Mortgage News Apr 2007

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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, 01 Apr 2007 01:45:39 GMT)

Clinton calls for stricter loan standards
ORLANDO, Fla. — Sen. Hillary Rodham Clinton said yesterday she favors stricter home loan standards, clearer mortgage documents and better counseling for borrowers to stave off delinquencies and foreclosures. (Sun, 01 Apr 2007 05:24:57 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. (Sun, 01 Apr 2007 05:29:46 GMT)

Houston Mortgage Monitor
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, 01 Apr 2007 05:51:03 GMT)

Sen. Clinton wants stricter loan criteria, 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. (Sun, 01 Apr 2007 07:04:53 GMT)

Make sure your credit is shipshape before applying for mortgage
Before applying for a mortgage, get your credit in shape. Any of these moves could sabotage your mortgage approval: (Sun, 01 Apr 2007 07:05:41 GMT)

Home-loan squeeze looms here
HAVE YOU BEEN HURT? Are you facing foreclosure? Are you having a hard time selling a home? Are you having a hard time getting a loan? Reporter John Stark wants to hear from people willing to share their stories of how they have been affected by the mortgage crunch. (Sun, 01 Apr 2007 07:11:00 GMT)

Traditional home-loan process keeps Latinos out of the loop
WASHINGTON — Five years ago, the Latino home-buying market was largely invisible. Now, it is not just a so-called emerging segment of the housing market, but a market unto itself. But it's one that still needs to be reckoned with. (Sun, 01 Apr 2007 07:11:09 GMT)

Dump a scheming client
Question: I am a mortgage broker. One of my borrowers owns two properties — his primary residence and a rental house. He intends to refinance and take maximum cash out from the investment property. Because he can't afford to make mortgage payments on both properties, he plans to default on the rental house by foreclosure. Is this a bad idea? What happens to the cash he gets from the refinance? (Sun, 01 Apr 2007 07:29:17 GMT)

House paid off? Proof is in the lien on mortgage
Question: My wife and I are finally about to realize our life-long dream of paying off the mortgage on our house. (Sun, 01 Apr 2007 07:47:43 GMT)

Borrowers have many ways to avoid mortgage default
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. (Sun, 01 Apr 2007 08:12:19 GMT)

Clinton urges home-loan reform
ORLANDO - 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. (Sun, 01 Apr 2007 10:09:32 GMT)

Mortgage fraud alleged in 149 transactions
Leif Brogren’s employer, Kitty Hawk Air Cargo, had filed bankruptcy nearly two years before. But now the company was saying the Fort Wayne operation could close and workers could be out of their jobs. (Sun, 01 Apr 2007 10:12:16 GMT)

Subprime mortgage questions fill up the mailbox
It's time to answer your mail. However, this time, I'll deal exclusively with subprime lending, an issue that, judging by my mail, seems to be on everybody's mind. As usual, each question is a composite of several similar questions. Q: What are... (Sun, 01 Apr 2007 10:39:35 GMT)

The American dream is breaking the bank When mortgage payment shot up, couple's already tight budget became near ...
When Stacie Lykins and Misti Mohrenne bought their home last summer, they thought they were on their way to the American dream. (Sun, 01 Apr 2007 10:47:57 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. (Sun, 01 Apr 2007 11:27:57 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, 01 Apr 2007 11:53:52 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, 01 Apr 2007 14:14:55 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. (Sun, 01 Apr 2007 21:00:09 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, 01 Apr 2007 21:00:25 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, 01 Apr 2007 23:49:02 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, 02 Apr 2007 02:23:10 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, 02 Apr 2007 02:24:00 GMT)

Subprime lending: Made in Minnesota
Where have we seen this before? The subprime mortgage crisis that has gummed up the housing sector nationwide doesn't carry a "Made in Minnesota" tag. But it almost deserves that label. Minnesota lenders -- from Norwest and Green Tree to Metris -- were pioneers in finding ways to cater to strapped borrowers, creating the lending template that others copied. And in a foreshadowing of the current ... (Mon, 02 Apr 2007 02:44:56 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, 02 Apr 2007 03:38:10 GMT)

The big payoff: First Habitat for Humanity mortgage burned
Helen Locklear will always remember April 24, 1989. That was the day she and her husband, Gerald, moved into their home, the first built by the Fayetteville Area Habitat for Humanity. (Mon, 02 Apr 2007 03:53:16 GMT)

Report: Subprime Weighs Heavy on Market
The subprime mortgage implosion will take even more steam out of the already slowing real estate market this year and beyond, according to a new economic report. (Mon, 02 Apr 2007 04:03:43 GMT)

BofA's reverse mortgage plan rolls out in AZ
Bank of America is launching its reverse mortgage product nationwide, joining other lenders offering alternatives to federally insured home loans, which are subject to lending limits. (Mon, 02 Apr 2007 05:06:04 GMT)

Mortgage defaults spark suit
Morgan Stanley Mortgage Capital is suing Baltimore American Mortgage Corp., claiming the Hanover mortgage firm owes it money for defaulted mortgage loans. (Mon, 02 Apr 2007 05:06:54 GMT)

Mortgage company sues auditor for $4 million
An Atlanta mortgage company is suing its former auditing firm, claiming it should have discovered the embezzlement of nearly $4 million. (Mon, 02 Apr 2007 05:24:42 GMT)

Home builders' loans feel heat
The crisis in risky mortgage loans is shedding light on aggressive lending practices by some of the largest U.S. home builders, which stand accused of using lax standards and illegal sales tactics to arrange financing for buyers. (Mon, 02 Apr 2007 05:48:28 GMT)

Rule of 22 can help you see refinance ramifications
Periodically, someone asks me if it would make sense to refinance their mortgage. Obviously, for refinancing to make sense, current interest rates must be lower than your current mortgage rate. But how much lower? (Mon, 02 Apr 2007 06:05:13 GMT)

*U.K Q4 Mortgage Equity Withdrawal GBP14.6 Bln Vs. Rev. GBP12.2 Bln In Q3
(RTTNews) - U.K Q4 mortgage equity withdrawal GBP14.6 bln vs. rev. GBP12.2 bln in Q3 (Mon, 02 Apr 2007 08:47:10 GMT)

U.K Q4 Mortgage Equity Withdrawal GBP14.6 Bln Vs. Rev. GBP12.2 Bln In Q3
(RTTNews) - In the United Kingdom, mortgage equity withdrawals increased GBP2.4 billion to GBP14.6 billion in the fourth quarter, the Bank of England said Monday. The third quarter mortgage equity withdrawal was revised up to GBP12.2 billion from GBP11.8 billion estimated earlier. (Mon, 02 Apr 2007 09:01:50 GMT)

Homes slump,mortgage turmoil slowing Calif. economy
A "significant slowing" will grip California's economy this year as the subprime mortgage market's turbulence spreads amid a slow homes market, a UCLA Anderson Forecast report released on Monday said. (Mon, 02 Apr 2007 09:21:23 GMT)

UK Q4 mortgage equity withdrawal up to 14.6 bln stg vs 12.2 bln in Q3 UPDATE
LONDON (AFX) - Mortgage equity withdrawal (MEW) in the UK rose to 14.6 bln stg in the fourth quarter of 2006 from 12.2 bln stg in the third quarter, revised up from the previous estimate of 11.8 bln, the Bank of England reported. (Mon, 02 Apr 2007 09:49:32 GMT)

Don't get stung: Know thy mortgage
Not knowing your mortgage terms can bring a nasty surprise when it comes time to sell or the interest rate adjusts. (Mon, 02 Apr 2007 10:00:00 GMT)

Mortgage woes seen holding U.S. growth "below trend"
SAN FRANCISCO (Reuters) - A credit crunch stemming from turmoil in the subprime mortgage market will trigger further weakness in housing and keep U.S. economic growth "below trend" most of this year, a UCLA Anderson Forecast unit said in a report on Monday. (Mon, 02 Apr 2007 10:21:04 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, 02 Apr 2007 10:32:54 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. (Mon, 02 Apr 2007 10:33:14 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, 02 Apr 2007 10:49:06 GMT)

BioSyntech announces refinancing of loan
BioSyntech, Inc. today announced that it has entered into a formal agreement with the Business Development Bank of Canada , to refinance part of their loan of $2,500,000 by way of conventional mortgage. (Mon, 02 Apr 2007 11:30:00 GMT)

Know what you're agreeing to pay and what limitations you'll have for selling before signing your mortgage.
As you read reports of borrowers who were surprised when payments on their adjustable-rate mortgages shot up from introductory teaser rates, or who were thwarted in their attempt to refinance because they discovered that their current loan has a stiff prepayment penalty, you might start to wonder if any such surprises lurk in your own mortgage. (Mon, 02 Apr 2007 11:33:17 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, 02 Apr 2007 11:57:14 GMT)

Report: Subprime mortgage woes to drag housing market in '07
A new economic report released today says the sub-prime mortgage implosion will take even more steam out of the already slowing real estate market. (Mon, 02 Apr 2007 12:01:46 GMT)

Report: Subprime mortgage woes to drag housing market in '07
LOS ANGELES -- The subprime mortgage implosion will take even more steam out of the already slowing real estate market this year and beyond, according to a new economic report. (Mon, 02 Apr 2007 13:14:48 GMT)

Refinancing Can Relieve Your Car Payment Burdens
(ARA) - It is not uncommon for car owners to find themselves in a situation where their car payments become a bigger financial drain than they anticipated. This can happen for many different reasons: job loss, sudden unexpected expenses, or simply because the car payments aren't in line with income. (Mon, 02 Apr 2007 13:40:01 GMT)

BSYI: Agreement to Refinance $2.5M Loan w/Business Development Bank of Canada
BioSyntech, Inc. (BSYI) announced that it has entered into a formal agreement with the Business Development Bank of Canada (the "BDC"), to refinance part of their loan of $2,500,000 by way of conventional mortgage. (Mon, 02 Apr 2007 14:02:51 GMT)

Bear Stearns Mortgage Unit Sets Up Team to Avert Foreclosures
April 2 (Bloomberg) -- Bear Stearns Cos., the biggest U.S. underwriter of bonds backed by home loans, said its mortgage- servicing unit set up a team to help stave off foreclosures as defaults by the riskiest borrowers surge. (Mon, 02 Apr 2007 14:42:01 GMT)

M&T slides on mortgage woes, banks finish lower
NEW YORK (MarketWatch) - M&T Bancorp shares fell nearly 9% Monday after analysts downgraded the bank in anticipation of lower results due to subprime mortgage losses, casting a pall over financial stocks at the close. (Mon, 02 Apr 2007 15:08:08 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, 02 Apr 2007 15:24:00 GMT)

In debt, Pawtucket couple fight to keep their home
PAWTUCKET — Jim and Tammy Grinnell bought their first house with a loan from New Century Mortgage Corp. (Mon, 02 Apr 2007 15:38:24 GMT)

Sun America Mortgage gets a name change
Sun America Mortgage of Atlanta has been rebranded SunTrust Mortgage Inc. (Mon, 02 Apr 2007 16:07:17 GMT)

Subprime mortgage lender files for bankruptcy, to fire 3,200
Subprime mortgage lender New Century Financial Corp. filed for Chapter 11 bankruptcy protection, and said it would fire 3,200 workers immediately to better position the company for a possible sale. (Mon, 02 Apr 2007 16:18:34 GMT)

Huge Mortgage Lender Files for Bankruptcy
New Century Financial, a lender that came to symbolize the fast-and-loose mortgage practices of recent years, filed for bankruptcy protection yesterday and said it would lay off 3,200 employees, more than half its workforce. (Mon, 02 Apr 2007 16:20:48 GMT)

Good Reasons to Refinance Now
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Mon, 02 Apr 2007 16:31:19 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, 02 Apr 2007 16:31:31 GMT)

Sector Snap: Mortgage Lenders Slide
The deterioration of the market for "subprime" mortgage debt may be climbing up to the next rung on the credit ladder. In a Securities and Exchange Commission filing late Friday, M&T Bank Corp., a Buffalo, N.Y.-based regional bank, said it is having trouble selling some of its loans. (Mon, 02 Apr 2007 17:27:36 GMT)

MHI Hospitality Corporation Announces Refinancing of Hilton Wilmington Riverside Hotel
MHI Hospitality Corporation announced today that through its indirect subsidiary, Capitol Hotel Associates, L.P., L.P.P., the Company has entered into and closed a $23 million, 10-year mortgage refinancing with MONY Life Insurance Company of Capitol's existing note and deed of trust on the Hilton Wilmington Riverside. (Mon, 02 Apr 2007 17:28:00 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? (Mon, 02 Apr 2007 18:23:59 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, 02 Apr 2007 18:24:08 GMT)

Agency Mortgage Bonds Felt Subprime Heat In First Quarter
NEW YORK -(Dow Jones)- Agency mortgage bonds backed by home loans made to borrowers with stellar credit were still hit by subprime contagion in the first three months of the year. (Mon, 02 Apr 2007 19:02:01 GMT)

Mortgage news deflates M&T shares
By TOM ADAMS Rochester Business Journal April 2, 2007 M&T Bank Corp. stock dropped nearly $10 a share, or nearly 9 percent, by midday Monday following a profit warning announced late Friday because of mortgage-related issues. (Mon, 02 Apr 2007 19:39:15 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, 02 Apr 2007 19:53:14 GMT)

Free Mortgage? Look Again
Always look for a catch. (Mon, 02 Apr 2007 19:58:22 GMT)

Mortgage Woes Spread Up Credit Ladder
The deterioration of the market for mortgage debt at the bottom of the credit ladder may be climbing up to the next rung. (Mon, 02 Apr 2007 20:40:54 GMT)

Warning issued on mortgage program
WASHINGTON - Consumer complaints have led the Federal Deposit Insurance Corporation to issue an alert about a mortgage program that used deceptive advertising to get homeowners to apply for loans. (Mon, 02 Apr 2007 21:46:45 GMT)

Major home lender files for bankruptcy
New Century Financial Corp., once the nation's second-largest provider of home loans to high-risk borrowers, filed for bankruptcy protection on Monday, the victim of its own financial missteps as well as pressures felt by its rival lenders. (Mon, 02 Apr 2007 22:18:59 GMT)

Rule of 22 can help you see refinance ramifications
Periodically, someone asks me if it would make sense to refinance their mortgage. Obviously, for refinancing to make sense, current interest rates must be lower than your current mortgage rate. But how much lower? (Mon, 02 Apr 2007 22:35:04 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, 02 Apr 2007 22:38:11 GMT)

Good Reasons to Refinance Now
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Mon, 02 Apr 2007 22:38:50 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, 02 Apr 2007 22:48:58 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, 02 Apr 2007 22:49:28 GMT)

Accredited closes loans deal with hedge fund
Subprime lender Accredited Home Lenders Holding Co. said on Monday that it had closed a $230 million loan from a San Francisco hedge fund, one of a series of moves to boost its liquidity amid an industry crisis. (Tue, 03 Apr 2007 00:16:11 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, 03 Apr 2007 01:04:36 GMT)

Subprime Mortgage Woes Harm Calif., Nat'l Economy
The subprime mortgage implosion will take even more steam out of the already slowing real estate market this year and beyond, according to a new economic report. Home sales in California will also take a hit from the subprime mortgage woes, economist Ryan Ratcliff forecast in his outlook for the state. (Tue, 03 Apr 2007 01:17:00 GMT)

Mortgage lender files for Chapter 11
Subprime mortgage lender New Century Financial filed Monday for Chapter 11 bankruptcy protection, and said it would fire 3,200 workers immediately to better position the company for a possible sale. (Tue, 03 Apr 2007 02:16:40 GMT)

Good Reasons to Refinance Now
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Tue, 03 Apr 2007 04:53:34 GMT)

Subprime mortgage lender seeks bankruptcy protection
New Century Financial, the nation's second-largest subprime mortgage lender, filed Monday for bankruptcy protection. The company also said it was laying off more than half its staff and would sell part of its operations. (Tue, 03 Apr 2007 06:08:02 GMT)

Mortgage lender files for Chapter 11
LOS ANGELES - New Century Financial, once the nation's second-largest provider of home loans to high-risk borrowers, filed for bankruptcy protection on Monday, the victim of its own financial missteps as well as pressures felt by its rival lenders. The move triggered fears that bad loans in the so-called subprime sector will spread into the broader mortgage market. (Tue, 03 Apr 2007 06:21:40 GMT)

M&T JOINS LOAN-TROUBLED RANKS
M&T Bank yesterday became the latest lender to trigger investor skittishness about its exposure to potentially troubled home loans, announcing that earnings would suffer from "unfavorable market conditions." After a weekend statement that the... (Tue, 03 Apr 2007 09:29:42 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? (Tue, 03 Apr 2007 10:26:41 GMT)

MHI Hospitality Corporation Announces Refinancing of Hilton Wilmington Riverside Hotel
WILLIAMSBURG, Va. | MHI Hospitality Corporation (AMEX:MDH) announced today that through its indirect subsidiary, Capitol Hotel Associates, L.P., L.P.P., the Company has entered into and closed a $23 million, 10-year mortgage refinancing with MONY Life Insurance Company of Capitol's existing note and deed of trust on the Hilton Wilmington Riverside. Capitol intends to use approximately $13.8 ... (Tue, 03 Apr 2007 10:36:44 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. (Tue, 03 Apr 2007 10:38:46 GMT)

Balloon loan pitfalls
With a traditional mortgage, each monthly payment comprises principal plus interest. In the early years of the loan, most of the payment goes for interest. Gradually, more and more of the monthly payments go toward principal. At the end of the term, the loan is completely repaid. (Tue, 03 Apr 2007 11:33:28 GMT)

State suspends Lathrup Village mortgage firm's license
The Michigan Office of Financial and Insurance Services suspended the license of Financial One LLC for violating the Michigan Mortgage, Lenders, and Servicers Licensing Act (MBLSLA), effective Monday, April 2. (Tue, 03 Apr 2007 12:11:49 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. (Tue, 03 Apr 2007 12:12:15 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, 03 Apr 2007 12:13:17 GMT)

The Scoop on Adjustable Rate and Interest Only Mortgages
(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. (Tue, 03 Apr 2007 12:13:30 GMT)

Quicken Loans Crosses $2 Billion Milestone in Monthly Closing Volume: $2.1 Billion in Monthly Retail Home Lending ...
LIVONIA, Mich.----Quicken Loans announced today that for the first time in its nearly 22-year history, the company has surpassed closing $2 billion in home loan volume in a single month -- closing $2.1 billion in home loans for the month of March, 2007. (Tue, 03 Apr 2007 13:30:00 GMT)

Mortgage Meltdown Threatens the American Dream, Some Say
For years owning a house has been a part of the vision of opportunity in America, but that may be changing as mortgage foreclosures are tightening the guidelines for lending. (Tue, 03 Apr 2007 13:53:07 GMT)

Home Foreclosure Crisis Underscores Need for Debt-Settlement Programs
DALLAS----The home foreclosure crisis generated by subprime lending continues to get worse by the day. The trouble started a few years ago when mortgage interest rates dropped to staggering lows and low-income buyers could purchase a home with the help of a subprime loan - despite their lower credit scores. (Tue, 03 Apr 2007 15:05:00 GMT)

Fitch rates Walter Industries' mortgage portfolio
Walter Mortgage Co. was awarded an RPS3- rating by Fitch Ratings, a mid-range rating. (Tue, 03 Apr 2007 15:08:59 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, 03 Apr 2007 15:13:00 GMT)

Good Reasons to Refinance Now
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Tue, 03 Apr 2007 15:13:30 GMT)

Quicken/Rock tops $2-billion loan level for first time
Quicken Loans/Rock Financial said Tuesday it closed $2.1 billion in home loans for the month of March, the first time in the company's 22-year history it had surpassed the $2-billion-a-month level. (Tue, 03 Apr 2007 15:41:51 GMT)

Accredited Home Lenders says it's considering merger
NEW YORK (MarketWatch) -- Accredited Home Lenders said late Monday that it's considering strategic options, including a merger, as the subprime mortgage lender works to distance itself from bankrupt rival New Century Financial. (Tue, 03 Apr 2007 16:08:08 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, 03 Apr 2007 16:39:23 GMT)

State will help homeowners refinance their mortgages
COLUMBUS — As one response to Ohio's escalating mortgage foreclosure crisis, the Ohio Housing Finance Agency for the first time will provide homeowners with help in refinancing their mortgages. (Tue, 03 Apr 2007 16:58:33 GMT)

Mortgage giant Fannie Mae plans to cut jobs
Mortgage giant Fannie Mae, remaking itself as it recovers from a multibillion-dollar accounting scandal, is cutting its 6,500-person workforce by several hundred employees by year's end. (Tue, 03 Apr 2007 17:14:34 GMT)

Mortgage giant Fannie Mae plans to slash work force by several hundred this year
WASHINGTON -- Mortgage giant Fannie Mae, remaking itself as it recovers from a multibillion-dollar accounting scandal, is cutting its 6,500-person work force by several hundred employees by year's end. (Tue, 03 Apr 2007 18:22:28 GMT)

Mortgage fraud task force is set
State officials on Tuesday announced the formation of a task force to better coordinate efforts to root out mortgage fraud in Missouri. (Tue, 03 Apr 2007 18:43:23 GMT)

Mortgage giant Fannie Mae plans to slash work force by several hundred this year
WASHINGTON - Mortgage giant Fannie Mae, remaking itself as it recovers from a multibillion-dollar accounting scandal, is cutting its 6,500-person work force by several hundred employees by year's... (Tue, 03 Apr 2007 19:19:02 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. (Tue, 03 Apr 2007 19:31:30 GMT)

$100 billion meltdown in U.S. subprime mortgage market to have limited impact on Canada, finds CIBC World Markets report
TSX Expected to Outperform S&P 500 TORONTO (CNW) - CIBC (CM: TSX; NYSE) - Rising global energy and base metal prices will outweigh impacts from the woes in the U.S. housing and subprime mortgage market and drive the TSX to outperform the S&P 500 this year, finds CIBC World Markets' latest Canadian Portfolio Strategy Outlook report. (Tue, 03 Apr 2007 19:39:42 GMT)

MFA Mortgage Investments Raises Dividend
MFA Mortgage Investments Inc. on Tuesday said it raised its quarterly dividend to 8 cents per share from 6 cents per share. (Tue, 03 Apr 2007 19:40:54 GMT)

Citibank, Schools Settle In Loan Probe
Citibank and universities in New York agree to a code of conduct that makes the education loan process more fair. (Tue, 03 Apr 2007 19:42:44 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? (Tue, 03 Apr 2007 20:11:47 GMT)

Falling oil, rising home sales spark rally
U.S. stocks closed sharply higher on Tuesday as a drop in oil prices calmed worries about inflation and news of an unexpected rise in home sales raised hopes the housing market is stabilizing. (Tue, 03 Apr 2007 21:42:01 GMT)

Mortgage Fraud Pleas
Two mortgage brokers, charged with bank and wire fraud, now plan to plead guilty. According to court documents, Jennifer Henson and Darren Moyer have both filed guilty pleas with the federal court clerk. (Tue, 03 Apr 2007 22:48:03 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. (Tue, 03 Apr 2007 23:08:10 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, 04 Apr 2007 00:25:38 GMT)

Accredited Home Lenders secures new financing to stay afloat
The same day fellow subprime mortgage lender New Century Financial Corp. filed for bankruptcy protection, Accredited Home Lenders Holding Co. (Nasdaq: LEND) said late Monday it arranged $1.1 billion in financing that might help the company avoid the same fate. (Wed, 04 Apr 2007 01:32:59 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, 04 Apr 2007 01:54:56 GMT)

Good Reasons to Refinance Now
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Wed, 04 Apr 2007 01:55:27 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. (Wed, 04 Apr 2007 01:56:07 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, 04 Apr 2007 01:56:17 GMT)

Mortgage giant Fannie Mae plans to slash work force
WASHINGTON, D.C. (AP) - Mortgage giant Fannie Mae, remaking itself as it recovers from a multibillion-dollar accounting scandal, is cutting its 6,500-person work force by several hundred employees by year's end. The planned job cuts, the company said Tuesday, are among cost-cutting measures that Fannie Mae has undertaken to reduce its operating expenses by $200 million this year compared with ... (Wed, 04 Apr 2007 03:07:00 GMT)

Madigan targets mortgage foreclosures
Illinois Attorney General Lisa Madigan is calling for a statewide effort to provide some relief for the rising number of homeowners in the state who are facing foreclosure and to help prevent future abuses in the mortgage industry. (Wed, 04 Apr 2007 03:29:42 GMT)

Some must use grant to repay loan
Business owners who qualified for a grant through the state's Business Recovery Grant and Loan Program may be required to use the money to repay loans from the Small Business Administration, a state official said Tuesday. (Wed, 04 Apr 2007 06:25:55 GMT)

Mortgage freedom still means road block
When the state changed its Road Home rules last month so homeowners without mortgages could get their grant awards in lump sums, nobody told the recipients the funds would be held up at an Ohio mortgage bank until they signed more legal documents. (Wed, 04 Apr 2007 06:37:33 GMT)

HCI Mortgage Introduces New Ways to Help Military Men and Women Buy Homes With a VA Loan
Those who are enlisted in the United States Military, or who have been in the past, now have a great opportunity to buy a home. HCI Mortgage can make a VA loan a relatively simple and affordable way to purchase a house, requiring no down payment in addition to many other money saving perks (Wed, 04 Apr 2007 07:01:00 GMT)

Tax Refund Check Helps With Mortgage Decisions During 2007 Tax Season Says LoanPage.com
The 2007 tax season has arrived. Millions of Americans have filed their returns and are already deciding how they will spend their income tax refunds. According to financial experts, a number of Americans will put their income tax return towards mortgage-related finances like closing costs. LoanPage.com is a complete source of mortgage tools that can help consumers make the best mortgage-related ... (Wed, 04 Apr 2007 07:01:00 GMT)

MortgageSanity.com: Financial Knowledge Helps Protect SubPrime Mortgage Seekers
The current "Subprime Mortgage Meltdown" has generated a statement from MortgageSanity.com on how risky mortgage loans can be avoided. (Wed, 04 Apr 2007 07:01:00 GMT)

Homeowners, don't leave eligible deductions from refinancing costs unclaimed
Taxpayers who refinanced their homes last year may be able to deduct some of the loan costs, according to the Internal Revenue Service. The term "points" is used to describe certain charges paid to obtain a home mortgage. (Wed, 04 Apr 2007 07:04:23 GMT)

HCI Mortgage Introduces New Ways to Help Military Men and Women Buy Homes With a VA Loan
Those who are enlisted in the United States Military, or who have been in the past, now have a great opportunity to buy a home. HCI Mortgage can make a VA loan a relatively simple and affordable way to purchase a house, requiring no down payment in addition to many other money saving perks (PRWeb Apr 4, 2007) Post Comment:Trackback URL: ... (Wed, 04 Apr 2007 07:08:40 GMT)

Quicken Loans Crosses $2 Billion Milestone in Monthly Closing Volume: $2.1 Billion in Monthly Retail Home Lending ...
Quicken Loans announced today that for the first time in its nearly 22-year history, the company has surpassed closing $2 billion in home loan volume in a single month -- closing $2.1 billion in home loans for the month of March, 2007. Not only is this an all-time company record for Quicken Loans, it's also the largest amount ever closed by an online lender in a single month in U.S. history. ... (Wed, 04 Apr 2007 07:34:42 GMT)

MortgageSanity.com: Financial Knowledge Helps Protect SubPrime Mortgage Seekers
The current "Subprime Mortgage Meltdown" has generated a statement from MortgageSanity.com on how risky mortgage loans can be avoided. (PRWeb Apr 4, 2007) Post Comment:Trackback URL: http://www.prweb.com/pingpr.php/U3F1YS1Qcm9mLVN1bW0tRmFsdS1NYWduLVplcm8= (Wed, 04 Apr 2007 07:38:33 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, 04 Apr 2007 07:45:27 GMT)

State tells mortgage broker to halt
New York mortgage broker Vertical Lend Inc. forged borrowers' signatures, created false loan records, and charged fees that were never disclosed to customers, state regulators said yesterday as they ordered the company to stop selling mortgages in Massachusetts. (Wed, 04 Apr 2007 08:50:51 GMT)

5 Rivers officer defaults on loan
Deutsche Bank has filed a foreclosure lawsuit against Ayoluwa Dayo Smith, former chief financial officer for Five Rivers Community Development Corp., saying Smith never made a payment on a $252,000 loan she received Nov. 8. (Wed, 04 Apr 2007 10:06:05 GMT)

Good Reasons to Refinance Now
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Wed, 04 Apr 2007 10:26:21 GMT)

Mortgage firms plan big cutbacks Defaults, foreclosures increase pressure to let 900 workers go
Amid rising levels of defaults and foreclosures in the home-lending industry, nearly 900 Chicago-area workers at four mortgage firms will lose their jobs, according to recent filings with Illinois employment officials. (Wed, 04 Apr 2007 10:32:02 GMT)

US MBA Mortgage Survey Table Of Current Interest Rates
Change in Contract Rate (bps) Effective Total Contract 1 Week 4 Weeks 1 Year Rate Points Rate Ago Ago Ago 30-Year Fixed 6.38 1.25 6.13 8 8 -36 15-Year Fixed 6.12 1.09 5.85 8 12 -31 7-Year Balloon 5.60 0.97 5.35 8 4 -88 5-Year Balloon 6.18 0.90 5.95 12 7 -60 ARM, 1-Yr Tsy 6.05 0.72 5.87 2 8 -9 FHA 203 (b) 6.40 1.02 6.23 1 4 -19 All rates except FHA 203(b) are for 80% loan-to-value mortgage. (Wed, 04 Apr 2007 11:04:52 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. (Wed, 04 Apr 2007 11:41:37 GMT)

Mortgage applications fall again
Down for third straight week, industry group says; rate of average 30-year fixed-rate mortgage rose to 6.13%, highest mark since late February. (Wed, 04 Apr 2007 11:58:55 GMT)

Subprime Mortgage Problem Contained? Give Me a Break
Michael K. Dawson submits: I think that some heads are going to roll when Fed Chairman Ben Bernanke and Treasury Secretary Henry Paulson are forced to admit that the subprime mortgage problem is not contained. (Wed, 04 Apr 2007 12:01:09 GMT)

U.S. MBA's Mortgage Applications Index Fell 3.2% Last Week
April 4 (Bloomberg) -- Mortgage applications in the U.S. fell for the third consecutive week as purchases cooled and fewer homeowners refinanced, an industry report showed today. (Wed, 04 Apr 2007 12:12:11 GMT)

Mortgage demand sags as rates rise
Loan applications to purchase and refinance U.S. homes fell last week when mortgage rates increased, an industry group said Wednesday. (Wed, 04 Apr 2007 12:44:11 GMT)

Weekly Mortgage Applications Drop 3.2%
The number of applications for mortgage loans filed with major U.S. banks decreased by a seasonally adjusted 3.2% last week from a week earlier, the Mortgage Bankers Association reported Wednesday. (Wed, 04 Apr 2007 12:47:11 GMT)

Some home refinancing costs may be deductible
Taxpayers who refinanced their homes last year may be able to deduct some of the loan costs, according to the Internal Revenue Service. The term “points” is used to describe certain charges paid to obtain a home mortgage. (Wed, 04 Apr 2007 14:34:11 GMT)

Make A Risk-Based Mortgage Decision
As is the case with most financial decisions, there is typically a tradeoff between risk and reward in the choice of a mortgage. In this article, we'll take you through the process to make your own risk-based mortgage decision. (Wed, 04 Apr 2007 14:36:33 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. (Wed, 04 Apr 2007 15:25:04 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, 04 Apr 2007 15:55:00 GMT)

Mortgage loan application volume falls as rates edge higher, industry group says
NEW YORK -- Mortgage loan application volume fell last week and mortgage rates edged higher, an industry group said Wednesday. (Wed, 04 Apr 2007 17:07:25 GMT)

Sun America Mortgage changing name
Sun America Mortgage has changed the name of its mortgage lending offices, including one in the Triad, to SunTrust Mortgage Inc. (Wed, 04 Apr 2007 18:10:59 GMT)

Lawmakers take aim at 'predatory' lenders
AUGUSTA — The Legislature later this month will begin its review of what could be one of the toughest laws in the country against predatory lending practices by mortgage brokers, who are stripping the equity out of people's homes with refinancing deals that benefit the lender, not the borrower. (Wed, 04 Apr 2007 18:22:37 GMT)

Audrey W. Loan
ROCK VALLEY, Iowa — Audrey Floretta Wilson Loan, age 79, formerly of Millboro, Va., died Monday, April 2, 2007, at Rock Valley Hospital in Rock Valley, Iowa. She had been residing with her daughter and son-in-law, Karen and John Johnson, at 706 S. Oak St., Inwood, Iowa. (Wed, 04 Apr 2007 18:38:04 GMT)

Mortgage pros scramble to modify loans
As home foreclosures mount, mortgage companies are knocking on doors, sending letters and making phone calls with a simple message for struggling homeowners: They'd rather modify your loan than foreclose. (Wed, 04 Apr 2007 19:01:50 GMT)

In-home health aid arrested for using patient's credit cards to pay car loan
(CBS 46 News) -- An in-home health care aid has been arrested for allegedly making multiple charges on a disabled patient's credit cards to pay for a car loan. (Wed, 04 Apr 2007 19:21:03 GMT)

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