Mortgage News Aug 2007

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Rams Turns to Australian Market After Failure in U.S. (Update2)
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 07:07:31 GMT)

Homeowners share subprime horror stories
The scandal of homebuyers relying on subprime mortgage loans has hit hard and deep in the Bronx. A panel of legislators last week heard horror stories of residents near homelessness. (Tue, 28 Aug 2007 08:41:56 GMT)

Property market cools as mortgage lending falls to lowest level for three months
The number of people taking out a mortgage to buy a house fallen to its lowest level in three months in a further sign the property market may be cooling. (Tue, 28 Aug 2007 09:59:56 GMT)

Russia c.bank eases refinancing rules
MOSCOW, Aug 28 (Reuters) - The Russian central bank moved on Tuesday to make more funds available for liquidity-hungry commercial banks by reducing the discount rate it applies to securities used in repo operations. (Tue, 28 Aug 2007 10:11:44 GMT)

Thornburg Mortgage settles $5.1mn claim with Wachovia
NEW YORK, August 28 (newratings.com) – Thornburg Mortgage Inc ( TMA.NYS ) Monday announced that it had paid $5.1 million to Wachovia Corp to settle a dispute over a derivatives transaction. (Tue, 28 Aug 2007 10:12:32 GMT)

Mortgage approvals slip in July
British mortgage approvals eased in July from last year, although the value of approvals climbed 12% on the year, a new report showed Tuesday. (Tue, 28 Aug 2007 11:00:04 GMT)

Big banks shun risk, mortgage industry
NEW YORK - For the mortgage industry, Wall Street's big investment banks might seem like one of those friends who disappear when the going gets tough. (Tue, 28 Aug 2007 11:46:10 GMT)

Thornburg Mortgage pays Wachovia $5.1M settlement
Thornburg Mortgage Inc. has paid Wachovia Corp. $5.1 million to settle a dispute over a derivatives transaction, a Wachovia spokeswoman says. (Tue, 28 Aug 2007 13:07:52 GMT)

U.S. Home Prices Fell by Record in Second Quarter, Index Shows
Aug. 28 (Bloomberg) -- Home prices fell by a record amount in the second quarter as sales fell and mortgage lenders made it tougher to get a loan. Home values dropped 3.2 percent in the three months through June from the same period a year before, according to a report today by S&P/Case-Shiller. (Tue, 28 Aug 2007 13:10:34 GMT)

U.S. Home Prices Fell by Record in Second Quarter (Update1)
Aug. 28 (Bloomberg) -- Home prices fell by a record in the second quarter as sales dropped and mortgage lenders made it tougher to get a loan. Home values declined 3.2 percent in the three months through June from the same period a year before, according to a report today by S&P/Case-Shiller. (Tue, 28 Aug 2007 13:29:47 GMT)

Investors Look to Profit from Mortgage Woes
A letter from a New York hedge fund invites readers to "capitalize from the carnage," in the subprime mortgage industry, according to a Web site for investors. That means investing in mortgages at fire-sale prices. And plenty of investors are looking to profit from problems in the mortgage industry. (Tue, 28 Aug 2007 13:58:13 GMT)

RAMS results right on target
The directors are cautious on 180-day refinancing progress. (Tue, 28 Aug 2007 14:00:00 GMT)

CIT Group closes its mortgage unit
CIT Group (CIT), the consumer and commercial finance company, said Tuesday that it has closed its mortgage lending operations, becoming the latest company to abandon the mortgage sector. (Tue, 28 Aug 2007 14:05:45 GMT)

Judge jails loan officer until trial
A loan officer accused of helping to arrange sales in a $25 million mortgage-fraud scam won't be going home for now. (Tue, 28 Aug 2007 14:16:33 GMT)

U.S. Home Prices Fell by Record in Second Quarter (Update3)
Aug. 28 (Bloomberg) -- Home prices in the U.S. fell by a record in the second quarter as sales dropped and mortgage lenders made it tougher to get a loan. (Tue, 28 Aug 2007 14:44:57 GMT)

CIT Group closes mortgage unit, takes charge
CIT Group Inc , the consumer and commercial finance company, on Tuesday said it has closed its mortgage lending operations, the latest to abandon the sector amid difficult market conditions. (Tue, 28 Aug 2007 15:41:28 GMT)

CIT Group closes mortgage unit, cuts 550 jobs
CIT Group Inc , the consumer and commercial finance company, said on Tuesday it has closed its mortgage lending operations, resulting in the loss of 550 jobs across 25 offices. (Tue, 28 Aug 2007 15:52:17 GMT)

CIT Group closes mortgage unit, cuts 550 jobs
NEW YORK (Reuters) - CIT Group Inc (CIT.N), the consumer and commercial finance company, said on Tuesday it has closed its mortgage lending operations, resulting in the loss of 550 jobs across 25 offices. (Tue, 28 Aug 2007 16:35:34 GMT)

Sector Snap: Mortgage Lenders Fall
Shares of mortgage lenders continued their decline Tuesday after a report revealed home prices in the second quarter fell by the steepest rate in two decades. (Tue, 28 Aug 2007 17:41:04 GMT)

Ex-American Home Mortgage manager going to prison
A U.S. District Court in Alaska Monday sentenced a former American Home Mortgage branch manager to serve more than 2 years in prison and pay a $50,000 fine and $190,000 in restitution in connection with wire fraud charges after he falsified documentation to secure "stated income" mortgage loans from American Home and Countrywide Financial. (Tue, 28 Aug 2007 18:16:31 GMT)

Mortgage crisis hits home
A year ago, Cheryl Trueblood and her family were trapped in the mortgage crisis that is still gripping thousands of homeowners in North County and millions nationwide. (Tue, 28 Aug 2007 18:42:51 GMT)

Will They, Won't They: Mortgage Market Meltdown And Online Advertising
-- 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. (Tue, 28 Aug 2007 19:43:55 GMT)

How big is mortgage mess? No one knows
The U.S. mortgage-lending business is a sprawling, varied enterprise that no one regulator oversees, making it impossible to know how many mortgages or lenders not insured by the government are in trouble. (Tue, 28 Aug 2007 19:44:23 GMT)

Forecasting the depth of America's mortgage woes
A lack of public records and the large number of nonbank lenders in the U.S. make it difficult for investors, policy-makers to get their arms around the size of the mortgage problem.{l} Reagor's real estate blog (Tue, 28 Aug 2007 19:57:47 GMT)

Nothing Down
Democrats and the White House see the Federal Housing Administration as a way to help out troubled mortgage holders. Bad idea. (Tue, 28 Aug 2007 20:11:43 GMT)

How to Shop for a Mortgage Today
The troubles in the subprime-mortgage market have led to tighter standards for all borrowers. Buyers and refinancers with sterling credit records won't feel the pinch. (Tue, 28 Aug 2007 20:13:05 GMT)

RBL-issued loans, used to refinance other credits
Individuals that entered savings-loan contracts with Raiffeisen Housing Bank (RBL) can contract loans for refinancing or covering other mortgage-real-estate loans contracted from other banks, a RBL communiqué informs. (Tue, 28 Aug 2007 20:31:56 GMT)

Mortgage crisis hits home
A year ago, Cheryl Trueblood and her family were trapped in the mortgage crisis that is still gripping thousands of homeowners in North County and millions nationwide. (Tue, 28 Aug 2007 20:33:37 GMT)

Mortgage crisis a boon for banks
Now that the mortgage crisis has forced several high-profile lenders out of business, would-be homebuyers are banking on, well, banks to give them loans. The boomerang back to old-fashioned lenders comes at the expense of troubled companies such as HomeBanc and Countrywide that had thrived during the nation's long housing boom. That new breed of lender had lured away customers with low rates and ... (Tue, 28 Aug 2007 21:13:02 GMT)

IndyMac Enlists 600 Fired From Bankrupt American Home (Update2)
Aug. 28 (Bloomberg) -- IndyMac Bancorp Inc., the second- biggest U.S. independent home lender, is hiring as many as 850 former employees of bankrupt American Home Mortgage Investment Corp. in a push to loan more through storefront offices. (Tue, 28 Aug 2007 21:55:44 GMT)

Lending First to pay $15,000 for fraudulent home loan ads
Monterey County District Attorney Dean Flippo announced today that the Consumer Protection Unit, in a joint prosecution with the Orange County District Attorney, obtained a civil judgment against Lending First Home Loans, Inc., for fraudulent home loan advertising. (Tue, 28 Aug 2007 22:38:24 GMT)

CIT exits home-loan origination
CIT Group, the largest independent commercial-finance company in the U.S., said it closed a unit that makes home loans and will take a $35 million charge in the third quarter. (Tue, 28 Aug 2007 23:52:39 GMT)

Mortgage Scams More Rampant Than Ever In Fla.
You've heard other CBS4 News reports of refinancing scams running rampant in Florida's soft real estate market, and some experts say the problem is only getting worse. (Wed, 29 Aug 2007 01:19:00 GMT)

One Mortgage Lender, at Least, Is Hiring
IndyMac Bancorp said it had hired more than 600 former employees of the American Home Mortgage Investment Corporation and might hire 250 more. (Wed, 29 Aug 2007 02:12:23 GMT)

Super or Home Loan?
Q. My husband and I earn $45k and $30k per year. We both co-contribute $20 a week and salary sacrifice $38 a week. Our home is worth $500k and we owe $82k. Should we put this extra into our home loan or use the extra for super? (Wed, 29 Aug 2007 02:15:10 GMT)

Heads Up: Home Depot to sell wholesale unit for $1.8 billion less than original price
Home Depot Inc. made it official Tuesday: It’s selling its wholesale distribution business to private equity groups for $8.5 billion — about $1.8 billion less than originally agreed. As part of the amended terms, Home Depot will buy a 12.5 percent equity interest in the business for $325 million and will guarantee a $1 billion senior secured loan of HD Supply, a business that serves construction ... (Wed, 29 Aug 2007 03:34:53 GMT)

Mortgage review sessions get borrowers to City Hall
Interest was high yesterday at free information sessions on mortgage issues, with people showing up at City Hall before the scheduled start of discussions with New Hampshire Banking Department officials. (Wed, 29 Aug 2007 04:03:06 GMT)

Schumer Presses Big Four on Mortgages
Washington, D.C. (Aug. 29, 2007) - Sen. Charles Schumer, D-N.Y., has written letters to the Big Four accounting firms asking what they are doing to let their financial institution clients know about waivers on mortgage accounting standards that could let borrowers refinance their loans. (Wed, 29 Aug 2007 04:09:48 GMT)

Subprime mortgage woes spreading
The subprime mortgage crisis is spreading to a somewhat unexpected place: homes costing more than $500,000. (Wed, 29 Aug 2007 06:07:42 GMT)

Subprime Mortgage Woes Spreading
The subprime mortgage crisis is spreading to a somewhat unexpected place: homes costing more than $500,000. As lending has rapidly gotten more restrictive for borrowers taking out large loans, sales of expensive homes have fallen sharply around the country during what should be one of the busiest seasons for buyers and sellers, mortgage bankers and real estate agents say. (Wed, 29 Aug 2007 06:07:46 GMT)

Auto Refinancing Often Overlooked for Car Loans
Although many people consider refinancing their homes, not many consider refinancing their cars. Refinancing an auto could save people hundreds of dollars over the course of their loan, and myAutoloan.com makes it easy for people to shop online for the best savings. (Wed, 29 Aug 2007 07:01:00 GMT)

Auto Refinancing Often Overlooked for Car Loans
Although many people consider refinancing their homes, not many consider refinancing their cars. Refinancing an auto could save people hundreds of dollars over the course of their loan, and myAutoloan.com makes it easy for people to shop online for the best savings. (PRWeb Aug 29, 2007) Post Comment:Trackback URL: http://www.prweb.com/pingpr.php/TG92ZS1JbnNlLVNxdWEtSW5zZS1UaGlyLVplcm8= (Wed, 29 Aug 2007 07:34:53 GMT)

Court to hear foreclosure case
Decision in appeal by Howard Co. man could affect similar cases The Maryland Court of Appeals has agreed to hear arguments in the foreclosure case of Kwaku Atta Poku, the Columbia cab owner who lost his home after refinancing, despite making every mortgage payment. (Wed, 29 Aug 2007 07:49:43 GMT)

Event provides home loan default information
Home loan defaults were the focus of the Birmingham Regional Chamber of Commerce's fourth annual Neighborhood Leadership Reception Tuesday night. (Wed, 29 Aug 2007 09:28:57 GMT)

DBS shares weighed down by US subprime mortgage woes
Shares of DBS Group, the largest lender in Southeast Asia, remained under pressure Wednesday on investors' concerns over its exposure to the troubled US subprime mortgage market, dealers said. (Wed, 29 Aug 2007 09:49:07 GMT)

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Ahead of the Bell: Mortgage Applications
Investors on Wednesday will get an update on home loan applications as mortgage industry turmoil grows and the housing market's slump persists. (Wed, 29 Aug 2007 10:27:01 GMT)

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Lenders try home loan work-around
Double loans. Super piggy back. Seller carry backs. These are among the monikers being tossed around as mortgage agents seek to get a handle on the home loan debacle. (Wed, 29 Aug 2007 10:40:06 GMT)

Welcome to gomera21.com
Great Re-Mortgage Rates Lower your refinance rates and cut your payments. 4 Free quotes. LoanSourceSite.com/refinance-rates NCL Official Site Hawai'i 7- to 13-day cruises. Find great web deals & book now. (Wed, 29 Aug 2007 11:05:39 GMT)

Mortgage Volume Fell Last Week
Mortgage application volume fell 4 percent during the week ending Aug. 24, according to the Mortgage Bankers Association's weekly application survey. (Wed, 29 Aug 2007 11:18:46 GMT)

Mortgage applications fell 4.0% last week, MBA survey shows
CHICAGO (MarketWatch) -- The number of mortgage applications filed last week slipped 4.0% from the previous week, while the average interest rate on one-year adjustable-rate mortgages shot up, the Mortgage Bankers Association said Wednesday. (Wed, 29 Aug 2007 11:19:47 GMT)

Home loan demand slumps despite lower rates
U.S. mortgage applications fell for a second consecutive week, reflecting a drop in demand for home purchase and refinancing loans even as interest rates sank, an industry group said on Wednesday. (Wed, 29 Aug 2007 11:20:20 GMT)

U.S. MBA's Mortgage Applications Index Decreased 4% Last Week
Aug. 29 (Bloomberg) -- Mortgage applications in the U.S. declined to a four-week low as the rate on one-year adjustable loans jumped by the most ever. (Wed, 29 Aug 2007 11:29:47 GMT)

Home loan demand slumps despite lower rates
NEW YORK (Reuters) - U.S. mortgage applications fell for a second consecutive week, reflecting a drop in demand for home purchase and refinancing loans even as interest rates sank, an industry group said on Wednesday. (Wed, 29 Aug 2007 11:37:17 GMT)

Mortgage demand slumps, but better than '06
Mortgage applications fell for a second week, reflecting a drop in demand for home purchase and refinancing loans even as interest rates sank, an industry group said Wednesday. (Wed, 29 Aug 2007 11:48:58 GMT)

U.S. MBA's Mortgage Applications Index Dropped 4% (Update1)
Aug. 29 (Bloomberg) -- Mortgage applications in the U.S. declined to a four-week low as the rate on one-year adjustable loans jumped by the most ever. (Wed, 29 Aug 2007 12:44:52 GMT)

Mortgage Application Volume Falls Again In Most Recent Week
(RTTNews) - Industry data released Wednesday showed that mortgage loan application volume dropped again in the most recent week, as the housing market continued to suffer. A fall in both purchasing activity and refinancing contributed to the slide. (Wed, 29 Aug 2007 13:32:44 GMT)

Tight Credit Squeezes Jumbo Mortgage Market
Troubles in the mortgage market are moving upscale, to the "jumbo" home loan market. Jumbo mortgages cover amounts larger than $417,000, the maximum that can be guaranteed by the government-backed agencies Fannie Mae and Freddie Mac. (Wed, 29 Aug 2007 14:31:48 GMT)

Mortgage Applications Drop
Surprise surprise! The housing and mortgage-finance sectors are struggling. According to weekly data from the Mortgage Bankers Association, the number of mortgage applications filed last week dropped 4.0% from the previous week, while applications to refinance existing mortgages were off 4.2%...( Read More ) (Wed, 29 Aug 2007 15:12:06 GMT)

U.S. MBA's Mortgage Applications Index Dropped 4% (Update3)
Aug. 29 (Bloomberg) -- Mortgage applications in the U.S. declined to a four-week low as the rate on one-year adjustable loans jumped by the most since the Mortgage Bankers Association began keeping records in 1996. (Wed, 29 Aug 2007 15:45:00 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? (Wed, 29 Aug 2007 16:09:09 GMT)

Refinance Now to Avoid your ARM rate Increase
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Wed, 29 Aug 2007 18:23:31 GMT)

U.S. MBA's Mortgage Applications Index Dropped 4% (Update4)
Aug. 29 (Bloomberg) -- The interest rate charged for one- year adjustable loans jumped last week by the most since the Mortgage Bankers Association began keeping records in 1996. (Wed, 29 Aug 2007 19:14:50 GMT)

Schumer Urges Countrywide to Help Refinance Loans (Update1)
Aug. 29 (Bloomberg) -- U.S. Senator Charles Schumer asked Countrywide Financial Corp. to waive prepayment penalties, help refinance loans and take other steps to help homeowners struggling to make mortgage payments on subprime loans. (Wed, 29 Aug 2007 19:40:34 GMT)

Schumer Urges Countrywide to Help Refinance Loans (Update2)
Aug. 29 (Bloomberg) -- U.S. Senator Charles Schumer asked Countrywide Financial Corp. to waive prepayment penalties, refinance loans and eliminate ``above-market fees'' to help homeowners struggling to make payments on subprime mortgages. (Wed, 29 Aug 2007 20:25:34 GMT)

U.S. MBA's Mortgage Applications Index Dropped 4% (Update4)
Aug. 29 (Bloomberg) -- The interest rate charged for one- year adjustable loans jumped last week by the most since the Mortgage Bankers Association began keeping records in 1996. (Wed, 29 Aug 2007 20:55:54 GMT)

New mortgage products could help, Bernanke says
WASHINGTON (MarketWatch) -- The private sector and Congress should create new, affordable mortgage products that would help some homeowners refinance their mortgages and keep their homes, Federal Reserve Chairman Ben Bernanke suggested in a letter released Wednesday. (Wed, 29 Aug 2007 21:04:50 GMT)

As adjustable rates soar, mortgage applications sink
The interest rate charged for one-year adjustable loans jumped last week by the most since the Mortgage Bankers Association began keeping... (Wed, 29 Aug 2007 21:17:57 GMT)

Bernanke And Schumer Tackle Subprime Mortgage Crisis
(RTTNews) - Senator Charles Schumer of New York revealed a letter from Federal Reserve Chairman Ben Bernanke that addressed recent market volatility as well as the subprime mortgage crisis. (Wed, 29 Aug 2007 21:46:46 GMT)

Bankrupt American Home to sell $1.62 bln mortgages
Bankrupt home loan provider American Home Mortgage Investment Corp said on Wednesday a federal bankruptcy judge has authorized the auction by two affiliates of 5,700 mortgage loans with an unpaid principal balance of about $1.62 billion. (Wed, 29 Aug 2007 22:14:09 GMT)

Mortgage Insurer Triad Drains $80 Million Credit Line
Firm is the second mortgage insurer this month to draw on a credit facility to provide liquidity in a strained market. (Wed, 29 Aug 2007 22:23:49 GMT)

Schumer Urges Countrywide to Help Refinance Loans (Update4)
Aug. 29 (Bloomberg) -- U.S. Senator Charles Schumer called on Countrywide Financial Corp. to waive prepayment penalties, refinance loans and eliminate ``above-market fees'' to help homeowners struggling to make payments on subprime mortgages. (Wed, 29 Aug 2007 22:55:40 GMT)

Malveaux: New Orleans family longs to feel at home again
The skies crack open and release a torrential shower. It seems fitting to return with my cousin Adrian in a fit of wind and rain to the home he shares with his brothers. (Thu, 30 Aug 2007 03:02:52 GMT)

A Mortgage Is for Paying Off
African Americans are often the target of financial pitchmen trying to convince them they should never pay off their mortgages. Instead, the line goes, people should dig deeper into mortgage debt to purchase cars, fund their chosen lifestyles or invest. (Thu, 30 Aug 2007 03:26:02 GMT)

District Sues Md. Mortgage Business
The D.C. attorney general filed a lawsuit yesterday against Metropolitan Money Store Corp., hoping to recover lost home equity and prevent foreclosure for city residents who dealt with the Prince George's County-based mortgage company. (Thu, 30 Aug 2007 03:26:12 GMT)

Turmoil in mortgage market hits renters in the wallet
As the credit crunch shakes up the mortgage market, one group that's suffering some severe collateral damage doesn't own a home at all: renters. Rents are projected to rise about 4% this year and next. (Thu, 30 Aug 2007 04:35:15 GMT)

Schneider Small Cap Fund Sinks to Last Place on Mortgage Stocks
Aug. 30 (Bloomberg) -- Arnold Schneider's small-company mutual fund went from best to worst after three of his mortgage- company holdings slumped 77 percent this year. (Thu, 30 Aug 2007 04:40:44 GMT)

Mortgage rate soars
Mortgage applications in the United States declined to a four-week low as the rate on one-year adjustable loans jumped by the most since the Mortgage Bankers Association began keeping records in 1996. (Thu, 30 Aug 2007 06:13:14 GMT)

MORTGAGE LENDING
Government National Mortgage Association , the U.S. mortgage-bond agency known as Ginnie Mae, will for the first time guarantee bonds backed by loans of any size to military veterans. (Thu, 30 Aug 2007 08:18:31 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." (Thu, 30 Aug 2007 08:19:42 GMT)

Congress to examine mortgage rating firms
Lawmakers this fall will consider stricter rules for credit rating agencies amid criticism they failed to accurately assess -- or warn investors about -- the risks that mortgage investments posed to financial markets. (Thu, 30 Aug 2007 09:34:58 GMT)

H&R Block Loss Doubles on Costs to Fund Mortgage Unit (Update1)
Aug. 30 (Bloomberg) -- H&R Block Inc., the biggest U.S. tax- preparer, said first-quarter losses more than doubled on costs to finance its money-losing subprime mortgage unit. (Thu, 30 Aug 2007 10:40:54 GMT)

KKR in $24B loan tussle
Kohlberg Kravis Roberts is in talks with major Wall Street banks over the $24 billion loan it needs to complete a deal for First Data Corp, according to a report Thursday. (Thu, 30 Aug 2007 10:46:29 GMT)

Bankrate: Mortgage Rates Fall to a 3-month Low
Fixed mortgage rates fell sharply this week, with the average conforming 30-year fixed mortgage rate falling to 6.43 percent. This is the lowest since May 23, 2007. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.32 discount and origination points. (Thu, 30 Aug 2007 11:30:00 GMT)

Counting the cost of the home loan crisis
How the crisis in the US home loans market is sending ripples throughout the world's financial system. (Thu, 30 Aug 2007 11:36:13 GMT)

U.K Mortgage Lending Annual Growth Slows In July
(RTTNews) - U.K. net mortgage lending increased 9.2 billion pounds in July, the Bank of England said Thursday. (Thu, 30 Aug 2007 12:02:23 GMT)

UK mortgage deals still strong
The number of new mortgage approvals in the UK held up in July, the Bank of England reports. (Thu, 30 Aug 2007 12:05:56 GMT)

H&R Block CEO: Mortgage market may be worst since '30s
H&R Block Inc Chief Executive Mark Ernst on Thursday said the U.S. mortgage lending market may be facing its greatest crunch since the 1930s, when the country was in the Great Depression. (Thu, 30 Aug 2007 12:30:11 GMT)

Many homeowners face rising loan costs
Millions of U.S. homeowners are getting the word that their subprime adjustable home loan interest rates are going up – possibly by 10 percent or more. (Thu, 30 Aug 2007 13:29:17 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, 30 Aug 2007 13:40:47 GMT)

Home loan losses hit giant mortgage lender
Growing expected mortgage loan writeoffs were to blame as Freddie Mac reported a second quarter profit that was down 45 percent from a year ago. It is second-largest buyer and guarantor of home mortgages. (Thu, 30 Aug 2007 13:58:46 GMT)

'Homeless' man's loan
A CANBERRA mortgage broker is accused of writing a $360,000 home loan to a 20-year-old man who was unemployed, dyslexic and homeless. (Thu, 30 Aug 2007 14:00:00 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. (Thu, 30 Aug 2007 14:23:03 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, 30 Aug 2007 14:23:23 GMT)

Expert Offers Tips For Getting A Mortgage
Those who seek to take out a new mortgage or refinance an existing one will be faced with higher interest rates and tougher requirements on everything from down payments and appraisals to credit scores and financial documentation. But a few helpful tips can help homebuyers and homeowners get the financing they need. (Thu, 30 Aug 2007 15:20:00 GMT)

Mortgage crisis hits home
A year ago, Cheryl Trueblood and her family were trapped in the mortgage crisis that is still gripping thousands of homeowners in North County and millions nationwide. (Thu, 30 Aug 2007 15:24:28 GMT)

Thornburg Mortgage Sells $500 Million of Preferred Stock
Aug. 30 (Bloomberg) -- Thornburg Mortgage Inc., the jumbo- mortgage specialist that was forced to stop making new loans, sold $500 million of convertible preferred stock to help alleviate a shortage of cash. (Thu, 30 Aug 2007 15:25:43 GMT)

Mortgage rates decline slightly
Key mortgage rates declined slightly, but other products showed slight gains, Freddie Mac reported Thursday. (Thu, 30 Aug 2007 15:31:29 GMT)

Long-term mortgage rates fall, short-term rates rise
CHICAGO (MarketWatch) -- Long-term mortgage rates headed down this week, while short-term rates moved up, according to Freddie Mac's weekly survey. (Thu, 30 Aug 2007 15:34:37 GMT)

H&R Block posts loss on mortgage woes
H&R Block Inc. on Thursday cast new doubt on the pending sale of its troubled mortgage lending arm, saying it's trying to renegotiate sales terms as credit markets continue to deteriorate. (Thu, 30 Aug 2007 16:01:02 GMT)

Getting Mortgage In Tight Market
Early Show money maven Ray Martin tells how to enhance your chances of getting a loan to buy or refinance a home at a time when, as he puts it, the party's over, for lenders and borrowers alike. (Thu, 30 Aug 2007 16:30:06 GMT)

Jumbo mortgage lender Thornburg gets capital infusion
SAN FRANCISCO (MarketWatch) -- Shares of Thornburg Mortgage Inc. got a shot in the arm after trading was briefly halted early Thursday, rallying as much as 17% as the jumbo home lender priced a public offering of convertible stock. (Thu, 30 Aug 2007 16:35:28 GMT)

H&R Block May Shut Down Mortgage Unit If Sale Fails (Update4)
Aug. 30 (Bloomberg) -- H&R Block Inc., the biggest U.S. tax- preparation company, said it may shut a subprime-mortgage unit if sale negotiations with a hedge-fund manager collapse. (Thu, 30 Aug 2007 17:40:47 GMT)

US mortgage giant's profit slumps 45 percent
Freddie Mac, one of the biggest players in America's mortgage sector, said Thursday its latest quarterly profit had slumped 45 percent because of housing and mortgage market "volatility." (Thu, 30 Aug 2007 18:20:49 GMT)

Wall Street falls on mortgage concerns
Stocks fell on Thursday as financial stocks fell on mortgage concerns, overshadowing earlier optimism about the technology sector's profit outlook. (Thu, 30 Aug 2007 18:55:15 GMT)

H&R Block posts loss on mortgage woes
H&R Block Inc. on Thursday cast new doubt on the pending sale of its troubled mortgage lending arm, saying it's trying to renegotiate sales terms as credit markets continue to deteriorate. (Thu, 30 Aug 2007 20:37:04 GMT)

Mortgage news, home prices ramp up pressure on Fed
Home builders, mortgage lenders and a federal regulator maintained the flow of downbeat reports on U.S. housing on Thursday, adding to a cacophony of calls for the Federal Reserve to lower its key interest rate. (Thu, 30 Aug 2007 20:41:40 GMT)

Home Depot completes its $8.5 billion sale of HD Supply
Atlanta-based Home Depot said Thursday it closed the sale of its wholesale supply unit to three private equity firms for $8.5 billion. Under a deal announced earlier this week, Home Depot also will pay $325 million for a 12.5 percent equity interest in HD Supply and guarantee a $1 billion loan. Home Depot's stock has spiked more than 7 percent, or $2.58 a share, in the past week on news of the ... (Thu, 30 Aug 2007 22:55:51 GMT)

Jumbos Suffer Amid Mortgage Mayhem: Relative Cost Rises
The chaotic credit market and sluggish housing environment are meting out punishment high and low. (Thu, 30 Aug 2007 23:00:00 GMT)

Mortgage brokers fall on tough times
Mortgage brokers are leaving the business in droves as the crisis in subprime mortgages leads to fewer products to sell, tighter lending standards and a backlash from lenders who blame them for the meltdown. (Fri, 31 Aug 2007 01:27:06 GMT)

Bush to announce mortgage program
President George W. Bush plans to ask the Federal Housing Administration to raise the price ceiling on mortgage insurance, The New York Times said Thursday. (Fri, 31 Aug 2007 02:44:15 GMT)

Bush to announce mortgage program
President George W. Bush plans to ask the Federal Housing Administration to raise the price ceiling on mortgage insurance, The New York Times said Thursday. The president will announce that and a number of other steps Friday, aimed at helping low-income f... (Fri, 31 Aug 2007 02:53:03 GMT)

Why a U.S. Subprime Mortgage Crisis Is Felt Around the World
The global financial turmoil, ignited by the subprime mortgage problems in the U.S., has exposed the downsides of spreading risk so broadly that upheavals are felt worldwide. (Fri, 31 Aug 2007 02:55:06 GMT)

Mortgage Firm Sells $500 Million in Stock
Thornburg said the sale would help the company resume making loans and buying mortgage-backed securities. (Fri, 31 Aug 2007 03:11:53 GMT)

Bush to announce mortgage program
President George W. Bush plans to ask the Federal Housing Administration to raise the price ceiling on mortgage insurance, The New York Times said Thursday.The president will announce that and a number of other steps Friday, aimed at helping low-income families hit by the subprime lending crisis, officials told the Times. Other steps would include encouraging banks to hold off on ... (Fri, 31 Aug 2007 03:12:13 GMT)

Bush Plans Steps to Help Ease the Mortgage Crisis
The Bush administration today will propose a set of policies meant to help ease the wave of mortgage defaults, according to senior administration officials. It is the administration's first broad effort to deal with rising levels of home foreclosures, which are widely forecast to increase further... (Fri, 31 Aug 2007 03:26:25 GMT)

Fund placed bad bets on mortgage companies
Arnold Schneider's small-company mutual fund went from best to worst after three of his mortgage company holdings slumped 77 percent this year. (Fri, 31 Aug 2007 04:27:12 GMT)

Accredited Home Buyout Offer Almost Cut in Half to $214 Million
Aug. 31 (Bloomberg) -- Accredited Home Lenders Holding Co., the subprime mortgage company that fired 60 percent of its workforce and stopped accepting new loan applications, has seen a buyout offer from Lone Star Funds drop almost in half to $214 million in less than three months. (Fri, 31 Aug 2007 05:29:57 GMT)

1 in 5 default mortgages in California is investor loan
A Mortgage Bankers Association report on Thursday showed that up to one in five mortgages in default in California belongs to a borrower who is not living in the home with the troubled loan. (Fri, 31 Aug 2007 06:24:53 GMT)

Mortgage default relief planned
Bush proposal would let more refinance The Bush administration Friday will propose a set of policies meant to help ease the wave of mortgage defaults, according to senior administration officials. It is the administration's first broad effort to deal with rising levels of home foreclosures, which are widely forecast to increase further in the coming year. (Fri, 31 Aug 2007 06:51:49 GMT)

Mortgage debt can bring down house
Blacks are often the target of financial pitchmen trying to convince them they never should pay off their mortgages. Instead, the line goes, people should dig deeper into mortgage debt to purchase cars, fund their chosen lifestyles or invest. (Fri, 31 Aug 2007 06:57:15 GMT)

Bush to propose aid to mortgage holders
The plan includes a tax break and letting FHA insure more loans. President Bush today plans to outline a number of proposals to stem the tide of mortgage defaults and help people hold on to their homes, a senior administration official said Thursday. (Fri, 31 Aug 2007 07:07:13 GMT)

Bush moves to stem mortgage defaults
The Bush administration today will propose a set of policies meant to help ease the wave of mortgage defaults, senior administration officials... (Fri, 31 Aug 2007 07:29:08 GMT)

Bush offers proposals to stem mortgage crisis
WASHINGTON (MarketWatch) -- The White House is proposing to expand the role of the federal government to stem a wave of mortgage defaults, President Bush said Friday, unveiling a series of steps including allowing refinancing into government-insured mortgages. (Fri, 31 Aug 2007 08:04:37 GMT)

Bush to step in to help hamstrung homeowners / Series of proposals designed to stem rise in mortgage defaults, home ...
The Bush administration today will propose a set of policies meant to help ease the wave of mortgage defaults, according to senior administration officials. It is the administration's first broad effort to deal with rising levels of home foreclosures, which... (Fri, 31 Aug 2007 08:08:30 GMT)

Bush in Mortgage Bailout
President Bush sought to put the brakes on nation's growing number of mortgage foreclosures, relaxing the terms under which homeowners can refinance through the Federal Housing Administration mortgage insurance program. (Fri, 31 Aug 2007 09:43:29 GMT)

Ginnie Mae lifts limits on home loans - Military News, Army News, opinions, editorials, news from Iraq, photos, reports ...
Effective Saturday, it could be easier for service members and veterans to use the veterans’ home loan guaranty program to buy homes worth more than $417,000. (Fri, 31 Aug 2007 10:00:55 GMT)

Bush wades into mortgage quagmire
By Neil Irwin and Dina Elboghdady WASHINGTON POST WASHINGTON -- The Bush administration today will propose a set of policies meant to help ease the wave of mortgage defaults, according to senior administration officials. (Fri, 31 Aug 2007 10:24:59 GMT)

Bush to Outline Aid to Mortgage Holders
WASHINGTON -- Offering federal help for strapped mortgage holders, President Bush is proposing to aid hundreds of thousands of borrowers hard hit by the housing slump. (Fri, 31 Aug 2007 12:09:53 GMT)

Mortgage default relief planned
Bush proposal would let more refinance The Bush administration Friday will propose a set of policies meant to help ease the wave of mortgage defaults, according to senior administration officials. It is the administration's first broad effort to deal with rising levels of home foreclosures, which are widely forecast to increase further in the coming year. (Fri, 31 Aug 2007 12:43:23 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? (Fri, 31 Aug 2007 14:07:57 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, 31 Aug 2007 14:08:08 GMT)

Ginnie Mae lifts limits on home loans - Military News, Army News, opinions, editorials, news from Iraq, photos, reports ...
Effective Saturday, it could be easier for service members and veterans to use the veterans’ home loan guaranty program to buy homes worth more than $417,000. (Fri, 31 Aug 2007 14:16:15 GMT)

Bush to propose steps to deal with mortgage crisis
President George W. Bush on Friday will propose a series of steps to address the mortgage crisis after weeks of turmoil in financial markets, the White House said. (Fri, 31 Aug 2007 14:51:25 GMT)

Bush to outline aid to mortgage holders
Offering federal aid for strapped mortgage holders, the White House outlined proposals Friday to help borrowers hard hit by credit problems and the housing slump. (Fri, 31 Aug 2007 15:06:27 GMT)

Bush offers mortgage help but no bailout
President Bush today outlined ways to help homeowners facing foreclosure — the administration's first effort to deal with an expected wave of defaults fueled by the mortgage crisis. (Fri, 31 Aug 2007 15:36:17 GMT)

Wall St climbs on Bush mortgage plan optimism
Stocks rose on Friday on optimism a plan by President Bush to help struggling subprime mortgage borrowers avoid foreclosure would help loosen credit conditions that have rattled financial markets. (Fri, 31 Aug 2007 16:06:40 GMT)

Bush Offers Measures to Help Ease Mortgage Crisis
President Bush today unveiled a series of measures intended to help ease a wave of mortgage defaults, but he ruled out any federal bailout for lenders or for homeowners who bought properties they could not afford. (Fri, 31 Aug 2007 16:51:36 GMT)

Bush outlines plan to stem mortgage foreclosures
WASHINGTON – President Bush on Friday outlined ways to help homeowners facing foreclosure – the administration's first effort to deal with an expected wave of defaults fueled by the mortgage crisis. (Fri, 31 Aug 2007 18:08:20 GMT)

U.S. Stocks Rise on Bush Mortgage-Aid Plan; Fannie Mae Gains
Aug. 31 (Bloomberg) -- U.S. stocks rallied, extending their first monthly advance since May, on President George W. Bush's plan to curb mortgage defaults and stem losses in credit markets. (Fri, 31 Aug 2007 18:14:52 GMT)

Bush Outlines Aid for Mortgage Holders
The president insisted that the economy was strong and could weather turbulence in the markets. He said the mortgage market, especially the subprime sector, has shown particular strain. (Fri, 31 Aug 2007 18:33:07 GMT)

BoB's home loan rates cut by 50 bps
Bank of Baroda has cut home loan rates for new borrowers in the hope that it would generate some demand. The bank has hardly done any business in the first five months of 2007-08. (Fri, 31 Aug 2007 18:49:53 GMT)

Bush outlines aid for mortgage holders
President Bush outlined ways the federal government can help troubled borrowers keep their homes Friday in an effort to address rising foreclosures fueled by the mortgage crisis. (Fri, 31 Aug 2007 19:28:07 GMT)

U.S. Stocks Rise on Bush Mortgage-Aid Plan; Fannie Mae Gains
Aug. 31 (Bloomberg) -- U.S. stocks rallied, extending their first monthly advance since May, after President George W. Bush pledged to help curb mortgage defaults and stem losses in credit markets. (Fri, 31 Aug 2007 19:29:57 GMT)

Bush Outlines Aid for Mortgage Holders
President Bush outlined ways the federal government can help troubled borrowers keep their homes Friday in an effort to address rising foreclosures fueled by the mortgage crisis. The administration's first attempt at dealing with a wave of defaults is... (Fri, 31 Aug 2007 19:52:41 GMT)

Bush, Democrats square off on mortgage plans
President Bush's proposals to help shore up the ailing mortgage market are at the center of a debate in Washington over how far government should go to help borrowers who got in over their heads.  By MSNBC.COM's John W. Schoen. (Fri, 31 Aug 2007 20:14:17 GMT)

Bush Outlines Aid For Mortgage Holders
President Bush outlined ways the federal government can help troubled borrowers keep their homes Friday in an effort to address rising foreclosures fueled by the mortgage crisis. (Fri, 31 Aug 2007 20:48:33 GMT)

Federal Home Loan Bank of San Francisco Releases July 2007 Cost of Funds Index
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco announced August 31, 2007, that the 11th District Monthly Weighted Average Cost of Funds Index for July 2007 is 4.277%. The index for June 2007 was 4.283%. (Fri, 31 Aug 2007 22:16:00 GMT)

MARK TRUMBULL: Historic fall in home prices
A historic decline in home values comes down to this: Even if you never signed papers on a risky loan during the real estate frenzy, you may now be paying a price. In recent decades, it has been uncommon for U.S. home prices to fall much, even during recessions. One government measure has never shown a year-over-year decline in its three-decade history. But the current economy is far from normal ... (Fri, 31 Aug 2007 22:24:47 GMT)

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