Mortgage News Mar 2007
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Fingers Pointed Over Mortgage Meltdown
Charges of blame were flying Thursday for the meltdown of the high-risk mortgage market as pressure mounted for Congress to do something about rising foreclosures among homeowners unable to meet high payments. "What we're looking at is a tsunami of... (Fri, 23 Mar 2007 00:31:35 GMT)
Hawaii scores well in mortgage payments
The percentage of past-due mortgage payments in Hawaii was below the national average in the fourth quarter of 2006, according to the Mortgage Bankers Association. (Fri, 23 Mar 2007 01:12:31 GMT)
Blame Flies In Risky Mortgage Meltdown
Federal regulators were grilled in the Senate about the meltdown of the high-risk mortgage market amid rising foreclosures among homeowners unable to meet high payments. The distress in subprime mortgages has both Wall Street and Washington worried. (Fri, 23 Mar 2007 01:30:06 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. (Fri, 23 Mar 2007 01:34:06 GMT)
Fingers pointed over mortgage meltdown
Charges of blame were flying Thursday for the meltdown of the high-risk mortgage market as pressure mounted for Congress to do something about rising foreclosures among homeowners unable to meet high payments. (Fri, 23 Mar 2007 02:03:07 GMT)
Avoiding a default on your mortgage
Trouble begins with a slow-motion descent toward your first missed mortgage payment. It's a queasy feeling thousands of homeowners know too well as their houses slip away. ... - By JIM WASSERMAN Sacramento Bee (Fri, 23 Mar 2007 04:11:01 GMT)
Santa Ana company's report warns of spreading mortgage woes
Foreclosures triggered by the resetting of adjustable rate mortgages will worsen and extend into the next decade, causing $112 billion in losses to borrowers and lenders nationwide, according to a Southern California mortgage analyst. (Fri, 23 Mar 2007 04:49:25 GMT)
Fed too lax in regulating mortgage lenders, official admits
The Federal Reserve could have acted faster to prevent a meltdown in the subprime mortgage market by curbing the lax lending standards that contributed to the crisis, the Fed's chief bank supervisor said. (Fri, 23 Mar 2007 07:17:38 GMT)
Mortgage market stirs bank trouble
Charges of blame were flying Thursday for the meltdown of the high-risk mortgage market. (Fri, 23 Mar 2007 09:28:36 GMT)
Blame flies for high-risk mortgage meltdown
Mortgage company executives defend themselves to lawmakers. Charges of blame were flying Thursday for the meltdown of the high-risk mortgage market as pressure mounted for Congress to do something about rising foreclosures among homeowners unable to meet high payments. (Fri, 23 Mar 2007 10:51:34 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? (Fri, 23 Mar 2007 11:11:16 GMT)
Senators blame Fed in mortgage meltdown
Washington- Senators Thursday accused the Federal Reserve and its former chairman, Alan Greenspan, of a "pattern of neglect" that fostered a crisis in the mortgage industry that is putting more than 2 million families at risk of losing their homes. (Fri, 23 Mar 2007 11:52:15 GMT)
'Trigger list' calls prompt mortgage complaints
When you apply for a mortgage and get a barrage of irritating and confusing phone calls from competing lenders before noon the next day, can you turn to the government for help? (Fri, 23 Mar 2007 11:58:54 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. (Fri, 23 Mar 2007 12:12:25 GMT)
Hawaii mortgage rates 5.75% or less
First Hawaiian Bank remained at 5.625 percent for a 30-year fixed-rate mortgage this week, while Bank of Hawaii quoted 5.75 percent. (Fri, 23 Mar 2007 13:58:39 GMT)
As Danger of Predatory Loans Grows, Bush Administration Aims to Eliminate Home Loan Program for Single Families in ...
The union which represents workers who service single family home loans to persons living in rural America says the Bush administration is out to eliminate USDA's Rural Development's 502 Direct home loan program. AFGE Local 3354 of the American Federation of Government Employees says that the administration wants to eliminate administrative funding for 502 Direct Single Family Housing loans. ... (Fri, 23 Mar 2007 14:10:00 GMT)
Taking Out A Second Mortgage In Second Life
Buying a home is usually the single largest investment that the average individual will make over the span of their life. Careful thought and planning are exercised when determining how much of a mortgage to take on, how large of a home to purchase, and what realtor to use. Indeed, home ownership is not something to be entered into lightly. Buying a home in Second Life, however, can be as ... (Fri, 23 Mar 2007 15:00:39 GMT)
Congress Faces Mortgage Meltdown
Charges of blame were flying Thursday for the meltdown of the high-risk mortgage market as pressure mounted for Congress to do something about rising foreclosures among homeowners unable to meet high payments (Fri, 23 Mar 2007 15:06:26 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? (Fri, 23 Mar 2007 16:00:26 GMT)
The cost of a home equity loan
An equity loan will cost you twice. First you pay fees and closing costs, and then you pay interest. (Fri, 23 Mar 2007 16:17:38 GMT)
Federal Home Loan Bank of Atlanta to Offer More Than $2 Million to Boost Jobs, Growth
Federal Home Loan Bank of Atlanta announced that it plans to make available more than $2 million of subsidy to reduce the interest rate on loans that spur development in retail, small business, and other qualifying projects throughout the Southeast. (Fri, 23 Mar 2007 16:57:00 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. (Fri, 23 Mar 2007 18:57:35 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. (Fri, 23 Mar 2007 19:11:59 GMT)
Mortgage applications trigger phone calls from competitors
When you apply for a mortgage and get a barrage of irritating and confusing phone calls from competing lenders before noon the next day, can you turn to the government for help? The Federal Trade Commission (FTC) issued its long-awaited answer to that question this month, and it's already attracting criticism. The agency, which has regulatory powers over consumer credit, says it lacks the legal ... (Fri, 23 Mar 2007 19:12:56 GMT)
Loan bank offers $2 million for needy projects
The Federal Home Loan Bank of Atlanta is making available more than $2 million to subsidize development projects that would benefit low- and moderate-income communities. (Fri, 23 Mar 2007 19:34:26 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. (Fri, 23 Mar 2007 20:08:27 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? (Fri, 23 Mar 2007 20:09:07 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? (Fri, 23 Mar 2007 21:37:30 GMT)
GMAC Mortgage Unit Says Chief Financial Officer Has Resigned
March 23 (Bloomberg) -- GMAC LLC said the chief financial officer has resigned at its Residential Capital home mortgage division, where bad loans cut 2006 profit at part-owner General Motors Corp. (Fri, 23 Mar 2007 22:26:47 GMT)
Ohio Plans Bonds to Bail Out Homeowners Strapped by Mortgages
March 23 (Bloomberg) -- Ohio, which had the highest foreclosure rate among the 50 U.S. states at the end of 2006, plans to issue $100 million in taxable municipal bonds next month to help homeowners refinance mortgages they can't afford. (Fri, 23 Mar 2007 22:27:07 GMT)
GMAC Mortgage Unit Chief Financial Officer Resigns (Update1)
March 23 (Bloomberg) -- GMAC LLC said Chief Financial Officer James Giertz will resign from its Residential Capital division, the second executive this week to leave the money- losing home mortgage unit partly owned by General Motors Corp. (Fri, 23 Mar 2007 23:12:07 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. (Fri, 23 Mar 2007 23:24:56 GMT)
A Dose of Negativity Could Help Balance Out the Hype
Bad mortgage selection has become a major problem with the explosion in the volume of complicated interest-only mortgages and option adjustable-rate mortgages. These instruments have often been marketed deceptively to borrowers who don't understand them and are not prepared for the risks. (Fri, 23 Mar 2007 23:39:36 GMT)
FTC Says It Can't Protect Mortgage-Seekers From 'Trigger Lists'
When you apply for a mortgage and get a barrage of irritating and confusing phone calls from competing lenders before noon the next day, can you turn to the government for help? (Fri, 23 Mar 2007 23:39:46 GMT)
GMAC Mortgage Unit Chief Financial Officer Resigns (Update2)
March 23 (Bloomberg) -- GMAC LLC said James Giertz, chief financial officer of the Residential Capital division, will resign, the second executive this week to leave the money-losing home mortgage unit partly owned by General Motors Corp. (Fri, 23 Mar 2007 23:56:57 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? (Sat, 24 Mar 2007 01:06:46 GMT)
Home equity car loan bad idea
If you're financing the purchase of a car with the equity in your home, you could be paying for a car over 10 or even 30 years. (Sat, 24 Mar 2007 02:07:49 GMT)
David Hendricks: San Antonians feel the sharp teeth of rising mortgage payments
More than half the San Antonians in pre-bankruptcy counseling say a rising monthly mortgage payment is one major reason they can't pay their bills. (Sat, 24 Mar 2007 02:21:53 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. (Sat, 24 Mar 2007 02:25:51 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. (Sat, 24 Mar 2007 02:29:46 GMT)
Ohio to Sell Bonds To Help Avert Home Foreclosures
Ohio, which had the highest foreclosure rate in the nation at the end of last year, plans to issue $100 million in taxable municipal bonds next month to help homeowners refinance mortgages. (Sat, 24 Mar 2007 02:41:36 GMT)
Mortgage applicants peppered with "trigger-list" pitches
When you apply for a mortgage and get a barrage of irritating and confusing phone calls from competing lenders before noon the next day... (Sat, 24 Mar 2007 07:08:24 GMT)
Dad finds out pitfalls of co-signing mortgage
Q: About two years ago, I helped my daughter (then age 23) buy a one-bedroom condo by co-signing with her on her mortgage. She was fresh out of college with a good job at an accounting firm. About 18 months ago, she foolishly quit that well-paying job because she didn't like her boss. Since then, she hasn't been able to find another job paying as well. As a result, she is now three months behind ... (Sat, 24 Mar 2007 07:25:18 GMT)
Tactics to avoid mortgage default
Trouble begins with a slow-motion descent toward your first missed mortgage payment. It's a queasy feeling thousands of homeowners know too well as their houses slip away. (Sat, 24 Mar 2007 09:22:59 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. (Sat, 24 Mar 2007 09:29:59 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? (Sat, 24 Mar 2007 11:04:31 GMT)
Part 1: What do those terms mean?
Are you getting ready to buy a new home or refinance your existing home? When you meet with your lender or speak with a real estate agent, you'll find they have specific terms or words they use. To avoid any confusion, if you don't understand what they are talking about, ask them. (Sat, 24 Mar 2007 11:27:48 GMT)
Choosing an Interest Only Mortgage Option
(ARA) - There are so many types of mortgage programs available to home buyers that it can get difficult to keep them all separate. One of the latest types of programs that many people are taking advantage of is the Interest Only Mortgage option. (Sat, 24 Mar 2007 11:57:17 GMT)
Palisades Takes $93M First Mortgage for Chelsea/Flatiron Condo
Manhattan’s condo market is showing signs of reversing its cooling trend, and the capital markets are taking heed. Palisades Financial disclosed yesterday that it has acquired a $93 million B note for the first mortgage of a condominium conversion project in Manhattan’s Chelsea/Flatiron district. (Sat, 24 Mar 2007 14:03:33 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? (Sat, 24 Mar 2007 15:39:00 GMT)
Home loan limits increased for USDA rural development
Greg Branum, Missouri State Director for USDA Rural Development, announced increased limits on the maximum home mortgage available through the agency's direct loan program. (Sat, 24 Mar 2007 16:25:08 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. (Sat, 24 Mar 2007 16:38:20 GMT)
Think You're Paying Too Much on Your Car Loan?
(ARA) - You have probably heard of auto refinance before. Or simply refinance. The term actually refers to a financial situation wherein a borrower finds financing to pay off a current loan. (Sat, 24 Mar 2007 17:02:28 GMT)
Choosing an Interest Only Mortgage Option
(ARA) - There are so many types of mortgage programs available to home buyers that it can get difficult to keep them all separate. One of the latest types of programs that many people are taking advantage of is the Interest Only Mortgage option. (Sat, 24 Mar 2007 18:11:59 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. (Sat, 24 Mar 2007 18:38:30 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. (Sat, 24 Mar 2007 18:38:40 GMT)
Kick the tires on the car loan, too
A legislative proposal that would have forced car dealers to tell consumers the true cost of their loans was stripped from the "Car Buyer's Bill of Rights" last week, making it more important than ever for Minnesotans to do their homework when shopping for a car loan. Though some consumer advocates were dismayed to see the financing portion fall by the wayside, the bill's sponsor, Sen. Ron Latz, ... (Sat, 24 Mar 2007 18:39:41 GMT)
Subprime Mortgage Bust Forces Families From Homes
Many families would never have become homeowners if not for a kind of mortgage business called subprime lending. It long seemed like a winning proposition for all parties. Now the costs are becoming apparent — and they are very unsettling. (Sat, 24 Mar 2007 20:27:00 GMT)
Subprime Mortgage Bust Forces Families From Homes
Many families would never have become homeowners if not for a kind of mortgage business called subprime lending. It long seemed like a winning proposition for all parties. Now the costs are becoming apparent — and they are very unsettling. (Sat, 24 Mar 2007 20:27:00 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. (Sat, 24 Mar 2007 22:06:25 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. (Sat, 24 Mar 2007 23:29:56 GMT)
Think You're Paying Too Much on Your Car Loan?
(ARA) - You have probably heard of auto refinance before. Or simply refinance. The term actually refers to a financial situation wherein a borrower finds financing to pay off a current loan. (Sun, 25 Mar 2007 00:08:30 GMT)
After the mortgage party, a hangover
Waukesha - Waukesha - This is the year America's housing and mortgage markets pay the piper for partying too... (Sun, 25 Mar 2007 00:34:35 GMT)
Choosing an Interest Only Mortgage Option
(ARA) - There are so many types of mortgage programs available to home buyers that it can get difficult to keep them all separate. One of the latest types of programs that many people are taking advantage of is the Interest Only Mortgage option. (Sun, 25 Mar 2007 01:00:33 GMT)
Mortgage Rates
This week, Senators tried to figure out who was to blame for the major mortgage lending industry problem. (Sun, 25 Mar 2007 01:18:14 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? (Sun, 25 Mar 2007 02:23:10 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? (Sun, 25 Mar 2007 02:23:41 GMT)
What caused nonprime mortgage business to falter?
The nonprime mortgage business is in a mess because during the boom years, hardly anyone had an incentive to say no. The people who take applications, the companies that lend the money, the appraisers who check property values, the investment banks that sell mortgages to investors and the investors themselves — as long as each participant said yes to risky borrowers, everyone made money. (Sun, 25 Mar 2007 04:21:58 GMT)
MORTGAGES AND MORE: Putting a local perspective on the subprime mortgage crisis
Ever since we penned our recent column on the crisis in the subprime mortgage industry, we have been barraged with questions about possible implications for the real estate market in Asheville. (Sun, 25 Mar 2007 05:08:11 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, 25 Mar 2007 05:42:18 GMT)
USDA program raises home mortage limits
U.S. Department of Agriculture Rural Development in Iowa has increased the limits on the maximum home mortgage available through its direct loan program. (Sun, 25 Mar 2007 06:16:37 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. (Sun, 25 Mar 2007 06:17:29 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. (Sun, 25 Mar 2007 06:59:46 GMT)
Tom Sullivan: It pays to shorten mortgage
If you're purchasing your home, I'm sure you dream of the day you'll pay off the mortgage. (Sun, 25 Mar 2007 07:08:54 GMT)
Before buying a new home with cash, cover your bases
Dear Liz : I am retiring. I can sell my house and pay cash for a retirement home in the area where I want to live. Does this make sense? I can't see any benefit in taking out a mortgage and paying interest. (Sun, 25 Mar 2007 07:09:56 GMT)
Family finds mortgage a house of cards
THORNTON, Colo. —The lights are still on inside Foreclosure No. A200642668 — so while there's time, have a look around. (Sun, 25 Mar 2007 07:12:18 GMT)
KENNETH HARNEY: FHA helps fill need following collapse of subprime lenders
With the subprime mortgage industry in virtual free fall, where do home buyers with less than perfect credit turn for financing? (Sun, 25 Mar 2007 07:26:08 GMT)
Mortgage payments hit hard
Late mortgage bills are stacking up in an increasing number of Vermont households. Foreclosures in Chittenden County -- where last year's median-priced home cost $269,900, nearly $64,000 more than the median-priced Vermont home -- jumped 37 percent from 2005 to 2006. (Sun, 25 Mar 2007 08:19:09 GMT)
Executive details new risks, opportunities with mortgages
Summit Mortgage chief executive Rick Fedele has more than 20 years experience in the residential and commercial mortgage business. He answered reader questions on Boston.com last week. Here are excerpts: (Sun, 25 Mar 2007 09:20:51 GMT)
Buying car with home equity loan? Do the math
Would you take out a 30-year car loan? OK, you're probably thinking that sounds outrageous, so let me take it down a bit. How about a 10-year auto loan? If you're financing a car purchase with the equity in your home, that is exactly what you could be doing — paying for a car over 10 or even 30 years. (Sun, 25 Mar 2007 09:51:35 GMT)
Tales of bankruptcy, foreclosure
Subprime mortgage companies have made many high-interest loans in the Tampa Bay area to borrowers with credit problems or prior bankruptcies (Chapter 7, in which most debts are discharged, or Chapter 13, which provides for partial repayment to creditors). (Sun, 25 Mar 2007 10:29:57 GMT)
Choosing an Interest Only Mortgage Option
(ARA) - There are so many types of mortgage programs available to home buyers that it can get difficult to keep them all separate. One of the latest types of programs that many people are taking advantage of is the Interest Only Mortgage option. (Sun, 25 Mar 2007 10:53:37 GMT)
Homeowners hit with harsh realities when payments spike
LAST YEAR, James and Barbara Morgan refinanced their mortgage into a subprime loan in hopes of lowering their house payments. Now the couple worry that the high-risk loan could force them to sell the East Oakland home they have lived in for more than 30 years. (Sun, 25 Mar 2007 10:54:26 GMT)
Choose mortgage that is right for your needs
We are in the process of purchasing a new home. We have not purchased a house in a number of years and I wanted to get your thoughts on the type of mortgage that we should get. In addition, does it make sense to purchase the most expensive home we can afford considering real estate prices in Michigan? (Sun, 25 Mar 2007 10:55:19 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. (Sun, 25 Mar 2007 11:25:31 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? (Sun, 25 Mar 2007 11:41:40 GMT)
Amid the subprime mortgage bust, a family finds a house of cards
THORNTON, Colo. -- The lights are still on inside Foreclosure No. A200642668 -- so while there's time, have a look around. Here's the living room, still covered in the worn blue shag Angela Sneary always intended to replace with the sheen of hardwood. (Sun, 25 Mar 2007 12:53:49 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? (Sun, 25 Mar 2007 14:02:18 GMT)
Borrowers Feel Misled by Home Lenders
A divorce led Daniel Peart to refinance his four-bedroom home with a subprime loan. Like many borrowers with spotty credit, the self-employed handyman said he agreed to a relatively high interest rate in exchange for two years of low, fixed payments. (Sun, 25 Mar 2007 17:45:51 GMT)
Centenarian gets 25-year mortgage
Actuarial experts must be rolling their eyes since word got out that a British lender has granted a 25-year mortgage to a 102-year-old man. The unnamed ... (Sun, 25 Mar 2007 19:04:44 GMT)
Centenarian gets 25-year mortgage
Actuarial experts must be rolling their eyes since word got out that a British lender has granted a 25-year mortgage to a 102-year-old man. (Sun, 25 Mar 2007 19:11:40 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. (Sun, 25 Mar 2007 19:30:05 GMT)
Choosing an Interest Only Mortgage Option
(ARA) - There are so many types of mortgage programs available to home buyers that it can get difficult to keep them all separate. One of the latest types of programs that many people are taking advantage of is the Interest Only Mortgage option. (Sun, 25 Mar 2007 21:04:25 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? (Sun, 25 Mar 2007 23:00:05 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. (Sun, 25 Mar 2007 23:20:17 GMT)
Maryland escapes worst of subprime loan problems — for now
Maryland's subprime loan foreclosure rate of 2 percent for the last quarter of 2006 was among the lowest in the country, bucking the national trend toward alarming rates. (Mon, 26 Mar 2007 00:30:18 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. (Mon, 26 Mar 2007 00:48:42 GMT)
Foreclosures: A Real Boom for Investors
(ARA) - The climate is ripe for an increase in the number of American homes going into foreclosure. Interest rates are on the rise, mortgage payments are continuing to increase and home values are staying stagnant in some places and falling in others. (Mon, 26 Mar 2007 00:48:52 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, 26 Mar 2007 00:53:22 GMT)
Think You're Paying Too Much on Your Car Loan?
(ARA) - You have probably heard of auto refinance before. Or simply refinance. The term actually refers to a financial situation wherein a borrower finds financing to pay off a current loan. (Mon, 26 Mar 2007 01:19:14 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, 26 Mar 2007 01:53:14 GMT)
Foreclosure Wave Bears Down on Immigrants
Immigrants are emerging as among the first victims of a growing wave of home foreclosures in the Washington area as mortgage lending problems multiply here and across the country. (Mon, 26 Mar 2007 02:37:30 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, 26 Mar 2007 02:47:13 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. (Mon, 26 Mar 2007 03:19:13 GMT)
Federal Home Loan Bank restores down payment assistance grants
The Federal Home Loan Bank of Cincinnati has reinstated a grant program that could bring tens of thousands of dollars in homebuying assistance to low-income and handicapped Central Ohioans. (Mon, 26 Mar 2007 05:20:16 GMT)
Mortgage industry feels impact of shrinking subprime market
With the national subprime mortgage market shrinking and foreclosures on the rise, local mortgage brokers say they are facing tough times, too. (Mon, 26 Mar 2007 05:21:06 GMT)
Subprime time: Legislators and regulators plan to tighten rules for mortgage banks
The N.C. Commissioner of Banks is ramping up his supervision of mortgage lenders in the state and supporting legislation to tighten restrictions on "subprime" loans amidst nationwide concern that mortgages offered to borrowers with low credit scores and questionable ability to pay could torpedo the housing market and broader economy. (Mon, 26 Mar 2007 05:22:16 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? (Mon, 26 Mar 2007 07:38:27 GMT)
Schumer urges more regulation of subprime mortgage rates
NEW YORK Senator Chuck Schumer says more federal oversight is needed in the sub-prime lending mortgage market. Schumer called the sub-prime market "the wild west of... (Mon, 26 Mar 2007 07:41:36 GMT)
Annaly Capital 10-K: Good Mortgage Good REIT Primer
Bill Allen submits: As a companion to my previous discussion of the mortgage market, investors may want to take a look at the recently issued 10-K for Annaly Capital Management . With CEO Michael Farrell at the helm, the firm remains one of the best managed and well-capitalized mortgage real estate investment trusts, and [... ] (Mon, 26 Mar 2007 07:58:41 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, 26 Mar 2007 09:44:05 GMT)
Some bankrupt home buyers are pointing fingers at lenders
LOS ANGELES - A divorce led Daniel Peart to refinance his four-bedroom home with a subprime loan. Like many borrowers with spotty credit, the self-employed handyman said he agreed to a relatively high interest rate in exchange for two years of low, fixed payments. (Mon, 26 Mar 2007 09:44:51 GMT)
Schumer urges more regulation of subprime mortgage rates
NEW YORK Senator Chuck Schumer says more federal oversight is needed in the sub-prime lending mortgage market. Schumer called the sub-prime market "the wild west of mortgage loans." (Mon, 26 Mar 2007 09:55:03 GMT)
Too soon to refinance piggyback loan
It's unlikely that you've built up much equity this quickly, says Dr. Don. (Mon, 26 Mar 2007 10:00:00 GMT)
34 percent of homeowners are clueless about their mortgage
A recent Bankrate poll showed that more than a third of the nation's homeowners are confused about their mortgages. And, 28 percent worry about making their mortgage payments (Mon, 26 Mar 2007 10:00:00 GMT)
Centagenarian secures 25-year mortgage
Last payment due at a venerable 127A 102-year-old UK man has secured a £200,000 interest-only mortgage which will cost him £958 a month until he makes the final payment at 127, Ananova reports.… (Mon, 26 Mar 2007 10:15:13 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, 26 Mar 2007 10:17:23 GMT)
Think You're Paying Too Much on Your Car Loan?
(ARA) - You have probably heard of auto refinance before. Or simply refinance. The term actually refers to a financial situation wherein a borrower finds financing to pay off a current loan. (Mon, 26 Mar 2007 10:26:39 GMT)
HOME $ICK NYERS
Frank Ruggiero could lose his Ozone Park home next year - thanks to a broker who convinced him to refinance his mortgage under a loan whose rates could triple by then. "I just want them out of business," the 69-year-old retired transit worker said... (Mon, 26 Mar 2007 10:41:14 GMT)
Choose a mortgage that is right for your needs
We are in the process of purchasing a new home. We have not purchased a house in a number of years and I wanted to get your thoughts on the type of mortgage that we should get. In addition, does it make sense to purchase the most expensive home we can afford considering real estate prices in Michigan? (Mon, 26 Mar 2007 10:50:55 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. (Mon, 26 Mar 2007 10:55:15 GMT)
Dodd presses for mortgage regulations
HARTFORD, CT (2007-03-26) Connecticut senator Chris Dodd has called on federal banking regulators to extend their oversight of mortgage companies. WNPR's Harriet Jones reports. (Mon, 26 Mar 2007 11:28:40 GMT)
Too soon to refinance piggyback loan
Dear Dr. Don, I recently closed on an 80/20 loan. Is it possible to refinance to combine the two loans into one loan? -- Rhonda Reconsider Dear Rhonda, An 80/20 loan is also known as a no-equity down piggyback loan . It's called a piggyback loan because a home equity loan, or a home equity line of credit (HELOC), is taken out at the same time as the first mortgage. (Mon, 26 Mar 2007 11:32:57 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. (Mon, 26 Mar 2007 11:42:19 GMT)
Foreclosures: A Real Boom for Investors
(ARA) - The climate is ripe for an increase in the number of American homes going into foreclosure. Interest rates are on the rise, mortgage payments are continuing to increase and home values are staying stagnant in some places and falling in others. (Mon, 26 Mar 2007 11:42:50 GMT)
34% of Homeowners Don't Know the Type of Mortgage They Have
Bankrate, Inc. today released a new Bankrate.com poll which found that more than three in ten homeowners do not know what type of mortgage they own. Furthermore, 28% of those surveyed worry about how they will afford their payments. (Mon, 26 Mar 2007 12:00:00 GMT)
Howard Hanna Selects Mortgage Builder Software After Extensive LOS Search
SOUTHFIELD, Mich.----Two mortgage businesses of equal size, Pittsburgh-based Howard Hanna and Cleveland-based Smythe Kramer merged operations a few years back to form a full service real estate company with 120 offices that originated over three-quarters of a billion dollars of mortgage business last year. (Mon, 26 Mar 2007 12:00:00 GMT)
Subprime crisis exposes mortgage scams
Gabriellee Cunningham had fallen behind on the mortgage on her modest suburban Miami home and was mired in debt when she was approached in June by a door-to-door "mortgage lender" who promised to help her. (Mon, 26 Mar 2007 12:46:54 GMT)
Mortgage Banking Services Direct Selected by First Capital Financial
TAMPA, Fla.----Mortgage Banking Services Direct , a management consulting company specializing in the areas of mortgage banking, warehouse lines of credit, mortgage broker licensing and technology for the lending industry, announced at the MBA's National Technology in Mortgage Banking Conference and Expo that First Capital Financial, based in Burbank, Calif., is utilizing MBSD to guide its ... (Mon, 26 Mar 2007 13:00:00 GMT)
Australia sees little home-loan risk
The Reserve Bank of Australia has signaled the likelihood of rate rise as early as next Tuesday. (Mon, 26 Mar 2007 14:15:34 GMT)
IBM's Mortgage Origination Services Unit
International Business Machines Corp. said Monday it formed a unit specializing in mortgage origination services to help lenders automate loan fulfillment. (Mon, 26 Mar 2007 14:30:58 GMT)
Don't drive your car into your home
W ould you take out a 30-year car loan? (Mon, 26 Mar 2007 15:09:57 GMT)
U.S. Foreclosure Filings Rise 12 Percent in February (Update2)
March 26 (Bloomberg) -- U.S. foreclosure filings last month jumped 12 percent compared with a year ago as homeowners struggled with declining home values and higher adjustable mortgage rates. (Mon, 26 Mar 2007 16:26:57 GMT)
IBM opens business to support mortgage industry
International Business Machines Corp. said on Monday it formed a unit that will sell software and computers for processing mortgage applications and also manage processing of home-loan paperwork on behalf of lenders. (Mon, 26 Mar 2007 16:51:29 GMT)
U.S. Foreclosure Filings Rise 12 Percent in February (Update3)
March 26 (Bloomberg) -- U.S. foreclosure filings last month jumped 12 percent compared with a year ago as owners struggled with declining home values and higher adjustable mortgage rates. (Mon, 26 Mar 2007 16:56:47 GMT)
IBM opens business to support mortgage industry
International Business Machines Corp. said on Monday it formed a unit that will sell software and computers for processing mortgage applications and also manage processing of home-loan paperwork on behalf of lenders. (Mon, 26 Mar 2007 17:41:15 GMT)
Sector Snap: Mortgage Lenders
Shares of mortgage lenders sank Monday after a government report offered little hope the housing market has begun to recover. (Mon, 26 Mar 2007 17:50:30 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, 26 Mar 2007 18:04:27 GMT)
Home loan limits increased for USDA rural development
Greg Branum, Missouri State Director for USDA Rural Development, announced increased limits on the maximum home mortgage available through the agency's direct loan program. (Mon, 26 Mar 2007 18:25:07 GMT)
Connecticut Seeks Arrest of Former Mortgage Executive Heffernan
March 26 (Bloomberg) -- Connecticut officials asked for an arrest warrant against Mitch Heffernan, saying the former head of Mortgage Lenders Network USA, the second-biggest subprime lender to go bankrupt in the past year, didn't pay employees as the company slid toward insolvency. (Mon, 26 Mar 2007 18:54:32 GMT)
IBM launches Charlotte mortgage unit
IBM Corp. is forming a business unit in Charlotte to offer mortgage-origination services. (Mon, 26 Mar 2007 19:07:03 GMT)
EverBank buys out BNY mortgage company
The third largest bank in Northeast Florida will purchase interests for The Bank of New York's mortgage company. (Mon, 26 Mar 2007 19:07:05 GMT)
Here Come the Mortgage Regulators
With subprime lending continuing to plummet, House and Senate hearings run the risk of further retarding a recovery in housing. (Mon, 26 Mar 2007 19:10:45 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, 26 Mar 2007 19:26:49 GMT)
Subprime Defaults May Spread to Automobile Loan Bonds, S&P Says
March 26 (Bloomberg) -- Bonds backed by automobile loans may be hurt by rising subprime mortgage defaults as people with poor credit struggle with their household debt, according to Standard & Poor's. (Mon, 26 Mar 2007 19:39:13 GMT)
Many homeowners blind to their mortgage terms
Confusion may be contributing to problems in the subprime mortgage sector, suggests a new study. (Mon, 26 Mar 2007 20:03:27 GMT)
Think You're Paying Too Much on Your Car Loan?
(ARA) - You have probably heard of auto refinance before. Or simply refinance. The term actually refers to a financial situation wherein a borrower finds financing to pay off a current loan. (Mon, 26 Mar 2007 20:11:17 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? (Mon, 26 Mar 2007 20:12:37 GMT)
Fitch Rates WaMu Mortgage P-T Certificates $1.6B 2007-HY4
NEW YORK----Fitch rates WaMu Mortgage Pass-Through Certificates, series 2007-HY4 classes as follows: (Mon, 26 Mar 2007 20:20:00 GMT)
Connecticut seeks arrest of Mortgage Lenders executive
Connecticut said on Monday it is seeking the arrest of former Mortgage Lenders Network USA Inc. President Mitchell Heffernan for failing to pay employees as the subprime lender sank into bankruptcy. (Mon, 26 Mar 2007 21:02:01 GMT)
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