Mortgage News Aug 2007

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National City to fold home equity unit into mortgage division
National City Corp. is going to close its National Home Equity business unit and consolidate some of its operations and workers into its National City Mortgage unit, the company announced Thursday. (Thu, 16 Aug 2007 21:42:31 GMT)

Bear Stearns Cuts 240 Mortgage Jobs, Person Says (Update1)
Aug. 16 (Bloomberg) -- Bear Stearns Cos., the second-largest underwriter of mortgage bonds, is cutting about 240 jobs at two home-lending units because of a decline in demand, said a person with direct knowledge of the matter. (Thu, 16 Aug 2007 22:25:44 GMT)

Borrowers hit as refinancing options vanish
As world stock markets reel from the collapse in the subprime lending market and Countrywide, the biggest US mortgage lender, struggles to stay afloat, borrowers such as Cynthia and Joe Esperaza are grappling with problems of their own. (Thu, 16 Aug 2007 22:34:09 GMT)

Piggyback mortgage securities get the chop at Moody's
SAN FRANCISCO (MarketWatch) -- Mortgage securities backed by so-called piggyback home loans were downgraded Thursday by a leading rating agency after what it called "dramatically poor overall performance." (Thu, 16 Aug 2007 22:55:21 GMT)

Sweet Summer Shelter: Maximize Vacation-Home Tax Benefits
Opportunities to buy a vacation home abound, now that the worst housing slump in 16 years has put buyers in control of the market. (Thu, 16 Aug 2007 23:00:00 GMT)

First Magnus, big mortgage lender, halts loans
NEW YORK (Reuters) - First Magnus Financial Corp., one of the largest independent U.S. mortgage lenders, said on Thursday it has stopped funding home loans and taking mortgage loan applications because investors are not buying its loans. (Thu, 16 Aug 2007 23:10:59 GMT)

Tucson's First Magnus Financial cuts off loan funding, sends workers home
First Magnus Financial Corp., one of the nation's largest privately held mortgage companies has fallen victim to the mortgage industry meltdown. (Fri, 17 Aug 2007 00:47:47 GMT)

Mortgage pinch causes domino effect of pain
The problems in the mortgage industry are having a domino effect in the real estate market. Increasingly, first-time home buyers are getting shut out of the market, and that hurts move-up buyers. Homeowners are also having more trouble refinancing their escalating adjustable-rate loans, and that is increasing the number of foreclosures and the supply of homes on the market. (Fri, 17 Aug 2007 01:24:46 GMT)

Big Changes and Big Loan for Lender
Countrywide Financial said it had tapped $11.5 billion in emergency financing from 40 of the world?s largest banks amid difficulties in selling its home loans. (Fri, 17 Aug 2007 01:39:28 GMT)

Lawmakers express worry as recent home loan data shows lending disparities
WASHINGTON — The Justice Department is investigating several possible instances of discriminatory mortgage lending, and plans to open more probes soon, an agency attorney told lawmakers last month. (Fri, 17 Aug 2007 01:45:53 GMT)

Mortgage Ills Start to Strain Homebuying in Manhattan
The turmoil in the mortgage market is starting to make it harder for New Yorkers to get the large loans that are typical in a city where the average apartment in Manhattan costs $1.3 million. (Fri, 17 Aug 2007 02:45:11 GMT)

Fewer choices in mortgage market
Ongoing turmoil in the subprime mortgage industry could wipe out many Washington-based mortgage brokers, and it will dramatically narrow the choices available to homeowners seeking loans or refinancing, mortgage and real estate experts said Thursday. (Fri, 17 Aug 2007 05:02:21 GMT)

Daniel Howes: Quicken dodging mortgage mess
As a credit squeeze tightens and some prominent mortgage lenders teeter on the edge of default, the chairman of Livonia-based Quicken Loans Inc. says rumors that his empire is quaking are "100 percent completely false." (Fri, 17 Aug 2007 06:19:38 GMT)

FHA sets mortgage clinic for worried homeowners
To help homeowners struggling with mortgage payments or facing a monthly increase they cannot afford, the Federal Housing Administration will hold a clinic from 10 a.m. to 2 p.m. tomorrow in the Temple University Student Center at 1755 N. 13th St. Speakers will include mortgage lenders, government officials, and housing counseling agencies. The FHA encouraged registration by calling ... (Fri, 17 Aug 2007 07:30:54 GMT)

Easley signs mortgage reform laws
Gov. Mike Easley signed Thursday the most significant reforms to state mortgage laws since 1999, culminating a yearlong effort by N.C. lawmakers to curb lending excesses and reduce foreclosures. (Fri, 17 Aug 2007 07:47:01 GMT)

WHY THE MARKET'S GOING NUTS / PANIC SPREADS: Mortgage problems infect Wall Street and stocks around the world
The great mortgage crisis of the summer of 2007 has slopped over into nearly every nook and cranny of the financial markets, laying low stocks that until a month ago had been on a great bull run. Even such Bay Area technology stalwarts as Apple have taken it... (Fri, 17 Aug 2007 07:53:00 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. (Fri, 17 Aug 2007 09:47:21 GMT)

Don't Refinance Your Home to Pay Off Credit Card Debt - There's a Better Way
(ARA) - Ever received one of those offers in the mail that seems like the solution to all your problems? It may have said, "Your home is an untapped resource. Refinance your loan with us and you'll get quick cash to buy a car, fund college or pay off your credit card debt." (Fri, 17 Aug 2007 09:47:41 GMT)

Loan options dwindle, costs rise for home shoppers
Home loan seekers are facing fewer options and higher costs, even for many folks with good credit, as investors around the globe shun mortgages out of fear borrowers won't pay. (Fri, 17 Aug 2007 10:14:19 GMT)

Home buyers wait years, but lots are still empty
Minh-H-Nguyen and her husband, Ha Ngoc Nguyen, took out a loan for a down payment on a "dream home" in Lake County two years ago after being dazzled by pictures of a sprawling house with a screened pool. (Fri, 17 Aug 2007 10:22:40 GMT)

Mortgage woes cut Fannie Mae profit by 36% in 2006
WASHINGTON Fannie Mae , the largest U.S. buyer and guarantor of home mortgages, reported Thursday that its profit dropped 36 percent in 2006 and said it expects higher delinquencies and credit losses this year from the turbulence in the mortgage market. (Fri, 17 Aug 2007 11:47:55 GMT)

Tips on Surviving a Troubled Mortgage Market
Even credit-worthy borrowers are likely to feel the effects of the troubled mortgage market. Knight Kiplinger, editor-in-chief of Kiplinger's Personal Finance magazine, says that many borrowers will have the best luck if they use local institutions, ones they have a relationship with already, for loans. (Fri, 17 Aug 2007 13:31:18 GMT)

Federal Home Loan Bank of Atlanta Awards Nearly $5 Million for Affordable Housing in South Carolina
Federal Home Loan Bank of Atlanta will award $4.9 million in grants and subsidies to help South Carolina developers fund 15 affordable housing initiatives across the state as part of the Bank's 2007 Affordable Housing Program first round competition. (Fri, 17 Aug 2007 13:56:00 GMT)

Federal Home Loan Bank of Atlanta Awards $2.2 Million for Affordable Housing in North Carolina
Federal Home Loan Bank of Atlanta will award $2.2 million in grants and subsidies to help North Carolina developers fund 10 affordable housing initiatives across the state as part of the Bank's 2007 Affordable Housing Program first round competition. (Fri, 17 Aug 2007 14:13:00 GMT)

Bear Market In Bear Stearns Mortgage Jobs
The troubled firm reduces headcount at its mortgage-lending division. (Fri, 17 Aug 2007 15:23:29 GMT)

Fewer Choices in Mortgage Market
Ongoing turmoil in the subprime mortgage industry could wipe out many Washington-based mortgage brokers, and it will dramatically narrow the choices available to homeowners seeking loans or refinancing, mortgage and real estate experts said Thursday. (Fri, 17 Aug 2007 16:14:19 GMT)

Home buyers wait years, but lots are still empty
Minh-H-Nguyen and her husband, Ha Ngoc Nguyen, took out a loan for a down payment on a "dream home" in Lake County two years ago after being dazzled by pictures of a sprawling house with a screened pool. (Fri, 17 Aug 2007 16:42:39 GMT)

Discount Brokers Proving Mortgage-Proof
Mortgage-heavy discount brokers show they can rise above the subprime mess. (Fri, 17 Aug 2007 18:31:08 GMT)

Mortgage Foreclosure Scams on the Rise
Homeowners facing mortgage foreclosure are being scammed by foreclosure “rescue” companies (Fri, 17 Aug 2007 18:59:43 GMT)

Fed urged to protect future mortgage borrowers
WASHINGTON (MarketWatch) -- Individuals and groups including the U.S. Conference of Mayors and the National Community Reinvestment Coalition are urging the Federal Reserve to protect borrowers against abusive mortgage lending, telling regulators to take steps including banning or limiting so-called "no-doc" loans and prepayment penalties. (Fri, 17 Aug 2007 19:04:47 GMT)

U.S. mortgage firm NovaStar Financial cuts 37 per cent of staff: 500 jobs
KANSAS CITY, Mo. (AP) - Mortgage lender NovaStar Financial Inc. said Friday it is cutting 500 jobs, or 37 per cent of its workforce as it stops selling home loans through brokers. (Fri, 17 Aug 2007 19:09:51 GMT)

The cautionary tale of Aegis Mortgage's bankruptcy
Buyout firms like to present themselves as a can't-fail combination of operational genius and financial support that can heal sick businesses and create thriving companies. But sometimes, as in the case of Aegis Mortgage, genius fails and bankruptcy is declared. (Fri, 17 Aug 2007 19:56:00 GMT)

Loan options dwindle, costs rise for home shoppers
Home loan seekers are facing fewer options and higher costs, even for many folks with good credit, as investors around the globe shun mortgages out of fear borrowers won't pay. (Fri, 17 Aug 2007 19:59:11 GMT)

Sector Wrap: Mortgage Lenders
Shares of mortgage lenders surged Friday after the Federal Reserve slashed a key borrowing cost, potentially easing the crunch on an industry that is strapped for cash. (Fri, 17 Aug 2007 20:25:38 GMT)

The cautionary tale of Aegis Mortgage's bankruptcy
Buyout firms like to present themselves as a can't-fail combination of operational genius and financial support that can heal sick businesses and create thriving companies. But sometimes, as in the case of Aegis Mortgage, genius fails and bankruptcy is declared. (Fri, 17 Aug 2007 20:33:00 GMT)

Mortgage crisis hits home in N.C.
HUNTERSVILLE, N.C. -- The Federal Reserve cut its key discount rate by 0.5 percent Friday morning. That, coupled with North Carolina’s new rules for mortgage lending companies means getting a home loan is getting more difficult. (Fri, 17 Aug 2007 21:45:44 GMT)

Mortgage mess creates lending drought
Mortgage broker Ed Smith Jr. has been arranging home loans for 24 years and it's never been tougher for him to close a deal than during the past few weeks of turmoil. (Fri, 17 Aug 2007 23:34:45 GMT)

Mortgage Mess Creates Lending Drought
SAN FRANCISCO -- Mortgage broker Ed Smith Jr. has been arranging home loans for 24 years and it's never been tougher for him to close a deal than during the past few weeks of turmoil. (Sat, 18 Aug 2007 00:04:45 GMT)

Ilyce Glink: Right refinance option can make retirement dreams a reality
Q: I want to refinance my home and use the money to fix up my house. I'd replace my deck, add a screened porch, and either landscape the front yard or put in a laundry room. (Sat, 18 Aug 2007 00:16:04 GMT)

Phoenix bank helps homebuyers caught in the mortgage-application squeeze
A small Phoenix bank is stepping up to the plate with extra funding for homebuyers caught in the mortgage-application squeeze. (Sat, 18 Aug 2007 00:57:47 GMT)

Mortgage borrowers, brokers facing higher hurdles to home loans
Mortgage broker Ed Smith Jr. has been arranging home loans for 24 years and it’s never been tougher for him to close a deal than during the past few weeks of turmoil. As more lenders collapse, the skittish survivors are raising their rates and changing the rules for getting a loan every few hours as they scramble to stay alive. (Sat, 18 Aug 2007 01:09:01 GMT)

Hawaii mortgage rates hold steady
Hawaii's three largest banks held rates on 30-year fixed mortgages this week to 6.25 percent, as mortgage rates nationally rose for the first time in four weeks. (Sat, 18 Aug 2007 01:14:49 GMT)

Mortgage borrowers, brokers facing higher hurdles to home loans
SAN FRANCISCO — Mortgage broker Ed Smith Jr. has been arranging house loans for 24 years, and it's never been tougher for him to close a deal than during the last few weeks of turmoil. (Sat, 18 Aug 2007 03:18:32 GMT)

How ratings firms' calls fueled subprime mortgage meltdown
In 2000, Standard & Poor's made a decision about an arcane corner of the mortgage market. It said a type of mortgage that involves a "piggyback," where borrowers simultaneously take out a second loan for the down payment, was no more likely to default than a standard mortgage. (Sat, 18 Aug 2007 03:18:52 GMT)

Mortgage lender lays off nearly 6,000
First Magnus Financial Corp., a national mortgage lender that is suspending operations, says it has laid off 99 percent of its nearly 6,000 employees nationwide and closed all of its more than 300 offices. (Sat, 18 Aug 2007 03:22:40 GMT)

Fed reacts to mortgage crisis with rate cut
The Federal Reserve lowered the interest rate it charges banks and acknowledged for the first time Friday that an extraordinary policy shift is needed to contain the subprime-mortgage collapse that began roiling the world's financial markets two months ago. (Sat, 18 Aug 2007 06:12:04 GMT)

Mortgage mayhem doesn't seem to be contagious for other types of credit
There is a severe credit crunch in the home mortgage market, but there should be few problems for consumers seeking other types of credit, such as car and personal loans, experts said Friday. (Sat, 18 Aug 2007 07:09:45 GMT)

Home-mortgage woes: Can we ease the pain?
The current trials and tribulations of the home-mortgage market stem from a repricing of risk. There is no shortage of mortgage money &... (Sat, 18 Aug 2007 07:29:11 GMT)

Fallout from mortgage mess
The mortgage credit crunch not only is affecting interest rates that homebuyers are quoted but is triggering changes in less-visible areas... (Sat, 18 Aug 2007 07:29:20 GMT)

Borrowers, brokers face high hurdles for home loans
SAN FRANCISCO -- Mortgage broker Ed Smith Jr. has been arranging home loans for 24 years and it's never been tougher for him to close a deal than during the past few weeks of turmoil.As more lenders collapse, the skittish survivors are raising their rates and changing the rules for getting a loan every few hours as they scramble to stay alive. (Sat, 18 Aug 2007 08:08:02 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. (Sat, 18 Aug 2007 08:19:53 GMT)

Mortgage crisis may hurt sales this fall
The escalating mortgage crisis is expected to further depress house sales and prices in Massachusetts during the fall selling season as some potential buyers' loan applications are rejected or buyers delay making a purchase to see whether prices fall farther. (Sat, 18 Aug 2007 08:44:53 GMT)

Late mortgage payments decline at Huntington
COLUMBUS — Huntington Bancshares Inc., Ohio’s fourth-largest bank, said its mortgage customers were making fewer late payments, even as bankruptcies and foreclosures climbed elsewhere in the Midwest. (Sat, 18 Aug 2007 10:24:34 GMT)

Fed urged to protect future mortgage borrowers
Fed urged to protect future mortgage borrowers (Sat, 18 Aug 2007 11:07:29 GMT)

Don't Refinance Your Home to Pay Off Credit Card Debt - There's a Better Way
(ARA) - Ever received one of those offers in the mail that seems like the solution to all your problems? It may have said, "Your home is an untapped resource. Refinance your loan with us and you'll get quick cash to buy a car, fund college or pay off your credit card debt." (Sat, 18 Aug 2007 13:02:31 GMT)

Jondi Gumz, Reporter at Large: Mortgage world must return to common sense
Mortgage consultant Tai Boutell is still getting e-mails offering loans — loans where you need not prove your income. (Sat, 18 Aug 2007 13:41:17 GMT)

Fears of Mortgage Fallout May Hit Online Advertising
The evolving mortgage crisis could threaten the fast pace of online spending from mortgage lender Countrywide Financial (nyse: CFC - news - people ), argues Paul R. La Monica. (Sat, 18 Aug 2007 14:28:40 GMT)

FBI sees spike in mortgage fraud cases
An increase in U.S. foreclosure scams is prompting a spike in mortgage fraud investigations, it was reported Saturday. (Sat, 18 Aug 2007 14:29:15 GMT)

In mortgage crunch, Lincoln better off than most areas
Foreclosures are up in Lincoln and lenders are more careful about who they lend to, but the reported national crisis in the mortgage industry is not occurring here, according to people in the industry. (Sat, 18 Aug 2007 17:39:58 GMT)

Was the Mortgage a Mistake?
Two years ago, my wife and I sat at a long conference table in a mortgage-title office in Bethesda. Sitting next to us: our real estate agent, who drew up our bid on a townhouse in Germantown two days after showing it to us. We didn't get an inspection, and I don't recall going back for a second look. We had to act fast or someone else would get it. (Sat, 18 Aug 2007 19:03:31 GMT)

Qld homeowners feeling mortgage squeeze: HIA
The Housing Industry Association (HIA) says almost 115,000 households in Queensland are suffering from mortgage stress, with 30 per cent or more of gross income going on home loan repayments. (Sat, 18 Aug 2007 22:27:48 GMT)

Jittery City urges investors not to panic, as mortgage lenders put squeeze on homeowners
The turmoil on the financial markets has hit British homebuyers and property owners with floating mortgages. They now face a rise in their borrowing costs after mortgage providers rushed to tighten their lending criteria. (Sat, 18 Aug 2007 23:06:31 GMT)

Free mortgage and investment seminar is Tuesday
Edward Jones Investments will be offering a free seminar, "A Fixed Income Seminar," focusing on the recent turmoil in the mortgage industry and how this has affected the stock and bond market. (Sun, 19 Aug 2007 00:49:45 GMT)

Loan in limbo? Bank offers hope
A small Phoenix bank is stepping up to the plate with extra funding for home buyers caught in the mortgage-application squeeze. (Sun, 19 Aug 2007 02:13:17 GMT)

Ariz. regulators move to fine, pull license of mortgage lender
PHOENIX -- Arizona regulators have moved to fine and pull the license of First Magnus Financial Corp. after the Tucson-based national mortgage lender suspended operations this week. (Sun, 19 Aug 2007 02:26:54 GMT)

Mortgage insurer Radian draws on credit line, faces lawsuits
PHILADELPHIA - Radian Group Inc., one of the nation's largest mortgage insurers, has drawn down half its credit line and faces shareholder lawsuits accusing the company of securities violations. (Sun, 19 Aug 2007 03:09:59 GMT)

Europe's housing market sheltered from US mortgage crisis
After the boom years of soaring house prices, the European housing markets appear to have stabilised and are generally sheltered from the fallout of the US subprime mortgage crisis, analysts said. (Sun, 19 Aug 2007 04:36:23 GMT)

Subprime mortgage mess: Hard times for homeowners
The subprime mortgage mess has hit home in the mid-Hudson Valley, though clearly not as hard as in other parts of the country. (Sun, 19 Aug 2007 06:16:31 GMT)

Mortgage crisis squeezing lending standards and keeping Utahns out of the home-buying arena
Max Johns of Salt Lake City should not be having a problem qualifying for a mortgage. His financial house is in order, and his credit score is well above the minimum most home-loan providers have had in place for years. (Sun, 19 Aug 2007 06:52:40 GMT)

Homebuyers still have lots of loan options
From the headlines, you might think that lenders will never make another mortgage loan again. Take a deep breath. It's not that bad. (Sun, 19 Aug 2007 07:02:25 GMT)

Mortgage fallout's ripple effect raises the stakes for borrowers
WASHINGTON -- The mortgage credit crunch is not only affecting interest rates that home buyers are quoted, but also is triggering changes in less visible areas such as minimum credit scores, geographic location and types of properties, even controls on who orders credit reports. (Sun, 19 Aug 2007 07:07:10 GMT)

We'll all likely feel sting of mortgage meltdown
Stupid lenders making stupid loans to stupid borrowers. You might think this sums up what the surge in mortgage foreclosures means to you. You would be mistaken. (Sun, 19 Aug 2007 07:11:07 GMT)

Are mortgage stocks now a bargain?
Some investors see the troubles in the mortgage and real estate industries as an opportunity to go bargain hunting for depressed but basically solid stocks. (Sun, 19 Aug 2007 07:25:16 GMT)

Home improvement loan interest rates
Bank Rate Type Months Charter One 7.54% F 120 Comerica 7.49% F 60 LaSalle Bank Midwest 7.10% F 120 F=fixed; V=variable; Source: Free Press research Rates vary slightly with amount of loan (Sun, 19 Aug 2007 07:37:10 GMT)

Locals shrug off mortgage mess
Jacquelyn Thomas admits she was more than a little concerned as she followed news accounts detailing worsening problems at the nation’s mortgage lenders. (Sun, 19 Aug 2007 07:44:38 GMT)

Behind on your mortgage? Ask for help right away
Don't wait until you become delinquent on your mortgage payments or are facing foreclosure before seeking help. (Sun, 19 Aug 2007 07:52:36 GMT)

Mortgage questions on your mind?
Homeowners worry about what's next in troubled market It has been an eventful couple of weeks for the mortgage industry, and more than a few consumers are likely wondering what the developments mean for their finances. As a result, they're asking their brokers and lenders questions they've never asked before, said Matt Vernon, retail sales executive for Bank of America. Thanks to a number of ... (Sun, 19 Aug 2007 08:41:45 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, 19 Aug 2007 09:08:17 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, 19 Aug 2007 09:36:18 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, 19 Aug 2007 09:38:27 GMT)

Mortgage meltdown blame game
Editor's note: The writer is president of Direct Mortgage in Portsmouth. (Sun, 19 Aug 2007 10:06:06 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, 19 Aug 2007 10:07:36 GMT)

Got an ARM? Time to act is now
Question: We are thinking about refinancing our mortgage, and with all the news about mortgage companies going out of business and Wall Street investors cutting off funds to mortgage companies, we are worried that we may have problems. (Sun, 19 Aug 2007 10:12:53 GMT)

Mortgage warning signs not heeded
In 2002, Washington's then-Attorney General Chris Gregoire came to Bellingham to announce what was billed as a historic legal settlement with mortgage giant Household International that would curb nationwide abuses in subprime mortgage lending. (Sun, 19 Aug 2007 10:21:30 GMT)

Leading mortgage lender forced to borrow billions
CALABASAS - Countrywide Financial Corp.'s financial trouble deepened Thursday, forcing the nation's biggest mortgage lender to tap an $11.5 billion credit line to fund operations. (Sun, 19 Aug 2007 11:49:40 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, 19 Aug 2007 12:07:46 GMT)

So how do you get a mortgage these days?
NEW YORK – With the mortgage market in upheaval, fewer borrowers are qualifying for loans – and those who do need all-but-pristine documentation and credit histories. (Sun, 19 Aug 2007 13:22:30 GMT)

Mortgage brokers scramble
SAN FRANCISCO (AP) — Mortgage broker Ed Smith Jr. has been arranging home loans for 24 years and it's never been tougher for him to close a deal than during the past few weeks of turmoil. (Sun, 19 Aug 2007 14:22:47 GMT)

Mortgage scams on the rise
Across the U.S., homeowners facing mortgage foreclosure are being scammed by foreclosure “rescue” companies promising to save their house but that only take their money. (Sun, 19 Aug 2007 14:38:04 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, 19 Aug 2007 15:07:46 GMT)

Richardson On Subprime Mortgage Crisis: Richardson: "This Is The Katrina Of The Mortgage Lending Industry."
(RTTNews) - Richardson on Subprime mortgage crisis: Richardson: "This is the Katrina of the mortgage lending industry." . (Sun, 19 Aug 2007 15:32:13 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? (Sun, 19 Aug 2007 16:37:36 GMT)

Cleveland savaged by tragedy of home foreclosures
The US dream of home ownership is going up in smoke in Cleveland, now littered with broken promises and lost hopes as it tops the nation's tragic roll call of foreclosures. (Sun, 19 Aug 2007 19:12:02 GMT)

State to review loan practices of mortgage companies
ALBUQUERQUE (AP) - The state wants to know how prevalent predatory home lending practices are in New Mexico. Starting Monday, state officials will conduct unscheduled inspections of a random sample of the 1,600 mortgage companies and brokers. (Sun, 19 Aug 2007 20:11:32 GMT)

Warning over high-risk mortgage crackdown
The Housing Industry Association (HIA) says a Federal Government plan to impose tougher regulations on mortgage brokers might make it harder for low-income earners to get a home loan. (Sun, 19 Aug 2007 21:27:46 GMT)

UPDATE: Fed Urged To Protect Future Mortgage Borrowers
WASHINGTON (Dow Jones) -- Individuals and groups including the U.S. Conference of Mayors and the National Community Reinvestment Coalition are urging the Federal Reserve to protect borrowers against abusive mortgage lending, telling regulators to take steps including banning or limiting so-called "no-doc" loans and prepayment penalties. (Mon, 20 Aug 2007 00:01:52 GMT)

Program seems to help first-time home buyers
EAGLE — How does a working family afford a home in Eagle? That’s no small question. (Mon, 20 Aug 2007 00:12:26 GMT)

Home prices boosting U.S. household debt: Kohn
WASHINGTON (MarketWatch) -- Rising home prices and innovations in the financial sector are the two biggest factors in the spike in U.S. household debt and the related decline in savings, Federal Reserve Vice Chairman Donald Kohn wrote in a research paper presented Sunday. (Mon, 20 Aug 2007 01:49:37 GMT)

Home prices boosting U.S. household debt: Kohn
Home prices boosting U.S. household debt: Kohn (Mon, 20 Aug 2007 03:08:59 GMT)

Mortgage borrowers, brokers face tougher rules
Mortgage broker Ed Smith Jr. has been arranging home loans for 24 years and it's never been tougher for him to close a deal than during the past few weeks of turmoil. (Mon, 20 Aug 2007 07:15:51 GMT)

Don't Refinance Your Home to Pay Off Credit Card Debt - There's a Better Way
(ARA) - Ever received one of those offers in the mail that seems like the solution to all your problems? It may have said, "Your home is an untapped resource. Refinance your loan with us and you'll get quick cash to buy a car, fund college or pay off your credit card debt." (Mon, 20 Aug 2007 09:07:57 GMT)

Mortgage lending still 'robust'
Mortgage lending is still rising at a "robust" rate despite hikes in the cost of borrowing, says the Council of Mortgage Lenders. (Mon, 20 Aug 2007 09:21:01 GMT)

Home loan hurdles growing
As more lenders collapse, the skittish survivors are raising their rates and changing the rules for getting a loan every few hours as they scramble to stay alive. (Mon, 20 Aug 2007 09:33:52 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? (Mon, 20 Aug 2007 10:07:56 GMT)

Shifting blame from subprime loans
A mortgage company owner said he didn't know of one single home refinancing in which the borrower didn't take at least some amount of equity out to spend. (Mon, 20 Aug 2007 10:19:15 GMT)

U.K July Mortgage Lending Up 13% Annually, Down 1% On Month - CML
(RTTNews) - The U.K gross mortgage lending grew 13% annually to 34.4 billion pounds in July, the Council of Mortgage Lenders said Monday. The report said gross mortgage lending reached a new record for the month of July. Compared to last month, mortgage lending dropped 1%. (Mon, 20 Aug 2007 10:46:36 GMT)

'Job cuts' at US mortgage lender
Reports say mortgage giant Countrywide Financial has started to cut staff numbers as it tries to weather the credit crunch. (Mon, 20 Aug 2007 10:49:30 GMT)

Recent Monthly Adjustable Mortgage Reset Values and a Look Ahead
Roger Nusbaum submits: A reader left a link to an article by Gary Kaltbaum that included this table. It shows the dollar value, in billions, of the adjustable mortgage resets of recent months and what is coming down the road month by month. (Mon, 20 Aug 2007 10:50:21 GMT)

Countrywide to Cut Jobs -- WSJ
Battered by a credit crunch and fighting off a liquidity crisis, Countrywide Financial Corp. reportedly has begun laying off employees involved in the loan origination process. Citing an internal e-mail, The Wall Street Journal reported that the job losses are in the Full Spectrum Lending unit, which handles many home mortgages in the Alt-A category [... ] (Mon, 20 Aug 2007 10:58:17 GMT)

Subprime mortgage crisis spreads to high-end homes
What could the collapse in the subprime mortgage market possibly have to do with whether Dr. Jeffrey and Madeline Stier get full price for their four-bedroom house in the wealthy New York City suburb of Larchmont? (Mon, 20 Aug 2007 10:59:00 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Mon, 20 Aug 2007 11:07:46 GMT)

UK mortgage lending growth impresses
LONDON (SHARECAST) - Mortgage lending grew again in July, according to figures released today by the British Bankers' Association and reinforced by a report from the Council of Mortgage Lenders. (Mon, 20 Aug 2007 11:08:40 GMT)

U.K Mortgage Lending Rises In July - BBA
(RTTNews) - The U.K net mortgage lending climbed 5.7 billion pounds in July, the British Bankers Association said Monday. (Mon, 20 Aug 2007 11:16:33 GMT)

Luminent Mortgage Capital, Inc. and Arco Capital Corporation Enter into Letter of Intent
Luminent Mortgage Capital Inc. and Arco Capital Corporation Ltd. , a holding company engaged in lending and acquisition activities managed out of San Juan, Puerto Rico, today announced that Luminent and Arco have entered into a Letter of Intent outlining current and proposed transactions intended to address Luminent's current liquidity issues that arose due to unanticipated disruptions in ... (Mon, 20 Aug 2007 11:30:00 GMT)

Luminent Mortgage Capital, Inc. and Arco Capital Corporation Enter into Letter of Intent
SAN FRANCISCO, Aug. 20 /PRNewswire-FirstCall/ -- Luminent Mortgage Capital Inc. ( Nachrichten ) ("Luminent" or the "Company") and Arco Capital Corporation Ltd. ("Arco"), a holding company engaged in lending and acquisition activities managed out of San Juan, Puerto Rico, today announced that Luminent and Arco have entered into a Letter of Intent outlining current and proposed transactions ... (Mon, 20 Aug 2007 11:43:21 GMT)

This year, mortgage expo is no party
The mood at the troubled industry's toned-down event in Long Beach is upbeat but stunned. Pep talks were not on the agenda this weekend as beleaguered mortgage industry professionals attended an exposition in Long Beach. (Mon, 20 Aug 2007 11:51:39 GMT)

Countrywide lays off loan origination salesforce:WSJ
NEW YORK, August 20 (newratings.com) - Countrywide Financial Corp ( CFC.NYS ) has started laying off employees involved in loan origination, according to a report in the Wall Street Journal on Sunday. (Mon, 20 Aug 2007 11:57:25 GMT)

Mortgage Crisis Affects the Valley
The mortgage market is at the heart of the recent turbulence on Wall Street and Main Street. Mortgage lenders across the country are collapsing, and borrowers can't get financing for purchasing homes. (Mon, 20 Aug 2007 12:05:29 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, 20 Aug 2007 13:09:12 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, 20 Aug 2007 13:10:31 GMT)

Luminent Mortgage announces bailout
Luminent Mortgage Capital, which has struggled with liquidity problems because of investments in mortgages, Monday announced a bailout in which it would sell a majority stake in itself at a deep discount. (Mon, 20 Aug 2007 13:10:55 GMT)

Thornburg Sells Securities to Revive Home Lending (Update1)
Aug. 20 (Bloomberg) -- Thornburg Mortgage Inc., forced to stop taking home-loan applications earlier this month because of a cash crunch, said it sold $20.5 billion of mortgage-backed securities as part of a plan to return to ``business as usual.'' (Mon, 20 Aug 2007 13:40:58 GMT)

Countrywide said to begin layoffs
Countrywide Financial Corp., the nation's largest mortgage lender, has begun laying off staff as part of its effort to ride out the credit crunch that has rocked the home loan industry, according to a report published Monday. (Mon, 20 Aug 2007 14:09:56 GMT)

Luminent Mortgage announces bailout
Luminent Mortgage Capital Inc , which has struggled with liquidity problems because of mortgage investments, on Monday announced a bailout in which it would sell a majority stake in itself at a deep discount. (Mon, 20 Aug 2007 14:40:08 GMT)

US mortgage lender sells assets
US mortgage firm Thornburg sells $20.5bn of assets in difficult market conditions to fund home loans. (Mon, 20 Aug 2007 15:49:36 GMT)

Thornburg Sells Securities to Revive Home Lending (Update2)
Aug. 20 (Bloomberg) -- Thornburg Mortgage Inc., forced to stop taking home-loan applications last week because of a cash crunch, sold $20.5 billion of mortgage-backed securities at a discount to pay down debt it couldn't refinance. The shares fell more than 10 percent. (Mon, 20 Aug 2007 15:59:51 GMT)

Mortgage meltdown: The lawsuits
Earlier this year, a Wisconsin couple won a judgment against Chevy Chase Bank that said the bank deceived them over the terms of their mortgage. (Mon, 20 Aug 2007 16:01:29 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Mon, 20 Aug 2007 16:53:47 GMT)

Luminent, Thornburg take liquidity steps
Struggling mortgage investor Luminent Mortgage Capital Inc and home loan lender Thornburg Mortgage Inc took steps to bolster liquidity on Monday, but the companies signaled the trouble is not completely gone. (Mon, 20 Aug 2007 16:57:06 GMT)

What if my mortgage lender goes broke?
The recent turmoil in the financial markets has many readers a little nervous these days. Just reading the headlines can make you a dizzy. And with much of the bad news centered on the manic mortgage market, some homeowners are wondering: What happens if my mortgage lender goes broke?  Answer Desk, by MSNBC.com's John W. Schoen. (Mon, 20 Aug 2007 17:14:17 GMT)

Luminent, Thornburg take liquidity steps
NEW YORK (Reuters) - Struggling mortgage investor Luminent Mortgage Capital Inc and home loan lender Thornburg Mortgage Inc took steps to bolster liquidity on Monday, but the companies signaled the trouble is not completely gone. (Mon, 20 Aug 2007 17:21:22 GMT)

The cautionary tale of Aegis Mortgage's bankruptcy
Buyout firms like to present themselves as a can't-fail combination of operational genius and financial support that can heal sick businesses and create thriving companies. But sometimes, as in the case of Aegis Mortgage, genius fails and bankruptcy is declared. (Mon, 20 Aug 2007 17:24:00 GMT)

Lawmaker sets credit, mortgage hearing September 5
The U.S. House Financial Services Committee asked the Federal Reserve and the U.S. Treasury Department to testify at a hearing on September 5 that will examine the current crises in the credit and mortgage market, Chairman Barney Frank, a Massachusetts Democrat, said on Monday. (Mon, 20 Aug 2007 17:36:31 GMT)

Thornburg Sells Securities to Revive Home Lending (Update3)
Aug. 20 (Bloomberg) -- Thornburg Mortgage Inc., the jumbo- mortgage specialist that stopped taking loan applications last week because of a cash crunch, sold $20.5 billion of securities at a discount to pay down debt it couldn't refinance. (Mon, 20 Aug 2007 17:44:47 GMT)

Thornburg Loses $930 Million in Debt Fire Sale
Residential mortgage lender Thornburg Mortgage Inc. announced Monday it sold $20.5 billion of high-quality mortgage-backed debt, totaling 35% of its assets, at a discount to pay down debt it could not refinance. (Mon, 20 Aug 2007 18:13:26 GMT)

Subprime mortgage crisis spreads to high-end homes
What could the collapse in the subprime mortgage market possibly have to do with whether Dr. Jeffrey and Madeline Stier get full price for their four-bedroom house in the wealthy New York City suburb of Larchmont? (Mon, 20 Aug 2007 18:23:00 GMT)

Troubled US mortgage firm sells 20.5 bln dlrs of assets
Thornburg Mortgage, Inc., which has seen its finances ravaged by credit problems sweeping the US mortgage industry, said Monday it had sold 20.5 billion dollars of assets. (Mon, 20 Aug 2007 18:55:18 GMT)

Thornburg loses $930M selling mostly AAA mortgage securities
SAN FRANCISCO (MarketWatch) -- Thornburg Mortgage Inc. said on Monday that it lost roughly $930 million selling billions of dollars worth of AAA rated mortgage securities, while reducing borrowing and unwinding interest-rate hedges. (Mon, 20 Aug 2007 19:20:07 GMT)

Democratic contenders call for mortgage regulation amid turmoil
WASHINGTON (MarketWatch) -- As the carnage widens from the subprime mortgage meltdown, Democratic presidential candidates are putting more emphasis on the plight of homeowners and calls for more regulation rather than on investors and falling financial markets. (Mon, 20 Aug 2007 20:49:37 GMT)

Troubled US mortgage firm sells 20.5 bln dlrs of assets
Thornburg Mortgage, Inc., said Monday it had sold 20.5 billion dollars of assets as it seeks to weather the financial storm buffeting the troubled US housing industry. (Mon, 20 Aug 2007 20:59:12 GMT)

Capital One to Close Mortgage Unit
Capital One said it would stop making new mortgages through brokers, citing a weaker profit outlook for that business amid current mortgage market difficulties. (Mon, 20 Aug 2007 21:09:28 GMT)

Thornburg Sells Securities to Revive Home Lending (Update4)
Aug. 20 (Bloomberg) -- Thornburg Mortgage Inc., the jumbo- mortgage specialist that stopped taking loan applications last week because of a cash crunch, sold $20.5 billion of securities at a discount to pay down debt it couldn't refinance. (Mon, 20 Aug 2007 21:14:57 GMT)

Capital One to close mortgage unit, cut jobs
The banking company plans to shutter its GreenPoint mortgage unit, take a $860M charge and eliminate 1,900 jobs. (Mon, 20 Aug 2007 21:16:29 GMT)

Capital One to close mortgage unit
Capital One Financial said Monday it will close its wholesale mortgage unit due to woes in the secondary mortgage markets, resulting in $860 million in charges in 2007. (Mon, 20 Aug 2007 21:17:31 GMT)

Mortgage borrowers, brokers facing higher hurdles to home loans
Mortgage broker Ed Smith Jr. has been arranging home loans for 24 years and it's never been tougher for him to close a deal than during the past few weeks of turmoil. (Mon, 20 Aug 2007 21:39:01 GMT)

Countrywide said to begin layoffs
Countrywide Financial Corp., the nation's largest mortgage lender, sought to reassure customers Monday that the liquidity problems dogging its mortgage operations were not affecting its banking unit. The assurance came amid a report that Countrywide has started laying off an undisclosed number of employees as it tries to ride out the credit crunch that has rocked the home loan industry. (Mon, 20 Aug 2007 22:17:13 GMT)

Capital One slashes jobs, mortgage industry swoons
The U.S. mortgage industry took another battering on Monday, as Capital One Financial Corp said it will shut a lending unit it bought less than a year ago, while two mortgage companies took steps to bolster liquidity as losses piled up. (Mon, 20 Aug 2007 22:31:26 GMT)

Federal Home Loan Bank System opening cash spigots to mortgage lenders in credit squeeze
WASHINGTON - The Federal Home Loan Bank system has increased low-cost lending to financial institutions in an effort to bolster credit stability. (Mon, 20 Aug 2007 22:58:35 GMT)

Capital One closing mortgage unit
Capital One Financial Corp. said Monday it will cut 1,900 jobs and shutter its wholesale mortgage banking business, a move that comes as lenders continue to struggle in the nation's housing and mortgage markets. (Mon, 20 Aug 2007 23:01:15 GMT)

Capital One Financial to Quit Residential Mortgage Business
The company also said it would close its wholesale mortgage banking unit and lay off roughly 1,900 employees. (Mon, 20 Aug 2007 23:39:28 GMT)

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