Mortgage News Mar 2007

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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, 30 Mar 2007 00:29:56 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, 30 Mar 2007 01:48:55 GMT)

House passes bill to nip abusive loan practices
New rules to curb so-called predatory lending by some home mortgage brokers and lenders overwhelming passed the House on Thursday, despite some Republican complaints that the restrictions would reduce access to financing for disadvantaged buyers. But House sponsor Jim Davnie, DFL-Minneapolis, said similar measures in other states "drive out abuses and fraud" that lead to foreclosures while ... (Fri, 30 Mar 2007 02:03:29 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? (Fri, 30 Mar 2007 02:44:16 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. (Fri, 30 Mar 2007 02:48:27 GMT)

Late payments rise on home, car loans but not credit cards
WASHINGTON - Late payments on certain auto and home-equity loans climbed in the final quarter of last year, while delinquencies on credit-card bills largely held steady, suggesting some consumers are feeling more squeezed than others. (Fri, 30 Mar 2007 03:35:51 GMT)

Lenders scramble for loan buyers
New Century's woes cut off funding. Running a small business is hard enough, but try doing it while your industry of choice faces a funding crisis. Alan Pott, 42, heads American Home Equity Corp. (Fri, 30 Mar 2007 10:50:51 GMT)

Community groups, Sen. Clinton urge mortgage reform amid warnings of default "tsunami"
WASHINGTON — A coalition of housing groups and advocates for the poor yesterday said tougher laws are needed to protect consumers from lenders pushing high-interest home loans. They warned of a growing "mortgage tsunami" affecting millions of... (Fri, 30 Mar 2007 12:11:53 GMT)

SEC investigating subprime mortgage companies, enforcement chief says
WASHINGTON — The Securities and Exchange Commission is investigating a number of companies that operate in the troubled market for subprime mortgage loans, the agency's top enforcement official said yesterday. (Fri, 30 Mar 2007 12:37:21 GMT)

Raising broker loan fee decried
Senate to take up bill that foes say may cost borrowers thousands A mortgage-lending bill passed unanimously by state delegates last week and expected to come before the Senate today is being decried by fair-lending advocates, who fear homeowners would be hurt by the proposed increase in fees that brokers could charge for certain refinancing loans. (Fri, 30 Mar 2007 13:17:20 GMT)

H&R Block Says Option One Mortgage Unit Still Unsold (Update2)
March 30 (Bloomberg) -- H&R Block Inc. said it's still negotiating to sell the money-losing Option One subprime mortgage business, signaling it may not be able to conclude the talks this month as promised. (Fri, 30 Mar 2007 13:26:57 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, 30 Mar 2007 13:32:30 GMT)

Looking for ways out of the subprime mortgage crisis
The recent wave of defaults in the subprime mortgage sector that sent shocks through Wall Street has caught the attention of Congress. (Fri, 30 Mar 2007 15:11:58 GMT)

My Mortgage, My Government
The current mortgage malaise is not solely the work of the free-market system. Blame government, as well. (Fri, 30 Mar 2007 15:13:32 GMT)

H&R Block Late on Mortgage Unit Sale
H&R Block Inc. said Friday it won't meet its self-imposed March target for a deal to sell its Option One Mortgage Corp. operation because of weakness in the subprime mortgage market. (Fri, 30 Mar 2007 15:22:43 GMT)

IndyMac's top lawyer Terrence Hughes leaving mortgage lender
SAN FRANCISCO (MarketWatch) -- IndyMac Bancorp's top lawyer Terrence Hughes is leaving the mortgage lender in the midst of a downturn in the industry. (Fri, 30 Mar 2007 15:37:48 GMT)

H&R Block Says Option One Mortgage Unit Still Unsold (Update4)
March 30 (Bloomberg) -- H&R Block Inc., under pressure from investors to sell the money-losing subprime mortgage unit, signaled it won't meet a self-imposed deadline to find a buyer. (Fri, 30 Mar 2007 16:13:18 GMT)

Mortgage woes? Where to turn
With the sub- prime mortgage industry in virtual free fall, where do home buyers with less than perfect credit turn for financing? The news reports are grim: Not only have dozens of subprime lenders closed their doors or cut back sharply on new mortgage offerings, but they're also severely tightening the loose underwriting standards that got them into trouble. As a result, many people who would ... (Fri, 30 Mar 2007 16:13:52 GMT)

Federal Home Loan Bank of Chicago Announces 2006 Financial Results
The Federal Home Loan Bank of Chicago today announced its financial results for 2006 in its Form 10-K filed with the U.S. Securities and Exchange Commission. (Fri, 30 Mar 2007 16:17:00 GMT)

Fitch Rates $452.3MM Merrill Lynch Mortgage Backed Securities Trust, 2007-1
NEW YORK----Fitch rates Merrill Lynch Mortgage Backed Securities Trust, series 2007-1, residential mortgage pass-through certificates, as follows: $434.4 million classes I-A1, I-A2, II-A1, II-A-2, and A-R 'AAA' ; $9.1 million class M-1 'AA'; $3.4 million class M-2 'A'; $2.5 million class M-3 'BBB'; $1.8 million non-offered class B-1 'BB'; $1.1 million non-offered class B-2 'B'. (Fri, 30 Mar 2007 16:38:00 GMT)

Subprime Crisis May Hurt Home Sales, Realtors Say (Update1)
March 30 (Bloomberg) -- U.S. home sales may fall as the subprime mortgage crisis spurs stricter lending standards and foreclosed homes add to an already crowded marketplace, the National Association of Realtors said. (Fri, 30 Mar 2007 17:12:07 GMT)

Mortgage woes, gas prices drive down Confidence Index
Dayton small-business owners had mixed results on the economy in March, in the face of subprime mortgage woes and higher gasoline prices. (Fri, 30 Mar 2007 17:42:29 GMT)

Why Now is a Good Time to Refinance
(ARA) - If you're a homeowner, the recent drop in interest rates has opened up the possibility of big savings on your monthly payments. (Fri, 30 Mar 2007 17:51:35 GMT)

Subprime Crisis May Hurt Home Sales, Realtors Say (Update2)
March 30 (Bloomberg) -- U.S. home sales could fall further as the subprime mortgage crisis spurs stricter lending standards and foreclosed homes add to an already crowded marketplace, the National Association of Realtors said. (Fri, 30 Mar 2007 18:57:17 GMT)

H&R Block Mortgage closes Tampa office, 141 out of work
Three years ago, H&R Block Mortgage Corp. was talking about expanding its workforce, but today the company announced it was closing its Tampa location laying off 141 in the process. (Fri, 30 Mar 2007 19:14:53 GMT)

Federal Home Loan Bank sets aside millions for Wisconsin affordable housing
The Federal Home Loan Bank of Chicago said Friday it will be able to set aside $27 million to fund affordable housing programs in Wisconsin and Illinois. (Fri, 30 Mar 2007 19:18:00 GMT)

Subprime woes delay Block mortgage unit sale
H&R Block Inc. remains in negotiations to sell its Option One Mortgage Corp. subsidiary, despite earlier comments that it would announce this month how it plans to shed the company. (Fri, 30 Mar 2007 19:44:03 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? (Fri, 30 Mar 2007 20:11:39 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. (Fri, 30 Mar 2007 20:12:52 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. (Fri, 30 Mar 2007 20:13:12 GMT)

Credit Suisse unit sues lenders over mortgage pacts
(Updates with additional details on lawsuits in fourth paragraph, NetBank spokesman declining comment in the next-to-last paragraph.) NEW YORK (MarketWatch) -- A unit of Credit Suisse Group has sued three mortgage lenders in federal court in New York, claiming they failed to honor repurchase loan requirements or forward funds as part of mortgage servicing agreements. DLJ Mortgage Capital Inc. ... (Fri, 30 Mar 2007 20:15:10 GMT)

Fitch Rates SAMI II $677.4MM Prime Mortgage Trust 2007-1
NEW YORK----Structured Asset Mortgage Investments Prime Mortgage Trust, mortgage pass-through certificates, series 2007-1 are rated by Fitch Ratings as follows: $651,944,649 classes A-1 through A-7, R, X, and PO senior certificates 'AAA'; $10,867,000 class B-1, 'AA'; $5,432,000 class B-2, 'A'; $3,396,000 class B-3, 'BBB'; $3,395,000 class B-4, 'BB'; $2,378,000 class B-5, 'B'. (Fri, 30 Mar 2007 20:20:00 GMT)

H&R Block Late on Mortgage Unit Sale
H&R Block Inc. said Friday it won't meet its self-imposed March target for a deal to sell its Option One Mortgage Corp. operation because of weakness in the subprime mortgage market. (Fri, 30 Mar 2007 21:16:06 GMT)

Federal Home Loan Bank of San Francisco Releases February 2007 Cost of Funds Index
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco announced March 30, 2007, that the 11th District Monthly Weighted Average Cost of Funds Index for February 2007 is 4.376%. (Fri, 30 Mar 2007 22:13:00 GMT)

Subprime woes delay Block mortgage unit sale
H&R Block Inc. remains in negotiations to sell its Option One Mortgage Corp. subsidiary, despite earlier comments that it would announce this month how it plans to shed the company. (Fri, 30 Mar 2007 22:15:04 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. (Fri, 30 Mar 2007 23:19:07 GMT)

Application for home loan can spur sale of your data
Apply for a mortgage and the $2 trillion-plus home-loan industry knows it. Home-finance companies buy... (Fri, 30 Mar 2007 23:34:35 GMT)

Spot home-loan trouble early
SACRAMENTO, Calif. | Trouble begins with a slow-motion descent toward your first missed mortgage payment. It's a queasy feeling many homeowners know too well as their houses slip away. (Sat, 31 Mar 2007 00:20:30 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, 31 Mar 2007 02:11:03 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? (Sat, 31 Mar 2007 02:17:28 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, 31 Mar 2007 02:18:28 GMT)

Loan Woes Hit Home
Sharp Rise In Foreclosures In State Puts More Houses On A Bloated Market The Southington homeowners took a gamble on their housing purchase, believing they would be in the three-bedroom home for years and, therefore, taking out a home equity loan to make some improvements. (Sat, 31 Mar 2007 02:51:01 GMT)

Housing's Dark Side: Mortgage Mayhem Up
With home sales slowing down, mortgage defaults and foreclosures are hitting record highs -- and all indications are that the dark side of the housing boom could get worse. (Sat, 31 Mar 2007 06:12:57 GMT)

Mortgage Crisis Knocks Loudly
A housing crisis looms in Michigan as foreclosures hit record numbers as region continues to lose jobs. (Sat, 31 Mar 2007 08:17:04 GMT)

Credit Suisse Unit Sues Subprime Mortgage Lender
A Credit Suisse unit has sued Sunset Direct Lending, a subprime mortgage lender in Lake Oswego, Ore., for failing to buy back $24 million in bad loans. (Sat, 31 Mar 2007 09:23:02 GMT)

Confusing mortgage terms: part II
FIXED-RATE MORTGAGE: A mortgage with an interest rate that remains constant for the life of the loan. The most common fixed-rate mortgage is for a term of 30 years, but there also are terms of 15 years and 10 years, and some lenders can even make your fixed rate period whatever you desire. (Sat, 31 Mar 2007 11:27:48 GMT)

Mortgage defaults in Hawaii lag nation
Mortgage loan delinquencies and foreclosures in Hawaii rose in the fourth quarter of 2006, but still remain far below the national average. (Sat, 31 Mar 2007 11:50:46 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? (Sat, 31 Mar 2007 13:46:01 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, 31 Mar 2007 14:23:36 GMT)

Mortgage Crisis Hits Million-Dollar Homes
The wealthiest counties in the nation are not immune to the mortgage crisis. (Sat, 31 Mar 2007 15:23:07 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? (Sat, 31 Mar 2007 15:53:26 GMT)

Clinton wants stricter loan standards, clearer mortgage papers
Democratic presidential hopeful Hillary Rodham Clinton called Saturday for stricter home loan standards, clearer mortgage documents and greater counseling for borrowers to stave off further delinquencies and foreclosures, which are soaring nationwide. (Sat, 31 Mar 2007 19:04:46 GMT)

Activists challenge lenders in mortgage crisis
Community activist Jenelle Dame has a secret weapon to hit back at the predatory lenders blamed for putting millions of Americans at risk of losing their homes: she calls in the sharks. (Sat, 31 Mar 2007 19:39:49 GMT)

Sen. Clinton wants stricter loan standards
Democratic presidential hopeful Hillary Rodham Clinton called Saturday for stricter home loan standards, clearer mortgage documents and greater counseling for borrowers to stave off further delinquencies and foreclosures, which are soaring nationwide. (Sat, 31 Mar 2007 20:04:39 GMT)

Clinton Wants Stricter Loan Standards
ORLANDO, Fla. -- Sen. Hillary Rodham Clinton said Saturday she favors stricter home loan standards, clearer mortgage documents and better counseling for borrowers to stave off delinquencies and foreclosures. (Sat, 31 Mar 2007 20:05:34 GMT)

Clinton wants stricter loan standards
Sen. Hillary Rodham Clinton said Saturday she favors stricter home loan standards, clearer mortgage documents and better counseling for borrowers to stave off delinquencies and foreclosures. (Sat, 31 Mar 2007 22:30:26 GMT)

Clinton wants stricter loan standards, clearer mortgage papers
ORLANDO, Fla. Democratic presidential hopeful Hillary Rodham Clinton spoke today in Orlando and called for stricter home loan standards, clearer mortgage documents and... (Sat, 31 Mar 2007 22:38:36 GMT)

Jimmy Carter sees subprime mortgage stress
Former U.S. President Jimmy Carter and Habitat for Humanity officials said on Saturday they expect stress in the subprime mortgage market to boost demand for housing for low-income families. (Sat, 31 Mar 2007 22:51:23 GMT)

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