30:00 GMT)

Mortgage rates up for first time in 2010
For the first time this year, mortgage rates went up in Bankrate's weekly survey. The benchmark 30-year fixed-rate mortgage rose 2 basis points this week, to 5.15 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. (Thu, 04 Feb 2010 11:42:00 GMT)

USDA triples direct loan funds available for low income families buying homes
The local USDA Rural Development office is looking for very low and low-income families to qualify for a home loan. (Thu, 04 Feb 2010 11:19:08 GMT)

Mortgage rates up for first time in 2010
Mortgage rates rose a bit, and deadlines loom for the homebuyer tax credits and Fed actions. (Thu, 04 Feb 2010 11:00:00 GMT)

Live chat: Will loan rates move up post CRR hike?
Home loan chat with Harsh Roongta (Thu, 04 Feb 2010 10:46:10 GMT)

Shanghai Bad-Loan Ratio Would Triple With 10% Home Price Drop
Feb. 4 (Bloomberg) -- Shanghai banks ’ ratio of delinquent mortgages would almost triple should prices in China’s second- most expensive property market fall 10 percent, according to the nation’s banking regulator. (Thu, 04 Feb 2010 09:59:54 GMT)

Help! I cant pay my home loan
What to do if you cant afford your mortgage payments. (Thu, 04 Feb 2010 09:12:56 GMT)

Loan program being modified
Amid criticism that loan modification programs aren't working, the federal government is pushing lenders to streamline efforts to lower mortgage payments for troubled borrowers. (Thu, 04 Feb 2010 05:00:00 GMT)

Mitsubishi UFJ Shares Fall as Bad-Loan Charges Rise (Update2)
Feb. 4 (Bloomberg) -- Mitsubishi UFJ Financial Group Inc. , Japan’s largest bank by market value, declined in Tokyo trading as bad-debt charges rose at a unit in California and a consumer- lending subsidiary at home. (Thu, 04 Feb 2010 04:55:40 GMT)

USDA triples direct loan funds available for low income families buying homes
The local USDA Rural Development office is looking for very low and low-income families to qualify for a home loan. (Thu, 04 Feb 2010 04:47:30 GMT)

Chinese bank up mortgage rates
BEIJING: A major Chinese bank has raised mortgage rates in one of the first signs of how a government lending clampdown is rippling through the economy and could tame turbo-charged growth but spook in... (Thu, 04 Feb 2010 02:59:13 GMT)

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