Mortgage News Sep 2007
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President bails out subprime borrowers with refinancing option
What is a subrime loan? A subprime loan is a type of loan typified by adjustable interest rates or generally high interest rates. Subprime loans usually target people who otherwise couldn’t afford a mortgage or people who want a bigger loan than they would normally qualify for. (Sat, 01 Sep 2007 00:01:15 GMT)
Accredited Home soars on new takeover bid
NEW YORK (Reuters) - Accredited Home Lenders Holding Co (LEND.O) shares rose 43 percent on Friday after Lone Star Funds said it was prepared to buy the subprime mortgage lender at a lower price than it previously agreed to pay. (Sat, 01 Sep 2007 00:37:38 GMT)
Bush unveils plan to ease subprime mortgage woes
Certain borrowers in default on their mortgages could refinance with an FHA loan. (Sat, 01 Sep 2007 00:46:11 GMT)
Ameriquest closes, Citigroup buys mortgage assets
NEW YORK (Reuters) - Ameriquest Mortgage Co, the largest U.S. subprime lender as recently as 2005, is closing, the latest home loan provider to shut down amid the nation's housing market slump. (Sat, 01 Sep 2007 02:03:05 GMT)
Citigroup Buying Mortgage Unit From ACC
Ameriquest Mortgage Co., once the nation's largest subprime lender, is closing. The company stopped taking new mortgage applications Aug. 1, its parent, ACC Capital Holdings, disclosed late Friday. (Sat, 01 Sep 2007 02:04:29 GMT)
Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Sat, 01 Sep 2007 02:35:21 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. (Sat, 01 Sep 2007 02:35:31 GMT)
Bush unveils modest mortgage proposals
President Bush on Friday announced a set of modest proposals to deal with an alarming rise in mortgage defaults that have contributed to turbulent financial markets over recent weeks. (Sat, 01 Sep 2007 03:42:08 GMT)
Bush's refinancing plan of little help to Bay Area borrowers
President Bush's plan to help strapped homeowners avoid foreclosure could ease the mushrooming subprime mortgage problem, housing experts say. But they caution that the Bay Area stands to benefit significantly less than other sections of the nation because of... (Sat, 01 Sep 2007 04:07:41 GMT)
Home loan options sought
The Fed wants mortgages geared toward those with lower incomes. (Sat, 01 Sep 2007 04:59:35 GMT)
Bush unveils modest mortgage proposals
President Bush on Friday announced a set of modest proposals to deal with an alarming rise in mortgage defaults that have contributed to turbulent financial markets over recent weeks. (Sat, 01 Sep 2007 05:57:16 GMT)
FHA plan may help Hoosiers behind on home payments
Indiana homeowners, among the most prone to foreclosure, stand to benefit from a new Federal Housing Administration program designed to stem a national wave of home-loan defaults. (Sat, 01 Sep 2007 06:52:55 GMT)
Resource Lending Group Offers Texas Mortgage Loan Help for Texas Residents
Texas has experienced a huge increase in delinquent mortgage payments due to adjustable rate mortgages. Resource Lending Group offers Texas mortgage loan help by helping residents refinance with ease. (Sat, 01 Sep 2007 07:01:00 GMT)
MORTGAGE LENDING: Help for fragile housing market
Washington —- President Bush on Friday announced a set of modest proposals to deal with an alarming rise in mortgage defaults that have contributed to turbulent financial markets over recent weeks. Housing analysts said it was highly likely the limited steps Bush outlined will be expanded in coming weeks by a Democratic-controlled Congress intent on responding to growing voter anxiety as up to 2 ... (Sat, 01 Sep 2007 07:05:44 GMT)
Some modest mortgage proposals unveiled by Bush
WASHINGTON -- President George W. Bush on Friday announced a set of proposals to deal with an alarming rise in mortgage defaults that have contributed to turbulent financial markets over recent weeks. (Sat, 01 Sep 2007 07:06:30 GMT)
Resource Lending Group Offers Texas Mortgage Loan Help for Texas Residents
Texas has experienced a huge increase in delinquent mortgage payments due to adjustable rate mortgages. Resource Lending Group offers Texas mortgage loan help by helping residents refinance with ease. (PRWeb Sep 1, 2007) Post Comment:Trackback URL: http://www.prweb.com/pingpr.php/VGhpci1Ib3JyLUluc2UtSW5zZS1UaGlyLVplcm8= (Sat, 01 Sep 2007 07:10:05 GMT)
Do you qualify for refinancing under President Bush's plan?
Do you qualify? To qualify for refinancing under President Bush's plan announced on Friday, homeowners must demonstrate the following: (Sat, 01 Sep 2007 07:20:57 GMT)
Bush's refinancing plan of little help to Bay Area borrowers
President Bush's plan to help strapped homeowners avoid foreclosure could ease the mushrooming subprime mortgage problem, housing experts say. But they caution that the Bay Area stands to benefit significantly less than other sections of the nation because of... (Sat, 01 Sep 2007 07:23:03 GMT)
Bush proposes home-loan relief
President Bush on Friday proposed solutions for homeowners facing rising interest rates on their mortgages that could cost them their homes. (Sat, 01 Sep 2007 07:28:26 GMT)
Bush acts on home loan crisis
WASHINGTON – Criticizing what he called excesses in the lending industry, President Bush on Friday announced a series of measures designed to prop up, but not bail out, homeowners who are struggling to meet the rising cost of their mortgage loans. (Sat, 01 Sep 2007 07:52:34 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, 01 Sep 2007 08:21:09 GMT)
President Bush attempts to relieve subprime mortgage crisis
President Bush stepped into the subprime mortgage crisis by offering help to many in danger of losing their homes, but homeowners and New York housing advocates say his actions fall short. (Sat, 01 Sep 2007 08:37:14 GMT)
Bush mortgage plan draws fire
NEW YORK–A federal plan to aid struggling U.S. homeowners is seen as too little, too late for investors saddled with soaring mortgage-related losses. (Sat, 01 Sep 2007 08:39:22 GMT)
W. PLANS LOAN AID FOR 'HOME' FRONT
President Bush yesterday announced a major shift in the role of the Federal Housing Administration to help subprime-mortgage holders save their homes. Bush said homeowners who have good credit ratings but can't afford current mortgage payments... (Sat, 01 Sep 2007 09:47:37 GMT)
Learn about confusing mortgage terms, Part II
FIXED-RATE MORTGAGE : A mortgage with an interest rate that remains constant for the life of the loan. The most common fixed-rate mortgage is for a term of 30 years, but other terms are available for 15 or 10 years. Some lenders even can make your fixed rate period whatever you desire. (Sat, 01 Sep 2007 11:10:06 GMT)
Home loan help gets 'hooray'
Borrowers would benefit from broader FHA access; some experts question bailout concept President Bush's plan to help troubled mortgage borrowers keep their homes met with mixed reviews in the housing industry Friday, with some praising it as "a good first step" and others saying his proposals are either inadequate or not a place where the federal government ought to go. (Sat, 01 Sep 2007 13:43:17 GMT)
Bush Says He Wants to Help Homeowners, Not Mortgage Lenders
Sept. 1 (Bloomberg) -- President George W. Bush said that his plan to fight the subprime mortgage crisis will help people hold onto their homes, stressing that he opposes an industry ``bailout.'' (Sat, 01 Sep 2007 14:06:09 GMT)
State Introduces Home Loan Protection Act
Would add more financial security for homeowners. (Sat, 01 Sep 2007 15:16:24 GMT)
Bush Says He Wants to Help Homeowners, Not Mortgage Lenders
Sept. 1 (Bloomberg) -- President George W. Bush said that his plan to fight the subprime mortgage crisis will help people hold onto their homes, stressing that he opposes an industry ``bailout.'' (Sat, 01 Sep 2007 15:29:47 GMT)
Bush touts plan to help homeowners in mortgage crisis
WASHINGTON (AP) -- New tax relief and the ability to refinance adjustable rate mortgages could help many Americans who are in danger of losing their homes, President Bush said Saturday. (Sat, 01 Sep 2007 17:41:22 GMT)
WASHINGTON - New tax relief and the ability to refinance adjustable rate mortgages could help many Americans who are in ...
The president devoted his weekly radio address to a modest set of proposals he announced Friday to deal with an alarming rise in mortgage defaults, which has contributed to turbulent financial markets. (Sat, 01 Sep 2007 17:44:36 GMT)
Banks back mortgage site
Two of the country's top banks, which have spurned mortgage brokers to build up their home loan business, have fired a shot at their competitors this week, putting their weight behind a new auction website that pits lenders against each other. (Sat, 01 Sep 2007 17:52:47 GMT)
'Tough love' from Bernanke, as Bush unveils crisis mortgage aid
US President George W. Bush speaks in the Rose Garden at the White House in Washington, DC. The Federal Reserve will act "to limit the adverse effects" of the mortgage crisis on the economy, chief Ben Bernanke said Friday as the White House unveiled plans to aid homeowners facing foreclosure. (Sat, 01 Sep 2007 18:22:15 GMT)
FHA plan could help Hoosiers behind on mortgage payments
INDIANAPOLIS - A new Federal Housing Administration program intended to reduce the nationwide rash of home-loan defaults has excited some mortgage lenders in Indiana, which has one of the nation's highest foreclosure rates. (Sat, 01 Sep 2007 19:51:14 GMT)
FHA plan could help Hoosiers behind on mortgage payments
INDIANAPOLIS - A new Federal Housing Administration program intended to reduce the nationwide rash of home-loan defaults has excited some mortgage lenders in Indiana, which has one of the nation's highest foreclosure rates. (Sat, 01 Sep 2007 20:36:25 GMT)
Borrowers bombarded with mortgage deals
PICKING the best mortgage on the market has never been more difficult as lenders bombard borrowers with dozens of similar-looking deals which all charge different fees and have various benefits and penalties, writes Teresa Hunter. (Sat, 01 Sep 2007 23:08:04 GMT)
Bush To Offer Proposals To Ease Mortgage Crisis
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 the rising number of home foreclosures, which are widely forecast to increase in the next year. President Bush and Treasury Secretary Henry M. Paulson, Jr., will propose changes to ... (Sun, 02 Sep 2007 01:25:23 GMT)
Dutchess lawmakers propose mortgage tax surcharge
Poughkeepsie – Dutchess County legislative Republicans have introduced legislation to add a surcharge onto the mortgage tax as a means to “reduce the need for a property tax increase,” said David Kelly, chairman of the Legislature’s Budget Committee. (Sun, 02 Sep 2007 03:07:03 GMT)
Mortgage rates follow home prices down
The benchmark mortgage rate has fallen in five of the last six weeks, and home prices are falling as well. (Sun, 02 Sep 2007 03:47:47 GMT)
Mortgage crisis skips region
The mortgage lending crisis has taken some national players out of the local market and caused other lenders to tighten requirements. (Sun, 02 Sep 2007 04:02:57 GMT)
How to spot an unnecessary mortgage fee
Dear Bob: I've read your articles for years and find them incredibly helpful. But I'm wondering about mortgage refinance junk fees. I know we consumers have the right to avoid these fees, but my... (Sun, 02 Sep 2007 06:11:29 GMT)
Misleading ads fuel credit mess
Patricia Clemons had a serious heart condition and she was living on a $1,094-a-month disability check when she answered a letter from a Florida mortgage broker in 2004. It promised what sounded like easy money and cash-back refinancing of her small home in St. Petersburg. (Sun, 02 Sep 2007 07:09:32 GMT)
Home owners falter as partners
Question: Last year, I purchased a home as "Tenants in Common" with a friend. I paid more than $40,000 down and my friend paid nothing down. My friend is listed as the borrower on the loan and I'm the co-borrower. We have been splitting the monthly mortgage payments. (Sun, 02 Sep 2007 07:16:42 GMT)
Heed Big Mama's Lesson: Pay Off That Mortgage
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 to invest. (Sun, 02 Sep 2007 07:19:26 GMT)
Buy a home, but lock out 'mortgage protection' pitches
T he meltdown among sub-prime mortgage lenders shows a particularly ugly side of the housing market -- the business of selling high-risk financial products to people who may not be that financially savvy. (Sun, 02 Sep 2007 07:22:40 GMT)
Ameriquest to shut; parent ACC sells mortgage assets
Ameriquest Mortgage Co., once the nation's largest subprime lender, has stopped taking applications, and its parent company has sold its remaining mortgage assets and service business to Citigroup Inc., the company said Friday. (Sun, 02 Sep 2007 07:25:23 GMT)
UAE realty firm ties with Dubai' 10 leading banks for easy home loan option
ETA Star, a leading real estate developer in the UAE, has announced its tie-ups with ten leading banks in the region for providing home loan options to its customers for all its realty projects. (Sun, 02 Sep 2007 07:46:10 GMT)
Mortgage market woes felt locally
The Richmond area may seem insulated from problems in the mortgage markets. But the ripples already are being felt -- some in surprising ways. At least one company is adding employees to deal with late mortgage payments. (Sun, 02 Sep 2007 07:46:19 GMT)
Foreclosures hit home
Teresa Sands couldn't bear the thought of losing her house. "Nothing was more scary than becoming homeless," said the Springfield woman. But two car accidents in six months had left her in a wheelchair, unable to work and unable to make payments on a $47,500 loan she and her husband took out last year for their first house. (Sun, 02 Sep 2007 08:00:49 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, 02 Sep 2007 09:03:41 GMT)
Bush acts to prevent home foreclosures
Mortgage refinancing plan to aid homeowners and reassure Wall Street (Sun, 02 Sep 2007 09:28:35 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, 02 Sep 2007 09:53:17 GMT)
Mortgage fears on market turmoil
Some UK mortgage rates are rising as a direct consequence of the recent turmoil in world financial markets. (Sun, 02 Sep 2007 10:05:56 GMT)
Mortgage fears on market turmoil
Some UK mortgage rates are rising as a direct consequence of the recent turmoil in world financial markets. (Sun, 02 Sep 2007 10:08:52 GMT)
Mortgage turbulence on its way
The Salem area and Oregon have escaped most of the fallout from the subprime mortgage crisis that's driving up home foreclosures and rattling Wall Street. (Sun, 02 Sep 2007 10:14:16 GMT)
Data sifters help dishonest mortgage lenders find prey
By Kevin G. Hall MCCLATCHY NEWSPAPERS ANNAPOLIS, Md. -- Mortgage lenders who relied on deceptive advertising to attract subprime borrowers with weak credit histories were able to find them though a legal but increasingly controversial process of public-record sifting. (Sun, 02 Sep 2007 10:22:05 GMT)
False ads compound mortgage meltdown
By Kevin G. Hall MCCLATCHY WASHINGTON BUREAU WASHINGTON -- Patricia Clemons had a serious heart condition and she was living on a $1,094-a-month disability check when she answered a letter from a Florida mortgage broker in 2004. (Sun, 02 Sep 2007 10:23:35 GMT)
Local banks view their mortgage investments as safe
Western New York has largely escaped the impact of the national mortgage crisis — but a potential risk lurks in the investments of some local banks. (Sun, 02 Sep 2007 10:57:24 GMT)
Mortgage breakdown
This is not your parents' mortgage market. (Sun, 02 Sep 2007 11:07:09 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, 02 Sep 2007 11:50:10 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, 02 Sep 2007 14:07:36 GMT)
KfW sees US mortgage fallout at IKB no higher than expected 3.5 bln eur
FRANKFURT (Thomson Financial) - Germany's state-owned development bank Kreditanstalt fuer Wiederaufbau (KfW) said there was currently no information to indicate that the fallout from US mortgage losses at its unit IKB Deutsche Industriebank AG should be higher that the 3.5 bln eur it is already expecting. (Sun, 02 Sep 2007 17:24:58 GMT)
State agencies band together to head off mortgage scammers
In the midst of a sharp rise nationally in foreclosures in the subprime mortgage market, a number of government agencies and nonprofit groups are combining efforts to help Alaskans keep possession of their homes. (Sun, 02 Sep 2007 17:29:11 GMT)
Mortgage costs look set to rise
SOME mortgage rates are rising as a direct consequence of the recent turmoil in world financial markets. Most affected are home loans to people with a poor credit history, where rates have risen by up to 2.5 per cent. (Sun, 02 Sep 2007 23:10:55 GMT)
CIT will end home mortgage operation
CIT Group Inc., the nation's largest independent commercial-finance company, said Tuesday it will close its Livingston-based home-lending unit and eliminate 550 jobs around the country within the next 30 to 60 days. (Mon, 03 Sep 2007 00:28:26 GMT)
Area mortgage brokers trying to stay afloat
Labor Day could not have come at a better time for some area mortgage brokers and executives. In the midst of what many have termed the "mortgage mess," the annual holiday should provide enough time for diversion and reflection. (Mon, 03 Sep 2007 00:33:58 GMT)
'No-brainer'? Not all in mortgage game agree
He's that ubiquitous — and annoying — voice on AM radio you can't help noticing: The guy who pitches his mortgages as "the biggest no-brainer in the history of Earth." [Post comments below.] He's Jon Shibley, whose plain-talkin' advertising blitzkrieg has in 13 years turned his one-man operation on Lenox Road into a 210-employee national organization on pace, he said, to spend $9 million in ads ... (Mon, 03 Sep 2007 01:20:55 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. (Mon, 03 Sep 2007 02:57:10 GMT)
Save your house after the adjustable-rate mortgage increases
You're in deep trouble. That adjustable-rate mortgage that you took out a few years ago has adjusted way up. You can't make the new payments. Now what? Panic time? (Mon, 03 Sep 2007 04:03:28 GMT)
Mortgage issues going upscale
The housing turmoil is brushing up against the upscale market, causing Realtors and mortgage specialists in Middle Tennessee to scramble to soothe the anxiety of buyers and sellers. (Mon, 03 Sep 2007 04:31:53 GMT)
Bradford Mortgage opens Raleigh, Wilmington sites
While some mortgage companies are feeling the crunch from the collapse of the subprime loan industry, Bradford Mortgage Co. in Winston-Salem is growing, opening offices in Raleigh and Wilmington within the past 30 days. (Mon, 03 Sep 2007 04:49:50 GMT)
Loan officer suspended for breaking rules to benefit Rockport customer and himself — Placed $3K into woman’s ...
AUGUSTA – State regulators this week say they have suspended the registration of a loan officer who admitted that he provided a Rockport customer with $3,000 to put in her checking account, so that she would qualify for a loan. (Mon, 03 Sep 2007 06:00:17 GMT)
Pitchman on a mission: 'NO-BRAINER'? NOT ALL IN MORTGAGE GAME AGREE
He's that ubiquitous —- and annoying —- voice on AM radio you can't help noticing: The guy who pitches his mortgages as "the biggest no-brainer in the history of earth." (Mon, 03 Sep 2007 06:20:25 GMT)
Standard Chartered Offers New Home Loan Package
KUALA LUMPUR, Sept 3 (Bernama) -- Standard Chartered Bank Malaysia today launched MortgageOne Optimizer, a home loan package to help cut up to half the cost of the home loan by minimising loan interest payable and maximising deposit interest receivable. (Mon, 03 Sep 2007 06:34:52 GMT)
Brokers warm to Bush mortgage proposals
Some real estate and mortgage brokers in the Lower Hudson Valley yesterday welcomed proposals by President Bush to manage a mushrooming foreclosure crisis, though several brokers said they wanted more details. (Mon, 03 Sep 2007 06:44:43 GMT)
Sakana introduces Bahrain's first ever adjustable rate mortgage
Sakana Holistic Housing Solutions is introducing a first to the Bahrain mortgage market with its fix-flexi rate mortgage. (Mon, 03 Sep 2007 07:51:01 GMT)
Tottenham starlet linked with Charlton loan move
Football League clubs can make loan signings as of the end of the week and 17-year-old Dixon is sure to be in demand. (Mon, 03 Sep 2007 08:06:00 GMT)
Why Now is a Good Time to Refinance Your ARM Loan
(ARA) - With gas prices in a state of constant flux, and energy costs going up and down too, the last thing you want to happen is for your mortgage to start fluctuating too. But if you have an adjustable rate mortgage (ARM), it will soon happen. (Mon, 03 Sep 2007 09:37:36 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? (Mon, 03 Sep 2007 09:37:46 GMT)
Bush Unveils Modest Mortgage Proposals
President Bush on Friday announced a set of modest proposals to deal with an alarming rise in mortgage defaults that have contributed to turbulent financial markets over recent weeks. (Mon, 03 Sep 2007 09:42:41 GMT)
China says no forex reserves in subprime
LONDON (Reuters) - China said on Monday none of its massive foreign exchange stockpile was invested in the teetering U.S. subprime mortgage sector, while a top EU official predicted the crisis would not choke off economic recovery. (Mon, 03 Sep 2007 09:49:55 GMT)
Not all mortgage advice is wise
WASHINGTON -- 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. (Mon, 03 Sep 2007 10:19:15 GMT)
Loan is a burden, prepay it with spare cash
It is always better to prepay your loan if you have spare money. However there may be special situations where you might have to think twice. Here are a few tips to help you with this tricky decision. (Mon, 03 Sep 2007 10:30:21 GMT)
Tanmiyat Group and Tamweel sign a mortgage agreement
Tanmiyat Group, a leading real estate developer in the Middle East, and Tamweel, the United Arab Emirates' leading provider of real estate finance, recently signed a mortgage agreement during a private ceremony held at the Tamweel offices, in Dubai. (Mon, 03 Sep 2007 10:36:11 GMT)
StanChart sees high take-up rate for new loan package
KUALA LUMPUR: Standard Chartered Bank Malaysia Bhd is confident of a high take-up rate for its newly launched MortgageOne Optimizer home loan package, thanks to the positive sentiments in the property market. (Mon, 03 Sep 2007 10:52:18 GMT)
Mortgage crisis starts with ads
Patricia Clemons had a serious heart condition and she was living on a $1,094-a-month disability check when she answered a letter from a Florida mortgage broker in 2004. It promised what sounded like easy money and cash-back refinancing of her small home in St. Petersburg. Financial planners warn against taking home loans with monthly payments that exceed 40 percent of income. Yet Clemons, 62, ... (Mon, 03 Sep 2007 11:04:41 GMT)
Dutchess lawmakers propose mortgage tax surcharge
Poughkeepsie – Dutchess County legislative Republicans have introduced legislation to add a surcharge onto the mortgage tax as a means to “reduce the need for a property tax increase,” said David Kelly, chairman of the Legislature’s Budget Committee. (Mon, 03 Sep 2007 11:22:23 GMT)
Mortgage broker fined for financial promotion and sales-related failings
The Financial Services Authority (FSA) has fined Select Mortgage Services (Select) £10,500 for poor financial promotions, inadequate sales processes and inappropriate systems and controls to manage its business. (Mon, 03 Sep 2007 11:25:36 GMT)
Mortgage Crisis Spreads to Muni Bond Funds
Hedge funds and prop desks holding mortgage bonds are selling munis to raise cash. (Mon, 03 Sep 2007 11:43:09 GMT)
Q2 mortgage figure slumps by 23%
Figures show that the number of new mortgages in the second quarter of this year fell by 23% compared with the same period last year. The mortgage market profile, published by the Irish Banking Federation and PwC, shows that there were 41,151 new mortgages taken out in the three months. (Mon, 03 Sep 2007 11:45:29 GMT)
Cardiff striker completes Swansea loan switch
The Northern Ireland international will come in to a Swansea side left disappointed again by Saturday's home defeat at the hands of Doncaster Rovers. “It’s a setback in the sense that any defeat is a setback, but I don’t think it will be in the long-term," said boss Roberto Martinez. (Mon, 03 Sep 2007 12:04:00 GMT)
Cardiff striker completes Swansea loan switch
The Northern Ireland international will come in to a Swansea side left disappointed again by Saturday's home defeat at the hands of Doncaster Rovers. (Mon, 03 Sep 2007 12:04:26 GMT)
UK FSA Fines Select Mortgage Services GBP10,500
LONDON -(Dow Jones)- The Financial Services Authority, or FSA, said Monday that it has fined Select Mortgage Services GBP10,500 for poor financial promotions, inadequate sales processes and inappropriate systems and controls to manage its business. (Mon, 03 Sep 2007 12:16:42 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, 03 Sep 2007 12:37:36 GMT)
Dollar falls against euro on credit fears
Traders continue to worry about troubles in the mortgage and credit markets, even as Fed chief tries to ease concerns. (Mon, 03 Sep 2007 13:16:29 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, 03 Sep 2007 13:37:36 GMT)
Virgin absorbs loan costs for now
VIRGIN Money will let rising funding costs for its home loan book "eat the margin" for now, but it hasn't ruled out raising interest rates if the global credit crunch continues. (Mon, 03 Sep 2007 14:00:00 GMT)
Rising home loan rates dampens housing sector growth: Assocham
New Delhi, Sep 3 (PTI) The rising home loan rates is acting as a dampener to the growth of housing sector, lowering its growth to 26.6 per cent in 2006-07 from 29.1 per cent in 2005-06, industry chamber Assocham today said. (Mon, 03 Sep 2007 14:09:56 GMT)
Major cooling of mortgage market in Q2
Mortgage lending cooled significantly in the second quarter of this year in line with falling house prices, the latest bulletin from the Irish Bankers Federation showed today. (Mon, 03 Sep 2007 14:21:05 GMT)
(AFX UK Focus) 2007-09-03 15:38 GMT: Impact of US subprime mortgage exposure on European insurers minimal - Fitch
MUMBAI (Thomson Financial) - Fitch Ratings said the European insurance industry's risk from various US subprime mortgage exposures is minimal and the ratings agency does not expect to take negative rating actions on any European insurers due to US subprime-related credit issues for the rest of 2007. (Mon, 03 Sep 2007 14:50:16 GMT)
Fancy saving Lm3,192 on your home loan?
Capping interest rates for first time property buyers at 4.5 per cent means that couples who opt for a maximum loan of Lm45,000 for their home can be better off by as much as Lm456 a year, under a scheme which is being proposed by Labour. (Mon, 03 Sep 2007 17:43:51 GMT)
Mortgage Woes Unlikely to Be Cured by Congress
Want government help to get out of a bad subprime mortgage? Don't look for Congress to come to your rescue anytime soon (Mon, 03 Sep 2007 19:50:29 GMT)
Virgin absorbs loan costs for now
VIRGIN Money will let rising funding costs for its home loan book "eat the margin" for now, but it hasn't ruled out raising interest rates if the global credit crunch continues. (Mon, 03 Sep 2007 20:00:00 GMT)
Home loan growth may dip further
Rising home loan rates have severely impacted the housing sector as its growth rate has fallen to 26.6 per cent in 2006-07 from 29.1 per cent in 2005-06. In absence of suitable corrective measures, housing loans growth will further slow down between 17-20 per cent in current fiscal, a study notes. Titled Impact of rising home loan rates, the report released by Assocham, also points out that the ... (Mon, 03 Sep 2007 21:10:37 GMT)
Summons over loan recovery
The Alipore court on Monday summonsed three officials of SBI Card and Payment Service Private Limited who allegedly violated a Supreme Court order by engaging musclemen to “recover a loan”. (Mon, 03 Sep 2007 22:32:39 GMT)
These Web sites can help you avoid costly mortgage mistakes
CHICAGO (MarketWatch) -- You'd think that the news of increased foreclosures would have taught mortgage shoppers a lesson: Know what you're getting into when you sign. (Mon, 03 Sep 2007 23:20:04 GMT)
Five steps you must take to get a mortgage now
PALM BEACH GARDENS, Fla. (MarketWatch) -- You still may qualify for a mortgage, regardless of a shaky credit market. But you need to know the ropes because many lenders have tightened standards. So what should you do if you're buying a home today or you need to refinance? (Mon, 03 Sep 2007 23:20:15 GMT)
StanChart positive on new loan scheme
KUALA LUMPUR: Standard Chartered Bank Malaysia Bhd is confident of a high take-up rate for its newly launched MortgageOne Optimizer home loan package, thanks to the positive sentiments in the property market. (Mon, 03 Sep 2007 23:55:04 GMT)
Plans to address mortgage crisis work their way through Congress
WASHINGTON - Lawmakers have lots of ideas and plans to help people out of bad subprime mortgages -- as well as hearings to share their concerns and assess blame -- but the only thing everyone has agreed on is that something must be done. "We may have as many as 1 million to 3 million people who could lose their homes, not because they lost their jobs, not because the economy collapsed, but ... (Tue, 04 Sep 2007 00:10:16 GMT)
HSBC plans new cross-border mortgage product for early 2008
MEXICO CITY (MarketWatch) -- U.K.-based banking group HSBC Holdings PLC (HBC) plans to offer a cross-border mortgage product worldwide for middle-income clients early next year, according to Rafael Arana, HSBC's head of personal financial services in Latin America. (Tue, 04 Sep 2007 00:27:32 GMT)
BROWSING FOR DOLLARS: These Web Sites Can Help You Avoid Costly Mortgage Mistakes
CHICAGO (Dow Jones) -- You'd think that the news of increased foreclosures would have taught mortgage shoppers a lesson: Know what you're getting into when you sign. (Tue, 04 Sep 2007 00:33:43 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, 04 Sep 2007 00:52:14 GMT)
Bush mortgage plan ‘inadequate’
President George W. Bush’s response to the US mortgage crisis has been blasted as inadequate by Democrats who plan to legislate greater relief for the growing number of Americans facing foreclosure. (Tue, 04 Sep 2007 01:37:48 GMT)
Revolving loan helps businesses
SARATOGA SPRINGS - For businesspeople that need an extra boost to get an establishment up and running, there is a little-known secret called the economic development revolving loan fund. (Tue, 04 Sep 2007 02:06:12 GMT)
Congress talks up mortgage debacle
Want government help to get out of a bad subprime mortgage? Don't look for Congress to come to your rescue anytime soon. (Tue, 04 Sep 2007 02:28:17 GMT)
Need mortgage help?
Want government help to get out of a bad subprime mortgage? Don’t look for Congress to come to your rescue anytime soon. Lawmakers have lots of ideas and plans — as well as hearings to share their concerns and assess blame — but there’s no consensus on how to stop the foreclosures. (Tue, 04 Sep 2007 03:32:39 GMT)
Mortgage relief possible: Washington throws lifeline to subprime borrowers
McALLEN — The federal government may help bail out thousands of area residents who have subprime interest rate mortgages. Bush said the federal government will expand its refinancing program for subprime borrowers with good credit. (Tue, 04 Sep 2007 04:12:15 GMT)
Congress slow on mortgage fix
Want government help to get out of a bad subprime mortgage? Don't look for Congress to come to your rescue any time soon. (Tue, 04 Sep 2007 04:44:41 GMT)
Loan officer suspended for breaking rules to benefit Rockport customer and himself — Placed $3K into woman’s ...
AUGUSTA – State regulators this week say they have suspended the registration of a loan officer who admitted that he provided a Rockport customer with $3,000 to put in her checking account, so that she would qualify for a loan. (Tue, 04 Sep 2007 05:59:41 GMT)
Ads lure poor with 'easy' money
Patricia Clemons had a serious heart condition and she was living on a $1,094-a-month disability check when she answered a letter from a Florida mortgage broker in 2004. It promised what sounded like easy money and cash-back refinancing of her small home in St. Petersburg. (Tue, 04 Sep 2007 07:15:09 GMT)
Mortgage mess echoes in Congress
Proposals to revise loan rules and provide more refinancing flexibility await lawmakers when they reconvene today. As mortgage-related turmoil weighs down the U.S. economy, members of Congress are considering a range of measures aimed at easing the current problems while preventing such a crisis from recurring in the future. (Tue, 04 Sep 2007 07:23:08 GMT)
No action in sight for mortgage help
Lawmakers are working on plans to help Americans out of the mortgage crisis, none of which seems ready for prime-time (Tue, 04 Sep 2007 08:18:35 GMT)
Why Now is a Good Time to Refinance Your ARM Loan
(ARA) - With gas prices in a state of constant flux, and energy costs going up and down too, the last thing you want to happen is for your mortgage to start fluctuating too. But if you have an adjustable rate mortgage (ARM), it will soon happen. (Tue, 04 Sep 2007 08:19:12 GMT)
Mortgage woes spur ideas but no plan
Want government help to get out of a bad subprime mortgage? Don't look for Congress to come to your rescue anytime soon. (Tue, 04 Sep 2007 09:14:53 GMT)
Loan bailouts not on radar for Congress Lawmakers weigh best response to subprime mortgage meltdown
WASHINGTON — Want government help to get out of a bad subprime mortgage? (Tue, 04 Sep 2007 09:55:01 GMT)
Consolidate Debt With A Home Equity Loan
If you are a home owner who is having to borrow from Peter to pay Paul every month due to a mounting debt load, a debt consolidation home equity loan may be the answer. (Tue, 04 Sep 2007 10:43:01 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? (Tue, 04 Sep 2007 11:07:36 GMT)
Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Tue, 04 Sep 2007 11:22:46 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. (Tue, 04 Sep 2007 11:47:22 GMT)
Capitol Hill uncertain how to tackle mortgage crisis
Washington - Want government help to get out of a bad subprime mortgage? Don't look for Congress to come to your rescue anytime soon. Lawmakers have lots of ideas and plans - as well as hearings to share their concerns and assess blame - but there's no consensus on how to stop the foreclosures. (Tue, 04 Sep 2007 11:53:10 GMT)
Mortgage lender says he foresaw collapse
A year ago, Countrywide Financial Corp. Chairman and Chief Executive Angelo R. Mozilo was boasting that the looming shakeout in home prices and hike in mortgage interest rates would usher in a period of remarkable prosperity for his company. (Tue, 04 Sep 2007 11:54:43 GMT)
Thornburg Completes $1.4 Billion Financing of Loans (Update1)
Sept. 4 (Bloomberg) -- Thornburg Mortgage Inc., the jumbo home-loan specialist, sold bonds backed by $1.44 billion of mortgages to pay down credit lines and free up financing to accelerate new lending. (Tue, 04 Sep 2007 12:10:36 GMT)
Fix an Adjustable-Rate Mortgage
You can refinance into a fixed-rate mortgage if your credit is good. (Tue, 04 Sep 2007 12:13:21 GMT)
Ahead of the Bell: Thornburg Mortgage
A Friedman Billings Ramsey analyst upgraded Thornburg Mortgage Inc. on Tuesday, saying last week's stock sale gives the company enough money to survive the liquidity crisis plaguing the home lending industry. (Tue, 04 Sep 2007 12:24:51 GMT)
FHA Plan Could Help Hoosiers Behind on Mortgage Payments
INDIANAPOLIS (AP) — A new Federal Housing Administration program intended to reduce the nationwide rash of home-loan defaults has excited some mortgage lenders in Indiana, which has one of the nation's highest foreclosure rates. (Tue, 04 Sep 2007 13:02:43 GMT)
Congress considers options for mortgage troubles
Posted: 7:17 AM- WASHINGTON -- As mortgage-related turmoil weighs down the U.S. economy, members of Congress are considering a range of measures aimed at easing the current problems while also preventing such a crisis from recurring. (Tue, 04 Sep 2007 13:20:39 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. (Tue, 04 Sep 2007 13:40:50 GMT)
NovaStar Auditor Raises Doubt About Mortgage Lender's Survival
Sept. 4 (Bloomberg) -- NovaStar Financial Inc. canceled a rights offering designed to raise cash for the subprime mortgage lender and said its auditor expressed doubt about the company's survival. (Tue, 04 Sep 2007 13:44:57 GMT)
MFA Mortgage to Offer 10 Million Shares
Real estate investment trust MFA Mortgage Investments Inc. said Tuesday it plans a public offering of 10 million shares of common stock. (Tue, 04 Sep 2007 13:52:46 GMT)
Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Tue, 04 Sep 2007 14:38:17 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? (Tue, 04 Sep 2007 14:38:29 GMT)
Fed asks mortgage servicers to help borrowers
WASHINGTON (MarketWatch) -- Regulators including the Federal Reserve asked banks and other institutions Tuesday to pursue "loss mitigation" strategies for borrowers at risk of losing their homes, the latest move from Washington aimed at defusing the crisis in the subprime mortgage market. (Tue, 04 Sep 2007 16:19:37 GMT)
Regulators Urge Refinancing of Securitized Mortgages (Update1)
Sept. 4 (Bloomberg) -- U.S. bank regulators urged mortgage lenders to ease terms on the subprime loans they packaged into bonds, seeking to stem foreclosures that may aggravate what's already the worst housing slump in 16 years. (Tue, 04 Sep 2007 16:29:47 GMT)
Sector Snap: Mortgage Lenders
Shares of most mortgage lenders rose Tuesday as a major lender raised cash through two deals and another lender drew a revised takeover offer from a suitor. (Tue, 04 Sep 2007 16:29:51 GMT)
Mortgage servicers urged to head off foreclosures
Banking regulators on Tuesday urged mortgage servicers to be proactive and contact borrowers at risk of default to help them avoid foreclosure and keep their homes. (Tue, 04 Sep 2007 16:59:08 GMT)
Shares of most mortgage lenders rise
Accredited Home draws takeover offer but fights for higher price; Thornburg Mortgage closes two deals allowing it to resume financing home loans. (Tue, 04 Sep 2007 17:16:29 GMT)
Fed urges loan holders to avoid defaults
The Federal Reserve and other banking regulators issued special guidance Tuesday urging loan service companies to work with borrowers in danger of defaulting on their home mortgages. (Tue, 04 Sep 2007 17:19:46 GMT)
NovaStar slashes size of retail mortgage unit, cancels offering
SAN FRANCISCO (MarketWatch) -- NovaStar Financial on Tuesday said it will slash the size of its retail mortgage origination business to focus on servicing home loans as the company cancelled a planned securities offering that would have raised more than $100 million. (Tue, 04 Sep 2007 17:35:22 GMT)
Regulators Urge Refinancing of Securitized Mortgages (Update2)
Sept. 4 (Bloomberg) -- U.S. bank regulators facing the worst housing slump in 16 years called on mortgage lenders to stave off foreclosures by easing cash-strapped borrowers' home payments. (Tue, 04 Sep 2007 18:25:34 GMT)
SBI may lower home, retail loan rates
State Bank of India (SBI), the country’s largest lender, is likely to reduce interest rates on home loans and other retail loans by next week, to coincide with the start of the festive season. (Tue, 04 Sep 2007 18:48:53 GMT)
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