Mortgage News Oct 2007

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Brokers ignore lies on mortgage applications
Mortgage brokers are still offering "profoundly irresponsible" mortgages to first-time buyers despite the recent call by the Chancellor for banks to return to responsible lending in the wake of the Northern Rock fiasco. (Mon, 01 Oct 2007 00:24:29 GMT)

Welcome to los-portales.com
Mortgage Loans $400,000 For Only $1,875/Month or $200,000 for Only $938/Month. www.LendingTree.com Countrywide® Home Loans No Closing Cost Refinance Loan . Fast Approvals. Low Payments. (Mon, 01 Oct 2007 00:33:22 GMT)

Homeowners Get Mortgage Advice At Free Clinic
Hundreds of people show up for free advice at a mortgage clinic in Chula Vista. (Mon, 01 Oct 2007 00:53:28 GMT)

Welcome to los-portales.com
Mortgage Loans Refinance $200,000 For Only $938/Month. 1 Simple form, up to 4 Offers. www.LendingTree.com Quicken Loans ® - Official Site See why 9/10 Recommend Quicken Loans ® to Family & Friends. (Mon, 01 Oct 2007 04:03:11 GMT)

New Zealand Mortgage Holders Concerned About Interest Rates- Survey
(RTTNews) - Nearly two-thirds of New Zealand mortgage holders are worried about rising interest rates, according to a survey by Research New Zealand, the New Zealand Herald reported Monday. (Mon, 01 Oct 2007 05:03:11 GMT)

Check bridge loan details
Q . We bought a house in 2007, but it took a few months for our old home to sell, so we used a bridge loan. We financed the new home with a five-year, interest-only adjustable rate mortgage at 6 percent. Now that our former home has sold, we're putting the loan proceeds into retirement accounts. Should we refinance our new home now or wait? The whole thing was more of a gamble than I would have ... (Mon, 01 Oct 2007 06:13:03 GMT)

Excessive mortgage defaults cause NetBank shutdown
NetBank Inc., an online bank with $2.5 billion in assets, was shut down by the government on Friday because of an excessive level of mortgage defaults. (Mon, 01 Oct 2007 06:30:44 GMT)

UBS plunges to a loss on sub-prime crisis
The crisis in the troubled US sub-prime mortgage market has sent Swiss investment banking giant UBS tumbling to its first quarterly loss in almost a decade and prompted sweeping changes to senior management and significant job losses. (Mon, 01 Oct 2007 06:32:38 GMT)

August mortgage approvals weakest since April
Mortgage approvals for house purchase fell in August to their lowest level since April, data showed on Monday, providing further evidence that the property market is losing momentum. (Mon, 01 Oct 2007 09:12:00 GMT)

Mortgage data points to slowdown
New mortgage approvals in Britain have fallen to their lowest since April. By Larry Elliott. (Mon, 01 Oct 2007 09:21:10 GMT)

DG Hyp public sector & mortgage Pfandbriefe affirmed on merger plan end - Fitch
MUMBAI (Thomson Financial) - Fitch Ratings has affirmed its 'AAA' rating on Deutsche Genossenschaftshypothekenbank's (DG Hyp) public sector and mortgage Pfandbriefe -- German mortgage-backed bonds, following the end of merger plans with Munchner Hypothekenbank eG (MHyp). (Mon, 01 Oct 2007 09:38:46 GMT)

Equity loan carries higher rate
When considering home equity loan, HELOC, or refinance, take into account the purpose of the money, says Dr. Don. (Mon, 01 Oct 2007 10:00:00 GMT)

Practices of home-lending industry draw scrutiny
The next time that Staci Brigham signs loan papers for her home, she plans to consult a lawyer. (Mon, 01 Oct 2007 10:26:15 GMT)

UK mortgage approvals hit 4-month low
Mortgage approvals fell to their worst level in four months in August, according to new data released Monday, suggesting higher borrowing costs are putting off new buyers. (Mon, 01 Oct 2007 10:30:06 GMT)

SBI may cut home loan rates
SBI said it could give discount to new housing credit seekers and might cut home loan rates. SBI is currently offering home loans at 12.75 per cent on fixed interest rate basis. The floating interest rate ranges between 10.75-11.25 per cent. (Mon, 01 Oct 2007 10:30:48 GMT)

Mortgage data points to slowdown
Business & money: New mortgage approvals fall to lowest level since April. (Mon, 01 Oct 2007 10:37:53 GMT)

Credit crunch hits small businesses
Three years after scraping together $100,000 from family, friends, and credit cards to bootstrap Zensah (zensah.com), a maker of athletic clothing in Hialeah, Fla., Ryan Oliver wanted expansion capital. He looked where thousands of entrepreneurs have found a ready source of funding - in the value his house. Applying for a $25,000 home-equity loan, he figured he was a shoo-in. shoo-in. His credit ... (Mon, 01 Oct 2007 10:42:04 GMT)

DATA SNAP: UK Aug Mortgage Lending +GBP8.5 Bln Vs +GBP8.9B
LONDON (Dow Jones)--U.K. consumers' appetite for secured debt slipped amid still high interest rates in August as mortgage lending fell to an 18- month low. (Mon, 01 Oct 2007 10:42:16 GMT)

UK mortgage lending on downward trend in Aug as market worries kicked off - BoE
LONDON (Thomson Financial) - Mortgage lending and home loan approvals showed a decrease during the month of August, just as the financial market turmoil began, figures showed today. (Mon, 01 Oct 2007 10:52:52 GMT)

Welcome to los-portales.com
Countrywide® Home Loans No Closing Cost Refinance Loan .Call America's #1 Home Loan Lender. www.Countrywide.com Mortgage Loans Refinance $200,000 For Only $938/Month. 1 Simple form, up to 4 Offers. (Mon, 01 Oct 2007 11:03:11 GMT)

Welcome to los-portales.com
Countrywide® Home Loans No Closing Cost Refinance Loan .Call America's #1 Home Loan Lender. www.Countrywide.com Mortgage Loans $400,000 For Only $1,875/Month or $200,000 for Only $938/Month. (Mon, 01 Oct 2007 11:19:10 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? (Mon, 01 Oct 2007 11:30:15 GMT)

Mortgage data points to slowdown
The number of new mortgage approvals in Britain fell to their lowest level since April in August as higher interest rates took their toll of buyer confidence, according to figures released today. (Mon, 01 Oct 2007 11:31:42 GMT)

Welcome to los-portales.com
Mortgage Loans Refinance $200,000 For Only $938/Month. 1 Simple form, up to 4 Offers. www.LendingTree.com (Mon, 01 Oct 2007 11:48:12 GMT)

Home equity loan or refinance?
Dear Dr. Don, The appraised value on my home after renovations is more than my current mortgage. What are my options as far as the equity and/or refinancing? (Mon, 01 Oct 2007 11:52:38 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? (Mon, 01 Oct 2007 12:14:33 GMT)

Mortgage Rates Rise
WASHINGTON -- Freddie Mac, the mortgage company, reported Thursday that the average rate for 30-year, fixed-rate mortgages rose for the second straight week this week to 6. (Mon, 01 Oct 2007 12:35:03 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? (Mon, 01 Oct 2007 12:37:03 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, 01 Oct 2007 13:57:16 GMT)

Help is near for mortgage troubles
This is a consumer advice column written by the (Mon, 01 Oct 2007 14:01:48 GMT)

Capstead Mortgage "strong buy," target price raised
NEW YORK, October 1 (newratings.com) - Analyst Steven C DeLaney of JMP Securities maintains his "strong buy" rating on Capstead Mortgage Corporation (ticker: CMO), while reducing his estimates for the company. The target price has been raised from $12 to $15. (Mon, 01 Oct 2007 14:21:57 GMT)

Fuel cost, mortgage vote link
RISING fuel bills and mortgage stress could influence how Australians in marginal and outer-suburban electorates vote in the coming federal election, a study suggests. (Mon, 01 Oct 2007 14:35:40 GMT)

BOV's widens Suite of Home Loans Products
Bank of Valletta is continuing to widen its suite of Home Loan products with the launch of its Buy-to-Let Loan. (Mon, 01 Oct 2007 14:54:37 GMT)

US loan crisis will not affect economic growth: IMF chief
New IMF chief Dominique Strauss-Kahn said on Monday the crisis in the US "subprime" loan sector should not have a dramatic impact on growth in the world economy. (Mon, 01 Oct 2007 15:40:11 GMT)

340 Formal Complaints Made Against Busted Mortgage Company
News 8 On Your Side continues to follow the story of a local mortgage company that has left hundreds of homeowners scrambling to save their homes. (Mon, 01 Oct 2007 16:43:12 GMT)

U.S. subprime mortgage problems hit Citigroup, UBS
Losses from the U.S. subprime mortgage meltdown hurt third-quarter earnings at banking sector heavyweights Citigroup Inc. and UBS, the companies said Monday. (Mon, 01 Oct 2007 16:44:00 GMT)

UK Housing Mortgage Loan Approvals Decline In August
(RTTNews) - In August, the number of mortgage loans approved in the UK was 109,000, the Bank of England, said Monday. Economists were looking for a figure of 110,000 loans. In July, 115,000 mortgage loans were approved for house purchase. (Mon, 01 Oct 2007 17:11:28 GMT)

Welcome to los-portales.com
Countrywide® Home Loans No Closing Cost Refinance Loan . Fast Approvals. Low Payments. www.Countrywide.com Mortgage Loans $200,000 For Only $938/ Month. When Banks Compete, You Win®. (Mon, 01 Oct 2007 18:48:24 GMT)

Welcome to los-portales.com
Countrywide® Home Loans No Closing Cost Refinance Loan .Call America's #1 Home Loan Lender. www.Countrywide.com Mortgage Loans $200,000 For Only $938/ Month. When Banks Compete, You Win®. (Mon, 01 Oct 2007 19:18:12 GMT)

Sector Snap: Mortgage Lenders Rise
Shares of mortgage lenders mostly jumped Monday on the prospect that the Federal Reserve might cut interest rate targets even further following a report that manufacturing growth slowed last month. (Mon, 01 Oct 2007 19:18:27 GMT)

Welcome to los-portales.com
Countrywide® Home Loans No Closing Cost Refinance Loan . Ask the Experts at Countrywide®. www.Countrywide.com Mortgage Loans $200,000 For Only $938/ Month. When Banks Compete, You Win®. (Mon, 01 Oct 2007 19:33:36 GMT)

Stocks soars on hopes for rate cut, easing of mortgage mess
Speculation drove the Dow Jones to a record high today, the start of the fourth quarter. Investors speculated that the worst of the mortgage and building boondoggle was over and that the Fed would again cut rates this month. The... (Mon, 01 Oct 2007 19:33:53 GMT)

WaMu Unveils Mortgage Broker Standards
Washington Mutual Inc., the nation's sixth-largest home-mortgage lender in terms of volume, is asking mortgage brokers it works with to provide more information to borrowers. (Mon, 01 Oct 2007 19:42:02 GMT)

Welcome to los-portales.com
Countrywide® Home Loans No Closing Cost Refinance Loan . Fast Approvals. Low Payments. www.Countrywide.com Mortgage Loans Buy, Refinance or Get Cash. When Banks Compete, You Win®. (Mon, 01 Oct 2007 19:48:12 GMT)

MFA Mortgage Declares 3Q Dividend
MFA Mortgage Investments Inc. on Monday announced a third-quarter dividend of 10 cents per share. The New York-based company will pay the dividend Oct. 31 to shareholders of record Oct. 12. (Mon, 01 Oct 2007 20:45:51 GMT)

WaMu: Mortgage brokers must disclose more
Lender says it won't close on a mortgage without confirmation that borrower understands terms. (Mon, 01 Oct 2007 21:12:04 GMT)

Marian Lucia Manages Change at The Federal Home Loan Bank of Atlanta Meeting the needs of its financial institution ...
Bank Systems &Technology: How does FHLBank Atlanta differ from the Federal Reserve or commercial banks? Lucia: Unlike the Federal Reserve Banks, FHLBank Atlanta is a private institution that provides our members with funding and liquidity. (Mon, 01 Oct 2007 21:45:12 GMT)

MORTGAGE WOES
(NEWARK) - More and more homeowners are finding it harder and harder each month to make their mortgage payment. One certified public accountant has some advice for those in the market for a home to make sure they don’t fall into the red. (Mon, 01 Oct 2007 22:06:39 GMT)

Homeowners who are facing foreclosure are prime targets for mortgage fraud
The housing boom led to record home ownership rates, but many of those new homeowners, who now are experiencing problems making their mortgage payments and aren't in a position to refinance their loans, are looking at foreclosure. (Mon, 01 Oct 2007 22:41:54 GMT)

WaMu Calls for Mortgage Disclosure
Washington Mutual is asking mortgage brokers to provide more information to borrowers amid criticism that poor disclosures have led many borrowers to take out loans they couldn't afford. (Mon, 01 Oct 2007 23:13:01 GMT)

How to evaluate mortgage bail-out programs
PALM BEACH GARDENS, Fla. (MarketWatch) -- Many programs offer to bail you out of an impending mortgage rate increase. Do any really help? (Mon, 01 Oct 2007 23:51:15 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. (Tue, 02 Oct 2007 00:57:31 GMT)

Judge delays mortgage broker's trial in Cunningham bribery case
A federal judge has delayed the trial of a New York mortgage banker charged in the corruption case against former San Diego U.S. Rep. Randy "Duke" Cunningham. (Tue, 02 Oct 2007 01:17:19 GMT)

2 big banks feel effects of mortgage defaults
NEW YORK -- Citigroup Inc. and UBS AG warned Monday that they suffered significant loan-related losses in the third quarter, becoming the latest and biggest banks to reveal huge ill effects from the spike in mortgage defaults and freeze-up in the credit markets. (Tue, 02 Oct 2007 01:19:25 GMT)

Westpac to Help Refinance Rams Home Loans Debt, Buy Franchises
Oct. 2 (Bloomberg) -- Westpac Banking Corp. will take over Rams Home Loans Group's franchises and its future business after the lender failed to refinance A$6.1 billion in short-term debt two months after listing on the Australian stock exchange. (Tue, 02 Oct 2007 01:27:13 GMT)

Chasm grows between home lenders and self-employed
David Brannan, 44, of Monroe, N.C., is co-founder of a software company that's been in business since 1989. He and his wife have owned their home for 18 years and are in the process of buying a new, custom-built home. Brannan has an excellent credit score. So he was stunned last week when CitiMortgage rejected his mortgage application. (Tue, 02 Oct 2007 02:09:23 GMT)

Westpac to Rescue Rams, Refinance Debt, Buy Branches (Update1)
Oct. 2 (Bloomberg) -- Westpac Banking Corp. agreed to take over Rams Home Loans Group's branch network and provide A$1.5 billion ($1.3 billion) in funding after the Sydney-based lender failed to refinance its short-term debt. (Tue, 02 Oct 2007 02:55:08 GMT)

UPDATE 3-Australia's Westpac to buy struggling RAMS business
SYDNEY, Oct 2 (Reuters) - Westpac Banking Corp WBC.AX will take over the future business of RAMS Home Loans Group Ltd RHG.AX, swooping on the assets of the lender which struggled to refinance its debt following the U.S. subprime mortgage crisis. (Tue, 02 Oct 2007 02:59:06 GMT)

CONSUMER BANKING: How To Evaluate Mortgage Bail-out Programs
PALM BEACH GARDENS, Fla. (Dow Jones) -- Many programs offer to bail you out of an impending mortgage rate increase. Do any really help? Major considerations: Often, these programs require counseling sessions, which may take too long if you're in a loan due to reset soon. (Tue, 02 Oct 2007 04:13:17 GMT)

How to evaluate mortgage bail-out programs
How to evaluate mortgage bail-out programs (Tue, 02 Oct 2007 05:06:29 GMT)

AIG United Guaranty, SGIC In Alliance For Mortgage Ins In Skorea
(Full text of a statement. Contact details below.) AIG United Guaranty and SGIC Announce Alliance to Expand Mortgage Insurance Availability in South Korea SEOUL, Oct 2 /Xinhua-PRNewswire-AsiaNet/ - South Korean Home Buyers Stand to Benefit from Broader Access to MI Coverage AIG United Guaranty, (Note 1) whose affiliate companies provide mortgage guaranty insurance (MI) and other financial ... (Tue, 02 Oct 2007 05:59:55 GMT)

WaMu requiring mortgage brokers to show they are upfront
Washington Mutual is requiring that mortgage brokers show they disclosed lending terms to borrowers as a record number of Americans face... (Tue, 02 Oct 2007 07:13:55 GMT)

WaMu leans on mortgage brokers
Washington Mutual Inc. is now requiring that mortgage brokers show that they disclosed lending terms to borrowers as a record number of Americans face losing their homes to foreclosure. (Tue, 02 Oct 2007 07:19:20 GMT)

Book sheds light on mortgage industry
There is good news amid the housing sales slump, as mortgage interest rates are declining and loan availability is improving. For the savvy buyer, this market can net a good deal. On the other hand, what about those buyers who don’t know how to negotiate with a lender or loan officer? (Tue, 02 Oct 2007 07:41:30 GMT)

Westpac to Rescue Rams, Refinance Debt, Buy Branches (Update3)
Oct. 2 (Bloomberg) -- Westpac Banking Corp. agreed to take over Rams Home Loans Group's branch network and provide A$1.5 billion ($1.3 billion) in funding after the Sydney-based lender failed to refinance its short-term debt. (Tue, 02 Oct 2007 07:55:18 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. (Tue, 02 Oct 2007 09:14:54 GMT)

Mortgage brokers' sleight of hand
IN THE past five years, if you called a mortgage broker when you were about to buy or refinance a house you may have been told, "We can check with lots of lenders so you'll get the best price." Because you are a careful shopper, this sounds good - one-stop comparative shopping. The broker most likely didn't add, "I'll take ... (Tue, 02 Oct 2007 09:48:11 GMT)

Get Extra Cash By Refinancing Your Car
(ARA) - Sometimes life throws you a curve ball. The water heater springs a leak, your son breaks a tooth or you need a plane ticket to visit a sick relative. These unplanned expenses add up and if you don't have savings to cover them, where will the extra payments come from? (Tue, 02 Oct 2007 10:02:18 GMT)

Mortgage woes affect Citigroup, UBS profit
Citigroup and UBS warned yesterday that they suffered significant loan-related losses in the third quarter, becoming the latest and biggest banks to reveal huge ill effects from the spike in mortgage defaults and freeze-up in the credit markets. (Tue, 02 Oct 2007 10:07:40 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? (Tue, 02 Oct 2007 10:15:06 GMT)

Mortgage reform proposal late in Pa., but still welcome
Mortgage regulation is tough policy because it is one of those big-picture issues: home ownership is an American ideal. The bias is for companies to make the loan if they can and for government, for the most part, to either help them make the loan or simply get out of the way. (Tue, 02 Oct 2007 11:22:00 GMT)

Ahead of the Bell: Luminent Mortgage
Luminent Mortgage Capital Inc. said late Monday it repaid much of its debt and arranged to borrow more, limiting the risk the struggling mortgage financier will run out of cash. (Tue, 02 Oct 2007 11:33:31 GMT)

Mortgage ills afflicting banks
Citigroup, UBS expect drop in 3rd-quarter profit Citigroup Inc. and UBS AG warned they suffered significant loan-related losses in the third quarter, becoming the latest and biggest banks to reveal huge ill effects from the spike in mortgage defaults and freeze-up in the credit markets. (Tue, 02 Oct 2007 11:50:43 GMT)

Westpac buys Australian mortgage lender's operations
Westpac Banking will buy the brand and distribution business of Rams Home Loans Group, snapping up assets of the lender which struggled to refinance its debt after the U.S. subprime mortgage crisis. (Tue, 02 Oct 2007 12:21:11 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. (Tue, 02 Oct 2007 13:18:39 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, 02 Oct 2007 15:10:01 GMT)

Sector Snap: Mortgage Lenders
Shares of mortgage lenders mostly rose Tuesday as investors shrugged off more evidence of a decaying housing market. The National Association of Realtors reported Wednesday contracts to buy homes fell 6.5 percent in August. (Tue, 02 Oct 2007 16:55:20 GMT)

Morgan Stanley Cuts 600 Jobs in Residential Mortgage Business
Oct. 2 (Bloomberg) -- Morgan Stanley, which reported third- quarter earnings that fell more than analysts expected, is cutting 600 jobs to offset a decline in mortgage-related revenue. (Tue, 02 Oct 2007 16:56:45 GMT)

Morgan Stanley scales back mortgage business, to cut 600 jobs
SAN FRANCISCO (MarketWatch) -- Morgan Stanley unveiled plans Tuesday to scale back its residential mortgage business, including cutting 600 jobs, as the investment bank responds to recent turmoil in the real-estate and home-loan markets. (Tue, 02 Oct 2007 17:51:41 GMT)

Morgan Stanley to consolidate mortgage operations
Morgan Stanley said Tuesday it is cutting about 600 jobs and consolidating its mortgage businesses, after a credit crisis upended the home loan industry this summer and forced other investment banks into similar moves. (Tue, 02 Oct 2007 18:04:39 GMT)

Morgan Stanley to trim mortgage business, 600 jobs
Morgan Stanley said Tuesday it is scaling back its residential mortgage business and cutting nearly 600 jobs globally as it repositions to deal with turmoil in the housing-related credit sector. (Tue, 02 Oct 2007 18:14:18 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." (Tue, 02 Oct 2007 18:21:46 GMT)

Morgan Stanley Cuts 600 Jobs in Home Loan Business (Update1)
Oct. 2 (Bloomberg) -- Morgan Stanley, the second-biggest U.S. securities firm, plans to cut 600 jobs after a decline in mortgage-related revenue led to lower third-quarter earnings than analysts estimated. (Tue, 02 Oct 2007 18:27:08 GMT)

2 mortgage brokers to plead guilty in alleged equity skimming
Two Twin Cities mortgage brokers have agreed to plead guilty in federal court this week in connection with an alleged equity skimming scheme that targeted financially distressed and vulnerable homeowners. Michael Fiorito, 39, of Prior Lake, pleaded guilty today in U.S. District Court in Minneapolis to a single mail fraud count in exchange for the dismissal of a conspiracy charge and three other ... (Tue, 02 Oct 2007 18:36:52 GMT)

Morgan Stanley Shuffles Mortgage Unit
Morgan Stanley said Tuesday it is cutting about 600 jobs and slimming down its mortgage business, after a credit crisis upended the home loan industry this summer and forced other investment banks into similar moves. (Tue, 02 Oct 2007 18:58:42 GMT)

Loan servicers create new mortgage snags
A cancer diagnosis forced Lindsey Jennings to give up his government job. With less income, Jennings feared he might lose the home he and his wife Pearl built near Atlanta almost 20 years ago. So he asked for help. (Tue, 02 Oct 2007 19:07:21 GMT)

Loan Servicers Create New Mortgage Snags
A cancer diagnosis forced Lindsey Jennings to give up his government job. With less income, Jennings feared he might lose the home he and his wife Pearl built near Atlanta almost 20 years ago. (Tue, 02 Oct 2007 19:07:21 GMT)

Federal Home Loan Bank of Cincinnati Reports September Rise in Advances
CINCINNATI, Oct. 2, 2007 -- The Federal Home Loan Bank of Cincinnati reported today the level of Advances to members increased by $1.8 billion to $53.6 billion in September compared to August 31, 2007, a 3.4 percent increase. (Tue, 02 Oct 2007 19:16:15 GMT)

Mortgage servicing errors leave home owners hanging
Even home owners who pay on time face the real possibility of falling behind on insurance or property tax payments.{l} Real estate blog l Valley foreclosures (Tue, 02 Oct 2007 19:25:33 GMT)

Federal Home Loan Bank of Boston Increases Loans to Members by Approximately $13 Billion in September
The Federal Home Loan Bank of Boston increased its advances outstanding to member financial institutions by approximately $13.1 billion during September 2007, as compared with $.8 billion in July and $3.4 billion in August. (Tue, 02 Oct 2007 19:27:00 GMT)

Mortgage brokers home in
HALF of all new residential loans in Australia will be arranged by mortgage brokers within three years, according to a study byindependent market analyst Datamonitor. (Tue, 02 Oct 2007 20:00:00 GMT)

Morgan Stanley to trim mortgage business, 600 jobs
Morgan Stanley said Tuesday it is scaling back its residential mortgage business and cutting nearly 600 jobs globally as it repositions to deal with turmoil in the housing-related credit sector. (Tue, 02 Oct 2007 20:21:31 GMT)

Morgan Stanley shuffles mortgage unit
Morgan Stanley said Tuesday it is cutting about 600 jobs and slimming down its mortgage business, after a credit crisis upended the home loan industry this summer and forced other investment banks into similar moves. (Tue, 02 Oct 2007 20:35:43 GMT)

Morgan Stanley Shuffles Mortgage Unit
Morgan Stanley said Tuesday it is cutting about 600 jobs and slimming down its mortgage business, after a credit crisis upended the home loan industry this summer and forced other investment banks into similar moves. Two weeks after the Wall Street... (Tue, 02 Oct 2007 20:50:14 GMT)

Morgan Stanley Cuts 600 Jobs in Home-Loan Business (Update2)
Oct. 2 (Bloomberg) -- Morgan Stanley, the second-biggest U.S. securities firm, plans to cut 600 jobs after a decline in mortgage-related revenue contributed to lower third-quarter earnings than analysts estimated. (Tue, 02 Oct 2007 20:56:42 GMT)

Buffalo Savings eliminates mortgage unit
Greater Buffalo Savings Bank has stopped accepting residential mortgage applications and closed the department. (Tue, 02 Oct 2007 21:11:11 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. (Tue, 02 Oct 2007 21:57:32 GMT)

CalCORP Mortgage Program Launched to Aid Californians
Millions of employees throughout the state of California who are interested in purchasing a home or refinancing their existing mortgage may be eligible for the CalCORP Corporate Mortgage Program which was launched last week. (Tue, 02 Oct 2007 22:00:00 GMT)

Assistant manager wins RM300K in bank’s contest for home loan customers
An assistant brand manager of a healthcare company walked away with RM300,000. She won the grand prize in the HSBC Bank Malaysia Berhad’s “HomeSmart & RM300K Richer” contest grand finals held on Sept 13. (Tue, 02 Oct 2007 23:19:13 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." (Tue, 02 Oct 2007 23:26:50 GMT)

Morgan Stanley mortgage restructuring calls for new HQ in Irving
Morgan Stanley will merge its three U.S. residential mortgage businesses and base the combined business in Irving. (Tue, 02 Oct 2007 23:40:37 GMT)

Loan Servicers Create New Mortgage Snags
NEW YORK -- A cancer diagnosis forced Lindsey Jennings to give up his government job. With less income, Jennings feared he might lose the home he and his wife Pearl built near Atlanta almost 20 years ago. So he asked for help. (Wed, 03 Oct 2007 00:19:27 GMT)

Morgan Stanley Shuffles Mortgage Unit
NEW YORK -- Morgan Stanley said Tuesday it is cutting about 600 jobs and slimming down its mortgage business, after a credit crisis upended the home loan industry this summer and forced other investment banks into similar moves. (Wed, 03 Oct 2007 01:36:21 GMT)

Mortgage broker pleads guilty in scam
A Prior Lake mortgage broker pleaded guilty in federal court in St. Paul Tuesday in connection with a foreclosure-rescue scam targeting vulnerable homeowners. (Wed, 03 Oct 2007 05:20:22 GMT)

Mortgage meeting draws hundreds
Nearly 600 people affected by the collapse of a local mortgage brokerage company attended a meeting Tuesday night at Highland Presbyterian Church, revealing the depth of the financial crisis.Customers of Personal Financial Management Inc. learned in a letter dated Sept. 14 that they owe te... (Wed, 03 Oct 2007 05:59:53 GMT)

Morgan Stanley slims loan business, cuts jobs
Morgan Stanley said yesterday that it was cutting about 600 jobs and slimming down its mortgage business, after a credit crisis upended the home loan industry this summer and forced other investment banks into similar moves. (Wed, 03 Oct 2007 07:34:33 GMT)

Be Mortgage-Free Faster
Some mortgage borrowers have only two things in mind: "How much can I afford?" and "What will my monthly payments be?" They max out their finances on mortgage debt and use an interest-only or negative-amortization mortgage to minimize their monthly payments. (Wed, 03 Oct 2007 08:34:26 GMT)

Credit Suisse's Dougan Says Mortgage Turmoil May Last 18 Months
Oct. 3 (Bloomberg) -- Credit Suisse Group, Switzerland's second-biggest bank, predicts that the market for mortgage credit will be ``problematic'' for as long as 18 months, Chief Executive Officer Brady Dougan told a conference in London. (Wed, 03 Oct 2007 08:56:52 GMT)

Canara Bank cuts home loan rates by 0.50%
Just a week after HDFC Bank reduced housing loan rates, Canara Bank has also reduced the rate of interest on housing loans by 50 basis points with effect from October 4, 2007 for all tenors and slabs on fresh loans. (Wed, 03 Oct 2007 09:06:20 GMT)

Homeowners struggle to refinance
Despite incomes of $150,000 and more, many homeowners in the East Bay are surprised to discover they are unable to refinance their homes. (Wed, 03 Oct 2007 10:05:08 GMT)

Student-loan burden
FOR AN INCREASING number of college graduates, paying off student loans is a burden comparable to a home mortgage, and not just a result of the size. Because of the ridiculously low $23,000 ceiling on the total amount of a government-guaranteed student loan, there has been a huge increase in (Wed, 03 Oct 2007 10:25:41 GMT)

Ahead of the Bell: Mortgage Applications
WASHINGTON (AP) - Investors on Wednesday will get an update on how applications for home loans fared last week as the housing slump continues. The Mortgage Bankers Association is due to report its weekly index of home-loan application volume at 7 a.m. EDT. (Wed, 03 Oct 2007 10:41:01 GMT)

Banks to introduce Unconditionally Cancelable clause in loan contracts
The clause will help banks save on allocation of capital under the new capital adequacy norms that will come into force from March '08. Home Loan: It’s time to float (Wed, 03 Oct 2007 10:44:52 GMT)

MFA Mortgage Investments Offering Priced
Real estate investment trust MFA Mortgage Investments Inc. said late Tuesday a public offering of 7 million shares of its common stock was priced at $7.90 per share. (Wed, 03 Oct 2007 10:52:30 GMT)

Home loan demand falls despite interest rate dip
U.S. mortgage applications fell for a second straight week, largely reflecting a drop in demand for home refinancing loans, an industry group said on Wednesday. (Wed, 03 Oct 2007 11:03:44 GMT)

Great Lakes has shut its mortgage unit
Great Lakes Bancorp shut down its new mortgage banking operation last month, less than a year after its launch and only months before the bank is to be acquired by First Niagara Financial Group. (Wed, 03 Oct 2007 11:03:48 GMT)

Mortgage Application Volume Declines
Mortgage application volume declined 2.7 percent for the week ending Sept. 28, despite a drop in interest rates, according to the industry trade group Mortgage Bankers Association's weekly application survey. (Wed, 03 Oct 2007 11:15:58 GMT)

Mortgage applications down 2.7% last week, MBA reports
CHICAGO (MarketWatch) -- The volume of mortgage applications filed last week decreased by 2.7%, coinciding with a week-to-week drop in interest rates on fixed-rate loans, the Mortgage Bankers Association said Wednesday. (Wed, 03 Oct 2007 11:21:07 GMT)

Credit Suisse's Dougan Says Mortgage Turmoil May Last (Update2)
Oct. 3 (Bloomberg) -- Credit Suisse Group Chief Executive Officer Brady Dougan said the market for mortgage credit will be ``problematic'' for as long as 18 months. (Wed, 03 Oct 2007 11:36:16 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Wed, 03 Oct 2007 12:00:02 GMT)

Mortgage demand falls despite interest rate dip
Mortgage applications fell for a second week, largely reflecting a drop in demand for home refinancing, an industry group said Wednesday. (Wed, 03 Oct 2007 12:08:13 GMT)

Mortgage applications dip 2.7% 7:44 AM CT
Mortgage applications in the U.S. fell 2.7 percent last week as purchases declined to the lowest since April and refinancing cooled. The Mortgage Bankers Association's index of applications to buy a home or refinance a loan dropped to 636.7 from 654.2 the prior week. (Wed, 03 Oct 2007 13:04:40 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, 03 Oct 2007 13:33:55 GMT)

Broker pays price for homeless man's loan
A CANBERRA mortgage broker who wrote a $360,000 home loan to a 20-year-old unemployed, dyslexic and homeless man has been ordered to pay $31,000 in compensation to the borrower. (Wed, 03 Oct 2007 14:00:00 GMT)

Economic Blast: Mortgage Applications Drop, Job Cuts Decline
Last month's reduction in the key interest rate is still failing to have a noticeable impact on the mortgage market...( Read More ) (Wed, 03 Oct 2007 14:09:23 GMT)

Mortgage Application Volume Declines
Mortgage application volume declined 2.7 percent for the week ending Sept. 28, despite a drop in interest rates, according to the Mortgage Bankers Association's weekly application survey. (Wed, 03 Oct 2007 14:51:10 GMT)

Bear Stearns to lay off 300 mortgage workers: report
Bear Stearns Cos Inc is laying off 300 mortgage workers, cable news channel CNBC reported on Wednesday. (Wed, 03 Oct 2007 15:00:28 GMT)

Home loan demand falls despite interest rate dip
NEW YORK (Reuters) - U.S. mortgage applications fell for a second straight week, largely reflecting a drop in demand for home refinancing loans, an industry group said on Wednesday. (Wed, 03 Oct 2007 15:10:42 GMT)

Home loan demand falls despite interest rate dip
U.S. mortgage applications fell for a second straight week, largely reflecting a drop in demand for home refinancing loans, an industry group said on Wednesday. (Wed, 03 Oct 2007 15:48:03 GMT)

Democrats to call for "mortgage czar": sources
Democratic leaders in the U.S. Congress on Wednesday will call for appointment of a "mortgage czar" to deal with a spike in foreclosures and more spending to help troubled homeowners, sources familiar with the plan said. (Wed, 03 Oct 2007 15:52:04 GMT)

Democrats call for adviser on mortgage debacle
Top congressional Democrats plan to ask the president to create a position to organize the government's response to subprime mortgage problems. (Wed, 03 Oct 2007 16:11:54 GMT)

Mortgage basics topic Tuesday at library
"Don't Borrow Trouble: How to Find the Right Mortgage for You" will be presented from 7 to 8:30 p.m. on Tuesday, Oct. 9, in Gallery Space at Monroeville Public Library.  read more » (Wed, 03 Oct 2007 16:19:43 GMT)

Bear Stearns cutting 310 mortgage jobs
Bear Stearns Cos said on Wednesday it was cutting 310 jobs in its mortgage origination businesses, as part of a reorganization of its mortgage operations. (Wed, 03 Oct 2007 17:21:58 GMT)

Bear Stearns to cut 310 mortgage jobs
Bear Stearns Cos said on Wednesday it was cutting 310 jobs in its mortgage lending business, making the Wall Street bank the latest to lay off staff as a result of the lingering subprime mortgage crisis. (Wed, 03 Oct 2007 18:00:05 GMT)

30-year mortgage rates higher
WASHINGTON -- Rates on 30-year mortgages rose for a second straight week, a sharp rebound after hitting a four-month low. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.42 percent this week, up from 6.34 percent last week. (Wed, 03 Oct 2007 18:20:24 GMT)

Democrats call for "mortgage czar"
Democratic leaders in the U.S. Congress called on Wednesday for the appointment of a "mortgage czar" to help stem a spike in foreclosures and $200 million of fresh funding to help troubled borrowers save their homes. (Wed, 03 Oct 2007 18:47:17 GMT)

More mortgage layoffs: Bear Stearns firing 310 workers
Bear Stearns said Wednesday it is laying off 310 workers and fusing its two mortgage businesses, after turmoil in the home loan industry contributed to a dramatic slide in the investment bank's profit this summer. (Wed, 03 Oct 2007 18:48:56 GMT)

Democrats assail Bush on mortgage crisis
Congress' top Democrats demanded quick action on the subprime mortgage crisis, saying President Bush has been slow to address a situation that could cost millions of people their homes. "This is a national crisis. Too bad it's taken so long to realize that we have a crisis," Senate Majority Leader Harry Reid of Nevada said at a joint news conference with House Speaker Nancy Pelosi of California. ... (Wed, 03 Oct 2007 18:54:17 GMT)

Bear Stearns to merge two mortgage units, cut 310 jobs
US investment bank Bear Stearns said Wednesday it was merging two mortgage subsidiaries and eliminating 310 jobs to better deal with market conditions related to the ailing housing sector. (Wed, 03 Oct 2007 19:20:54 GMT)

Democrats assail Bush on mortgage crisis
Congress' top Democrats demanded quick action on the subprime mortgage crisis, saying President Bush has been slow to address a situation that could cost millions of people their homes. (Wed, 03 Oct 2007 19:46:43 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." (Wed, 03 Oct 2007 20:12:00 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." (Wed, 03 Oct 2007 20:15:43 GMT)

CREDIT WRAPUP 3-U.S. Congress calls for 'mortgage czar'
WASHINGTON/LONDON, Oct 3 - U.S. lawmakers called on Wednesday for a 'mortgage czar' to help cope with an expected wave of foreclosures from the U.S. housing slump but Alan Greenspan said the credit crunch was past the worst. (Wed, 03 Oct 2007 20:33:03 GMT)

Congress calls for "mortgage czar"
Lawmakers called on Wednesday for a 'mortgage czar' to help cope with an expected wave of foreclosures from the U.S. housing slump but Alan Greenspan said the credit crunch was past the worst. (Wed, 03 Oct 2007 20:38:22 GMT)

Analysts doubt impact of raising caps
Efforts in Congress to let mortgage companies Fannie Mae and Freddie Mac refinance more at-risk loans could have a key flaw: many of those loans were made with such loose standards that borrowers are likely to default anyway, analysts said. (Wed, 03 Oct 2007 21:09:38 GMT)

Lisa MacMillen Named New Chief Operating Officer at the Federal Home Loan Bank of San Francisco
SAN FRANCISCO----The Board of Directors of the Federal Home Loan Bank of San Francisco has appointed Lisa MacMillen as Executive Vice President and Chief Operating Officer, effective October 15, 2007. (Wed, 03 Oct 2007 21:46:00 GMT)

Banks reduce credit lines to H&R Block mortgage unit
H&R Block Inc the largest U.S. tax preparer, said on Wednesday bank lines at its Option One Mortgage Corp lending unit were terminated or reduced, as the subprime mortgage company reduces it lending volume. (Wed, 03 Oct 2007 22:39:08 GMT)

Democrats Assail Bush on Mortgage Crisis
WASHINGTON -- Congress' top Democrats demanded quick action on the subprime mortgage crisis, saying President Bush has been slow to address a situation that could cost millions of people their homes. (Wed, 03 Oct 2007 23:05:31 GMT)

Mortgage applications declined last week
Mortgage application volume declined 2.7 percent for the week ending Sept. 28, despite a drop in interest rates, according to the Mortgage Bankers Association's weekly application survey. (Wed, 03 Oct 2007 23:05:58 GMT)

Democrats call for "mortgage czar," borrower aid
Democratic leaders in the U.S. Congress called on Wednesday for the appointment of a "mortgage czar" to help stem a jump in foreclosures and $200 million of fresh funding to help troubled borrowers save their homes. (Wed, 03 Oct 2007 23:17:35 GMT)

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