Mortgage News Sep 2007
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Loans to banks by U.S. Federal Home Loan Bank system jumped 16.6 per cent in August
WASHINGTON (AP) - Low-cost lending to financial institutions by the U.S. Federal Home Loan Bank system jumped 16.6 per cent in August, the system's finance arm said Tuesday, (Tue, 04 Sep 2007 19:04:00 GMT)
Loans to banks by U.S. Federal Home Loan Bank system jumped 16.6 per cent in August
As the upheaval in the mortgage market worsened last month and the Federal Reserve injected billions of dollars of temporary reserves into the banking system, the 12 regional banks that make up the Federal Home Loan Bank system made US$769 billion available to banks and thrifts that make mortgage loans. (Tue, 04 Sep 2007 19:09:51 GMT)
Federal Home Loan Bank of San Francisco Increases Loans to Members by $53 Billion in July and August
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco increased its lending to member financial institutions substantially in July and August, primarily to help members grow their mortgage portfolio holdings and increase their liquidity resources. (Tue, 04 Sep 2007 19:20:00 GMT)
'Marketplace' Report: Tackling the Mortgage Crisis
Lawmakers are back from summer recess, and Wednesday's House Financial Services Committee hearing is first on the docket. Congress will take up the sub-prime mortgage issue, which could lead to more regulation of credit markets. (Tue, 04 Sep 2007 19:31:28 GMT)
Housing slump hits mortgage firms, realtors
New fallout from the U.S. housing slump hit mortgage and real estate companies on Tuesday as subprime lender NovaStar Financial Inc and title insurer First American Corp announced job cuts and NovaStar's auditor expressed doubt the company will survive. (Tue, 04 Sep 2007 19:44:16 GMT)
Regulators Urge Refinancing of Securitized Mortgages (Update3)
Sept. 4 (Bloomberg) -- U.S. bank regulators, facing the worst housing slump in 16 years, called on mortgage lenders to stave off foreclosures by cutting or postponing cash-strapped borrowers' home payments. (Tue, 04 Sep 2007 19:55:34 GMT)
Mortgage servicers urged to head off foreclosures
U.S. 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 20:13:05 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 20:13:48 GMT)
Canada's AIC Buys 13 Percent Stake in Mortgage Insurer Radian
Sept. 4 (Bloomberg) -- AIC Ltd., a Canadian mutual fund manager, bought 13 percent of the shares of Philadelphia-based mortgage insurer Radian Group Inc. (Tue, 04 Sep 2007 20:36:44 GMT)
Municipal Mortgage Gets NYSE Extension
Municipal Mortgage & Equity LLC, which provides financing for multifamily and commercial developments, said Tuesday it received a six-month extension for continued listing and trading on the New York Stock Exchange. (Tue, 04 Sep 2007 21:16:09 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 21:39:20 GMT)
Democrats blast Bush’s response to mortgage crisis
Financial Times. NEW YORK. 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 21:50:01 GMT)
Regulators Urge Refinancing of Securitized Mortgages (Update4)
Sept. 4 (Bloomberg) -- U.S. bank regulators, facing the worst housing slump in 16 years, called on mortgage lenders to stave off foreclosures by cutting or postponing home payments for cash-strapped borrowers. (Tue, 04 Sep 2007 21:55:44 GMT)
American Home Gets Final OK on $50M Loan
American Home Mortgage Investment Corp. won final court approval Tuesday to borrow $50 million to finance its Chapter 11 bankruptcy liquidation. (Tue, 04 Sep 2007 22:01:00 GMT)
Canada's AIC Has 13% Stake in Mortgage Insurer Radian (Update3)
Sept. 4 (Bloomberg) -- AIC Ltd., a Canadian mutual fund manager, more than doubled its stake of Philadelphia-based mortgage insurer Radian Group Inc. to 13 percent. (Tue, 04 Sep 2007 23:06:34 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. (Wed, 05 Sep 2007 02:34:46 GMT)
SBI may cut 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. (Wed, 05 Sep 2007 02:36:12 GMT)
Bush Supports Stabenow Mortgage Relief Act,
US Senator Debbie Stabenow (D-MI) has announced that President Bush will include the Mortgage Relief Act in his initiative to assist homeowners impacted by troubled mortgages. (Wed, 05 Sep 2007 03:35:55 GMT)
National business briefs: Mortgage firm sells bonds
Thornburg Mortgage Inc., the jumbo home-loan specialist based in Santa Fe, N.M., sold bonds backed by $1.44 billion of mortgages to pay down credit lines and free up financing to accelerate new lending. (Wed, 05 Sep 2007 03:43:24 GMT)
Discharge required to reassign mortgage
Q:I'm getting a divorce. Both my wife's name and my name are on the deed to our property and the mortgage. How can I get my name removed from the mortgage so I am not financially responsible? (Wed, 05 Sep 2007 04:08:50 GMT)
Congress responds slowly to 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. (Wed, 05 Sep 2007 04:13:26 GMT)
Regulators ask loan service companies to work with borrowers
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. The guidelines are not mandatory, but the regulators expressed hope that companies that collect payments on mortgages would heed the advice. (Wed, 05 Sep 2007 05:45:39 GMT)
Federal Home Loan Bank loans up 16.6%
WASHINGTON -- Low-cost lending to financial institutions by the Federal Home Loan Bank system jumped 16.6 percent in August, the system's finance arm said Tuesday. (Wed, 05 Sep 2007 06:12:37 GMT)
The Lending Group Sees Refinance Solution to Help Homeowners Survive the Mortgage Bubble
California based lender urges a new fixed-rate program to help homeowners facing adjustable rate woes. (Wed, 05 Sep 2007 07:01:00 GMT)
Aid at-risk clients, home-loan collectors urged
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. (Wed, 05 Sep 2007 07:12:15 GMT)
The Lending Group Sees Refinance Solution to Help Homeowners Survive the Mortgage Bubble
California based lender urges a new fixed-rate program to help homeowners facing adjustable rate woes. (PRWeb Sep 5, 2007) Post Comment:Trackback URL: http://www.prweb.com/pingpr.php/RmFsdS1GYWx1LUxvdmUtSW5zZS1UaGlyLVplcm8= (Wed, 05 Sep 2007 07:41:27 GMT)
Discharge required to reassign mortgage
Q:I'm getting a divorce. Both my wife's name and my name are on the deed to our property and the mortgage. How can I get my name removed from the mortgage so I am not financially responsible? (Wed, 05 Sep 2007 07:50:57 GMT)
REGULATORS URGE REFINANCING AS AN OPTION
U.S. bank regulators, facing the worst housing slump in 16 years, called on mortgage lenders to stave off foreclosures by cutting or postponing home payments for cash-strapped borrowers. The Federal Reserve, in a break with the free-market... (Wed, 05 Sep 2007 09:37:19 GMT)
Mortgage servicers urged to reach out
US banking regulators yesterday urged mortgage servicers to be proactive and contact borrowers at risk of default to help them avoid foreclosure and keep their homes. (Wed, 05 Sep 2007 10:14:52 GMT)
Ahead of the Bell: Mortgage Applications
Investors on Wednesday will get an update on home loan applications as the mortgage industry's turmoil continues and the housing market continues to show weakness. (Wed, 05 Sep 2007 10:31:00 GMT)
Much blame to share in mortgage crisis
It's a scary world out there now for homebuyers or people refinancing an existing mortgage. Every day brings new headlines of mortgage lenders declaring bankruptcy or a congressional investigation into mortgage fraud heating up. (Wed, 05 Sep 2007 11:12:53 GMT)
U.S. MBA's Mortgage Applications Index Increased 1.3% Last Week
Sept. 5 (Bloomberg) -- Mortgage applications in the U.S. rose from a one-month low last week led by a gain in refinancing. The Mortgage Bankers Association's index of applications to buy a home or refinance a loan rose 1.3 percent last week to 622.9 from 615.2. The group's purchase index also rose. (Wed, 05 Sep 2007 11:14:57 GMT)
Mortgage applications up 1.3% last week: MBA
CHICAGO (MarketWatch) -- The number of mortgage applications filed last week ticked up a seasonally adjusted 1.3% while mortgage interest rates barely moved, the Mortgage Bankers Association said Wednesday. (Wed, 05 Sep 2007 11:19:37 GMT)
Layoffs surge 85% on mortgage meltdown, report says
WASHINGTON (MarketWatch) -- Tens of thousands of jobs were lost in August because of the widening problems in the mortgage industry, according to the monthly tally of layoff notices released Wednesday by outplacement firm Challenger Gray & Christmas. (Wed, 05 Sep 2007 11:49:37 GMT)
Mortgage insurers MGIC, Radian abandon merger plan
NEW YORK (MarketWatch) -- Two top mortgage insurers Wednesday ended plans to merge, saying the recent tumult in the mortgage business killed the roughly $9.4 billion deal. (Wed, 05 Sep 2007 12:04:48 GMT)
Mortgage Volume Rises Slightly
Mortgage application volume increased slightly during the week ending Aug. 31, as interest rates held nearly steady, industry trade group the Mortgage Bankers Association said Wednesday. (Wed, 05 Sep 2007 12:40:51 GMT)
Mortgage insurer, risk manager cancel merger
Mortgage insurer MGIC Investment and Radian Group said Wednesday they are abandoning plans to combine the companies, citing troubles in the mortgage industry. (Wed, 05 Sep 2007 12:57:52 GMT)
Mortgage applications climb
Mortgage application volume increased 1.3 percent in the past week, according to a report Wednesday. (Wed, 05 Sep 2007 13:16:29 GMT)
MGIC abandons deal for rival mortgage insurer
Mortgage insurer MGIC Investment Corp. and rival Radian Group Inc. said Wednesday they are abandoning plans to combine the companies, citing troubles in the mortgage industry. (Wed, 05 Sep 2007 13:29:41 GMT)
Delta Financial prices mortgage bundle
The security is backed by $900 million in mortgage loans; company says pricing less favorable than in past quarters. (Wed, 05 Sep 2007 14:47:03 GMT)
Patrick E. Clancy Reappointed to Federal Home Loan Bank of Boston Board of Directors
Patrick E. Clancy, president and chief executive officer of the Boston-based nonprofit corporation The Community Builders, has been reappointed to the board of directors of the Federal Home Loan Bank of Boston . (Wed, 05 Sep 2007 15:53:00 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. (Wed, 05 Sep 2007 16:18:18 GMT)
Dodd to unveil mortgage bill plan Wed: sources
The chairman of the banking committee of the Senate will on Wednesday afternoon unveil a comprehensive plan to reform mortgage lending, sources familiar with the plan said. (Wed, 05 Sep 2007 17:12:13 GMT)
Sector Snap: Mortgage Lenders
Shares of mortgage lenders mostly sank Wednesday after a real estate group report offered little hope of a recovery in the struggling housing market. (Wed, 05 Sep 2007 17:25:18 GMT)
Refinance.com Introduces 24 Hour Hotline for FHA Advice
With FHA temporary rule changes in reaction to the sub prime mortgage market, Refinance.com, the nation's premier source for residential mortgage refinancing, announced the creation of an online resource for borrowers seeking to refinance their homes with an FHA refinance loan. (Wed, 05 Sep 2007 18:31:00 GMT)
MGIC, Radian scrap deal amid mortgage storm
Rival mortgage insurers MGIC Investment Corp and Radian Group Inc scrapped their merger plan on Wednesday, the latest casualty of the turmoil in U.S. mortgage markets. (Wed, 05 Sep 2007 18:42:00 GMT)
Sen. Dodd proposes mortgage reform bill
The chairman of the U.S. Senate Banking Committee unveiled legislation on Wednesday that would prohibit mortgage brokers and lenders from steering borrowers to high-cost loans. (Wed, 05 Sep 2007 18:43:50 GMT)
Dodd mortgage bill would ban practices now harming consumers
WASHINGTON (MarketWatch) -- Senate Banking Committee Chairman Christopher Dodd, D-Conn., said Wednesday he will introduce a bill aimed at protecting homeowners, particularly in the hard-hit subprime mortgage market. (Wed, 05 Sep 2007 19:35:19 GMT)
MGIC, Radian scrap deal amid mortgage storm
NEW YORK (Reuters) - Rival mortgage insurers MGIC Investment Corp (MTG.N) and Radian Group Inc (RDN.N) scrapped their merger plan on Wednesday, the latest casualty of the turmoil in U.S. mortgage markets. (Wed, 05 Sep 2007 19:37:32 GMT)
MGIC scraps Radian deal amid mortgage turmoil
Mortgage insurer MGIC Investment Corp scrapped plans on Wednesday to acquire rival Radian Group Inc , as the takeover became the latest casualty of turmoil in U.S. mortgage markets. (Wed, 05 Sep 2007 19:53:25 GMT)
MGIC scraps Radian deal amid mortgage turmoil
Mortgage insurer MGIC Investment Corp scrapped plans on Wednesday to acquire rival Radian Group Inc , as the takeover became the latest casualty of turmoil in U.S. mortgage markets. (Wed, 05 Sep 2007 20:19:59 GMT)
Study: Jackson ranks high in subprime mortgage lending
A national study of home mortgages released today ranked Jackson as having the fourth highest percent of high-cost refinancing loans in 2006 out of 172 metro areas. (Wed, 05 Sep 2007 20:33:35 GMT)
Sen. Dodd proposes mortgage reform bill
WASHINGTON (Reuters) - The chairman of the Senate Banking Committee unveiled legislation on Wednesday that would prohibit mortgage brokers and lenders from steering borrowers to high-cost loans. (Wed, 05 Sep 2007 20:57:17 GMT)
Mortgage Lenders Tighten Safety Belts
CHICAGO----Driven to act by the recent collapse in subprime lending and the subsequent housing crisis, major mortgage companies have shifted their loan offer strategies to limit future risk opportunities. (Wed, 05 Sep 2007 21:57:00 GMT)
New York Mortgage Settling Repurchases
Real estate investment trust New York Mortgage Trust Inc. said Wednesday it has settled 77 percent of loan repurchase requests that were outstanding when it reported second-quarter earnings Aug. 6. (Wed, 05 Sep 2007 22:03:46 GMT)
Downer secures panda loan from China
Two giant pandas on loan from China will soon make Adelaide Zoo their new home thanks to Foreign Minister Alexander Downer. (Wed, 05 Sep 2007 22:39:16 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. (Wed, 05 Sep 2007 23:35:11 GMT)
Mortgage broker survey finds 33 percent of home loans failed to close last month
WASHINGTON (AP) - A third of home loans originated by mortgage brokers failed to close in August as investors shied away from riskier borrowers, a new survey says. (Wed, 05 Sep 2007 23:47:32 GMT)
Official calls mortgage crisis 'far from over'
A senior U.S. Treasury Department official warned Wednesday that turmoil in credit and mortgage markets is "far from over" and that policymakers must remain vigilant to the need to protect the broader economy. (Thu, 06 Sep 2007 01:02:51 GMT)
Home-equity loans dry up
When James Chou's credit card debt began to spin out of control a few years ago, he turned to a home-equity loan to pay it off. It proved to be a wise choice. Interest rates on home-equity loans are generally lower than on credit cards. What's more, the interest is tax-deductible, unlike credit card interest. "I was very lucky," he says. (Thu, 06 Sep 2007 01:57:46 GMT)
Large-loan problems reduce home sales
WASHINGTON - A near-record low for an index that forecasts near-term home sales suggests that borrowers in expensive areas are struggling to finalize home purchases amid mortgage market troubles. The National Association of Realtors said Wednesday its seasonally adjusted index of pending sales for existing homes fell 16.1 percent in July from a year ago and 12.2 percent from the prior month. ... (Thu, 06 Sep 2007 02:12:38 GMT)
Mortgage failures could be devastating wave
BRIDGEPORT — A devastating wave of foreclosures threatens to rip through Bridgeport neighborhoods unless the 17.9 percent of mortgage holders with high-interest loans can refinance or (Thu, 06 Sep 2007 02:32:47 GMT)
Mortgage Insurers Call Off Proposed Merger
MGIC Investment Corporation and the Radian Group, scrapped their merger plan on Wednesday, the latest casualty of the turmoil in mortgage markets. (Thu, 06 Sep 2007 04:12:53 GMT)
Panda loan with interest
Two giant pandas on loan from China will make Adelaide Zoo their new home. (Thu, 06 Sep 2007 05:03:01 GMT)
Mortgage help expanded
Help is on the way for some Ohioans at risk of losing their homes as part of a growing subprime mortgage crisis. (Thu, 06 Sep 2007 08:21:47 GMT)
Mortgage-scam victims unlikely to see any cash
More than 200 people were scammed in a $25 million mortgage-fraud scheme that operated largely in central Ohio, the federal government says. (Thu, 06 Sep 2007 09:01:22 GMT)
Australian Central Bank To Buy Mortgage-backed Debt Under Repo
(RTTNews) - In what is perceivably a move to infuse greater confidence into edgy financial markets faced with global credit crunch, the Australian central bank decided Thursday, to inject liquidity into the financial system by purchase of mortgage-backed debt. (Thu, 06 Sep 2007 09:02:23 GMT)
2 women face mortgage-fraud trial
Two businesswomen are to stand trial in federal court today on charges of orchestrating a nearly $29 million mortgage fraud that aimed to profit from Bergen County's once-sizzling real estate market. (Thu, 06 Sep 2007 10:43:26 GMT)
Don't default on your mortgage – get help
In the subprime mortgage market, many lenders have been extending loans to consumers without focusing on their credit history or credit record, and, in many cases, not requiring a down payment. The result is an extreme rise in subprime defaults. (Thu, 06 Sep 2007 14:07:18 GMT)
Mortgage rates rise a bit
Mortgage rates were little changed on unexpectedly small increases in economic figures, Freddie Mac reported Thursday. (Thu, 06 Sep 2007 14:46:39 GMT)
Home-equity loans dry up
When James Chou's credit card debt began to spin out of control a few years ago, he turned to a home-equity loan to pay it off. (Thu, 06 Sep 2007 15:20:31 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. (Thu, 06 Sep 2007 15:49:05 GMT)
Lehman scales back mortgage business
Lehman Brothers Holdings Inc. said Thursday it is laying off 850 people as part of a global scale down of the investment bank's mortgage business. (Thu, 06 Sep 2007 16:37:44 GMT)
Lehman announces further mortgage cutbacks
Lehman Brothers Holdings Inc said on Thursday it will fire 850 workers in its mortgage operations, just two weeks after the fourth largest investment bank said it was closing its subprime mortgage lending business. (Thu, 06 Sep 2007 16:55:40 GMT)
Lehman slashes 850 jobs at mortgage group
Facing markets turmoil, investment bank closes BNC Mortgage sub and scales down home lending. (Thu, 06 Sep 2007 17:16:43 GMT)
Mortgage meltdown: Delinquencies climbing
The delinquency rate for mortgage borrowers spiked higher in the second quarter and the number of homes entering the foreclosure process hit a record high, according to a report released Thursday. (Thu, 06 Sep 2007 17:26:00 GMT)
Mortgage crisis could hit economy: Fed's Kroszner
SAN FRANCISCO (Reuters) - Turmoil stemming from subprime mortgage delinquencies could dampen demand for homes and ultimately slow U.S. economic growth, Federal Reserve Governor Randall Kroszner said on Thursday. (Thu, 06 Sep 2007 18:15:58 GMT)
National City Corp. shares hit by mortgage-related charge
BOSTON (MarketWatch) -- Shares of National City Corp. traded lower after the company indicated at a conference Thursday it expects to take a $200 million pretax third-quarter charge related to its mortgage activities. (Thu, 06 Sep 2007 18:19:37 GMT)
Long-term mortgage rates unchanged
Long-term mortgage rates were little changed this week while shorter term rates were down, Freddie Mac said in its primary mortgage market survey Thursday. (Thu, 06 Sep 2007 18:44:08 GMT)
New mortgage foreclosures set record
Homeowners, struggling to deal with sharp increases in their adjustable mortgage payments, got hit with a record number of foreclosure notices in the spring as the crisis in subprime lending intensified. (Thu, 06 Sep 2007 19:41:46 GMT)
Lehman Brothers to Cut 850 More Jobs in Mortgage Unit (Update3)
Sept. 6 (Bloomberg) -- Lehman Brothers Holdings Inc., the brokerage that shut its subprime mortgage business last month, is cutting 850 more jobs, mostly at a U.S. subsidiary catering to borrowers with better credit scores, as the nation's faltering housing market takes its toll on Wall Street. (Thu, 06 Sep 2007 19:44:47 GMT)
Mortgage rates drop amid recent Fed action
Rates on 30-year mortgages sank this week to their lowest point since late May, providing a little ray of sunlight for would-be home buyers. (Thu, 06 Sep 2007 20:01:20 GMT)
Dollar Falls Versus Euro as Mortgage Delinquencies Reach Record
Sept. 6 (Bloomberg) -- The dollar fell versus the euro after a report showed U.S. mortgage delinquencies reached a record in the second quarter. (Thu, 06 Sep 2007 20:07:59 GMT)
Sector Glance: Mortgage Lenders
Shares of mortgage lenders mostly fell Thursday as several lenders unveiled plans to scale back their operations. Lehman Brothers Holdings Inc., Countrywide Financial Corp. and National City Corp. all said they are laying off workers to slim down their lending businesses. (Thu, 06 Sep 2007 20:18:44 GMT)
Fitch Affirms $3.3B From 4 HSBC Home Equity Loan Trust (USA)(HELT) Subprime Transactions
NEW YORK----Fitch Ratings has taken the following rating actions on HSBC Home Equity Loan Trust mortgage pass-through certificates. Affirmations total $3.3 billion. Break Loss percentages and Loss Coverage Ratios for each class are included with the rating actions as follows: (Thu, 06 Sep 2007 20:57:00 GMT)
Fitch Affirms 9 from 1 Soundview Home Equity Loan Subprime Transaction
NEW YORK----Fitch Ratings has taken rating actions on the following Soundview Home Equity Loan Issue: (Thu, 06 Sep 2007 21:10:00 GMT)
Home-Equity Loans Dry Up
When James Chou's credit card debt began to spin out of control a few years ago, he turned to a home-equity loan to pay it off. (Thu, 06 Sep 2007 21:12:49 GMT)
Illinois Expands Home Loan Program
More first time homebuyers in Illinois can qualify for help from the state. Officials say they're expanding the state's I-Loan program. It offers below-market interest rate home mortgages to low-income buyers. (Thu, 06 Sep 2007 21:18:00 GMT)
New mortgage foreclosures set record
Homeowners, struggling to deal with sharp increases in their adjustable mortgage payments, got hit with a record number of foreclosure notices in the spring as the crisis in subprime lending intensified. (Thu, 06 Sep 2007 22:25:28 GMT)
Lehman Brothers to Cut 850 More Jobs in Mortgage Unit (Update4)
Sept. 6 (Bloomberg) -- Lehman Brothers Holdings Inc., the brokerage that shut its subprime mortgage business last month, is cutting 850 more jobs, mostly at a U.S. subsidiary catering to borrowers with better credit scores, as the nation's faltering housing market takes its toll on Wall Street. (Thu, 06 Sep 2007 22:29:47 GMT)
National City Scales Back Mortgage Lines
National City Corp. said Thursday it is laying off 1,300 workers to shrink the bank's struggling mortgage business. The Cleveland-based bank said scaling back its home lending businesses and shifting the mortgage loans on its books will cost about $200 million before taxes. (Thu, 06 Sep 2007 22:43:56 GMT)
New Mortgage Foreclosures Hit Record In Q2 As Subprime ARM Problems Grow
New foreclosure filings hit another record in the second quarter as a rising number of Americans become unable pay their subprime adjustable-rate mortgages. (Thu, 06 Sep 2007 23:00:00 GMT)
For struggling homeowners, help may be too little, too late
The federal government is 0-for-2 with Miguel Salazar for the past week, as he tries to hold on to his north Minneapolis home. Salazar wouldnt qualify for the first of two Bush administration plans a mortgage refinancing program through the Federal Housing Administration (FHA) partly because hes not in default on the house he bought four years ago for $185,000. The administrations second idea its ... (Fri, 07 Sep 2007 02:42:38 GMT)
More Layoffs in Mortgage Industry
Lehman Brothers Holdings and the National City Corporation said yesterday that they would lay off more than 2,000 workers as the banks scale back their struggling mortgage businesses. (Fri, 07 Sep 2007 03:57:44 GMT)
Mortgage woes top nation in spring
New U.S. mortgage foreclosures hit a record high in the spring -- and Michigan led the way. (Fri, 07 Sep 2007 06:12:16 GMT)
Va. Joins Md. in Halting Mortgage Firm's Program
The state of Virginia has joined Maryland in blocking Metro Dream Homes from offering homeowners mortgage-free living through a complex investment program, citing concerns about potential consumer "harm and economic loss." (Fri, 07 Sep 2007 06:29:09 GMT)
Dearborn man sent to prison for mortgage fraud
DETROIT -- A federal judge on Thursday sentenced a Dearborn man to more than nine years in prison and ordered him to pay about $11.9 million in restitution for his role in a massive mortgage fraud. (Fri, 07 Sep 2007 06:30:48 GMT)
Home-equity loans dry up
When James Chou's credit card debt began to spin out of control a few years ago, he turned to a home-equity loan to pay it off. It proved to be a wise choice. Interest rates on home-equity loans are generally lower than on credit cards. What's more, the interest is tax-deductible, unlike credit card interest. Today, many people don't have that option. With the turmoil in the mortgage market ... (Fri, 07 Sep 2007 07:11:28 GMT)
Minorities get higher home-loan rates
As the housing crisis deepens, blacks and Latinos remain more likely to feel its brunt, an advocacy group says. (Fri, 07 Sep 2007 08:21:27 GMT)
Michigan, Ohio worst in mortgage foreclosure
Mortgage lenders in the Toledo area this summer first made it tougher for borrowers to obtain loans without a down payment and then demanded better credit scores from buyers. (Fri, 07 Sep 2007 09:24:34 GMT)
Trying to avoid paying PMI
You might try refinancing to one mortgage, says Dr. Don. (Fri, 07 Sep 2007 10:00:00 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, 07 Sep 2007 11:05:00 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? (Fri, 07 Sep 2007 11:20:11 GMT)
Don't Refinance Your Home to Pay Off Credit Card Debt - There's a Better Way
(ARA) - Ever received one of those offers in the mail that seems like the solution to all your problems? It may have said, "Your home is an untapped resource. Refinance your loan with us and you'll get quick cash to buy a car, fund college or pay off your credit card debt." (Fri, 07 Sep 2007 11:38:17 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, 07 Sep 2007 11:38:37 GMT)
Expert: Don Taylor, Ph.D., CFA, CFP
Dear Dr. Don, I took out a second mortgage to avoid private mortgage insurace (PMI). Can I refinance and combine my first and second and still avoid PMI with less than 20 percent equity in the house? (Fri, 07 Sep 2007 11:47:48 GMT)
Ahead of the Bell: Thornburg Mortgage
Thornburg Mortgage Inc. said late Thursday it expects its loss this quarter to be a little more modest than previously thought because the mortgage lender's creditors were able to sell some collateral. (Fri, 07 Sep 2007 12:49:28 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, 07 Sep 2007 13:10:21 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. (Fri, 07 Sep 2007 13:11:53 GMT)
Mortgage foreclosures set a record
The Mortgage Bankers Association said Thursday that lenders began foreclosure proceedings on a record number of homes this spring. (Fri, 07 Sep 2007 15:08:35 GMT)
Citigroup Unit Won't Take New Mortgage Bank Clients, People Say
Sept. 7 (Bloomberg) -- Citigroup Inc., the largest U.S. bank, stopped accepting new clients in a unit that offers credit lines to mortgage banks, according to two people familiar with the situation. (Fri, 07 Sep 2007 15:25:39 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. (Fri, 07 Sep 2007 16:19:41 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. (Fri, 07 Sep 2007 16:25:21 GMT)
Centex Mortgage Taps JPMorgan for Credit
Centex Corp., one of the nation's largest homebuilders, said Friday its mortgage unit entered into a $450 million warehouse credit facility with JPMorgan Chase Bank to fund the origination of mortgage loans. (Fri, 07 Sep 2007 16:51:17 GMT)
Anworth Sells Mortgage-Backed Securities
Anworth Mortgage Asset Corp. said Friday it registered a loss of $21 million from the sale of $692 million worth of mortgage-backed securities. (Fri, 07 Sep 2007 17:02:28 GMT)
ACORN study highlights mortgage disparity
Blacks and Latinos in the Lansing area are more likely to end up with high-cost, subprime loans to buy or refinance their homes than whites, according to a study of federal mortgage data released today by a national advocacy group. (Fri, 07 Sep 2007 17:04:28 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. (Fri, 07 Sep 2007 17:35:25 GMT)
Fed urges US mortgage lenders to help struggling borrowers
The US Federal Reserve yesterday urged mortgage companies to help borrowers who fall behind with home loan repayments by offering deferral plans and renegotiating the terms of their debt. (Fri, 07 Sep 2007 17:46:52 GMT)
Mortgage meltdown: Delinquencies climbing
The delinquency rate for mortgage borrowers spiked higher in the second quarter and the number of homes entering the foreclosure process hit a record high, according to a report released Thursday. (Fri, 07 Sep 2007 19:20:00 GMT)
Banker details Slade's request for home loan
Ousted TSU President Priscilla Slade didn't spend her own money on groceries, lawn care or spa treatments, a banker testified today. (Fri, 07 Sep 2007 19:28:12 GMT)
Citigroup Unit Won't Take New Mortgage Bank Clients (Update1)
Sept. 7 (Bloomberg) -- Citigroup Inc., the largest U.S. bank, curtailed lending to mortgage companies, according to two people with knowledge of the decision. (Fri, 07 Sep 2007 19:40:44 GMT)
Deal Summary -- Originators: 100% Fremont Investment & Loan; -- 60+ day Delinquency: 23.15%; -- Realized Losses to date ...
07/09/2007 19:46:00 Business Wire Fitch Ratings has taken the following rating actions on Fremont Home Loan Trust mortgage pass-through certificates. Affirmations total $274.7 million and downgrades total $38.1 million. (Fri, 07 Sep 2007 19:52:10 GMT)
After 3 yrs, home loan rates head down
NEW DELHI: Here's some good news for all those people who dream of buying their own house but have been deterred from doing so by soaring interest rates. Home loan rates are finally showing a downward trend after nearly three years, thanks to banks suddenly finding themselves flush with funds. (Fri, 07 Sep 2007 19:55:20 GMT)
Mortgage rates little changed
Mortgage rates were little changed on unexpectedly small increases in economic figures, Freddie Mac reported Thursday. (Fri, 07 Sep 2007 20:28:00 GMT)
After 3 yrs, home loan rates head down
Home loan rates are finally showing a downward trend after nearly three years, thanks to banks suddenly finding themselves flush with funds. (Fri, 07 Sep 2007 20:31:12 GMT)
Countrywide cuts heighten loan crisis
The lender plans as many as 12,000 layoffs. CEO Mozilo says the downturn is the most severe in recent history. Home loan colossus Countrywide Financial Corp. announced Friday that it would slash as many as 12,000 jobs, or nearly 20% of its workforce, saying the downturn in the housing market and the credit crunch related to sub-prime loans have created the worst conditions ever seen by the ... (Fri, 07 Sep 2007 22:06:39 GMT)
MLD Mortgage finds gem in subprime mess
The latest incarnation of The Money Store hopes to be a beneficiary of the subprime shakeout by acquiring failed mortgage companies on the cheap. (Fri, 07 Sep 2007 22:20:04 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, 07 Sep 2007 22:52:00 GMT)
Mortgage lender Countrywide to cut as many as 12,000 jobs
Struggling lender Countrywide Financial Corp. will cut as many as 12,000 jobs as it struggles to deal with challenging conditions in the mortgage industry, the company said Friday. The cuts, amounting to as much as 20 percent of its work force, are... (Fri, 07 Sep 2007 22:52:41 GMT)
Countrywide to cut up to 12,000 jobs amid mortgage trouble
Struggling lender Countrywide Financial said Friday it will cut as many as 12,000 jobs as it struggles to deal with challenging conditions in the mortgage industry. (Sat, 08 Sep 2007 01:18:26 GMT)
US mortgage lender slashes jobs
Countrywide, the biggest US mortgage lender, will cut up to 20% of its staff, as business slumps. (Sat, 08 Sep 2007 02:29:40 GMT)
Be wary of unlicensed mortgage brokers
WASHINGTON — Concerned about mortgage fraud and predatory lending practices, many states have toughened their laws by requiring loan officers or originators to undergo extensive background checks and show proof of professional experience and training. (Sat, 08 Sep 2007 02:45:48 GMT)
Countrywide May Fire as Many as 12,000 as Mortgage Demand Wanes
Sept. 8 (Bloomberg) -- Countrywide Financial Corp., the biggest U.S. mortgage company, plans to cut its workforce by 10,000 to 12,000 in the largest round of firings since the industry's contraction began last year. (Sat, 08 Sep 2007 04:44:47 GMT)
Veterans laud home loan program
'Couldn't pass up' state offer of low-interest loan (Sat, 08 Sep 2007 05:53:48 GMT)
Bruss: PMI loan market thrives in spite of 'mortgage meltdown'
Despite all the negative publicity about the so-called "mortgage meltdown" with more than 100 major mortgage lenders either filing bankruptcy or being unable to fund their home loan commitments, low- and no-down-payment PMI (private mortgage in surance) mortgages are readily available if you have steady income and good credit. (Sat, 08 Sep 2007 07:02:39 GMT)
Spare cash gives you mortgage flexibility
Q: "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... (Sat, 08 Sep 2007 07:32:54 GMT)
Mortgage Lenders Countrywide, IndyMac Announce Layoffs
Countrywide Financial and IndyMac Bancorp, two of the nation's largest mortgage lenders, announced plans to sharply reduce their workforces in coming months as they try to cut costs in a turbulent mortgage market. (Sat, 08 Sep 2007 07:44:27 GMT)
Mortgage-mess focus turns to credit raters
Pressure on credit-rating agencies for any role they may have played in a burgeoning mortgage market crisis intensified Friday, as federal regulators joined attorneys general in Ohio and elsewhere in investigating how the industry handled borrowers with weak credit. (Sat, 08 Sep 2007 09:36:15 GMT)
National City Bank Laying Off Mortgage Employees
The Cleveland-based bank says scaling back its home lending businesses and shifting the mortgage loans on its books will cost the company about $200 million dollars before taxes. (Sat, 08 Sep 2007 12:07:17 GMT)
Mortgage delinquency rate rises to 5.12 percent
The delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 5.12 percent of all loans outstanding in the second quarter of 2007 on a seasonally adjusted (SA) basis, up 28 basis points from the first quarter of 2007, and up 73 basis points from one year ago, according to MBA’s National Delinquency Survey. (Sat, 08 Sep 2007 13:08:04 GMT)
Countrywide cuts heighten loan crisis
The lender plans as many as 12,000 layoffs. CEO Mozilo says the downturn is the most severe in recent history. Home loan colossus Countrywide Financial Corp. announced Friday that it would slash as many as 12,000 jobs, or nearly 20% of its workforce, saying the downturn in the housing market and the credit crunch related to sub-prime loans have created the worst conditions ever seen by the ... (Sat, 08 Sep 2007 13:08:45 GMT)
Some Mortgage Originators Skip State Licensing
Concerned about mortgage fraud and predatory lending practices, many states have toughened their laws by requiring loan officers or originators to undergo extensive background checks and show proof of professional experience and training. Still, attracted by the lucrative mortgage business, many ... (Sat, 08 Sep 2007 16:06:51 GMT)
Slowdown could hurt Pennsylvania mortgage companies
When the housing market took off in the early part of the decade, so did the number of mortgage brokers and mortgage bankers licensed in Pennsylvania. (Sat, 08 Sep 2007 16:30:34 GMT)
Fishers woman charged in mortgage deal
NEW CASTLE, Ind. -- Police say a Fishers woman used more than $300,000 from a second mortgage on her rural Henry County home to write checks to herself, to her husband and to cover other checks that were written a day earlier. (Sat, 08 Sep 2007 16:52:27 GMT)
Bills Piling Up? Refinancing Your Car Puts Extra Cash In Your Pocket
(ARA) - Sometimes life throws you a curve ball. The water heater springs a leak, your son breaks a tooth or you need a plane ticket to visit a sick relative. These unplanned expenses add up and if you don't have savings to cover them, where will the extra payments come from? (Sat, 08 Sep 2007 17:07:36 GMT)
Use Auto Refinancing to Ease the Family Budget
(ARA) - With gas prices at an all-time high and no relief in site, families are finding it necessary to cut back their spending on other items in order to fill up the car's tank. It's reported that gas prices could exceed $4 per gallon this summer. (Sat, 08 Sep 2007 17:08:37 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. (Sat, 08 Sep 2007 17:08:56 GMT)
Mortgage lender Countrywide to cut thousands of jobs
Los Angeles - Struggling lender Countrywide Financial says it will cut as many as 12,000 jobs as it struggles to deal with challenging conditions in the mortgage industry. The company said the cuts, (Sat, 08 Sep 2007 18:18:24 GMT)
2nd Man Pleads Guilty In Mortgage Fraud Scheme
A 27-year-old man has pleaded guilty in an alleged mortgage fraud conspiracy that may involve as many as 200 homes and $50 million in losses. More Crime News More Minnesota News (Sat, 08 Sep 2007 19:18:00 GMT)
Correction: Mortgage fraud story
Associated Press - September 8, 2007 3:04 PM ET Corrected Version JACKSON, Miss. (AP) - In a Sept. 7 story about a mortgage fraud case, The Associated... (Sat, 08 Sep 2007 19:19:38 GMT)
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