Mortgage News Jun 2007
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Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Thu, 14 Jun 2007 09:57:41 GMT)
Mortgage rates climb to five-year record
A flurry of increases in the past month has sent Canadian mortgage rates to their highest level in more than five years, and consumers shouldn't expect a return to the low interest rates they enjoyed in the first half of the decade. (Thu, 14 Jun 2007 10:13:51 GMT)
USDA Rural Development announces loan funds for home repairs
Middletown -- The U.S. Department of Agriculture Rural Development agency has repair loans available to very-low income rural homeowners in Orange and Dutchess counties to improve or modernize their home, remove health and safety hazards or make homes accessible for people with disabilities. (Thu, 14 Jun 2007 11:09:26 GMT)
Bankrate: Mortgage Rates Jump on Interest Rate Fears
Mortgage rates climbed to an 11-month high, with the average 30-year fixed mortgage rate hitting a 10-month high of 6.84 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.27 discount and origination points. (Thu, 14 Jun 2007 11:30:00 GMT)
Bear Stearns fund facing mortgage losses: WSJ
A hedge fund managed by Bear Stearns Cos. Inc. is scrambling to sell large amounts of mortgage-backed bonds in a potentially troubling sign for the broader mortgage-backed bond market, The Wall Street Journal reported in its online edition. (Thu, 14 Jun 2007 11:33:36 GMT)
Bankrate: Mortgage Rates Jump on Interest Rate Fears
NEW YORK, June 14 /PRNewswire-FirstCall/ -- Mortgage rates climbed to an 11-month high, with the average 30-year fixed mortgage rate hitting a 10-month high of 6.84 percent. (Thu, 14 Jun 2007 11:36:24 GMT)
Encouraging Responsible Mortgage Lending: Prospective Rulemaking Initiatives
I am pleased to be here today to chair the Federal Reserve Board's public hearing under the Home Ownership and Equity Protection Act (HOEPA). The hearing will focus specifically on how the Board might use its rulemaking authority under HOEPA to address concerns about abusive mortgage lending practices. (Thu, 14 Jun 2007 12:44:16 GMT)
Campton Hills almost home on loan for new village hall
CAMPTON HILLS – The Village Board is a bank loan away from signing off on a permanent home in Campton Square. (Thu, 14 Jun 2007 13:28:18 GMT)
Bear Stearns net drops on mortgage woes, charge
NEW YORK (Reuters) - Investment bank Bear Stearns Cos. Inc. , one of the nation's largest mortgage bond underwriters, said on Thursday quarterly earnings fell by a third as lower mortgage underwriting volumes cut into bond revenue and it wrote down assets at a stock trading venture. (Thu, 14 Jun 2007 14:21:37 GMT)
Mortgage rates: biggest spike in 4 years
Mortgage rates made their largest upward movement in nearly 4 years, and the 30-year fixed-rate reached its highest level since July 2006, Freddie Mac said Thursday. (Thu, 14 Jun 2007 14:44:05 GMT)
Home-loan industry shrinks in Ohio
COLUMBUS, Ohio (AP) - Ohioans in search of a home loan have fewer places to turn. The state Commerce Department says the number of licensed loan officers in Ohio has fallen 18% since the beginning of the year, and the number of mortgage brokers is down 22%. (Thu, 14 Jun 2007 14:57:39 GMT)
Mortgage demand dips as rates rise; Pulte cuts jobs
Mortgage applications fell last week, weighed down by a plunge in demand for home refinancing as interest rates reached seven-month highs, an industry group said Wednesday. (Thu, 14 Jun 2007 15:50:40 GMT)
Fitch Rates Harborview Mortgage Loan Trust 2007-4
NEW YORK----Fitch rates Harborview Mortgage Loan Trust mortgage pass-through certificates, series 2007-4 as follows: $902.1 million classes 1A-1, 2A-1, 2A-2, 2A-3 'AAA'; $21.9 million class B-1 'AA+'; $10.7 million class B-2 'AA'; $5.1 million class B-3 'AA-'; $5.1 million class B-4 'A+'; $4.6 million class B-5 'A'; $5.9 million class B-6 'BBB+'; $3.4 million class B-7 'BBB'; $6.2 million class ... (Thu, 14 Jun 2007 16:16:00 GMT)
U.S. 30-year mortgage rates highest since July
Mortgage rates extended their climb for the fifth straight week, skyrocketing to highs not seen in nearly a year, according to a weekly survey released by finance company Freddie Mac on Thursday. (Thu, 14 Jun 2007 16:33:31 GMT)
Wisconsin's Home Foreclosure Rate Up
Wisconsin is not immune from the nation's rising home loan foreclosures. The share of borrowers at least 30 days overdue on mortgage payments stands at 4.8 percent nationally and about 3.3 percent in Wisconsin. (Thu, 14 Jun 2007 16:39:13 GMT)
Bear Stearns net drops on mortgage woes, charge
Investment bank Bear Stearns Cos. Inc. , one of the nation's largest mortgage bond underwriters, said on Thursday quarterly earnings fell by a third as lower mortgage underwriting volumes cut into bond revenue and it wrote down assets at a stock trading venture. (Thu, 14 Jun 2007 16:45:20 GMT)
Ariz: Bill Makes Mortgage Fraud a Crime
Arizona Gov. Janet Napolitano signed a bill into law that makes mortgage fraud a crime amid recent concerns of home prices being artificially inflated to benefit real estate insiders and unscrupulous buyers. (Thu, 14 Jun 2007 17:37:14 GMT)
Law Makes Mortgage Fraud A Crime
Gov. Janet Napolitano signs a bill into law making mortgage fraud a crime. (Thu, 14 Jun 2007 18:02:28 GMT)
Fed takes closer look at mortgage reforms
Federal Reserve Governor Randall Kroszner said Thursday that the central bank may use its legal authority to crack down on mortgage-lending abuses. (Thu, 14 Jun 2007 18:37:33 GMT)
Mortgage rate rocket bumps buyers out of home market
Rates on 30-year mortgages rose for a fifth straight week, hitting the highest level in 11 months as prospects dimmed further for possible rate cuts from the Federal Reserve. (Thu, 14 Jun 2007 19:26:05 GMT)
Bear Stearns Profit Drops 10% as Mortgage Bonds Slump (Update6)
June 14 (Bloomberg) -- Bear Stearns Cos., the second-biggest U.S. underwriter of mortgage bonds, said earnings fell 10 percent, the first quarterly decline in two years, as mounting home-loan defaults reduced trading revenue. (Thu, 14 Jun 2007 19:29:47 GMT)
FTC Confirms That Most Homebuyers Couldn't Identify Mortgage Amount
Tim Iacono submits: Today's LA Times report of a study by the Federal Trade Commission confirms what many observers may have suspected about mortgage lending disclosure during the housing boom a couple years back - even if home buyers cared about the price they were paying, they had only a fifty-fifty chance of finding [... ] (Thu, 14 Jun 2007 19:36:14 GMT)
MORTGAGES: Rate On 30-year Fixed Mortgage Jumps To 6.74%
CHICAGO (Dow Jones) -- U.S. mortgage rates jumped this week as a sell-off in the Treasury market pushed benchmark interest rates up sharply. (Thu, 14 Jun 2007 20:04:38 GMT)
Goldman Sachs profits rise despite mortgage setback
Investment banking powerhouse Goldman Sachs said Thursday its quarterly net profit rose more than expected to 2.33 billion dollars, but earnings took a hit from exposure to the US mortgage market. (Thu, 14 Jun 2007 20:49:51 GMT)
Heat on Fed to ban abusive mortgage practices
WASHINGTON (MarketWatch) -- The heat is turning up on the Federal Reserve to ban an array of abusive mortgage lending practices that hurt consumers. (Thu, 14 Jun 2007 21:09:00 GMT)
Outsmart rising mortgage rates
Mortgage rates jumped to the highest level in nearly a year, according to Freddie Mac. So if you have an adjustable-rate mortgage - or you're just worried about making those monthly payments - we'll tell you what to do now. (Thu, 14 Jun 2007 21:45:00 GMT)
U.S. 30-year mortgage rates jump to highest level in 11 months
Rates on 30-year mortgages across the United States rose this week for a fifth consecutive week, hitting the highest level in 11 months, mortgage giant Freddie Mac reported Thursday in its weekly nationwide survey. (Fri, 15 Jun 2007 00:49:19 GMT)
Buyers Back Out As Mortgage Rates Spike
30-Year Loans Rise For Fifth Week In A Row A spike in residential mortgage rates is sending shock waves through a housing market that is already struggling both locally and nationwide, causing some buyers to drop out of deals and dashing hopes that the market is on the verge of recovery. (Fri, 15 Jun 2007 02:30:59 GMT)
Former NFL DL Jones indicted in fraudulent mortgage scheme
Former NFL defensive lineman Sean Jones pleaded not guilty Thursday to bank fraud charges alleging he and four others ran a scheme to pocket portions of more than $42 million in mortgage loans. Jones, handcuffed and chained at the waist, didn't comment during or after the arraignment aside from entering his plea. The other men in the case also entered not guilty pleas, and bond was set for ... (Fri, 15 Jun 2007 03:26:53 GMT)
Goldman, Bear Stearns hurt by defaults on home loans
NEW YORK - Wall Street investment banks Goldman Sachs Group Inc. and Bear Stearns Cos. on Thursday said fiscal second-quarter profit was squeezed by the nation's mounting home-loan defaults. (Fri, 15 Jun 2007 03:52:30 GMT)
Fed weighs mortgage options
Proof of income from borrowers. No penalties for early mortgage payments. And a guarantee that property taxes and insurance bills are covered. (Fri, 15 Jun 2007 04:08:29 GMT)
Federal Reserve Weighs Mortgage Options
Proof of income from borrowers. No penalties for early mortgage payments. And a guarantee that property taxes and insurance bills are covered. The Federal Reserve is considering these and other measures as a way to remedy the troubled market for high-risk, or subprime, mortgages. (Fri, 15 Jun 2007 04:37:10 GMT)
Home buyers unnerved by mortgage rates
Tales of ballooning mortgage payments are scaring home buyers straight. (Fri, 15 Jun 2007 04:59:55 GMT)
Learn to handle your mortgage refinance – lower the rates, bring the term closer, read the contract and use an attorney
It is important to make sure you know how to manage your future mortgage refinances. You should refinance only if you know you save a lot. Every time you decide to refinance, you pay fees and also the rates have a bid and asked price difference. (Fri, 15 Jun 2007 05:14:32 GMT)
Subprime-loan woes hurt investment banks
NEW YORK -- Wall Street investment banks Goldman Sachs Group and Bear Stearns yesterday said fiscal second-quarter profit was squeezed by the nation's mounting home-loan defaults. (Fri, 15 Jun 2007 05:15:28 GMT)
Federal Reserve Weighs Mortgage Options
WASHINGTON -- Proof of income from borrowers. No penalties for early mortgage payments. And a guarantee that property taxes and insurance bills are covered. The Federal Reserve is considering these and other measures as a way to remedy the troubled market for high-risk, or subprime, mortgages. The central bank held an all-day hearing on the matter Thursday. (Fri, 15 Jun 2007 05:17:44 GMT)
Private mortgage insurance gains favor with borrowers
Tales of ballooning mortgage payments are scaring home buyers straight. After taking on risky adjustable-rate loans or multiple mortgages to pay less upfront during the housing boom, borrowers with limited capital for down payments are increasingly opting for safer fixed-rate mortgages backed by private mortgage insurance. (Fri, 15 Jun 2007 05:35:52 GMT)
Mortgage loan defaults pinch Sachs and Stearns
Wall Street investment banks Goldman Sachs Group Inc. and Bear Stearns Cos. on Thursday said fiscal second-quarter profit was squeezed by the nation's mounting home-loan defaults. (Fri, 15 Jun 2007 06:12:23 GMT)
Campton Hills almost home on loan for new village hall
CAMPTON HILLS – The Village Board is a bank loan away from signing off on a permanent home in Campton Square. (Fri, 15 Jun 2007 06:42:10 GMT)
Hunting for a first mortgage or refinancing? Here's Basics 101
NEW YORK - The way lenders help us buy homes has gotten a lot more confusing since the housing boom and the subsequent bottoming out. For a potential homebuyer, the financing options can be bewildering - and mortgage misinformation doesn't help. (Fri, 15 Jun 2007 07:50:09 GMT)
Mortgage rates rise toward 5-year high
Mortgage rates are nearing a five-year high, raising the cost of home ownership for buyers by hundreds or thousands of dollars a year at a time when real estate markets are struggling with tepid demand and a surplus of houses for sale. (Fri, 15 Jun 2007 09:08:12 GMT)
Mortgage rates skyrocket, hit 11-month high
The average 30-year, fixed-rate mortgage has climbed about half a percentage point in the last month. Such a spectacular rise has happened a few times in the last decade, but borrowers haven't exactly been clamoring for a revival. (Fri, 15 Jun 2007 10:00:00 GMT)
Mortgage Delinquencies, Foreclosures Hit All Time Highs
Mortgage delinquencies and foreclosures reached new all-time highs in Q1, with previously hot markets like California and Florida hardest hit, according to a report released Thursday by the Mortgage Bankers Association. (Fri, 15 Jun 2007 11:08:04 GMT)
Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Fri, 15 Jun 2007 11:18:59 GMT)
Don't Refinance Your Home to Pay Off Credit Card Debt - There's a Better Way
(ARA) - Ever received one of those offers in the mail that seems like the solution to all your problems? It may have said, "Your home is an untapped resource. Refinance your loan with us and you'll get quick cash to buy a car, fund college or pay off your credit card debt." (Fri, 15 Jun 2007 11:19:19 GMT)
American Home Mortgage Declares Dividend
American Home Mortgage Investment Corp. said Friday its board declared a quarterly cash dividend of 70 cents per common share. (Fri, 15 Jun 2007 12:10:40 GMT)
Outsmart rising mortgage rates
Mortgage rates jumped to the highest level in nearly a year, according to Freddie Mac. So if you have an adjustable-rate mortgage - or you're just worried about making those monthly payments - we'll tell you what to do now. (Fri, 15 Jun 2007 14:58:55 GMT)
Defaults on home loans cut into profits of investment banks
NEW YORK · Wall Street investment banks Goldman Sachs Group Inc. and Bear Stearns Cos. on Thursday said fiscal second-quarter profit was squeezed by the nation's mounting home loan defaults. (Fri, 15 Jun 2007 15:17:28 GMT)
Moscow Region Mortgage Agency sells 5 bln rbl bond
MOSCOW, June 15 (Reuters) - The Mortgage Lending Agency of Moscow Region (MLAMR) placed in full a seven-year bond worth 5 billion roubles ($192 million) on Friday, RIGroup Finance, one of the issue organisers, said. (Fri, 15 Jun 2007 15:44:57 GMT)
Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Fri, 15 Jun 2007 15:54:58 GMT)
Hawaii mortgage rates jump to 6.5%
Less than a month ago, you could get a 5.75 percent quote for a mortgage. Now Hawaii's biggest lenders want 6.5 percent. (Fri, 15 Jun 2007 19:43:22 GMT)
Don't Refinance Your Home to Pay Off Credit Card Debt - There's a Better Way
(ARA) - Ever received one of those offers in the mail that seems like the solution to all your problems? It may have said, "Your home is an untapped resource. Refinance your loan with us and you'll get quick cash to buy a car, fund college or pay off your credit card debt." (Fri, 15 Jun 2007 19:57:18 GMT)
When a Lender Makes a Promise, It's Meant to Be Kept
Q: What does "subordination" mean? We have a first trust and a home-equity line of credit, which we learned is called a HELOC. We applied for a refinance with a mortgage lender and were asked if we wanted to pay off the HELOC. (Fri, 15 Jun 2007 20:14:16 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, 15 Jun 2007 21:57:53 GMT)
Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Fri, 15 Jun 2007 23:27:29 GMT)
Online Lenders Fast Track the Refinancing Process
(ARA) - It's always a good idea to read the fine print. But when it comes to your mortgage, failing to do so can lead to financial disaster. That's the situation many homeowners are finding themselves in now that the housing market has cooled. (Sat, 16 Jun 2007 01:54:20 GMT)
Don't Refinance Your Home to Pay Off Credit Card Debt - There's a Better Way
(ARA) - Ever received one of those offers in the mail that seems like the solution to all your problems? It may have said, "Your home is an untapped resource. Refinance your loan with us and you'll get quick cash to buy a car, fund college or pay off your credit card debt." (Sat, 16 Jun 2007 01:54:50 GMT)
Web Help for Getting a Mortgage the Criminal Way
New Web sites have fueled the rampant mortgage fraud that has caused a spike in loan defaults in recent months. (Sat, 16 Jun 2007 02:07:36 GMT)
Campton Hills almost home on loan for new village hall
CAMPTON HILLS – The Village Board is a bank loan away from signing off on a permanent home in Campton Square. (Sat, 16 Jun 2007 06:11:17 GMT)
Home buyers may stumble at debt hurdle
The National Credit Act (NCA) has changed the way banks assess your home loan application, and you now have to do more to prove that you have sufficient after-tax income to meet your loan repayments. (Sat, 16 Jun 2007 09:49:17 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, 16 Jun 2007 10:31:33 GMT)
Licensing planned for mortgage industry
The New York state Banking Department said this week it will participate in the Nationwide Mortgage Licensing System being developed by two trade groups to ensure that mortgage lenders and brokers are properly licensed. (Sat, 16 Jun 2007 11:07:58 GMT)
Final restitution made in massive mortgage fraud case
The federal program popularly known as Ginnie Mae received a $4.4 million check Friday as restitution for a mortgage fraud scheme in which a former Charlotte company swindled millions from the government. The payment to the Government National Mortgage Association, presented by U.S. Attorney Gretchen Shappert, is the final restitution payment in a case that involved more than 200 Charlotte-area ... (Sat, 16 Jun 2007 11:10:31 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, 16 Jun 2007 11:18:56 GMT)
Mortgage rates are increasing
To the surprise of many, interest rates have increased in the United States in recent weeks, and it appears they are there to stay for a while. Questions are coming in now as to why mortgage rates skyrocketed so much in such a short period of time? (Sat, 16 Jun 2007 11:24:13 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, 16 Jun 2007 12:13:42 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, 16 Jun 2007 12:15:19 GMT)
Shady web sites fueling mortgage fraud
An increasing number of shady Web sites are offering to make insolvent home buyers in the United States more attractive to lenders.There is a whole underground world -- an online cottage industry -- that has grown up that allows anyone to commit mortgage fraud, said Constance Wilson of Interthinx, a financial fraud detection firm.The sites offer better credit scores by linking customers to a ... (Sat, 16 Jun 2007 16:03:45 GMT)
Getting the best from your mortgage
Homeowners are being warned to brace for more mortgage misery with predictions of a rise in interest rates to 12 per cent by early next year - the highest since the housing boom began. (Sat, 16 Jun 2007 17:23:05 GMT)
Campton Hills almost home on loan for new village hall
CAMPTON HILLS – The Village Board is a bank loan away from signing off on a permanent home in Campton Square. (Tue, 19 Jun 2007 06:05:55 GMT)
Home loan affordability - May 2007
This monthly series is designed to measure how much of average weekly take-home pay is required to make a standard mortgage repayment for an average house. (Wed, 20 Jun 2007 04:49:52 GMT)
New Zealand Home Loan Affordability National Average Rises To 79.3% In May
(RTTNews) - New Zealand national average of home loan affordability climbed to 79.3% in May, the interest rate comparison website, interest.co.nz, said Wednesday. Average take-home pay to afford a standard mortgage payment of a median-priced house rose from 79.2% in April. (Wed, 20 Jun 2007 07:31:42 GMT)
Don't go for a fixed-rate home loan now
Go for a fixed rate," your banker is likely to insist if you enquire about a home loan. But floating is what makes sense at present (Wed, 20 Jun 2007 07:42:54 GMT)
U.S. MBA's Mortgage Applications Index Fell 3.4% Last Week
June 20 (Bloomberg) -- Mortgage applications in the U.S. fell last week, signaling mortgage rates near an 11-month high may be starting to discourage home purchases and refinancing. (Wed, 20 Jun 2007 11:25:44 GMT)
Mortgage applications drop as rates remain high
Applications to buy and refinance homes dropped last week, an industry trade group said Wednesday, the latest sign that housing remains mired in a downturn. (Wed, 20 Jun 2007 13:30:40 GMT)
Know the Advantages of Refinancing Your Mortgage
(ARA) - As the old saying goes "a man's home is his castle." The benefits of owning a home are many, including financial security. While a home mortgage is good for your financial stability, refinancing for a better mortgage than you originally qualified for can benefit your finances even more. (Wed, 20 Jun 2007 13:56:17 GMT)
Mortgage applications dropped last week
The number of U.S. consumers wanting a first mortgage or to refinance an existing note fell last week, the Mortgage Bankers Association reported Wednesday.In its survey for the week ending Friday, the industry group reported the Market Composite Index was 643.7, a decrease of 3.4 percent on a seasonally adjusted basis from 666.5 a week earlier, the organization said in a news release.The group's ... (Wed, 20 Jun 2007 14:03:41 GMT)
Mortgage applications dropped last week
The number of U.S. consumers wanting a first mortgage or to refinance an existing note fell last week, the Mortgage Bankers Association reported Wednesday. (Wed, 20 Jun 2007 14:05:06 GMT)
Mortgage applications dropped last week
WASHINGTON, June 20: The number of U.S. consumers wanting a first mortgage or to refinance an existing note fell last week, the Mortgage Bankers Association reported Wednesday. (Wed, 20 Jun 2007 14:17:32 GMT)
Cuomo: Student loan rates pegged to default levels at colleges
ALBANY, New York (AP) -- Some student loan providers have been setting rates based on the schools borrowers attend, a practice New York Attorney General Andrew Cuomo likens to "redlining" in the home mortgage market. (Wed, 20 Jun 2007 14:28:05 GMT)
Mortgage Applications Fall
Applications for home loans fell last week as mortgage rates increased, an industry group said Wednesday. The Mortgage Bankers Association said its weekly mortgage index, which measures the volume of applications for loans to buy or refinance homes, fell to 643.7 for the week ending June 15, a seasonally adjusted 3.4 percent slip from the previous week. (Wed, 20 Jun 2007 14:42:12 GMT)
Mortgage applications drop
NEW YORK (Reuters) - Applications to buy and refinance homes dropped last week, an industry trade group said on Wednesday, the latest sign that U.S. housing remains mired in a downturn. (Wed, 20 Jun 2007 14:48:59 GMT)
Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Wed, 20 Jun 2007 20:11:27 GMT)
U.S. Stocks Plunge on Higher Yields, Mortgage Bond Concern
June 20 (Bloomberg) -- Financial shares tripped over higher bond yields, sending the Standard & Poor's 500 Index to its steepest drop in two weeks. Growing concern that losses in mortgage securities will spread helped drive down shares of JPMorgan Chase & Co., (Wed, 20 Jun 2007 22:44:54 GMT)
Home improvement loan program operating again
A program aimed at helping low-income owners make home improvements, funded by Santa Maria and now operated by Habitat for Humanity, is getting back on track after a brief hiatus. (Thu, 21 Jun 2007 06:07:21 GMT)
Bankrate: Mortgage Rates Slide Back
Mortgage rates broke a 7-week streak of increases, with the average 30-year fixed mortgage rate falling back to 6.76 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.27 discount and origination points. (Thu, 21 Jun 2007 13:48:00 GMT)
Mortgage rates back off
Mortgage rates eased slightly after taking their biggest jump in four years a week ago, Freddie Mac said Thursday. (Thu, 21 Jun 2007 14:44:05 GMT)
Prudential Huntoon Paige Provides FHA Refinance Loan for Cooperative in St. Paul, Minnesota
ST. PETER, Minn.----Prudential Mortgage Capital Company announced today that it has originated a refinancing loan for the Realife Cooperative of St. Peter, a senior-living cooperative located approximately 70 miles southwest of the Twin Cities in St. (Thu, 21 Jun 2007 15:00:00 GMT)
Bankrate: Mortgage Rates Slide Back
NEW YORK, June 21 /PRNewswire-FirstCall/ -- Mortgage rates broke a 7-week streak of increases, with the average 30-year fixed mortgage rate falling back to 6. (Thu, 21 Jun 2007 15:41:29 GMT)
Subprime Mortgage Index Hits Record Low On Home Loan Worries
NEW YORK -(Dow Jones)- The derivative index that measures subprime mortgage risk, known as the ABX, hit a record low Thursday as investors fret about upcoming loan performance data due out early next week. (Thu, 21 Jun 2007 16:32:24 GMT)
Fed again urged to end abusive mortgage practices
WASHINGTON (MarketWatch) -- For the second time in a week, the Federal Reserve was urged to draw up tough rules to stem abuses in the mortgage industry on Thursday. (Thu, 21 Jun 2007 18:37:38 GMT)
Banks queue up to sell rising bad home loans
For the first time since the housing loan boom, the country’s top three home loan providers, State Bank of India (SBI), ICICI Bank and HDFC, are approaching the Asset Reconstruction Company Ltd (Arcil) to sell bad loans from their home loan portfolios. (Thu, 21 Jun 2007 18:48:22 GMT)
Remarks by Anna Escobedo Cabral U.S. Treasurer U.S. Department of the Treasury Before the New Mexico Mortgage Lenders ...
Albuquerque, NM- Good afternoon. Thank you, Ryan, for that introduction. I want to thank Dan and the New Mexico Mortgage Lenders Association for your warm welcome. I applaud the important work you're doing here in New Mexico to promote and maintain sound mortgage lending practices. (Thu, 21 Jun 2007 19:12:47 GMT)
U.S. Stocks Rise on Chipmaker Upgrades, Easing Mortgage Concern
June 21 (Bloomberg) -- U.S. stocks rose and the Standard & Poor's 500 Index rebounded from its worst slide in two weeks, helped by easing concern over losses in mortgage bonds and analysts' upgrades of computer chipmakers. (Thu, 21 Jun 2007 19:44:47 GMT)
Mortgage lender is a drag on Block
H&R Block Inc. said its pending sale of Option One Mortgage Corp. would bring $1.1 billion in mostly cash based on the troubled subsidiary’s current value. (Fri, 22 Jun 2007 03:27:25 GMT)
Top 5 Reasons to Refinance
(ARA) - Thanks to the changes in the housing market and mortgage industry, you're probably hearing a lot right now about refinancing. There are likely as many reasons to refinance - initiating a new loan to pay off your existing mortgage - as there are people interested in it. (Fri, 22 Jun 2007 05:15:05 GMT)
Mortgage rates dip, but only slightly
Slight dip in mortgage rates may not bring enough relief to housing market. (Fri, 22 Jun 2007 05:50:25 GMT)
Should a home-equity loan be used to pay off credit-card debt or loans?
Many people like to use the equityin their homes to pay off high-interest credit-card debt or personal loans. However, unless you change your spending habits, you could risk losing your home in the long run. Let members of the Financial Planning Association of Greater Indiana help you sort out the details. Visit the Web site at www.fpagrindiana.org. (Fri, 22 Jun 2007 06:57:06 GMT)
Mortgage losses slam Irvine broker
NASD has told Brookstreet Securities to close customer accounts. Sources say it has begun shutting down its operations. Losses on mortgage-backed securities have forced an Irvine brokerage firm to begin shutting down its operations, people close to the company said Thursday. (Fri, 22 Jun 2007 07:11:29 GMT)
NovaStar Mortgage settles class action
A federal class-action lawsuit alleging that NovaStar Mortgage overcharged 1,600 borrowers was settled out of court Thursday in Tacoma with... (Fri, 22 Jun 2007 07:14:28 GMT)
Broward County judge took loan from attorney for hurricane repairs
Lawyer says he received no special treatment A Broward County judge needed money for hurricane-related repairs on his home so he turned to an attorney for a loan, according to the attorney and the judge's lawyer. (Fri, 22 Jun 2007 07:25:17 GMT)
Suit over mortgage rates settled
More than 200 South Sound homeowners agreed to settle a class-action lawsuit Thursday that claimed they and hundreds more were taken advantage of by a Kansas City, Mo., mortgage company. (Fri, 22 Jun 2007 08:29:05 GMT)
Mortgage help awarded
MANCHESTER — The Department of Housing and Urban Development's Manchester field office has awarded Consumer Credit Counseling Service New Hampshire-Vermont and one of the its reverse mortgage counselors, Bob Davidson, for recognizing the high... (Fri, 22 Jun 2007 10:06:21 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, 22 Jun 2007 11:28:23 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, 22 Jun 2007 11:40:20 GMT)
Buffett's Hometown Finds Stiff Competition in Hotels: Joe Mysak
June 22 (Bloomberg) -- Omaha citizens were pretty happy back in April when the city said that refinancing the bonds sold to build its convention-center hotel would save them from higher taxes. (Fri, 22 Jun 2007 12:10:54 GMT)
Federal Home Loan Bank Introduces Program to Help Lenders Relieve Threat of Foreclosure
CINCINNATI, June 22, 2007 -- A new funding program to help mitigate rising numbers of foreclosures in Kentucky, Ohio and Tennessee was unveiled today by the Federal Home Loan Bank of Cincinnati. (Fri, 22 Jun 2007 13:17:28 GMT)
Top 5 Reasons to Refinance
(ARA) - Thanks to the changes in the housing market and mortgage industry, you're probably hearing a lot right now about refinancing. There are likely as many reasons to refinance - initiating a new loan to pay off your existing mortgage - as there are people interested in it. (Fri, 22 Jun 2007 13:40:16 GMT)
How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Fri, 22 Jun 2007 13:52:58 GMT)
Some mortgage rates backslide to 6.25%
Hawaii home prices have stopped soaring, and this week even mortgage rates paused for retrenching after recent rises. (Fri, 22 Jun 2007 14:03:45 GMT)
Federal Home Loan Bank starts foreclosure relief program
A new funding program to help reduce the number of foreclosures in Kentucky, Ohio and Tennessee is being launched by the Federal Home Loan Bank of Cincinnati. (Fri, 22 Jun 2007 14:07:59 GMT)
Tips for negotiating a mortgage or refinance with rates climbing
Inflation fears have sent interest rates on home loans soaring and borrowers with adjustable-rate mortgages scurrying to refinance. (Fri, 22 Jun 2007 14:31:21 GMT)
H&R Block reports $85.5 million 4Q loss on struggling mortgage arm
KANSAS CITY, Mo. -- H&R Block Inc. swung to a fourth-quarter loss yesterday as the continuing struggles of its mortgage lending arm offset higher revenue in its tax and financial services divisions. (Fri, 22 Jun 2007 15:11:32 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, 22 Jun 2007 16:37:36 GMT)
Bank of America Report Sees Worse Mortgage Defaults (Update3)
June 22 (Bloomberg) -- Losses in the U.S. mortgage market may be the ``tip of the iceberg'' as borrowers fail to keep up with rising payments on billions worth of adjustable-rate loans in coming months, Bank of America Corp. analysts said. (Fri, 22 Jun 2007 16:40:44 GMT)
Buyer charged in mortgage scam
MILWAUKEE-Federal prosecutors have charged a second man in the Walworth County mortgage fraud scam. (Fri, 22 Jun 2007 16:51:08 GMT)
U.S. Stocks Decline on Mortgage Concern; Bear Stearns Falls
June 22 (Bloomberg) -- U.S. stocks retreated after a plan by Bear Stearns Cos. to bail out a money-losing hedge fund spurred speculation that losses in mortgage bonds are worse than previously believed. (Fri, 22 Jun 2007 18:29:47 GMT)
US bank bails out mortgage fund
Bear Stearns is to give $3.2bn to bail out a hedge fund that has lost money in the sub-prime mortgage sector. (Fri, 22 Jun 2007 19:04:38 GMT)
Peter G. Miller: Unpaid loan amount may fall on seller if there was refinancing
Q: I was recently laid off my job and have missed my past three mortgage payments as a result. My home is on the market and listed with a broker; however, in our local California market, there's an overabundance of inventory right now. (Fri, 22 Jun 2007 19:10:24 GMT)
U.S. Stocks Decline on Mortgage Concern; Bear Stearns Falls
June 22 (Bloomberg) -- U.S. stocks plunged, capping the Dow Jones Industrial Average's worst week since early March, as concern intensified banks will be saddled with losses on mortgage bonds. (Fri, 22 Jun 2007 19:29:47 GMT)
Lode home-loan defaults skyrocket
The number of Calaveras and Tuolumne county residents in the process of losing their homes to foreclosure in the first half of this year has nearly tripled compared to last year. (Fri, 22 Jun 2007 21:11:17 GMT)
U.S. Stocks Decline on Mortgage Concern; Bear Stearns Falls
June 22 (Bloomberg) -- U.S. stocks plunged, capping the worst week for the Standard & Poor's 500 Index since early March, as concern intensified that banks will be saddled with losses on mortgage bonds. (Fri, 22 Jun 2007 22:29:47 GMT)
Mortgage Banking Veterans Launch New Firm -- Agire Mortgage
Agire Mortgage Corporation officially opened its doors for business on May 1, 2007, with a vision focused on using technology to simplify the loan origination process, while delivering high quality products to their customers and investors. Agire delivers value and efficiency to its partners, mortgage brokers and their clients with a data driven, paperless process. (Fri, 22 Jun 2007 22:44:08 GMT)
Mortgage Rates Drop From 11-Month High
Rates on 30-year mortgages, after rising for five straight weeks, fell slightly this week with suggestions that the economic drag from housing could last longer than expected. (Fri, 22 Jun 2007 23:07:06 GMT)
With Many Loan Options, Pick One That Fits Your Needs
NEW YORK -- The way lenders help us buy homes has gotten a lot more confusing since the housing boom and the subsequent bottoming out. For a potential home buyer, the financing options can be bewildering -- and mortgage misinformation doesn't help. (Fri, 22 Jun 2007 23:07:16 GMT)
Mortgage Forms Sow Confusion
With mortgage delinquencies and foreclosures soaring, federal researchers have identified a key contributing factor: Many borrowers simply do not understand their mortgages -- especially subprime loans that come with complex features and costly penalties. (Fri, 22 Jun 2007 23:07:56 GMT)
Mortgage rates dip for first time in months on inflation, housing data
Finally, relief. For the first time in two months, mortgage rates fell. (Sat, 23 Jun 2007 01:19:36 GMT)
US markets down amid bank fears over mortgage bonds
New York - US stocks plummeted on Friday as investors deserted banking firms over mortgage bond fears. (Sat, 23 Jun 2007 01:58:17 GMT)
Wall St. slumps as mortgage woes ripple through market
NEW YORK (AFP) - US shares were hammered Friday as jitters about mortgage failures hitting the financial sector took the spotlight away from the Blackstone Group's debut on Wall Street. (Sat, 23 Jun 2007 03:11:11 GMT)
Top 5 Reasons to Refinance
(ARA) - Thanks to the changes in the housing market and mortgage industry, you're probably hearing a lot right now about refinancing. There are likely as many reasons to refinance - initiating a new loan to pay off your existing mortgage - as there are people interested in it. (Sat, 23 Jun 2007 04:07:07 GMT)
How can you retire rich and early as banks and financial services sector collapse? Arm mortgage refinance, futures ...
Retiring rich and early is in everyone’s mind. But it not an easy proposition. The banks and financial services sectors have started their decent towards major catastrophe. The financial meltdown is here. (Sat, 23 Jun 2007 05:14:53 GMT)
Many borrowers can't decipher mortgage disclosure forms
With mortgage delinquencies and foreclosures soaring, federal researchers have identified a key contributing factor: Large numbers of consumers... (Sat, 23 Jun 2007 07:20:50 GMT)
Advice by Kenneth Harney : Mortgage disclosures should be simpler; demand it if they're not
WASHINGTON — With mortgage delinquencies and foreclosures soaring, federal researchers have identified a key contributing factor: Large numbers of consumers simply do not understand their own mortgages — especially subprime loans that come with complex features and costly penalties. (Sat, 23 Jun 2007 07:29:30 GMT)
Mortgage woes drag on stocks
S&P 500 falls 19.63 as banks lead decline in the index. Dow industrials drop 185.58. Stocks plunged, capping the worst week for the Standard & Poor's 500 Index since early March, as concern intensified that banks will be saddled with losses on mortgage bonds. (Sat, 23 Jun 2007 07:31:47 GMT)
Fitch, S&P Warn Investors About Subprime Mortgage CDOs, Bonds
June 22 (Bloomberg) -- Fitch Ratings and Standard & Poor's today warned investors that subprime-mortgage securities similar to those responsible for the near collapse of hedge funds run by Bear Stearns Cos. are deteriorating quickly. (Sat, 23 Jun 2007 08:10:44 GMT)
Report predicts rising mortgage defaults
NEW YORK - Losses in the U.S. mortgage market may be the tip of the iceberg as borrowers fail to keep up with rising payments on billions worth of adjustable-rate loans in coming months, Bank of America Corp. analysts said. (Sat, 23 Jun 2007 08:50:48 GMT)
Home equity loan may let you deduct car interest
One way the interest on a car loan could be tax deductible would be by borrowing the money with a home equity loan or home equity line of credit, says Bankrate car expert Terry Jackson. (Sat, 23 Jun 2007 10:00:00 GMT)
Hot line lends hope on paying mortgage
Like a growing number of homeowners these days, Robert Harrell found himself falling behind on his mortgage payments. (Sat, 23 Jun 2007 10:03:12 GMT)
Loan program to help struggling homeowners
The Federal Home Loan Bank of Cincinnati is making available $250 million in low-cost loans to its member banks in Ohio, Kentucky and Tennessee to help shore up home mortgages in danger of sinking into foreclosure. (Sat, 23 Jun 2007 10:03:48 GMT)
Auto Loan Refinance = Lower Payments
(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, 23 Jun 2007 12:13:43 GMT)
Hot Mortgage Trends
(ARA) - Rates are up, rates are down. It's a buyer's market, it's a seller's market. If the housing market seems like a roller coaster for would-be buyers, that's because it is. But understanding the most current trends can help buyers know when to get on -- or off -- the ride. (Sat, 23 Jun 2007 12:15:27 GMT)
Home, sweet home: County finishes paying for Chase Field
Chase Field is debt free. The Maricopa County Board of Supervisors approved the final payment Friday on the Chase Field loan. Board spokeswoman Deanne Poulos said the payment means the county has no more outstanding debt related to Chase Field, home of the Arizona Diamondbacks. (Sat, 23 Jun 2007 12:52:10 GMT)
Top 5 Reasons to Refinance
(ARA) - Thanks to the changes in the housing market and mortgage industry, you're probably hearing a lot right now about refinancing. There are likely as many reasons to refinance - initiating a new loan to pay off your existing mortgage - as there are people interested in it. (Sat, 23 Jun 2007 13:13:02 GMT)
Foreclosure hot line lends hope on paying mortgage
Like a growing number of homeowners these days, Robert Harrell found himself falling behind on his mortgage payments. (Sat, 23 Jun 2007 14:54:31 GMT)
Pushing homes out of reach?
Mention the word "subprime," and images of homes in foreclosure and fly-by-night loan brokers may come to mind. But in the face of record-high increases in foreclosures and delinquencies, there's growing concern among some bankers, brokers and economists that the subprime mortgage has become a scapegoat for all current ills in the real estate market. In Minnesota, where stricter predatory lending ... (Sat, 23 Jun 2007 20:44:56 GMT)
Mortgage Crisis Drives Stocks Down Sharply
The stock market fell sharply last week as the subprime mortgage crisis spilled over into the broad financial markets. (Sat, 23 Jun 2007 20:51:34 GMT)
Live at Home -- and Save
For many college graduates faced with escalating rents and unrealistic home-buying hopes in addition to student-loan payments, returning to the nest -- even for a brief period -- is one of the smartest money moves you can make. (Sun, 24 Jun 2007 03:02:19 GMT)
Secrets of mortgage refinance – what to look for and how to get the best deals? How do you protect your interest?
Mortgage refinancing skills will determine where you will be in the next several years in financial terms. You can get a great deal if you are patient and shrewd. It can devastate if you are not careful. (Sun, 24 Jun 2007 04:59:46 GMT)
Should you refinance? Run the numbers
Question: We took out a home equity line of credit a couple years ago and thought we were getting a great deal with an interest rate set to the prime rate. At that time, it was only 4 percent, so the money was very cheap. Now, the prime rate has more than doubled to 8.25 percent, and so have our monthly payments. At this point, we are thinking it might be smart to refinance our first mortgage to ... (Sun, 24 Jun 2007 07:50:10 GMT)
Top 5 Reasons to Refinance
(ARA) - Thanks to the changes in the housing market and mortgage industry, you're probably hearing a lot right now about refinancing. There are likely as many reasons to refinance - initiating a new loan to pay off your existing mortgage - as there are people interested in it. (Sun, 24 Jun 2007 13:39:57 GMT)
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