Mortgage News Jul 2007

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Home mortgage defaults, foreclosures may pop S. Florida housing bubble
Rising defaults threaten an already sluggish market Mounting mortgage defaults across South Florida threaten to hurt more than just those homeowners who lose their properties to lenders. (Sun, 29 Jul 2007 07:09:59 GMT)

Home mortgage defaults, foreclosures may pop S. Florida housing bubble
Mounting mortgage defaults across South Florida threaten to hurt more than just those homeowners who lose their properties to lenders. (Sun, 29 Jul 2007 07:10:19 GMT)

Foreclosures flood Inland housing market
Mortgage default notices in the Inland region have almost tripled since last year. Home foreclosures have increased almost eightfold. And home sales last month were the worst in a decade. (Sun, 29 Jul 2007 07:19:53 GMT)

Revenue from mortgage taxes declines in Dutchess
MORTGAGE recording tax receipts fell in nearly all Dutchess County municipalities in 2006, leaving no doubt that the housing market has cooled and sending a signal to local officials to lessen their dependency on those revenues to balance their budgets. (Sun, 29 Jul 2007 07:23:17 GMT)

ROBERT BRUSS: Short sale of home can solve mortgage problem
Dear Bob: When my adjustable-rate mortgage was recently recast to current interest rates, the unpaid interest was added to the mortgage principal balance. I now owe about 110% of my home's market value. I recently lost my job. Do I have any recourse to convince the mortgage lender to do the right thing? -- Rick C. (Sun, 29 Jul 2007 07:35:11 GMT)

FIGHTING FORECLOSURE: Mortgage lenders, community organizations launch a nationwide effort to save the homes of at-risk ...
Alarmed by the high rate of foreclosures in a number of states, including Michigan, a consortium of mortgage bankers and community development organizations has initiated a public service campaign aimed at getting help for at-risk borrowers. The organizations include the Mortgage Lenders Association, NeighborWorks America and the Ad Council. (Sun, 29 Jul 2007 07:38:33 GMT)

Wells Fargo ends one type of ARM loan
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. (Sun, 29 Jul 2007 07:43:45 GMT)

'Sub-prime' cuts a wide swath
WASHINGTON -- In today's mortgage market, the term "sub-prime" has become something of a four-letter word, with the popular misconception being that anyone with less than a prime loan is some kind of derelict -- a slacker who probably should never have gotten a mortgage, no matter how high the rate. (Sun, 29 Jul 2007 08:01:25 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. (Sun, 29 Jul 2007 09:08:08 GMT)

Consumer loan and savings rates
Consumer Loan And Savings Rates A sampling of financial institutions was asked to quote the most recent lowest annual percentage rates they would charge a new loan customer with an annual income from $30,000 to $35,000 and good credit standing. (Sun, 29 Jul 2007 09:13:02 GMT)

Linkage seen in race, home loan foreclosures
Race, sub-prime mortgages and high numbers of housing foreclosures in the South Suburbs may be linked, according to experts. Cnnmoney.com recently ranked Chicago Heights, Harvey, Calumet City, Dolton and Park Forest ZIP codes among its top 500 ZIP codes for foreclosure filings nationwide. (Sun, 29 Jul 2007 09:39:09 GMT)

Auto Loan Refinance to Reduce Monthly Payments
(ARA) - If high gas prices coupled with a big monthly car payment have you thinking that it might be time to trade in your truck or SUV, you'll be happy to know there is an alternative. (Sun, 29 Jul 2007 09:52:37 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. (Sun, 29 Jul 2007 10:07:36 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, 29 Jul 2007 10:07:56 GMT)

Solid credit key to owning home
Being a Paterson police officer may earn you respect. But it doesn't automatically land you a mortgage. Ivan Hicks discovered that hard truth after house shopping this year. He expected to qualify easily for a loan. After all, both he and his wife hold steady jobs with solid incomes. (Sun, 29 Jul 2007 10:52:32 GMT)

Solid credit key to owning home
Being a Paterson police officer may earn you respect. But it doesn't automatically land you a mortgage. Ivan Hicks discovered that hard truth after house shopping this year. He expected to qualify easily for a loan. After all, both he and his wife hold steady jobs with solid incomes. (Sun, 29 Jul 2007 12:52:23 GMT)

Shelter from instability: Recent foreclosures have borrowers opting for fixed-rate loans
WASHINGTON -- Stan Powell recently ditched his adjustable-rate mortgage for a traditional and far more predictable loan that would lock in his rate for 15 years. (Sun, 29 Jul 2007 13:28:46 GMT)

Australia's Home-Building Approvals Probably Rose 2% in June
July 30 (Bloomberg) -- Australia's home-building approvals probably increased in June as rising employment and a decline in rental vacancies encouraged investment in property. (Sun, 29 Jul 2007 19:52:20 GMT)

Tamweel profit up 118% as demand for loans grows
Dubai: Dubai-based mortgage lender Tamweel yesterday reported a 118 per cent jump in net profit to Dh108 million for the first half of 2007, up from Dh49.58 million in the same period last year. (Sun, 29 Jul 2007 21:07:14 GMT)

Australia's Home-Building Approvals Probably Rose 2% in June
July 30 (Bloomberg) -- Australia's home-building approvals probably increased in June as rising employment and a decline in rental vacancies encouraged investment in property. (Sun, 29 Jul 2007 22:33:35 GMT)

Deutsche Bank Payday Burgeons on Subprime Mortgage Trading Bets
July 30 (Bloomberg) -- Deutsche Bank AG analyst Eugene Xu recognized a financial train wreck in the making two years ago when he predicted ``quite probable'' losses from the least creditworthy home loans in America's runaway property market. (Mon, 30 Jul 2007 02:56:33 GMT)

One way out of a mortgage -- 'short sales'
In a tumultuous real estate market, more strapped homeowners, lenders are striking 'short sale' deals A growing number of homeowners who can't pay their mortgages are ditching their homes in a way that damages their credit and forces almost all involved to take a loss. (Mon, 30 Jul 2007 03:01:30 GMT)

IKB Cuts Profit Forecast Amid Rout in U.S. Mortgages (Update2)
July 30 (Bloomberg) -- IKB Deutsche Industriebank AG, a German lender that invested in U.S. subprime mortgages, said its profit will be ``significantly'' lower than forecast as fallout from the deteriorating North American home-loan market spreads. (Mon, 30 Jul 2007 04:10:34 GMT)

Closing on a home? Take your time
You've just gone through the arduous process of buying a home – finding a house you like, negotiating a price, applying for a loan – and now you're at the finish line. (Mon, 30 Jul 2007 05:13:49 GMT)

Gallup named loan officer
Robin Gallup has been appointed a consumer loan officer at Oneida Savings Bank. Gallup has more than 10 years experience in banking, and has served customers of Oneida Savings Bank for nearly two years, most recently as a banking officer — supervisor in the main office. (Mon, 30 Jul 2007 06:20:48 GMT)

Credit Card Debt Reduction With Home Equity Loan: Use Caution, Says LoanPage.com
Many homeowners are taking out home equity loans to pay off credit card debt. This solution works only in certain circumstances. LoanPage.com features a new article describing how homeowners can make the right decision and also offers visitors a free mortgage quote. (Mon, 30 Jul 2007 07:01:00 GMT)

Credit Card Debt Reduction With Home Equity Loan: Use Caution, Says LoanPage.com
Many homeowners are taking out home equity loans to pay off credit card debt. This solution works only in certain circumstances. LoanPage.com features a new article describing how homeowners can make the right decision and also offers visitors a free mortgage quote. (PRWeb Jul 30, 2007) Post Comment:Trackback URL: http://www.prweb.com/pingpr.php/U3VtbS1JbnNlLU1hZ24tU3F1YS1UaGlyLVplcm8= (Mon, 30 Jul 2007 07:19:32 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, 30 Jul 2007 08:20:11 GMT)

Refinance Your Adjustable Rates Today
(ARA) - As the old saying goes "a man's home is his castle." The benefits of owning a home are many, including financial security. While a home mortgage is good for your financial stability, refinancing for a better mortgage than you originally qualified for can benefit your finances even more. (Mon, 30 Jul 2007 08:20:42 GMT)

HSBC First-Half Profit Rises 25%; Loan Provisions Increase 63%
July 30 (Bloomberg) -- HSBC Holdings Plc, the world's fourth-biggest bank, said first-half profit rose 25 percent, beating analysts' estimates, on higher revenue from Asia. Costs for potential loan losses surged more than expected. (Mon, 30 Jul 2007 08:45:26 GMT)

Westpac eyeing better mortgage profits
Westpac says profits from its mortgage division will be better in the second half, despite a rise in bad loans in Western Sydney and parts of outer Melbourne. (Mon, 30 Jul 2007 08:47:11 GMT)

Rising home loan EMIs hit insurance biz
Rising home loan rates and a recent surge in stock markets are weaning away household savings from the life insurance industry, which has witnessed a 9% drop in total premium collection during the first quarter of the current fiscal. (Mon, 30 Jul 2007 08:47:42 GMT)

HSBC First-Half Net Rises 25%; Loan Provisions Jump (Update1)
July 30 (Bloomberg) -- HSBC Holdings Plc, the world's fourth- biggest bank, said first-half profit rose 25 percent, beating analysts' estimates, helped by lower taxes and asset sales in China. Costs for potential loan losses gained more than expected. (Mon, 30 Jul 2007 09:00:29 GMT)

U.K Mortgage Approvals Top Expectations In June
(RTTNews) - U.K mortgage approved for house purchases remained flat at 114,000 in June, the Bank of England said Monday. The mortgage approval came in better-than-expected number of 110,000. The number of re-mortgaging totaled 102,000. (Mon, 30 Jul 2007 09:01:32 GMT)

If You Have an Adjustable Rate Mortgage, Why You Need to Refinance Now
(ARA) - When you signed up for that adjustable rate loan a few years back, it probably seemed like a deal too good to pass up. But fast forward to the present, and you're probably starting to get a little nervous. (Mon, 30 Jul 2007 09:07:48 GMT)

Bills Piling Up? Refinancing Your Car Puts Extra Cash In Your Pocket
(ARA) - Sometimes life throws you a curve ball. The water heater springs a leak, your son breaks a tooth or you need a plane ticket to visit a sick relative. These unplanned expenses add up and if you don't have savings to cover them, where will the extra payments come from? (Mon, 30 Jul 2007 09:37:37 GMT)

Mortgage lending grows at fastest pace for three months
Mortgage lending in June grew at its fastest pace in three months, figures show today, while approvals for new home loans held steady, suggesting that the housing market is still holding up despite a string of interest rate increases. (Mon, 30 Jul 2007 10:08:46 GMT)

State creates $100 million mortgage rescue fund
A $100-million refinancing program has been created by the state and the mortgage industry for people on the verge of losing their homes because of risky, adjustable-rate mortgages. (Mon, 30 Jul 2007 10:12:14 GMT)

American Home Mortgage Delays Dividend Payment
Jim Kingsland submits: On July 20th, Forbes.com presented its readers with this soothing ditty on American Home Mortgage : American Home Mortgage Back On Track?. The article prominently featured an RBC Capital analyst tried to give AHM a good pump, though he did cut his price target from $25 to a still unbelievable $20. [... ] (Mon, 30 Jul 2007 10:22:47 GMT)

HSBC First-Half Net Rises 25%; Loan Provisions Jump (Update3)
July 30 (Bloomberg) -- HSBC Holdings Plc, Europe's largest bank, said first-half profit rose 25 percent, beating analysts' estimates, helped by asset sales in China. Costs for potential loan losses climbed more than expected. (Mon, 30 Jul 2007 10:33:42 GMT)

German lender IKB slumps on U.S. subprime mortgage hit
TEL AVIV (MarketWatch) -- IKB Deutsche Industriebank AG shares dropped 18% on Monday as the German lender acknowledged losses from its exposure to the U.S. subprime mortgage market, in yet another indication how Americans failing to pay back risky mortgages affects markets worldwide. (Mon, 30 Jul 2007 11:10:24 GMT)

Prospective homebuyers caught in mortgage squeeze
It's gotten a lot tougher for first-time home buyers to secure a mortgage these days. (Mon, 30 Jul 2007 11:16:31 GMT)

Mortgage lending takes a surpirse leap despite rise in interest rates
Mortgage lending increased at its fastest rate for three months during June according to the Bank of England. The rise comes despite speculation that higher interest rates were beginning to slow down the growth in house prices (Mon, 30 Jul 2007 11:31:54 GMT)

Mortgage loans above forecast
LONDON (Reuters) - Mortgage lending grew at its fastest pace in three months in June and approvals for new home loans held steady in a sign the housing market is holding up in the face of a string of interest rate increases. (Mon, 30 Jul 2007 11:45:25 GMT)

Strong mortgage data shows housing market robust
LONDON (Reuters) - Mortgage lending growth gathered pace in June and approvals for home loans held steady in a sign that a string of interest rate rises has not cooled the housing market. (Mon, 30 Jul 2007 12:00:44 GMT)

Cash woes pound American Home Mortgage
The mortgage lender announced problems arising from crumbling subprime market Friday, sees stock plummet Monday before trading is halted. (Mon, 30 Jul 2007 12:16:29 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, 30 Jul 2007 12:55:17 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, 30 Jul 2007 13:07:37 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, 30 Jul 2007 13:07:46 GMT)

American Home Mortgage Shares Plunge After Dividend Delayed
July 30 (Bloomberg) -- American Home Mortgage Investment Corp. shares plunged 44 percent after the lender delayed payment of the quarterly dividend and reported ``major'' writedowns of its loan and security portfolios. (Mon, 30 Jul 2007 13:29:57 GMT)

Corporate Bond Risk Soars as Subprime Mortgage Losses Spread
July 30 (Bloomberg) -- The risk of owning corporate bonds soared to the highest on record after Germany's IKB Deutsche Industriebank AG fueled concerns that losses from U.S. subprime mortgage bonds are spreading. (Mon, 30 Jul 2007 13:40:51 GMT)

American Home Mortgage tumbles on liquidity issues
NEW YORK (Reuters) - American Home Mortgage Investment Corp shares sank on Monday after the home loan provider announced "major" writedowns, delayed a dividend and said lenders were demanding it put up more cash. (Mon, 30 Jul 2007 14:06:46 GMT)

Corporate Bond Risk Soars as Subprime Mortgage Losses Spread
July 30 (Bloomberg) -- The risk of owning corporate bonds soared to the highest on record after Germany's IKB Deutsche Industriebank AG fueled concerns that losses from U.S. subprime mortgage bonds are spreading, credit-default swaps show. (Mon, 30 Jul 2007 14:10:44 GMT)

American Home Stock Plunges on Dividend Payment Delay (Update1)
July 30 (Bloomberg) -- American Home Mortgage Investment Corp. shares plunged 45 percent after the lender delayed payment of the quarterly dividend and reported ``major'' writedowns of its loan and securities holdings. (Mon, 30 Jul 2007 14:25:44 GMT)

American Home Mortgage tumbles on liquidity issues
NEW YORK (Reuters) - American Home Mortgage Investment Corp shares fell sharply on Monday after the company delayed its quarterly dividend, announced "major" write-downs, and said lenders were demanding it put up more cash. (Mon, 30 Jul 2007 14:36:48 GMT)

American Home Mortgage tumbles on dividend delay
NEW YORK (MarketWatch) -- Shares of American Home Mortgage fell almost 40% in pre-open trade Monday after it said late last week it was delaying a dividend payout and taking major writedowns amid margin calls from lenders. (Mon, 30 Jul 2007 14:40:21 GMT)

U.S. mortgage foreclosures rise 30%, Ariz. up 74%
In the first six months of 2007, California, Florida lead the way in homeowners who fell behind in monthly mortgage payments. Arizona ranked eighth in the nation.{b} How Arizona stacks up (Mon, 30 Jul 2007 15:27:47 GMT)

Sector Snap: Mortgage Lenders
Shares of mortgage lenders mostly fell Monday after American Home Mortgage Investment Corp. suspended its dividend and said some of its lenders want their money back. (Mon, 30 Jul 2007 15:51:20 GMT)

American Home Mortgage Investment stock hit amid margin calls
SAN FRANCISCO (MarketWatch) -- American Home Mortgage Investment Corp. shares came under pressure on Monday after the lender said that recent disruption in credit markets has triggered "significant" margin calls. (Mon, 30 Jul 2007 15:55:41 GMT)

U.S. mortgage foreclosures rise 30%, Ariz. up 74%
In the first six months of 2007, California, Florida lead the way in homeowners who fell behind in monthly mortgage payments. Arizona ranked eighth in the nation.{b} How Arizona stacks up (Mon, 30 Jul 2007 16:08:56 GMT)

Sector Snap: Mortgage REITs Dive
Shares of mortgage real estate investment trusts plummeted Monday after the New York Stock Exchange halted trading of shares of American Home Mortgage Investment Corp. pending an announcement from the troubled mortgage lender. (Mon, 30 Jul 2007 17:07:52 GMT)

American Home Mortgage tumbles on liquidity issues
American Home Mortgage Investment Corp shares fell sharply on Monday after the company delayed its quarterly dividend, announced "major" write-downs, and said lenders were demanding it put up more cash. (Mon, 30 Jul 2007 17:50:58 GMT)

Fixed rates 'better option'
FIXED or floating? Home-loan borrowers know there's usually a premium payable for the security of a fixed-rate mortgage but currently it's actually cheaper to go fixed. (Mon, 30 Jul 2007 20:00:00 GMT)

Fitch Rates $703MM RALI Mtge Asset-Backed P-T Ctfs, 2007-QS9
NEW YORK----Fitch rates Residential Accredit Loans, Inc. mortgage pass-through certificates, series 2007-QS9, as follows: $659,308,629 classes A-1 through A-33, A-P, A-V, R-I, R-II, and the privately offered P certificates 'AAA'; $22,271,800 class M-1 'AA'; $8,484,400 class M-2 'A'; $6,363,300 class M-3 'BBB'; (Mon, 30 Jul 2007 20:02:00 GMT)

Advent's Etlin Says Latin America Fund to Buy Mortgage Lenders
July 30 (Bloomberg) -- Advent International Corp. plans to purchase companies in industries including mortgage lending in Mexico, Argentina and Brazil for the biggest Latin American buyout fund. (Mon, 30 Jul 2007 20:28:34 GMT)

2 Charged in $27M NYC Real Estate Fraud
Two real estate developers accused of bilking dozens of people out of more than $27 million in an elaborate mortgage fraud scheme were arrested Monday. (Mon, 30 Jul 2007 21:14:57 GMT)

British Pound Unchanged Despite Stronger Mortgage Data
The British pound is unchanged for the day despite stronger housing market and mortgage approvals data. The lack of reaction in the currency may be due to the fact that the rise in approvals was related to the planned introduction of home information packs on August 1. (Mon, 30 Jul 2007 21:26:08 GMT)

Subprime mortgage bond market stalls
SALES of bonds that finance the $US1.2 trillion ($1.42 trillion) US subprime home loan market have ground to a halt, as delinquencies by borrowers continue to rise and credit rating agencies downgrade the securities. (Mon, 30 Jul 2007 22:02:00 GMT)

Meet conditions to go from home loan prequalification to approval
When you're thinking of buying a home, the first step is to meet with a lender and find out how much you qualify for. You will want to make a formal application for a loan even though you haven't chosen a property yet. This way, you can obtain a formal loan approval. (Mon, 30 Jul 2007 22:03:53 GMT)

Marathon plans new fund to buy distressed mortgage assets
SAN FRANCISCO (MarketWatch) -- Marathon Asset Management LLC, a $9 billion hedge fund firm focused on debt markets, is planning a new fund that will buy distressed mortgage-related assets to take advantage of "carnage" in the subprime home loan business. (Mon, 30 Jul 2007 22:10:21 GMT)

More consumers choose fixed rate loans: BankWest/MFAA
Fixed interest rate home loans are now more popular than variable rate loans, according to consumer research by BankWest and the Mortgage & Finance Association of Australia (MFAA). (Mon, 30 Jul 2007 23:31:26 GMT)

Fixed-rate mortgage 'better option'
FIXED or floating? Home-loan borrowers know there's usually a premium payable for the security of a fixed-rate mortgage but at the moment it's actually cheaper to go fixed. (Mon, 30 Jul 2007 23:47:05 GMT)

Restitution notice is not a scam
If you received a notice in the mail recently involving a settlement with mortgage lenders Ameriquest or Town and Country Credit, don’t throw it away. It represents, in effect, your ticket to a payment of as much as $4,000. Here’s the deal: (Tue, 31 Jul 2007 00:45:58 GMT)

U.K. Consumers Cut Back on Beer, Shoes as Mortgage Crunch Looms
July 31 (Bloomberg) -- Ben Craster says he'll be drinking less beer this summer, and Christine Baines is cutting back on clothes and cosmetics. They're among the millions of Britons preparing for a mortgage crunch. (Tue, 31 Jul 2007 02:15:37 GMT)

Lost Wallet's ID Cards Spawned Mortgage Fraud
It was a little baffling when Jose F. Lara got a check in the mail for almost $2,800 from a bank in Arlington County in December. When the bank told him that it was the overpayment on his second mortgage, things got really baffling. (Tue, 31 Jul 2007 02:31:33 GMT)

Developers Accused of Stealing Millions in a Mortgage Fraud
Two real estate developers accused of bilking dozens of people out of more than $27 million in an elaborate mortgage fraud scheme were arrested yesterday. (Tue, 31 Jul 2007 03:56:13 GMT)

Lotterman: Bailing out borrowers would be bad public policy
Mortgage defaults have increased for more than a year and will get worse before they get better. Americans cannot see a problem without feeling we must solve it. That is true with subprime mortgages and other foreclosures. There are recurring proposals at (Tue, 31 Jul 2007 06:17:56 GMT)

Mortgage losses, slow U.S. sales may limit GM profits
As it reports second-quarter financial results today, General Motors Corp. may say its profits fell because of mortgage losses at its finance unit and declining domestic sales of cars and trucks. (Tue, 31 Jul 2007 07:05:04 GMT)

3 Stocks For the Approaching Credit Crunch
Michael OBrian Scaife submits: Considering the fallout from the subprime mortgage crisis, which is increasingly affecting prime mortgages across the country, investors should focus their investments on those companies that are in solid financial shape and in no need of outside capital and whose business models revolve upon government or business spending rather than [... ] (Tue, 31 Jul 2007 08:36:16 GMT)

Tangle of loans feeds foreclosure crisis
Each month, Stephen and Kim Martinelli sent their mortgage payment to Chase Home Finance, and when they fell behind, it was Chase that launched foreclosure proceedings, with an auction of their Lawrence home scheduled for later this week. (Tue, 31 Jul 2007 08:39:46 GMT)

U.S. mortgage troubles extend to Germany
Amid investment losses at large American firms, IKB Deutsche Industriebank, a small German firm, said its stake in U.S.mortgage securities had fallen sharply, rattling credit markets in Europe (Tue, 31 Jul 2007 09:09:20 GMT)

Flexible options appeal to consumers who want more from a mortgage
(ARA) - Simplicity is the hot new trend among today's consumers. (Tue, 31 Jul 2007 09:18:51 GMT)

Auto Loan Refinance to Reduce Monthly Payments
(ARA) - If high gas prices coupled with a big monthly car payment have you thinking that it might be time to trade in your truck or SUV, you'll be happy to know there is an alternative. (Tue, 31 Jul 2007 09:52:36 GMT)

Refinance Your Adjustable Rates Today
(ARA) - As the old saying goes "a man's home is his castle." The benefits of owning a home are many, including financial security. While a home mortgage is good for your financial stability, refinancing for a better mortgage than you originally qualified for can benefit your finances even more. (Tue, 31 Jul 2007 09:53:22 GMT)

U.K. Consumers Cut Back on Beer, Shoes as Mortgage Crunch Looms
July 31 (Bloomberg) -- Ben Craster says he'll be drinking less beer this summer, and Christine Baines is cutting back on clothes and cosmetics. They're among the millions of Britons preparing for a mortgage crunch. (Tue, 31 Jul 2007 10:40:54 GMT)

Council will hash out Met loan details
The Fresno City Council today will consider a new agreement detailing the city's role in a short-term $15 million loan that the Fresno Metropolitan Museum needs to finish its stalled renovation project. (Tue, 31 Jul 2007 11:01:49 GMT)

Kaunas' Beni wins loan deal at Hearts
RICARDAS BENIUSIS and Audrius Ksanavicius have signed six-month loan deals at Hearts with the option of a further six months if they impress majority shareholder Vladimir Romanov. (Tue, 31 Jul 2007 11:16:50 GMT)

Ahead of the Bell: Mortgage Insurers
A $1 billion partnership between two of the biggest mortgage insurers appears likely to be the next casualty of the collapse in the subprime mortgage market. (Tue, 31 Jul 2007 11:39:15 GMT)

American Home Mortgage stock down on news of cancelled dividend
Shares of American Home Mortgage Investment Corp., Long Island's sixth-largest company at the end of last year, ceased trading on the New York Stock Exchange Monday morning after the battered stock plunged nearly 40 percent in a pre-market sell-off panic fueled by the Friday night disclosure that the company is in far worse shape than it had previously acknowledged. (Tue, 31 Jul 2007 11:57:22 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. (Tue, 31 Jul 2007 12:39:58 GMT)

2 charged in $27M NYC real estate fraud
Two real estate developers accused of bilking dozens of people out of more than $27 million in an elaborate mortgage fraud scheme were arrested Monday. (Tue, 31 Jul 2007 15:13:11 GMT)

MGIC, Radian Shares Drop as Subprime Unit Seeks Cash (Update1)
July 31 (Bloomberg) -- Shares of MGIC Investment Corp. and Radian Group Inc. tumbled after the two home-loan insurers said their combined stakes of more than $1 billion in a subprime mortgage company may be worthless. (Tue, 31 Jul 2007 15:25:44 GMT)

IndyMac profit plummets on mortgage pain
Like its peers, the Southern California mortgage specialist suffered from credit quality concerns, but quarterly results were better than expected. (Tue, 31 Jul 2007 15:31:29 GMT)

Stocks trim gains, mortgage insurers slip
Stocks rose on Tuesday but were off their highs on jitters about fallout from the subprime mortgage market and rising oil prices, which partly offset strong earnings and positive economic indicators. (Tue, 31 Jul 2007 15:50:35 GMT)

IAC hampered by home loan unit
IAC missed Wall Street estimates as it's LendingTree unit posted a 9% decline in revenue. (Tue, 31 Jul 2007 16:04:50 GMT)

Pa. loan data was on laptop stolen in Calif.
HARRISBURG, Pa. (AP) - The names, e-mail and home addresses and Social Security numbers of nearly 5,200 student loan customers were on a laptop stolen in California. (Tue, 31 Jul 2007 16:27:00 GMT)

Mortgages: farewell to the cheap home loan
Competitive tracker mortgages are being pulled but good deals can still be had - at a cost, says Emma Lunn. (Tue, 31 Jul 2007 16:50:52 GMT)

Home loan rates unlikely to come down
India's largest home finance company had plans to cut home loan rates. But now those plans are off with the Reserve Bank of India's announcement on Tuesday to hike the cash reserve ratio by half a per cent, HDFC is in no hurry to reduce interest rates. (Tue, 31 Jul 2007 17:22:14 GMT)

American Home Mortgage says unable to borrow
American Home Mortgage Investment Corp., a mortgage lender, said that it is unable to borrow under its bank lines and is looking at ways to raise money, including "the orderly liquidation of its assets." (Tue, 31 Jul 2007 17:27:26 GMT)

American Home Mortgage's future uncertain
Shares crumble 87% after troubled prime mortgage lender said it may liquidate, retains investment banks to help it consider options. (Tue, 31 Jul 2007 18:01:29 GMT)

American Home Mortgage Shares Plunge
Shares of American Home Mortgage Investment Corp. plunged Tuesday after a halt on trading was lifted. Shares fell $8.47 or 80.1 percent, to $1.95. (Tue, 31 Jul 2007 18:07:08 GMT)

American Home Mortgage considering sale of its assets
American Home Mortgage Investment said Tuesday it cannot borrow on its credit facilities and has hired advisors to consider its options, including the sale of its assets. (Tue, 31 Jul 2007 18:11:32 GMT)

American Home Mortgage plunges 87 pct
Shares of American Home Mortgage Investment Corp. resumed trading on Tuesday, plunging 87 percent after the mortgage lender said it is unable to fund home loans and may have to liquidate its assets. (Tue, 31 Jul 2007 18:25:18 GMT)

Pa. Loan Records Were on Stolen Laptop
The names, Social Security numbers and e-mail and home addresses of nearly 5,200 student loan customers were on a laptop stolen in California, the Pennsylvania Higher Education Assistance Agency said. (Tue, 31 Jul 2007 18:56:05 GMT)

Mortgage lender running out of cash, options
American Home Mortgage Investment Corp. said Tuesday it has run out of cash, raising the specter of bankruptcy for the beleaguered mortgage lender and sending its shares down 90 percent. (Tue, 31 Jul 2007 19:34:10 GMT)

Sector Glance: Mortgage Lenders
Shares of most mortgage lenders sank Tuesday after a major lender said it is out of cash. American Home Mortgage Investment Corp. said during trading hours Tuesday its financial backers have cut the company off from borrowing more money. (Tue, 31 Jul 2007 20:32:07 GMT)

Fitch Rates $293.9MM Merrill Lynch Mortgage Backed Securities Trust, Series 2007-3
NEW YORK----Fitch rates Merrill Lynch Mortgage Backed Securities Trust, Series 2007-3, residential mortgage pass-through certificates, as follows: $293.9 million classes I-A1, I-A2, I-A3, II-A1, II-A2, III-A1, III-A2 and A-R 'AAA' ; (Tue, 31 Jul 2007 21:56:00 GMT)

American Home Can't Fund Mortgages, Shares Plummet (Update4)
July 31 (Bloomberg) -- American Home Mortgage Investment Corp. shares plunged 90 percent after the lender said it doesn't have cash to fund new loans, stranding thousands of home buyers and putting the company on the brink of failure. (Tue, 31 Jul 2007 21:59:47 GMT)

Fitch Rates $293.9MM Merrill Lynch Mortgage Backed Securities Trust, Series 2007-3
The 'AAA' rating on the senior certificates reflects the 3.60% subordination provided by the 1.60% non-rated M-1 class, the 0.70% non-rated M-2 class, the 0.40% non-rated M-3 class, the 0.40% non-rated, non-offered class B-1 class, the 0.30% non-rated, non-offered class B-2 class and the 0.20% non-rated, non-offered class B-3 class. (Tue, 31 Jul 2007 22:10:10 GMT)

U.S. stocks plummet on home-loan fears
U.S. stock indexes closed down more than 1 percent Tuesday as trouble at the 10th-largest U.S. mortgage lender triggered credit-market and bad-home-loan fears. (Tue, 31 Jul 2007 22:19:55 GMT)

Home loan rates unlikely to come down
If you have a housing loan with a floating interest rate, you can breathe easy, as rates are likely to remain steady in the near future. (Tue, 31 Jul 2007 22:22:39 GMT)

Federal Home Loan Bank of San Francisco Releases June 2007 Cost of Funds Index
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco announced July 31, 2007, that the 11th District Monthly Weighted Average Cost of Funds Index for June 2007 is 4.283%. The index for May 2007 was 4.293%. (Tue, 31 Jul 2007 22:23:00 GMT)

Froma Harrop:
LINE up the suckers. The mortgage meltdown has produced many victims. The most sympathetic are the low-income folk who are losing their homes to foreclosure. Some Democrats want to help many of these unfortunate souls by having government refinance their loans. (Tue, 31 Jul 2007 22:30:41 GMT)

U.S. stocks plummet on home-loan fears
U.S. stock indexes closed down more than 1 percent Tuesday as trouble at the 10th-largest U.S. mortgage lender triggered credit-market and bad-home-loan fears.The Dow Jones industrial average closed down 146.32 points, or 1.1 percent, at 13,211.99. The broader Standard & Poor's 500 index lost 18.64 points, or 1.26 percent, at 1,455.27.On the New York Stock Exchange, 1,403 stocks gained and 1,944 ... (Tue, 31 Jul 2007 22:34:26 GMT)

U.S. stocks plummet on home-loan fears
U.S. stock indexes closed down more than 1 percent Tuesday as trouble at the 10th-largest U.S. mortgage lender triggered credit-market and bad-home-loan fears. The Dow Jones industrial average closed down 146.32 points, or 1.1 percent, at 13,211.99. The b... (Tue, 31 Jul 2007 22:37:43 GMT)

Federal Home Loan Bank of Seattle Declares Second Quarter 2007 Dividends
SEATTLE----The Board of Directors of the Federal Home Loan Bank of Seattle has declared cash dividends on both classes of the Seattle Bank's capital stock. (Tue, 31 Jul 2007 22:53:00 GMT)

Another Bear Stearns hedge fund hit by losses in mortgage market
SAN FRANCISCO (MarketWatch) -- Another Bear Stearns hedge fund has been hit by turmoil in the mortgage market. (Tue, 31 Jul 2007 23:55:21 GMT)

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