Mortgage News Jul 2007

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U.S. financial regulators set rules to limit subprime mortgage lending: report
U.S. federal banking regulators have set final rules on subprime mortgages, turning aside banking industry efforts to weaken them, The New York Times reported Saturday. (Sun, 01 Jul 2007 03:38:09 GMT)

Banking officials have stepped up enforcement in wake of subprime meltdown
With more than three dozen mortgage companies under scrutiny by the state Banking Department in the past six months alone, Banking Commissioner Peter Hildreth says it's time to require loan "originators" to be licensed. (Sun, 01 Jul 2007 04:19:14 GMT)

Hang on for rest of 2007: It's going to be a bumpy ride for mortgage lending
Just when you thought you had your personal qualifications under control, along comes another curve in mortgage underwriting. We have long touted that all loans are basically about the three "show me's. (Sun, 01 Jul 2007 05:15:06 GMT)

Houston Mortgage Monitor
The mortgage interest rate list represents a sampling of rates as quoted by lenders in the Houston market on Friday. Rates, which may change on Monday, are for 90 percent loans and do not include origination fees. The numbers in parentheses after the rates are discount points. A point is equal to 1 percent of the loan amount. (Sun, 01 Jul 2007 05:51:03 GMT)

Woolwich Launch Buy to Let 'Fix and Track' Mortgage to Beat Swap Rate Volatility
Barclays Woolwich announce the launch of a new buy to let 'fix and track' mortgage to help beat swap rate volatility. (PRWeb Jul 1, 2007) (Sun, 01 Jul 2007 07:01:35 GMT)

What's old is new again in real estate finance
Zero-down sub-prime mortgages may be out, but Freddie Mac and the FHA have tried-and-true programs. WASHINGTON — If real estate finance is the art of the possible, what is possible right now for home buyers and sellers who are worried about rising mortgage rates, Wall Street bond-market jitters and soft home prices? (Sun, 01 Jul 2007 07:11:30 GMT)

The Bank of Mom and Dad can offer daughter a mortgage
Question: Our 25-year-old daughter has just landed her first job in New York City. Her pay is dismal, but she has about $80,000 for a down payment on a condominium in Brooklyn. My husband and I want to help but would rather not co-sign a mortgage loan. Can we lend her the mortgage money at market rate? (Sun, 01 Jul 2007 07:13:47 GMT)

Rising mortgage rates crimp housing market
It's possible the pain could spread wider, to a recession. The worst is yet to come for the U.S. housing market. (Sun, 01 Jul 2007 07:34:31 GMT)

Guidelines to Stop High-Cost Mortgage Abuse Unveiled
WASHINGTON -- Banking regulators unveiled formal guidelines Friday to stop abuses in the market for high-cost mortgages, where many loans have slid into default, hammering lending firms and spreading turmoil to Wall Street. (Sun, 01 Jul 2007 08:01:23 GMT)

Why Now is a Good Time to Refinance Your ARM Loan
(ARA) - With gas prices in a state of constant flux, and energy costs going up and down too, the last thing you want to happen is for your mortgage to start fluctuating too. But if you have an adjustable rate mortgage (ARM), it will soon happen. (Sun, 01 Jul 2007 08:12:48 GMT)

Banks rethinking mortgage escrow accounts
Some local banks are rethinking the practice of using mortgage escrow accounts to pay customers’ real-estate taxes and homeowners insurance. (Sun, 01 Jul 2007 08:19:32 GMT)

Real estate Q&A: Refinancing
Question: The general wisdom these days seems to be not to pay off one's mortgage but to keep it as long as possible and use the difference between shorter and longer-term payments to save and invest. (Sun, 01 Jul 2007 08:21:18 GMT)

Want to sell mortgage-free home? It'll cost you
Q Before we were married, my husband purchased a two-bedroom home in Houston in the late '80s. We married in 1993 and finished paying off the house by 1998. (Sun, 01 Jul 2007 09:13:04 GMT)

Refinance Now to Avoid your ARM rate Increase
(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, 01 Jul 2007 09:22:57 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. (Sun, 01 Jul 2007 09:37:36 GMT)

Job growth, subprime on investors' minds
Stocks posted solid 2nd-quarter gains but rising interest rates and the subprime mortgage mess are a concern. (Sun, 01 Jul 2007 16:43:55 GMT)

Mortgage meltdown prompts call for more enforcement in NH
New Hampshire's banking commissioner says the mortgage meltdown sweeping the country shows it's time to allow the state to license loan "originators". (Sun, 01 Jul 2007 16:44:32 GMT)

Police report mortgage fraud 'epidemic'
Police in Florida say the state is experiencing an epidemic of mortgage fraud stemming from South Florida's real estate boom. (Sun, 01 Jul 2007 23:12:31 GMT)

Police report mortgage fraud 'epidemic'
Police in Florida say the state is experiencing an epidemic of mortgage fraud stemming from South Florida's real estate boom. A string of South Florida homes have been bought for more than $7 million in suspicious mortgage deals in recent years, The Miami... (Sun, 01 Jul 2007 23:23:01 GMT)

Japan Real Estate Shares Drop After Bank Mortgage Rates Raised
July 2 (Bloomberg) -- Japanese property developer stocks fell, led by Mitsubishi Estate Co., after the country's largest bank raised interest rates on fixed-rate mortgages. Higher mortgage rates may damp demand among consumers for buying property. (Mon, 02 Jul 2007 01:34:57 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, 02 Jul 2007 02:07:38 GMT)

Rise in mortgage costs a 'racing certainty'
Home-owners are being warned to expect a further increase in mortgage costs this week, with the Bank of England under pressure to raise rates once again at its monthly meeting. (Mon, 02 Jul 2007 02:13:45 GMT)

Mortgage telemarketing under microscope
BOSTON — As a former mortgage broker, Adryenn Ashley thought she knew what to expect when she refinanced her house in March. Yet Ashley was unprepared for one twist she encountered: A barrage of phone calls and e-mails from rival lenders vying to sell her a better mortgage. (Mon, 02 Jul 2007 03:03:33 GMT)

Mortgage concerns, rising oil pull US stocks down
US stocks ended lower Friday led by banks and brokerages. Concerns over the subprime mortgage industry and higher crude oil prices saw stocks shed early gains. (Mon, 02 Jul 2007 04:13:13 GMT)

Growing reverse mortgage market draws local banks
With the number of reverse mortgage loans on the rise, banks large and small are looking for ways to enter the growing market segment. (Mon, 02 Jul 2007 05:40:34 GMT)

Americas Watchdog Applauds American Interbanc for Calling Attention to Mortgage Bait and Switch Schemes Used by Some of ...
Americas Watchdog is one of the premier consumer groups in the nation focused on homeowner or mortgage related issues. (Mon, 02 Jul 2007 07:01:00 GMT)

Americas Watchdog Applauds American Interbanc for Calling Attention to Mortgage Bait and Switch Schemes Used by Some of ...
Americas Watchdog is one of the premier consumer groups in the nation focused on homeowner or mortgage related issues. Americas Watchdog applauds American Interbanc for its calling attention to mortgage lender bait and switch and or other schemes devised to confuse and cheat unsuspecting homeowners. Mortgage Bait & Switch is a huge national problem and according to Americas Watchdog, "its as bad ... (Mon, 02 Jul 2007 07:26:05 GMT)

Guidelines to Stop High-Cost Mortgage Abuse Unveiled
WASHINGTON -- Banking regulators unveiled formal guidelines Friday to stop abuses in the market for high-cost mortgages, where many loans have slid into default, hammering lending firms and spreading turmoil to Wall Street. (Mon, 02 Jul 2007 07:31:22 GMT)

Foreclosures: A Real Boom for Investors
(ARA) - The climate is ripe for an increase in the number of American homes going into foreclosure. Interest rates are on the rise, mortgage payments are continuing to increase and home values are staying stagnant in some places and falling in others. (Mon, 02 Jul 2007 08:13:10 GMT)

Subprime Is Often Subpar
Subprime mortgages are often associated with borrowers who have a tainted or limited credit history. This is because a subprime mortgage can offer a consumer a way to purchase a home while they repair or build their credit history. (Mon, 02 Jul 2007 08:32:05 GMT)

$500,000 loan set for new C.P. firm
CROWN POINT -- Three months after Plasmatronics announced it will make Crown Point its new home, city leaders forged ahead to accommodate the high-tech company from New York, officially approving a $500,000 loan. (Mon, 02 Jul 2007 09:02:01 GMT)

SU's guaranteed mortgage program goes downtown
Syracuse University is expanding its faculty and staff guaranteed mortgage program into downtown Syracuse and to include condominiums. There are a number of new condominiums being built downtown, such as in the historic Hotel Syracuse. (Mon, 02 Jul 2007 09:06:04 GMT)

Freedom Finance expands mortgage team
The mortgage broking business, which was created in May 2005, is on track to double its new business volumes by the end of this year and will have a nationwide field force of 20 advisers covering England, Scotland, Wales and Northern Ireland. (Mon, 02 Jul 2007 09:27:24 GMT)

Calls for mortgage action rise
CONCORD (AP) — New Hampshire's banking commissioner says the mortgage meltdown sweeping the country shows it's time to allow the state to license loan "originators." (Mon, 02 Jul 2007 10:06:36 GMT)

Mortgage of the Week
GMAC-RFC is offering a fixed rate deal until 1 July 2009, at a rate of 5.60%, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.49%. The overall cost for comparison is 7.6% APR. An Early Repayment Charge is payable if you repay all or part of the mortgage during the fixed rate period. (Mon, 02 Jul 2007 10:42:14 GMT)

Taken a home loan? Bad news for you!
Housing loan customers may have to repay part of their borrowings or suffer very high EMIs, as there is a scurry among banks to avoid bad debts following successive interest rate hikes in the last six months. (Mon, 02 Jul 2007 10:42:41 GMT)

Mortgage telemarketing under microscope
BOSTON — As a former mortgage broker, Adryenn Ashley thought she knew what to expect when she refinanced her house in March. Yet Ashley was unprepared for one twist she encountered: A barrage of phone calls and e-mails from rival lenders vying to sell her a better mortgage. (Mon, 02 Jul 2007 10:48:43 GMT)

Mortgage fraud affects friends, neighbors, if not you
ATLANTA - Chances are, if you're not a victim of mortgage fraud, you probably know somebody who is. (Mon, 02 Jul 2007 11:21:45 GMT)

Mortgage Correspondent Channel Contracts from MortgageDaily.com
the dominant source of online news for the mortgage industry. (Mon, 02 Jul 2007 11:43:38 GMT)

Home loan customers in for rude shock
New Delhi, July 2: Housing loan customers may have to repay part of their borrowings or suffer very high equated monthly instalments (EMIs), as there is a scurry among banks to avoid bad debts following successive interest rate hikes in the last six months. (Mon, 02 Jul 2007 12:04:26 GMT)

Bad-Loan Woes Hit American Home
Chalk up another victim of the subprime lending debacle. American Home Mortgage Investment Corp. said after the market close on June 28 that it expects to post a net loss in the second quarter due to additional reserves it's had to set aside for bad loan repurchases. The shares plunged in NYSE trading June 29. (Mon, 02 Jul 2007 12:08:41 GMT)

Refinance Your Auto Loan and Ease a Tight Budget
(ARA) - Living from paycheck to paycheck can be very stressful when unexpected emergency situations happen. You have to squeeze some extra money out of your budget, but where is it going to come from? (Mon, 02 Jul 2007 13:38:26 GMT)

Foreclosures: A Real Boom for Investors
(ARA) - The climate is ripe for an increase in the number of American homes going into foreclosure. Interest rates are on the rise, mortgage payments are continuing to increase and home values are staying stagnant in some places and falling in others. (Mon, 02 Jul 2007 13:39:26 GMT)

Refinance Now to Avoid your ARM rate Increase
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Mon, 02 Jul 2007 13:39:47 GMT)

NAR Hails Bank Regulator Statement on Subprime Mortgage Lending
WASHINGTON, June 29 /PRNewswire-USNewswire/ -- The National Association of Realtors(R) welcomes today's statement issued by the federal regulators of banks, thrifts and credit unions that prescribes strong underwriting and consumer protection standards in connection with certain subprime adjustable rate mortgages (ARMs). (Mon, 02 Jul 2007 13:56:35 GMT)

Governor Rendell Urges Homeowners to Brace for Mortgage 'Payment Shock'
With interest rates on millions of adjustable-rate mortgages predicted to "reset" or "recast" in Pennsylvania -- and nationally -- over the next two years, Governor Edward G. Rendell is urging homeowners with these types of loans to prepare for possibly significant increases in their monthly payments. (Mon, 02 Jul 2007 14:00:00 GMT)

BofA closes on reverse-mortgage business
Bank of America Corp. has completed its acquisition of Seattle Mortgage Co.'s reverse-mortgage business. (Mon, 02 Jul 2007 14:15:33 GMT)

Home loan clients may need to pre-pay
Those in their late 30s may face pressure to repay loans in advance as banks beef up to avoid debts. (Mon, 02 Jul 2007 15:37:38 GMT)

Works by Rubens, Poussin and Titian—worth £200m—which have been on long-term loan to the institution for decades are ...
LONDON. The National Gallery is facing its most serious acquisition crisis for over 100 years, with the threat of losing pictures on loan worth around £200m. Not since cuts in government funding in the 1890s has the situation been more difficult. (Mon, 02 Jul 2007 16:00:39 GMT)

Leases trigger $10 million mortgages
Upper Bucks residents who agreed to allow gas drilling on their properties now have a $10 million mortgage recorded on their deeds. It doesn’t prevent a sale, but is causing confusion. (Mon, 02 Jul 2007 16:03:52 GMT)

A Popular Mortgage Myth
Overpaying on your mortgage can save thousands of pounds off your mortgage bill. (Mon, 02 Jul 2007 16:07:26 GMT)

MFA Mortgage Declares Quarterly Dividend
MFA Mortgage Investments Inc. said Monday its board declared a quarterly dividend of 9 cents per share of common stock for the second quarter of 2007. (Mon, 02 Jul 2007 18:42:09 GMT)

American Home Mortgage Investment "market perform," estimates reduced
NEW YORK, July 2 (newratings.com) - Analysts at JMP Securities maintain their "market perform" rating on American Home Mortgage Investment Corp ( AHMH.NAS ), while reducing their estimates for the company. (Mon, 02 Jul 2007 18:42:59 GMT)

Governor Rendell Urges Homeowners to Brace for Mortgage 'Payment Shock'
HARRISBURG, Pa. ( Map ) - With interest rates on millions of adjustable-rate mortgages predicted to "reset" or "recast" in Pennsylvania -- and nationally -- over the next two years, Governor Edward G. (Mon, 02 Jul 2007 19:10:44 GMT)

Mortgage loan production office opens
PONCHATOULA - The board of directors and staff of American Bank & Trust Co. Inc. of Covington announce the grand opening of their mortgage loan production office at 1180 Hwy. 51 North, Suite A. (Mon, 02 Jul 2007 19:32:37 GMT)

Program helps to finance home ownership
Fort Scott, Kan. --Thanks to hard work and generosity from a funding company, a landlord and a government loan program, Tom and Edith Bowerman are now proud owners of a home. (Mon, 02 Jul 2007 20:44:17 GMT)

Mortgage-fraud bill OK'd
To clamp down on the bad mortgage deals that inflate Valley home prices, state lawmakers gave their final approval Monday to a bill that would make mortgage fraud a felony. (Mon, 02 Jul 2007 21:27:35 GMT)

US regulators stymie mortgage lenders again
NEW YORK: For the second time in a year, US banking regulators have rejected claims of big mortgage lenders, such as Countrywide Financial and others, that tighter regulation of mortgage lending will hurt consumers. (Mon, 02 Jul 2007 21:45:45 GMT)

Your Money: Good credit score helps mortgage rate
Sales of existing homes fell to a four-year low last month, and the supply of homes for sale was up, which is happy news for house hunters. But unless you're sitting on a mountain of cash, you'll need a mortgage, and that's no longer a sure thing. In response to a sharp rise in foreclosures, mortgage lenders have tightened their standards, leading to an increase in rejected applications. (Tue, 03 Jul 2007 02:09:23 GMT)

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? (Tue, 03 Jul 2007 02:12:56 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." (Tue, 03 Jul 2007 02:13:07 GMT)

Prior Lake mortgage broker guilty in loan scheme
A Prior Lake mortgage broker pleaded guilty Monday to federal mail fraud and money-laundering charges stemming from a mortgage fraud scheme he devised and carried out to conceal $2.5 million in payments from lenders to himself and others. Ronald C. Joseph, 49, generated the money between 2004 and 2006 through about 40 real estate transactions in which he gave lenders fraudulent loan applications ... (Tue, 03 Jul 2007 02:43:25 GMT)

Mortgage broker pleads guilty to fraud charges
A Prior Lake-area mortgage broker pleaded guilty Monday in U.S. District Court in Minneapolis to federal charges of mortgage fraud. Ronald Joseph pleaded guilty to one count of mail fraud and one count of money laundering in a scheme that allegedly bilked mortgage lenders out of $2.5 million, according to the U.S. Attorney's Office. Joseph is the third person to plead guilty in the ongoing ... (Tue, 03 Jul 2007 05:19:17 GMT)

Mortgage and terror fears lift Treasury prices
Prices of U.S. Treasury securities rose Monday on speculation about weakness in the subprime mortgage market and concern over terror threats (Tue, 03 Jul 2007 06:47:49 GMT)

Cash-Out Refinancing Interests Twice as Many Borrowers, Says GuideToLenders.com
Homeowners have shown increasing interest in refinancing to convert their home equity into cash, according to a poll on GuideToLenders.com, an online consumer resource for obtaining competing mortgage quotes. (Tue, 03 Jul 2007 07:01:00 GMT)

Cash-Out Refinancing Interests Twice as Many Borrowers, Says GuideToLenders.com
Homeowners have shown increasing interest in refinancing to convert their home equity into cash, according to a poll on GuideToLenders.com, an online consumer resource for obtaining competing mortgage quotes. Exactly twice as many homeowners selected "receiving cash at closing" as their reason for refinancing in April than in February. And other studies confirm this as well -- Dow Jones ... (Tue, 03 Jul 2007 07:04:07 GMT)

Ex-athlete gets 5-year sentence in Ponzi scheme
A Cal State Fullerton baseball star convicted in a real estate scam also is ordered to compensate victims. Despite a strong show of support from Steve Garvey and a handful of victims, a former Cal State Fullerton baseball player who hired the onetime Dodgers star to promote his mortgage company was sentenced Monday to five years in prison for stealing $32 million from more than 200 investors ... (Tue, 03 Jul 2007 07:11:19 GMT)

Debt buries mortgage lender
In April, as he shut down the 300-employee mortgage business he'd built from scratch, Layne Sapp said he hoped to find a buyer who would... (Tue, 03 Jul 2007 07:14:08 GMT)

Foreclosures: A Real Boom for Investors
(ARA) - The climate is ripe for an increase in the number of American homes going into foreclosure. Interest rates are on the rise, mortgage payments are continuing to increase and home values are staying stagnant in some places and falling in others. (Tue, 03 Jul 2007 08:13:07 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." (Tue, 03 Jul 2007 08:13:37 GMT)

HBOS launches new mortgage protection plan
Halifax Bank of Scotland has launched a new Total Mortgage Protection Plan that provides planholders access to the Best Doctors service at no additional cost. (Tue, 03 Jul 2007 08:57:18 GMT)

Former mortgage agent facing fraud, conspiracy charges
A Montana State Prison inmate with a history of theft, bad checks and probation violations is facing new charges in connection with his mortgage lending practices in Helena. (Tue, 03 Jul 2007 08:58:46 GMT)

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? (Tue, 03 Jul 2007 09:07:48 GMT)

Mortgage of the Week
GMAC-RFC is offering a fixed rate deal until 1 July 2009, at a rate of 5.60%, reverting to the standard variable rate for the remaining term of the mortgage, currently 7.49%. The overall cost for comparison is 7.6% APR. An Early Repayment Charge is payable if you repay all or part of the mortgage during the fixed rate period. (Tue, 03 Jul 2007 09:28:16 GMT)

Refinance Now to Avoid your ARM rate Increase
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Tue, 03 Jul 2007 10:22:36 GMT)

Reverse mortgage ins, outs
DEAR BRUCE: I am 74, and my husband is 76. We are in good health, and we have a lot of fun traveling. We are also house-rich but cash-poor. Moving from Massachusetts to Florida, we discovered some unexpected expenses. Is a reverse mortgage a way to go for us? We have in excess of $250,000 in our home. - B.C. in Florida (Tue, 03 Jul 2007 11:28:58 GMT)

Official wants loan 'originators' to be licensed
New Hampshire's banking commissioner says the mortgage meltdown sweeping the country shows it's time to allow the state to license loan "originators." (Tue, 03 Jul 2007 12:08:49 GMT)

Late payments up on home loans, down on credit cards
NEW YORK (Reuters) - The housing slowdown has caused Americans to miss more payments on home loans, though more appear to be paying their credit card bills on time. (Tue, 03 Jul 2007 12:51:24 GMT)

Home loan burden to grow
FEDERALTreasury has warned of more interest rate rises and growing mortgage pressure, in a pre-election challenge to the Howard Government. (Tue, 03 Jul 2007 14:00:00 GMT)

Home loan burden to grow
THE Federal Treasury has warned of further interest rate rises and growing mortgage pressure on middle Australia, in a pre-election challenge to the Howard Government. (Tue, 03 Jul 2007 14:00:00 GMT)

Walter mortgage division gets S&P nod
The mortgage servicing arm of Walter Mortgage Co. has been added to Standard & Poor's Select Servicer List. (Tue, 03 Jul 2007 14:08:24 GMT)

Refinance Your Auto Loan and Ease a Tight Budget
(ARA) - Living from paycheck to paycheck can be very stressful when unexpected emergency situations happen. You have to squeeze some extra money out of your budget, but where is it going to come from? (Tue, 03 Jul 2007 14:24:41 GMT)

Foreclosures: A Real Boom for Investors
(ARA) - The climate is ripe for an increase in the number of American homes going into foreclosure. Interest rates are on the rise, mortgage payments are continuing to increase and home values are staying stagnant in some places and falling in others. (Tue, 03 Jul 2007 14:25:51 GMT)

Refinance Now to Avoid your ARM rate Increase
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Tue, 03 Jul 2007 14:26:01 GMT)

DBCF issues warning on mortgage increases
JACKSON — The Mississippi Department of Banking and Consumer Finance has released a consumer alert on mortgage payment increases. (Tue, 03 Jul 2007 15:27:23 GMT)

Mortgage loan production office opens
PONCHATOULA - The board of directors and staff of American Bank & Trust Co. Inc. of Covington announce the grand opening of their mortgage loan production office at 1180 Hwy. 51 North, Suite A. (Tue, 03 Jul 2007 16:17:43 GMT)

Vista Capital Company Arranges First Mortgage Financing for the Best Western Ocala Park Centre in Ocala, Florida
Vista Capital Company announced today that it arranged first mortgage financing for the Best Western Ocala Park Centre located in Ocala, Florida. The Best Western is an upscale, 138-room, 4-floor, limited service hotel offering an outdoor heated pool, Jacuzzi, complimentary breakfast room, and meeting space for 15 guests. (Tue, 03 Jul 2007 16:30:34 GMT)

What to expect with final mortgage payment
DEAR BOB: Next month I will write my final mortgage payment check and want to be sure all the related details of paying off the mortgage go smoothly. What steps should I take? -- Daphne M. (Tue, 03 Jul 2007 17:27:39 GMT)

Thornburg Mortgage Announces Earnings Conference Call
SANTA FE, N.M.----Thornburg Mortgage, Inc. today announced it will release results for the second quarter on Thursday, July 19, 2007, after market hours. (Tue, 03 Jul 2007 18:31:00 GMT)

Former mortgage agent facing fraud, conspiracy charges
Associated Press - July 3, 2007 2:54 PM ET HELENA, Mont. (AP) - A Montana State Prison inmate is facing new charges, in connection with his mortgage lending practices in Helena. (Tue, 03 Jul 2007 19:00:35 GMT)

Late payments up for home equity loans
Late payments on home equity loans climbed to a 1 1/2-year high in the opening quarter of this year, while delinquencies on credit card bills fell, painting a mixed picture of how people are managing their debt. (Tue, 03 Jul 2007 19:29:51 GMT)

Fix your home loan for two years: bank
Interest rates are unlikely to start heading down until some time next year, says ASB, so it makes sense to fix a home loan for two years. (Tue, 03 Jul 2007 19:37:19 GMT)

UPDATE: Fixed-rate Mortgages Gain Steam; ARMs Rule Subprime: Survey
CHICAGO (Dow Jones) -- Fixed-rate mortgages became more popular in the second half of 2006 as short-term rates increased, the Mortgage Bankers Association reported Tuesday. (Tue, 03 Jul 2007 21:01:53 GMT)

Mortgage burden to grow, Treasury warns
THE Federal Treasury has warned of further interest rate rises and growing mortgage pressure on middle Australia, in a pre-election challenge to the Howard Government. (Tue, 03 Jul 2007 22:08:00 GMT)

Mortgage burden to grow
THE Federal Treasury has warned of more interest rate rises and more mortgage pressure on middle Australia, in a pre-election challenge to John Howard. (Tue, 03 Jul 2007 23:04:00 GMT)

Late payments up for home equity loans
Late payments on home equity loans climbed to a 1 1/2-year high in the opening quarter of this year, while delinquencies on credit card bills fell, painting a mixed picture of how people are managing their debt. (Tue, 03 Jul 2007 23:04:41 GMT)

Other News in Brief: Prudential Mortgage Capital Closes $32M Loan for Southern California Industrial Portfolio; Spirit ...
Prudential Mortgage Capital Co. has announced it originated a $32 million loan for a two-property industrial portfolio in Southern California. The portfolio consists of one industrial building in Irvine, Calif. And one industrial-R&D building in Vista, Calif.. (Wed, 04 Jul 2007 00:18:48 GMT)

A Mortgage-Securities Hedge Fund Suspends Payouts
The Horizon ABS Fund said it made the decision when a major investor sought to leave the $650 million fund, managed by United Capital Markets. (Wed, 04 Jul 2007 02:25:55 GMT)

Mortgage Cancellation Tax Relief Act introduced
The Monmouth County Association of Realtors applauds New Jersey's Rep. Robert E. Andrews (D-1st District) for introducing the Mortgage Cancellation Tax Relief Act. This federal legislation is important to many New Jersey homeowners who are going through the difficult process of foreclosure. (Wed, 04 Jul 2007 03:07:25 GMT)

The fix is in
Jim Ritter encourages mortgage customers to choose fixed-rate mortgages over adjustable-rate mortgages. (Wed, 04 Jul 2007 04:26:15 GMT)

Strike vote sought at mortgage agency
After a year of what they consider fruitless negotiations, union negotiators said yesterday they have recommended a strike vote by 125 employees of the state Housing and Mortgage Financing Authority. (Wed, 04 Jul 2007 04:38:53 GMT)

Beazer facing new suit
More Charlotte-area homebuyers are suing Beazer Homes, alleging a litany of misdeeds and claiming the company "fraudulently qualified" them for loans they couldn't afford. A lawsuit filed Tuesday by 10 homebuyers in northern Charlotte's Oak Hill development says a Beazer sales agent, Roderick D. Williams, falsified documents to help buyers get loans for Beazer homes. Williams and Beazer Mortgage, ... (Wed, 04 Jul 2007 07:03:48 GMT)

Toxic loans 'designed to fail' spur harder line
Jay Hancock Last week's crackdown on toxic mortgages is not one of those regulations that harms one piece of the economy in exchange for greater good in another. It's a pure benefit, despite what the Mortgage Bankers Association would have you believe. (Wed, 04 Jul 2007 07:34:20 GMT)

Foreclosures: A Real Boom for Investors
(ARA) - The climate is ripe for an increase in the number of American homes going into foreclosure. Interest rates are on the rise, mortgage payments are continuing to increase and home values are staying stagnant in some places and falling in others. (Wed, 04 Jul 2007 08:13:27 GMT)

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? (Wed, 04 Jul 2007 08:13:38 GMT)

National Bank of Dubai expands mortgage lending to UK customers
National Bank of Dubai (NBD) has today announced a tie up with the leading United Kingdom based mortgage adviser, John Charcol, to provide finance to UK residents interested in purchasing residential properties in UAE. (Wed, 04 Jul 2007 08:21:11 GMT)

Home loan foreclosures on the rise in Cuyahoga
A tide of foreclosures that has brought Cleveland national notoriety continues to surge, with no end in sight. New cases this year in Cuyahoga County could hit a record 17,000, an increase of nearly 25 percent from 2006, according to county Treasurer Jim Rokakis. (Wed, 04 Jul 2007 09:05:27 GMT)

UK's FSA starts enforcement action against 5 UK subprime mortgage firms
LONDON (Thomson Financial) - The Financial Services Authority has started enforcement action against five firms that it accuses of having weaknesses in responsible lending practices and in their assessment of a consumer's ability to afford a mortgage, the regulator said today. (Wed, 04 Jul 2007 09:41:48 GMT)

Buyout, loan could save EnCap project
EnCap Golf Holdings -- scrambling to keep afloat its $500 million golf and housing project in Rutherford and Lyndhurst -- has informed the state of a potential buyout of the company, as well as its expectation that it will soon receive a $55 million loan. (Wed, 04 Jul 2007 09:43:42 GMT)

FSA sounds alarm on subprime mortgage lending
LONDON (Reuters) - The Financial Services Authority has accused lenders and brokers in the subprime mortgage market of not doing enough to check that customers can repay loans and warned poor practices could have wider repercussions. (Wed, 04 Jul 2007 11:57:44 GMT)

FSA slams UK sub-prime mortgage market
The Financial Services Authority has slammed sub-prime mortgage lenders and advisers in a damning new report. (Wed, 04 Jul 2007 11:57:51 GMT)

FSA slams UK sub-prime mortgage market
FSA slams UK sub-prime mortgage market (Wed, 04 Jul 2007 14:12:54 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. (Wed, 04 Jul 2007 14:57:26 GMT)

Mortgage loan production office opens
PONCHATOULA - The board of directors and staff of American Bank & Trust Co. Inc. of Covington announce the grand opening of their mortgage loan production office at 1180 Hwy. 51 North, Suite A. (Wed, 04 Jul 2007 15:02:54 GMT)

(AFX UK Focus) 2007-07-04 16:10 GMT: UK's FSA starts enforcement action against 5 subprime mortgage firms UPDATE
(Add Elephant and Loans, Council of Mortgage Lenders comment) (Wed, 04 Jul 2007 15:34:11 GMT)

UK's FSA starts enforcement action against 5 subprime mortgage firms UPDATE
(Adds comments from Liberal Democrats) LONDON (Thomson Financial) - The Financial Services Authority has started enforcement action against five firms it accuses of having weaknesses in responsible lending practices and in their assessment of a consumer's ability to afford a mortgage, the regulator said. (Wed, 04 Jul 2007 16:11:45 GMT)

Mortgage brokers are in Congress' sights
Mortgage brokers, who originate up to two-thirds of home loans, have exploited their lack of federal regulation to loosen lending standards in ways that sparked today's high mortgage-default rates among borrowers with weak credit. (Wed, 04 Jul 2007 16:21:26 GMT)

Dexia sets up new mortgage bond bank in Luxembourg
BRUSSELS (Thomson Financial) - Franco-Belgian banking and insurance group Dexia SA said it has established a new mortgage bond bank in Luxembourg, Dexia LdG Banque SA, which will refinance assets generated by the company's public sector financing business through the issuance of covered bonds. (Wed, 04 Jul 2007 16:42:00 GMT)

Home loan foreclosures on the rise in Cuyahoga County
CLEVELAND (AP) -- Home foreclosures in Cuyahoga County continue to surge. (Wed, 04 Jul 2007 16:57:03 GMT)

Home loan foreclosures on the rise in Cuyahoga County
CLEVELAND (AP) - Home foreclosures in Cuyahoga County continue to surge. The hardest hit county in the hardest hit state may see 17,000 foreclosures this year -- almost a 25% increase from last year. (Wed, 04 Jul 2007 16:57:09 GMT)

Wigan Athletic extend Valencia loan
Luis Valencia will spend another season at Wigan Athletic Football Club. The 22-year-old midfielder made 22 Premiership appearances for the Latics last season during a loan stint from Villarreal, and he will now spend another campaign at the JJB Stadium. (Wed, 04 Jul 2007 17:40:44 GMT)

Home loan foreclosures on the rise in Cuyahoga County
Home loan foreclosures on the rise in Cuyahoga County (Wed, 04 Jul 2007 18:06:55 GMT)

National Mortgage License System Planned
Starting in 2009, consumers will have access to online records of their mortgage lenders and brokers. (Wed, 04 Jul 2007 19:53:43 GMT)

Stretched homeowners eye rental option
As mortgage costs rise a growing number of homeowners are looking at the option of selling their home and renting it back. (Wed, 04 Jul 2007 23:22:58 GMT)

FSA savages sub-prime mortgage providers
Lenders and mortgage brokers dealing with vulnerable "sub-prime" customers were yesterday savaged by the City watchdog for failing their customers. (Wed, 04 Jul 2007 23:36:09 GMT)

Mortgage lending practices criticised by FSA
Mortgage lenders and intermediaries are failing to assess properly whether vulnerable consumers can afford home loans, a major independent report revealed yesterday. (Thu, 05 Jul 2007 00:01:40 GMT)

Caledonia Real Estate Agent Charged with Mortgage Fraud
A federal grand jury indicts a Boone county man in connection with mortgage fraud. 41-year old real estate agent Raymond Talan of Caledonia faces 10 counts. (Thu, 05 Jul 2007 00:12:36 GMT)

Lack of checks and easy money threaten home loan crisis in UK
Business & money: Thousands of home buyers at risk of default. (Thu, 05 Jul 2007 00:41:09 GMT)

Banks warned over irresponsible mortgage lending
A city watchdog has sounded the alarm over irresponsible mortgage lending. (Thu, 05 Jul 2007 02:00:18 GMT)

Lack of checks and easy money threaten home loan crisis in UK
Thousands of homebuyers with credit problems were allowed to take out huge loans by mortgage lenders and brokers without any checks on their income, according to an investigation by the chief financial watchdog. (Thu, 05 Jul 2007 02:06:47 GMT)

Loan Changes in Brazil Motivate New Buyers and Home Building
Brazil?s newfound economic stability and changes in lending laws are for the first time making it possible for the country?s working poor to buy their own homes. (Thu, 05 Jul 2007 02:40:45 GMT)

NBD expands mortgage lending to UK customers
DUBAI — National Bank of Dubai (NBD) yesterday announced a tie up with the leading United Kingdom based mortgage adviser, John Charcol, to provide finance to UK residents interested in purchasing residential properties in the UAE. (Thu, 05 Jul 2007 03:07:09 GMT)

FBI lacks resources to fight boom in mortgage fraud
The FBI doesn't have the resources it needs to fight mortgage fraud, part of the weakened white-collar crime capabilities of the bureau that were revealed in The Terror Trade-Off, a Seattle P-I investigation published in April. (Thu, 05 Jul 2007 04:04:25 GMT)

More Companies Use E-Signatures to Cut Costs, Fraud
July 5, 2007 (Associated Press) Seven years ago, after Congress validated "electronic signatures" in a new law, John Crowley tested the technology with an eye toward using it at his mortgage-and banking-services company. He quickly decided it wouldn't work. (Thu, 05 Jul 2007 05:26:01 GMT)

Experts: Know your mortgage in and out
Now, here's a public service announcement of sorts: Have you looked at your mortgage lately? Do you know if you have an adjustable-rate mortgage that could go up? (Thu, 05 Jul 2007 06:05:33 GMT)

Mortgage education campaign launched
There’s a marketing blitz under way aimed at the homeowner in denial — the one missing mortgage payments, dodging calls from the lender and hoping for the best. (Thu, 05 Jul 2007 06:07:28 GMT)

First-time buyers fork out third of pay on mortgage
First-time buyers are spending a third of their take-home pay on their mortgage, a survey shows. (Thu, 05 Jul 2007 06:10:30 GMT)

Ex-mortgage agent facing fraud charges
HELENA - A Montana State Prison inmate is facing new charges in connection with his mortgage lending practices in Helena. (Thu, 05 Jul 2007 06:46:27 GMT)

Six Reasons To Avoid Private Mortgage Insurance
If you're thinking of buying a home, remember you're going to need to save up enough money for a 20% down payment . If you can't, it's a safe bet that your lender will force you to secure private mortgage insurance (PMI) prior to signing off on the loan. (Thu, 05 Jul 2007 08:32:15 GMT)

Lack of checks and easy money threaten home loan crisis in UK
Thousands of homebuyers with credit problems were allowed to take out huge loans by mortgage lenders and brokers without any checks on their income, according to an investigation by the chief financial watchdog. (Thu, 05 Jul 2007 08:34:31 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? (Thu, 05 Jul 2007 09:22:49 GMT)

TPG, Affinity Seek Asia's First Covenant-Lite Loan (Update2)
July 5 (Bloomberg) -- TPG Inc. and Affinity Equity Partners Ltd. plan Asia's first loan that provides banks with minimal protection to fund their S$2.2 billion ($1.4 billion) buyout of Singapore's United Test & Assembly Center Ltd., said two people with direct knowledge of the transaction. (Thu, 05 Jul 2007 09:34:18 GMT)

Weekly mortgage analysis
Each Thursday, Bankrate publishes a survey of large lenders in the top 10 markets to get a national snapshot of where mortgage rates stand today. The exclusive look at rates plus expert analysis makes this one of Bankrate's most-popular stories. (Thu, 05 Jul 2007 10:00:00 GMT)

Ahead of the Bell: Mortgage Applications
Banking industry data due Thursday will signal whether the housing slump is continuing to diminish mortgage application volume. (Thu, 05 Jul 2007 10:46:34 GMT)

Mortgage rates stand pat
Mortgage rates stalled as anxiety about inflation eased. The benchmark 30-year fixed-rate mortgage remained at 6.74 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.25 discount and origination points. (Thu, 05 Jul 2007 11:32:37 GMT)

Mortgage applications mostly unchanged
Increase in demand for loans to purchase homes offset by a drop in refinancing applications, industry group says. (Thu, 05 Jul 2007 11:43:55 GMT)

New loan program aims to keep nursing students in state
BATON ROUGE -- A state body that administers education loans is launching a new program aimed at giving Louisiana's nursing students incentive to look for work closer to home. (Thu, 05 Jul 2007 12:04:27 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. (Thu, 05 Jul 2007 12:07:39 GMT)

Mortgage Expert
Team One Mortgage has built a strong reputation as an outstanding mortgage brokerage firm serving the lending needs of real estate professionals, builders and individual home buyers. (Thu, 05 Jul 2007 12:27:19 GMT)

Bankrate: No Fireworks in Mortgage Rates this Week
NEW YORK, July 5 /PRNewswire-FirstCall/ -- Mortgage rates remained calm, with the average 30-year fixed mortgage rate holding at 6.74 percent. According to Bankrate.com ( Nachrichten ) 's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.25 discount and origination points. (Thu, 05 Jul 2007 12:53:10 GMT)

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