Mortgage News Aug 2007
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Home loan options dwindle, costs rise
SANTA ANA, Calif. -- 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, 24 Aug 2007 07:08:29 GMT)
Stock sale aids mortgage giant
The infusion of $2 billion from Bank of America Corp. should help shore up sagging Countrywide Financial Corp. as it tries to outlast the credit crunch squeezing Wall Street and the mortgage industry, analysts said yesterday. (Fri, 24 Aug 2007 07:33:38 GMT)
Asia May Avoid Mortgage Crisis Fallout
College senior Kim Mi-jin is unfazed by global financial turmoil, sitting in a Starbucks near the old royal palace studying for an exam to be a securities consultant. "I feel like it's a short-term factor," she says of U.S. subprime mortgage woes that have rattled markets from New York to New Delhi. (Fri, 24 Aug 2007 08:51:37 GMT)
Congress is taking aim at mortgage practices
WASHINGTON -- Spurred by the crisis in the home mortgage industry, Congress is readying a slew of proposals aimed at changing some lending practices and helping financially distressed homeowners hang onto their homes. (Fri, 24 Aug 2007 09:16:55 GMT)
Asian subprime fears grow, Europe calmer
Three Asian banks' heavy exposure to the limping U.S. home loan sector reinforced global credit jitters on Friday but Germany and Italy saw no signs of new problems. (Fri, 24 Aug 2007 09:37:09 GMT)
Mortgage lenders shut down
NEW YORK — As the mortgage shakeout forces dozens of home lenders into bankruptcy, some are merely going into something like suspended animation — shutting down temporarily and hoping to (Fri, 24 Aug 2007 09:54:18 GMT)
Home-loan lenders still shedding jobs
Central Florida's job losses in the troubled mortgage-lending industry are approaching 350 this year after the latest round of layoffs by another defunct lender, a state agency reported Wednesday. (Fri, 24 Aug 2007 09:55:37 GMT)
UK non-conforming mortgage arrears expected to continue rising - Fitch
MUMBAI (Thomson Financial) - Fitch Ratings said it expects arrears and possession levels in the UK non-conforming mortgage sector to continue to increase in the next few months. (Fri, 24 Aug 2007 10:10:58 GMT)
Nation's top mortgage lender gets boost
An employee of Countrywide Financial Corp. walks into the mortgage lender’s Northridge branch Tuesday in Los Angeles. (Fri, 24 Aug 2007 10:55:54 GMT)
Asian subprime fears grow
Three Asian banks' heavy exposure to the limping U.S. home loan sector reinforced global credit wobbles on Friday but Germany, France and Italy saw no signs of new problems. (Fri, 24 Aug 2007 11:25:32 GMT)
Avoiding a Mortgage Meltdown
You're reading stories every day about people losing their homes and life savings. You're wondering whether you could be the next casualty. Stop wondering. Do something. Right now. (Fri, 24 Aug 2007 12:08:42 GMT)
Bank of China's subprime exposure rattles Asia
Three Asian banks' heavy exposure to the limping U.S. home loan sector reinforced global credit wobbles on Friday but Germany, France and Italy saw no signs of new problems. (Fri, 24 Aug 2007 13:09:26 GMT)
How Much Home Can You Really Afford?
With the real estate market slipping and lenders making it more difficult to get a home loan, it is more important than ever to understand how much home you can... (Fri, 24 Aug 2007 15:06:29 GMT)
Homeowners invited to refinance seminar
Sabre Mortgage will present a free refinance seminar on Wed., Aug. 29 at the Rancho Santa Susana Community Center, 5005 Los Angeles Ave., Simi Valley. The seminar will educate homeowners on the various home financing programs that are still available and how to make the best choices for their financial futures. (Fri, 24 Aug 2007 15:15:35 GMT)
Loan papers lost in translation
ANTIOCH -- When it came time to sign her mortgage documents, Judy Murillo said she heard something in English that made her stop signing. The terms of her loan didn't sound right. (Fri, 24 Aug 2007 15:23:10 GMT)
Sector Snap: Mortgage Lenders
Shares of most mortgage lenders slipped Friday as concerns about deteriorating credit quality and restricted access to cash continued to weigh on the sector. (Fri, 24 Aug 2007 15:47:13 GMT)
Wachovia sues Thornburg Mortgage
Wachovia Bank, a unit of Wachovia Corp , has sued Thornburg Mortgage Inc for breach of contract over the mortgage lender's failure to pay it $5.1 million. (Fri, 24 Aug 2007 17:41:23 GMT)
Wall Street's Mortgage Troubles
For the mortgage industry, Wall Street's big investment banks might seem like one of those friends who disappear when the going gets tough. (Fri, 24 Aug 2007 18:50:20 GMT)
Grand jury indicts 2 for alleged mortgage fraud
The Ohio Attorney General's Office is charging two Central Ohio men with participating in an alleged mortgage fraud scheme. (Fri, 24 Aug 2007 19:03:09 GMT)
Schumer blasts mortgage companies advertising "deceptive" loans
Sen. Charles Schumer said big mortgage companies are still flooding the airwaves with ads promoting what he called deceptive mortgages. (Fri, 24 Aug 2007 19:05:54 GMT)
Mortgage Woes Don't Stop British Market
Britain already has felt the ripples from the subprime mortgage crisis in the United States through the volatility of stock and currency markets. Could it also infect the nation's spectacular property boom? (Fri, 24 Aug 2007 19:13:32 GMT)
Mortgage mess fallout: foreclosure rescue scams
Jennifer Falke and her family had been in their Columbus, Ohio, home for nearly 12 years when they hit a rough patch in 2006. Falke was out of work and fell behind on the mortgage. (Fri, 24 Aug 2007 19:18:00 GMT)
Sen. Schumer urges Big 4 on mortgage accounting
U.S. Senator Charles Schumer has asked the big accounting firms what steps they are taking to inform investors holding securitized mortgage assets that they can modify home loans and refinance them, according to a letter obtained by Reuters on Friday. (Fri, 24 Aug 2007 19:26:03 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, 24 Aug 2007 19:38:17 GMT)
Shore Mortgage Recruiting New Employees
Shore Mortgage, a full service mortgage company offering new mortgages as well as refinancing services, has five locations throughout the Detroit metropolitan area. Today, Shore president, Robert Rahal, announced the company is seeking to hire 150 new employees in several capacities including underwriters, account executives and loan officers. (Fri, 24 Aug 2007 19:43:00 GMT)
Is Refinancing the Best Option?
Q: DEAR BOB: I am a 51-year-old widow of eight years with three children, 9, 11 and 15. I earn about $3,000 a month, and my children receive $2,100 in Social Security benefits. I have owned my home for six years and have a 30-year, fixed-rate mortgage at 5.375 percent. (Fri, 24 Aug 2007 20:37:05 GMT)
Schumer Asks Big Four About Securitized Mortgages
U.S. Senator Charles Schumer has asked the big accounting firms what steps they are taking to inform investors holding securitized mortgage assets that they can modify home loans and refinance them. (Fri, 24 Aug 2007 20:53:53 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? (Fri, 24 Aug 2007 22:02:31 GMT)
Lending companies tightening criteria for potential home buyers
If you're thinking about buying a home, tighter lending requirements from loan companies are putting many would-be owners in a pinch. (Fri, 24 Aug 2007 22:14:56 GMT)
Ilyce Glink : Don't refinance until rate becomes adjustable
Q: I bought a house almost two years ago. I used a special first-time buyer's program, which fixed the interest rate of the loan at 5.5 percent for five years. After that, the loan adjusts to a one-year adjustable-rate mortgage. (Fri, 24 Aug 2007 23:15:56 GMT)
American Home, Morgan Stanley Make Deal
American Home Mortgage Investment Corp. Friday agreed to hand over servicing rights to $519 million worth of mortgages to Morgan Stanley, the lender that owns them. (Fri, 24 Aug 2007 23:36:25 GMT)
Options dwindle, costs rise for home loans
SANTA ANA, Calif. — 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, 24 Aug 2007 23:45:58 GMT)
Mortgage meltdown adds to housing woes
In an already lackluster Valley housing market, the mortgage-industry meltdown is not making things any easier for folks trying to sell their homes. (Sat, 25 Aug 2007 00:37:05 GMT)
As Woes Grow, Mortgage Ads Keep Up Pitch
Despite troubles in the mortgage business, advertising that critics say is often misleading continues unabated. (Sat, 25 Aug 2007 01:54:28 GMT)
Two major mortgage bankers suspend subprime lending
TORONTO (CP) - Two major Canadian mortgage bankers say they have temporarily suspended subprime - or higher risk - lending in Canada, blaming the frozen market for asset-backed commercial paper, or short-term loans. (Sat, 25 Aug 2007 01:57:00 GMT)
Hayward home loan officer indicted in kickback scheme
A Hayward man could face a long prison sentence if convicted on charges stemming from an alleged loan kickback scheme. (Sat, 25 Aug 2007 02:37:05 GMT)
Grand jury indicts two in mortgage-fraud case
Two Columbus-area men were indicted by a Franklin County grand jury yesterday in connection with a mortgage-fraud case related to properties in Franklin and Ottawa counties. (Sat, 25 Aug 2007 02:42:40 GMT)
Wachovia Sues Mortgage Specialist Firm in Dispute Over Collateral
Wachovia is suing Thornburg Mortgage for failing to return collateral used in a derivatives transaction. (Sat, 25 Aug 2007 04:11:49 GMT)
Grand jury indicts Emeryville home loan officer
An Emeryville loan officer has been indicted by a federal grand jury in Oakland on charges that he received more than $430,000 in illegal kickbacks and commissions from borrowers' escrow accounts. (Sat, 25 Aug 2007 04:51:12 GMT)
Managing a mortgage after retirement
Paying down the balance and refinancing may not be the best choice. Invest smart to mitigate monthly payments. Question: I am 58 and just purchased the home in which my wife and I plan to spend the rest of our lives. We paid points to reduce the rate on a 30-year fixed-rate mortgage to 4.75%. I am, however, feeling very insecure. The payment is affordable now, but I plan to retire in seven ... (Sat, 25 Aug 2007 06:45:38 GMT)
Subprime mortgage loan crisis threatens to broaden
The downturn of the subprime mortgage loan market has had a major impact on Wall Street, and it could affect you. (Sat, 25 Aug 2007 06:52:24 GMT)
Tell us about your mortgage woes
Did you lose a home to foreclosure as a result of mortgage terms? Are you stuck with an adjustable rate mortgage you can't refinance? Did you get an interest-only loan and regret it? Let us include your story in news coverage. Contact staff writer Naomi Snyder at 259-8284 or nsnyder@tennessean.com. (Sat, 25 Aug 2007 07:02:15 GMT)
No credit crunch in mortgage ads
On aol.com this week, the Internet-based loan company Lending Tree offered "bad credit options" and a $425,000 loan for only $1,376 a month. And Countrywide Financial Corp., the nation's largest lender, declared "Bad Credit? Call Today. Refinance or Tap into Your Home's Equity" in an online ad from its Full Spectrum Lending Division. (Sat, 25 Aug 2007 07:14:04 GMT)
Grand jury indicts Emeryville home loan officer
An Emeryville loan officer has been indicted by a federal grand jury in Oakland on charges that he received more than $430,000 in illegal kickbacks and commissions from borrowers' escrow accounts. Renato Gonzales Quiazon, 52, who worked at New Century... (Sat, 25 Aug 2007 07:35:02 GMT)
Mortgage ads show no sign of credit woes
On aol.com this week, the Internet-based loan company Lending Tree offered "bad credit options" and a $425,000 loan for only $1,376 a month. Countrywide Financial Corp. , the largest US lender, declared "Bad Credit? Call Today. Refinance or Tap into Your Home's Equity" in an online ad from its Full Spectrum Lending Division. (Sat, 25 Aug 2007 09:29:32 GMT)
Are you confused about all those mortgage terms?
Are you getting ready to buy a new home or refinance your existing home? When you meet with your lender or speak with a realtor, you'll find they have specific terms or words they use. To avoid any confusion, if you don't understand what they are talking about, ask them. (Sat, 25 Aug 2007 11:09:33 GMT)
Mortgage boat has holes, but is still afloat
From the headlines, you might think that lenders will never offer another mortgage. (Sat, 25 Aug 2007 14:23:11 GMT)
How to Negotiate a Mortgage Modification
-- If you are having a hard time making your monthly mortgage payments, head off the trouble quickly by reaching out to your lender rather than hiding from the situation. (Sat, 25 Aug 2007 16:20:15 GMT)
Mortgage mess hurts Main Street, beyond
The walls are bare, the closets are empty, and Connie and Timothy Pent and their two teenage children are living out of boxes as they wait for a dreaded knock at the door of their three-bedroom house in Ocala, Fla. (Sat, 25 Aug 2007 16:39:16 GMT)
Credit Card Users Pay for Mortgage Woes
Fear from the nation's mortgage problems is leading to higher rates for some. (Sat, 25 Aug 2007 17:32:17 GMT)
How to Negotiate a Mortgage Modification
If you are having a hard time making your monthly mortgage payments, head off the trouble quickly by reaching out to your lender rather than hiding from the situation. Make sure to know the state of your finances before contacting your lender, said Ray... (Sat, 25 Aug 2007 17:37:41 GMT)
Mortgage Mess Hurts Main Street, Beyond
The walls are bare, the closets are empty, and Connie and Timothy Pent and their two teenage children are living out of boxes as they wait for a dreaded knock at the door of their three-bedroom house in Ocala, Fla. They've fallen behind in payments on... (Sat, 25 Aug 2007 17:37:51 GMT)
Home-owning dream now nightmare for many
For five years, the housing boom put money in the pockets of lenders, brokers, Realtors and investors and granted easy mortgages. But as home prices decline and interest rates climb, the cracks in the housing market's foundation are widening. (Sat, 25 Aug 2007 18:28:47 GMT)
Home-owning dream now nightmare for many
For five years, the housing boom put money in the pockets of lenders, brokers, Realtors and investors and granted easy mortgages. But as home prices decline and interest rates climb, the cracks in the housing market's foundation are widening. (Sat, 25 Aug 2007 18:36:27 GMT)
Cover for your home
It's hard to miss the HDFC Standard Life home loan insurance advertisements on television these days, "Mr Kumar rahe na rahe, Kumar Sadan hamesha rahega." (Sat, 25 Aug 2007 18:49:31 GMT)
US mortgage lenders to cut staff
Accredited Home Lenders and HSBC announced a combined loss of more than 2,000 US jobs on Wednesday in the growing impact of mortgage market turmoil. (Sat, 25 Aug 2007 22:38:19 GMT)
U.S. boosts mortgage funds
WASHINGTON -- The Federal Home Loan Bank system has increased low-cost lending to financial institutions in an effort to bolster credit stability. (Sat, 25 Aug 2007 23:20:03 GMT)
MORTGAGE MELTDOWN / As woes rise, know your money fund
Skittish investors worried about the subprime mortgage fallout have been piling into government money market funds, which is contributing to a drop in yield on these safe-haven investments. From Aug. 9 through Thursday, the average yield on government money... (Sun, 26 Aug 2007 03:49:43 GMT)
Mortgage Mess Hurts Main Street, Beyond
The walls are bare, the closets are empty, and Connie and Timothy Pent and their two teenage children are living out of boxes as they wait for a dreaded knock at the door of their three-bedroom house in Ocala, Fla. (Sun, 26 Aug 2007 04:01:12 GMT)
Mortgage damage control
The subprime mortgage credit meltdown that has caused more than 50 lenders nationwide to file for bankruptcy so far has had minimum effect on local lenders and area borrowers. (Sun, 26 Aug 2007 04:05:09 GMT)
Mortgage damage control
The subprime mortgage credit meltdown that has caused more than 50 lenders nationwide to file for bankruptcy so far has had minimum effect on local le... (Sun, 26 Aug 2007 04:09:00 GMT)
U.S. banks weather mortgage meltdown
With the worst of the mortgage mess possibly over, bankers are climbing out of the woodwork, assuring customers that they're still healthy and ready for business. (Sun, 26 Aug 2007 04:43:17 GMT)
Homeowner nightmares: Mortgage crunch impact spreading far and wide
The walls are bare, the closets are empty, and Connie and Timothy Pent and their two teenage children are living out of boxes as they wait for a dreaded knock at the door of their three-bedroom house in Ocala, Fla. They've fallen behind in payments on a their home loan, and their lender told them in July that foreclosure was imminent. (Sun, 26 Aug 2007 06:59:13 GMT)
Mortgage `tap' has been shut off
The rules of getting a mortgage have changed -- while you were on vacation. At the beginning of summer, you could have a marginal credit score, no proof of income and no down payment, and still get financing for a home. But that was then. Now the kids are heading back to school and lenders are running scared, worried about all the easy credit they granted over the past few years. With many ... (Sun, 26 Aug 2007 07:07:01 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 (Sun, 26 Aug 2007 07:13:13 GMT)
KENNETH HARNEY: Dingell's proposal to limit mortgage tax break has critics
To add to the mortgage meltdown miseries, the credit panic, plunging home sales and rising foreclosures, here's a new worry: a proposed cutoff of mortgage interest tax deductions for all houses with more than 3,000 square feet. (Sun, 26 Aug 2007 07:13:33 GMT)
MORTGAGE MELTDOWN / As woes rise, know your money fund
Skittish investors worried about the subprime mortgage fallout have been piling into government money market funds, which is contributing to a drop in yield on these safe-haven investments. From Aug. 9 through Thursday, the average yield on government money... (Sun, 26 Aug 2007 07:19:33 GMT)
Growing mortgage crisis spreads to jumbo loans
The evening before their home purchase was to close, Gary Becker and his wife, Amy Dacus, learned their mortgage to buy a Woodinville home... (Sun, 26 Aug 2007 07:20:06 GMT)
``He said, `You're gonna love this loan, trust me.' What a line.''
Homeowner with high credit score and a $100,000 down payment tells how things still have gone wrong with home loan. (Sun, 26 Aug 2007 07:39:49 GMT)
Loan options dwindle for home buyers
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. (Sun, 26 Aug 2007 08:04:11 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, 26 Aug 2007 09:09:12 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, 26 Aug 2007 09:25:53 GMT)
Mortgage meltdown
When the subprime mortgage topic turns up, a lot of people tune out. (Sun, 26 Aug 2007 10:17:07 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, 26 Aug 2007 10:22:57 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, 26 Aug 2007 10:50:11 GMT)
Refinance Your Adjustable Rates Today
(ARA) - As the old saying goes "a man's home is his castle." The benefits of owning a home are many, including financial security. While a home mortgage is good for your financial stability, refinancing for a better mortgage than you originally qualified for can benefit your finances even more. (Sun, 26 Aug 2007 10:53:17 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." (Sun, 26 Aug 2007 10:53:27 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, 26 Aug 2007 11:05:13 GMT)
When mortgage cash dries up
Lisa Meserole was two weeks away from closing on her new Hackensack condo when she got a shock: Her lender, American Home Mortgage, was not going to fund her loan -- or for that matter, any loans -- because the company was filing for bankruptcy. (Sun, 26 Aug 2007 11:13:26 GMT)
No U.S. region immune to mortgage-loan havoc
Cutbacks in the mortgage industry hit close to home. (Sun, 26 Aug 2007 11:22:01 GMT)
Think You're Paying Too Much on Your Car Loan?
(ARA) - You have probably heard of auto refinance before. Or simply refinance. The term actually refers to a financial situation wherein a borrower finds financing to pay off a current loan. (Sun, 26 Aug 2007 11:34:50 GMT)
The next credit crunch?
As home loan market tightens, mounting credit card debt could spur new crisis Now that the easy money in home mortgages is all but over, consumers may soon be caught in a financial squeeze with their credit cards. (Sun, 26 Aug 2007 12:57:57 GMT)
Impact of mortgage crunch spreads
An increasing number of homeowners and prospective homeowners are getting caught up in the fast-spreading mortgage crisis. (Sun, 26 Aug 2007 13:08:49 GMT)
Here’s what to do if you are having trouble paying your mortgage
If you are having a hard time making your monthly mortgage payments, head off the trouble quickly by reaching out to your lender rather than hiding from the situation. (Sun, 26 Aug 2007 13:26:06 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, 26 Aug 2007 14:22:56 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, 26 Aug 2007 14:23:16 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, 26 Aug 2007 15:05:00 GMT)
Inside a mortgage lender's loan spree
Documents and interviews show that the entire operation at Countrywide Financial was intended to wring maximum profit out of the mortgage lending boom no matter what it cost borrowers. (Sun, 26 Aug 2007 15:09:49 GMT)
Mortgage Meltdown Rocks Families
More and more homeowners and prospective home buyers taste the fast-spreading mortgage crisis that is claiming victims from all income levels and demographic groups. 8:15 a.m. (Sun, 26 Aug 2007 15:31:06 GMT)
Home loan scheme to lift ING sales
ING's mortgage business grew 44 per cent in 2006, and this shows its readiness for future growth in 2007 and beyond, says its vice president for marketing and business development (Sun, 26 Aug 2007 16:12:37 GMT)
Mortgage arrears down slightly
Arrears on home loans funded by residential mortgage-backed securities fell slightly in June to 1.86 per cent, from 1.89 per cent in May, according to Standard and Poor's Rating Services. (Sun, 26 Aug 2007 17:13:39 GMT)
Mortgage crunch impact spreading far and wide
An increasing number of homeowners and prospective homeowners are getting caught up in the fast-spreading mortgage crisis that is claiming victims from all income levels and demographic groups. (Sun, 26 Aug 2007 19:41:50 GMT)
ARMs race: The fallout of the mortgage mess
An increasing number of homeowners and prospective homeowners are getting caught up in the fast-spreading mortgage crisis that is claiming victims from all income levels and demographic groups. (Sun, 26 Aug 2007 20:00:16 GMT)
Schumer Calls For Crackdown On Sub-Prime Mortgage Lenders
Senator Charles Schumer wants to see a state crackdown on mortgage companies who he says are pushing more and more New Yorkers into foreclosure. (Sun, 26 Aug 2007 20:04:02 GMT)
How homeowners can escape a mortgage mess
What to do if payments on your adjustable-rate mortgage are about to go up. (Sun, 26 Aug 2007 20:24:32 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, 26 Aug 2007 20:53:06 GMT)
Online auctions revolutionise NZ home loan market
Forget the couch or car – home loans are New Zealand’s hottest new online auction items. (Sun, 26 Aug 2007 22:54:29 GMT)
Home loans online
The website Fundit launched this morning, marketing itself as an "online mortgage marketplace". The site pitches home loan lenders directly against each other in live web-based auctions to offer the best deals for prospective customers. (Sun, 26 Aug 2007 23:16:13 GMT)
PMI Mortgage Insurance Company Limited Opens Tokyo Representative Office; Names J. Steven Beagles as Managing Director
WALNUT CREEK, Calif., Aug. 26 /PRNewswire-FirstCall/ -- The PMI Group, Inc. today announced that PMI Mortgage Insurance Company ( Nachrichten ) Limited, a subsidiary, has opened a representative office in Tokyo, Japan, and appointed J. Steven Beagles as Managing Director. (Mon, 27 Aug 2007 00:10:44 GMT)
A hand through mortgage maze
MORTGAGE Finance Solutions consultants have one simple aim. They are dedicated to helping clients make the right decision when choosing a home loan. Recently the company expanded into larger premises opposite the Wodonga Real Estate office building it has called home for six years. (Mon, 27 Aug 2007 02:03:24 GMT)
Low doc loan delinquencies 'at record levels'
Delinquencies in the Australian non-conforming home loan sector are at record high levels and are likely to increase as a result of an interest rate rise in August, a global ratings agency says. (Mon, 27 Aug 2007 03:25:14 GMT)
Mortgage assistance available
If you're behind on your mortgage, "nothing is worse than doing nothing," according to the state Consumer Protection Board, so it has begun an outreach campaign to help homeowners avoid foreclosure. (Mon, 27 Aug 2007 04:04:40 GMT)
Marshall Loeb's Daily Money Tip: Five big mistakes mortgage seekers make
NEW YORK (MarketWatch) -- With housing prices leveling off in many parts of the country, it's a good time for qualified buyers to shop around for a new home. But Bankrate.com Editor Elizabeth Razzi warns there are five pitfalls to avoid when trying to secure a mortgage: (Mon, 27 Aug 2007 04:08:26 GMT)
Home Depot Cuts Unit's Sale Price to $8.5 Billion, People Say
Aug. 27 (Bloomberg) -- Home Depot Inc., the world's biggest home-improvement retailer, agreed to sell its construction- supply unit for $8.5 billion, cutting the price by 18 percent as the U.S. credit squeeze curbed demand for leveraged-buyout debt, three people familiar with the agreement said. (Mon, 27 Aug 2007 04:10:44 GMT)
Five big mistakes mortgage seekers make
NEW YORK (MarketWatch) -- With housing prices leveling off in many parts of the country, it's a good time for qualified buyers to shop around for a new home. But Bankrate.com Editor Elizabeth Razzi warns there are five pitfalls to avoid when trying to secure a mortgage: (Mon, 27 Aug 2007 04:20:49 GMT)
Mortgage brokers struggle to survive industry collapse
As the mortgage industry continues to roil, local mortgage firms are struggling to stay afloat. (Mon, 27 Aug 2007 04:45:28 GMT)
Home loan bank CEO optimistic
Richard Dorfman started his new job as head of one of the Southeast's largest residential lenders just in time to see the subprime lending crisis blow up. (Mon, 27 Aug 2007 04:46:18 GMT)
Aussie low doc loan defaults at record levels
Delinquencies in the Australian non-conforming home loan market are at record high levels and are likely to increase as a result of an interest rate rise earlier this month, a global ratings agency says. (Mon, 27 Aug 2007 04:59:17 GMT)
More Indian Outsourcers Hit by US Mortgage Crisis
The subprime mortgage crisis continues to rattle through the outsourcing sector, prompting more Indian firms to warn that certain mortgage clients are tapering down their engagements. (Mon, 27 Aug 2007 05:44:28 GMT)
All about home loan insurance plan
Most plans offer a sum assured that reduces as your outstanding home loan comes down every year. (Mon, 27 Aug 2007 05:51:12 GMT)
Capital One slashes 1,900 jobs, closes wholesale mortgage unit
Capital One Financial Corp. on Monday said 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, 27 Aug 2007 07:50:04 GMT)
City to give recommendation on refinancing of ITA bonds
City staff will give their recommendation in September on whether the city should refinance the bonds on the Kentucky TriModal Transpark, City Manager Kevin DeFebbo said this week. (Mon, 27 Aug 2007 09:17:57 GMT)
Experts don't see mortgage crisis here
The nation's cold housing market and surge in mortgage defaults from subprime lending is not a trend housing officials are seeing much of locally. (Mon, 27 Aug 2007 09:55:53 GMT)
MORTGAGE WOES: State starts foreclosure hotline
Gov. M. Jodi Rell and Department of Banking Commissioner Howard Pitkin report the establishment of a Mortgage Foreclosure Assistance Hotline. (Mon, 27 Aug 2007 10:02:59 GMT)
Wall Street banks shed mortgage lending units
For the mortgage industry, Wall Street's big investment banks might seem like one of those friends who disappear when the going gets tough. It wasn't that long ago that the investment houses, looking for ways to cash in on the then-booming housing industry, were buying mortgage lenders at a frenetic pace. The story now is quite different. This past week, 1,200 people lost their jobs after Lehman ... (Mon, 27 Aug 2007 10:08:44 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, 27 Aug 2007 11:07:43 GMT)
Refinance Your Adjustable Rates Today
(ARA) - As the old saying goes "a man's home is his castle." The benefits of owning a home are many, including financial security. While a home mortgage is good for your financial stability, refinancing for a better mortgage than you originally qualified for can benefit your finances even more. (Mon, 27 Aug 2007 11:37:46 GMT)
Home Depot Cuts Supply Unit Price to $8.5 Billion (Update1)
Aug. 27 (Bloomberg) -- Home Depot Inc., the world's biggest home-improvement retailer, agreed to sell its construction- supply unit for $8.5 billion, cutting the price by 18 percent as the U.S. credit squeeze curbed demand for leveraged-buyout debt, three people familiar with the agreement said. (Mon, 27 Aug 2007 12:10:44 GMT)
Mortgage crunch impact spreading
The escalating mortgage crisis has prompted local lawmakers to call for a crackdown on unscrupulous mortgage firms. (Mon, 27 Aug 2007 12:11:28 GMT)
A User's Guide to Mortgage Shopping
Elisabeth Leamy's tips, advice and warnings for those looking for a mortgage. (Mon, 27 Aug 2007 12:47:26 GMT)
Mortgage mess wipes out thousands of jobs
CHARLOTTE, N.C. -- At the North Carolina offices of mortgage lender HomeBanc Corp., Archie Clark is the only employee left. But in a few days, he'll be gone, too. (Mon, 27 Aug 2007 13:05:15 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. (Mon, 27 Aug 2007 13:40:27 GMT)
Rudco's 6% home loan? Beware...
You know the saying, 'If it's too good to be true, it usually is' — and this certainly applies to Rudco Finance. Rudco has promised home owners to fix your home loan at six percent per year for up to 20 years if you already have a mortgage and are looking to switch. (Mon, 27 Aug 2007 14:01:30 GMT)
Parents in mortgage stress soar
The number of families with children struggling with higher mortgage repayments has almost doubled in five years, census figures show. (Mon, 27 Aug 2007 14:10:07 GMT)
Two Ways the Mortgage Mess May Play Out
How much worse can things get in the housing market? With mortgage lenders folding, home builders bleeding red ink, and foreclosures filling the "public notice" section, the answer might seem as ominous as the "price reduced" placards that increasingly top the for-sale signs now littering America's lawns. (Mon, 27 Aug 2007 14:16:18 GMT)
Investigators: Mortgage Problem
Imagine paying your mortgage on time -- only to discover that your mortgage company was messing up your credit report. INSIDE: Watch Heather Catallo's report (Mon, 27 Aug 2007 14:22:47 GMT)
Emerging-Market Bonds Little Changed on Subprime Mortgage Woes
Aug. 27 (Bloomberg) -- Emerging-market bonds were little changed as lingering concerns about losses in the U.S. subprime mortgage market deterred investors from buying riskier assets. (Mon, 27 Aug 2007 14:43:44 GMT)
Home Sales Hit Slowest Pace in 5 Years
WASHINGTON -- Sales of existing homes dropped for a fifth straight month in July, falling to the slowest pace in nearly five years, while home prices fell for a record 12th consecutive month. (Mon, 27 Aug 2007 14:48:19 GMT)
Bank Commercial Loan Opportunities Open
By Amy Wyeth Wall Street investors are shunning not only subprime loans but, at least for the moment, virtually all mortgage-backed securities. Planned FICO Score Changes Are Little Understood Locally By Amy Wyeth The interest rate on a mortgage or home equity loan, the car loan from the dealer-lender partnership and – potentially in the Bay State – even how high an auto insurance payment is ... (Mon, 27 Aug 2007 15:17:58 GMT)
Sector Snap: Mortgage Lenders
Shares of mortgage lenders plunged Monday after a report attested the housing industry drew no closer to a rebound last month. (Mon, 27 Aug 2007 15:45:21 GMT)
Nationwide mortgage crunch not having major effect on local area
The current status of the housing market may have some first-time home buyers or those looking to refinance worried that they may not qualify for a home loan due to the tightening of credit restrictions. (Mon, 27 Aug 2007 16:02:18 GMT)
Schumer rips mortgage firms' advertising practices
Mortgage firms should stop running "deceptive advertising" for subprime loans and provide assistance to homeowners who can afford to refinance, Sen. Charles Schumer said yesterday. (Mon, 27 Aug 2007 17:04:35 GMT)
ECB leaves door open for decision in September
European Central Bank chief Jean-Claude Trichet implied Monday that the ECB jury was still out regarding an interest rate increase owing to turbulence generated by the US home mortgage crisis. (Mon, 27 Aug 2007 18:06:45 GMT)
Mortgage Seekers' Five Big Mistakes
With housing prices leveling off in many parts of the country, it's a good time for qualified buyers to shop around for a new home. But Bankrate.com Editor Elizabeth Razzi warns of some pitfalls to avoid when trying to secure a mortgage. (Mon, 27 Aug 2007 18:20:52 GMT)
Sector Snap: Mortgage Banks
Not all bank mortgage portfolios are created equal, a security analyst said Monday, adding that the sector's current turmoil will reward banks entitled to a mortgage borrower's first payments and punish rivals that have to wait for second payments. (Mon, 27 Aug 2007 18:52:46 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, 27 Aug 2007 19:53:31 GMT)
U.S. stocks fall on mortgage fears
U.S. stock indexes closed down Monday on resurging housing and mortgage fears after existing-home sales fell a fifth consecutive month. (Mon, 27 Aug 2007 20:59:35 GMT)
Will They, Won't They: Mortgage Market Meltdown And Online Advertising
We mentioned this about 10 days ago, and now some follow-up: -- FT has a story that says Internet companies are bracing for a possible fall-off in one of their biggest sources of advertising following the meltdown in the subprime mortgage market. (Mon, 27 Aug 2007 21:16:01 GMT)
Emerging-Market Bonds Little Changed on Subprime Mortgage Woes
Aug. 27 (Bloomberg) -- Emerging-market bonds were little changed as concerns about losses in the U.S. subprime mortgage market deterred investors from buying riskier assets. (Mon, 27 Aug 2007 21:28:36 GMT)
Kiwis embrace home loan auction website
The website launched yesterday (27 August ’07), pitching home loan lenders directly against each other in live web-based auctions to offer the best deals for each home loan. (Mon, 27 Aug 2007 21:40:07 GMT)
Fairfax Media home loan affordability
This monthly series is designed to measure how much of an average weekly take-home pay is required to make a standard mortgage repayment for an average house. (Tue, 28 Aug 2007 01:39:18 GMT)
Home-equity loans cost more, are tougher to get
The credit crunch means you'll probably pay more for a home equity loan or line of credit - and lenders are getting picky about who can get them. (Tue, 28 Aug 2007 01:39:26 GMT)
As Mortgage Mess Unravels, Some Investors Clean Up
Joe Robert watched his real estate investment firm's stock tumble to five-year lows this month as Wall Street punished any company linked to the mortgage mess. But where others panicked, Robert saw opportunity. From Aug. 9 to 16, he scooped up about $8 million worth of his firm's shares. They have since risen about 25 percent. (Tue, 28 Aug 2007 02:20:11 GMT)
Transnational Financial Network Suspends Wholesale Mortgage Lending Operations; Reduces Staff - Quick Facts
(RTTNews) - Transnational Financial Network Inc. (TRFN.PK), a retail mortgage lender, announced that it had suspended its wholesale mortgage lending operations due to the turmoil in the mortgage industry. The company noted that it would continue its retail operations. (Tue, 28 Aug 2007 02:32:34 GMT)
Dollar down in Asia on US home loan woes
TOKYO (AFP) - The dollar edged down against the yen in Asian trade on Tuesday as weak data renewed market vigilance over the troubled US home loan market, dealers said. (Tue, 28 Aug 2007 03:42:09 GMT)
RAMS investors unhappy after first month on market
Mortgage lender RAMS Home Loans has disappointed investors with its first profit announcement since floating on the stock exchange last month. (Tue, 28 Aug 2007 03:42:59 GMT)
Mortgage questions taken here
New Hampshire Banking Department will hold a free mortgage information session for people with non-traditional and adjustable rate loans today from 2 to 8 p.m. in Aldermanic Chambers at Manchester City Hall, One City Hall Plaza, corner of Hanover and Elm streets. (Tue, 28 Aug 2007 04:05:27 GMT)
Rams Turns to Australian Market After U.S. Refinancing Failure
Aug. 28 (Bloomberg) -- Australia's Rams Home Loans Group Ltd. said it will try to sell more mortgage-backed bonds in the domestic market after failing to refinance A$6.18 billion ($5 billion) of short-term debt in the U.S. this month. (Tue, 28 Aug 2007 04:37:30 GMT)
Tips From LoansConfidential.com to Protect Yourself and Your Home When Applying for a Mortgage
Many homeowners who were forced into foreclosure didn't fully understand their mortgage. Don't make this mistake! Many loan officers fail to disclose all aspects of the loan and closing cost; spending the extra 20 minutes asking these questions can mean the difference of keeping your home or losing it to foreclosure. (Tue, 28 Aug 2007 05:00:00 GMT)
Dollar down in Asia on US home loan woes
TOKYO, Aug 28, 2007 (AFP) - The dollar edged down against the yen in Asian trade on Tuesday as weak data renewed market vigilance over the troubled US home loan market, dealers said. (Tue, 28 Aug 2007 05:42:39 GMT)
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