Mortgage News Jul 2006

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Is 50 Years Too Long for a Mortgage?
as prices show no signs of coming down , and many of us have wondered how to stretch an already tight budget. N ow some mortgage lenders believe they might offer relief to home buyers in the way of fifty year loans. (Sat, 01 Jul 2006 01:33:04 GMT)

Arrow Mortgage CORPORATION Your Dream ... .First-time homebuyer options .100%
Arrow Mortgage CORPORATION Your Dream ... (Sat, 01 Jul 2006 03:18:30 GMT)

Woman to plead guilty in East Manatee mortgage fraud
Another accused member of an East Manatee mortgage fraud ring has struck a plea deal with federal prosecutors, court records show. (Sat, 01 Jul 2006 07:17:15 GMT)

Refinancing Can Relieve Your Car Payment Burdens
(ARA) - It is not uncommon for car owners to find themselves in a situation where their car payments become a bigger financial drain than they anticipated. This can happen for many different reasons: job loss, sudden unexpected expenses, or simply because the car payments aren't in line with income. (Sat, 01 Jul 2006 10:18:31 GMT)

Fiasco over PMI sends home buyer into foreclosure
Q We purchased a home Jan. 31, 2003, for $174,000. We had sold our home the day before, and because of a ``lost piece of paper,'' we had to wait until the next day to close on our new home. We were called by our mortgage broker about two hours before our closing. He informed us that the private mortgage insurance (PMI) on our loan was $664 per month. He told us neither he nor anyone else in his (Sat, 01 Jul 2006 10:18:36 GMT)

Loan terms weren't as promised, man says
It's hard to just say no. Ask Mark Rockwood. Rockwood told the Better Business Bureau in Akron that he balked at signing a loan brokered by Crossland Financial Group after he realized the terms were different from what a representative, Mitchell Jones, had promised. (Sat, 01 Jul 2006 12:43:26 GMT)

Tax cut a loan buffer
HOME owners may benefit by ploughing tax cuts into their home loans ahead of a possible further interest rise before the end of this year. (Sat, 01 Jul 2006 16:20:43 GMT)

Refinancing Can Relieve Your Car Payment Burdens
(ARA) - It is not uncommon for car owners to find themselves in a situation where their car payments become a bigger financial drain than they anticipated. This can happen for many different reasons: job loss, sudden unexpected expenses, or simply because the car payments aren't in line with income. (Sat, 01 Jul 2006 22:08:19 GMT)

Half of money to cover King loan raised
Atlanta Mayor Shirley Franklin said about half of the money has been raised to repay a $32 million loan that allowed a consortium to buy the Rev. Martin Luther King Jr.'s writings. In a frantic effort to buy the handwritten papers and an extensive book collection, Franklin was able to secure the needed amount in loan guarantees and cash pledges. "We are confirming the pledges we have, and we are (Sat, 01 Jul 2006 23:31:31 GMT)

Mortgage debt exceeds £1,000bn as house price inflation edges up
Mortgage debt exceeded £1,000bn for the first time in May as the housing market recovery continued and high house prices forced home buyers to borrow more, Bank of England figures showed yesterday. (Sun, 02 Jul 2006 02:08:39 GMT)

Mortgage rates climb on inflation concerns
Rates on 30-year mortgages rose for a third straight week, hitting the highest level in more than four years as investors continued to express worries about inflation. (Sun, 02 Jul 2006 03:27:33 GMT)

Money brief: Stward Mortgage
Journal Times staff RACINE - Steward Mortgage and Steward Realty have moved from 8338 Washington Ave. to 3551 Douglas Ave. The location is the former Cream City Cheesecake. (Sun, 02 Jul 2006 04:16:21 GMT)

Loan options may be dangerous: Regulators looking hard at some mortgage offers
Federal regulators plan to soon issue new guidelines expected to cut the volume of popular "interest-only" and "payment-option" mortgages that banks offer consumers. Home buyers... (Sun, 02 Jul 2006 04:29:53 GMT)

Short-term mortgage rates respond to Fed's interest hike
MINNEAPOLIS -- Thursday the Federal Reserve Bank continued what it began two years ... (Sun, 02 Jul 2006 04:35:32 GMT)

Interview: Ariel Cisneros
Why has Colorado led the nation in the rate of house foreclosures in recent months? A: It's not one issue in particular. In some cases, it's a missed connection of the wrong (mortgage) product for the wrong person. Or it's an employment issue where people lost their jobs, or it's medical issues. (Sun, 02 Jul 2006 05:32:30 GMT)

HOUSTON MORTGAGE MONITOR
INDIVIDUAL LENDER RATES The mortgage interest rate list represents a sampling of rates as quoted by lenders in the Houston market on Friday. Rates, which may change on Monday, are for 90 percent loans and do not include origination fees. The numbers in parentheses after the rates are discount points. A point is equal to 1 percent of the loan amount (Sun, 02 Jul 2006 05:46:59 GMT)

Slip in extra payment to hurry your mortgage
Dear Mary: I recall my father paying his mortgage twice a month and saving a lot of interest. How does that work? – Dwight H., e-mail Dear Dwight: The theory is that by paying half of your mortgage payment every two weeks, in one year you will have made 26 half-payments, or the equivalent of 13 monthly payments. (Sun, 02 Jul 2006 07:12:16 GMT)

Future uncertain, so hold current mortgage
Q: Two years ago we took out a five-year, interest-only mortgage on a $207,000 home. The interest rate is 5. 25 percent. We have been paying... (Sun, 02 Jul 2006 07:13:03 GMT)

Mortgage rates rise to 6.78%, four-year high
WASHINGTON – Interest rates on 30-year mortgages rose for a third straight week, hitting the highest level in more than four years as investors continued to express worries about inflation. (Sun, 02 Jul 2006 08:22:54 GMT)

What is a risky mortgage?
QUESTION - When is a "risky" mortgage not a risk? (Sun, 02 Jul 2006 09:14:22 GMT)

Reverse mortgage pros and cons
If you're at least 62 and own a home with significant equity, you have an opportunity to turn that equity into tax-free cash without having to move or make a monthly payment. (Sun, 02 Jul 2006 09:14:52 GMT)

Confused by all the Mortgage Options? Here's Help
(ARA) - Fixed rate. Adjustable rate. Interest Only. Flex. All of the different types of home loans that are available these days can puzzle many homebuyers. But, say mortgage experts, virtually every home loan is one of two types: a fixed rate loan or an adjustable rate loan. (Sun, 02 Jul 2006 10:41:52 GMT)

Move afoot to block industrial-loan banks
WASHINGTON — With Wal-Mart and Home Depot among a record number of companies awaiting federal approval to open banks, legislation to block this special kind of bank is gaining momentum, a senior House lawmaker said last week. (Sun, 02 Jul 2006 11:00:55 GMT)

Foreclosures may spike as strapped buyers reset
IN 2003, Anita Britten refinanced her two-story brick cottage in Lithonia, Ga. using a hybrid adjustable-rate mortgage, or ARM. (Sun, 02 Jul 2006 12:30:08 GMT)

Mortgage lender to expand business
Avon Investments has built up a $300 million fund, helped by a securitisation plan allowing it to raise money cheaply on the wholesale market, for its mortgage business. (Sun, 02 Jul 2006 22:30:07 GMT)

UPDATE 1-iGate Global to increase stake in US mortgage firm
MUMBAI, July 3 (Reuters) - Indian software firm iGate Global Solutions Ltd. said on Monday it was increasing its stake in U.S.-based Loan Pro LLC to 60 percent. (Mon, 03 Jul 2006 06:22:16 GMT)

Home Loan Tips: Avoid Mortgage Troubles, Other Pangs of Rising Interest Rates
Bills.com outlines 9 tips to prevent problems, avoid foreclosure (PRWEB Jul 3, 2006) (Mon, 03 Jul 2006 07:07:57 GMT)

How to deal with fluctuating mortgage rates - A 10 On Your Side report.
Here's a 10 On Your Side consumer alert. The Federal Government has just announced an interest rate hike. Whenever you hear interest rates are going up, many start thinking about the housing market. (Mon, 03 Jul 2006 07:29:21 GMT)

Good credit reports increasingly important
When Tom Flammia refinanced his Yonkers, N.Y., home four years ago, he paid off his credit card bill as part of the process. So when his mortgage agent pulled his credit report two years later to refinance again, Flammia was stunned to learn that the charges were still listed as unpaid. (Mon, 03 Jul 2006 07:41:57 GMT)

Mortgage of the week
The Northern Rock Building Society is offering a year fixed rate deal until 1 August 2008, at a rate of 4.79 per cent, reverting to the standard variable rate for the remaining term of the mortgage, currently 6.59 per cent. (Mon, 03 Jul 2006 10:27:23 GMT)

Other priorities squeeze aid for home buyers in Missouri
JEFFERSON CITY — A popular state program that helps first-time home buyers has run out of money and may have trouble getting more. (Mon, 03 Jul 2006 12:25:37 GMT)

Refinancing Can Relieve Your Car Payment Burdens
(ARA) - It is not uncommon for car owners to find themselves in a situation where their car payments become a bigger financial drain than they anticipated. This can happen for many different reasons: job loss, sudden unexpected expenses, or simply because the car payments aren't in line with income. (Mon, 03 Jul 2006 13:18:31 GMT)

Mortgage rates climb on inflation concerns
Rates on 30-year mortgages rose for a third straight week, hitting the highest level in more than four years as investors continued to express worries about inflation. (Mon, 03 Jul 2006 13:59:41 GMT)

Stocks Set to Rise in Shortened Session
Reports on manufacturing, construction spending and auto sales were on tap. Also in focus: GM, Wal-Mart (Mon, 03 Jul 2006 14:14:47 GMT)

Lenders Prepare for Mortgage Discharge Law
By Andrea Gregory A new Massachusetts law that went into effect on July 1 is expected to streamline mortgage originations, eliminating numerous disclosures that previously had been required of banks during the loan process. (Mon, 03 Jul 2006 14:28:19 GMT)

BancTec releases mortgage processing system
BancTec Limited, the financial systems and outsourcing specialist, today announced the launch of eFIRST Origin, a powerful and secure business system that supports the mortgage application ... (Mon, 03 Jul 2006 14:52:55 GMT)

Fed program pushes West Side home ownership
The federal government is putting up $685,000 to spur home ownership on Buffalo's West Side, officials announced Monday. (Mon, 03 Jul 2006 15:19:07 GMT)

Put a Lid on Rising Mortgage Payments
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Mon, 03 Jul 2006 16:13:40 GMT)

Celebrate your financial rights
As we prepare to celebrate our nation's independence, let's take some time to celebrate some of our rights - our financial rights that is. (Mon, 03 Jul 2006 16:23:50 GMT)

Uganda: In the Jaws of Loan Sharks
LOAN SHARKS are extremely willing to lend you that money you so desperately need in a hurry. And they are just as ruthless when it is time for you to pay it back. Titus Kakembo delves into the dark world of unlicensed moneylending. (Mon, 03 Jul 2006 16:56:57 GMT)

Lawmakers trying to close vault on Wal-Mart, Home Depot
WASHINGTON - With Wal-Mart and Home Depot among a record number of companies awaiting federal approval to open banks, legislation to block this special kind of bank is gaining momentum, a senior House lawmaker said Friday. (Mon, 03 Jul 2006 17:45:29 GMT)

European bonanza for ABS in June
June was the largest month ever for new issues of European bonds backed by assets such as mortgages and other loans, with almost EU60bn of deals coming to market, according to analysts at Deutsche Bank (NYSE:DB). (Mon, 03 Jul 2006 18:00:46 GMT)

Doral Financial Restructures Mortgage Loan Sale Transactions with Westernbank Puerto Rico
SAN JUAN, Puerto Rico----July 3, 2006--Doral Financial Corporation , a diversified financial services holding company, today reported that it entered into an agreement with Westernbank Puerto Rico, a wholly owned subsidiary of W Holding Company, Inc., to restructure all outstanding mortgage loan sale transactions between the parties. (Mon, 03 Jul 2006 18:22:00 GMT)

Fitch Rates CSFB Mortgage Securities Corp. Home Equity Mortgage Trust 2006-3
NEW YORK----July 3, 2006--Credit Suisse First Boston Mortgage Securities Corp. Home Equity Mortgage Trust 2006-3 is rated by Fitch as follows: $291,000,000 class A-1, A-2, and A-3 certificates 'AAA'; $30,800,000 class M-1 and M-2 'AA+'; $22,400,000 class M-3 and M-4 'AA-'; $7,600,000 class M-5 'A+'; $7,800,000 class M-6 'A'; $7,000,000 class M-7 'A-'; $7,000,000 class M-8 'BBB+'; $12,000,000 (Mon, 03 Jul 2006 18:34:00 GMT)

Allied Home Mortgage Capital Corporation Opens New Branch Office in Atlanta
Allied Home Mortgage Capital Corporation has opened a new branch in Atlanta, Ga. The branch is one of many in the city and the state. (Mon, 03 Jul 2006 18:58:12 GMT)

Allied Home Mortgage Capital Corporation Opens New Branch Office in Eugene
Allied Home Mortgage Capital Corporation has opened a new branch in Eugene, Oregon. The branch is the first one in the city and third in the state. (Mon, 03 Jul 2006 19:01:44 GMT)

Allied Home Mortgage Capital Corporation Opens New Branch Office in Union
Allied Home Mortgage Capital Corporation has opened a new branch in Union, New Jersey. The branch is the first one in the city and one of many in the state. (Mon, 03 Jul 2006 19:02:53 GMT)

Other News In Brief: Vornado Makes $74M Mezzanine Loan; New Hampshire Gains $2.7M to Fund Affordable Housing; Highland
Vornado Realty Trust has made a $74 million mezzanine loan secured by the equity interests in the Manhattan-based 1.2 million-square-foot office building located at 280 Park Ave., the company said today. The loan bears interest at 10.25 percent and matures in June 2016. (Mon, 03 Jul 2006 19:08:27 GMT)

Allied Home Mortgage Capital Corporation Opens New Branch Office in Anchorage
Allied Home Mortgage Capital Corporation has opened a new branch in Anchorage, Alaska. The branch is the first one in the city and first in the state. (Mon, 03 Jul 2006 19:09:50 GMT)

Doral to Restructure Mortgage Loans
Doral Financial Corp., a Puerto Rican financial services company, on Monday said it plans to restructure all outstanding mortgage loan sales transactions with Westernbank Puerto Rico at a cost of $42.8 million. (Mon, 03 Jul 2006 19:10:57 GMT)

Allied Home Mortgage Capital Corporation Opens New Branch Office in Edmond
Allied Home Mortgage Capital Corporation has opened a new branch in Edmond, Ok. The branch is one of many in the city and the state. (Mon, 03 Jul 2006 19:11:10 GMT)

Put a Lid on Rising Mortgage Payments
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Mon, 03 Jul 2006 20:30:36 GMT)

Refinancing Can Relieve Your Car Payment Burdens
(ARA) - It is not uncommon for car owners to find themselves in a situation where their car payments become a bigger financial drain than they anticipated. This can happen for many different reasons: job loss, sudden unexpected expenses, or simply because the car payments aren't in line with income. (Mon, 03 Jul 2006 21:02:53 GMT)

Put a Lid on Rising Mortgage Payments
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Mon, 03 Jul 2006 21:03:54 GMT)

Scabies Outbreak in FL Nursing Home
Four hundred people in a Finger Lakes nursing home have been treated for scabies. The New York State Health Department says three residents in the nursing home on the Geneva General Hospital campus were diagnosed with the contagious skin disease last week. (Mon, 03 Jul 2006 23:24:48 GMT)

Refinancing Can Relieve Your Car Payment Burdens
(ARA) - It is not uncommon for car owners to find themselves in a situation where their car payments become a bigger financial drain than they anticipated. This can happen for many different reasons: job loss, sudden unexpected expenses, or simply because the car payments aren't in line with income. (Tue, 04 Jul 2006 00:43:32 GMT)

Australian mortgage demand fell in June, says broker
SYDNEY, July 4 (Reuters) - Sales of mortgages in Australia looked to have fallen sharply in June as a range of factors including higher interest rates curbed demand, the country's largest mortgage broker said on Tuesday. (Tue, 04 Jul 2006 01:26:30 GMT)

Capital base for mortgage banks now N2bn
LAGOS— THE Central Bank (CBN) has increased the minimum capital base of mortgage banks to N2 billion from N200 million under its reform agenda for the financial sector. (Tue, 04 Jul 2006 03:06:12 GMT)

Critical shortage – DHB needs loan items returned
Capital & Coast District Health Board is facing a critical shortage of short-term loan equipment with a dwindling pool of a wide range of items as people fail to return them when they are no longer needed. (Tue, 04 Jul 2006 04:05:08 GMT)

Banks overwhelmed with mortgage applications
From Poland A.M. One has to wait up to six weeks for a mortgage loan, as banks are unable to analyze applications which they received over the past couple of months. (Tue, 04 Jul 2006 06:59:13 GMT)

Mortgage holders to get another reprieve
Mortgage holders will have at least a month to enjoy their tax cuts with the Reserve Bank set to leave interest rates on hold on Wednesday. (Tue, 04 Jul 2006 07:24:50 GMT)

Rates, fuel prices hurt mortgage market
Higher interest rates and soaring petrol prices are hurting the Australian mortgage market, with new figures showing a decline in monthly sales. - (Tue, 04 Jul 2006 07:25:00 GMT)

Mortgage Intelligence launches UCB product
Mortgage Intelligence has launched a semi-exclusive buy-to-let product from UCB Home Loans. (Tue, 04 Jul 2006 09:12:23 GMT)

Dawson joins Mortgage Times
Tim, who was previously with Mortgage Express for 16 years but left his post as managing director earlier this year, was instrumental in building Mortgage Express into one of the UK’s leading specialist lenders. (Tue, 04 Jul 2006 09:12:54 GMT)

When Debt Mounts, Take Action to Prevent Foreclosure
(ARA) - If you have experienced foreclosure, you're not alone. Within the last five years alone, more than 2.9 million households in the United States have experienced foreclosure. (Tue, 04 Jul 2006 09:29:43 GMT)

Mortgage Express reveals ten years of BTL growth
On Saturday 8 July, Mortgage Express celebrates ten years of offering buy-to-let mortgages. (Tue, 04 Jul 2006 09:42:32 GMT)

Mortgage fraud targeted
Corey Hazel was already facing 45 felony charges and accusations that he cheated lenders out of almost $2 million when he returned to court last week, charged with running another mortgage-fraud scheme while out on bail. (Tue, 04 Jul 2006 11:21:30 GMT)

What's behind the rise in mortgage rates?
In 2003 mortgage rates dropped below six percent. That seemed astounding to those who may have bought their first home in the early 1980's. “In 1982, 30-year fixed rates were 18.75 percent. (Tue, 04 Jul 2006 12:54:57 GMT)

Program helps people call Portsmouth home
PORTSMOUTH -- A unique program designed to help residents purchase homes in the city closed on two more homes in June -- National Homeownership Month -- and officials hope to continue helping people call Portsmouth home. (Tue, 04 Jul 2006 13:59:17 GMT)

When Debt Mounts, Take Action to Prevent Foreclosure
(ARA) - If you have experienced foreclosure, you're not alone. Within the last five years alone, more than 2.9 million households in the United States have experienced foreclosure. (Tue, 04 Jul 2006 16:37:20 GMT)

In Da Club: B-Girl Be at First Avenue (In Da Club)
(Tue, 04 Jul 2006 17:23:37 GMT)

S&P: Apple's Response to Options Issue "Positive"
Analyst Megan Graham-Hackett keeps her strong buy rating on the stock. Plus: Analysts comment on EMC's plans to buy RSA Security and more (Tue, 04 Jul 2006 17:38:24 GMT)

Spectrum-Canada joins the MorWEB network to accept electronic mortgage applications from brokers
Spectrum-Canada is now accepting electronic mortgage applications on MorWEB, Marlborough Stirling Canada's growing network for mortgage professionals. (Tue, 04 Jul 2006 17:51:41 GMT)

Put a Lid on Rising Mortgage Payments
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Tue, 04 Jul 2006 18:57:12 GMT)

Laurentian Bank changes its mortgage rates
Laurentian Bank has changed its mortgage rates. The changes are as follows: (Tue, 04 Jul 2006 19:50:00 GMT)

Aliant Inc. has received Bondholder Approval to Repay all Outstanding 11.40% First Mortgage Bonds, Series V
Aliant announced today that Aliant Inc., as successor company to The Avalon Telephone Company, Limited, Newfoundland Telephone Company Limited and NewTel Communications Inc. , has received approval from holders of the 11.40% First Mortgage Bonds, Series V due July 5, 2010 at the special meeting of the holders of the Bonds, which was held today at 9:00 a.m. (Tue, 04 Jul 2006 20:10:00 GMT)

City Council to take care of debt
The Beloit City Council will take care of some outstanding debt in a resolution on tonight's business agenda. The measure, if approved, would write off debt accumulated under the city's home loan program, according to City Manager Larry Arft. (Tue, 04 Jul 2006 22:13:50 GMT)

Family selected for first Habitat home in Tower
It was an extra special Easter Sunday for the Swanson family. Balloons were sent up into the sky in celebration of what was to come, a place to call home. “When we found out that we were accepted into the Habitat program, I couldn’t have been more shocked. It was a miracle.” (Tue, 04 Jul 2006 22:48:32 GMT)

State aid going fast for home loans
ST. LOUIS (AP) - With interest rates rising, so is the demand for a state program that helps first-time home buyers. But the program may have trouble getting more money. (Tue, 04 Jul 2006 23:06:50 GMT)

These Easy Steps Can Help Improve Your Credit
(ARA) - Credit cards are a great convenience. They eliminate the need to carry large amounts of money, you can track your spending through your monthly statements and they save the day when you're faced with unexpected expenditures such as car repairs or medical bills. (Wed, 05 Jul 2006 03:12:22 GMT)

Polluting the Blogosphere
Bloggers are getting paid to push products. Disclosure is optional (Wed, 05 Jul 2006 04:01:11 GMT)

Considering a Home Remodel? Make Sure It Will Pay Off
(ARA) - If your family has to wait in line to take a shower, or if you're storing pots and pans in the laundry room due to lack of cabinet space, it could be time to consider a home remodeling project. (Wed, 05 Jul 2006 06:23:49 GMT)

MortgageSEO.com Shakes up the Mortgage Industry by Revealing Valuable Internet Marketing Secrets
A new Internet marketing site for mortgage companies shows marketing techniques big mortgage companies don’t want revealed. (PRWEB Jul 5, 2006) (Wed, 05 Jul 2006 07:07:37 GMT)

Rescue schemes snare homeowners
Sherry Miller said she signed the foreclosure assistance agreement blindly, page after page, desperately believing it was the only way to stop the sale of her home on the courthouse steps the next morning. (Wed, 05 Jul 2006 07:08:26 GMT)

Steering committee to study possibility of new Hardin County nursing home
KENTON — A steering committee will decide if Hardin County should build a new county nursing home or if it should build an addition to Hardin Hills. Hardin Hills Administrator Nick Scheck has been pushing for commissioners to approve building a new home for the past few years. (Wed, 05 Jul 2006 07:14:23 GMT)

Fox Promises Home Loans for All
People are loving get-a-home-loan.net (PRWEB Jul 5, 2006) (Wed, 05 Jul 2006 07:15:15 GMT)

Mortgage endowment complaints start to slow
LONDON (Citywire) - The Financial Ombudsman Service (FOS) has revealed that the growth in complaints about mortgage endowments has "levelled off" during the last year. (Wed, 05 Jul 2006 07:27:59 GMT)

Rescue schemes snare homeowners
Sherry Miller said she signed the foreclosure assistance agreement blindly, page after page, desperately believing it was the only way to stop the sale of her home on the courthouse steps the next morning. (Wed, 05 Jul 2006 07:27:59 GMT)

Home builders, neighbors offer stiff competition
To get new residents into all the new homes planned for Pinal County, home builders have recently started slashing prices and offering perks from free pools to cabinet upgrades. And existing residents trying to sell are feeling the fallout. (Wed, 05 Jul 2006 09:01:04 GMT)

These Easy Steps Can Help Improve Your Credit
(ARA) - Credit cards are a great convenience. They eliminate the need to carry large amounts of money, you can track your spending through your monthly statements and they save the day when you're faced with unexpected expenditures such as car repairs or medical bills. (Wed, 05 Jul 2006 09:23:08 GMT)

Mortgage Trust warning on HMO
Mortgage Trust has warned brokers to be prepared for the end of the grace period for Houses in Multiple Occupation (HMOs). (Wed, 05 Jul 2006 09:27:22 GMT)

A Bullish View: U.S. Economy Is Fundamentally Strong, Bank of America Chief Economist Says
Editor’s note: Mickey Levy, chief economist at Bank of America, told Congress last week that the U.S. economy is fundamentally strong. In the first of two parts, WRAL Local Tech Wire is reprinting Levy’s remarks. (Wed, 05 Jul 2006 10:42:21 GMT)

Refinancing Can Relieve Your Car Payment Burdens
(ARA) - It is not uncommon for car owners to find themselves in a situation where their car payments become a bigger financial drain than they anticipated. This can happen for many different reasons: job loss, sudden unexpected expenses, or simply because the car payments aren't in line with income. (Wed, 05 Jul 2006 10:55:52 GMT)

Put a Lid on Rising Mortgage Payments
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Wed, 05 Jul 2006 10:56:32 GMT)

High rates stress Bay Area
Stephen Carter of Hayward had to scrap plans to refinance his home with a 15-year loan. Jawahar Swaminathan of Richmond had to dip into savings to pay off an adjustable-rate mortgage used for part of the down payment on his condo. Bill Bagnell... (Wed, 05 Jul 2006 11:06:35 GMT)

State aid going fast for home loans
ST. LOUIS (AP) - With interest rates rising, so is the demand for a state program that helps first-time home buyers. But the program may have trouble getting more money. (Wed, 05 Jul 2006 11:36:49 GMT)

Fannie and Freddie should retain an ability to help prop up the mortgage market in times of turmoil : Chief Regulator
Fannie and Freddie should retain an ability to help prop up the mortgage market in times of turmoil, their chief regulator said. (Wed, 05 Jul 2006 12:38:03 GMT)

Foreclosures rising in city
Home foreclosures rose last year in middle-class and gentrifying Chicago neighborhoods, as the combination of rising interest rates and adjustable-rate loans drove a citywide increase in problem mortgages. The highest jumps came in areas like the Near North Side (65% increase in foreclosures), ... (Wed, 05 Jul 2006 13:35:51 GMT)

MFA Mortgage Investments Sets Dividend
Real estate investment trust MFA Mortgage Investments Inc. said Wednesday that its board declared a regular quarterly dividend of 5 cents per share. (Wed, 05 Jul 2006 14:00:38 GMT)

Priceline.com Kicks Off Exclusive Domestic Airfare Sale With ATA; Round-Trip Fares as Low as $134 Only Available
Priceline.com (Nasdaq: PCLN) today announced the launch of an exclusive ATA Airlines domestic airfare ticket sale, which includes major cities such as Chicago, Dallas, New York, Los Angeles and Washington, DC. These ATA sale fares, which start as low as $134 round-trip, can only be purchased on www.priceline.com, ( Nachrichten ) and are not available on any other major travel site. (Wed, 05 Jul 2006 14:19:50 GMT)

MFA Mortgage Investments Sets Dividend
Real estate investment trust MFA Mortgage Investments Inc. said Wednesday that its board declared a regular quarterly dividend of 5 cents per share. The company said it will pay the dividend on July 31 to stockholders of record on July 17. (Wed, 05 Jul 2006 14:20:39 GMT)

THURSDAY, JULY 20 6-8pm, FREE!
ECHO at the Leahy Center for Lake Champlain 5:30 Check-in & light dinner provided. RSVP required. Find out everything you need to know before buying a home -- from loan pre-approval to closing. (Wed, 05 Jul 2006 14:40:56 GMT)

IndyMac scraps IPO plan for reverse-mortgage unit
NEW YORK (MarketWatch) -- IndyMac Bancorp on Wednesday said it'll pay $40 million to the chief executive of its reverse-mortgage unit, Financial Freedom, as it ruled out an initial public offering for the company in the face of growing competition in the business. (Wed, 05 Jul 2006 15:41:00 GMT)

Homeowners needing aid snared by schemes
Sherry Miller said she signed the foreclosure assistance agreement blindly, page after page, desperately believing it was the only way to stop the sale of her home on the courthouse steps the next morning. (Wed, 05 Jul 2006 15:51:45 GMT)

When Debt Mounts, Take Action to Prevent Foreclosure
(ARA) - If you have experienced foreclosure, you're not alone. Within the last five years alone, more than 2.9 million households in the United States have experienced foreclosure. (Wed, 05 Jul 2006 16:45:46 GMT)

CMHC reduces monthly mortgage costs
PARRY SOUND - Canada Mortgage and Housing Corporation (CMHC) is helping to make homeownership more affordable and accessible for Canadians by eliminating homeowner high-ratio mortgage insurance application fees, and offering insurance for mortgages with longer amortizations and more flexible repayment options. (Wed, 05 Jul 2006 17:13:05 GMT)

Russia's VTB issues $74.2 mln in mortgage Eurobonds
MOSCOW, July 5 (RIA Novosti) - Vneshtorgbank (VTB), Russia's state-run foreign trade bank, said Wednesday it had placed the first tranche of its mortgage Eurobonds, totaling $74.2 million. (Wed, 05 Jul 2006 17:31:35 GMT)

• Handling an Interest-Only Loan
Zero equity for years only lead to monster payments. How would you like a mortgage that either significantly lowered your monthly payment or allowed you to buy a lot more house? (Wed, 05 Jul 2006 17:38:01 GMT)

Home Loan Rates Climb: Interest Levels on Fixed and Adjustable Mortgages Hit Four - and Five - Year Highs.
Jun. 30--Mortgage interest rates rose for the third straight week as investor worries about inflation pushed the costs of home loans to four- and five-year highs, federal mortgage giant Freddie Mac reported Thursday. (Wed, 05 Jul 2006 17:59:38 GMT)

Korea to Get U.S. Mortgage Insurance
Genworth Financial, a heavyweight U.S. financial services company, is launching into the Korean mortgage insurance market. As major local insurance firms also get ready to plunge into the market, mortgage insurance products are expected to become available within the year. (Wed, 05 Jul 2006 18:09:36 GMT)

Landmark Mortgage converts to Maverick Mortgage
Landmark Mortgage Group has been acquired by Maverick Residential Mortgage Inc., a Frisco, Texas-based firm with 38 branches nationwide. (Wed, 05 Jul 2006 18:11:59 GMT)

Some Canadians would bet mortgage in poker hand
Large numbers of Canadians would make a double-or-nothing bet on a big-ticket item like credit card debt, while 18 percent would gamble on their mortgage, according to a survey conducted for a gaming Web site. (Wed, 05 Jul 2006 18:33:15 GMT)

Weekly Home Mortgage Rates
Weekly Home Mortgage Rates (Wed, 05 Jul 2006 19:13:44 GMT)

Weekly Home Mortgage Rates
NORTH PALM BEACH, Fla. (AP) - Average mortgage rates for single-family homes in the 10 largest metropolitan areas as of July 5, as compiled by bankrate.com. The rates are for 30-year, fixed-rate mortgages for 80 percent of the value of the house. A point is a one-time fee equaling one percent of mortgage.---NORTH PALM BEACH, Fla. (AP) - bankrate.com's national average for a 5-year adjustable (Wed, 05 Jul 2006 19:37:58 GMT)

Truck Crashes Into Family's Home
A driver crashes into a home and faces DWI charges. (Wed, 05 Jul 2006 19:43:08 GMT)

Refinancing Can Relieve Your Car Payment Burdens
(ARA) - It is not uncommon for car owners to find themselves in a situation where their car payments become a bigger financial drain than they anticipated. This can happen for many different reasons: job loss, sudden unexpected expenses, or simply because the car payments aren't in line with income. (Wed, 05 Jul 2006 19:50:58 GMT)

Considering a Home Remodel? Make Sure It Will Pay Off
(ARA) - If your family has to wait in line to take a shower, or if you're storing pots and pans in the laundry room due to lack of cabinet space, it could be time to consider a home remodeling project. (Wed, 05 Jul 2006 19:56:08 GMT)

Put a Lid on Rising Mortgage Payments
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Wed, 05 Jul 2006 19:56:45 GMT)

Advocat Announces Comprehensive Refinancing Commitment
BRENTWOOD, Tenn.----July 5, 2006--Advocat Inc. today announced it has entered into a commitment with Capmark Finance Inc. for a comprehensive refinancing of the Company's long term debt. (Wed, 05 Jul 2006 20:01:00 GMT)

A.M. Best Special Report: Recently Proposed FHLB Regulation Creates Uncertainty For Many U.S. Banks That Rely on the
OLDWICK, N.J.----July 5, 2006--For more than 70 years, the Federal Home Loan Bank System has been an important source of cost-effective funding and correspondent banking services for community-based financial institutions in the United States. (Wed, 05 Jul 2006 20:06:00 GMT)

S&P on Casino Stocks: Hold 'Em
Analyst Tom Graves thinks the N.J. shutdown won't affect long-term growth of Harrah's, MGM, and Boyd Gaming. Plus: Opinions on the Duquesne Light buyout, and more (Wed, 05 Jul 2006 20:14:47 GMT)

Advocat nets refinancing commitment
Advocat Inc. has obtained a refinancing commitment that will bring the Nashville firm's remaining debt covenants into compliance. (Wed, 05 Jul 2006 20:37:41 GMT)

Indy Man Found Fatally Shot In Home
A person finds a relative shot to death in a home on Indianapolis' north side. (Wed, 05 Jul 2006 20:58:42 GMT)

Arrow Mortgage CORPORATION Your Dream ... .First-time homebuyer options .100%
Arrow Mortgage CORPORATION Your Dream ... (Wed, 05 Jul 2006 21:03:10 GMT)

Fitch Rates FHAMS $342.99MM Mtge P-T Ctfs, Series 2006-FA4
NEW YORK----July 5, 2006--Fitch rates First Horizon Alternative Mortgage Securities Trust mortgage pass-through certificates, series 2006-FA4 as follows: $329.53 million classes I-A-1 through I-A-5, I-A-PO, I-A-R, II-A-1,II-A-PO certificates 'AAA'; $4.3 million class B-1A certificates 'AA+'; $2.7 million class B-1B certificates 'AA'; $1.2 million class B-2A certificates 'AA-'; $1.7 million class (Wed, 05 Jul 2006 21:08:00 GMT)

Nigeria: Capital Base for Mortgage Banks Now N2bn
THE Central Bank (CBN) has increased the minimum capital base of mortgage banks to N2 billion from N200 million under its reform agenda for the financial sector. (Wed, 05 Jul 2006 21:23:20 GMT)

Fitch Rates FHASI $171MM Mtge P-T Ctfs, Series 2006-AR2
NEW YORK----July 5, 2006--Fitch rates First Horizon Asset Securities Inc. mortgage pass-through certificates, series 2006-AR2, as follows: $157.6 million classes I-A-1,II-A-1, II-A-R, III-A-1, IV-A-1, A-M 'AAA'; $3.8 million class B-1 'AA'; $1.1 million class B-2 'A'; $771,000 class B-3 'BBB'; $343,000 class B-4 'BB'; $428,000 class B-5 'B'. (Wed, 05 Jul 2006 21:26:00 GMT)

Refinancing Can Relieve Your Car Payment Burdens
(ARA) - It is not uncommon for car owners to find themselves in a situation where their car payments become a bigger financial drain than they anticipated. This can happen for many different reasons: job loss, sudden unexpected expenses, or simply because the car payments aren't in line with income. (Wed, 05 Jul 2006 21:30:35 GMT)

City writes off delinquent loans
The Beloit City Council has cleared the books of some unpaid debt, voting Monday to write off $114,094 in delinquent loan payments. The uncollected money is owed through the city's home loan programs. (Wed, 05 Jul 2006 21:58:30 GMT)

These Easy Steps Can Help Improve Your Credit
(ARA) - Credit cards are a great convenience. They eliminate the need to carry large amounts of money, you can track your spending through your monthly statements and they save the day when you're faced with unexpected expenditures such as car repairs or medical bills. (Wed, 05 Jul 2006 22:22:49 GMT)

Benefits to you: Proceeds are tax-free No monthly mortgage payments required
Benefits to you: Proceeds are tax-free No monthly mortgage payments required Use the cash any way you choose Continue to own your home No income or credit qualifications Marc Pisa, CSA Reverse Mortgage Specialist Local resident Supplement retirement income with Tax-Free Cash Example: Age 70 Home Value: $300,000 Reverse Mortgage Proceeds: $1,008 PER MONTH FOR LIFE If you are a homeowner 62 years (Thu, 06 Jul 2006 00:47:18 GMT)

OFHEO Head: Freddie, Fannie Mae Can Boost Mortgage Marts
New York (July 6, 2006) - James Lockhart, director of the Office of Federal Housing Enterprise Oversight, said that mortgage finance concerns Fannie Mae and Freddie Mac should each be allowed to prop up the U.S. home mortgage market in periods of financial malaise. (Thu, 06 Jul 2006 04:12:36 GMT)

RECORD MONEY: COUPLE CASHED IN BY SWITCHING OVER TO A FIXED RATE MORTGAGE
SWITCHING mortgage providers enabled Deborah and Anthony Kahler to slash their interest rate by almost a third. The couple, who live near Cumnock, Ayrshire and have four children aged from seven to 16, had been with one of the big banks for years. (Thu, 06 Jul 2006 04:41:25 GMT)

Confused by all the Mortgage Options? Here's Help
(ARA) - Fixed rate. Adjustable rate. Interest Only. Flex. All of the different types of home loans that are available these days can puzzle many homebuyers. But, say mortgage experts, virtually every home loan is one of two types: a fixed rate loan or an adjustable rate loan. (Thu, 06 Jul 2006 06:24:00 GMT)

Local business briefs: Psychiatric Solutions buys pair of facilities
Psychiatric Solutions Inc. has closed on the purchase of the National Deaf Academy, an 84-bed residential treatment center in Mount Dora, Fla. The facility provides mental health services to hard of hearing, deaf and deaf-blind children, adolescents and adults. (Thu, 06 Jul 2006 07:27:21 GMT)

Americans Easily Investing in San Miguel de Allende, Mexico
By closing the first US-style mortgage in San Miguel de Allende, Finance North America has expanded Americans’ ability to use US funding sources for Mexican property investments. (PRWEB Jul 6, 2006) Trackback URL: http://www.prweb.com/chachingpr.php/Q3Jhcy1Ib3JyLUxvdmUtUGlnZy1JbnNlLVplcm8= (Thu, 06 Jul 2006 07:36:41 GMT)

Allianz raises stake to 8% in Hungarian mortgage lender FHB
Allianz AG , Europe's largest insurer, increased its stake in Földhitel és Jelzálogbank Nyrt, Hungary's second-largest mortgage lender, to 8%. Allianz raised the holding through its local unit on July 3, Budapest-based FHB said in a stock exchange statement late yesterday. (Thu, 06 Jul 2006 08:38:10 GMT)

USDA loan helps family find the American dream
Jean B. Narcisse, a native of Haiti, and his family have been living in cramped apartments for eight years, but now he is about to fulfill the American dream and move into a spacious home thanks to a little help from a federal loan program. (Thu, 06 Jul 2006 08:45:47 GMT)

Local stocks faring poorly
Most company stocks of local interest lost value during the second quarter of this year, reflecting the stock market's lackluster performance over the same period. (Thu, 06 Jul 2006 08:59:08 GMT)

Refinancing Can Relieve Your Car Payment Burdens
(ARA) - It is not uncommon for car owners to find themselves in a situation where their car payments become a bigger financial drain than they anticipated. This can happen for many different reasons: job loss, sudden unexpected expenses, or simply because the car payments aren't in line with income. (Thu, 06 Jul 2006 09:18:23 GMT)

Civil War cannon: Back home, forever more
Thirteen months ago today, The Journal in this space urged all involved in the sale of a Civil War cannon from the Groton Rural Cemetery to return the historic piece to its longtime home and learn an important lesson. (Thu, 06 Jul 2006 09:26:58 GMT)

(AFX UK Focus) 2006-07-06 10:03 GMT: UK Q1 mortgage equity withdrawal 12.5 bln stg; highest since Q2 2004
LONDON (AFX) - Mortgage equity withdrawal in the UK soared in the first three months of 2005, raising concerns that a resurgent property market may well fuel a consumer spending frenzy. (Thu, 06 Jul 2006 09:32:09 GMT)

Mortgage equity withdrawal rises
LONDON (Reuters) - Mortgage equity withdrawal rose to 12.509 billion pounds in the first quarter of 2006 or 5.8 percent of post-tax income, the Bank of England said on Thursday. (Thu, 06 Jul 2006 09:39:43 GMT)

Mortgage rates fall for 1st time in a month
Mortgage rates fell for the first time in a month as the bond market waved goodbye to last week's Fed rate increase and looked ahead to the June employment report. (Thu, 06 Jul 2006 10:00:00 GMT)

New help available for young addicts
State tax dollars will fund new residential treatment center (Thu, 06 Jul 2006 10:09:32 GMT)

Home sellers offer incentives galore as for-sale signs stack up in once-booming towns
As Bay Area home sales boomed during the past decade, the spending spree extended to Central Valley towns where workers willing to brave hours-long commutes could buy sprawling homes for the price of some one-bedroom Silicon Valley condos. (Thu, 06 Jul 2006 10:13:14 GMT)

Governor, wife buy five-bedroom home in NLR
NORTH LITTLE ROCK, Ark. Governor Mike Huckabee and his wife are buying a 525-thousand-dollar house in North Little Rock to serve as their home after they move from the Governor's Mansion in January. (Thu, 06 Jul 2006 10:57:36 GMT)

Home loan demand rises amid Fed rate increase
U.S. mortgage applications rose for the first time in three weeks as interest rates on home loans fell from a four-year high during a week when the Federal Reserve raised borrowing costs, an industry trade group said on Thursday. (Thu, 06 Jul 2006 11:03:57 GMT)

More Atlanta News
Capmark Finance senior vice president and branch manager John Beam Jr., of the Atlanta mortgage banking office, arranged the transaction. (Thu, 06 Jul 2006 11:23:48 GMT)

Mortgage applications surge
Gain of 5.9% is first in three weeks, according to bankers' group. NEW YORK (Reuters) -- U.S. mortgage applications rose for the first time in three weeks as interest rates fell from a four-year high, an industry trade group said Thursday. (Thu, 06 Jul 2006 11:28:17 GMT)

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