Mortgage News Apr 2007
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The loan scramble
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 19:40:41 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 20:03:57 GMT)
Maguire Gains $290M From Refinancing
Maguire Properties Inc., a real estate investment trust, said Wednesday it gained $290 million from the refinancing of its mortgage loan on its Wells Fargo Office Tower in downtown Los Angeles. (Wed, 04 Apr 2007 22:17:01 GMT)
Wells offering credit card to mortgage customers to help repay loan
Wells Fargo said Wednesday that it's introducing the Wells Fargo Home Rebate Card for the bank's mortgage customers that will help pay down the mortgage faster. (Wed, 04 Apr 2007 23:12:10 GMT)
Loan Arrangers Riding To Rescue
NEW YORK - 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. (Thu, 05 Apr 2007 00:43:13 GMT)
Nevada bills aimed at regulating mortgage industry
CARSON CITY Nevada lawmakers have heard pleas to step up regulation of the mortgage lending industry from people who said they were victims of fraudulent real estate deals. (Thu, 05 Apr 2007 01:17:24 GMT)
Nevada bills aimed at regulating mortgage industry
CARSON CITY, Nev. (AP) - Nevada lawmakers heard pleas Wednesday to step up regulation of the mortgage lending industry from people who said they were victims of fraudulent real estate deals. (Thu, 05 Apr 2007 01:18:02 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. (Thu, 05 Apr 2007 01:30:51 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. (Thu, 05 Apr 2007 01:45:59 GMT)
How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance ? Are the rates and the current mortgage market the best indicators? (Thu, 05 Apr 2007 01:46:20 GMT)
Katrina exodus leads thousands home, to Atlanta
Two years ago, Keith Ferdinand had a booming practice of 10,000 active patients at his cardiology clinic in New Orleans' Upper 9th Ward. He saw 40-60 patients a day at the clinic he'd built over two decades in the city where he was born. Then he'd go home to a custom-built lakefront house. (Thu, 05 Apr 2007 03:46:32 GMT)
Credit card pays home-loan rebate
Wells Fargo Co., the second-biggest U.S. mortgage lender, has started offering a credit card that gives customers rebates on home loans they have with the bank, helping them pay off their mortgages quicker. (Thu, 05 Apr 2007 05:18:17 GMT)
Lenders lighten up on borrowers Mortgage firms try to avoid foreclosures
As home foreclosures mount, mortgage companies are knocking on doors, sending letters and making phone calls with a simple message for struggling homeowners: They would rather modify your loan than foreclose. (Thu, 05 Apr 2007 11:03:05 GMT)
Bankrate: Mortgage Rates Rise for 3rd Straight Week
Fixed mortgage rates moved higher across the board this week. The average 30-year fixed mortgage rate rose to 6.25 percent. According to Bankrate.com's weekly national survey of large lenders, the 30-year fixed rate mortgages had an average of 0.27 discount and origination points. (Thu, 05 Apr 2007 11:30:00 GMT)
Home equity loan vs. line of credit?
Should you get a home equity loan or a home equity line of credit, known as a HELOC? With a home equity loan, you get a lump sum. A HELOC provides you a revolving credit line, much like a credit card. (Thu, 05 Apr 2007 11:48:58 GMT)
Bankrate: Mortgage Rates Rise for 3rd Straight Week
NEW YORK, April 5 /PRNewswire-FirstCall/ -- Fixed mortgage rates moved higher across the board this week. (Thu, 05 Apr 2007 14:54:17 GMT)
Mortgage rates creep higher
Mortgage rates moved only slightly higher this week as the outlook for the U.S. housing market and the larger economy remains clouded, Freddie Mac reported Thursday. (Thu, 05 Apr 2007 14:58:55 GMT)
Federal Home Loan Bank of New York Selects FLEXCUBE
i-flex solutions, a leading provider of technology solutions to the global banking and financial services industry announced today that Federal Home Loan Bank of New York -- a congressionally chartered, wholesale bank set up in 1932, managing assets over USD 81.7 billion and servicing over 300 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. (Thu, 05 Apr 2007 15:21:00 GMT)
U.S. mortgage rates inch up in weekly survey
CHICAGO (MarketWatch) -- Mortgage rates inched up slightly over the week, continuing a pattern of relative stability, according to Freddie Mac's weekly survey. (Thu, 05 Apr 2007 15:37:59 GMT)
Webster Will Shut Home Mortgage Unit, Take Charge (Update1)
April 5 (Bloomberg) -- Webster Financial Corp., the holding company for Webster Bank in Connecticut, said it's closing Peoples Mortgage Co. and taking a $2.3 million pretax charge to first-quarter earnings. (Thu, 05 Apr 2007 18:26:47 GMT)
Nevada Mulls Mortgage Industry Bills
Nevada lawmakers heard pleas to step up regulation of the mortgage lending industry from people who said they were victims of fraudulent real estate deals. (Thu, 05 Apr 2007 18:37:25 GMT)
Mortgage rates creep up this week
Mortgage rates around the country crept up this week, although rates on 30-year mortgages still hovered close to their low for the year. (Thu, 05 Apr 2007 19:13:28 GMT)
Convicted mortgage broker sentenced to 7 1/2 years in prison
A former Modesto mortgage company executive who fleeced lenders and elderly clients of millions of dollars was sentenced to seven and a half years in federal prison. Tony Daniloo, 32, of Turlock, the former chief executive of DreamLife Financial, was... (Thu, 05 Apr 2007 19:37:55 GMT)
Convicted mortgage broker sentenced to 7 1/2 years in prison
A former Modesto mortgage company executive who fleeced lenders and elderly clients of millions of dollars was sentenced to seven and a half years in federal prison. (Thu, 05 Apr 2007 19:52:36 GMT)
Dr. Helen Peters Appointed to Federal Home Loan Bank of Boston Board of Directors
Dr. Helen Peters, Boston College professor of finance, has been appointed to the board of directors of the Federal Home Loan Bank of Boston . Dr. Peters will fill the remainder of a three-year term that began on January 1, 2007. (Thu, 05 Apr 2007 20:51:00 GMT)
Patrick Clancy Appointed to Federal Home Loan Bank of Boston Board of Directors
Patrick Clancy, president and chief executive officer of the Boston-based nonprofit corporation The Community Builders, has been appointed to the board of directors of the Federal Home Loan Bank of Boston . (Thu, 05 Apr 2007 20:55:00 GMT)
Andrew Calamare Appointed to Federal Home Loan Bank of Boston Board of Directors
Andrew Calamare, President and Chief Executive Officer of the Life Insurance Association of Massachusetts, has been appointed to the board of directors of the Federal Home Loan Bank of Boston . (Thu, 05 Apr 2007 20:59:00 GMT)
John Goldsmith Appointed to Federal Home Loan Bank of Boston Board of Directors
John Goldsmith, a partner with the Boston- based banking and advisory firm The Roseview Group, has been appointed to the board of directors of the Federal Home Loan Bank of Boston . (Thu, 05 Apr 2007 21:00:00 GMT)
Jay Malcynsky Appointed to Federal Home Loan Bank of Boston Board of Directors
Connecticut attorney Jay Malcynsky has been appointed to the board of directors of the Federal Home Loan Bank of Boston . Mr. Malcynsky will fill the remainder of a three-year term that began on January 1, 2006. (Thu, 05 Apr 2007 21:01:00 GMT)
Cornelius Hurley Appointed to Federal Home Loan Bank of Boston Board of Directors
Cornelius Hurley, director of the Morin Center for Banking and Financial Law at Boston University School of Law, has been appointed to the board of directors of the Federal Home Loan Bank of Boston . (Thu, 05 Apr 2007 21:04:00 GMT)
NovaStar Cuts Off Credit Lines for Mortgage Bankers (Update2)
April 5 (Bloomberg) -- NovaStar Financial Inc., the subprime home lender whose stock has plunged 80 percent this year, will stop financing independent mortgage bankers. (Thu, 05 Apr 2007 21:24:13 GMT)
Convicted mortgage swindler sentenced to 108 months
Convicted mortgage swindler Tony Daniloo of Turlock has been sentenced to 108 months in prison for his role in a multimillion-dollar fraud scheme that targeted homeowners in the East Bay and Central Valley. (Thu, 05 Apr 2007 22:02:41 GMT)
Mortgage executive sentenced to nine years in prison
Convicted mortgage swindler Tony Daniloo of Turlock has been sentenced to nine years in prison for his role in a multimillion-dollar fraud scheme that targeted homeowners in the East Bay and Central Valley. (Fri, 06 Apr 2007 00:06:39 GMT)
GMAC unit wants Mortgage Lenders ex-CEO comments stricken
A unit of GMAC Financial Services has moved to silence the former chief executive of Mortgage Lenders Network USA Inc. , Mitchell Heffernan, who blames the unit and bankruptcy advisers for making decisions that could land him behind bars. (Fri, 06 Apr 2007 00:55:25 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? (Fri, 06 Apr 2007 01:50:09 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. (Fri, 06 Apr 2007 03:35:48 GMT)
Exotic mortgage holders face difficult refinancing
Refinancing a mortgage, suddenly, isn't such an easy thing to do. ... (Fri, 06 Apr 2007 04:11:06 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, 06 Apr 2007 05:04:43 GMT)
Homeowners getting loan help
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. (Fri, 06 Apr 2007 07:49:57 GMT)
Lenders are offering ways to refinance homeowners facing foreclosure
NEW YORK · 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. (Fri, 06 Apr 2007 12:18:08 GMT)
GMAC unit wants Mortgage Lenders ex-CEO comments stricken
WILMINGTON, Del. (AP) - A unit of GMAC Financial Services has moved to silence the former chief executive of Mortgage Lenders Network USA Inc., Mitchell Heffernan, who blames the unit and bankruptcy advisers for making decisions that could land him behind bars. (Fri, 06 Apr 2007 12:35:01 GMT)
Suit claims New Century misappropriated mortgage payments
UBS Real Estate Securities Inc. sued New Century Financial Corp . on Thursday, claiming the subprime lender misappropriated millions of dollars from mortgage payments made on loans owned by the investment firm. (Fri, 06 Apr 2007 13:35:41 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. (Fri, 06 Apr 2007 14:56:53 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, 06 Apr 2007 15:43:50 GMT)
American Home Mortgage Expects Reduced Earnings in the First Quarter and Full Year 2007
MELVILLE, N.Y.----American Home Mortgage Investment Corp. announced today that it expects lower income in the first quarter and full year 2007 than previously forecasted due to conditions in the secondary mortgage and mortgage-backed securities markets. (Fri, 06 Apr 2007 16:23:00 GMT)
Terme Mortgage, Inc. Offers Lower Margin HECMs and Fixed Rate Reverse Mortgages
SUMMIT, Ill.----Terme Mortgage, Inc., a subsidiary of Terme Bancorp, Inc., announced today that it is one of the first lenders in Illinois to offer the federally insured, variable rate Home Equity Conversion Mortgage product with a lower margin and a separate, fixed rate Reverse Mortgage product. (Fri, 06 Apr 2007 16:57:00 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. (Fri, 06 Apr 2007 17:55:17 GMT)
American Home Mortgage sees lower Q1 profit
American Home Mortgage Investment Corp. said it expects lower income in the first quarter and full year 2007 than previously forecast due to conditions in the secondary mortgage and mortgage-backed securities markets. (Fri, 06 Apr 2007 18:35:10 GMT)
Long Island mortgage firm lowers estimates
American Home Mortgage Investment Corp. said first quarter and full year mortgages would be lower due to weaker market conditions. (Fri, 06 Apr 2007 18:50:02 GMT)
American Home warns of spreading subprime-mortgage crisis
SAN FRANCISCO (MarketWatch) -- American Home Mortgage Investment Corp. cut its first-quarter and full-year profit forecast by more than 25% Friday after being hit by problems in the secondary market for home loans and mortgage-backed securities. (Fri, 06 Apr 2007 19:07:38 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, 06 Apr 2007 20:08:40 GMT)
How Not to Protect Borrowers From Bad Refinances
Many borrowers who write me about refinancing are about to close on deals that would make them poorer, but they don't realize it. I also receive mail from borrowers who realize they made a mistake when they refinanced. They ask how to undo the mistake or whether they have any recourse. (Fri, 06 Apr 2007 20:17:16 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, 06 Apr 2007 22:25:07 GMT)
Long Island mortgage firm lowers estimates
American Home Mortgage Investment Corp. said first quarter and full year mortgages would be lower due to weaker market conditions. (Fri, 06 Apr 2007 22:50:02 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. (Sat, 07 Apr 2007 02:11:30 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. (Sat, 07 Apr 2007 02:49:17 GMT)
Condos Feel the Mortgage Crunch
At Glen Waye Gardens Condominiums in Silver Spring, 21 owners are more than 30 days behind on their monthly condo fees. Two other owners have not paid since they bought their units, one in April 2005 and the other in September 2006. Both properties went into foreclosure. (Sat, 07 Apr 2007 03:14:03 GMT)
Refinancing Can Relieve Your Car Payment Burdens
(ARA) - It is not uncommon for car owners to find themselves in a situation where their car payments become a bigger financial drain than they anticipated. This can happen for many different reasons: job loss, sudden unexpected expenses, or simply because the car payments aren't in line with income. (Sat, 07 Apr 2007 03:24:51 GMT)
Using a Reverse Mortgage to Avoid Foreclosure
George Downey, Founder of Harbor Mortgage Solutions in Braintree, MA and a past Board Chairman of the Massachusetts Mortgage Association, outlines some basic criteria of a reverse mortgage that might help a senior homeowner avoid foreclosure. [PR.com - April 07, 2007] (Sat, 07 Apr 2007 07:14:28 GMT)
Only borrower can say if refi offers net gain
Many borrowers who write me about refinancing are about to close on deals that would make them poorer. I also receive mail from borrowers... (Sat, 07 Apr 2007 07:17:00 GMT)
Bank executive explains mortgage fallout
REEDSBURG-In the last several months, financial news services have been reporting on the demise of many mortgage lenders that specialized in the "Subprime" mortgage market. (Sat, 07 Apr 2007 11:05:38 GMT)
The Home Front: Beware of loan scam
With foreclosures on the rise in Texas... (Sat, 07 Apr 2007 18:08:56 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. (Sat, 07 Apr 2007 21:16:37 GMT)
MAIL BAG: Reverse mortgage pays as long as you're alive
Q: I have two questions about how senior citizen reverse mortgages work. (1) How are the monthly payments to the homeowner calculated by the reverse-mortgage company, and (2) what happens when the homeowner outlives the market value of his house? (Sat, 07 Apr 2007 23:27:37 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, 08 Apr 2007 01:28:15 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. (Sun, 08 Apr 2007 01:29:05 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. (Sun, 08 Apr 2007 01:29:46 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, 08 Apr 2007 02:11:49 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, 08 Apr 2007 02:12:31 GMT)
Want a Mortgage? Start by Settling Your Score
(ARA) - Anyone who's been denied credit may feel the old adage "you can't fight city hall" should be replaced by a new axiom: "You can't fight the credit bureaus." (Sun, 08 Apr 2007 02:12:51 GMT)
3.9% Local Mortgage Money
This month may be the best time to buy a home. A new home mortgage program is opening the door to “home owner wannabies” at rates that might surprise you. (Sun, 08 Apr 2007 02:50:38 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, 08 Apr 2007 03:08:34 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? (Sun, 08 Apr 2007 03:08:44 GMT)
MORTGAGES AND MORE: Americans' increasing consumer debt helped fuel the subprime mortgage crisis
Since there has been so much written about the subprime mortgage crisis, this week we asked Reeta Wolfsohn, a member of the Asheville Strategic Alliance, to comment on consumer debt in America: (Sun, 08 Apr 2007 05:15:47 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, 08 Apr 2007 05:38:30 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, 08 Apr 2007 05:53:54 GMT)
Check for any surprises lurking in 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 might lurk in your own mortgage. (Sun, 08 Apr 2007 07:05:10 GMT)
30-year mortgage rate increases to 6.25%
The average 30-year fixed mortgage rate rose to 6.25 percent, according to Bankrate.com's weekly national survey of large lenders. (Sun, 08 Apr 2007 07:15:36 GMT)
U.S. Home Mortgage, LLC to Sponsor New Horizon School’s 10th Annual Auction Gala
U.S. Home Mortgage, LLC will proudly sponsor New Horizon School’s 10th Annual Auction Gala with Edlund Associates, Inc and Good Chevrolet in Renton. U.S. Home Mortgage, LLC will donate items for the auction, which include authentic NFL footballs autographed by Seahawks Running Back, Shaun Alexander; Left Tackle, Walter Jones; Wide Receiver, Deion Branch; an authentic NFL helmet autographed by ... (Sun, 08 Apr 2007 07:15:47 GMT)
Not all subprime mortgage loans are a bad deal
While subprime lenders are getting hammered for the current state of the housing market, let's remember that most of them are decent people - with creative programs - that filled a needed niche. Of the thousands of subprime loans in this country, about 13 percent are in trouble. (Sun, 08 Apr 2007 07:32:33 GMT)
Bias alleged in home loans
Major study says blacks and non-white Latinos get worst deals. | Velma Vardiman had to quit her job as an administrative assistant in January 2005 after being diagnosed with cancer late in 2004. Soon the bills piled up, and she missed a payment on her home loan. (Sun, 08 Apr 2007 07:46:31 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, 08 Apr 2007 09:29:47 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. (Sun, 08 Apr 2007 09:39:26 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. (Sun, 08 Apr 2007 10:03:58 GMT)
Mortgage rates stay near year low
WASHINGTON – Mortgage rates around the country crept up this week, although rates on 30-year mortgages still hovered close to their low for the year. (Sun, 08 Apr 2007 10:06:44 GMT)
Exotic mortgage holders face difficult refinancing
New scrutiny means lenders tightening their standards. Refinancing a mortgage, suddenly, isn't such an easy thing to do. (Sun, 08 Apr 2007 10:07:40 GMT)
Exotic mortgage holders face difficult refinancing
New scrutiny means lenders tightening their standards. Refinancing a mortgage, suddenly, isn't such an easy thing to do. (Sun, 08 Apr 2007 10:08:00 GMT)
Mortgage mess on par with dot-com bust, stock crashes
A periodic crisis in one slice of the economy, such as the current mortgage mayhem, is no guarantee of any economy-wide debacle. We asked visitors to the Lansner on Real Estate blog how this financial upheaval compared to four previous monetary crises. (Sun, 08 Apr 2007 10:08:20 GMT)
College-loan scandal prompts need to search for alternatives
Should families who need to borrow money for college rely on their school's preferred list of lenders? Historically, the vast majority have. But the widening college-loan scandal has raised questions about how lenders get on those lists. Was it because... (Sun, 08 Apr 2007 10:52:54 GMT)
Mortgage rates still hold
Mortgage rates still hold steady (Sun, 08 Apr 2007 11:13:25 GMT)
Speaker's bill targets predatory lending
AUGUSTA (April 8): The Legislature later this month will begin its review of what could be one of the nation’s toughest laws 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. (Sun, 08 Apr 2007 11:18:16 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. (Sun, 08 Apr 2007 11:28:21 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, 08 Apr 2007 11:53:52 GMT)
Mortgage mess on par with dot-com bust, stock crashes
A periodic crisis in one slice of the economy, such as the current mortgage mayhem, is no guarantee of any economy-wide debacle. We asked visitors to the Lansner on Real Estate blog how this financial upheaval compared to four previous monetary crises. (Sun, 08 Apr 2007 14:35:41 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, 08 Apr 2007 16:19:38 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, 08 Apr 2007 17:33:24 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, 08 Apr 2007 17:34:14 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. (Sun, 08 Apr 2007 17:34:34 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, 08 Apr 2007 17:45:48 GMT)
Mortgage-backed bonds dodge sub-prime bullet
Investors in recent years have bought billions of dollars worth of bonds that are backed by sub-prime mortgages — loans to people with shaky credit. (Sun, 08 Apr 2007 18:55:59 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? (Sun, 08 Apr 2007 19:00:57 GMT)
Future inmate found working at loan office
A woman who recently pleaded guilty to bank fraud has been working for a Myrtle Beach mortgage broker, illustrating the difficulty experts say they have in regulating the state's home loan industry. (Mon, 09 Apr 2007 05:06:40 GMT)
FHA Now offers 95% Cash-out for Credit Troubled Borrowers
Katz Mortgage Team, www.KatzMortgageTeam.net, of Amtrust Mortgage Corporation, has announced that due to recently increased credit restrictions in the sub prime market, FHA Cash-out refinance mortgages have surged in popularity. (PRWeb Apr 9, 2007) Post Comment:Trackback URL: http://www.prweb.com/pingpr.php/RmFsdS1aZXRhLUVtcHQtQ3Jhcy1NYWduLVplcm8= (Mon, 09 Apr 2007 07:10:15 GMT)
Should you refinance your auto loan?
You've forsaken digital cable, stopped eating out so much and turned the thermostat down a notch or two in the winter. You've even refinanced your house to get the monthly mortgage payments down. (Mon, 09 Apr 2007 07:52:41 GMT)
Gift or a loan is a crucial aspect in terms of taxes
I gave my daughter $62,000 for a down payment on a house. I had to sign a statement that it was a "gift" in order for her to qualify for the first mortgage loan. She was able to purchase the house and after 4 or 5 months she took out a second mortgage and "gave" me the money back. What are the tax ramifications of this transaction? Do we need to claim anything? (Mon, 09 Apr 2007 07:53:55 GMT)
Don't default on your mortgage payments
Trouble begins with a descent toward your first missed mortgage payment. It's a queasy feeling many homeowners know too well as their houses slip away. (Mon, 09 Apr 2007 08:27:02 GMT)
Agency aids home refinancing
Ohio's affordable-housing agency is trying to curtail foreclosures among lower- and middle-income families. (Mon, 09 Apr 2007 09:40:57 GMT)
Mortgage fraud flourishes in down markets
As long as the market stays in the doldrums mortgage fraud will continue to thrive, financially damaging not only buyers, sellers and lenders, but even neighbors. (Mon, 09 Apr 2007 10:00:00 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, 09 Apr 2007 11:58:03 GMT)
SBA Loans for Home-Based Businesses
The Small Business Administration has made it much easier for home-based businesses to find the financing they need. Here are some of their options. (Mon, 09 Apr 2007 12:00:00 GMT)
Loan rates may crimp Indian bank profits
Customers may be deterred from taking out home and vehicle loans. (Mon, 09 Apr 2007 12:16:08 GMT)
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(Augusta: Apr 8, 2007 ) The Legislature later this month will begin its review of what could be one of the nation’s toughest laws 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. (Mon, 09 Apr 2007 12:33:28 GMT)
American Home Mortgage Shares Fall on Lower Profit Forecast
April 9 (Bloomberg) -- American Home Mortgage Investment Corp. shares fell as much as 20 percent after the mortgage lender cut its dividend and said profit will miss analysts' forecasts, citing a lack of buyers for home loans it packages for resale. (Mon, 09 Apr 2007 13:11:47 GMT)
American Home Mortgage Shares Fall on Profit Forecast (Update1)
April 9 (Bloomberg) -- American Home Mortgage Investment Corp. shares fell as much as 19 percent after the lender cut its dividend and said profit will miss analysts' forecasts, citing a lack of buyers for home loans it sells to investors. (Mon, 09 Apr 2007 14:11:47 GMT)
Out of the Gate: American Home Mortgage
At least five Wall Street analysts downgraded shares of American Home Mortgage Investment Corp. after the home lender said its mortgage loans are fetching lower prices from investors. (Mon, 09 Apr 2007 14:13:26 GMT)
Subprime mortgage industry struggling to survive
New Century Financial Corp., one of the nation’s largest subprime mortgage lenders, declared bankruptcy on April 2, joining a growing list of subprime lenders struggling to survive amid a rising tide of foreclosures across the nation. (Mon, 09 Apr 2007 14:37:11 GMT)
Number of Yorkers in mortgage trouble rises
The number of residents in York County and across the state asking for government help with mortgage payments increased by about 10 percent last year. (Mon, 09 Apr 2007 15:02:12 GMT)
American Home Mortgage sinks on lower outlook
American Home Mortgage Investment Corp. shares sank as much as 18.2 percent on Monday after the company slashed its dividend and 2007 profit forecasts, and several analysts downgraded its stock. (Mon, 09 Apr 2007 15:19:00 GMT)
American Home Mortgage sinks on lower outlook
NEW YORK (Reuters) - American Home Mortgage Investment Corp. shares sank as much as 18.2 percent on Monday after the company slashed its dividend and 2007 profit forecasts, and several analysts downgraded its stock. (Mon, 09 Apr 2007 15:36:19 GMT)
Sector Snap: Mortgage Lenders
Shares of mortgage lenders sank Monday after the second mortgage bank in two weeks said investors have lost their appetite for "Alt-A" mortgage debt, a type of home loan representing the next-lowest credit tier after subprime. (Mon, 09 Apr 2007 16:09:08 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. (Mon, 09 Apr 2007 16:24:17 GMT)
Mortgage bond prepayments increase
NEW YORK (Reuters) - Prepayments on U.S. mortgage-backed securities increased in March due to a combination of higher volume of home loan refinancings, rising seasonal factors and three additional calendar days. (Mon, 09 Apr 2007 16:39:12 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, 09 Apr 2007 16:46:53 GMT)
American Home Mortgage Shares Fall on Profit Forecast (Update3)
April 9 (Bloomberg) -- American Home Mortgage Investment Corp. shares fell as much as 19 percent after the company's loans attracted few bids from investors, fueling concern that losses at subprime lenders are spreading to higher-rated credits. (Mon, 09 Apr 2007 17:11:57 GMT)
Agency aids home refinancing
Ohio's affordable-housing agency is trying to curtail foreclosures among lower- and middle-income families. The Ohio Housing Finance Agency last week launched a refinancing program for qualified homeowners struggling to keep up with their mortgage payments. (Mon, 09 Apr 2007 17:22:36 GMT)
Subprime crisis shines spotlight on mortgage broker practices
SAN FRANCISCO (MarketWatch) - The subprime mortgage crisis has re-ignited scrutiny of the industry and people who broker home loans, with some critics arguing that hidden fees and other dubious practices have contributed to the surge in delinquencies. (Mon, 09 Apr 2007 17:37:49 GMT)
Mortgage Mail Offers: Caveat Emptor
Seems like just moments after moving into your new home, letters offering home equity lines, and hot refinance rates start pouring in. But take note: If an offer looks too good to be true, it probably is. (Mon, 09 Apr 2007 19:17:15 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, 09 Apr 2007 19:54:00 GMT)
American Home Mortgage Shares Fall on Profit Forecast (Update4)
April 9 (Bloomberg) -- American Home Mortgage Investment Corp. shares fell 15 percent after the company's loans attracted few bids from investors, fueling concern that losses at subprime lenders are spreading to higher-rated credits. (Mon, 09 Apr 2007 20:56:50 GMT)
Subprime mortgage toll: A family's shattered dream
Julio Borrero was among the more than 19,000 Massachusetts home-mortgage borrowers who received foreclosure notices from their lenders last year. (Mon, 09 Apr 2007 21:53:10 GMT)
Australian February Home-Loan Approvals Probably Rose (Correct)
(Corrects month in headline.) April 10 (Bloomberg) -- Australia's home-loan approvals probably rose for a third month in February as house price gains and surging employment stoked confidence among property buyers. (Tue, 10 Apr 2007 00:08:54 GMT)
Australian home loans go carbon-neutral
SYDNEY: There's been much talk about reducing your carbon footprint and now the mortgage industry claims that buying a home can even become a green-friendly experience, by taking out a carbon-neutral home loan. (Tue, 10 Apr 2007 01:25:55 GMT)
TCS administrators seek to save taxpayers $500,000
Tiffin City Schools administrators are looking to save taxpayers about $500,000 during a process that’s similar to refinancing a mortgage. “There usually is a time when it’s beneficial for a homeowner to refinance the mortgage on their home,” said Jennifer Hedrick, district treasurer. (Tue, 10 Apr 2007 04:47:53 GMT)
Some Mich. lenders feel the heat from mortgage meltdown
The national meltdown of the subprime mortgage market is causing its share of Michigan casualties, as major lenders have closed and smaller ones are struggling with a lower volume of loans. (Tue, 10 Apr 2007 06:11:33 GMT)
Sumitomo Trust says to buy Shinsei housing loan unit
TOKYO, April 10 (Reuters) - Sumitomo Trust & Banking Co. , Japan's fifth-biggest bank, said it would buy a housing loan unit of Shinsei Bank Ltd. for 25 billion yen ($210 million), aiming to boost its presence in the home loan market. (Tue, 10 Apr 2007 07:31:31 GMT)
I-flex signs Federal Home Loan Bank of NY to Flexcube
I-flex solutions, a leading provider of technology solutions to the global banking and financial services industry announced today that Federal Home ... (Tue, 10 Apr 2007 11:27:14 GMT)
Websites try to make mortgage consumers 'a little smarter'
At a time when many families are losing their homes to foreclosure, mortgage experts are offering new tools to help home buyers avoid making the same mistakes. (Tue, 10 Apr 2007 12:22:37 GMT)
Special Report: The Mortgage Mess
Mark and Kerrie Russo of Jackson, N.J., are struggling to hang on. They are among millions of home owners swept up in a wave of questionable lending practices and outright fraud, according to interviews with borrowers, lenders, appraisers and regulators. An MSNBC.com special report by John W. Schoen. (Tue, 10 Apr 2007 12:38:37 GMT)
Subprime Mortgage Bondholders Targeted by Congress (Update1)
April 10 (Bloomberg) -- U.S. lawmakers want to stem the rising number of mortgage delinquencies by targeting investors who finance such lending through the purchase of bonds backed by home loans. (Tue, 10 Apr 2007 13:24:13 GMT)
Mortgage rates stay near year low
WASHINGTON – Mortgage rates around the country crept up this week, although rates on 30-year mortgages still hovered close to their low for the year. (Tue, 10 Apr 2007 13:47:55 GMT)
Mortgage Bondholders May Bear Subprime Loan Risk (Update2)
April 10 (Bloomberg) -- The top Republican and Democrat on the House Financial Services Committee said investors in mortgage bonds should be liable for deceptive loans made by banks. (Tue, 10 Apr 2007 14:11:47 GMT)
Mortgage Mess: Now It's Prime Time
Shares of American Home Mortgage fell Monday after it said it had to write down higher-quality residential loans (Tue, 10 Apr 2007 14:15:33 GMT)
Weakness spreads from subprime mortgage market
Turmoil in the subprime mortgage market is snaring more companies who lend to people with decent credit. (Tue, 10 Apr 2007 16:41:50 GMT)
New "Credit-Aid" Software for Mortgage Brokers Helps Loan Officers Close More Loans
Credit-Aid Credit Repair Software, an award-winning software company, today released Credit-Aid Credit Repair Software for Mortgage Brokers. Developed over a two-year period at the request of mortgage brokers, new software automates the process of removing negative items on clients' credit reports. (Tue, 10 Apr 2007 16:45:00 GMT)
Home loan party over
Bankers expect growth rate to halve to 15% in ‘08. The era of easy access to home loans appears over following the 300-basis-point increase in home loan rates and a near-doubling of property prices in 2006-07. As a result, bankers expect home loan growth rates to halve this financial year. (Tue, 10 Apr 2007 18:34:13 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, 10 Apr 2007 19:17:53 GMT)
Risky loans - alive and well
Option ARMs remain an option. Despite problems in the mortgage market, brokers say lenders are still willing to make risky loans - including those that allow borrowers to make monthly payments that don't even cover the interest (so-called "option ARMs"). (Tue, 10 Apr 2007 20:29:05 GMT)
Foreclosures May Weaken Home Prices, Spending
On a national level, rising subprime mortgage foreclosures are sure to have a ripple effect. What those effects will be is a matter for debate -- but at least one analyst thinks we've only seen the tip of the iceberg. Among the predictions: a fall in home values, and in consumer spending. (Tue, 10 Apr 2007 20:45:00 GMT)
Alt-A Mortgage Market Showing Weakness
Turmoil in the mortgage market is ensnaring more companies who lend to people with decent credit. The spread of home lending woes beyond loans to those with weak credit threatens to reduce the availability of loans for some consumers and even threaten the existence of some lenders. (Tue, 10 Apr 2007 20:58:04 GMT)
Mortgage Fraud Suspect Pleads Guilty
A man accused of stealing the identities of children, the homeless and people in drug rehab as part of a massive mortgage fraud scheme pleaded guilty to federal charges in three states Tuesday. (Tue, 10 Apr 2007 21:30:11 GMT)
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