Mortgage News Apr 2007
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Homeowners Find Out How to Refinance Mortgages at LoanPage.com
Interest rates have risen but are still far off from historic highs, so many homeowners are continuing to refinance their home mortgages to lower their monthly payments. LoanPage.com, a complete source of mortgage loan tools and lenders, offers three new refinancing articles as well as a free mortgage quote and other resources to help homeowners learn how to refinance their mortgage. (Wed, 18 Apr 2007 07:01:00 GMT)
Homeowners Find Out How to Refinance Mortgages at LoanPage.com
Interest rates have risen but are still far off from historic highs, so many homeowners are continuing to refinance their home mortgages to lower their monthly payments. LoanPage.com, a complete source of mortgage loan tools and lenders, offers three new refinancing articles as well as a free mortgage quote and other resources to help homeowners learn how to refinance their mortgage. (PRWeb Apr ... (Wed, 18 Apr 2007 07:18:45 GMT)
Injunction issued in state case vs. mortgage brokers
The office of Massachusetts Attorney General Martha Coakley said Suffolk Superior Court granted a preliminary injunction her office requested in two lawsuits it filed against individuals and mortgage companies allegedly engaged in a financial scam that targeted victims of foreclosure. The lawsuits involve individual mortgage and real estate brokers and attorneys and Brockton-based Primary ... (Wed, 18 Apr 2007 09:20:45 GMT)
Mortgage relief may be ahead
The heads of Fannie Mae and Freddie Mac said Tuesday that the mortgage finance giants are developing new types of loans to help distressed borrowers with high-risk mortgages avoid foreclosures. (Wed, 18 Apr 2007 09:33:40 GMT)
Drive to make deals fuels mortgage woes
Why such carnage in the subprime mortgage market? Everyone in the real estate business has incentives to make sure deals happen -- even unwise ones. (Wed, 18 Apr 2007 10:00:00 GMT)
Refinancing an exotic mortgage
A sluggish home-sale market combined with tighter credit is making refinancing out an ARM or exotic mortgage more challenging, but not impossible. (Wed, 18 Apr 2007 10:00:00 GMT)
Warehouse lenders' role in mortgage woes
All big mortgage lenders, and especially institutions that don't accept deposits, rely on warehouse lines of credit. When that money spigot closes, lenders go out of business. (Wed, 18 Apr 2007 10:00:00 GMT)
What exactly is a subprime mortgage?
There are conflicting accounts of the size of the subprime market. Depending on who you talk to, it accounts for 20 percent of all mortgage loans, 15 percent, 13.5 percent. (Wed, 18 Apr 2007 10:00:00 GMT)
Moral hazard is part of mortgage mess
The concept known as "moral hazard" will be important to understand as Congress, regulators and lenders address the aftermath of shaky mortgage lending. (Wed, 18 Apr 2007 10:00:00 GMT)
Lake's largest home in limbo
The mansion will go to the highest bidder unless the owner can repay a loan in arrears. Lake County's biggest home has plenty of room to spare, with a grand staircase spiraling up four floors toward a lofty dome hand-painted to show clouds against a pale-blue sky. (Wed, 18 Apr 2007 10:03:05 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, 18 Apr 2007 10:12:42 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? (Wed, 18 Apr 2007 10:20:34 GMT)
Perrysburg mortgage broker fined
A Perrysburg mortgage broker recently agreed to pay a $500 fine for failing to follow state licensing rules for financial institutions. (Wed, 18 Apr 2007 10:43:33 GMT)
Rent-a-room mortgage launched
A mortgage that assumes you will rent a room in your new property and earn an extra £4,250 a year was launched yesterday. Mortgage company John Charcol said the loan was a "formal solution" to a practice that goes on all the time. (Wed, 18 Apr 2007 10:59:54 GMT)
Mortgage applications down fifth week
WASHINGTON (MarketWatch) -- With the adjustable-rate sector of the market drying up, applications for mortgages fell for the fifth straight week as interest rates rose, the Mortgage Bankers Association reported Wednesday. (Wed, 18 Apr 2007 11:08:08 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, 18 Apr 2007 11:26:59 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, 18 Apr 2007 11:56:44 GMT)
IDBI raises home loan reference rate by 75 bps
MUMBAI, April 18 (Reuters) - India's state-run lender IDBI Ltd. said on Wednesday it raised its reference rate for home loans by 75 basis points to 11.25 percent with retrospective effect from April 10. (Wed, 18 Apr 2007 12:47:50 GMT)
WaMu Offers to Refinance Subprime Loans
Washington Mutual said Wednesday it would offer some subprime mortgage borrowers the option to refinance adjustable-rate mortgages as a way to avoid default and foreclosure. (Wed, 18 Apr 2007 13:27:27 GMT)
Mortgage applications fall for a fifth week
Mortgage applications fell for the fifth consecutive week, largely reflecting a drop in demand for home purchase loans, an industry trade group said Wednesday. (Wed, 18 Apr 2007 13:40:57 GMT)
Mortgage apps fall for fifth week
Mortgage applications continued their recent decline last week, falling for the fifth straight week, according to the latest report by the Mortgage Bankers Association. (Wed, 18 Apr 2007 14:14:25 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? (Wed, 18 Apr 2007 15:01:26 GMT)
Mortgage Applications Slipped Last Week
Fewer people applied for mortgage loans last week, a lending industry group reported, as cooling home prices and higher interest rates kept home buyers off the market. (Wed, 18 Apr 2007 15:13:33 GMT)
Mortgage applications slipped last week
The Mortgage Bankers Association said its Market Composite Index, which measures the number of people who apply for mortgage loans, slipped 2.5 percent last week to 630.6. Applications to refinance existing mortgages slipped 0.3 percent, the MBA said. (Wed, 18 Apr 2007 15:18:10 GMT)
WaMu refinancing up to $2 billion in subprime loans
SEATTLE Washington Mutual says it will refinance up to two (b) billion dollars worth of subprime mortgage loans at discounted rates. The refinancing would avoid defaults... (Wed, 18 Apr 2007 15:41:56 GMT)
Washington Mutual agrees to help homeowners refinance subprime loans
Washington Mutual has committed to refinance up to $2 billion worth of subprime loans at discounted interest rates as a way to help their homeowners avoid foreclosure. (Wed, 18 Apr 2007 15:42:30 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, 18 Apr 2007 15:49:36 GMT)
As Mortgage Applications Drop and Foreclosures Rates Rise, Congress Discusses Solutions
According to a report by the Mortgage Bankers Association Mortgage (MBA), mortgage applications continued to decline for the fifth-straight week...( Read More ) (Wed, 18 Apr 2007 16:00:27 GMT)
Bank of America CEO confident on prime mortgage market
BOSTON (MarketWatch) -- The chairman and chief executive of Bank of America Corp., Kenneth Lewis, on Wednesday expressed confidence that problems in the U.S. subprime market won't spill over to the prime segment of the mortgage market. (Wed, 18 Apr 2007 16:07:38 GMT)
Freddie Mac Offers to Buy $20 Billion in Home Loans, Syron Says
April 18 (Bloomberg) -- Freddie Mac, the second-largest source of money for U.S. home loans, is offering to buy as much as $20 billion of mortgages that were to be packaged into bonds as the company tries to help stabilize the subprime loan market, Chief Executive Officer Richard Syron said today. (Wed, 18 Apr 2007 16:27:15 GMT)
Home loans jump 86% in Q1 - Brazil
Home loans rose 86.1% in 1Q07 compared to the same quarter last year, according to local savings and home loan providers association Abecip. Home loans had reached 2.91bn reais (US$1.43bn) by end-March compared to 1.57bn reais at the same time in 2006, according to Abecip figures. (Wed, 18 Apr 2007 17:02:31 GMT)
WaMu Refinancing Up To $2B In Subprime Loans
Washington Mutual says it will refinance up to $2 billion worth of subprime mortgage loans at discounted rates. (Wed, 18 Apr 2007 17:23:05 GMT)
Mortgage rates rise 2 weeks in a row
WASHINGTON – Mortgage rates around the country rose for a second straight week with 30-year mortgages hitting the highest level since late February. (Wed, 18 Apr 2007 17:33:26 GMT)
Washington Mutual offers $2 billion to refinance subprime loans
Washington Mutual said Wednesday it will refinance up to $2 billion in subprime mortgages to help borrowers avoid default and foreclosure... (Wed, 18 Apr 2007 18:11:23 GMT)
RBI urged to raise home loan limit
Commercial banks have urged the Reserve Bank of India (RBI) to raise the cap on individual home loans for the purpose of classification under priority sector lending in the backdrop of the overall rise in property prices. (Wed, 18 Apr 2007 18:34:21 GMT)
Fitch Affirms 15, Places 3 RMBS Classes on Neg Watch from 3 First Horizon Home Loan Mortgage Issues
NEW YORK----Fitch Ratings affirms the following First Horizon Home Loan Mortgage Trust issues: (Wed, 18 Apr 2007 21:17:00 GMT)
Gershman Mortgage closes $3M Centennial Plaza loan
Gershman Mortgage recently closed a $3.19 million loan to renovate Centennial Plaza Apartments in St. Louis, the firm said Wednesday. Gershman said it also recently closed loans for three other commercial developments outside the area totaling more than $6 million. (Wed, 18 Apr 2007 22:24:44 GMT)
Company offers $2 billion to refinance subprime loans
Washington Mutual said today it will refinance up to $2 billion in subprime mortgages to help borrowers avoid default and foreclosure. (Wed, 18 Apr 2007 23:03:24 GMT)
Why Mortgage Life Insurance is Not a Good Idea
(ARA) - If you've recently taken out a mortgage, brace yourself for the onslaught. Before you even finish unpacking, your mailbox will likely be filled with offers for all kinds of services. (Thu, 19 Apr 2007 00:49:08 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, 19 Apr 2007 02:45:49 GMT)
Help for Subprime Mortgage Holders
Freddie Mac said it would buy as much as $20 billion in subprime mortgages and Washington Mutual offered to refinance $2 billion in loans. (Thu, 19 Apr 2007 04:11:56 GMT)
Freddie Mac to Refinance Loans
Freddie Mac, one of the nation's largest mortgage investors, plans to buy about $20 billion worth of mortgages that would primarily refinance the loans of people in danger of losing their homes. (Thu, 19 Apr 2007 06:39:16 GMT)
Subprime Loan Fallout to Heat Up as Real Estate Inventories Soar
Foreclosures in NH almost double from last year as homeowners are reeling from the subprime loan fallout combined with decreased home values, fastidious buyers and a stagnant real estate market. (Thu, 19 Apr 2007 07:01:00 GMT)
Mortgage bankers lend an ear to Fletcher
Kentucky mortgage bankers won the tentative backing of Gov. Ernie Fletcher yesterday in their ongoing campaign to update state lending laws to protect consumers. (Thu, 19 Apr 2007 07:17:54 GMT)
Washington Mutual offers to refinance at lower rates
Washington Mutual Inc., the largest U.S. savings and loan and a major player in South Florida, offered to refinance $2 billion of mortgages at lower interest rates to help subprime borrowers meet rising payments on their homes. (Thu, 19 Apr 2007 07:18:59 GMT)
Subprime Loan Fallout to Heat Up as Real Estate Inventories Soar
Foreclosures in NH almost double from last year as homeowners are reeling from the subprime loan fallout combined with decreased home values, fastidious buyers and a stagnant real estate market. (PRWeb Apr 19, 2007) Post Comment:Trackback URL: http://www.prweb.com/pingpr.php/RmFsdS1Db3VwLUNyYXMtQ3Jhcy1NYWduLVplcm8= (Thu, 19 Apr 2007 07:21:57 GMT)
How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance ? Are the rates and the current mortgage market the best indicators? (Thu, 19 Apr 2007 07:42:35 GMT)
Fire destroys law, mortgage offices overlooking Sacramento River
Fire destroys law, mortgage offices overlooking Sacramento River (Thu, 19 Apr 2007 08:43:56 GMT)
'Protect interest of home loan borrowers'
New Delhi, April 19: The government today asked public sector banks to hold interest rates on home loans of up to Rs 10 lakh, but be cautious about lending to commercial real estate sector and for buying stocks. (Thu, 19 Apr 2007 08:50:04 GMT)
Govt asks PSU banks to protect interest of home loan borrowers
The government today asked public sector banks to hold interest rates on home loans of up to Rs 10 lakh, but be cautious about lending to commercial real estate sector and for buying stocks. (Thu, 19 Apr 2007 08:51:24 GMT)
Mortgage lenders take steps to help borrowers keep homes
Freddie Mac on Wednesday committed to buy as much as $20 billion in subprime mortgages, while Washington Mutual Inc. offered to refinance $2 billion in loans as the U.S. mortgage-finance industry made its biggest gesture yet to help borrowers with poor credit histories avoid losing their homes. (Thu, 19 Apr 2007 09:56:01 GMT)
When is a cash-out refinancing worth it?
Though the interest rate on a mortgage is usually lower than other forms of borrowing, closing costs may wipe out the savings, says Dr. Don. (Thu, 19 Apr 2007 10:00:00 GMT)
At long last, lower mortgage rates
Mortgage rates fell for the first time in five weeks, according to Bankrate's weekly survey of large lenders. A lower-than-expected Consumer Price Index helped. (Thu, 19 Apr 2007 10:00:00 GMT)
NatWest calls on borrowers to switch their mortgage
NatWest is urging Halifax, Abbey, Lloyds TSB, and Barclays customers to switch their mortgage to NatWest. (Thu, 19 Apr 2007 10:00:58 GMT)
Lender plans to bail out subprime mortgage clients
Washington Mutual will provide as much as $2 billion for refinancing. (Thu, 19 Apr 2007 10:46:51 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, 19 Apr 2007 11:09:07 GMT)
Bankrate: Mortgage Rates Retreat on Inflation News
Fixed mortgage rates broke a string of four consecutive increases, dipping this week in response to favorable news on the inflation front. The average 30-year fixed mortgage rate slid to 6.29 percent. (Thu, 19 Apr 2007 11:30:00 GMT)
Refinancing to pay off truck and camper
Dear Dr. Don, I am interested in refinancing my home. My husband is on the deed but not on the loan. I would like to add him to the loan. The current mortgage is a 5/1 ARM at 5.875 percent with a loan balance of $78,054. We are making biweekly payments. It is locked in at that rate until 2010. (Thu, 19 Apr 2007 11:32:37 GMT)
Mortgage rates ease as inflation fears cool
Mortgage rates fell for the first time in six weeks, Freddie Mac said Thursday, on signs that inflation pressures are moderating. (Thu, 19 Apr 2007 14:58:55 GMT)
Steering clear of the mortgage mess
Don't expect a quick recovery from the subprime mortgage debacle. (Thu, 19 Apr 2007 15:14:05 GMT)
U.S. mortgage rates move lower for first time in 6 weeks
CHICAGO (MarketWatch) -- Mortgage rates moved down this week, with the rate on the 30-year fixed-rate mortgage decreasing for the first time since early March, according to Freddie Mac's weekly survey. (Thu, 19 Apr 2007 15:22:48 GMT)
Mortgage Co. ResCap to Cut 1,000 Jobs
In the second major job cut this year, Residential Capital LLC announced it would eliminate 1,000 jobs due to the "deterioration of the subprime mortgage market." (Thu, 19 Apr 2007 16:13:52 GMT)
Get Married to Your Mortgage
Make "till death do us part" a solemn vow of your home mortgage. (Thu, 19 Apr 2007 16:30:03 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, 19 Apr 2007 17:01:58 GMT)
Washington Mutual to help homeowners refinance subprime loans
Washington Mutual has committed to refinance up to $2 billion worth of subprime loans at discounted interest rates as a way to help their homeowners avoid foreclosure. (Thu, 19 Apr 2007 17:22:20 GMT)
WaMu offers to refinance $2 billion in subprime loans
Washington Mutual Inc., the largest U.S. savings and loan, offered to refinance $2 billion of mortgages at lower interest rates to help subprime borrowers meet rising payments on their homes. (Thu, 19 Apr 2007 17:39:19 GMT)
Loan repayment tenures shooting past 20-year mark
One in three home loan borrowers have either witnessed a 25 per cent rise in their equated monthly installments (EMIs) or their loan tenures extending beyond 20 years over the past one year. (Thu, 19 Apr 2007 18:34:20 GMT)
Merrill CFO sees viable subprime mortgage market
(Adds comments on expansion and deals in sixth to eighth paragraphs.) NEW YORK (MarketWatch) -- Merrill Lynch & Co. defended its $1.3 billion purchase of a subprime mortgage company in December, saying the business will revive and the purchase gives it crucial insight into market trends. At the same time, Merrill said its subprime mortgage business has represented less than 1% of its revenue over ... (Thu, 19 Apr 2007 18:44:49 GMT)
Residential Mortgage Lender ResCap To Cut Jobs
In the second major job cut this year, Residential Capital LLC announced it would eliminate 1,000 jobs due to the "deterioration of the subprime mortgage market." More Business News (Thu, 19 Apr 2007 18:48:00 GMT)
Home builder D.R. Horton earnings plunge 85 pct
D.R. Horton Inc. , the largest U.S. home builder, said on Thursday quarterly earnings fell 85 percent, in part due to charges related to the lower value of land. (Thu, 19 Apr 2007 19:23:10 GMT)
GE's WMC Mortgage to lay off half of staff
BOSTON (Reuters) - General Electric Co.'s (GE.N) WMC Mortgage subprime lending unit plans to lay off 771 workers, about half of its staff, a spokeswoman said on Thursday. (Thu, 19 Apr 2007 19:39:47 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. (Thu, 19 Apr 2007 19:53:48 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. (Thu, 19 Apr 2007 19:58:13 GMT)
Lake's largest home in limbo
The mansion will go to the highest bidder unless the owner can repay a loan in arrears. Lake County's biggest home has plenty of room to spare, with a grand staircase spiraling up four floors toward a lofty dome hand-painted to show clouds against a pale-blue sky. (Thu, 19 Apr 2007 20:26:16 GMT)
Thornburg Mortgage moves up on Fortune 1000 list
Thornburg Mortgage is moving up the list of America's Fortune 1000 companies. (Thu, 19 Apr 2007 20:44:55 GMT)
U.S. mortgage rates edge down
The benchmark 30-year fixed-rate U.S. mortgage interest rate slipped to 6.17 percent from 6.22 percent, housing finance company Freddie Mac said Thursday. (Fri, 20 Apr 2007 01:05:13 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? (Fri, 20 Apr 2007 01:19:18 GMT)
H&R Block expects annual loss, blames subprime mortgage market
KANSAS CITY, Mo. (AP) - H&R Block Inc. said Thursday it will report a full-year loss because of charges related to its subprime mortgage subsidiary. (Fri, 20 Apr 2007 01:24:41 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, 20 Apr 2007 03:01:29 GMT)
'Upside Down' Home Sellers Owe More Than They Get
Jeffrey Taylor and his wife bought their dream home in Purcellville for $538,000 last August. Now they have to sell it because they are getting divorced and neither one can afford the mortgage alone. (Fri, 20 Apr 2007 03:47:07 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, 20 Apr 2007 04:49:18 GMT)
Prudential Rand in mortgage business
Prudential Rand Realty now sells mortgages along with houses. The real estate company has launched Rand Mortgage LLC, a subsidiary that will broker mortgages between house buyers and banks. The office, based in New City, is licensed by the state and employs a staff of about 20, including an underwriter, Managing Partner Greg Rand said. (Fri, 20 Apr 2007 06:55:14 GMT)
GE mortgage unit to trim 771 more jobs
Burbank-based WMC cut more than 460 in March. Citigroup's chief slams 'aggressive' loans from independent firms. The layoff ax fell again Thursday in the sub-prime loan industry, with WMC Mortgage in Burbank saying it would eliminate 771 jobs, more than half its workforce that remained after March cuts. (Fri, 20 Apr 2007 07:11:09 GMT)
Did your mortgage broker mislead you?
Cynthia Cariseo said she trusted her mortgage broker to find her a suitable home loan. (Fri, 20 Apr 2007 07:23:03 GMT)
Washington Mutual offers 2 billion to refinance subprime loans
SEATTLE (AP) -- Washington Mutual Inc., the nation's largest savings and loan, said Wednesday it will refinance up to 2 billion in subprime mortgages to help borrowers avoid default and foreclosure. (Fri, 20 Apr 2007 08:09:05 GMT)
(AFX UK Focus) 2007-04-20 12:09 GMT: H&R Block to sell Option One Mortgage to OOMC Acquisition
LONDON (Thomson Financial) - H&R Block Inc said it has agreed to sell Option One Mortgage Corp to OOMC Acquisition Corp, a newly formed company affiliated with Cerberus Capital Management. (Fri, 20 Apr 2007 11:34:11 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. (Fri, 20 Apr 2007 12:11:34 GMT)
How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance ? Are the rates and the current mortgage market the best indicators? (Fri, 20 Apr 2007 12:13:02 GMT)
Opteum to Sell Secondary Mortgage Unit
Opteum Inc., a real estate investment trust and mortgage lender, on Friday said it plans to exit its money-losing wholesale mortgage loan origination business. (Fri, 20 Apr 2007 12:35:03 GMT)
Block agrees to sell mortgage unit
H&R Block Inc. has agreed to sell its Option One Mortgage Corp. subsidiary in a cash deal it said is equal to $300 million less than the unit's tangible net assets. Block said that the unit's tangible net assets totaled $1.27 billion on Jan. 31 but that the total could change by the closing of the deal. (Fri, 20 Apr 2007 13:42:05 GMT)
H&R Block to Sell Option One Mortgage to Cerberus (Update2)
April 20 (Bloomberg) -- H&R Block Inc., the largest U.S. tax preparer, agreed to sell its money-losing subprime mortgage unit to Cerberus Capital Management LP for about 40 percent less than it sought as recently as last month. (Fri, 20 Apr 2007 13:57:22 GMT)
Washington Mutual to help homeowners refinance subprime loans
Washington Mutual has committed to refinance up to $2 billion worth of subprime loans at discounted interest rates as a way to help their homeowners avoid foreclosure. (Fri, 20 Apr 2007 14:00:29 GMT)
Russian mortgage agency to sell pilot RMBS in May
MOSCOW, April 20 (Reuters) - Russia's mortgage agency will place its long-awaited debut issue of rouble residential mortgage-backed securities (RMBS) in May and plans another deal later this year, it said on Friday. (Fri, 20 Apr 2007 15:35:45 GMT)
David Rosato Appointed to Federal Home Loan Bank of Boston Board of Directors
Webster Bank executive R. David Rosato has been appointed to a vacant seat on the board of directors of the Federal Home Loan Bank of Boston . Mr. Rosato's term will expire on December 31, 2009. (Fri, 20 Apr 2007 16:09:00 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. (Fri, 20 Apr 2007 16:15:57 GMT)
How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance ? Are the rates and the current mortgage market the best indicators? (Fri, 20 Apr 2007 16:17:08 GMT)
H&R Block to Sell Option One Mortgage to Cerberus (Update4)
April 20 (Bloomberg) -- H&R Block Inc., the largest U.S. tax preparer, said it found a buyer for its money-losing subprime mortgage unit after a six-month search and will sell the business for about 40 percent less than it sought. (Fri, 20 Apr 2007 17:09:13 GMT)
Mortgage Rates Fall
If all the recent trouble in the housing market hasn't scared you off, now might be a good time to buy. Mortgage rates are lower for the first time in five weeks. (Fri, 20 Apr 2007 17:44:20 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, 20 Apr 2007 17:45:48 GMT)
H&R Block sells sub prime mortgage business
NEW YORK, April 20 (newratings.com) - H&R Block Inc ( HRB.NYS ) Friday announced the sale of its sub-prime mortgage unit, Option One Mortgage Corp, to OOMC Acquisition Corp. (Fri, 20 Apr 2007 17:49:38 GMT)
H&R Block sells subprime home-loan unit
No. 1 U.S. tax preparer H&R Block Inc. said Friday it would sell its money-losing subprime home-loan business to a private-equity firm for a discount. (Fri, 20 Apr 2007 17:50:17 GMT)
A third of home loans reworked over rates
Banks offer to extend repayment tenures up to 25 yrs. One in every three home loan borrowers have seen their loan tenures extend beyond 20 years or a 25 per cent rise in equated monthly instalments (EMIs) over the last one year. (Fri, 20 Apr 2007 18:32:30 GMT)
NeighborWorks(R) Applauds Mortgage Market Moves to Find Answers to Subprime Mortgage Foreclosure Crisis
WASHINGTON----NeighborWorks® America, one of the nation's largest housing and community development organizations, today applauded the commitments of lenders and the secondary market to develop viable mortgage refinance solutions for the tens of thousands of borrowers who are in danger of losing their homes to foreclosure because of excessive payment shock brought on from some adjustable-rate ... (Fri, 20 Apr 2007 19:03:00 GMT)
H&R Block to Sell Option One Mortgage to Cerberus (Update5)
April 20 (Bloomberg) -- H&R Block Inc., the largest U.S. tax preparer, said it found a buyer for its money-losing subprime mortgage unit after a six-month search and will sell the business for about 40 percent less than it sought. (Fri, 20 Apr 2007 20:27:07 GMT)
H&R Block sells subprime mortgage unit
After three weeks of speculation, H&R Block Inc. made good Friday on a promise to offload its struggling mortgage lending business, agreeing to sell Option One Mortgage Corp. to a private equity firm. The tax preparation firm will book a charge against earnings of about $300 million. (Fri, 20 Apr 2007 21:52:40 GMT)
Banks applaud lowering of mortgage threshold
TORONTO — Canada's big banks are applauding new legislation that lowers the required down payment for mortgages. The federal government said Friday it is lowering the minimum down payment requirement for mortgage default insurance from 25 per cent to 20 per cent. (Fri, 20 Apr 2007 22:16:00 GMT)
Mortgage insurance change makes home buying easier: bankers
A federal law that lowers the level where mortgage insurance is required came into effect Friday, and bankers say the change could save many would-be homebuyers $2,000 or more. (Fri, 20 Apr 2007 22:20:26 GMT)
Vestin Realty Mortgage Sets Dividend
Real estate investment trust Vestin Realty Mortgage I Inc. on Friday declared a monthly cash dividend of 4.5 cents per share. (Fri, 20 Apr 2007 23:00:41 GMT)
Final conspirator in mortgage fraud ring pleads guilty
Anchorage resident Kourosh Partow, an accused conspirator in a seven-member mortgage fraud ring that operated in Anchorage since 2002, pleaded guilty to wire fraud in federal District Court today. (Fri, 20 Apr 2007 23:02:03 GMT)
Mortgage Investment Lending Associates shuts down
Mortgage Investment Lending Associates, a Mountlake Terrace-based mortgage originator, has abruptly shut down. (Fri, 20 Apr 2007 23:11:49 GMT)
Pop Quiz: Who's Got Access To The Government's Student Loan Data?
I wouldn't surprise me if Sen. Edward ("Ted") Kennedy --well, his staff, really--had a bad case of writer's cramp. The senator's office this week alone issued four public statements criticizing the misuse of student data by student loan lenders, guarantors, and other members of that $85 billion-a-year industry. He's also made very specific requests of the U.S. Education Department and ... (Fri, 20 Apr 2007 23:21:11 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? (Fri, 20 Apr 2007 23:42:03 GMT)
Borrowers Beware Of Mortgage Pitfalls
One of the most important things borrowers in financial trouble need to know is whether they have a recourse loan or a nonrecourse loan. The difference determines whether the lender can come after you if you end up selling your home for less than the mortgage. (Sat, 21 Apr 2007 01:26:53 GMT)
H&R Block Agrees To Sell Subprime Mortgage Business
KANSAS - CITY, Mo. - After three weeks of speculation, H&R Block made good on a promise to offload its struggling mortgage lending business, agreeing Friday to sell Option One Mortgage Corp. to a private equity firm. (Sat, 21 Apr 2007 01:27:13 GMT)
Accredited Mortgage Loan REIT Trust Receives NYSE Notice
SAN DIEGO----Accredited Mortgage Loan REIT Trust , an indirect subsidiary of Accredited Home Lenders Holding Co., announced that it was notified by the regulatory arm of the New York Stock Exchange on April 18, 2007 that the NYSE Regulation staff will monitor the status of REIT's annual report on Form 10-K and related public disclosures for a six-month period beginning April 17, 2007. (Sat, 21 Apr 2007 01:29:00 GMT)
Local appraiser leads charge against mortgage fraud
A local appraiser is leading the charge against mortgage fraud in Kern County, and his efforts are getting national press coverage. Gary Crabtree, President of Affiliated Appraisers in Bakersfield, has submitted documented evidence of suspicious activities involving mortgage fraud to the California Department of Real Estate and the FBI. (Sat, 21 Apr 2007 02:40:27 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, 21 Apr 2007 03:16:02 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, 21 Apr 2007 03:40:04 GMT)
Think You're Paying Too Much on Your Car Loan?
(ARA) - You have probably heard of auto refinance before. Or simply refinance. The term actually refers to a financial situation wherein a borrower finds financing to pay off a current loan. (Sat, 21 Apr 2007 03:40:55 GMT)
Are mortgage discount points worth the risk for buyers?
Read this article ] (Sat, 21 Apr 2007 04:04:37 GMT)
H&R Block selling mortgage lender
After three weeks of speculation, H&R Block makes good on a promise to offload its struggling mortgage lending business, agreeing to sell Option One Mortgage. (Sat, 21 Apr 2007 06:31:56 GMT)
Inflated appraisals swelling mortgage-fraud schemes
Have inflated appraisals helped fuel the current surge in foreclosures by credit-strapped borrowers? Are they at the core of many mortgage-fraud... (Sat, 21 Apr 2007 07:22:20 GMT)
Choose a loan that fits you best financially
How do you decide whether to buy a home? All debt is not created equal. While financial advisers urge consumers to avoid carrying credit-card... (Sat, 21 Apr 2007 07:22:38 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. (Sat, 21 Apr 2007 08:04:17 GMT)
Group lacks Ohio license to refinance predatory loans
The Neighborhood Assistance Corp. of America says it is offering homeowners nationwide up to $1 billion to help them refinance predatory loans, but the group is not in a position to offer loans to Ohioans. (Sat, 21 Apr 2007 08:54:58 GMT)
H&R Block expects yearly loss on sale of home-loan unit
NEW YORK -- H&R Block Inc., the largest tax preparer in the United States, said it expects the pending sale of its money-losing subprime home-loan unit to cause a loss in fiscal 2007, signaling a deal is near completion. (Sat, 21 Apr 2007 09:07:42 GMT)
Landmark Mortgage promotes four
Landmark Mortgage Co. in Salem has promoted Karen Cox, Charles Weathers, Jay Seymour and Katy Canales. (Sat, 21 Apr 2007 10:14:42 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? (Sat, 21 Apr 2007 10:26:40 GMT)
H&R Block finds buyer for Irvine mortgage unit
Move marks the end of the county's dominance of subprime lending. H&R Block , the nation's largest preparer of tax returns, found a buyer for its money-losing home loan unit Option One Mortgage in Irvine, marking the end of Orange County's dominance of subprime lending. (Sat, 21 Apr 2007 10:50:41 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. (Sat, 21 Apr 2007 11:08:39 GMT)
Know how your adjustable rate mortgage works
Has your mortgage payment recently increased? Most families really don't know whether they have a fixed rate loan or an adjustable rate. As a lender, I talk to families every day who are facing large monthly payment increases. (Sat, 21 Apr 2007 11:31:14 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, 21 Apr 2007 11:57:30 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, 21 Apr 2007 13:13:56 GMT)
Why Mortgage Life Insurance is Not a Good Idea
(ARA) - If you've recently taken out a mortgage, brace yourself for the onslaught. Before you even finish unpacking, your mailbox will likely be filled with offers for all kinds of services. (Sat, 21 Apr 2007 13:27:10 GMT)
H&R Block finds buyer for Irvine mortgage unit
Move marks the end of the county's dominance of subprime lending. H&R Block , the nation's largest preparer of tax returns, found a buyer for its money-losing home loan unit Option One Mortgage in Irvine, marking the end of Orange County's dominance of subprime lending. (Sat, 21 Apr 2007 15:50:41 GMT)
Home ownership could turn into a nightmare
Pursuing the dream of home ownership leaving borrowers — and lenders — stuck in the subprime quagmire. (Sat, 21 Apr 2007 17:07:43 GMT)
Alleged ring leader pleads guilty in mortgage fraud case
A man accused of being the leader of a mortgage fraud ring pleaded guilty Friday to wire fraud. (Sat, 21 Apr 2007 17:18:57 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. (Sat, 21 Apr 2007 18:06:16 GMT)
Second home to cost more
Banks to also charge 50-100 bps more for Rs 20 lakh-plus loans. If you are looking to buy a second home or want a home loan of over Rs 20 lakh, get ready to pay more. (Sat, 21 Apr 2007 18:32:29 GMT)
A third of home loans reworked over rates
Banks offer to extend repayment tenures up to 25 yrs. One in every three home loan borrowers have seen their loan tenures extend beyond 20 years or a 25 per cent rise in equated monthly instalments (EMIs) over the last one year. (Sat, 21 Apr 2007 18:35:12 GMT)
Banks applaud legislation to lower minimum payment needed for mortgage insurance
TORONTO (CP) - Canada's big banks are applauding new legislation that lowers the required down payment for mortgages. (Sat, 21 Apr 2007 18:53:00 GMT)
Inflation rise could herald mortgage misery
of more mortgage misery for Scottish homebuyers grew last week, after the Office for National Statistics announced that consumer price inflation rose to an unexpected 3.1% in March. (Sat, 21 Apr 2007 19:02:17 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, 21 Apr 2007 19:27:09 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, 21 Apr 2007 19:31:18 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, 21 Apr 2007 19:31:28 GMT)
Think You're Paying Too Much on Your Car Loan?
(ARA) - You have probably heard of auto refinance before. Or simply refinance. The term actually refers to a financial situation wherein a borrower finds financing to pay off a current loan. (Sat, 21 Apr 2007 20:11:41 GMT)
Can't Pay The Loan but Won't Pick Up the Phone
Home foreclosures are up, in part because of defaults on riskier subprime loans, a trend that's putting communities at risk. But, if past surveys continue to prove true, many financially troubled homeowners will never contact their lenders to work out a way to keep their homes. (Sat, 21 Apr 2007 20:16:43 GMT)
Duquesne ending student loan commissions
Duquesne University has announced that it will stop accepting commissions from private loan providers listed on its Web site. (Sat, 21 Apr 2007 21:09:10 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, 21 Apr 2007 23:11:52 GMT)
Lawyers 'in mortgage loan scam'
THREE lawyers played key roles in a $14 million mortgage scam that robbed owners of the value of dozens of Sydney properties, a court has heard. (Sat, 21 Apr 2007 23:14:00 GMT)
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