Mortgage News Jul 2007

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Study Finds Home Loan Disparities
Higher income does not protect blacks and Hispanics from receiving mortgage loans with above-market rates, a new study by a group pushing for reforms to lending laws says. (Tue, 10 Jul 2007 21:21:46 GMT)

Subprime's Black Tuesday?
Two rating agencies get skittish on the credit-worthiness of mortgage bonds worth billions of dollars. Is it time to panic? (Tue, 10 Jul 2007 21:30:05 GMT)

UPDATE: S&P, Moody's Signal Growing Subprime Mortgage Woes
SAN FRANCISCO (Dow Jones) - Wall Street's two largest rating agencies signaled on Tuesday that problems in the subprime mortgage market aren't going away and will probably get worse as rising delinquencies weigh on U.S. house prices. (Tue, 10 Jul 2007 22:03:43 GMT)

U.S. attorney indicts 26 for mortgage fraud
The U.S. attorney for the Southern District in New York said on Tuesday he charged 26 individuals with taking part in "a wide-ranging scheme to commit mortgage fraud" at companies that brokered loans with a total face value of at least $200 million. (Tue, 10 Jul 2007 22:12:13 GMT)

26 indicted on mortgage scheme
The federal government announced Tuesday a bust in a multi-million dollar subprime mortgage lending scheme and indicted more than two dozen alleged co-conspirators. (Tue, 10 Jul 2007 23:16:29 GMT)

Housing price index launched
The data is expected to form the basis for policy decisions such as rationalising stamp duty, capital gains tax, municipal tax and determining mortgage rates. (Tue, 10 Jul 2007 23:35:12 GMT)

Most Mortgage Rates Dip This Week
WASHINGTON - Rates on 30-year mortgages sank this week to a one-month low, while rates on most other mortgages also fell, good news to prospective home buyers. (Tue, 10 Jul 2007 23:57:50 GMT)

City to loan Housing Authority money to buy mobile home park
Residents of Fish Creek Mobile Home Park could become property owners in a matter of months. The Yampa Valley Housing Authority has announced its intent to use a $954,000 loan from the city to help fund its $3.2 million purchase of the park. Should that purchase close late next month, the Housing Authority would then offer ownership of lots to residents, a Housing Authority official said Monday. (Wed, 11 Jul 2007 00:21:06 GMT)

S.Korea won weaker on growing U.S. mortgage fears
SEOUL, July 11 (Reuters) - The South Korean won turned lower on Wednesday as investors shied away from risky investment on growing fears over problems in the U.S. subprime mortgage market, but the downside was capped by exporters' dollar sales. (Wed, 11 Jul 2007 01:24:29 GMT)

Home Loan Woes Deepen
Moody's Cuts Rating On Sub-Prime Bonds; S&P May Follow Suit Hours after Standard & Poor's warned that it may cut the credit rating of more than $12 billion in bonds backed by risky home loans, another agency downgraded its rating on hundreds of similar securities. (Wed, 11 Jul 2007 02:55:27 GMT)

Minorities face high mortgage rates
Higher income does not protect blacks and Hispanics from receiving mortgage loans with above-market rates, a new study by a group pushing for reforms to lending laws says. (Wed, 11 Jul 2007 03:09:31 GMT)

Foreclosure crisis sparks investigation
Amid Wisconsin's deepening mortgage foreclosure crisis, Legal Aid Society of Milwaukee on Tuesday announced an inquiry into what went wrong. (Wed, 11 Jul 2007 03:14:39 GMT)

NovaStar Home Mortgage and two other lenders must pay a $46 million judgment, a judge rules
NovaStar Home Mortgage and two other lenders have been hit with a $46 million judgment by a California court over alleged unfair business practices on the Internet. (Wed, 11 Jul 2007 03:49:13 GMT)

Metro Briefing | New York: Manhattan: Three More Indicted in Mortgage Fraud Case
Three more people were indicted in Federal District Court yesterday in a scheme, carried out by at least 26 people, that involved submitting fraudulent mortgage loan applications and inflating home appraisals to get millions of dollars in loans from lending institutions. The indicted people, Galina Zhigun, Garri Zhigun and Maryann Furman, were added to 23 others announced by prosecutors in ... (Wed, 11 Jul 2007 04:21:31 GMT)

S&P, Moody's signal growing subprime mortgage woes
S&P, Moody's signal growing subprime mortgage woes (Wed, 11 Jul 2007 07:15:55 GMT)

REAL ESTATE: Group: Fewer apply for mortgages
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both refinancing and purchasing loans, for the week ended June 22 fell 3.9 percent to 618.6 -- its lowest in four months. (Wed, 11 Jul 2007 07:21:05 GMT)

Subprime-loan bonds take hit
Moody's Investors Service lowered the credit ratings on $5.2 billion of bonds backed by subprime mortgages and Standard & Poor's said it may cut $12 billion of securities after criticism they waited too long to respond to rising home-loan defaults. (Wed, 11 Jul 2007 07:24:45 GMT)

Considering Put Options on Mortgage Lenders
Asif Suria submits: With the July 20 expiration date approaching soon for our $40 put options on mortgage lender Countrywide Financial , I am going to sell them based on the price as of market close today. (Wed, 11 Jul 2007 07:33:49 GMT)

FirstAgain Introduces Nation's First Completely Paperless Consumer Loan Experience: Merrill Lynch Provides Funding for ...
FirstAgain LLC, a new venture from the founders of PeopleFirst.com, today introduced its AnythingLoan, the country's first paperless consumer loan. The company's innovative product is an unsecured loan that can be used for any purpose including home improvements, vehicle purchases, medical or educational expenses, timeshares and loan refinancings. (PRWeb Jul 11, 2007) Post Comment:Trackback URL: ... (Wed, 11 Jul 2007 07:43:26 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." (Wed, 11 Jul 2007 08:13:27 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. (Wed, 11 Jul 2007 08:13:47 GMT)

Plan a mortgage-burning party
I wondered: Could this be possible? The direct-mail solicitation claimed that we could shave years off the life of our 30-year mortgage and save thousands of dollars in interest by making half our mortgage payment every two weeks instead paying once a month. Of course, there was a fee. (Wed, 11 Jul 2007 08:50:03 GMT)

State to refinance troubled mortgages
Massachusetts officials today are expected to unveil a $250 million fund to help delinquent borrowers of subprime mortgages refinance into more affordable loans to prevent them from losing their homes to foreclosure. (Wed, 11 Jul 2007 09:06:43 GMT)

Ahead of the Bell: Mortgage Applications
A fresh read on the housing slump's impact on home loan applications is due out Wednesday. The Mortgage Bankers Association will report its weekly index of home-loan application volume at 7 a.m. (Wed, 11 Jul 2007 10:25:02 GMT)

Mortgage woes may roil market
Ratings cut on bonds tied to subprime loans In an ominous sign that concerns about the housing market are growing rather than receding, two major financial rating houses on Tuesday raised questions about the health of billions of dollars of bonds tied to the troubled subprime mortgage market. (Wed, 11 Jul 2007 10:52:19 GMT)

U.S. home loan demand climbs even as rates surge
U.S. mortgage applications rose last week, fueled by increased demand for home purchase loans even as interest rates hit their highest level in nearly a year, an industry group's data showed on Wednesday. (Wed, 11 Jul 2007 11:05:45 GMT)

U.S. MBA's Mortgage Applications Index Rose 1.1% Last Week
July 11 (Bloomberg) -- An index of mortgage applications rose 1.1 percent last week, led by an increase for loans to purchase homes. The Mortgage Bankers Association's index of applications to buy a home or refinance a loan increased 1.1 percent last week to 626.2, from 619.4 the prior week. (Wed, 11 Jul 2007 11:14:47 GMT)

U.S. home loan demand climbs even as rates surge
NEW YORK (Reuters) - U.S. mortgage applications rose last week, fueled by increased demand for home purchase loans even as interest rates hit their highest level in nearly a year, an industry group's data showed on Wednesday. (Wed, 11 Jul 2007 11:20:05 GMT)

Mortgages up despite rate surge
Even with higher rate of 6.65 percent, demand for mortgages increases, says Mortgage Bankers Association. (Wed, 11 Jul 2007 11:31:39 GMT)

Volume of U.S. mortgage applications rises 1.1%
CHICAGO (MarketWatch) -- The volume of mortgage loan applications increased slightly last week even as mortgage interest rates rose, the Mortgage Bankers Association reported Wednesday. (Wed, 11 Jul 2007 11:40:31 GMT)

FirstAgain Introduces Nation's First Completely Paperless Consumer Loan Experience
FirstAgain LLC, a new venture from the founders of PeopleFirst.com, today introduced its AnythingLoan, the country's first paperless consumer loan. The company's innovative product is an unsecured loan that can be used for any purpose including home improvements, vehicle purchases, medical or educational expenses, timeshares and loan refinancings. (Wed, 11 Jul 2007 12:00:00 GMT)

FirstAgain Introduces Nation's First Completely Paperless Consumer Loan Experience
FirstAgain LLC (www.firstagain.com), a new venture from the founders of PeopleFirst.com, today introduced its AnythingLoan, the country's first paperless consumer loan. The company's innovative product is an unsecured loan that can be used for any purpose including home improvements, vehicle purchases, medical or educational expenses, timeshares and loan refinancings. The product is tailored to ... (Wed, 11 Jul 2007 12:43:15 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. (Wed, 11 Jul 2007 13:40:47 GMT)

Mortgage applications rise as rates highest in a year
U.S. mortgage applications rose last week, fueled by increased demand for home purchase loans even as interest rates hit their highest level in nearly a year, the Mortgage Bankers Association showed Wednesday. (Wed, 11 Jul 2007 14:27:32 GMT)

Mortgage stress to hit home at election
MORE than a third of NSW families with a home loan live in a state of "mortgage stress", devoting more than 30 per cent of their gross income to mortgage repayments. (Wed, 11 Jul 2007 14:29:26 GMT)

Mortgage stress to hit home at election
More than a third of NSW families with a home loan live in a state of "mortgage stress". (Wed, 11 Jul 2007 15:39:34 GMT)

Mortgage Demand Climbs in Spite of Rising Interest Rates
Mortgage applications rose last week in spite of rising interest rates, as demand for home purchase loans were up. (Wed, 11 Jul 2007 16:31:47 GMT)

Mortgage Worries Hit Alt-A Market
Shares of some mortgage lenders fell Wednesday as investors worried that problems in the subprime mortgage market could spread more widely in the industry. (Wed, 11 Jul 2007 18:25:53 GMT)

Mining takes TSX higher; NY up after losing ground on mortgage worries
Malcolm Morrison July 11, 2007 - 3:10 p.m. TORONTO (CP) - Mining stocks were mainly responsible for a small advance on the Toronto stock market Wednesday afternoon, while New York indexes mended from Tuesday's sharp losses that resulted from the latest concerns surrounding the U.S. mortgage market. (Wed, 11 Jul 2007 19:24:42 GMT)

Mass. Creates $250M Refinancing Fund
Massachusetts will become one of the first states in the nation to try to curb rising foreclosures by raising cash through bond sales, a move that will help create a $250 million fund to help struggling borrowers refinance and stay in their homes. (Wed, 11 Jul 2007 20:45:10 GMT)

NAACP Claims Discrimination In Suit Against Mortgage Lenders
The NAACP files suit in Los Angeles against 11 mortgage lenders, including Ameriquest, Washington Mutual and Citigroup, accusing them of offering black borrowers subprime loans with worse rates than other applicants. (Wed, 11 Jul 2007 21:57:53 GMT)

Mortgage stress to hit home at election
More than a third of NSW families with a home loan live in a state of "mortgage stress". (Wed, 11 Jul 2007 22:50:39 GMT)

NAACP files discrimination lawsuit against mortgage lenders
DETROIT -- The NAACP filed a federal lawsuit today against 13 sub-prime mortgage lenders alleging discriminatory lending practices against blacks. (Wed, 11 Jul 2007 23:45:13 GMT)

Strong Mortgage Data Draw Some Skeptics
Economists are skeptical of housing data that showed an increase in the number of mortgage applications last week from the same period last year. (Thu, 12 Jul 2007 01:14:17 GMT)

Government to explore long-term mortgage market
The government has announced steps to improve the way the mortgage market works, including making it easier for lenders to offer 25-year fixed rate mortgages. (Thu, 12 Jul 2007 02:06:45 GMT)

Suit claims mortgage discrimination
LOS ANGELES -- The NAACP sued a dozen mortgage lenders Wednesday, claiming the companies discriminated against blacks by steering them into higher-interest, subprime loans while giving more favorable loan terms to white borrowers. (Thu, 12 Jul 2007 03:08:55 GMT)

Mortgage fraud rises alarmingly
Mortgage lender First Financial Equities of Teaneck made three refinance loans totaling $613,800 in 1999 to a customer who put up three housing units in Spring Valley, N.Y., as collateral. (Thu, 12 Jul 2007 05:13:27 GMT)

NAACP sues over mortgage discrimination claims
The NAACP sued a dozen mortgage lenders on Wednesday, claiming the companies discriminated against blacks by steering them into higher-interest, subprime loans while giving more favorable loan terms to white borrowers. The lawsuit, which seeks class-action status, was filed in U.S. District Court in Los Angeles. (Thu, 12 Jul 2007 05:49:14 GMT)

Mortgage Companies Sued in Pr. George's
Two months behind on her mortgage and struggling to come up with a third payment, Angele Reid knew she was headed for trouble. (Thu, 12 Jul 2007 06:13:21 GMT)

Investors struggle to assess value of mortgage-backed bonds
Investors depend on guesswork by Wall Street traders for valuing their bonds because there is no centralized trading system or exchange for subprime mortgage securities. (Thu, 12 Jul 2007 06:26:32 GMT)

States fight mortgage fraud
State lawmakers, faced with a record number of constituents who may lose their homes, are pressing to pass their own laws to halt mortgage-lending abuses, saying they can't afford to rely on Congress to act. Legislators in some 30 states have introduced about 85 bills to protect mortgage borrowers from deceptive-lending practices, foreclosure or fraud, according to a Bloomberg analysis of data ... (Thu, 12 Jul 2007 07:11:21 GMT)

Watch for mortgage resets
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, 12 Jul 2007 07:22:48 GMT)

Online Mortgage Lenders Offer Relief to Distressed Homeowners
The Mortgage Bankers Associations report that in the first quarter of 2007 the percentage of subprime ARMs that started the foreclosure process climbed to a record high. Analysts estimate that nearly 2 million ARMs will reset to higher rates this year and next. Option ARMs can become so costly they push homeowners into financial crisis. You can avoid "Payment Shock", losing your home, and ... (Thu, 12 Jul 2007 07:40:46 GMT)

Wesfarmers Seeks Record A$10 Billion Loan for Coles (Update2)
July 12 (Bloomberg) -- Wesfarmers Ltd. is seeking a A$10 billion ($8.6 billion) loan to fund its takeover of Coles Group Ltd., the largest borrowing by an Australia-based company. (Thu, 12 Jul 2007 08:52:20 GMT)

Mortgage lenders discriminated against blacks, NAACP suit alleges
LOS ANGELES – The NAACP sued a dozen mortgage lenders on Wednesday, claiming the companies discriminated against blacks by steering them into higher-interest, subprime loans while giving more favorable loan terms to white borrowers. (Thu, 12 Jul 2007 09:10:07 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, 12 Jul 2007 10:00:00 GMT)

Home foreclosures drop in June but spike likely
U.S. home foreclosures fell in June after jumping to a 30-month peak in May, but default rates will escalate as a horde of mortgages resets at higher loan rates, real estate data firm RealtyTrac said on Thursday. (Thu, 12 Jul 2007 10:07:14 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? (Thu, 12 Jul 2007 10:42:27 GMT)

NAACP sues mortgage lenders
The NAACP sued a dozen mortgage lenders, claiming they discriminated against blacks by steering them into higher-interest loans while giving more favorable terms to white borrowers. (Thu, 12 Jul 2007 11:12:20 GMT)

Mortgage rates rise a small amount
Mortgage rates climbed a small amount as economists strived to make happy noises about the dismal housing market. (Thu, 12 Jul 2007 11:32:39 GMT)

Nationwide relaunches 25-year mortgage deal
Nationwide building society today responded to Alistair Darling's call for longer-term home loans by announcing the relaunch of its 25-year fixed rate mortgage from July 17. (Thu, 12 Jul 2007 11:59:54 GMT)

Bankrate: Mortgage Rates Up Slightly
Mortgage rates increased slightly, with the average 30-year fixed mortgage rate now 6.78 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.29 discount and origination points. (Thu, 12 Jul 2007 12:00:00 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. (Thu, 12 Jul 2007 13:11:09 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, 12 Jul 2007 13:13:51 GMT)

Survey: Georgia 31st in mortgage closing costs
Georgia has become a more affordable state in which to close a mortgage, according to a Bankrate Inc. survey published Thursday. (Thu, 12 Jul 2007 13:40:56 GMT)

Mortgage Company To Refund $4 Million To Hoosiers
Officials have reached a settlement with Ameriquest, one of the largest mortgage providers in the U.S., which will result in $4 million being refunded to Hoosier homeowners. (Thu, 12 Jul 2007 14:02:02 GMT)

Mortgage rate jump reverses declines
Mortgage rates gained substantially this week, nearly erasing the declines they've seen over the last three weeks, Freddie Mac reported Thursday. (Thu, 12 Jul 2007 14:46:29 GMT)

U.S. mortgage rates reverse course, edge higher
CHICAGO (MarketWatch) -- Long-term mortgage rates did an about-face this week, moving upward due to a favorable June employment report and robust consumer credit growth in May, Freddie Mac's chief economist said Thursday. (Thu, 12 Jul 2007 15:11:01 GMT)

Mortgage rates show increases
U.S. mortgage rates were mostly up this week, the Freddie Mac report said Thursday. (Thu, 12 Jul 2007 16:19:48 GMT)

Survey shows dip in Colo. mortgage closing costs
Mortgage closing costs in Colorado are firmly in the middle of the pack, a survey released Thursday shows. (Thu, 12 Jul 2007 17:12:14 GMT)

HUD to Monitor Mortgage Policies at GSEs
The U.S. Department of Housing and Urban Development is creating a new division that plans to scrutinize mortgage underwriting policies at lenders and mortgage finance giants Fannie Mae and Freddie Mac , the agency said. (Thu, 12 Jul 2007 18:56:01 GMT)

Mortgage rates rise to second-highest level for the year
Rates on 30-year mortgages rose this week to the second-highest level of the year as financial markets reacted to stronger economic news. (Thu, 12 Jul 2007 20:42:50 GMT)

Hundreds eligible for settlement from mortgage company
Hundreds of Vermonters are eligible to receive part of a national settlement from Ameriquest Mortgage Co. that allocates $360,000 to Vermont for claims. (Thu, 12 Jul 2007 22:22:42 GMT)

Countrywide sued for racial bias in mortgage loans
Four black homeowners sued Countrywide Financial Corp. on Thursday, accusing the largest U.S. mortgage lender of racial discrimination in its lending practices. (Thu, 12 Jul 2007 22:29:10 GMT)

HUD to Eye Mortgage Policies at Lenders
The U.S. Department of Housing and Urban Development is creating a new division that plans to scrutinize mortgage underwriting policies at lenders and mortgage finance giants Fannie Mae and Freddie Mac , the agency said. (Thu, 12 Jul 2007 22:47:27 GMT)

Countrywide sued for racial bias in mortgage loans
NEW YORK (Reuters) - Four black homeowners sued Countrywide Financial Corp. on Thursday, accusing the largest U.S. mortgage lender of racial discrimination in its lending practices. (Thu, 12 Jul 2007 22:50:05 GMT)

Historical Society gets $100,000 loan, $15,000 grant
LAKE MILLS — The Lake Mills Area Historical Society has been awarded a $100,000 guaranteed loan and a $15,000 grant from the federal government to turn a 1901 house into a museum. (Fri, 13 Jul 2007 00:12:52 GMT)

Mortgage meltdown's legal fallout begins
WASHINGTON -- Lawsuits blossomed after Enron Corp.'s collapse, many targeting the energy giant's bankers. Wall Street firms could again become the bull's-eye for investors seeking recourse from the subprime mortgage debacle. (Fri, 13 Jul 2007 00:39:03 GMT)

GE Plans to Seek Buyer for Subprime Mortgage Unit (Update1)
July 12 (Bloomberg) -- General Electric Co. plans to sell its three-year-old U.S. subprime mortgage unit, the company said in an e-mail to employees. (Fri, 13 Jul 2007 01:59:47 GMT)

S&P Cuts $6.4BLN in Mortgage-Backed Debt
Rating agency Standard & Poor's said late Thursday that it downgraded $6.39 billion of subprime residential mortgage-backed securities after warning earlier this week that cuts were coming. (Fri, 13 Jul 2007 02:56:58 GMT)

Salaried person with home loan? File ITR-2
No need to pay tax on a share of property from your parents, says tax expert Vikas Gandhi. (Fri, 13 Jul 2007 03:50:32 GMT)

GE Will Seek Buyer for Subprime Mortgage Unit After Defaults
July 13 (Bloomberg) -- General Electric Co. plans to sell its three-year-old U.S. subprime mortgage unit following a surge in defaults by borrowers. (Fri, 13 Jul 2007 04:10:34 GMT)

GE Will Seek Buyer for Subprime Mortgage Unit After Defaults
July 13 (Bloomberg) -- General Electric Co. plans to sell its three-year-old U.S. subprime mortgage unit following a surge in defaults by borrowers. (Fri, 13 Jul 2007 04:23:39 GMT)

Around Whittier
WHITTIER - Area residents interested in owning a home, refinancing their mortgage or taking steps to avoid foreclosure are encouraged to contact a local housing counseling agency approved by the federal government for advice. (Fri, 13 Jul 2007 04:55:21 GMT)

Loan, grant will help turn home into museum
LAKE MILLS — The Lake Mills Area Historical Society has been awarded a $100,000 guaranteed loan and a $15,000 grant from the federal government to turn a 1901 house into a museum. (Fri, 13 Jul 2007 05:20:17 GMT)

Malaysia to Get $800M for Bridge Project
In its first substantial investment in Malaysia, China said Friday it will extend a $800 million low-interest loan for the construction of a lengthy bridge in Prime Minister Abdullah Ahmad Badawi's home state. (Fri, 13 Jul 2007 05:26:46 GMT)

CEO riding out mortgage mayhem
In May, C.D. Davies became chief executive of Charlotte-based LendingTree at one of the mortgage Web site's most difficult times. Former CEO Tom Reddin had resigned unexpectedly. The mortgage business was mired in a slump. And the company had laid off 20 percent of its 2,200 employees nationwide. Despite the turmoil, the former Wachovia Corp. mortgage head says he's having fun leading an ... (Fri, 13 Jul 2007 07:18:13 GMT)

15,000 state residents can share in loan settlement
$10 million in mortgage restitution by Ameriquest earmarked for Pennsylvania. Some 15,000 Pennsylvania residents can apply to share nearly $10 million in restitution as part of a legal settlement with Ameriquest Mortgage Co., once the biggest home-loan lender to people with credit problems. (Fri, 13 Jul 2007 07:27:57 GMT)

China gives Malaysia $800 million loan for bridge project
_ In what is touted as China's biggest investment overseas, the Exim Bank of China inked a deal on Friday to give an $800 million, low-interest loan to build a 23-kilometer bridge between Malaysia's northern island of Penang and the mainland. (Fri, 13 Jul 2007 07:59:23 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, 13 Jul 2007 08:14:07 GMT)

Ameriquest Mortgage's $325 million predatory lending settlement letters sent out
Homeowners will receive letters beginning this week telling them whether they are eligible for a piece of a $325 million, multistate settlement against Ameriquest Mortgage Co. and related companies, including Town and Country Credit Corp. (Fri, 13 Jul 2007 09:25:36 GMT)

Refinancing parents' home in your name
You might want to see if there's a better way to do this, says Dr. Don. (Fri, 13 Jul 2007 10:00:00 GMT)

GE Plans To Shop Its WMC Subprime Mortgage Unit
Reuters reports General Electric plans to sell its subprime mortgage unit, WMC Mortgage, essentially taking the mega cap conglomerate out of the U.S. mortgage business. WMC President and CEO, Laurent Bossard, sent a memo to employees yesterday saying, "The mortgage industry has greatly changed since the purchase of WMC. (Fri, 13 Jul 2007 11:11:45 GMT)

U.S. Urges China to Buy Mortgage-Backed Securities (Update1)
July 13 (Bloomberg) -- The U.S. is urging China's central bank to buy more mortgage-backed securities after a surge in defaults by risky borrowers in the world's largest economy eroded demand for such instruments. (Fri, 13 Jul 2007 11:33:35 GMT)

GE's Q2 profit up 10%, will exit mortgage biz
General Electric (GE) reported second-quarter profits of $5.4 billion Friday and said it is getting out of the U.S. mortgage business . (Fri, 13 Jul 2007 11:50:16 GMT)

General Electric to Sell WMC Mortgage, a Subprime Loan Unit
General Electric is getting out of the subprime mortgage market by selling WMC Mortgage, the company announced on Thursday. (Fri, 13 Jul 2007 12:10:45 GMT)

Payback time for Ameriquest mortgage customers: Here's important information
TRENTON – Attorney General Anne Milgram announced Thursday that Approximately 14,000 Ameriquest Mortgage Company consumers in New Jersey are eligible to receive a total of $11.7 million in restitution from Ameriquest and its related companies as part of a national settlement that resolves allegations of predatory lending, according to the state Attorney General's office. (Fri, 13 Jul 2007 13:03:09 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, 13 Jul 2007 13:24:18 GMT)

GE says it's exiting U.S. mortgage business
MORTGAGES: General Electric CEO Jeff Immelt says the international conglomerate will quit its U.S. mortgage business and sell off existing loans. The nation's mortgage industry has struggled in recent months, particularly in the subprime market that caters to borrowers with poor credit. (Fri, 13 Jul 2007 15:14:10 GMT)

Mortgage rates hold at 6.375%
The prevailing 30-year mortgage rate in Hawaii this week was 6.375 percent, the Honolulu Board of Realtors reported Friday. (Fri, 13 Jul 2007 15:44:55 GMT)

Sage Credit Company Expands Services Through Reverse Mortgage Department
IRVINE, Calif.----Sage Credit Company, Inc. announced that it was providing expanded services for the mortgage community by launching a Reverse Mortgage department. (Fri, 13 Jul 2007 16:28:00 GMT)

Sage Credit Company Expands Services Through Reverse Mortgage Department: Sage Credit Company Launches Reverse Mortgage ...
Sage Credit Company, Inc. announced that it was providing expanded services for the mortgage community by launching a Reverse Mortgage department. (PRWeb Jul 13, 2007) Post Comment:Trackback URL: http://www.prweb.com/pingpr.php/RW1wdC1Db3VwLVN1bW0tUGlnZy1UaGlyLVplcm8= (Fri, 13 Jul 2007 16:38:41 GMT)

Policy targets toxic loan features
It won't mean the end to no-income-verification or high-risk mortgages for subprime home buyers, but new guidance from federal financial regulators will almost certainly cut their availability sharply. In a long-awaited policy statement on loans to borrowers with imperfect credit histories, federal financial regulators on June 29 urged banks, credit unions and their mortgage subsidiaries to ... (Fri, 13 Jul 2007 17:12:28 GMT)

Around Whittier
WHITTIER - Area residents interested in owning a home, refinancing their mortgage or taking steps to avoid foreclosure are encouraged to contact a local housing counseling agency approved by the federal government for advice. (Fri, 13 Jul 2007 17:55:32 GMT)

GE exit may suggest slack growth for subprime mortgage industry
SAN FRANCISCO (MarketWatch) -- General Electric Co.'s decision to get out of subprime mortgages may suggest this part of the home loan industry could suffer from lackluster growth for some time to come. (Fri, 13 Jul 2007 18:10:21 GMT)

Anworth Mortgage Declares Dividend
Anworth Mortgage Asset Corp. said Friday its board declared a quarterly common stock dividend of 5 cents per share for the second quarter of 2007. (Fri, 13 Jul 2007 18:48:19 GMT)

Texas AG reaches $21M settlement with mortgage company
Texas officials have settled a lawsuit against Ameriquest Mortgage Co., which has agreed to pay $21 million to borrowers allegedly harmed by deceptive lending practices, the state attorney general's office says. (Fri, 13 Jul 2007 20:06:14 GMT)

Mortgage rates hold at 6.375%
The prevailing 30-year mortgage rate in Hawaii this week was 6.375 percent, the Honolulu Board of Realtors reported Friday. (Fri, 13 Jul 2007 20:14:33 GMT)

Attorney General announces mortgage company refunds
Almost 10,000 Indiana consumers — including several in Clark and Floyd counties — are now eligible for more than $5 million in refunds from Ameriquest Mortgage Co. and its affiliates. (Fri, 13 Jul 2007 20:42:28 GMT)

The new home loan scam
What should you do if you can’t afford the house of your dreams? Simple – downsize or start saving. But some homebuyers have sought out an easier alternative, faking their finances to make it seem that they are earning much more than they are. (Fri, 13 Jul 2007 21:01:42 GMT)

States to roll out subprime guidance for brokers
U.S. state officials plan to issue guidance next week to tighten subprime mortgage lending by brokers and originators not regulated by the federal government, the Conference of State Bank Supervisors said on Friday. (Fri, 13 Jul 2007 22:33:36 GMT)

Home in on a cheaper mortgage
A foreign currency loan is one way to cut your monthly payments, writes Myra Butterworth (Fri, 13 Jul 2007 23:38:31 GMT)

Mortgage Giants Tighten Buying Policies
Fannie Mae and Freddie Mac have tightened their policies for purchasing high-priced, high-risk home loans from lenders amid stress in the housing market. (Fri, 13 Jul 2007 23:49:00 GMT)

Lark Theater group secures loan, continues fund raising
The nonprofit group operating the Lark Theater in Larkspur has acquired a short-term bridge loan and was able to close escrow in its takeover of the historic (Sat, 14 Jul 2007 00:15:53 GMT)

New York again takes the top spot for highest mortgage fees
For the third year in a row, New York has the most expensive mortgage origination and closing fees in the country, according to Bankrate.com's exclusive annual survey. The survey, conducted in June, used a minimum of four lenders in each state. (Sat, 14 Jul 2007 00:38:46 GMT)

12 mortgage lenders sued
LOS ANGELES - The NAACP sued a dozen mortgage lenders on Wednesday, claiming the companies discriminated against blacks by steering them into higher-interest, subprime loans while giving more favorable loan terms to white borrowers. (Sat, 14 Jul 2007 00:47:28 GMT)

GE to sell subprime mortgage portfolio
HARTFORD, CONN. - General Electric Co. is getting out of the subprime mortgage business, the latest company to distance itself from an industry that seems to grow messier by the week. The industrial, finance and media conglomerate, announcing second-quarter profit Friday of $5.42 billion, said that it will take a $160 million hit on the sale but that it has dumped $3.7 billion of its subprime ... (Sat, 14 Jul 2007 01:42:54 GMT)

GE to sell subprime mortgage business
General Electric Co. will get out of the subprime mortgage business, the company announced Friday as it reported a 10% increase in net earnings in the three months ended June 30. (Sat, 14 Jul 2007 02:22:14 GMT)

Men Accused Of Victimizing Locals In Mortgage Scam
Experts said it could be the largest mortgage scam in California history. (Sat, 14 Jul 2007 03:42:02 GMT)

New York again takes the top spot for highest mortgage fees
For the third year in a row, New York has the most expensive mortgage origination and closing fees in the country, according to Bankrate.com's exclusive annual survey. The survey, conducted in June, used a minimum of four lenders in each state. (Sat, 14 Jul 2007 04:23:46 GMT)

Around Whittier
WHITTIER - Area residents interested in owning a home, refinancing their mortgage or taking steps to avoid foreclosure are encouraged to contact a local housing counseling agency approved by the federal government for advice. (Sat, 14 Jul 2007 05:40:06 GMT)

Subprime mortgage loan rules tightened
Fannie Mae and Freddie Mac have tightened their policies for purchasing high-priced, high-risk home loans from lenders amid stress in the housing market. (Sat, 14 Jul 2007 06:02:28 GMT)

GE dumps subprime mortgage business
General Electric Co. is getting out of the subprime mortgage business, the latest company to distance itself from an industry that seems to grow messier by the week. (Sat, 14 Jul 2007 06:27:13 GMT)

Lark Theater group secures loan, continues fund raising
The nonprofit group operating the Lark Theater in Larkspur has acquired a short-term bridge loan and was able to close escrow in its takeover of the historic (Sat, 14 Jul 2007 06:31:03 GMT)

Understand role of mortgage broker
Borrowers who don't know how to deal with mortgage brokers waste their own time as well as that of the brokers. Borrower ignorance also encourages... (Sat, 14 Jul 2007 07:28:12 GMT)

Orange County home prices and sales
For the 22 business days ending June 26, sales for all types of Orange County home sales decreased 29.8 percent. The median sales price increased .6 percent. The median is where half the homes sold for more and half for less. (Sat, 14 Jul 2007 07:29:09 GMT)

Stave off trouble by learning ABCs of your mortgage
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... (Sat, 14 Jul 2007 07:29:22 GMT)

European Bonds Post Weekly Gain on Subprime Mortgage Concerns
July 14 (Bloomberg) -- European government bonds posted their biggest weekly gain in more than four months after concern about the U.S. subprime mortgage sector crimped demand for riskier assets. (Sat, 14 Jul 2007 10:00:50 GMT)

A loan again
HEARTS striker Calum Elliot looks set to be farmed out for his second loan spell, this time to First Division Gretna in time for the start of the new season. (Sat, 14 Jul 2007 11:09:07 GMT)

Mortgage lenders chase grads
MORTGAGE lenders are offering to pay off HECS debts in an effort to arrest a big decline in the number of first-home buyers entering the market. (Sat, 14 Jul 2007 14:00:00 GMT)

GE sheds subprime mortgage business
Conglomerate is latest to flee troubled sector HARTFORD, Conn. General Electric Co. is getting out of the subprime mortgage business, the latest company to distance itself from an industry that seems to grow messier by the week. (Sat, 14 Jul 2007 14:24:22 GMT)

USDA loan funds disability renovations
FORT SCOTT, Kan. -- Joyce Woods' life is a little easier and more comfortable now thanks to a unique federal loan program. (Sat, 14 Jul 2007 16:44:02 GMT)

Men Accused Of Victimizing Locals In Mortgage Scam
Two men are allegedly involved in a mortgage scam that has involved 800 victims around Southern California. (Sat, 14 Jul 2007 19:15:12 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? (Sat, 14 Jul 2007 22:37:58 GMT)

Examine the pros and cons of home ownership
No one knows what the future holds for you, your family, your job or your finances. But we can help you understand what you’re going to encounter when you embark on the sometimes-difficult journey toward the American Dream of owning a home. (Sun, 15 Jul 2007 00:28:52 GMT)

One couple's storm-proof home is anything but a castle to lenders
You might call it a hut. Thomas and Ruta Vicker call it home. The couple dared to be different when they built their small three-bedroom, two-bathroom country house on nearly six acres in Golden Gate Estates in 2005. With its arched roof and walls of steel, the home off Everglades Boulevard looks more like a barn or shed. (Sun, 15 Jul 2007 02:28:44 GMT)

One couple's storm-proof home is anything but a castle to lenders
You might call it a hut. Thomas and Ruta Vicker call it home. (Sun, 15 Jul 2007 02:32:13 GMT)

Protecting your home equity and retirement funds in the middle of a worldwide financial meltdown – are you ready?
There are two large bubbles that will affect our well beings in the next several decades. The first one is already affecting us – the real estate and mortgage refinancing bubble. The second one is M&A and share buy back driven stock market bubble. (Sun, 15 Jul 2007 02:59:33 GMT)

Here are 5 ways to cope with a higher reset on your adjustable rate mortgage
I read a sobering statistic this week: More than 2 million adjustable rate mortgages are poised to reset at much higher rates in the coming months. (Sun, 15 Jul 2007 05:10:58 GMT)

Investors file lawsuits in mortgage meltdown
WASHINGTON — Lawsuits blossomed after Enron Corp.’s collapse, many targeting the energy giant’s bankers. Wall Street firms could again become the bull’s-eye for investors seeking recourse from the subprime mortgage debacle. (Sun, 15 Jul 2007 06:06:19 GMT)

One step closer to home
REDLANDS - Jeanmarie Ortiz envisions having a family home where her children, when they are grown up, will come back to visit with their children. (Sun, 15 Jul 2007 06:54:15 GMT)

Community connection
County and city officials will host a seminar on preventing home foreclosures at 6:30 p.m. Tuesday at Farmington Hills' Costick Activity Center, 28600 Eleven Mile Road. Professional housing counselors will answer questions about budgeting, credit, mortgages, refinancing and how to stop the foreclosure process. (Sun, 15 Jul 2007 07:20:12 GMT)

Tapping Home Equity
Like millions of Americans, Bill and Helen Bluett's greatest financial asset is their home, a Spanish-style dwelling just a quarter of a mile from the ocean in San Clemente, Calif. (Sun, 15 Jul 2007 07:25:47 GMT)

Reverse mortgage taps home equity
The loan doesn't have to be repaid until retiree sells the house, moves or dies. Like millions of Americans, Bill and Helen Bluett's greatest financial asset is their home, a Spanish-style dwelling just a quarter of a mile from the ocean in San Clemente, Calif. (Sun, 15 Jul 2007 07:26:23 GMT)

Mobile-home millionaires
"Mobile-home millionaire" may sound like part of a Jeff Foxworthy redneck joke routine, but the term defines the aspirations of hundreds of real estate investors. (Sun, 15 Jul 2007 07:31:09 GMT)

ROBERT BRUSS: Mortgage short sale subject to taxes
Dear Bob: Because of my husband's job location change, we had to sell our house in Michigan. His employer offered no relocation benefits. After listing our home on the market for six months with no purchase offers, we were unable to keep up the mortgage payments and defaulted. The realty agent suggested a short sale for less than the mortgage balance. (Sun, 15 Jul 2007 07:35:01 GMT)

Men accused of mortgage scam to flee to Malta
Two men involved in a big mortgage scam in California history, are planning to flee to Malta, 10News.com reported. Hendrix Montecastro and James Duncan’s scam has resulted in nearly $1 billion in bad loans, involved 800 victims and has targeted military families, the Filipino community and churchgoers, 10news.com added. The victims said they believe their funds are now sitting in an offshore ... (Sun, 15 Jul 2007 07:49:08 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? (Sun, 15 Jul 2007 08:13:37 GMT)

Where to invest if your home equity evaporates
If you can't depend on your home equity increasing during a U.S. housing downturn, where do you turn for growth? (Sun, 15 Jul 2007 08:38:04 GMT)

The Housing Loan Insurance Company, Darkom, Launches its operations in Jordan
Amman, Jordan - (July 2007) - Darkom Darkom , Jordan's first housing loan insurance company, hosted a gala dinner on Saturday July 14 th 2007 at the Four Seasons Hotel in Amman to officially announce the commencement of its operations in Jordan. (Sun, 15 Jul 2007 09:27:05 GMT)

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