Mortgage News Mar 2006

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Shakers: Labour Party loan shakes up Capita
Labour Party loan shakes up Capita (Fri, 24 Mar 2006 11:08:17 GMT)

30-year mortgage rates drop for second week
Rates on 30-year mortgages, which had jumped to the highest level in 21/2 years, edged down for a second straight week. Mortgage giant Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.32 percent this week, down from 6.34 percent the previous week. (Fri, 24 Mar 2006 11:27:48 GMT)

City hopes loans help buyers get first home
First-time home buyers in Dublin can now get some help from their city government. The Dublin City Council has adopted a first-time home-buyer loan program that offers secondary loans for house hunters who have not been owners for at least three years. (Fri, 24 Mar 2006 11:34:46 GMT)

GM sells majority of mortgage business
DETROIT — General Motors Corp., struggling with big losses, slow sales and high labor costs, said yesterday that it sold a majority interest in its commercial-mortgage division in a deal worth $9 billion that gives its finance arm a boost as it prepares for its own sale. (Fri, 24 Mar 2006 12:02:37 GMT)

House seeks to unite lenders, consumers on mortgage bill
Consumer advocates have called the predatory-lending bill vital to protecting borrowers from deceptive brokers and lenders, while the industry has said it would spark a mortgage-lending meltdown in Ohio. (Fri, 24 Mar 2006 12:17:51 GMT)

NovaStar Financial to Acquire About $940 Million of Mortgage Loans
Residential mortgage lender and portfolio investor NovaStar Financial Inc. on Friday said it agreed to acquire about $940 million of non-conforming mortgage loans. (Fri, 24 Mar 2006 12:52:45 GMT)

30-year mortgage rates drop for second week
Rates on 30-year mortgages, which had jumped to the highest level in 21/2 years, edged down for a second straight week. Mortgage giant Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.32 percent this week, down from 6.34 percent the previous week. (Fri, 24 Mar 2006 13:11:31 GMT)

GM unloads commercial mortgage division
General Motors Corp. said yesterday it sold a majority interest in its commercial mortgage division in a deal worth $9 billion that gives its finance arm a boost as it prepares for its own sale. (Fri, 24 Mar 2006 13:39:32 GMT)

GM sells 78% stake in mortgage unit
The GMAC sale netted $8.8 billion, which the company needs to help finance a reorganization. General Motors Corp. on Thursday raised $8.8 billion for its finance company by selling a larger-than-expected stake in its commercial mortgage unit to a group led by Kohlberg Kravis Roberts & Co. (Fri, 24 Mar 2006 14:18:12 GMT)

Federal Home Loan Bank of Des Moines Dividend Payment Approved
The Federal Home Loan Bank of Des Moines announced today that it has declared a cash dividend of 3.00 percent per annum for the three month period that ended February 28, 2006. The dividend will be credited to members' demand accounts effective with the close of business on March 29, 2006. (Fri, 24 Mar 2006 14:57:22 GMT)

Questions over priviate mortgage insurance answered
Realty Q&ABy Lew SichelmanWASHINGTON (MarketWatch) -- Issues that readers want to know about this week include private mortgage insurance and some feedback on insurance risk scoring. (Fri, 24 Mar 2006 15:20:11 GMT)

(AFX UK Focus) 2006-03-24 15:24 GMT: Sainsbury completes 2.07 bln stg refinancing to cut pension deficit
LONDON (AFX) - J Sainsbury PLC said it has completed the 2.07 bln stg refinancing through the issue of mortgage-backed bonds announced February 24. (Fri, 24 Mar 2006 15:54:19 GMT)

Mortgage Frenzy is Easing, Group Told: Lenders, Borrowers Will Feel Pinch As Rates Rise, Expert Says
Mar. 24--Waukesha -- The bill is coming due for America's fat and happy days of mortgage-making and mortgage-getting, industry expert Michael Fratantoni predicted Thursday. (Fri, 24 Mar 2006 16:12:55 GMT)

GM sells part of mortgage division
DETROIT — General Motors Corp. said Thursday that it sold a majority interest in its commercial mortgage division in a deal worth $9 billion. (Fri, 24 Mar 2006 17:41:22 GMT)

30-year mortgage rates drop for second week
Rates on 30-year mortgages, which had jumped to the highest level in 21/2 years, edged down for a second straight week. Mortgage giant Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.32 percent this week, down from 6.34 percent the previous week. (Fri, 24 Mar 2006 17:56:52 GMT)

City hopes loans help buyers get first home
First-time home buyers in Dublin can now get some help from their city government. The Dublin City Council has adopted a first-time home-buyer loan program that offers secondary loans for house hunters who have not been owners for at least three years. (Fri, 24 Mar 2006 18:46:16 GMT)

GMAC gets $9B boost from mortgage unit sale
General Motors, struggling with big losses, slow sales and high labor costs, said Thursday it has sold a majority interest in its commercial mortgage division. The deal, worth $9 billion, gives GM's finance arm a boost as it prepares for its own sale. (Fri, 24 Mar 2006 20:54:34 GMT)

GMAC gets $9B boost from mortgage unit sale
General Motors, struggling with big losses, slow sales and high labor costs, said Thursday it has sold a majority interest in its commercial mortgage division. The deal, worth $9 billion, gives GM's finance arm a boost as it prepares for its own sale. (Fri, 24 Mar 2006 21:24:47 GMT)

GMAC Commercial Mortgage Corporation Provides a Total of $45 Million for a Portfolio of Homewood Suites Hotels
HORSHAM, Pa.----March 24, 2006--GMAC Commercial Mortgage Corporation has provided a total of $45,000,000 in permanent, fixed-rate refinancing for a portfolio of four Homewood Suites hotels. (Fri, 24 Mar 2006 21:36:00 GMT)

Federal Home Loan Bank of Indianapolis Announces Form 10-A Filing with the Securities and Exchange Commission
The Federal Home Loan Bank of Indianapolis announced today, March 24, 2006, that it has filed a Form 10-A with the Securities and Exchange Commission . This document reflects amendments to the Form 10 filed on February 14, 2006, and includes the FHLBI's financial statements from 2003 through the year-end 2005. (Fri, 24 Mar 2006 22:15:09 GMT)

City hopes loans help buyers get first home
First-time home buyers in Dublin can now get some help from their city government. The Dublin City Council has adopted a first-time home-buyer loan program that offers secondary loans for house hunters who have not been owners for at least three years. (Fri, 24 Mar 2006 22:16:26 GMT)

30-year mortgage rates drop for second week
Rates on 30-year mortgages, which had jumped to the highest level in 21/2 years, edged down for a second straight week. Mortgage giant Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.32 percent this week, down from 6.34 percent the previous week. (Sat, 25 Mar 2006 00:26:24 GMT)

States seeking laws to tighten regulation of mortgage brokers
Prior to 2006, only two states were without licensing laws for mortgage brokers. That soon may change, however, as Colorado and Alaska, citing concerns about mortgage fraud and predatory lending, have introduced legislation to create regulation for mortgage brokers. This while California mortgage broker regulations remain unchanged, despite the efforts of broker associations. (Sat, 25 Mar 2006 00:58:21 GMT)

GM finance sells majority in mortgage division
General Motors Corp., struggling with big losses, slow sales and high labor costs, said Thursday it sold a majority interest in its commercial mortgage division in a deal worth $9 billion that gives its finance arm a boost as it prepares for its own sale. (Sat, 25 Mar 2006 02:50:10 GMT)

Adjustable-rate mortgage may charge prepayment penalty
Wisconsin mortgage customers who sign loan papers without reading them now risk an expensive surprise - prepayment... (Sat, 25 Mar 2006 04:09:20 GMT)

HERALD WATCHDOG Brasota Mortgage: Investors selling off their claims
Although many Brasota Mortgage Co. investors will soon receive a portion of the money they sunk into the collapsed lender, some are selling their claims to companies who promise fast cash for a fraction of what they may eventually receive. (Sat, 25 Mar 2006 08:03:54 GMT)

Bank clerk stole £26,000 for car and holiday home
A BARCLAYS Bank clerk was jailed yesterday for stealing £26,000 from a loan company. Mother-of-two Susan Phillips, 50, used her job to transfer large sums of money into her own account before using the cash to buy a new car and to decorate her timeshare holiday home. (Sat, 25 Mar 2006 08:16:18 GMT)

For home loan broker, troubles come with creative refinancing
Real estate has been a swell deal for just about everyone who owned a home in California during the last few years. (Sat, 25 Mar 2006 09:21:56 GMT)

GM unloads commercial mortgage division
General Motors Corp. said yesterday it sold a majority interest in its commercial mortgage division in a deal worth $9 billion that gives its finance arm a boost as it prepares for its own sale. (Sat, 25 Mar 2006 09:55:22 GMT)

Broker pleads guilty in federal investigation of mortgage fraud
A Cincinnati mortgage broker has pleaded guilty in U.S. District Court to bank fraud, conspiracy and income-tax evasion charges in the ongoing federal probe of fraud in the buying and selling of low-priced homes. (Sat, 25 Mar 2006 10:54:55 GMT)

No Waterloo effect from sale of GM's commercial mortgage division
WATERLOO --- General Motors Corp., struggling with big losses, slow sales and high labor costs, said Thursday it sold a majority interest in its commercial mortgage division in a deal worth $9 billion that gives its finance arm a boost as it prepares for its own sale. (Sat, 25 Mar 2006 11:05:30 GMT)

'Good man' pleads guilty in mortgage case
An Oak Grove man pleaded guilty Friday for his role in a mortgage scam in Forrest and Jones counties. Michael T. Cox is to be sentenced June 29 for preparing false financial documents for associates and clients of Richard Lucas. (Sat, 25 Mar 2006 11:05:45 GMT)

HSBC, UTI Bank to hike home loan rates
HSBC and UTI Bank will hike home loan rates by 50 basis points each w.e.f April 1, 2006. HSBC has hiked its mortgage lender rate (MLR), the benchmark rate for home loans, by 50 basis points to 9%. (Sat, 25 Mar 2006 11:30:32 GMT)

Consumer Loan And Savings Rates
A sampling of financial institutions was asked to quote the most recent lowest annual percentage rates they would charge a new loan customer with an annual income from $30,000 to $35,000 and good credit standing. Qualifications for borrowing and finance charges vary among institutions. Rates may differ from branch to branch. Some institutions provide lower rates to existing customers. (Sat, 25 Mar 2006 11:57:42 GMT)

Mortgage fraud trial continued until July
The criminal trial of four people accused of being in a local mortgage-fraud ring has been postponed, but the delay won't push back the sentencing of three others who pleaded guilty in a related case. (Sat, 25 Mar 2006 12:15:40 GMT)

30-year mortgage rates dip second straight week
Rates on 30-year mortgages, which had jumped to the highest level in 2 1/2 years, edged down for a second straight week. Mortgage giant Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.32 percent this week, down from 6.34 percent the previous week. (Sat, 25 Mar 2006 12:54:50 GMT)

Donald J. Trump Launches Trump Mortgage, LLC
FEBRUARY 27, 2006 -- New York--Donald J. Trump has announced the formation of a new venture called Trump Mortgage, LLC. E.J. Ridings has been named president. (Sat, 25 Mar 2006 14:04:48 GMT)

GM sells majority stake in mortgage division for $9 billion
DETROIT – General Motors Corp., struggling with big losses, slow sales and high labor costs, said Thursday it sold a majority interest in its commercial mortgage division in a deal worth $9 billion that gives its finance arm a boost as it prepares for its own sale. (Sat, 25 Mar 2006 16:55:57 GMT)

30-year mortgage rates dip second straight week
Rates on 30-year mortgages, which had jumped to the highest level in 2 1/2 years, edged down for a second straight week. Mortgage giant Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.32 percent this week, down from 6.34 percent the previous week. (Sat, 25 Mar 2006 20:09:51 GMT)

Mortgage fraud trial continued until July
The criminal trial of four people accused of being in a local mortgage-fraud ring has been postponed, but the delay won't push back the sentencing of three others who pleaded guilty in a related case. (Sat, 25 Mar 2006 21:02:50 GMT)

The Construction Loan as an Owner's Safety Valve
A construction loan is an effective way to enlist the financial expertise of a banker when building a house. (Sat, 25 Mar 2006 21:33:08 GMT)

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