Mortgage News Mar 2007

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Treasury tracks subprime mortgage spike
The government is monitoring the distress in the subprime mortgage industry and believes the current situation is "manageable," a high-level Treasury Department official said Monday. (Mon, 12 Mar 2007 17:19:34 GMT)

Mortgage Defaults May Reach $225 Billion, Lehman Says (Update2)
March 12 (Bloomberg) -- Mortgage defaults over the next two years may climb to $225 billion, probably not enough to be a drag on the U.S. economy, according to debt strategists at Lehman Brothers Holdings Inc. (Mon, 12 Mar 2007 17:51:09 GMT)

Treasury Tracks Subprime Mortgage Spike
WASHINGTON -- The government is monitoring the distress in the subprime mortgage industry and believes the current situation is "manageable," a high-level Treasury Department official said Monday. (Mon, 12 Mar 2007 18:00:17 GMT)

Subprime mortgage situation 'manageable,' official says
WASHINGTON The government is monitoring the distress in the subprime mortgage industry and believes the current situation is "manageable," a high-level Treasury Department official said Monday. The comments by Robert Steel, the Treasury undersecretary for domestic finance, came as concern mounted on Wall Street and elsewhere that a blowup of companies that make higher-risk home loans to consumers ... (Mon, 12 Mar 2007 18:31:27 GMT)

Bradford Mortgage opens Georgia office
Bradford Mortgage Co. has opened an office in Pooler, Ga., to serve the coastal regions of Georgia and South Carolina. (Mon, 12 Mar 2007 18:32:13 GMT)

Subprime-lending index hit by latest mortgage-industry woes
NEW YORK (MarketWatch) -- Corporate bonds of subprime-mortgage companies sold off sharply Monday, after besieged New Century Financial Corp. said that its lenders are cutting off its credit lines, while other bad news piled on the troubled sector. (Mon, 12 Mar 2007 18:39:37 GMT)

Q&A: Sub-Prime Mortgage Market is in Crisis
After years of a boom that, like the dotcom stock market, seemed to have no end, the country's $6 trillion mortgage securities market is in crisis. Some two dozen mortgage lenders across the country have failed, and shares of publicly-traded mortgage companies have plummeted sharply. Delinquencies on loans made to buyers with poor credit ratings -- known as sub-prime borrowers -- have reached ... (Mon, 12 Mar 2007 19:05:18 GMT)

US mortgage lender loses credit, sparking fallout fears
A major player in the high-risk segment of the US mortgage market said Monday its credit was being cut off, prompting renewed concerns about fallout into the overall financial system. (Mon, 12 Mar 2007 19:17:51 GMT)

Is it Time to Refinance Your Car?
(ARA) - Do you end every month with barely enough cash to pay the bills, and sometimes have to tap into your savings to get by? If so, it's time to re-evaluate your spending habits. (Mon, 12 Mar 2007 19:20:14 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. (Mon, 12 Mar 2007 19:21:40 GMT)

Witness: Minor wired $125K to pay off loan for ex-judge
A former New Orleans lawyer testified today that Gulf Coast lawyer Paul Minor wired him $125,000 to pay off a bank loan for former Circuit Judge John Whitfield. (Mon, 12 Mar 2007 19:46:56 GMT)

How to Finance a Fixer-Upper Home
(ARA) - A home that needs a lot of repair is what's known as a "fixer-upper" because it needs to be "fixed up." There are several reasons you might buy a fixer-upper. (Mon, 12 Mar 2007 19:58:25 GMT)

Don't Refinance Your Home to Pay Off Credit Card Debt - There's a Better Way
(ARA) - Ever received one of those offers in the mail that seems like the solution to all your problems? It may have said, "Your home is an untapped resource. Refinance your loan with us and you'll get quick cash to buy a car, fund college or pay off your credit card debt." (Mon, 12 Mar 2007 19:58:35 GMT)

Fitch Rates PECO Energy Co. First Mortgage Bonds 'A'
NEW YORK----Fitch Ratings has assigned a rating of 'A' to PECO Energy Co.'s new $175 million 5.70% issue of First and Refunding Mortgage Bonds due March 15, 2037. The Rating Outlook is Stable. (Mon, 12 Mar 2007 20:30:00 GMT)

Yen Gains as Subprime Mortgage Losses Prompt Flight From Risk
March 12 (Bloomberg) -- The yen rose the most in a week against the dollar on speculation investors will unwind trades financed with the Japanese currency as losses in the U.S. subprime mortgage market ease demand for riskier assets. (Mon, 12 Mar 2007 20:59:24 GMT)

Treasury Tracks Subprime Mortgage Spike
Subprime Mortgage Situation Is 'Manageable,' Treasury Official Says (Mon, 12 Mar 2007 21:33:26 GMT)

A Primer on Subprime Mortgage Meltdown
The hangover from the lending spree that fed the real estate boom during the first half of this decade keeps getting worse, with the most acute pain tormenting the mortgage niche catering to high-risk, or "subprime," borrowers. (Mon, 12 Mar 2007 22:51:57 GMT)

Trends & Innovations - Monday
African-American and Latino borrowers are paying more than whites for home loans in six areas of the country, a report released at a Federal Reserve community advisory meeting suggested. In Los Angeles, New York, Chicago, Boston, Charlotte N.C., and Rochester, N.Y., African-American and Latino borrowers were almost four times more likely to get a higher-cost home loan. The report focuses on both ... (Mon, 12 Mar 2007 23:00:00 GMT)

Bills Piling Up? Refinancing Your Car Puts Extra Cash In Your Pocket
(ARA) - Sometimes life throws you a curve ball. The water heater springs a leak, your son breaks a tooth or you need a plane ticket to visit a sick relative. These unplanned expenses add up and if you don't have savings to cover them, where will the extra payments come from? (Mon, 12 Mar 2007 23:31:23 GMT)

Official: Loan Problem Is Manageable
The government is monitoring the distress in the subprime mortgage industry and believes the current situation is manageable, a Treasury Department official said Monday. (Tue, 13 Mar 2007 00:37:54 GMT)

High-risk Mortgage Foreclosures Likely to Rise
U.S. Federal Reserve Governor Susan Bies has said she anticipates an even higher level of mortgage default rates in the coming months on loans made to high-risk borrowers. Economists explain what's behind the trend and discuss the consequences. (Tue, 13 Mar 2007 00:44:15 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. (Tue, 13 Mar 2007 00:47:37 GMT)

Top subprime lenders: Where are they now?
Some economists say the tightening of credit following a real estate boom can have a bigger impact on home prices than loan defaults and foreclosures. (Tue, 13 Mar 2007 01:25:49 GMT)

Your Money Matters: Dealing with Rising Mortgage Interest Rates
(ARA) - Many Americans are asking themselves what they should be doing in the wake of rising, and sometimes, fluctuating mortgage rates. It's an important question because for many Americans their home equity represents the cornerstone of their personal wealth. (Tue, 13 Mar 2007 01:43:02 GMT)

Why Now is a Good Time to Refinance Your ARM Loan
(ARA) - With gas prices in a state of constant flux, and energy costs going up and down too, the last thing you want to happen is for your mortgage to start fluctuating too. But if you have an adjustable rate mortgage (ARM), it will soon happen. (Tue, 13 Mar 2007 02:28:56 GMT)

The Home Buying Process: Step by Step
(ARA) - Buying a home can be a very intimidating process, especially if you've never done it before. So the first thing you should do before you start is to figure out whether owning a home is right for you. (Tue, 13 Mar 2007 03:07:58 GMT)

Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Tue, 13 Mar 2007 03:37:59 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance ? Are the rates and the current mortgage market the best indicators? (Tue, 13 Mar 2007 03:38:20 GMT)

Builder makes an amazing offer to home buyers
How would you like to pay less than $1,000 a month for a $650,000 home with 5,000 square feet of space? It might sound too good to be true, but that is what one local builder is offering, at least for the first two years of the mortgage. (Tue, 13 Mar 2007 03:46:54 GMT)

Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Tue, 13 Mar 2007 04:37:09 GMT)

Mortgage lender in trouble after financing falters
LOS ANGELES -- The prospect of bankruptcy loomed over New Century Financial Corp., as the subprime mortgage lender scrambled Monday to stay afloat after all of its bank lenders cut off funding or informed the company of their intent to halt financing. (Tue, 13 Mar 2007 06:20:04 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, 13 Mar 2007 06:40:35 GMT)

If You Have an Adjustable Rate Mortgage, Why You Need to Refinance Now
(ARA) - When you signed up for that adjustable rate loan a few years back, it probably seemed like a deal too good to pass up. But fast forward to the present, and you're probably starting to get a little nervous. (Tue, 13 Mar 2007 06:42:56 GMT)

Do You Have Credit Problems? Yes, You Can Still Refinance
(ARA) - If you have bad credit or a low FICO score, you're no doubt doing everything possible to turn things around. But if you have an adjustable rate mortgage (ARM), paying off your debts and cleaning up your credit is about to get a whole lot harder. (Tue, 13 Mar 2007 06:52:53 GMT)

South Beach Royal Palm misses mortgage payment
South Beach's Royal Palm hotel missed the weekend deadline for paying off its $109 million mortgage, on the heels of a stalled plan to sell off 160 rooms as condominium units, one of the developers said Monday. (Tue, 13 Mar 2007 07:05:21 GMT)

Credit Crackdown Shutting Out Home Buyers
Since Housing Market Cooled, Lenders Are Curtailing The Number Of Loans To Risky, Subprime Borrowers Even before Goodman Griffin and his girlfriend began house-hunting a month ago, they sat down with a mortgage broker and were pre-qualified for the nontraditional loan they needed to purchase the kind of home they wanted. (Tue, 13 Mar 2007 07:17:39 GMT)

Are You in the Right Mortgage?
(ARA) - Most people who buy a home put their mortgage in a drawer -- they close on the loan and make their payments every month and don't think about it beyond that. But what they may not realize is that being in the wrong mortgage for your current situation can hurt you by costing you money. (Tue, 13 Mar 2007 07:42:41 GMT)

Auto Refinancing Puts Gas Money in Your Pocket
(ARA) - With gas prices at an all-time high and no relief in site, families are finding it necessary to cut back their spending on other items in order to fill up the car's tank. The price of a barrel of crude oil recently peaked at $77 dollars. (Tue, 13 Mar 2007 09:34:16 GMT)

Don't Refinance Your Home to Pay Off Credit Card Debt - There's a Better Way
(ARA) - Ever received one of those offers in the mail that seems like the solution to all your problems? It may have said, "Your home is an untapped resource. Refinance your loan with us and you'll get quick cash to buy a car, fund college or pay off your credit card debt." (Tue, 13 Mar 2007 09:34:56 GMT)

European Stocks Drop on U.S. Loan Concern; Banks Lead Slide
March 13 (Bloomberg) -- European stocks fell for a second day on speculation that rising loan defaults in the U.S. will hurt earnings at banks. Royal Bank of Scotland Group Plc and Commerzbank AG led the slide. HMV Group Plc slumped after it warned full-year profit may be below estimates. (Tue, 13 Mar 2007 09:39:46 GMT)

Official calls mortgage issue 'manageable'
The government is monitoring the distress in the subprime mortgage industry and believes the current situation is manageable, a Treasury Department official said Monday. (Tue, 13 Mar 2007 10:11:19 GMT)

Your Money Matters: Dealing with Rising Mortgage Interest Rates
(ARA) - Many Americans are asking themselves what they should be doing in the wake of rising, and sometimes, fluctuating mortgage rates. It's an important question because for many Americans their home equity represents the cornerstone of their personal wealth. (Tue, 13 Mar 2007 10:19:26 GMT)

Agency wants crackdown on mortgage fraud
The doors to mortgage fraud need to be shut in South Carolina, the state's consumer protection agency said Monday. The S.C. Department of Consumer Affairs called Monday for tighter regulations on mortgage brokers and other lenders and more state laws regulating the industry. (Tue, 13 Mar 2007 10:41:01 GMT)

Subprime Shakeout Will Erode New Home Sales - Analyst
According to a research report released yesterday by Credit Suisse analyst Ivy Zelman, the rapid decline of the subprime mortgage industry will lead to yet another drop in new home sales in 2007. (Tue, 13 Mar 2007 10:42:20 GMT)

European Bank Stocks Drop on Loan Concerns; Pirelli Advances
March 13 (Bloomberg) -- European banks stocks fell for a second day on speculation that rising loan defaults in the U.S. will hurt earnings. (Tue, 13 Mar 2007 11:09:46 GMT)

The Mortgage Nanny
As defaults rise, politicians are angling to meddle in the loan-writing business. (Tue, 13 Mar 2007 11:23:57 GMT)

Yen rises amid fears over US mortgage market
The yen climbed on Tuesday amid concerns that problems in the US subprime mortgage market could spill over into the wider economy. (Tue, 13 Mar 2007 11:30:22 GMT)

Getting a Mortgage with Bad Credit
(ARA) - Having bad credit is not the end of the world and it's not impossible to get a loan. Generally, credit scores below 600 are considered sub-prime and the lower your credit score, the harder it will be for you to secure a mortgage. (Tue, 13 Mar 2007 11:36:59 GMT)

European Stocks Drop on U.S. Loan Concerns; Banks Lead Slide
March 13 (Bloomberg) -- European stocks fell for a second day on speculation that rising loan defaults in the U.S. will hurt earnings at the region's banks. (Tue, 13 Mar 2007 11:54:46 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance ? Are the rates and the current mortgage market the best indicators? (Tue, 13 Mar 2007 12:13:24 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. (Tue, 13 Mar 2007 12:13:34 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance ? Are the rates and the current mortgage market the best indicators? (Tue, 13 Mar 2007 12:35:52 GMT)

Mortgage Report Rattles Markets
A national survey showing a soaring number of homeowners failed to make their mortgage payments in the last quarter of 2006 rattled lawmakers in Washington and the markets in New York yesterday, as the Dow Jones industrial average plummeted 2 percent, or nearly 243 points. (Tue, 13 Mar 2007 12:49:17 GMT)

Loan defaults add to meltdown for U.S. mortgage lenders
The number of Americans who could not make their mortgage payments rose in the fourth quarter, adding to problems for lenders. (Tue, 13 Mar 2007 12:50:40 GMT)

Mortgage lender on bankruptcy doorstep
LOS ANGELES -- An Irvine company that was the United States' largest independent provider of high-risk home loans skidded closer to bankruptcy, stoking fears that the mortgage industry's woes could further damage a sluggish housing market. (Tue, 13 Mar 2007 13:54:20 GMT)

Bankruptcy, investigations loom for mortgage lender New Century
New Century Financial said Monday all of its lenders have cut funding or announced their intent to halt financing after the subprime mortgage lender failed to make payments, pushing the company further toward bankruptcy. (Tue, 13 Mar 2007 14:03:37 GMT)

Accredited Home sinks 54 pct as cash falls short
Accredited Home Lenders Holding Co. , a U.S. subprime mortgage lender, said on Tuesday it needed to raise cash after paying $190 million demanded by its lenders, sending its shares down as much as 53.5 percent to a record low. (Tue, 13 Mar 2007 14:29:55 GMT)

Mortgage lender in trouble after financing falters
LOS ANGELES -- The prospect of bankruptcy loomed over New Century Financial Corp., as the subprime mortgage lender scrambled Monday to stay afloat after all of its bank lenders cut off funding or informed the company of their intent to halt financing. (Tue, 13 Mar 2007 14:50:04 GMT)

Nortel, U.S. mortgage woes weigh on Toronto stocks
Toronto's main stock index dropped on Tuesday as the fallout from Nortel Network's regulatory probe and worries about the U.S. subprime mortgage lending market troubled investors. (Tue, 13 Mar 2007 14:58:22 GMT)

Town Pump helps home care nurses keep rolling
Barrett Hospital Foundation recently received a generous donation of $2,000 from the Town Pump Food Store Charitable Foundation in Butte for Barrett Hospital’s Home Health and Hospice “Fuel Fund.” To date, Pioneer Federal Savings and Loan and Big Sky Motors in Dillon have provided two cars for staff to use for patient visits. (Tue, 13 Mar 2007 15:31:39 GMT)

European Stocks Drop on U.S. Loan Concerns; Banks Lead Slide
March 13 (Bloomberg) -- European stocks fell for a second day on speculation that rising loan defaults in the U.S. will hurt earnings at the region's banks. (Tue, 13 Mar 2007 15:54:46 GMT)

Late mortgage payments climb to new high
Late mortgage payments shot up to a 3 1/2-year high in the final quarter of last year and new foreclosures surged to a record high as borrowers with tarnished credit histories had trouble keeping up with their monthly payments. (Tue, 13 Mar 2007 16:08:29 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, 13 Mar 2007 16:42:12 GMT)

Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Tue, 13 Mar 2007 16:42:43 GMT)

Get Extra Cash By Refinancing Your Car
(ARA) - Sometimes life throws you a curve ball. The water heater springs a leak, your son breaks a tooth or you need a plane ticket to visit a sick relative. These unplanned expenses add up and if you don't have savings to cover them, where will the extra payments come from? (Tue, 13 Mar 2007 16:42:52 GMT)

If You Have an Adjustable Rate Mortgage, Why You Need to Refinance Now
(ARA) - When you signed up for that adjustable rate loan a few years back, it probably seemed like a deal too good to pass up. But fast forward to the present, and you're probably starting to get a little nervous. (Tue, 13 Mar 2007 17:09:27 GMT)

U.S. Stocks Fall, Led By Financials on Home Lending Concern
March 13 (Bloomberg) -- A three-day rally in U.S. stocks was erased after Accredited Home Lenders Co. said it might default on its payment to lenders, heightening concern that a crisis in subprime lending would hurt the broader economy. (Tue, 13 Mar 2007 17:19:38 GMT)

Peco selling $175M in first mortgage bonds
Peco Energy Co. said Tuesday it has agreed to sell $175 million of first mortgage bonds maturing March 15, 2037, with a coupon rate of 5.7 percent. (Tue, 13 Mar 2007 17:39:11 GMT)

Late mortgage payments reach high
Late mortgage payments shot up to a 3 1/2-year high in the final quarter of last year and new foreclosures surged to a record high as borrowers with tarnished credit histories had trouble keeping up with their monthly payments. (Tue, 13 Mar 2007 17:48:14 GMT)

Late Mortgage Payments and Foreclosures at Record Highs
Data from final quarter of 2006 shows more bad news for mortgage industry. (Tue, 13 Mar 2007 18:27:15 GMT)

Subprime Mortgage Bond Risk Increases, Derivatives Suggest
March 13 (Bloomberg) -- The perceived risk of owning low- rated subprime mortgage bonds rose today, as Accredited Home Lenders Holding Co. said it needs to obtain waivers from lenders to maintain its access to financing for new loans. (Tue, 13 Mar 2007 18:36:05 GMT)

Fitch Rates IndyMac HE Mtge Loan Asset-Backed Trust $1.27B INABS 2007-A
NEW YORK----Fitch rates IndyMac Home Equity Mortgage Loan Asset-Backed Trust, series INABS 2007-A, as follows: $996,450,000 classes 1A, 2A-1 through 2A-3, 2A4-a and 2A4-b 'AAA'; $48,750,000 class M-1 'AA+'; $60,450,000 class M-2 'AA'; $21,450,000 class M-3 'AA-'; $26,000,000 class M-4 'A+'; $22,100,000 class M-5 'A'; $13,650,000 class M-6 'A-'; $17,550,000 class M-7 'BBB+'; $11,700,000 class M-8 ... (Tue, 13 Mar 2007 18:47:00 GMT)

U.K. Subprime Mortgage Lenders Unshaken by U.S. Woes (Update2)
March 13 (Bloomberg) -- Merrill Lynch & Co., Lehman Brothers Holdings Inc. and Kensington Group Plc led a doubling in sales of bonds backed by U.K. subprime mortgages as investors pour money into the market, unshaken by the U.S. slump. (Tue, 13 Mar 2007 18:50:33 GMT)

Mortgage data fuel fears on US growth
Stocks fell sharply and goverment bonds rallied on Tuesday as further bad news from the beleaguered US mortgage sector fuelled concerns over growth prospects for the broader economy. (Tue, 13 Mar 2007 19:00:39 GMT)

U.S. Subprime Mortgage Delinquencies at 4-Year High (Update2)
March 13 (Bloomberg) -- U.S. subprime borrowers fell behind on their mortgages at the highest rate in four years in the fourth quarter and foreclosures begun on all types of home loans rose to an all-time high, the Mortgage Bankers Association said. (Tue, 13 Mar 2007 19:34:29 GMT)

Don't Refinance Your Home to Pay Off Credit Card Debt - There's a Better Way
(ARA) - Ever received one of those offers in the mail that seems like the solution to all your problems? It may have said, "Your home is an untapped resource. Refinance your loan with us and you'll get quick cash to buy a car, fund college or pay off your credit card debt." (Tue, 13 Mar 2007 19:43:24 GMT)

Foreclosures, late mortgage payments increasing
A record number of homeowners entered foreclosure at the end of last year and more are making late mortgage payments, especially those with high-risk, sub-prime and government-financed loans, according to a quarterly survey released today by the Mortgage Bankers Association. (Tue, 13 Mar 2007 19:47:47 GMT)

Accredited, New Century Lead Slide in Mortgage Shares (Update3)
March 13 (Bloomberg) -- Accredited Home Lenders Holding Co. shares lost more than half their value and New Century Financial Corp. was delisted from the New York Stock Exchange after the mortgage lenders said they can't meet bankers' demands for cash. (Tue, 13 Mar 2007 20:04:18 GMT)

Don't Refinance Your Home to Pay Off Credit Card Debt - There's a Better Way
(ARA) - Ever received one of those offers in the mail that seems like the solution to all your problems? It may have said, "Your home is an untapped resource. Refinance your loan with us and you'll get quick cash to buy a car, fund college or pay off your credit card debt." (Tue, 13 Mar 2007 20:17:20 GMT)

Congress eyes tougher home-loan rules
Congress is eyeing tougher standards for risky, higher-interest home loans made to people with blemished credit records as defaults surge and lenders to the so-called subprime market see their own financing dry up. (Tue, 13 Mar 2007 21:43:19 GMT)

Late mortgage payments reach high
Late mortgage payments shot up to a 3 1/2-year high in the final quarter of last year and new foreclosures surged to record levels as borrowers with tarnished credit histories had trouble keeping up with monthly payments. (Tue, 13 Mar 2007 22:19:23 GMT)

Subprime mortgage sector rattles markets
U.S. financial markets were rattled by news on Tuesday that late payments on U.S. mortgages had reached their highest level in 3-1/2 years, while regulators began a probe of subprime mortgage lending and called for legislation. (Tue, 13 Mar 2007 22:38:45 GMT)

Wall Street banks walloped by mortgage worries
NEW YORK (Reuters) - Worries about mortgage foreclosures whacked the giants of Wall Street on Tuesday -- from Bear Stearns to JPMorgan Chase & Co. -- as investors disregarded analysts' views that the concerns are overblown. (Tue, 13 Mar 2007 23:13:26 GMT)

Lowe's says mortgage woes could affect some markets
The chairman of Lowe's Cos. Inc. , the second-largest U.S. home improvement retailer, warned on Tuesday that problems in the subprime mortgage sector may hurt its business in some areas. (Tue, 13 Mar 2007 23:27:28 GMT)

Pittsburg Woman Keeps Her Home Despite Sub-Prime Loan
Posted March 13, 2007 at 5:25 p.m. PITTSBURG (KRON) -- If you're one of many investors who lost money when the stock market fell Tuesday, part of the reason for the drop is because of what's happening to people like Ruthie Hillary. (Wed, 14 Mar 2007 00:32:42 GMT)

Home foreclosures in South Florida on the rise
With As South Florida's real estate market in slowdown mode, the number of homeowners missing loan payments and entering foreclosure is picking up. (Wed, 14 Mar 2007 01:21:28 GMT)

Cash sources dry up for subprime mortgage lenders
The meltdown among subprime mortgage lenders broadened Tuesday, as shares of Accredited Home Lenders Holding (LEND) lost two-thirds of their value and New Century Financial (NEWC) sank, with investors fearing both would run out of cash. (Wed, 14 Mar 2007 02:04:41 GMT)

Mortgage Lending Crisis
Washington Post business columnist Steven Pearlstein will be online to discuss mortgage lending crisis and credit standards. (Wed, 14 Mar 2007 03:04:27 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, 14 Mar 2007 03:14:26 GMT)

Asian shares slump on U.S. mortgage woes
Asian shares slumped on Wednesday, tracking heavy losses on Wall Street on fears about an intensifying crisis in U.S. mortgage lending that spooked investors nursing losses from a sharp sell-off two weeks ago. (Wed, 14 Mar 2007 03:17:44 GMT)

Bills Piling Up? Refinancing Your Car Puts Extra Cash In Your Pocket
(ARA) - Sometimes life throws you a curve ball. The water heater springs a leak, your son breaks a tooth or you need a plane ticket to visit a sick relative. These unplanned expenses add up and if you don't have savings to cover them, where will the extra payments come from? (Wed, 14 Mar 2007 04:01:27 GMT)

Late mortgage payments soar
Overdue mortgage payments in Florida rose in the final three months of 2006, and soared over the previous quarter, the Mortgage Bankers Association said Tuesday. (Wed, 14 Mar 2007 04:13:21 GMT)

Another Home Sweet "Loan" For HGTV Dream Homeowner
HGTV Dream Homeowner staying in home longer thanks to a multi-million dollar loan. (Wed, 14 Mar 2007 04:14:02 GMT)

Late mortgage payments soar
Overdue mortgage payments in Florida rose in the final three months of 2006, and soared over the previous quarter, the Mortgage Bankers Association said Tuesday. (Wed, 14 Mar 2007 04:16:18 GMT)

High-risk mortgage woes could spread
The hangover from the lending spree that fed the real estate boom during the first half of this decade keeps getting worse, with the most acute pain tormenting the mortgage niche catering to high-risk, or subprime, borrowers. (Wed, 14 Mar 2007 04:38:25 GMT)

Asian shares slide on U.S. home loan woes
Asian shares slumped on Wednesday, tracking heavy losses on Wall Street on fears about an intensifying crisis in U.S. mortgage lending. (Wed, 14 Mar 2007 05:39:17 GMT)

After Mortgage Jitters, Stocks Rise On a Spate of Acquisitions
NEW YORK, March 12 -- Wall Street's recovery from last month's plunge gained momentum Monday, as investors looked past widening cracks in mortgage lending and bought stocks in response to another round of acquisitions. (Wed, 14 Mar 2007 06:04:54 GMT)

Uncertainty in the Mortgage Sector Takes a Big Bite Out of Stocks
NEW YORK, March 13 -- Stocks plunged Tuesday, sending the Dow Jones industrial average to its second-biggest drop in almost four years, as troubles piled up in the mortgage lending industry. (Wed, 14 Mar 2007 06:05:04 GMT)

Australia's Subprime Home Loans Less Risky Than U.S. (Update1)
March 14 (Bloomberg) -- Australia's A$10 billion ($7.8 billion) subprime mortgage market is smaller and has fewer loan defaults than the U.S., reducing the risk of home-loan companies being forced to close, analysts say. (Wed, 14 Mar 2007 06:08:16 GMT)

Town Pump helps home care nurses keep rolling
Barrett Hospital Foundation recently received a generous donation of $2,000 from the Town Pump Food Store Charitable Foundation in Butte for Barrett Hospital’s Home Health and Hospice “Fuel Fund.” To date, Pioneer Federal Savings and Loan and Big Sky Motors in Dillon have provided two cars for staff to use for patient visits. (Wed, 14 Mar 2007 06:46:40 GMT)

Subprime mortgage mess may drag on U.S. economy
SAN FRANCISCO — The hangover from the real estate lending spree of the first half of this decade is most acute in the mortgage niche catering to high-risk borrowers. (Wed, 14 Mar 2007 07:03:53 GMT)

Home-loan jitters shake Wall Street
NEW YORK — Stocks plunged Tuesday, driving the Dow Jones industrials down more than 240 points in their second-biggest drop in almost four years, as troubles piled up for subprime lenders. (Wed, 14 Mar 2007 07:04:03 GMT)

Asian shares slump as U.S. mortgage woes spread
Asian shares slumped on Wednesday, tracking heavy losses on Wall Street amid fears a crisis in U.S. mortgage lending is spreading to the wider economy. (Wed, 14 Mar 2007 07:04:45 GMT)

Street lurches down in home-loan crisis
U.S. stocks plunged, wiping out three days of gains, after growing mortgage delinquencies and slower retail sales heightened concern the home-loan crisis is spreading across the economy. (Wed, 14 Mar 2007 08:38:22 GMT)

Bills Piling Up? Refinancing Your Car Puts Extra Cash In Your Pocket
(ARA) - Sometimes life throws you a curve ball. The water heater springs a leak, your son breaks a tooth or you need a plane ticket to visit a sick relative. These unplanned expenses add up and if you don't have savings to cover them, where will the extra payments come from? (Wed, 14 Mar 2007 10:18:16 GMT)

Mortgage applications at 3-month high
WASHINGTON (MarketWatch) -- With fixed mortgage rates falling to the lowest level in three months, applications for loans at major U.S. lenders rose to the highest level in three months last week, the Mortgage Bankers Association reported Wednesday. (Wed, 14 Mar 2007 11:09:05 GMT)

U.S. mortgage applications rose last week: MBA
U.S. mortgage applications rose last week, with both new purchases and refinancings driven up by the lowest long-term home loan rates since early December, an industry trade group said on Wednesday. (Wed, 14 Mar 2007 11:11:16 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, 14 Mar 2007 11:35:39 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance ? Are the rates and the current mortgage market the best indicators? (Wed, 14 Mar 2007 11:36:39 GMT)

Don't Refinance Your Home to Pay Off Credit Card Debt - There's a Better Way
(ARA) - Ever received one of those offers in the mail that seems like the solution to all your problems? It may have said, "Your home is an untapped resource. Refinance your loan with us and you'll get quick cash to buy a car, fund college or pay off your credit card debt." (Wed, 14 Mar 2007 11:48:04 GMT)

Mortgage market trouble generates stock sell-off / Some fear loan woes will spread through the whole economy
Stocks plunged Tuesday as Wall Street woke up to growing problems in the mortgage market and investors became concerned that those troubles might spread to other parts of the economy. The number of borrowers who fell behind on payments hit a 3 1/2-year... (Wed, 14 Mar 2007 11:59:57 GMT)

U.S. home loan fears spark renewed stocks slide
Global stocks tumbled on Wednesday as fears about the impact of U.S. home owners falling behind with mortgage payments hit financial shares, prompting money to flow into safe-haven government bonds. (Wed, 14 Mar 2007 12:12:08 GMT)

U.S. mortgage applications rose last week: MBA
NEW YORK (Reuters) - U.S. mortgage applications rose last week, with both new purchases and refinancings driven up by the lowest long-term home loan rates since early December, an industry trade group said on Wednesday. (Wed, 14 Mar 2007 12:44:45 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance ? Are the rates and the current mortgage market the best indicators? (Wed, 14 Mar 2007 13:21:05 GMT)

$1,300...$2,000...there goes your mortgage
Jemima and Ricardo Sanon, 30 and 29, saw the possibility of trouble before they ever signed their mortgage documents in 2004. (Wed, 14 Mar 2007 14:19:08 GMT)

Stocks flat amid mortgage sector worries
Stocks were little changed on Wednesday after comments from Lehman Brothers Holdings Inc. renewed worries about the mortgage market, but investors snapped up some bargains after Tuesday's 2 percent market fall. (Wed, 14 Mar 2007 14:36:20 GMT)

High-risk mortgage woes could spread
The hangover from the lending spree that fed the real estate boom during the first half of this decade keeps getting worse, with the most acute pain tormenting the mortgage niche catering to high-risk, or subprime, borrowers. (Wed, 14 Mar 2007 15:02:31 GMT)

GM profit in '07 likely to be hit by home-loan woes
The carmaker must contribute $1 billion to bolster lending affiliate GMAC under terms of a majority-stake sale. General Motors Corp. expects home loan defaults to drag down its financial results this year. (Wed, 14 Mar 2007 15:47:36 GMT)

Don't Refinance Your Home to Pay Off Credit Card Debt - There's a Better Way
(ARA) - Ever received one of those offers in the mail that seems like the solution to all your problems? It may have said, "Your home is an untapped resource. Refinance your loan with us and you'll get quick cash to buy a car, fund college or pay off your credit card debt." (Wed, 14 Mar 2007 16:47:43 GMT)

Mortgage troubles in Louisiana
Louisiana is one of three states that leads the nation in people behind on their mortgages and in danger of losing their homes. Analysts said many homeowners staved off foreclosure a few years ago by refinancing to more risky adjustable-rate mortgages with lower monthly payments. (Wed, 14 Mar 2007 16:53:16 GMT)

Reader inquiry: Mortgage application denied?
Has your mortgage application been denied because of changing underwriting standards, or have you been having trouble refinancing your adjustable rate mortgage and are willing to talk with a reporter about your situation? Please send an e-mail to jbuchta@startribune.com. Thank you. (Wed, 14 Mar 2007 17:01:38 GMT)

Dow falls below 12,000 on mortgage woes
Stocks fell Wednesday, pulling the Dow Jones industrials through the psychological 12,000 barrier for the first time since Nov. 6 as concerns about faltering subprime mortgage lenders extended a broad selloff in stocks. (Wed, 14 Mar 2007 17:08:12 GMT)

Record foreclosures hit mortgage lenders
Late payments and foreclosures on U.S. homes rose in the fourth quarter last year, driven by subprime borrowers with weak credit and adjustable-rate mortgages that rose to higher interest rates, the Mortgage Bankers Association said Tuesday. (Wed, 14 Mar 2007 17:09:11 GMT)

Mortgage applications rise as rates dip to near 6%
Mortgage applications rose last week, with both new purchases and refinancings driven up by the lowest long-term home loan rates since early December, an industry trade group said Wednesday. (Wed, 14 Mar 2007 17:10:28 GMT)

Mortgage Applications at 3-Month High
With fixed mortgage rates falling to the lowest level in three months, applications for loans at major U.S. lenders rose to the highest level in three months last week, the Mortgage Bankers Association reported Wednesday. (Wed, 14 Mar 2007 17:26:54 GMT)

Europe Rattled By U.S. Mortgage Scare
The latest sell-off is catalyzed by concerns over the U.S.' "sub-prime" mortgage market. (Wed, 14 Mar 2007 17:46:58 GMT)

Dow falls on mortgage woes
Wall Street turned mixed Wednesday, seeking direction a day after concerns about faltering subprime mortgage lenders sparked a broad selloff in stocks. The Dow Jones industrials briefly fell below the psychological 12,000 barrier for the first time since Nov. 6. (Wed, 14 Mar 2007 18:00:20 GMT)

Mortgage concerns weigh on dollar
The dollar fell on Wednesday as US equities continued to slide on concerns that problems in the US subprime mortgage market could spill over to the wider economy. (Wed, 14 Mar 2007 18:00:26 GMT)

National City expects subprime mortgage losses
National City Corp. , the No. 9 U.S. bank, on Wednesday said it wrote off $11 million stemming from subprime home loans, expects to write off more, and may boost reserves by $50 million because an insurer is rejecting mortgage-related claims. (Wed, 14 Mar 2007 18:06:41 GMT)

Stocks slip amid subprime mortgage jitters
Stocks slipped in a volatile session on Wednesday as worries over subprime mortgage losses kept investors on edge, halting a spurt of buying at session lows. (Wed, 14 Mar 2007 18:09:24 GMT)

Pembrook Capital Launches 'Home Equity Loan' for Commercial Real Estate
MARCH 13, 2007 -- New York—Pembrook Capital Management has introduced a mezzanine loan that allows borrowers to take out additional money during the course of the loan term as the property value increases. The minimum mezz debt is $2 million. (Wed, 14 Mar 2007 19:13:12 GMT)

If You Have an Adjustable Rate Mortgage, Why You Need to Refinance Now
(ARA) - When you signed up for that adjustable rate loan a few years back, it probably seemed like a deal too good to pass up. But fast forward to the present, and you're probably starting to get a little nervous. (Wed, 14 Mar 2007 19:17:47 GMT)

National City expects subprime mortgage losses
NEW YORK (Reuters) - National City Corp. , the No. 9 U.S. bank, on Wednesday said it wrote off $11 million stemming from subprime home loans, expects to write off more, and may boost reserves by $50 million because an insurer is rejecting mortgage-related claims. (Wed, 14 Mar 2007 19:43:17 GMT)

Home-loan trouble spurs fears of US 'credit crunch'
Such worry is one reason that stock prices took a dive Tuesday. Could the problems affect the broader economy? (Wed, 14 Mar 2007 21:44:43 GMT)

James F. Burr to Join the Federal Home Loan Bank of San Francisco Board of Directors
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco Board of Directors has selected James F. Burr to fill a vacant position on the Board, effective March 30, 2007. Mr. Burr replaces Michael Roster, who resigned from the Board effective February 5, 2007. (Wed, 14 Mar 2007 23:23:00 GMT)

Mortgage Brokers Who Inflate Income For Refinancing
The number of people who are behind on their mortgage payments is at nearly 5 percent and that is the highest percentage in three and a half years. Video: Lisa Kiava Reports More Business News More Consumer News (Wed, 14 Mar 2007 23:30:00 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance ? Are the rates and the current mortgage market the best indicators? (Wed, 14 Mar 2007 23:46:22 GMT)

Asian Stocks Climb as U.S. Home-Loan Concern Eases; Canon Gains
March 15 (Bloomberg) -- Asian stocks rebounded from the biggest drop in more than a week on speculation rising U.S. mortgage delinquencies won't derail demand in the region's biggest export market. Canon Inc. and Hyundai Motor Co. gained. (Thu, 15 Mar 2007 03:14:14 GMT)

Do You Have Credit Problems? Yes, You Can Still Refinance
(ARA) - If you have bad credit or a low FICO score, you're no doubt doing everything possible to turn things around. But if you have an adjustable rate mortgage (ARM), paying off your debts and cleaning up your credit is about to get a whole lot harder. (Thu, 15 Mar 2007 04:00:15 GMT)

If You Have an Adjustable Rate Mortgage, Why You Need to Refinance Now
(ARA) - When you signed up for that adjustable rate loan a few years back, it probably seemed like a deal too good to pass up. But fast forward to the present, and you're probably starting to get a little nervous. (Thu, 15 Mar 2007 04:36:48 GMT)

GE, Macquarie May Bid for RAMS Mortgage, People Say (Update2)
March 15 (Bloomberg) -- General Electric Co. and Macquarie Bank Ltd. are considering bids of as much as A$1 billion ($781 million) for Australia's RAMS Mortgage Corp., six people with knowledge of the matter said. (Thu, 15 Mar 2007 06:04:18 GMT)

Asian Stocks Climb as U.S. Home-Loan Concern Eases; Canon Gains
March 15 (Bloomberg) -- Asian stocks rebounded from the biggest drop in more than a week on speculation rising U.S. mortgage delinquencies won't derail demand in the region's biggest export market. Canon Inc. and Hyundai Motor Co. gained. (Thu, 15 Mar 2007 06:14:17 GMT)

Interest rates fall, mortgage applications rise
Applications for domestic mortgages increased for the second straight week as falling long-term interest rates continued to propel refinancing activity, a trade association reported Wednesday. (Thu, 15 Mar 2007 06:16:23 GMT)

Asian Stocks Rise as U.S. Home-Loan Concern Eases; Toyota Gains
March 15 (Bloomberg) -- Asian stocks rebounded from the biggest drop in more than a week on speculation rising U.S. mortgage delinquencies won't derail demand in the region's largest export market. Toyota Motor Corp. led gains. (Thu, 15 Mar 2007 07:14:14 GMT)

Mortgage applications rise to a 3-month high
With fixed mortgage rates falling to the lowest level in three months, applications for loans at major U.S. lenders rose last week to the highest level in three months, the Mortgage Bankers Association reported Wednesday. (Thu, 15 Mar 2007 09:27:13 GMT)

Drive to make deals fuels mortgage woes
Why such carnage in the subprime mortgage market? Everyone in the real estate business has incentives to make sure deals happen -- even unwise ones. (Thu, 15 Mar 2007 10:00:00 GMT)

Asian Stocks Rise as U.S. Home-Loan Concern Eases; Toyota Gains
March 15 (Bloomberg) -- Asian stocks rebounded from the biggest drop in more than a week on speculation rising U.S. mortgage delinquencies won't damp spending in the world's largest economy. (Thu, 15 Mar 2007 10:29:14 GMT)

MARKETS BOUNCE BACK AFTER HOME LOAN WOES EASE UP
U.S. banks and homebuilders carried stocks to their second gain this week after Lehman Brothers Holdings Inc. said bad home loans won't curtail earnings. Countrywide Financial Corp., the biggest U.S. mortgage lender, posted its first advance in... (Thu, 15 Mar 2007 10:34:17 GMT)

Mortgage pressures hit GMAC, H&R Block
This week's financial troubles for the home-loan units of GMAC Financial Services and H&R Block Inc. underscore pressures on their businesses, as well as for the overall mortgage industry, from rising delinquencies on subprime loans. (Thu, 15 Mar 2007 10:47:14 GMT)

Adjustable-rate or fixed-rate mortgage?
Dear Dr. Don, Should my newly married daughter get an adjustable-rate mortgage or fixed-rate mortgage if she only plans to stay in their newly purchased home for five years? (Thu, 15 Mar 2007 11:37:38 GMT)

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