Mortgage News Aug 2007
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Federal Home Loans Banks Consider Merger
The Federal Home Loan Banks of Dallas and Chicago said Wednesday they are considering merging their operations. The banks are cooperatives owned by member financial institutions in their areas. (Wed, 08 Aug 2007 22:18:05 GMT)
Dallas, Chicago home loan banks consider merging
Associated Press - August 8, 2007 6:34 PM ET DALLAS (AP) - The Federal Home Loan Banks of Dallas and Chicago today announced they're considering merging their operations. (Wed, 08 Aug 2007 22:49:28 GMT)
U.S. home loan applications up 8.1%
U.S. home loan applications up 8.1 percent (Thu, 09 Aug 2007 01:42:47 GMT)
Mortgage Broker Under Fire Surrenders License
Agents from the Federal Bureau of Investigation have raided the offices of several loan officers and mortgage brokers in Sacramento. (Thu, 09 Aug 2007 02:34:47 GMT)
Mortgage giants may fail to provide silver bullet to distressed market, expoerts say
WASHINGTON — Easing the investment constraints that Fannie Mae and Freddie Mac face may be insufficient to rescue homeowners and investors caught up in the mortgage market turbulence. (Thu, 09 Aug 2007 03:24:48 GMT)
Home loan: Fixed is floating and vice versa
Weird as it may sound, as far home loans in India are concerned, floating can be fixed and fixed can be floating. (Thu, 09 Aug 2007 03:35:52 GMT)
Is Your Mortgage in Trouble?
Your lender may have disappeared but (sorry) your mortgage isn't going to. Here's what does happen—and why you should worry (Thu, 09 Aug 2007 03:57:12 GMT)
Government May Raise Limits on Home-Loan Purchases
Hoping to increase liquidity in the mortgage market, the secretary of housing and urban development suggested that the government might raise the limit on purchase of home loans by Fannie Mae and Freddie Mac. (Thu, 09 Aug 2007 04:26:53 GMT)
MORTGAGE CRUNCH / Money supply drying up -- jumbo loan rates soar, even for buyers with excellent credit
Need a mortgage this month? It's going to be harder -- and more expensive -- to get one. In the past week, turmoil in the mortgage markets has caused increasing problems for home buyers in the Bay Area and around the nation. Kurt Herrenbruck, a... (Thu, 09 Aug 2007 04:57:17 GMT)
Mortgage applications rise as rates drop
Applications for U.S. home loans rose last week - despite the industry's turmoil - as the cost of a conventional 30-year fixed-rate mortgage dropped. (Thu, 09 Aug 2007 05:33:45 GMT)
Applications for home loans increase in U.S.
Mortgage applications climbed in the face of a tightening credit market after a three-week decline, an industry group reported Wednesday. The Mortgage Bankers Association's seasonally adjusted index, which tracks purchase and refinance loans, rose 8.1 percent for the week that ended Aug. 3. (Thu, 09 Aug 2007 05:50:22 GMT)
AIG profit jumps despite losses in mortgage unit
Domestic property and casualty coverage operations post gains. American International Group Inc. reported a 34% jump in second-quarter profit Wednesday despite a $78-million operating loss in its mortgage insurance unit caused by weakness in the U.S. housing market. (Thu, 09 Aug 2007 07:06:55 GMT)
Luminent a victim of home mortgage meltdown's collateral damage
Nothing illustrates the swift collapse of the home-loan market better than Luminent Mortgage Capital of San Francisco, which is teetering on collapse the week after it assured investors it was fine. Luminent is a real estate investment trust that buys, sells... (Thu, 09 Aug 2007 07:24:36 GMT)
Toll Free 1.866.428.3413 Bus. Tel: 519.942.8373 Fax: 519.942.2290 Residential
Toll Free 1.866.428.3413 Bus. Tel: 519.942.8373 Fax: 519.942.2290 Residential Purchase Debt Consolidation Equity Take Out Mortgages Mortgage Investment Opportunities Mortgage Renewals and Refinancing Recreational Property Mortgages Rental Property Mortgages IN TODAY’S COMPETITIVE MARKETPLACE IT PAYS TO BE INFORMED. (Thu, 09 Aug 2007 08:31:07 GMT)
Banks join forces to securitize Russian mortgage loans
RBC, 09.08.2007, Moscow 13:54:54. The banks VTB, UniCredit and Deutsche Bank AG are expected to provide $2bn to undertake a joint program for mortgage securitization. (Thu, 09 Aug 2007 10:17:22 GMT)
BNP Paribas suspends funds in mortgage chaos
French bank BNP Paribas suspended three of its funds on Thursday as problems in the US sub-prime mortgage sector prevented it from calculating their value. (Thu, 09 Aug 2007 11:01:37 GMT)
Bankrate: Jumbo Mortgage Rates Rise Again
It was a topsy-turvy week for mortgage rates, with the average conforming 30-year fixed mortgage rate falling to 6.66 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.25 discount and origination points. (Thu, 09 Aug 2007 11:30:00 GMT)
Mortgage crunch hits Bay Area hard because of jumbo loans
Need a mortgage this month? It's going to be harder - and more expensive - to get one. In the past week, turmoil in the mortgage markets has caused increasing problems for home buyers in the Bay Area and around the nation. Kurt Herrenbruck, a mortgage planner... (Thu, 09 Aug 2007 11:57:06 GMT)
Dallas, Chicago home loan banks consider merging
Associated Press - August 9, 2007 8:04 AM ET DALLAS (AP) - The Federal Home Loan Banks of Dallas and Chicago yesterday announced they're considering merging their operations. (Thu, 09 Aug 2007 12:04:49 GMT)
Is Your Mortgage in Trouble?
By the time American Home Mortgage officially filed for bankruptcy on Monday, Aug. 6, its shareholders had lost nearly everything and over 6,000 employees had lost their jobs. But the company's borrowers now face yet another predicament: What will become of their mortgages? (Thu, 09 Aug 2007 12:08:41 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. (Thu, 09 Aug 2007 13:40:48 GMT)
Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Thu, 09 Aug 2007 13:41:02 GMT)
Mortgage applications climb
The increase was despite cutbacks from lenders worried about the subprime market. Applications for U.S. home loans rose last week -- despite the industry's turmoil -- as the cost of a conventional 30-year fixed-rate mortgage dropped. (Thu, 09 Aug 2007 13:54:42 GMT)
Federal Home Loan Bank of Atlanta Awards $3.6 Million for Affordable Housing in Georgia
Federal Home Loan Bank of Atlanta will award $3.6 million in grants to help developers in Georgia build, buy, or repair 724 single-family and multifamily housing units for lower-income residents in communities throughout the state. (Thu, 09 Aug 2007 14:19:00 GMT)
Is Your Mortgage in Trouble?
Your lender may have disappeared but (sorry) your mortgage isn't going to. Here's what does happen—and why you should worry (Thu, 09 Aug 2007 14:37:21 GMT)
H&R Block Continues Mortgage Job Cuts
H&R Block Inc. said Thursday it will cut more jobs at its struggling subprime mortgage unit and that the planned sale of the business could be delayed until later in the year. (Thu, 09 Aug 2007 14:55:29 GMT)
Federal Home Loan Banks of Dallas, Chicago Consider Merger
sum: The Federal Home Loan Banks of Chicago and Dallas say they are considering combining the business operations of the two institutions. (Thu, 09 Aug 2007 14:55:54 GMT)
Mortgage delinquencies spreading: AIG
Residential mortgage delinquencies and defaults are becoming more common among borrowers in the category just above subprime, American International Group said on Thursday. (Thu, 09 Aug 2007 14:57:10 GMT)
Block's mortgage unit will cut more jobs
H&R Block Inc.'s mortgage subsidiary will cut about 185 jobs in addition to roughly 615 jobs Block said in May that the unit would cut, Block spokesman Nick Iammartino said Thursday. (Thu, 09 Aug 2007 15:14:38 GMT)
Mortgage rates fall for third straight week
Mortgage rates fell for the third straight week after rising substantially over the previous two months, Freddie Mac reported Thursday. (Thu, 09 Aug 2007 15:16:39 GMT)
Mortgage rates drop to lowest level in months
WASHINGTON Rates on 30-year mortgages sank this week to their lowest point in two months, a dose of good news for people thinking about buying a home. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.59 percent. That was down from 6.68 percent last week and was the lowest since early June, when rates stood at 6.53 percent. The moderation is a ... (Thu, 09 Aug 2007 16:42:35 GMT)
30-year mortgage rates at lowest level since early June
Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.59%. That was down from 6.68% last week and was the lowest since early June, when rates stood at 6.53%. (Thu, 09 Aug 2007 16:43:28 GMT)
Fixed Mortgage Rates Sink Further
WASHINGTON -- Rates on 30-year mortgages sank this week to their lowest point in two months, a dose of good news for people thinking about buying a home. (Thu, 09 Aug 2007 16:49:45 GMT)
Dallas and Chicago Home Loan Banks Consider Merging
DALLAS (AP) - The Federal Home Loan Banks of Dallas and Chicago say they're considering merging their operations. The banks are cooperatives owned by member financial institutions in their areas. They're part of a national system of 12 banks that help provide funding for residential mortgages and community development. (Thu, 09 Aug 2007 16:57:11 GMT)
Luminent a victim of home mortgage meltdown's collateral damage
Nothing illustrates the swift collapse of the home-loan market better than Luminent Mortgage Capital of San Francisco, which is teetering on collapse the week after it assured investors it was fine. Luminent is a real estate investment trust that buys, sells... (Thu, 09 Aug 2007 17:27:07 GMT)
Mortgage delinquencies, defaults spreading: AIG
American International Group, one of the biggest U.S. mortgage lenders, warned on Thursday that mortgage defaults are spreading. (Thu, 09 Aug 2007 18:03:10 GMT)
Fixed Mortgage Rates Sink Further
Rates on 30-year mortgages sank this week to their lowest point in two months, a dose of good news for people thinking about buying a home. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.59 percent.... (Thu, 09 Aug 2007 18:38:49 GMT)
Q: How Big Is the Sub-Prime Mortgage Market? A: Not Very Big
Column: The subprime mortgage problem is grossly overstated; the sector is just too small. (Thu, 09 Aug 2007 19:01:33 GMT)
NIBC hit by US mortgage crisis
NIBC, the unlisted Dutch merchant bank backed by Chris Flowers, the former Goldman Sachs banker, on Thursday joined the ranks of European financial institutions damaged by US mortgage market mayhem when it disclosed substantial first-half losses. (Thu, 09 Aug 2007 20:30:34 GMT)
Small job gains reduce mortgage rates
Mortgage rates dropped slightly this week on low job creation and high unemployment, Freddie Mac said Thursday. (Thu, 09 Aug 2007 21:46:01 GMT)
30-year fixed mortgage rates sink
Rates on 30-year mortgages sank this week to their lowest point in two months, a dose of good news for people thinking about buying a home. (Thu, 09 Aug 2007 22:45:54 GMT)
Realty Q&A: When to pay cash for a house; reverse mortgage rules
WASHINGTON (MarketWatch) -- Question: If I can afford it, are there any pitfalls to paying cash for a house? Assuming all else being equal, is it more fiscally sound to own the house outright, or are there advantages to having a mortgage? I consider a home a place to live, not an investment. I invest in real estate via real estate investment trusts. The answer seems obvious to me, but other than ... (Fri, 10 Aug 2007 01:55:21 GMT)
Mortgage losses rock markets worldwide
Global markets staggered Thursday, after a big French bank triggered a worldwide financial scare by halting withdrawals from three investment funds that have lost money on high-risk U.S. mortgage securities. The central banks of major economies, including the United States, responded by pumping tens of billions of dollars into their banking systems to try to shore up investors' confidence. On ... (Fri, 10 Aug 2007 03:42:24 GMT)
Loan fears infect markets
Turmoil in the home loan market ricocheted from the United States to Europe and back again on Thursday as stocks on Wall Street suffered their biggest one-day decline since February, reflecting growing concerns about tightening credit worldwide. (Fri, 10 Aug 2007 04:09:06 GMT)
Risky-mortgage meltdown was predictable, preventable
It's called "payment shock." A typical home buyer with slightly blemished credit starts off with a $200,000 mortgage, a 7% interest rate and an initial monthly payment of $1,531. Everything's fine for two years until that low "teaser" rate expires and jumps to 11.5%, adding a whopping $625 to the monthly payment. (Fri, 10 Aug 2007 04:22:00 GMT)
GetSmart.com Suggests Ways to Use a Home Equity Loan
A Home equity loan can be a useful, tax deductible, way to tap equity that you have accumulated in your home. As long as you borrow wisely, this may be a good resource for some much needed cash. (Fri, 10 Aug 2007 07:01:00 GMT)
Mortgage Market Armageddon
Minnesota and other states are enacting punitive laws regarding mortgages and mortgage brokers. These laws are reducing certain mortgage product availability. (Fri, 10 Aug 2007 07:01:00 GMT)
Royal Consultants Provides Many New York Mortgage Options
A second New York mortgage is a great way to consolidate debt or even do some home repairs. Royal Consultants can provide fixed payment second mortgages or an equity line of credit, both of which are offered at competitive rates. (Fri, 10 Aug 2007 07:01:00 GMT)
3rd Circuit: Time to Cure Mortgage Default Ends at Auction
New Jersey homeowners facing foreclosure will have to move faster to cure a mortgage default, under a federal appeals court decision. The 3rd Circuit held that the right to cure ends when the property is sold at auction, rejecting the owner's argument that it continues until the deed is delivered to the purchaser. (Fri, 10 Aug 2007 07:02:55 GMT)
Royal Consultants Provides Many New York Mortgage Options
A second New York mortgage is a great way to consolidate debt or even do some home repairs. Royal Consultants can provide fixed payment second mortgages or an equity line of credit, both of which are offered at competitive rates. (PRWeb Aug 10, 2007) Post Comment:Trackback URL: http://www.prweb.com/pingpr.php/UHJvZi1Qcm9mLVBpZ2ctSGFsZi1UaGlyLVplcm8= (Fri, 10 Aug 2007 07:12:30 GMT)
Home loan losses jolt Wall Street
Turmoil in the home loan market ricocheted from the United States to Europe and back again Thursday as stocks on Wall Street suffered their biggest one-day decline since February. The drop reflected growing concerns about tightening credit worldwide. (Fri, 10 Aug 2007 07:15:56 GMT)
Mortgage Market Armageddon
Minnesota and other states are enacting punitive laws regarding mortgages and mortgage brokers. These laws are reducing certain mortgage product availability. This in turn is actually increasing the housing downturn by reducing the number of available home buyers and thereby accelerating the number of foreclosures. In addition, Federal laws trump State laws. Federally chartered lenders-ie big ... (Fri, 10 Aug 2007 07:27:18 GMT)
U.S., European central banks step in to contain mortgage crisis
The U.S. subprime mortgage mess escalated into a full-blown global financial crisis Thursday - making credit harder to get from Paris to San Francisco. Early Thursday, France's largest bank stopped letting clients take money out of several of its funds... (Fri, 10 Aug 2007 07:27:24 GMT)
GetSmart.com Suggests Ways to Use a Home Equity Loan
A Home equity loan can be a useful, tax deductible, way to tap equity that you have accumulated in your home. As long as you borrow wisely, this may be a good resource for some much needed cash. (PRWeb Aug 10, 2007) Post Comment:Trackback URL: http://www.prweb.com/pingpr.php/U3F1YS1JbnNlLVBpZ2ctSGFsZi1UaGlyLVplcm8= (Fri, 10 Aug 2007 07:28:09 GMT)
Why Now is a Good Time to Refinance Your ARM Loan
(ARA) - With gas prices in a state of constant flux, and energy costs going up and down too, the last thing you want to happen is for your mortgage to start fluctuating too. But if you have an adjustable rate mortgage (ARM), it will soon happen. (Fri, 10 Aug 2007 08:19:12 GMT)
Mortgage firm can't change grace period OK'd at closing
For eight years, Judy Pollock has been paying her mortgage the same day she receives her pension. The mortgage payment is automatically deducted from her checking account on the 10th of each month, the same day the pension is electronically deposited to the account. (Fri, 10 Aug 2007 08:33:26 GMT)
ECB Launching 3-Day Refinancing Tender to Provide Liquidity
Aug. 10 (Bloomberg) -- The European Central Bank said it will launch a three-day quick tender today to add liquidity after concerns over U.S. subprime mortgage losses continued to roil credit markets and drove overnight interest rates higher. (Fri, 10 Aug 2007 09:00:46 GMT)
Federal Home Loan Banks considering merger
The Federal Home Loan Banks of Dallas and Chicago said Wednesday they are considering merging operations. The banks are cooperatives owned by member financial institutions in their areas. (Fri, 10 Aug 2007 09:22:32 GMT)
Fixed mortgage rates decline
Rates on 30-year mortgages sank this week to their lowest point in two months, a dose of good news for people thinking about buying a home. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.59 percent, down 0.09 percent from a week ago. (Fri, 10 Aug 2007 09:28:38 GMT)
ECB Starts 3-Day Refinancing Tender to Provide Cash (Update1)
Aug. 10 (Bloomberg) -- The European Central Bank said it will launch a three-day quick tender today to add cash after concerns over U.S. subprime mortgage losses continued to roil credit markets and drove overnight interest rates higher. (Fri, 10 Aug 2007 09:45:36 GMT)
STOCKWATCH Hungarian banks down; liquidity crunch could hit refinancing
LONDON (Thomson Financial) - Hungarian banks were sharply down midday as losses in the US sub-prime mortgage market and the subsequent shortage of liquidity is hitting financial stocks around the world. (Fri, 10 Aug 2007 10:42:20 GMT)
Stocks suffer their worst loss since February / Home-loan turbulence causes new concerns over tightening of credit
Stocks sustained their biggest one-day decline since February on Thursday after the turmoil in the home-loan market caused renewed concerns about tightening credit worldwide. (Fri, 10 Aug 2007 10:55:30 GMT)
Insider Trading Likely At American Home Mortgage, Tarragon Corp.
Mark McQueen submits: The first story seemed odd enough: Days before his firm filed for bankruptcy on Monday, American Home Mortgage Investment Chairman and Chief Executive Michael Strauss sold US$3.5 million of stock at US$1.17 a share. (Fri, 10 Aug 2007 10:57:20 GMT)
Accredited Home Lenders Gets Regulatory Approval for Sale to Loan Star
Accredited Home Lenders announced Friday it has received regulatory approval from states representing over 95% of its loan production, thereby satisfying one of the primary conditions to closing its acquisition by an affiliate of the Lone Star Fund private equity group. (Fri, 10 Aug 2007 11:01:45 GMT)
Countrywide tumbles as mortgage market seizing
NEW YORK (MarketWatch) -- Shares of Countrywide Financial Corp., the largest U.S. home lender, fell more than 15% in pre-market trading on Friday after it said problems in the U.S. mortgage market poses a serious threat to its earnings and financial condition. (Fri, 10 Aug 2007 12:10:21 GMT)
Stocks suffer their worst loss since February / Home-loan turbulence causes new concerns over tightening of credit
Stocks sustained their biggest one-day decline since February on Thursday after the turmoil in the home-loan market caused renewed concerns about tightening credit worldwide. The decline began at the opening bell after a French bank, BNP Paribas, suspended... (Fri, 10 Aug 2007 12:12:07 GMT)
American Home Mortgage shareholder liquidates passive stake
American Home Mortgage Investment Corp.'s shareholder NWQ Investment Management Co. LLC liquidated its beneficially owned passive stake in the company, which recently filed for bankruptcy, as of July 31. (Fri, 10 Aug 2007 13:04:13 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. (Fri, 10 Aug 2007 13:10:17 GMT)
Fed Adds $19 Billion by Buying Mortgage-Backed Debt
Aug. 10 (Bloomberg) -- The Federal Reserve added $19 billion in temporary funds to the banking system through the purchase of mortgage-backed securities to help meet demand for cash amid a rout in bonds backed by home loans to riskier borrowers. (Fri, 10 Aug 2007 13:11:13 GMT)
List of companies that have recently said how deeply they are invested in the U.S. subprime mortgage market
Concerns over potential losses linked to the U.S. subprime mortgage market have prompted a number of European companies to state the extent of their exposure to the deteriorating market. (Fri, 10 Aug 2007 14:38:49 GMT)
Federal Home Loan Bank of Atlanta Announces New Chief Financial Officer
Federal Home Loan Bank of Atlanta today announced that Steven J. Goldstein has been named executive vice president and chief financial officer, effective August 9, 2007. (Fri, 10 Aug 2007 14:45:00 GMT)
SEC Looking Into Wall Street for Home Loan Weakness
The Securities and Exchange Commission is examining the books of major Wall Street banks to determine their vulnerability to home-loan defaults, a person familiar with the investigation said. (Fri, 10 Aug 2007 15:20:29 GMT)
Fitch Rates $293MM Merrill Lynch Mortgage Investors Trust, MLCC Series 2007-3
NEW YORK----Fitch rates Merrill Lynch Mortgage Investors Trust, MLCC Series 2007-3 residential mortgage pass-through certificates, as follows: $284,200,000 classes I-A1, I-A2, II-A1, II-A2, III-A1, III-A2 and A-R 'AAA' ; $4,698,000 class M-1 'AA'; $1,762,000 class M-2 'A'; $1,174,000 class M-3 'BBB'; $734,000 class B-1 'BB'; $440,000 class B-2 'B'. (Fri, 10 Aug 2007 17:05:00 GMT)
Fitch Rates $293MM Merrill Lynch Mortgage Investors Trust, MLCC Series 2007-3
::► Fitch Rates $293MM Merrill Lynch Mortgage Investors Trust, MLCC Series 2007-3◄:: Fitch rates Merrill Lynch Mortgage Investors Trust, MLCC Series 2007-3 residential mortgage pass-through certificates, as follows: ... (Fri, 10 Aug 2007 17:11:18 GMT)
Dodd Calls for Subprime Mortgage Law to Boost `Accountability'
Aug. 10 (Bloomberg) -- Senate Banking Committee Chairman Chris Dodd said he is drawing up legislation to strengthen subprime mortgage lending standards amid a credit crunch that has shaken financial markets around the world. (Fri, 10 Aug 2007 17:52:07 GMT)
US home loan crisis causes more global turbulence
US home loan woes caused more turbulence on world markets Friday despite the tens of billions of dollars released by central banks to stop the problem turning into a global economic crisis. (Fri, 10 Aug 2007 18:36:24 GMT)
Mortgage lender HomeBanc files for Chapter 11
Regional mortgage lender HomeBanc has filed for bankruptcy protection, the latest casualty of a housing market that continues to weaken. (Fri, 10 Aug 2007 18:47:01 GMT)
Countrywide, WaMu fall on heightened mortgage worry
Countrywide Financial Corp led shares of U.S. mortgage companies lower on Friday as investors received fresh reminders that a shortage of liquidity might crimp profits. (Fri, 10 Aug 2007 18:53:05 GMT)
US home loan crisis causes more global turbulence
US home loan woes caused more turbulence on world markets despite the tens of billions of dollars released by central banks. (Fri, 10 Aug 2007 18:53:31 GMT)
Mortgage companies
At least Countrywide (NYSE:CFC) has a choice. The biggest mortgage lender in the US has decided to keep some mortgage loans on its balance sheet as loans held for investment, rather than trying to flog them into a frozen market. This is far from ideal. It has had to take a bit of a hit on some of these loans, as detailed in its regulatory filing. (Fri, 10 Aug 2007 19:20:50 GMT)
Countrywide, WaMu fall on heightened mortgage worry
NEW YORK (Reuters) - Countrywide Financial Corp led shares of U.S. mortgage companies lower on Friday as investors received fresh reminders that a shortage of liquidity might crimp profits. (Fri, 10 Aug 2007 19:42:20 GMT)
Mortgage foreclosures increase, more expected
Greater Minnesota is ex-periencing a deluge of new mortgage foreclosures. A study from the Greater Minnesota Housing Fund projects Hubbard County mortgage foreclosures will rise more than 60 percent in 2007. (Fri, 10 Aug 2007 19:51:36 GMT)
Subprime crisis: Who can't get a mortgage now
The stock market is going crazy. Hedge funds are going under. But for the average American looking for a home loan, the crisis in the subprime mortgage market may actually be good news. (Fri, 10 Aug 2007 20:06:00 GMT)
Six questions consumers are asking about the mortgage market
CHICAGO (MarketWatch) -- It has been an eventful couple of weeks for the mortgage industry, and it's easy to see why more than a few consumers watching at home could be confused, wondering what the developments mean for their own finances. (Fri, 10 Aug 2007 20:10:31 GMT)
Who can't get a mortgage now
The stock market is going crazy. Hedge funds are going under. But for the average American looking for a home loan, the crisis in the subprime mortgage market may actually be good news. (Fri, 10 Aug 2007 20:16:29 GMT)
Federal Home Loan Bank of Chicago Announces 2007 Second Quarter Financial Results
The Federal Home Loan Bank of Chicago today announced its financial results for the second quarter of 2007 in its Form 10-Q filed with the U.S. Securities and Exchange Commission. The Bank reported net income during the second quarter of 2007 of $27 million, producing a return on average equity of 3.48%. (Fri, 10 Aug 2007 20:30:00 GMT)
Worried about making your mortgage payment? Heed these tips
WASHINGTON (MarketWatch) -- As a growing number of borrowers fall behind on their mortgage payments, the smartest move they can make is to contact their lender, mortgage-industry experts and consumer advocates say. (Fri, 10 Aug 2007 20:40:31 GMT)
Mortgage, credit turmoil should be 'manageable': IMF
The International Monetary Fund said Friday that global financial market turmoil sparked by the troubled US mortgage sector and a related credit crunch should be "manageable." (Fri, 10 Aug 2007 20:42:13 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. (Fri, 10 Aug 2007 20:53:16 GMT)
Federal Home Loan Bank of San Francisco's Board of Directors Appoints New Member to Affordable Housing Advisory Council
SAN FRANCISCO----The Board of Directors of the Federal Home Loan Bank of San Francisco has appointed Cloyd Phillips to fill a vacant position on the Bank's Affordable Housing Advisory Council . (Fri, 10 Aug 2007 21:00:00 GMT)
Mortgage Worries Sink WaMu
Shares of the bank drop after warning of diminishing conditions on the secondary mortgage market. (Fri, 10 Aug 2007 21:08:39 GMT)
Countrywide, WaMu fall on heightened mortgage worry
Countrywide Financial Corp led shares of U.S. mortgage companies lower on Friday as investors received fresh reminders that a shortage of liquidity might crimp profits. (Fri, 10 Aug 2007 22:26:09 GMT)
Mortgage Industry's Problems Hit Homeowners Hard
Big problems in the mortgage industry are hitting homeowners hard. (Fri, 10 Aug 2007 22:31:10 GMT)
Investment limits won't ease for home-loan giants
The government today said it will not ease investment limits on home-loan finance giants Fannie Mae and Freddie Mac. The companies had argued that allowing them to take on more debt would help pump cash into the struggling mortgage market. (Fri, 10 Aug 2007 23:28:46 GMT)
Central banks inject $326bn to ease US home loan crisis fears
New York • US home loan woes caused more turmoil on world markets yesterday despite the tens of billions of dollars released by central banks to stop the problem turning into a global economic crisis. (Fri, 10 Aug 2007 23:43:48 GMT)
US home loan crisis sparks more global turmoil
US home loan woes caused more turmoil on world markets Friday despite the tens of billions of dollars released by central banks to stop the problem turning into a global economic crisis. (Sat, 11 Aug 2007 00:39:17 GMT)
Mortgage Crisis Arrives in Hawaii
The mortgage crisis that shook financial markets this week stems from mortgage deliquencies and defaults that are far worse on the mainland than in Hawaii. But the islands have not escaped the problem altogether, and it may be getting worse. (Sat, 11 Aug 2007 03:06:11 GMT)
Home-loan giants barred from more debt
The government on Friday said it will not ease investment limits on home-loan finance giants Fannie Mae and Freddie Mac. The companies had argued that allowing them to take on more debt would help pump cash into the struggling mortgage market. (Sat, 11 Aug 2007 06:00:22 GMT)
Countrywide leads mortgage sector shares down
The mortgage giant says 'disruptions' could hurt earnings but CEO Mozilo is optimistic about the Fed's role. Countrywide Financial Corp. led shares of U.S. mortgage companies lower as demand for loans and sources of new money dried up amid a crisis in the sub-prime segment. But Countrywide's chief executive said the Federal Reserve's move to pump more than $38 billion into the banking system ... (Sat, 11 Aug 2007 07:07:09 GMT)
Lenders tighten mortgage standards
If you're hunting for a home loan and have lousy credit, plan to keep looking. (Sat, 11 Aug 2007 07:10:22 GMT)
How US home-loan crisis sparks global turmoil but skirts RP
PARIS: US home loan woes caused more turmoil on world markets last week despite the tens of billions of dollars released by central banks to stop the problem turning into a global economic crisis. (Sat, 11 Aug 2007 15:46:56 GMT)
In Credit Crisis, Large Mortgages Grow Costly
Problems in the subprime mortgage market have spread, and the market for large mortgages has suddenly dried up. (Sat, 11 Aug 2007 16:39:28 GMT)
Wachovia cuts mortgage jobs, cites lower demand
Wachovia Corp. is cutting 20 mortgage jobs in Charlotte, the company confirmed Friday. The employees worked in a department that processed new mortgage loans. The company cited declining demand for loans.Spokeswoman Christy Phillips-Brown said the company also is cutting mortgage jobs in other cities, including 42 servicing positions in San Antonio. She declined to provide a total, but said it ... (Sat, 11 Aug 2007 17:45:04 GMT)
Subprime crisis: Who can't get a mortgage now
The stock market is going crazy. Hedge funds are going under. But for the average American looking for a home loan, the crisis in the subprime mortgage market may actually be good news. (Sat, 11 Aug 2007 19:15:00 GMT)
Atlanta mortgage lender had little margin for error
If. In examining last week's demise of HomeBanc Mortgage Corp. — the latest casualty in the problem-plagued housing industry — its fortunes seemed to rest on a series of "ifs." The company would have remained golden if: (Sat, 11 Aug 2007 19:32:36 GMT)
Net Worth: Coping with the mortgage meltdown
The mortgage meltdown hit consumers square in the face last week. Investors essentially stopped buying nonconforming mortgages - those not guaranteed by agencies such as Fannie Mae and Freddie Mac - causing lenders to raise rates on these loans or stop making... (Sun, 12 Aug 2007 03:38:49 GMT)
KERRY KILLINGER / WASHINGTON MUTUAL CEO / "We have seen and will continue to see a number of mortgage banking ...
Kerry Killinger is chairman and CEO of Seattle's Washington Mutual Inc., which has about 2,200 banking branches in the West as well as New York and Connecticut, and another 500 loan offices nationwide. Killinger has been with Washington Mutual for a quarter... (Sun, 12 Aug 2007 03:53:49 GMT)
World markets feel US home loan crisis
The US home loan crisis looks set to continue gripping world markets but the effect could be diluted because the risk is spread among investors around the globe, analysts say. (Sun, 12 Aug 2007 04:33:06 GMT)
Subprime mortgage worries spur market drop
Since hitting a record 14,000 three weeks ago, the Dow Jones industrial average has plunged more than 760 points because of deepening jitters about the collapse of the subprime mortgage market and the impact on credit markets globally. (Sun, 12 Aug 2007 04:33:18 GMT)
American Home Mortgage s quick rise and hard fall
Parking around American Home Mortgage Investment Corp.'s Melville offices was always a problem: Cars overflowed from the company's parking lots, clogging side streets and blocking entrances to other buildings. Employees arrived early to get spots, or took shuttles between their parking spaces and buildings. (Sun, 12 Aug 2007 05:46:30 GMT)
China's mortgage quality worse than US - academic
HONG KONG, Aug 12 (Reuters) - The quality of Chinese home loans is worse than in the United States, where a subprime mortgage crisis is causing turmoil in global financial markets, according to a prominent academic quoted in a Hong Kong newspaper on Sunday. (Sun, 12 Aug 2007 06:10:58 GMT)
No mortgage for those with good credit?
The slowing flow of money for mortgage loans is starting to affect people with good jobs and good credit. Mortgage lenders are tightening standards as investors provide less money for new loans. Last week's widespread market turmoil was triggered by investors worried about growing mortgage delinquencies, and uncertainty about how those problems would ripple through the economy. The abrupt end of ... (Sun, 12 Aug 2007 07:13:13 GMT)
Net Worth: Coping with the mortgage meltdown
The mortgage meltdown hit consumers square in the face last week. Investors essentially stopped buying nonconforming mortgages - those not guaranteed by agencies such as Fannie Mae and Freddie Mac - causing lenders to raise rates on these loans or stop making... (Sun, 12 Aug 2007 07:38:48 GMT)
KERRY KILLINGER / WASHINGTON MUTUAL CEO / "We have seen and will continue to see a number of mortgage banking ...
Kerry Killinger is chairman and CEO of Seattle's Washington Mutual Inc., which has about 2,200 banking branches in the West as well as New York and Connecticut, and another 500 loan offices nationwide. Killinger has been with Washington Mutual for a quarter... (Sun, 12 Aug 2007 07:39:08 GMT)
Use Auto Refinancing to Ease the Family Budget
(ARA) - With gas prices at an all-time high and no relief in site, families are finding it necessary to cut back their spending on other items in order to fill up the car's tank. It's reported that gas prices could exceed $4 per gallon this summer. (Sun, 12 Aug 2007 08:19:51 GMT)
Auto Loan Refinance = Lower Payments
(ARA) - It is not uncommon for car owners to find themselves in a situation where their car payments become a bigger financial drain than they anticipated. This can happen for many different reasons: job loss, sudden unexpected expenses, or simply because the car payments aren't in line with income. (Sun, 12 Aug 2007 09:22:37 GMT)
Your Money Matters: Dealing with Rising Mortgage Interest Rates
(ARA) - Many Americans are asking themselves what they should be doing in the wake of rising, and sometimes, fluctuating mortgage rates. It's an important question because for many Americans their home equity represents the cornerstone of their personal wealth. (Sun, 12 Aug 2007 09:23:57 GMT)
Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Sun, 12 Aug 2007 09:38:26 GMT)
Mortgage market might make return
While the disruption roiling the mortgage financing industry may seem like panic, some market veterans say it is actually a return to normal following a period of excess. (Sun, 12 Aug 2007 09:51:48 GMT)
Why You Should Refinance Now If You Have an Adjustable Rate Mortgage
(ARA) - If you took out a mortgage on your home between 2002 and 2005, chances are good you ended up going with an adjustable rate mortgage or ARM. Back then, it was just too good of a deal to pass up. (Sun, 12 Aug 2007 10:08:27 GMT)
Get Extra Cash By Refinancing Your Car
(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? (Sun, 12 Aug 2007 10:22:57 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, 12 Aug 2007 10:37:56 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. (Sun, 12 Aug 2007 11:37:56 GMT)
Congregation aims to pay mortgage off quickly
NIAGARA FALLS — The members of Christ Redemption Tabernacle have been working feverishly to pay off the mortgage on their church. (Sun, 12 Aug 2007 12:21:47 GMT)
Will feds bail out mortgage market?
The crisis in the mortgage market has increased the likelihood that the federal government could intervene in some way to alleviate a credit squeeze. (Sun, 12 Aug 2007 12:24:42 GMT)
Hawaii sees mounting subprime loan failures
The subprime loan debacle that has roiled global financial markets could lead to a rise in home foreclosures in Hawai'i and a possible decline in home prices, experts say. (Sun, 12 Aug 2007 13:04:08 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, 12 Aug 2007 13:08:01 GMT)
Net Worth: Coping with the mortgage meltdown
The mortgage meltdown hit consumers square in the face last week. Investors essentially stopped buying nonconforming mortgages - those not guaranteed by agencies such as Fannie Mae and Freddie Mac - causing lenders to raise rates on these loans or stop making... (Sun, 12 Aug 2007 13:42:12 GMT)
China's mortgage quality worse than US: Expert
HONG KONG: The quality of Chinese home loans is worse than in the United States, where a subprime mortgage crisis is causing turmoil in global financial markets, according to a prominent academic quoted in a Hong Kong newspaper on Sunday. (Sun, 12 Aug 2007 14:55:32 GMT)
China's mortgage quality worse than US: Expert
Yi Xianrong, a banking and finance expert, said Chinese banks had been lax as they built up 3 trillion yuan ($396.2 billion) of mortgage lending. (Sun, 12 Aug 2007 15:06:24 GMT)
Mortgage REIT fund hammered by credit cruch
An exchange-traded fund designed to track real estate investment trusts that specialize in residential and commercial loans has been socked by the problems gripping the mortgage market. (Sun, 12 Aug 2007 16:10:31 GMT)
Cover Story / STORM CLOUDS FOR BUILDERS / With the tightening mortgage market and a backlog of unsold homes, conditions ...
For California's home builders, it has gone from a perfect storm to a pathetic one. Each week, it seems, there is more bad news as potential buyers stay away in droves. A recent wave of discounting has lured some shoppers to subdivisions, where a backlog of... (Sun, 12 Aug 2007 16:27:07 GMT)
KERRY KILLINGER / WASHINGTON MUTUAL CEO / "We have seen and will continue to see a number of mortgage banking ...
Kerry Killinger is chairman and CEO of Seattle's Washington Mutual Inc., which has about 2,200 banking branches in the West as well as New York and Connecticut, and another 500 loan offices nationwide. Killinger has been with Washington Mutual for a quarter... (Sun, 12 Aug 2007 17:57:06 GMT)
Mortgage Lending Troubles
Countrywide, the nation's largest home lender, has filed a regulatory notice saying it's experiencing unprecedented disruptions. There hase been persisting troubles in the mortgage lending industry. (Sun, 12 Aug 2007 18:18:03 GMT)
No mortgage for those with good credit?
The slowing flow of money for mortgage loans is starting to affect people with good jobs and good credit. Mortgage lenders are tightening standards as investors provide less money for new loans. Last week's widespread market turmoil was triggered by investors worried about growing mortgage delinquencies, and uncertainty about how those problems would ripple through the economy. The abrupt end of ... (Sun, 12 Aug 2007 19:14:55 GMT)
Tchenguiz set to delay Somerfield refinancing
A proposed £1bn-plus refinancing of Somerfield by Robert Tchenguiz will not happen for months, if ever, amid crumbling confidence in credit markets. Mr Tchenguiz took the supermarket chain private in October 2005 as part of a consortium including Apax Partners and Barclays Capital. (Sun, 12 Aug 2007 19:23:38 GMT)
[Opinion] Subprime Mortgage Influenza
U.S. Subprime mortgage are loans for less creditworthy borrowers. Although they make up only 12 percent of the total mortgage market industry of the country, they are now the focus of an economic shock caused by the collapse of housing prices and interest rate hikes. (Sun, 12 Aug 2007 22:23:21 GMT)
ETF INVESTING: Mortgage REIT Fund Hammered By Credit Crunch
BOSTON (Dow Jones) -- Talk about bad timing. An exchange-traded fund designed to track real estate investment trusts that specialize in residential and commercial loans has been socked by the problems gripping the mortgage market. (Mon, 13 Aug 2007 01:01:42 GMT)
Oil up on worries over US mortgage market crisis
Oil prices were higher in Asian trade amid lingering worries that the US subprime mortgage crisis will eventually hurt US economic growth, dealers said. (Mon, 13 Aug 2007 02:03:00 GMT)
Tchenguiz set to delay Somerfield refinancing
A proposed £1bn-plus refinancing of Somerfield by Robert Tchenguiz will not happen for months, if ever, amid crumbling confidence in credit markets. Mr Tchenguiz took the supermarket chain private in October 2005 as part of a consortium including Apax Partners and Barclays Capital. (Mon, 13 Aug 2007 02:30:17 GMT)
(AFX UK Focus) 2007-08-13 03:24 GMT: Oil prices edge up in Asian trade on worries over US mortgage crisis
SINGAPORE (Thomson Financial) - Oil prices were higher in Asian trade Monday amid lingering worries that the US subprime mortgage crisis will eventually hurt US economic growth. (Mon, 13 Aug 2007 02:50:39 GMT)
Ask an Expert: Mortgage too high? Weigh these options
Q: I am the owner of one of these "subprime" mortgages everyone is so nervous about, and now I know why. I run a home-based business and care for my two school-aged daughters. ... (Mon, 13 Aug 2007 02:59:20 GMT)
Chinese artifacts on loan
BEIJING The largest ever loan of artifacts from China's famed Terracotta Army is on its way to London. The 120 items include 20 life-size clay statues of warriors, acrobats and musicians, along with weapons and decorative items in jade and copper, the Xinhua News Agency said. They departed their home museum in the western city of Xi'an by truck for Beijing where they were to fly to London to be ... (Mon, 13 Aug 2007 04:25:18 GMT)
Mortgage market not new, some say
NEW YORK -- While the disruption roiling the mortgage financing industry may seem like panic, some market veterans say it is actually a return to normal following a period of excess. (Mon, 13 Aug 2007 04:33:09 GMT)
American Mortgage files Chapter 11, state moves to help stranded mortgage borrowers
The state has issued an emergency "cease and desist" order on Aug. 2 for all mortgage lenders in the state doing business under the umbrella of American Home Mortgage Investment Corp. (Mon, 13 Aug 2007 05:03:34 GMT)
Mortgage firm failures mount
RALEIGH - At least a dozen mortgage lenders have closed their North Carolina operations, say regulators. (Mon, 13 Aug 2007 05:03:43 GMT)
Market 'disruption' goal of BofA no-fee mortgage offer
After pilot programs in several states proved to be a success, Bank of America Corp. in May rolled out its No Fee Mortgage Plus product on a nationwide basis. (Mon, 13 Aug 2007 05:34:35 GMT)
Mortgage binge pushes lenders, Wall St. players into rehab
WASHINGTON - Mortgage firms and some big Wall Street banks who marketed home loans and mortgage-related securities knew the market binge had ebbed, but investors signaled this past week that the party was well and truly over. (Mon, 13 Aug 2007 06:46:23 GMT)
125% Home Equity Loans Now Close Concurrently with a 100% First-Second Mortgage Refinance from BD Nationwide
BD Nationwide Mortgage introduces the "125% Home Equity Refinance Loan Combination" for refinancing 1st and 2nd mortgages into a new 100% first mortgage with a 125% home equity loan that funds simultaneously. (Mon, 13 Aug 2007 07:01:00 GMT)
125% Home Equity Loans Now Close Concurrently with a 100% First-Second Mortgage Refinance from BD Nationwide
BD Nationwide Mortgage introduces the "125% Home Equity Refinance Loan Combination" for refinancing 1st and 2nd mortgages into a new 100% first mortgage with a 125% home equity loan that funds simultaneously. The latest home equity product from BD Nationwide helps homeowners refinance their adjustable rate mortgage to 100% loan-to-value and enables them to consolidate additional consumer debt ... (Mon, 13 Aug 2007 07:33:31 GMT)
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