Mortgage News Aug 2007

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Jittery Stock Market Drops as Mortgage Fallout Spreads
With little respite on the horizon, the mortgage market was hit with another wave of a bad news Tuesday. (Wed, 01 Aug 2007 01:39:38 GMT)

Home Loan Anxiety Sends Stocks Lower
Wall Street resumed its downward skid Tuesday, falling sharply as renewed concerns about soured home loans blew away what had looked like a solid recovery rally. The Dow Jones industrials lost nearly 150 points, and investors seeking safety moved into bonds. (Wed, 01 Aug 2007 02:10:01 GMT)

Mortgage industry's wild ride ends with new laws
A trio of new laws aimed at protecting Minnesotans from reckless mortgage lending go into effect today, demarcating the end of an easy-money era when anyone who could fog up a mirror could get a mortgage. (Wed, 01 Aug 2007 05:32:54 GMT)

Home loan fears wear on stocks
Wall Street resumed its downward skid Tuesday, falling sharply as renewed concerns about soured home loans blew away what had looked like a solid recovery rally. The Dow Jones industrials lost nearly 150 points, while investors seeking safety moved into bonds. (Wed, 01 Aug 2007 05:48:52 GMT)

Group helping homeowners avoid mortgage foreclosure
The promise of a new refrigerator and home ownership with no down payment so charmed Shirley Maxwell of Jackson that she failed to realize her mortgage payment would increase as interest rates rose. (Wed, 01 Aug 2007 06:03:22 GMT)

Home refinance may come with nasty curve
Some Valley homeowners trying to refinance out of troublesome loans in recent months have met with a nasty surprise. It's called a prepayment penalty, and many people who have one don't realize it. (Wed, 01 Aug 2007 06:15:37 GMT)

Federal Judge Rejects Homeowners' Lawsuit Against Major Mortgage Registry
A federal judge has dismissed a proposed class action lawsuit filed by homeowners who cast doubt on the legitimacy of the nation's leading mortgage registration firm to represent lenders in foreclosures. (Wed, 01 Aug 2007 07:02:57 GMT)

Home-loan concerns propel market south
Wall Street resumed its downward skid Tuesday, falling sharply as renewed concerns about soured home loans blew away what had looked like a solid recovery rally. The Dow Jones industrials lost nearly 150 points. (Wed, 01 Aug 2007 07:12:04 GMT)

Lean on the lenders but keep taxpayers out of mortgage mess
Line up the suckers. The mortgage meltdown has produced many victims. The most sympathetic are the low-income folk who are losing their... (Wed, 01 Aug 2007 07:34:03 GMT)

Foreclosures: A Real Boom for Investors
(ARA) - The climate is ripe for an increase in the number of American homes going into foreclosure. Interest rates are on the rise, mortgage payments are continuing to increase and home values are staying stagnant in some places and falling in others. (Wed, 01 Aug 2007 08:19:33 GMT)

Asian stocks sink as US home loan woes spread
Asian stocks tumbled Wednesday as the fallout from growing problems in the US mortgage market snagged one of Australia's highest flying banks and stoked concerns over how much the debacle may ulitmately cost. (Wed, 01 Aug 2007 08:36:35 GMT)

Mortgage exit fees on scrapheap
Mortgage lenders are scrapping exit charges, levied when a loan is paid off, after pressure from watchdogs. (Wed, 01 Aug 2007 09:57:29 GMT)

American Home Mortgage Plummets on Bankruptcy Fears
Shares of American Home Mortgage Investment Corp., the country's 10th-largest mortgage lender, plunged 90% Tuesday to close at $1.04 on news that it cannot pay its debts. The company's banks cut off its credit lines, leaving it unable to fund $300 million in promised loans on Monday. (Wed, 01 Aug 2007 10:02:26 GMT)

High speed mortgage payoff
For borrowers who want to pay off a mortgage faster, there's a plan from the land Down Under that can add a little extra discipline. (Wed, 01 Aug 2007 10:31:39 GMT)

Another wave of bad news pounds the U.S. mortgage market
The news derailed a rally on Wall Street and prompted new fears that mortgage-backed instruments valued in the billions of dollars only weeks ago may now be nearly worthless. (Wed, 01 Aug 2007 11:09:09 GMT)

Mortgage renewals set to prick U.S. property bubble
The U.S. mortgage meltdown has arrived at something of a turning point. (Wed, 01 Aug 2007 11:09:19 GMT)

Stocks fluctuate amid home loan jitters
Wall Street careened through a difficult session Wednesday, changing directions several times as investors were beset by ongoing concerns about U.S. home loans and the credit market. Stocks had for a time seemed to be holding their gains, but the market resumed its zigzags, suggesting that any advance could perhaps be punctured by further bad news about soured subprime home loans, those made to ... (Wed, 01 Aug 2007 11:25:52 GMT)

Week-to-week mortgage applications down 0.3%, MBA says
CHICAGO (MarketWatch) -- The volume of applications for mortgages slipped 0.3% last week compared to the prior week, the Mortgage Bankers Association reported on Wednesday. (Wed, 01 Aug 2007 11:56:22 GMT)

Mortgage apps hit 5-month low
The Mortgage Bankers Association index falls 0.3 percent to 607.1, just over reading from Feb. 16. (Wed, 01 Aug 2007 12:01:29 GMT)

Week-to-week mortgage applications down 0.3%, MBA says
CHICAGO (MarketWatch) -- The volume of applications for mortgages slipped 0.3% last week compared to the prior week, the Mortgage Bankers Association reported on Wednesday. (Wed, 01 Aug 2007 12:03:21 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, 01 Aug 2007 12:40:19 GMT)

Asia shares plummet; mortgage meltdown in U.S. cited
Stock markets in Asia reeled Wednesday on concerns that widening mortgage woes in the United States were forcing American investors to sell Asian assets to cover losses at home. (Wed, 01 Aug 2007 13:08:49 GMT)

J.D. Power and Associates Reports: Although Borrowers Say Their Primary Mortgage Lenders Are More Flexible About Late ...
Amid the turmoil in the housing and mortgage markets, mortgage customers who report making at least one late payment in the past 12 months indicate that lenders are showing some flexibility in scheduling late payments, but tend to be less understanding and accommodating of their circumstances when compared to 2006, according to the J.D. (Wed, 01 Aug 2007 13:47:00 GMT)

Stocks zigzag amid home loan concerns
Dow rises 12 points; Bear Stearns Cos. faces big losses, Wall Street Journal reports Wall Street careened through a difficult session today, changing directions several times as investors were beset by ongoing concerns about U.S. home loans and the credit market. (Wed, 01 Aug 2007 14:17:24 GMT)

Week-to-week mortgage applications down 0.3%, MBA says
Week-to-week mortgage applications down 0.3%, MBA says (Wed, 01 Aug 2007 14:42:45 GMT)

Pending home sales rise, mortgage applications dip
Two separate reports from real estate groups released Wednesday stated that pending sales of existing homes rose 5% in June and mortgage applications dipped to a five-month low last week. (Wed, 01 Aug 2007 14:59:20 GMT)

Mortgage applications dip to 5-month low
Demand for mortgage applications slid last week to its weakest level in more than five months, an industry group said on Wednesday, underscoring that the beleaguered U.S. housing sector has yet to bottom. (Wed, 01 Aug 2007 15:35:46 GMT)

American Mortgage Acceptance Co. incorrectly cited in report
On July 31, MarketWatch’s Latin American market report incorrectly included the ticker symbol of American Mortgage Acceptance Co. (TICKER:AMC) in a reference to American Home Mortgage Investment Corp. (TICKER:AHM). (Wed, 01 Aug 2007 15:40:41 GMT)

Mortgage Application Demand Slips to Five-Month Low
Mortgage applications fell to lowest level in five months amid subprime mortgage failures. (Wed, 01 Aug 2007 15:46:43 GMT)

Stocks rise despite home loan worries
Wall Street careened through Wednesday's session beset by ongoing concerns about U.S. home loans and the credit market, though stocks showed some stability after one builder dismissed bankruptcy rumors. (Wed, 01 Aug 2007 16:49:09 GMT)

Mortgage applications dip to 5-month low
NEW YORK (Reuters) - Demand for mortgage applications slid last week to its weakest level in more than five months, an industry group said on Wednesday, underscoring that the beleaguered U.S. housing sector has yet to bottom. (Wed, 01 Aug 2007 16:59:47 GMT)

Fitch Rates Credit Suisse Mortgage Corp's $1,059MM Mtge P-T Ctfs, 2007-5
NEW YORK----Credit Suisse Mortgage Securities Corp. mortgage pass-through certificates, series 2007-5, which closed July 31, 2007, is rated as follows by Fitch Ratings: $951.36 million classes 1-A-1 to 1-A-12, 2-A-1 to 2-A-6, 3-A-1 to 3-A-19, 4-A-1 to 4-A-33, 5-A-1 to 5-A-5, 6-A-1 to 6-A-5, 7-A-1, 7-A-2, 8-A-1, 8-A-2, 9-A-1, 9-A-2, 10-A-1, 10-A-2, AR, AR-L, A-M, D-X, and D-P 'AAA'; $21.52 ... (Wed, 01 Aug 2007 17:17:00 GMT)

Sector Snap: Mortgage REITs Fall
Shares of mortgage real estate investment trusts plunged Wednesday a day after fellow REIT RAIT Financial Trust said troubled home lender American Home Mortgage Investment Corp. missed a debt payment. (Wed, 01 Aug 2007 17:25:45 GMT)

Fitch Rates Credit Suisse Mortgage Corp's $1,059MM Mtge P-T Ctfs, 2007-5
::► Fitch Rates Credit Suisse Mortgage Corp's $1,059MM Mtge P-T Ctfs, 2007-5◄:: Credit Suisse Mortgage Securities Corp. mortgage pass-through certificates, series 2007-5, which closed July 31, 2007, is rated as follows by Fitch ... (Wed, 01 Aug 2007 17:26:36 GMT)

Pa. loan data was on laptop stolen in Calif.
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. (Wed, 01 Aug 2007 18:13:25 GMT)

Stocks fluctuate amid home loan jitters
Wall Street careened through a difficult session Wednesday, changing directions several times as investors were beset by ongoing concerns about U.S. home loans and the credit market. (Wed, 01 Aug 2007 19:45:44 GMT)

Stocks Fluctuate Amid Home Loan Jitters
Wall Street careened through a difficult session Wednesday, changing directions several times as investors were beset by ongoing concerns about U.S. home loans and the credit market. Stocks had for a time seemed to be holding their gains, but the... (Wed, 01 Aug 2007 20:23:49 GMT)

Lenders defiant on mortgage exit fees
Some of the UK's biggest banks are pushing ahead with higher mortgage exit fees in spite of a crackdown by the City regulator. (Wed, 01 Aug 2007 20:45:53 GMT)

More scalps for mortgage belt
Signs that the crisis in the US subprime mortgage market is spreading to higher-quality mortgage loans contributed to a dramatic sell-off in credit and equity markets this week, as lenders reported significantly lower second-quarter earnings and investors ran aground on mortgage-related losses. (Wed, 01 Aug 2007 21:34:43 GMT)

Mortgage lender, homebuilder launch new joint venture in Texas
Countrywide Mortgage Ventures LLC formed a new joint venture with Highland Homes, called Highland Loan Source, to provide prospective homebuyers with a range of home financing options. (Wed, 01 Aug 2007 22:12:44 GMT)

What does American Home Mortgage meltdown mean to you?
The rapid meltdown of American Home Mortgage has left many people wondering about their mortgages or mortgage approvals with the Melville-based lender. (Wed, 01 Aug 2007 23:01:40 GMT)

Mortgage crisis puts fear of risk into investors
New York — The widening fallout in the U.S. mortgage industry has reminded investors of a risk they had forgotten: the fear of risk itself. As unpaid mortgages and bankrupt lenders bring the weakest segments of the mortgage industry to its knees, investors have begun dumping debt and other investments that would seem to have nothing to do with home loans. Corporations are paying higher interest ... (Wed, 01 Aug 2007 23:32:36 GMT)

If your mortgage lender shuts down, you still have to pay
New York — Another well-known mortgage lender is in serious trouble. This time American Home Mortgage Investment Corp. may be forced into insolvency after creditors pulled the plug amid a worsening housing slump. But what does it mean for borrowers when a lender goes bankrupt? Some questions and answers about whether and how troubles at a lender could affect homeowners: (Wed, 01 Aug 2007 23:32:46 GMT)

Concerns Over Mortgage Industry Wipe Out Dow's One-Day Recovery
NEW YORK, July 31 -- Wall Street resumed its downward slide Tuesday, falling sharply as renewed concerns about the mortgage-lending industry erased what had looked like a solid recovery rally. (Thu, 02 Aug 2007 06:04:47 GMT)

Shares close 2.0 percent lower due to US home loan concerns
MANILA (AFP) - Philippine share prices closed 2.0 lower Thursday, giving up early gains amid persistent concerns about the impact of US home loan problems on the global credit market, dealers said. (Thu, 02 Aug 2007 06:27:10 GMT)

Amid mortgage woes, many fleeing any risk
The widening fallout in the U.S. mortgage industry has reminded investors of a risk they had forgotten: the fear of risk itself. As unpaid mortgages and bankrupt lenders bring the weakest segments of the mortgage industry to its knees, investors have begun dumping debt and other investments that would seem to have nothing to do with home loans. Corporations are paying higher interest rates on ... (Thu, 02 Aug 2007 07:11:31 GMT)

Broker loses license in mortgage case
Matthews-based Hall Financial Services has lost its license and has agreed to reimburse consumers up to $250,000 in an agreement with the N.C. Commissioner of Banks and the N.C. attorney general. The NCCOB, which announced the agreement Wednesday, filed an enforcement action against Hall Financial in April for failure to meet the duties required of mortgage brokers. The case has been seen as an ... (Thu, 02 Aug 2007 07:11:41 GMT)

Finance North America Closes the Most GE Money Mexico and GMAC International Mortgage Home Loans to Date
Finance North America announced today its award for the most closed loans to date, in Mexico with both GE and GMAC. Finance North America assisted GE Capital to create cross border financing for U.S. citizens who purchased real estate in Mexico and in 2007 has done the same with GMAC. Since inception Finance North America has consistently been the leader in the mortgage financing industry and ... (Thu, 02 Aug 2007 07:20:58 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, 02 Aug 2007 10:00:00 GMT)

Bankrate: Mortgage Rates Down for Second Week in a Row
Mortgage rates were mostly lower, with the average 30-year fixed mortgage rate now 6.71 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.27 discount and origination points. (Thu, 02 Aug 2007 12:00:00 GMT)

Mortgage rates don't fall as much as Treasuries
Wall Street perception shaped Main Street reality this week, as the yields on U.S. Treasury notes plunged while fixed mortgage rates merely dipped. (Thu, 02 Aug 2007 12:02:59 GMT)

SECU's Mortgage Alternatives Generate Substantial Savings for Previous Subprime Mortgage Holders!
RALEIGH, N.C.----Beginning in April State Employees' Credit Union announced a variety of mortgage products aimed at helping members who have become victims of subprime mortgage practices. (Thu, 02 Aug 2007 12:50:00 GMT)

Federal Home Loan Bank of Chicago Board Appoints Director
The Board of Directors of the Federal Home Loan Bank of Chicago has appointed William R. Dodds, Jr. to fill a vacant elective director seat on the Board. (Thu, 02 Aug 2007 13:36:00 GMT)

Mortgage industry shake-up hits locally
SANTA CRUZ — Local lenders are seeing a ripple effect from the shake-up in the mortgage industry resulting from home loans going sour. (Thu, 02 Aug 2007 13:46:35 GMT)

Federal Home Loan Bank of Atlanta to Award Alabama Communities Nearly $1 Million for Affordable Housing
Federal Home Loan Bank of Atlanta will award $951,500 in Affordable Housing Program grants to help fund 121 single-family homes for very low- to moderate-income households in communities throughout Alabama. (Thu, 02 Aug 2007 14:08:00 GMT)

Brazil's Real Gains as U.S. Subprime Mortgage Concerns Ease
Aug. 2 (Bloomberg) -- Brazil's real rose on easing concerns that U.S. subprime mortgage losses will spread to the broader economy and reduce demand for riskier emerging-market assets. (Thu, 02 Aug 2007 14:14:03 GMT)

Mortgage rates ease for second straight week
Mortgage rates eased for the second time in two weeks after rising substantially over the past two months, Freddie Mac reported Thursday. (Thu, 02 Aug 2007 14:47:00 GMT)

Accredited Home Says Weak Mortgage Market May Force Bankruptcy
Aug. 2 (Bloomberg) -- Accredited Home Lenders Holding Co., the subprime mortgage company that agreed to be acquired by buyout firm Lone Star Funds, said it may have to follow rivals into bankruptcy if prices in mortgage markets don't improve. The shares plunged as much as 41 percent. (Thu, 02 Aug 2007 15:10:53 GMT)

U.S. mortgage rates down slightly
U.S. mortgage rates were down slightly this week because of lower Treasury yields, a Freddie Mac mortgage survey said Thursday. (Thu, 02 Aug 2007 15:20:20 GMT)

U.S. mortgage rates slip slightly
CHICAGO (MarketWatch) -- Mortgage rates moved down slightly this week, aided by lower bond yields, Freddie Mac's chief economist said on Thursday. (Thu, 02 Aug 2007 15:25:50 GMT)

Mortgage rates dip
McLEAN, Va. - A drop in Treasury yields pushed long-term mortgage rates slightly lower this week. Freddie Mac says the rate on the 30-year fixed-rate mortgage averaged 6.68 percent -- down one basis point from last week. (Thu, 02 Aug 2007 16:12:53 GMT)

U.S. mortgage rate edge down slightly
Mortgage rates around the country edged down this week, with rates on 30-year home loans sinking to their lowest point in a month, good news for prospective buyers. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.68 percent. That was down slightly from 6.69 percent last week and was the lowest since early July, when rates stood at 6.63 percent. ... (Thu, 02 Aug 2007 17:41:03 GMT)

Finance chiefs vie to soothe mortgage, credit 'crisis'
Finance chiefs and international banks voiced caution Thursday, reminding investors that stock markets can fall as well as rise, as fears about the distressed US mortgage market and a credit "crisis" continued to unsettle global markets. (Thu, 02 Aug 2007 17:50:53 GMT)

US Mortgage Rate Edge Down Slightly
WASHINGTON -- Mortgage rates around the country edged down this week, with rates on 30-year home loans sinking to their lowest point in a month, good news for prospective buyers. (Thu, 02 Aug 2007 17:54:28 GMT)

Federal Home Loan Bank of Atlanta Announces New Board Members
Federal Home Loan Bank of Atlanta today announced that the Federal Housing Finance Board has appointed two new members to FHLBank Atlanta's board of directors. (Thu, 02 Aug 2007 18:33:00 GMT)

Mortgage rates edge down slightly
Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.68 percent. That was down slightly from 6.69 percent last week. (Thu, 02 Aug 2007 19:47:53 GMT)

Indymac to Make `Major Changes' to Mortgage Lending (Update1)
Aug. 2 (Bloomberg) -- IndyMac Bancorp Inc. is making ``very major changes'' to its lending standards and may raise interest rates it offers on home loans because of a slump in mortgage securities, according to an e-mail to employees. (Thu, 02 Aug 2007 19:55:54 GMT)

Indymac to Make `Major Changes' to Mortgage Lending (Update2)
Aug. 2 (Bloomberg) -- IndyMac Bancorp Inc. is joining rival lenders in making ``very major changes'' to loan standards and raising interest rates because of a slump in mortgage securities, an e-mail to the company's employees said. (Thu, 02 Aug 2007 20:41:08 GMT)

American Home Mortgage to close Friday - report
NEW YORK (Reuters) -- Mortgage lender American Home Mortgage Investment Corp is closing its doors Friday and has told employees they will be laid off, according to Newsday , citing an e-mail to employees from Chief Executive Michael Strauss. (Thu, 02 Aug 2007 21:31:33 GMT)

Loan agent makes off with Rs 1.9 lakh
Javed Ahmed opted for a bank loan to fulfil his dream of a home. But his agent took advantage of his ignorance and siphoned off Rs 1.9 lakh from his bank account. (Thu, 02 Aug 2007 22:18:40 GMT)

Mortgage rates drop; 30-year averages 6.68%
Mortgage rates around the country edged down this week, with rates on 30-year home loans sinking to their lowest point in a month, good news for prospective buyers. (Thu, 02 Aug 2007 22:41:31 GMT)

American Home Mortgage to close Friday: report
Mortgage lender American Home Mortgage Investment Corp is closing its doors on Friday, and has told employees they will be laid off, according to the Long Island newspaper Newsday, citing an e-mail to employees from Chief Executive Michael Strauss. (Thu, 02 Aug 2007 22:50:59 GMT)

Finance chiefs vie to soothe mortgage, credit 'crisis'
Finance chiefs and international banks voiced caution Thursday, reminding investors that stock markets can fall as well as rise, as fears about the distressed US mortgage market and a credit "crisis" continued to unsettle global markets. (Thu, 02 Aug 2007 22:54:14 GMT)

Bank Muamalat home loan drive
KUALA LUMPUR: Bank Muamalat Malaysia Bhd (BMMB) has launched a home financing campaign aimed at financing and refinancing completed properties in high and medium growth areas. (Thu, 02 Aug 2007 23:53:46 GMT)

American Home Will Close as Loan Demand Collapses (Update2)
Aug. 2 (Bloomberg) -- American Home Mortgage Investment Corp. plans to shut down, becoming the second-biggest residential lender to fail this year as bad loans spread to people with good credit records. (Fri, 03 Aug 2007 00:10:54 GMT)

American Home Mortgage closing most operations
American Home Mortgage Investment Corp. said on Thursday it had ceased most operations and would cut nearly 7,000 jobs. (Fri, 03 Aug 2007 00:38:48 GMT)

Parts of secondary mortgage market freeze up for lenders
SAN FRANCISCO (MarketWatch) -- The secondary market that supports a big part of the U.S. mortgage industry has ground to a halt in recent days, a development that could dramatically increase the cost of home loans in expensive regions, experts said on Thursday. (Fri, 03 Aug 2007 01:10:42 GMT)

Mortgage Lender Says It Will Close
American Home Mortgage said it would cease most operations on Friday, falling victim to the ongoing problems in the mortgage industry. (Fri, 03 Aug 2007 01:39:28 GMT)

Nation's mortgage applications drop
WASHINGTON -- Applications for U.S. home mortgages fell last week as the housing market continued to struggle, an industry group said Wednesday. (Fri, 03 Aug 2007 02:20:03 GMT)

American Home Mortgage Cuts Staffing
American Home Mortgage Investment Corp., which raised fears this week that it may become insolvent, said Thursday it has stopped taking mortgage applications and is cutting most of its staff of more than 7,000 effective Friday. (Fri, 03 Aug 2007 02:35:30 GMT)

American Home Mortgage says it will close
American Home Mortgage said it would cease most operations on Friday, falling victim to the ongoing problems in the mortgage industry. (Fri, 03 Aug 2007 03:16:11 GMT)

American Home Mortgage to close
NEW YORK (Reuters) -- American Home Mortgage Investment Corp plans to close most operations Friday and said nearly 7,000 employees will lose their jobs, as the lender becomes one of the biggest casualties of the U.S. housing downturn. (Fri, 03 Aug 2007 03:54:53 GMT)

Taking a home loan? Ask these questions!
Before you sign on the dotted line, ask your home-loan provider a few tough questions. (Fri, 03 Aug 2007 05:35:11 GMT)

Home loan crisis affects more firms
One lender says it will halt operations, while another may file for bankruptcy protection. (Fri, 03 Aug 2007 07:23:02 GMT)

American Home Mortgage to shut down
Nation's 10th largest mortgage lender to close as housing slump drags on; 7,000 workers to lose their jobs. (Fri, 03 Aug 2007 08:01:29 GMT)

Reverse mortgage: No clarity on tax liability
National Housing Bank, the refinancing and regulatory authority of housing finance companies in India, is of the opinion that reverse mortgage would fall under the tax bracket unless the government clarifies on exempting reverse mortgage. (Fri, 03 Aug 2007 08:05:11 GMT)

Mortgage rates drop
WASHINGTON -- Mortgage rates around the country edged down this week, with rates on 30-year home loans sinking to their lowest point in a month, good news for prospective buyers.Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.68 percent. (Fri, 03 Aug 2007 08:07:53 GMT)

American Home Mortgage to close Friday
American Home Mortgage Investment Corp plans to close most operations on Friday and said nearly 7,000 employees will lose their jobs as the lender becomes one of the biggest casualties of the U.S. housing downturn. (Fri, 03 Aug 2007 10:52:54 GMT)

American Home Mortgage to lay off over 6,000 workers
LONDON (MarketWatch) -- Troubled lender American Home Mortgage Investment late Thursday said it's going to lay off over 6,000 workers and stop taking mortgage applications as it struggles to avoid bankruptcy. (Fri, 03 Aug 2007 10:55:21 GMT)

Mortgage Lenders Revise Policies, Raise Rates
IndyMac Bancorp is joining rival lenders in making "very major changes" to home-loan standards and charging higher rates because of a slump in mortgage securities, the company's chief executive said. (Fri, 03 Aug 2007 11:31:41 GMT)

MHI Hospitality Corporation Announces Refinancing of Hilton Savannah DeSoto Hotel
MHI Hospitality Corporation announced today that through its subsidiary, Savannah Hotel Associates, L.L.C., the Company has entered into and closed a $23 million, 10-year mortgage refinancing with MONY Life Insurance Company of the existing note and security deed on the Hilton Savannah DeSoto. (Fri, 03 Aug 2007 12:00:00 GMT)

Mortgage sector worry and data lead market lower
Stocks declined on Friday on weaker-than-expected economic data and evidence the mortgage market's problems are taking a wider toll on financial company shares, including Bear Stearns Cos. Inc. (Fri, 03 Aug 2007 14:44:40 GMT)

Next victims of the credit squeeze
Turbulence in the credit markets has already claimed several casualties - from highly leveraged hedge funds to mortgage providers whose lenders have cut them off. (Fri, 03 Aug 2007 14:46:29 GMT)

US mortgage giant ceases business, lays off thousands
American Home Mortgage, one of the country's biggest mortgage companies, said it would cease business Friday as it becomes one of the latest casualties of a widespread housing downturn. (Fri, 03 Aug 2007 15:29:08 GMT)

Mortgage fallout, economic data dent shares
Stocks fell on Friday after a ratings agency gave investment bank Bear Stearns Cos. a negative outlook, heightening worries about mortgage market losses, and data suggested weakness in the economy. (Fri, 03 Aug 2007 15:35:54 GMT)

Mortgage fallout weighs on Wall Street
Stocks fell on Friday, as worries about mortgage losses deepened after a ratings agency cut its outlook on investment bank Bear Stearns Cos.' debt, and data suggested weakness in the economy. (Fri, 03 Aug 2007 16:44:01 GMT)

US mortgage giant ceases new business, lays off thousands
American Home Mortgage, one of the country's biggest mortgage companies, ceased new business Friday and blamed its woes on the stricken US housing market and a related credit crunch. (Fri, 03 Aug 2007 16:57:10 GMT)

American Home Mortgage lays off 7,000
American Home Mortgage Investment said Thursday it would fire nearly 7,000 employees, an exclamation mark to one of the biggest and fastest corporate collapses in the U.S. housing downturn. (Fri, 03 Aug 2007 17:35:14 GMT)

Rising fears of mortgage losses drive indexes down
Stocks slid sharply on Friday, with fears about mortgage losses intensifying after Bear Stearns' chief financial officer said fixed-income market turmoil was worse than the Internet bubble, and as jobs data suggested weakness in the economy. (Fri, 03 Aug 2007 18:55:20 GMT)

Mortgage lenders stuck as secondary market hesitates to buy risky home loan securities
Read this article ] (Fri, 03 Aug 2007 19:08:55 GMT)

Risk on AAA Subprime-Mortgage Bonds Rises, ABX Index Shows
Aug. 3 (Bloomberg) -- The perceived risk of AAA rated subprime-mortgage securities surged after Wells Fargo & Co., Wachovia Corp. and other lenders tightened standards on less risky homeowner debt, benchmark credit-derivatives prices show. (Fri, 03 Aug 2007 19:40:44 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? (Fri, 03 Aug 2007 19:52:36 GMT)

American Home Workers Out of Time
Some companies fade away over time. American Home Mortgage Investment Corp. is disappearing right before its 7,000 employees' eyes. The latest victim of the subprime mortgage implosion has run out of money, and now its workers have run out of time. (Fri, 03 Aug 2007 19:55:35 GMT)

Bear Stearns Rating Outlook Cut on Mortgage Concern (Update4)
Aug. 3 (Bloomberg) -- Bear Stearns Cos., the manager of two hedge funds that collapsed last month, had its credit-rating outlook cut to negative by Standard & Poor's on concern declining prices for mortgage-backed securities will reduce earnings. (Fri, 03 Aug 2007 19:59:47 GMT)

Other News in Brief: MHI Hospitality Refis Hilton Savannah DeSoto Hotel; Wells Fargo Opens New Office in New Jersey; ...
MHI Hospitality Corp. has announced that its subsidiary, Savannah Hotel Associates L.L.C., has closed a $23 million, 10-year mortgage refinancing with MONY Life Insurance Co. of the existing note and security deed on the Hilton Savannah DeSoto. (Fri, 03 Aug 2007 20:12:22 GMT)

Loan options in the interest whirlpool
It is difficult for middle-class society to come to terms with the increasing home loan interest rates. Harsh Roongta gives us some insight on how to deal with the volatile dealings. (Fri, 03 Aug 2007 20:56:02 GMT)

Dow loses over 280 points on mortgage, credit fears
The leading Dow Jones Industrial Average plunged over two percent Friday as US stock markets suffered a battering from mortgage- and credit-related woes. (Fri, 03 Aug 2007 21:00:18 GMT)

Red Capital Mortgage Structures $200M DUS Credit Facility and Funds For Investors Loans
Columbus, Ohio -- Red Mortgage Capital Inc., a national Fannie Mae DUS lender, created a Fannie Mae DUS Credit Facility for Olympic Investors to facilitate the acquisition and refinance of multifamily properties intended for Olympic-IDA Fund II, LLC, a private, multifamily investment fund. (Fri, 03 Aug 2007 21:12:23 GMT)

Workers Upbeat Despite Mortgage Company Layoffs
Some companies fade away over time. American Home Mortgage Investment Corp. is disappearing right before its 7,000 employees' eyes. The latest victim of the subprime mortgage implosion has run out of money, and now its workers have run out of time. (Fri, 03 Aug 2007 23:10:00 GMT)

Mortgage borrowers in turmoil as lenders cut off riskier loans
CHICAGO (MarketWatch) -- Some nontraditional mortgage loans have vanished from lenders' menus, while others have gotten more expensive during an eventful week for those in the mortgage industry. (Fri, 03 Aug 2007 23:40:21 GMT)

Markets Fall as Lender Woes Keep Mounting
Stocks tumbled on fears that worsening ills in the mortgage and debt markets could soon take a significant toll on the overall economy. (Sat, 04 Aug 2007 01:54:28 GMT)

Mortgage Firm Fails, to Employees' Disbelief
MELVILLE, N.Y., Aug. 3 -- Some companies fade away over time. American Home Mortgage Investment is disappearing quickly, right in front of its 7,000 employees' eyes. The latest victim of the subprime mortgage collapse has run out of money, and now its workers have run out of time. (Sat, 04 Aug 2007 02:09:52 GMT)

Some subprime loans pulled from market
Lenders have abruptly stopped offering the most popular type of subprime mortgage. Credit-challenged borrowers suddenly have fewer options. “Many borrowers are not going to be able to refinance,” says Deborah Goldstein, executive vice president of the Center for Responsible Lending. (Sat, 04 Aug 2007 05:59:21 GMT)

HCI Mortgage Provides Victims of Katrina with FHA Loan Opportunities
There are many hurricane Rita and Katrina victims that could benefit from an FHA loan that will allow them to borrow 100% of the purchase price, using the FHA 203H program. Many families assume that home ownership is out of reach after struggling through the hurricanes or other circumstances, but HCI Mortgage can help. (Sat, 04 Aug 2007 07:01:00 GMT)

Buying a home? It's wise to avoid closing arguments
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. Welcome to the closing table, where you'll have dozens of documents to sign and a forest of fees to pay. Although you might want to sign the papers quickly so you can get the keys to your new home, take time to look things over. ... (Sat, 04 Aug 2007 07:07:28 GMT)

HCI Mortgage Provides Victims of Katrina with FHA Loan Opportunities
There are many hurricane Rita and Katrina victims that could benefit from an FHA loan that will allow them to borrow 100% of the purchase price, using the FHA 203H program. Many families assume that home ownership is out of reach after struggling through the hurricanes or other circumstances, but HCI Mortgage can help. (PRWeb Aug 4, 2007) Post Comment:Trackback URL: ... (Sat, 04 Aug 2007 07:11:56 GMT)

Home loan rates to decrease?
Is there a correction in home loan interest rates, or is it just an off-season blip? (Sat, 04 Aug 2007 07:20:35 GMT)

Regulator suggests limits on mortgage rates, card fees
WASHINGTON A federal banking regulator proposed Friday to increase its ability to prohibit abusive practices in mortgage lending and setting credit cards rates. (Sat, 04 Aug 2007 07:25:05 GMT)

Workers upbeat despite American Home Mortgage closing
MELVILLE, N.Y. | Some companies fade away over time. American Home Mortgage Investment Corp. is disappearing right before its 7,000 employees' eyes. The latest victim of the subprime mortgage implosion has run out of money, and now its workers have run out of time. (Sat, 04 Aug 2007 08:21:01 GMT)

Dow falls 281 on mortgage, credit fears
NEW YORK -- Stocks tumbled yesterday on fears that the worsening ills in the mortgage and debt markets could soon take a significant toll on consumers, businesses and the overall economy. (Sat, 04 Aug 2007 09:06:47 GMT)

Minority home loans rise at Wachovia, BofA
Bank of America Corp. and Wachovia Corp. made more home-purchase mortgages to Hispanic and African American borrowers last year, but they continued to deny their loan applications more often than whites, an Observer analysis of loan data found. Both banks also reported more high-rate loans in 2006, although these mortgages remained a small part of their portfolios. The subprime mortgage business ... (Sat, 04 Aug 2007 11:59:55 GMT)

Livingston sign Kennedy on loan
Livingston take Middlesbrough midfielder Jason Kennedy on loan and sign left-back Craig James. (Sat, 04 Aug 2007 14:03:48 GMT)

Lenders cut back, tighten terms
Once seemingly confined to subprime lending, problems in the mortgage industry showed signs of spreading to more-creditworthy borrowers Friday, triggering concerns about the potential fallout on the real estate market. (Sat, 04 Aug 2007 14:43:27 GMT)

Mortgage rates getting lower
Mortgage rates around the country edged down this week, with rates on 30-year home loans sinking to their lowest point in a month. (Sat, 04 Aug 2007 15:03:43 GMT)

Mortgage firm begins to cut its operations
NEW YORK - American Home Mortgage Investment Corp., which raised fears this week that it may become insolvent, said Thursday it has stopped taking mortgage applications and is cutting most of its staff of more than 7,000 effective Friday. (Sat, 04 Aug 2007 16:45:57 GMT)

Mortgage woes resurface
NEW YORK - Shares of American Home Mortgage Investment Corp. plunged 90 percent Tuesday after the company raised fears it may become insolvent, renewing concern about worsening credit quality in the mortgage market and killing a Wall Street rally. (Sat, 04 Aug 2007 16:47:26 GMT)

How to reclaim an inflated mortgage exit fee
the country's biggest lenders have scrapped mortgage exit fees after a clampdown by the Financial Services Authority (FSA). But experts warn that borrowers can still be stung by high mortgage costs. (Sat, 04 Aug 2007 19:17:57 GMT)

Mortgage stress explosion in NZ
Soaring interest rates and house prices have triggered an explosion in "mortgage stress", with the number of households devoting more than 40% of their take-home pay to home loan repayments tripling in just three years. (Sat, 04 Aug 2007 19:45:12 GMT)

Loan options in the interest whirlpool
It is difficult for middle-class society to come to terms with the increasing home loan interest rates. Harsh Roongta gives us some insight on how to deal with the volatile dealings. (Sat, 04 Aug 2007 20:55:54 GMT)

Mortgage stress mushrooms
New research by economist Brian Easton shows half a million New Zealanders are now living in mortgage stress, spending more than 40c in every after-tax dollar their households earn on the mortgage. (Sun, 05 Aug 2007 03:42:11 GMT)

Fed seen standing firm as mortgage pain worsens
Pedestrians walk past the New York Stock Exchange, on July 27, in New York City. The Federal Reserve is widely expected to keep US interest rates on hold at its meeting Tuesday despite increasing angst about America's troubled housing and mortgage markets, economists say. (Sun, 05 Aug 2007 03:52:26 GMT)

Fed seen standing firm as mortgage pain worsens
The Federal Reserve is widely expected to keep US interest rates on hold at its meeting Tuesday despite increasing angst about America's troubled housing and mortgage markets, economists say. (Sun, 05 Aug 2007 04:08:37 GMT)

Home repair loan rule on commissioners' agenda
When and where: 9 a.m. Monday at the Cumberland County Courthouse. (Sun, 05 Aug 2007 04:08:46 GMT)

The bubble in leveraged merger and acquisition far larger than dot com and mortgage bubble – Dow can plunge below ...
The bubble in leveraged merger and acquisition far larger than dot com and mortgage bubble – Dow can plunge below 10,000 before end of the year The stock market fundamentals are the worst in the last two hundred years. The worst bubble is in leveraged merger and acquisition sector. (Sun, 05 Aug 2007 04:27:00 GMT)

Minority home loans rise at Bank of America, Wachovia
Bank of America and Wachovia made more home-purchase mortgages to Hispanic and African American borrowers last year, but they continued to deny their loan applications more often than whites, an Observer analysis of loan data found. (Sun, 05 Aug 2007 04:41:23 GMT)

No money down vanishing as mortgage option
Lenders faced with growing piles of bad loans, even to borrowers once considered good credit risks, have clamped down on the no-money-down mortgage. The abrupt shift threatens to dash the hopes of millions of potential buyers, especially those shopping for their first homes. (Sun, 05 Aug 2007 04:49:10 GMT)

Regulator suggests limits on mortgage rates, card fees
WASHINGTON A federal banking regulator proposed Friday to increase its ability to prohibit abusive practices in mortgage lending and setting credit cards rates. (Sun, 05 Aug 2007 04:55:23 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, 05 Aug 2007 05:37:36 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. (Sun, 05 Aug 2007 05:37:56 GMT)

Closing on your home? Don't rush
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. (Sun, 05 Aug 2007 06:03:40 GMT)

Fed seen standing firm as mortgage pain worsens
The Federal Reserve is widely expected to keep US interest rates on hold at its meeting Tuesday despite increasing angst about America's troubled housing and mortgage markets, economists say. (Sun, 05 Aug 2007 06:48:05 GMT)

Something For Nothing Home Deals
There's a home-buying deal out there that's more than too good to be true. It's too good to talk about in public. (Sun, 05 Aug 2007 06:49:55 GMT)

Anyone interested in free cash?
My previous article dealt with the many reasons to carry a big mortgage. In that article I said that it's possible to invest the money you harvest by refinancing, where your principal is never at risk, where you can earn an average of 9 percent on your money and have it grow tax free. (Sun, 05 Aug 2007 07:15:24 GMT)

Mortgage interest on multiple dwellings
Why is mortgage interest deductible without limit on two homes and not just the main residence? Some accountants have jokingly referred to the concept as the Congressman's Rule because some of our lawmakers have a residence in the nation's capital and another in their home state. (Sun, 05 Aug 2007 07:17:23 GMT)

High roller of home loans
Over five years, Quick Loan Funding wrote $3.8 billion in mortgages to people with shaky credit. (Sun, 05 Aug 2007 07:29:09 GMT)

Demise of top mortgage lender shocks employees
Melville, N.Y. -- Some companies fade away over time. American Home Mortgage Investment Corp. is disappearing right before its 7,000 employees' eyes. The latest victim of the subprime mortgage implosion has run out of money, and now its workers have run out of time. (Sun, 05 Aug 2007 08:03:27 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, 05 Aug 2007 09:24:41 GMT)

Refinance Now to Avoid your ARM rate Increase
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Sun, 05 Aug 2007 09:52:36 GMT)

Dubai Islamic Bank launches new Al Islami Home Refinance product
Dubai Islamic Bank (DIB) announced today the launch of its new Al Islami Home Refinance product that allows customers to convert the equity gain in their property into another asset. (Sun, 05 Aug 2007 10:06:01 GMT)

Peoples Bank forms mortgage department
BILOXI -- The Peoples Bank has formed a full-service Mortgage Loan Department, headed by the former president of Charter Mortgage, announced Chevis C. Swetman, chairman and CEO of the bank. (Sun, 05 Aug 2007 10:39:34 GMT)

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