Mortgage News Jul 2007

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Betting your home against Wall Street
Question: I've been hearing a lot about "equity harvesting," or the practice of taking equity out of my home and investing it the markets. Do you think this is a good idea? What are the pros and cons? - Rich, Tampa, Florida (Thu, 19 Jul 2007 10:16:35 GMT)

Home loan? Go for a mix!
Home loans: Take a mix of fixed and floating rates, if your risk appetite is low. (Thu, 19 Jul 2007 10:20:40 GMT)

U.K Mortgage Lending Growth Slackens In June - BBA
(RTTNews) - U.K net mortgage lending increased GBP5.1 billion in June, the British Bankers' Association said Thursday. (Thu, 19 Jul 2007 10:46:42 GMT)

U.K Gross Mortgage Lending At Record High In June - CML
(RTTNews) - U.K gross mortgage lending showed a record high of GBP34.2 billion in June, the Council of Mortgage Lenders said Thursday. The increase was driven by seasonal effects and borrowers' response to higher interest rates. (Thu, 19 Jul 2007 11:01:33 GMT)

Mortgage lenders call for interest rate freeze
One of Britain’s biggest financial trade bodies warned the Bank of England today not to raise interest rates to 6 per cent despite revealing that mortgage lending soared to a record £34.2 billion in June. (Thu, 19 Jul 2007 11:01:38 GMT)

Mortgage lending hits new high
Business & money: Mortgage lending rose to record levels last month as borrowers reacted to further interest rate rises. (Thu, 19 Jul 2007 11:06:26 GMT)

Mortgage rates rise modestly
Fixed mortgage rates rose slightly this week, despite discouraging words from the chairman of the Federal Reserve, who told Congress that the housing sector will get worse before it gets better. (Thu, 19 Jul 2007 11:32:17 GMT)

Personal Finance: Mortgage mess? Mop it up
Troubles in mortgageland may get worse before they get better, especially for the so-called "subprime" borrowers whose spotty credit histories put them into more costly loans. (Thu, 19 Jul 2007 11:51:29 GMT)

Deepening Customer Loyalty With Cross-Selling
There is money to be made in mortgage, but the rules have changed. The old rules required a strong, siloed business unit and tightly controlled channels to generate loans. The new rules rely on demonstrating value within the bank, collaborating to maximize every customer contact and building customer loyalty. (Thu, 19 Jul 2007 12:02:01 GMT)

Personal Finance: Mortgage mess? Mop it up
WASHINGTON (Reuters) - Troubles in mortgageland may get worse before they get better, especially for the so-called subprime borrowers whose spotty credit histories put them into more costly loans. (Thu, 19 Jul 2007 12:08:44 GMT)

Syron, Chanos, Faber Say More Losses Coming in Subprime Bonds
July 19 (Bloomberg) -- The worst is yet to come for mortgage bonds as more holders are forced to sell the securities in a falling market, Freddie Mac Chief Executive Officer Richard Syron and investors James Chanos and Marc Faber said. (Thu, 19 Jul 2007 12:25:44 GMT)

Personal Finance: Mortgage mess? Mop it up
WASHINGTON (Reuters) - Troubles in mortgageland may get worse before they get better, especially for the so-called "subprime" borrowers whose spotty credit histories put them into more costly loans. (Thu, 19 Jul 2007 12:31:19 GMT)

Corporation Bank cuts home loan rates
Corporation Bank has reduced the interest rate on floating rate home loans with a tenure above 5 years and up to/including 15 years by 25 basis points. (Thu, 19 Jul 2007 13:02:32 GMT)

Bankrate: Mortgage Rates Inch Higher
Mortgage rates increased slightly for the second straight week, with the average 30-year fixed mortgage rate now 6.82 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.23 discount and origination points. (Thu, 19 Jul 2007 13:26:00 GMT)

Mortgage rates hold onto recent gains
Mortgage rates held onto last week's substantial gains, ending mixed on the week, Freddie Mac reported Thursday. (Thu, 19 Jul 2007 14:31:39 GMT)

Economic news fails to move mortgage rates; 30-year at 6.73%
CHICAGO (MarketWatch) -- The average interest rate on 30-year fixed-rate mortgages remained at 6.73% for the week, while other mortgage rates also stayed put or moved just slightly, according to Freddie Mac's weekly survey released Thursday. (Thu, 19 Jul 2007 15:26:11 GMT)

U.K. Pound Declines After Slower Retail Sales, Mortgage Lending
July 19 (Bloomberg) -- The pound fell from near a 26-year high against the dollar after reports showed retail sales rose less than expected and mortgage lending slowed in June. (Thu, 19 Jul 2007 15:26:43 GMT)

Bernanke: Regulators tackling abusive mortgage practices
Federal Reserve Chairman Ben Bernanke offered lawmakers fresh assurances on today that regulators are taking steps to better protect would-be homeowners from abusive mortgage practices. (Thu, 19 Jul 2007 15:28:46 GMT)

S&P slashes second-lien mortgage bond ratings
Standard and Poor's Rating Services dropped the other shoe Thursday, announcing it would downgrade 418 classes of U.S. residential mortgage backed securities (RMBS) backed by second-lien collateral. (Thu, 19 Jul 2007 15:31:29 GMT)

S&P downgrades more mortgage securities, warns on refinancing
SAN FRANCISCO (MarketWatch) -- Standard & Poor's downgraded more mortgage-backed securities on Thursday and warned that defaults and delinquencies could be exacerbated by the increasing difficulty some homeowners face refinancing unaffordable home loans. (Thu, 19 Jul 2007 15:40:34 GMT)

UPDATE: S&P Downgrades $3.8 Billion In Piggyback Mortgage Bonds
NEW YORK -(Dow Jones)- Standard & Poor's kept worries about mortgage credit in focus Thursday by announcing downgrades of 418 classes of bonds backed mainly by so-called piggyback loans. (Thu, 19 Jul 2007 16:47:04 GMT)

Federal Home Loan Bank of Atlanta Awards $21.2 Million for Affordable Housing
Federal Home Loan Bank of Atlanta announced today that it will award $21.2 million in Affordable Housing Program grants and subsidies to help build, buy, or repair 2,712 affordable housing units for very low- to moderate-income homeowners and renters throughout the Southeast. (Thu, 19 Jul 2007 16:56:00 GMT)

Dodd Calls for `Significant Action' on Mortgage Rules (Update2)
July 19 (Bloomberg) -- Senate Banking Committee Chairman Christopher Dodd, saying he expects ``significant action'' from the Federal Reserve to protect subprime-mortgage borrowers, pledged to move legislation that would rein in mortgage brokers. (Thu, 19 Jul 2007 19:10:44 GMT)

American Home Mortgage stock plunges
American Home Mortgage Investment Corp. saw its stock price plunge 20 percent in Thursday afternoon trading -- its largest single-day drop so far in a month of near-constant declines. (Thu, 19 Jul 2007 19:46:30 GMT)

Thornburg Mortgage Reports 2Q EPS of $0.66, Declares $0.68 2Q Dividend
SANTA FE, N.M.----Thornburg Mortgage, Inc. Quarterly dividend maintained at $0.68 per common share Margins improved as returns on new mortgage assets improved and prepayment expectations slowed as interest rates increased 2Q mortgage originations of $1.7 billion, up 21% year-over-year Total assets of $57.5 billion; a 15% increase year-over-year Continued exceptional credit performance with 0.21% ... (Thu, 19 Jul 2007 20:38:00 GMT)

Thornburg Mortgage Reports 2Q EPS of $0.66, Declares $0.68 2Q Dividend
Thornburg Mortgage, Inc. (NYSE: TMA) reported net income before preferred stock dividends for the quarter ended June 30, 2007 of $83.4 million, or $0.66 per common share, as compared to $69.7 million, or $0.61 per common share for the same period in the prior year. (Thu, 19 Jul 2007 20:50:29 GMT)

Mortgage rates steady on mixed indicators
Mortgage rates remained steady this week new Wall Street highs but a stalled housing market, Freddie Mac said Thursday. (Thu, 19 Jul 2007 21:45:46 GMT)

IndyMac lays of 400; mortgage business 'very tough'
SAN FRANCISCO (MarketWatch) -- IndyMac Bancorp said on Thursday that it's laying off about 400 staffers, or roughly 4% of its workforce, to stay competitive in a tough mortgage market. (Thu, 19 Jul 2007 23:55:21 GMT)

Covina faces violation over loan
COVINA - The outlet store that received a $1.75 million city loan that prompted a lawsuit opened its remodeled business Tuesday. (Fri, 20 Jul 2007 01:19:15 GMT)

5 Arrested In Mortgage Scam
TAMPA - They used trust and guile to rip off dozens - and maybe many more - in a multimillion dollar mortgage scam, local and state law enforcement officials say. (Fri, 20 Jul 2007 04:13:02 GMT)

India's Corporation Bank cuts home loan rates
MUMBAI, July 20 - India's state-run Corporation Bank said on Friday it had reduced the interest rate on home loans by 25 basis points for tenors between five and 15 years. (Fri, 20 Jul 2007 05:05:46 GMT)

Business buzz: Bushby becomes mortgage planner with Jacinto
Tanner Bushby is doing mortgage loans for residential, commercial purchases and refinancing at Jacinto Mortgage Group Inc. (Fri, 20 Jul 2007 07:08:54 GMT)

Fed chairman vows to curb mortgage abuses
Federal Reserve Chairman Ben Bernanke offered lawmakers fresh assurances Thursday that regulators are taking steps to better protect would-be homeowners from abusive mortgage practices. Bernanke appeared before the Senate Banking Committee in his second straight day on Capitol Hill, where he delivered the Fed's midyear economic assessment. On the housing front, there have been growing problems ... (Fri, 20 Jul 2007 07:11:11 GMT)

Despite Rates, Mortgage Applications Rise, Says MortgageCreditProblems.com
In spite of the recent hike in mortgage rates, the number of mortgage applications rose. Though recent news has been negative due to the subprime mortgage lending problems, borrowers seem interested in applying for new home loans this summer. MortgageCreditProblems.com, a leading online resource for borrowers with bad credit, has top advice on securing a bad credit home loan and can help connect ... (Fri, 20 Jul 2007 07:12:48 GMT)

Fed chief Bernanke outlines steps to protect Americans from abusive mortgage lending
Federal Reserve Chairman Ben Bernanke said he is committed to providing more effective protective measures against abusive mortgage practices, addressing lawmakers' criticisms that the Fed and other regulators only practice lax oversight. (Fri, 20 Jul 2007 07:42:46 GMT)

S&P downgrades more mortgage securities, warns on refinancing
S&P downgrades more mortgage securities, warns on refinancing (Fri, 20 Jul 2007 08:12:15 GMT)

Which mortgage fits you best?
Hybrid loans can have advantages if you pay them down quickly. The days of the fixed-rate mortgage that you pay off in 30 years are long over as adjustable rate loans have gained popularity. But which one is best for you? (Fri, 20 Jul 2007 10:14:21 GMT)

Fed chief weighs abusive mortgage protections
WASHINGTON — Federal Reserve Chairman Ben Bernanke offered lawmakers fresh assurances on Thursday that regulators are taking steps to better protect would-be homeowners from abusive mortgage (Fri, 20 Jul 2007 10:16:16 GMT)

American Home Mortgage questions persist
American Home Mortgage Investment Corp.'s stock price Friday recovered about half the value it lost in Thursday's mass selloff, but questions persisted about the strength of the company. (Fri, 20 Jul 2007 11:16:50 GMT)

Tighter lending standards make home loans hard to get
THINKING about refinancing a mortgage or getting a no-money-down loan to buy a home? Something that was relatively easy to do several months ago may be a lot harder in today's stricter lending environment. (Fri, 20 Jul 2007 11:30:01 GMT)

Capital One Profits as Its Mortgage Unit Steadies
Capital One Financial, the McLean financial services company, said yesterday that its profit rose 35.8 percent in the second quarter as its troubled mortgage business stabilized. (Fri, 20 Jul 2007 11:48:02 GMT)

Greenwood man to be sentenced in mortgage scheme
Sentencing is scheduled today in U.S. District Court in Jackson for Daniel Floyd of Greenwood who pleaded guilty last year to failing to alert authorities to a scheme he knew others were involved in to obtain fraudulent mortgage loans totaling almost $2.8 million. (Fri, 20 Jul 2007 11:48:45 GMT)

Urstadt Biddle Properties Inc. Announces Completion of Refinance of $53 Million Mortgage Loan at the Ridgeway Shopping ...
GREENWICH, Conn.----Urstadt Biddle Properties Inc. announced today that it has completed the mortgage refinancing of its largest retail property, the Ridgeway Shopping Center in Stamford, Connecticut. (Fri, 20 Jul 2007 16:06:00 GMT)

Block's mortgage unit gets extensions from lenders
H&R Block Inc. said a pair of lenders will continue to extend financing to its Option One Mortgage Corp. into October. (Fri, 20 Jul 2007 16:16:41 GMT)

Announces Completion of Refinance of . $53 Million Mortgage Loan at the Ridgeway Shopping Center at a Lower Inter
Urstadt Biddle Properties Inc. $53 Million Mortgage Loan at the Ridgeway Shopping Center at a Lower Inter 20/07/2007 16:06:00 Business Wire Urstadt Biddle Properties Inc. (Fri, 20 Jul 2007 16:38:38 GMT)

Liberty Reverse Mortgage sells for $50M
Genworth Financial Inc. is buying local reverse mortgage company Liberty Reverse Mortgage Inc. for $50 million in cash. (Fri, 20 Jul 2007 17:24:35 GMT)

Toffees seal Pienaar loan deal
Everton have signed South Africa midfielder Steven Pienaar on a 12-month loan deal from Borussia Dortmund, subject to a work permit.Pienaar, 25, moved to the Bundesliga from Ajax in 2006 and has made 25 appearances for the club. (Fri, 20 Jul 2007 17:30:07 GMT)

FAMB elects Maitland mortgage banker as VP
The Florida Association of Mortgage Brokers on Friday announced Richard Peek Jr. has been elected vice president for the next year. (Fri, 20 Jul 2007 18:33:19 GMT)

Loan backed for Josephson multi-million dollar expansion
IRONWOOD -- A $100,000 loan recommended for Josephson Nursing Home Thursday will be part of a $6.4 million financing package for expansion of the facility. (Fri, 20 Jul 2007 18:47:35 GMT)

Fitch Affirms 4 & Downgrades 2 RMBS Classes from Luminent Mortgage Loan Trust 2006-3
NEW YORK----Fitch Ratings has taken various rating actions on the following Luminent Mortgage Loan Trust issue: (Fri, 20 Jul 2007 18:57:00 GMT)

Fitch Affirms 4 & Downgrades 2 RMBS Classes from Luminent Mortgage Loan Trust 2006-3
::► Fitch Affirms 4 & Downgrades 2 RMBS Classes from Luminent Mortgage Loan Trust 2006-3◄:: Fitch Ratings has taken various rating actions on the following Luminent Mortgage Loan Trust issue: Series 2006-3: ... (Fri, 20 Jul 2007 19:05:29 GMT)

Countrywide CEO doesn't see mortgage rebound until 2009
Countrywide Financial Corp. CEO Angelo Mozilo told those attending the California Mortgage Bankers Association conference in San Francisco this week that he expects more trouble for the mortgage industry this year and next. (Fri, 20 Jul 2007 21:18:08 GMT)

Peter G. Miller: Two ways to access home equity, but one has a big advantage
Q: I'm planning to take out $60,000 as either a home equity loan or home equity line of credit (HELOC). Assuming I use the entire amount of the credit line, which is preferable right now? Is there any way to tell if this will change in the future? (Fri, 20 Jul 2007 21:36:40 GMT)

New Door Opens for Immigrants
Leonardo Simpser has blunt advice for home buyers considering a funny-money subprime loan requiring no documentation: Don't! (Fri, 20 Jul 2007 22:54:29 GMT)

American Home Mortgage Back On Track?
The mortgage lender bounced back after closing down 70% for the year Thursday on a rumor that a large lender pulled its credit line. (Fri, 20 Jul 2007 23:53:29 GMT)

Two lenders prolong financing for Block’s subprime mortgage unit
H&R Block Inc. said in a securities filing Friday that two lenders had agreed to continue financing Block’s subprime mortgage business until it could be sold this year. (Sat, 21 Jul 2007 03:32:03 GMT)

Bank chief issues mortgage call
The Governor of the Bank of England tells the BBC he wishes mortgage costs were part of the inflation target. (Sat, 21 Jul 2007 05:01:07 GMT)

Advice by Kenneth Harney: Hispanic lender helps home buyers otherwise drawn to subprime loans
Leonardo Simpser has blunt advice for home buyers considering a funny-money subprime loan requiring no documentation: Don't! "If you can't afford to buy a house," he says, "don't buy a house." (Sat, 21 Jul 2007 07:16:36 GMT)

Fluctuation in mortgage tax collections could impact county, says comptroller
Poughkeepsie -- Dutchess County Comptroller Diane Jablonski Friday released a special report on the mortgage tax process and collections for the county over the last seven years. (Sat, 21 Jul 2007 12:20:59 GMT)

Income tax refund's home brew
HOME loan borrowers can save tens of thousands of dollars and reduce the term of their loan by using income tax refunds ? even modest ones ? to pay off their debts. (Sat, 21 Jul 2007 14:00:00 GMT)

Legal Aid Says Ewa Beach Family Scammed By Mortgage Company
An Ewa Beach family is the victim of a spreading scam involving foreclosure rescue fraud, according to attorneys with the Legal Aid Society of Hawaii. (Sat, 21 Jul 2007 17:01:58 GMT)

ICICI Bank beats home loan blues, ups net 25%
Meeting market expectations, ICICI Bank, India s largest private sector and second largest commercial bank, has reported a 25 per cent rise in quarterly net profit, thanks to a 35 per cent growth in loans. The bank s net profit rose to Rs 775 crore during the quarter ended June 2007 against Rs 620 crore in the same period a year ago despite a slowdown in the home loans segment. The total income ... (Sat, 21 Jul 2007 20:50:22 GMT)

FBI wary of new mortgage scams
Federal investigators are probing a renewed rash of potential mortgage fraud in the Twin Cities area in response to reports of a large number of unusual real estate transactions in north Minneapolis and elsewhere. One company being examined has purchased hundreds of properties from southern Anoka County to eastern Dakota County, according to property records. "The FBI has identified Minnesota as ... (Sat, 21 Jul 2007 23:06:06 GMT)

New York has nation's priciest 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, 21 Jul 2007 23:36:32 GMT)

Senator shines light on mortgage gap
COLUMBIA — After learning that whites are getting better mortgage rates than blacks in Charleston and North Charleston, state Sen. Robert Ford decided to host a public forum Tuesday to bring attention to the problem. "Something is terribly wrong," said Ford, D-Charleston. "We have to... (Sun, 22 Jul 2007 04:49:17 GMT)

Negotiate hard to get best loan, best rate
When it comes to shopping for a mortgage, the most important thing to remember is that the best loan for you may not be the cheapest loan you're... (Sun, 22 Jul 2007 05:30:48 GMT)

Houston mortgage monitor
INDIVIDUAL LENDER RATES 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, 22 Jul 2007 05:43:57 GMT)

Camelback Ski Area Offers Employees Money-Saving Mortgage Assistance And Housing Plan Through Key Alliance; Workforce ...
In order to provide a comprehensive mortgage assistance and housing plan for its employees, Camelback Ski Area today announced their new alliance with Workforce Mortgage Association. As a Select Employer Group of Workforce Mortgage Association, Camelback can now offer its workforce an employee benefit that empowers employees to succeed in the Real Estate marketplace. (PRWeb Jul 22, 2007) (Sun, 22 Jul 2007 07:08:45 GMT)

Mortgage comparison calculator is helpful
Consumers typically look at one mortgage type and then the next, picking the best option based mostly on affordability. (Sun, 22 Jul 2007 07:20:16 GMT)

Mid-Missouri ends mortgage arm
Mid-Missouri Bancshares, Inc. announces Tuesday that it will close Mid-Missouri Mortgage Co. but restructure its processing of all secondary-market loans. (Sun, 22 Jul 2007 08:02:57 GMT)

A system that offers a fair shake to Latino borrowers
WASHINGTON -- Leonardo Simpser has blunt advice for home buyers considering a sub-prime loan that requires no documentation: Don't! "If you can't afford to buy a house," he said, "don't buy a house." (Sun, 22 Jul 2007 09:00:38 GMT)

Homeowner bailout is state's mistake
The homeowners who signed these mortgages must be held accountable somehow ("State to refinance troubled mortgages," July 11). Yes, the mortgage companies may have taken advantage, but if the homeowners had hired an attorney or did their homework, there wouldn't be a problem. This is like rewarding stupidity. (Sun, 22 Jul 2007 09:06:14 GMT)

The mortgage mess
STUPID LENDERS making stupid loans to stupid borrowers. You might think this sums up what the surge in mortgage foreclosures means to you. You would be mistaken. (Sun, 22 Jul 2007 09:07:24 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Sun, 22 Jul 2007 09:22:47 GMT)

Be prepared: Apply for home loan in advance
Credit approval for a home mortgage can be done within a few hours with today's automated approval system. (Sun, 22 Jul 2007 11:07:16 GMT)

Refinancing replaces ARM loans
Faced with rising monthly payments, many homeowners who took out adjustable-rate mortgages a couple of years ago now want to refinance into fixed-rate loans. (Sun, 22 Jul 2007 11:43:44 GMT)

Set rules for kids returning home to roost
When my friends and I graduated from college in 1970, most of us became financially independent relatively quickly. We never needed to move back home or turn to our parents for financial assistance. (Sun, 22 Jul 2007 13:23:28 GMT)

Private banks hope to cut home loan rates
High liquidity and inflation remaining below 5 per cent for six weeks in a row have raised banks’ hopes for a cut in home loan rates after the credit policy review on July 31. But it is unlikely to be broad-based cut with public sector banks preferring to remain away from slashing rates. (Sun, 22 Jul 2007 13:41:09 GMT)

FBI probes reports of mortgage fraud in Twin Cities
MINNEAPOLIS (AP) - Federal investigators are looking into an apparent rash of mortgage fraud in the Twin Cities. The probe comes in response to reports of unusual real estate transactions in north Minneapolis and elsewhere. (Sun, 22 Jul 2007 15:21:28 GMT)

FBI: Mortgage Fraud Investigated In Twin Cities
Federal investigators are probing a possible rash of mortgage fraud in the Twin Cities in response to reports of a large number of unusual real estate transactions in north Minneapolis and elsewhere. More Crime News (Sun, 22 Jul 2007 18:27:00 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Sun, 22 Jul 2007 20:27:16 GMT)

Bankers divided over rate cut prospects
Mumbai, July 22 : Home loan borrowers, who have seen interest rates climb by over 500 basis points in the past three years, may have to wait for some more time to see the beginning of a drop in rates. (Sun, 22 Jul 2007 22:29:56 GMT)

Mortgage lenders court borrowers with savings
Wealthier Britons are combining savings in their bank accounts with their mortgages to cut the cost of monthly home loan payments, according to research by the Council of Mortgage Lenders. (Sun, 22 Jul 2007 23:00:04 GMT)

TEXT-Australia's Perpetual buys mortgage processing firm
(Following is a release by Australian fund management firm Perpetual Ltd. ) SYDNEY, July 23 - Perpetual Limited (Perpetual) today announced it had acquired the mortgage processing assets of National Lending Solutions (NLS), a wholly owned subsidiary of the publicly listed company, InfoChoice Limited (InfoChoice). (Sun, 22 Jul 2007 23:30:12 GMT)

States Aim to Stem Tide Of Home Foreclosures With Funds for Refinancing
A half-dozen states are setting up funds to help homeowners with high-risk subprime mortgages refinance to more-affordable loans as they aim to slow the quickening pace of home foreclosures. (Mon, 23 Jul 2007 00:27:18 GMT)

Perpetual boosts mortgage business
PERPETUAL has completed its $3.5 million acquisition of mortgage processor National Lending Solutions (NLS), a subsidiary of InfoChoice Ltd. (Mon, 23 Jul 2007 00:36:00 GMT)

FBI probes reports of mortgage fraud in Twin Cities
MINNEAPOLIS (AP) — Federal investigators are probing a possible rash of mortgage fraud in the Twin Cities in response to reports of a large number of unusual real estate transactions in north Minneapolis and elsewhere. (Mon, 23 Jul 2007 02:29:07 GMT)

States to help subprime owners refinance: WSJ
A number of U.S. states are setting up funds to help homeowners with risky subprime mortgages refinance to more affordable loans in a bid to slow the rate of home foreclosures, The Wall Street Journal reported on its Web site. (Mon, 23 Jul 2007 03:26:47 GMT)

Home affordability debate 'hysterical' says mortgage association
There is a real danger of the debate on home affordability and ‘mortgage stress’ becoming too hysterical, according to the Mortgage & Finance Association of Australia (MFAA). (Mon, 23 Jul 2007 03:40:45 GMT)

Mortgage company seeks reorganization amidst lawsuits
CLEARWATER -- Facing a spate of lawsuits, Premier Mortgage Funding Inc. has filed for Chapter 11 bankruptcy protection. (Mon, 23 Jul 2007 04:55:02 GMT)

Mortgage industry urges sensible debate
With housing affordability looming as a key federal election issue, the mortgage industry has warned against hysteria in the debate over mortgage stress. (Mon, 23 Jul 2007 06:40:11 GMT)

Countrywide Home Loans Launches It's Your Choice Mortgage Campaign
National survey illustrates homeowners' desire for complete, transparent mortgage and home loan cost options. (Mon, 23 Jul 2007 07:01:00 GMT)

Countrywide Home Loans Launches It's Your Choice Mortgage Campaign
National survey illustrates homeowners' desire for complete, transparent mortgage and home loan cost options. (PRWeb Jul 23, 2007) Post Comment:Trackback URL: http://www.prweb.com/pingpr.php/SW5zZS1Mb3ZlLVBpZ2ctU3F1YS1UaGlyLVplcm8= (Mon, 23 Jul 2007 07:38:12 GMT)

Valley mortgage firm accused of illegal practices
Regulators are trying to shut down a Phoenix mortgage firm they have accused of securing loans from illegal branches at Valley swap meets, malls, carnicerias, a Wal-Mart, a Home Depot and a couple of Food City stores. (Mon, 23 Jul 2007 07:58:22 GMT)

Knowing mortgage terms is essential as rates adjust
Here's a public service announcement: Have you looked at your mortgage lately? Do you know if you have an adjustable-rate mortgage that could go up? (Mon, 23 Jul 2007 08:11:12 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Mon, 23 Jul 2007 08:14:57 GMT)

Regulators trying to shutdown Phoenix mortgage firm
PHOENIXS -- A Phoenix mortgage firm has been accused by regulators of securing loans from illegal branches at swap meets, malls, carnicerias, a Wal-Mart, a Home Depot and a couple of... (Mon, 23 Jul 2007 08:17:51 GMT)

Several States Helping Subprime Borrowers -- WSJ
In a bid to contain surging home foreclosures, several states are establishing funds to help homeowners struggling with subprime mortgage loan repayments refinance to more affordable loans, according to the Wall Street Journal. (Mon, 23 Jul 2007 08:43:22 GMT)

Mortgage lenders court borrowers with savings
Wealthier Britons are combining savings in their bank accounts with their mortgages to cut the cost of monthly home loan payments, according to research by the Council of Mortgage Lenders. (Mon, 23 Jul 2007 09:06:57 GMT)

Fisher: Subprime crisis affects many here
Mother Onedia Branch is still praying for a miracle. Her son, Nate, is still trying to find a way out of the high-interest home loan he and his mother can't afford to pay. (Mon, 23 Jul 2007 09:08:55 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, 23 Jul 2007 09:22:38 GMT)

Can an owner sell property in mortgage payment dispute?
Q: Can someone who has been issued a foreclosure as a result of a mortgage payment dispute sell his home before the foreclosure issue is resolved? (Mon, 23 Jul 2007 09:28:14 GMT)

GT Mortgage owner sells business
Richard L. Smith, president and owner of GT Mortgage Loan, has sold the business to David A. Roth, owner of Access Mortgage Funding and Freedom Funding. (Mon, 23 Jul 2007 10:12:40 GMT)

Countrywide Home Loans Launches It's Your Choice Mortgage Campaign
Countrywide Home Loans today unveiled a broad national initiative designed to educate mortgage consumers about the fact that they have many options available to them regarding how certain costs are paid when refinancing or obtaining a home loan, no matter which mortgage lender they choose. (Mon, 23 Jul 2007 11:00:00 GMT)

FBI probes reports of mortgage fraud in Twin Cities
Federal investigators are probing a possible rash of mortgage fraud in the Twin Cities in response to reports of a large number of (Mon, 23 Jul 2007 11:59:22 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, 23 Jul 2007 13:24:59 GMT)

Mortgage woes hurt thrifts
Northern New Jersey thrifts, which rode the home-buying and refinancing booms to record profits in the early 2000s, are now proving the adage that what goes up comes down. (Mon, 23 Jul 2007 13:33:50 GMT)

Woolwich launches online mortgage sales tool
Woolwich today launches a new mortgage sales tool 'Mortgage Application Xpress' (MAX) which gives a faster, simpler and more efficient way to do ... (Mon, 23 Jul 2007 13:51:24 GMT)

Regulators Trying to Shut Down Phoenix Mortgage Firm
PHOENIXS (AP) _ A Phoenix mortgage firm has been accused by regulators of securing loans from illegal branches set up at swap meets, malls, carnicerias, a Wal-Mart, a Home Depot and a couple of Food City stores. (Mon, 23 Jul 2007 14:44:10 GMT)

Manchester United Postpones Debt Refinancing Plans (Update1)
July 23 (Bloomberg) -- Manchester United Plc, the world's fourth-largest soccer club by revenue, postponed plans to refinance 660 million pounds ($1.4 billion) of debt as U.S. subprime mortgage losses roil credit markets. (Mon, 23 Jul 2007 14:55:59 GMT)

Phoenix mortgage firm accused of illegal practices
Regulators are trying to shut down a Phoenix mortgage firm they have accused of securing loans from illegal branches at Valley swap meets, malls, carnicerias, a Wal-Mart, a Home Depot and a couple of Food City stores. (Mon, 23 Jul 2007 15:05:33 GMT)

NAACP files discrimination suit against mortgage lenders in sub-prime loan industry
Taylor Media Services - Last week, the NAACP filed a lawsuit in federal court in Los Angeles, accusing a dozen mortgage lenders of discriminating against blacks by steering them into high interest sub-prime loans while giving more favorable loan packages to white borrowers. (Mon, 23 Jul 2007 15:30:35 GMT)

MDA Expands U.K. HIP Distribution Into The Mortgage Sector
Vancouver, BC, July 23, 2007--(T-Net)--MacDonald Dettwiler (TSX: MDA), a provider of essential information solutions, announced today that it has entered into a white label reseller agreement with The Mortgage Times Group Limited, the U.K.'s second largest mortgage advisor network. (Mon, 23 Jul 2007 15:30:50 GMT)

Valley mortgage firm accused of illegal practices
Regulators are trying to shut down a Phoenix mortgage firm accused of securing loans from illegal branches at swap meets, malls, carnicerias, a Wal-Mart, a Home Depot and a couple of Food City stores. (Mon, 23 Jul 2007 16:30:24 GMT)

Manchester United Postpones Debt Refinancing Plans (Update3)
July 23 (Bloomberg) -- Manchester United Plc, the U.K.'s largest soccer club, postponed plans to refinance 660 million pounds ($1.4 billion) of bonds and loans after demand for high- yield debt fell in the past four weeks. (Mon, 23 Jul 2007 16:55:54 GMT)

Global finance arm launches personal loan service in Cebu
THE international finance arm of General Electric (GE) will roll out this week its personal loan service, also known as Ploan. (Mon, 23 Jul 2007 16:56:13 GMT)

FSA bans mortgage broker for submitting false mortgage application
The FSA has banned a mortgage broker for submitting a false mortgage application to a lender. (Mon, 23 Jul 2007 16:57:19 GMT)

American Home Mortgage shares drop again
American Home Mortgage, the Melville-based real estate investment trust, saw its stock price continue to go down Monday. In mid-day trading, shares were at $11.96, down 84 cents or 6 percent for the day. A year ago, shares were trading above $36. (Mon, 23 Jul 2007 17:01:30 GMT)

WW I Medallion on loan
Story created Jul 23, 2007 - 10:43:47 EDT. KINROSS - It appears as though a long-lost World War I Medallion will finally have a new home at the Kinross Heritage Society Museum thanks to the generosity of Duane Bertram. (Mon, 23 Jul 2007 17:18:36 GMT)

First Horizon, SunTrust see growth in mortgage lending
Mortgage bankers saw residential loan production soar from the first quarter, according to Mortgage Daily, and the trend includes two of the three major players in the Memphis market. (Mon, 23 Jul 2007 19:08:03 GMT)

Wells Fargo pulls popular subprime loan from mix
NEW YORK (Reuters) - Wells Fargo & Co., (WFC.N) the fifth-largest U.S. bank, on Monday said it stopped offering a popular subprime mortgage product in response to market and regulatory pressure. (Mon, 23 Jul 2007 19:19:56 GMT)

The Hindu Business Line : Now, scorecards to help ease loan approvals
Hyderabad, July 23 Loan approvalscould soon become easy and involve little human involvement for banks and financial services institutions in India. A software , developed by Fractal Analytics, is expected to help banks and companies prepare statistical scorecards to make this possible. (Mon, 23 Jul 2007 19:22:19 GMT)

SunTrust sees growth in mortgage lending
Mortgage bankers saw residential loan production soar from the first quarter, according to Mortgage Daily, and the trend includes an Atlanta banking company. (Mon, 23 Jul 2007 19:29:19 GMT)

State seeks license suspension of San Jose broker, mortgage company
The California Department of Real Estate is seeking to suspend or revoke the license of an East San Jose residential real estate broker, one of his agents, as well as a mortgage company and brokerage with which the broker is affiliated. (Mon, 23 Jul 2007 22:16:37 GMT)

Mortgage fraud burns homeowners
A charred, gutted home on a small street of foreclosed houses in Spring is more than just an empty dwelling – it’s a sign of a disturbing new pattern in mortgage fraud. (Tue, 24 Jul 2007 00:11:51 GMT)

Wells Fargo discontinues popular mortgage for subprime borrowers
SAN FRANCISCO ( Map , News ) - Wells Fargo & Co. has stopped offering a popular adjustable-rate mortgage designed for home buyers with troubled borrowing histories, becoming the latest lender to curtail its exposure to the subprime market in response to regulatory and market pressures. (Tue, 24 Jul 2007 00:48:38 GMT)

Dollar Falls to Lowest in Two Months on U.S. Mortgage Concerns
July 24 (Bloomberg) -- The dollar fell to the lowest in two months against the yen on concern U.S. subprime mortgage losses will worsen. (Tue, 24 Jul 2007 00:49:57 GMT)

Dollar Falls to Lowest in Two Months on U.S. Mortgage Concerns
July 24 (Bloomberg) -- The dollar fell to the lowest in two months against the yen and the weakest versus the British pound in 26 years on concern U.S. subprime mortgage losses will worsen. (Tue, 24 Jul 2007 01:25:40 GMT)

Dollar Falls to Lowest in Two Months on U.S. Mortgage Concerns
July 24 (Bloomberg) -- The dollar fell to the lowest in two months against the yen and the weakest versus the British pound in 26 years on concern U.S. subprime mortgage losses will deepen. (Tue, 24 Jul 2007 02:19:57 GMT)

Man claims mortgage fraud as home foreclosure looms
17 News reported in recent weeks on the rise in home foreclosures in Bakersfield, and have been investigating a convoluted case. (Tue, 24 Jul 2007 02:25:00 GMT)

Valley Assembly Member Pushing Specialized Home Loan Programs
A Valley assembly member is pushing specialized programs for emergency workers, veterans, and teachers to take advantage of specialized loan programs that could help them buy new homes. (Tue, 24 Jul 2007 02:38:45 GMT)

Dollar Falls to Lowest in Two Months on U.S. Mortgage Concerns
July 24 (Bloomberg) -- The dollar fell for a third day against the yen to the lowest in two months on concern U.S. subprime mortgage losses will deepen. (Tue, 24 Jul 2007 03:34:57 GMT)

FBI probes reports of mortgage fraud in Twin Cities
MINNEAPOLIS (AP) — Federal investigators are probing a possible rash of mortgage fraud in the Twin Cities in response to reports of a large number of unusual real estate transactions in north Minneapolis and elsewhere. (Tue, 24 Jul 2007 03:44:06 GMT)

Mortgage woes hurt thrifts
Northern New Jersey thrifts, which rode the home-buying and refinancing booms to record profits in the early 2000s, are now proving the adage that what goes up comes down. (Tue, 24 Jul 2007 06:58:26 GMT)

Dollar Falls to Lowest in Two Months on U.S. Mortgage Concerns
July 24 (Bloomberg) -- The dollar fell to the lowest in more than two months against the yen and weakened against 13 of the 16 most-active currencies on speculation subprime mortgage losses will deepen and reduce demand for U.S. assets. (Tue, 24 Jul 2007 07:04:57 GMT)

Sacramento Briefing: Mortgage firm is being sold, waste firm says profits rise
Mortgage firm is being sold (Tue, 24 Jul 2007 07:14:59 GMT)

Dollar Falls to Two-Month Low Against Yen on Mortgage Concerns
July 24 (Bloomberg) -- The dollar fell to the lowest in more than two months against the yen and weakened against the 10 most-active currencies on speculation subprime mortgage losses will deepen and reduce demand for U.S. assets. (Tue, 24 Jul 2007 09:19:57 GMT)

State Senate set to pass mortgage fraud measure
THE REGION The Massachusetts Senate is expected today to pass legislation aimed at preventing foreclosures and mortgage fraud. The bill encompasses several proposals made earlier by legislators and Governor Deval L. Patrick including: Making mortgage fraud a felony; establishing procedures to avoid deceptive mortgage loan advertising; adding requirements for lenders and borrowers, including ... (Tue, 24 Jul 2007 09:51:34 GMT)

Ice arena requests $3M loan
VINELAND -- Vineland Ice Arena is asking the state Urban Enterprise Zone Authority for a $3.81 million loan to help restructure its debt. The loan is among the largest ever requested from the program by a local business. (Tue, 24 Jul 2007 10:03:29 GMT)

Ask the Biz Brain
I have a subprime mortgage and make my payments on time. I plan to refinance in the late summer or fall, but what if my lender goes belly up in the meantime? (Tue, 24 Jul 2007 10:27:41 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Tue, 24 Jul 2007 10:37:37 GMT)

Subprime loan alternatives
After the subprime mortgage market collapsed, many products that were widely available have disappeared from the scene. (Tue, 24 Jul 2007 11:01:29 GMT)

Regulator to extend mortgage role
The Financial Regulator has asked the Government to change legislation so that it can regulate mortgage lenders who target people with poor credit histories. (Tue, 24 Jul 2007 11:08:55 GMT)

Home Loan Program Offers Help for Families Making $135K
The FlexSPARC program offers loans of up to $417,000 to individuals who make $108,300 or less and to couples and families who make up to $135,400. (Tue, 24 Jul 2007 11:10:03 GMT)

Dollar Falls to Two-Month Low Against Yen on Mortgage Concerns
July 24 (Bloomberg) -- The dollar declined to the lowest in more than two months against the yen and weakened against the 10 most-active currencies on speculation subprime mortgage losses will deepen and reduce demand for U.S. assets. (Tue, 24 Jul 2007 11:50:01 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, 24 Jul 2007 13:09:26 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Tue, 24 Jul 2007 13:10:46 GMT)

First Horizon, SunTrust see growth in mortgage lending
Mortgage bankers saw residential loan production soar from the first quarter, according to Mortgage Daily, and the trend includes two of the three big players in the Nashville market. (Tue, 24 Jul 2007 13:19:21 GMT)

Dollar Falls to Record Against Euro on Mortgage, Credit Concern
July 24 (Bloomberg) -- The dollar declined to a record versus the euro and weakened against 12 of the other most active currencies on speculation subprime mortgage losses will deepen and reduce demand for U.S. assets. (Tue, 24 Jul 2007 13:19:57 GMT)

Dollar Falls to Record Against Euro on Mortgage, Credit Concern
July 24 (Bloomberg) -- The dollar declined to a record against the euro and weakened versus a dozen other of the most actively traded currencies on speculation subprime mortgage losses will deepen, slowing U.S. growth. (Tue, 24 Jul 2007 13:50:00 GMT)

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