Mortgage News Oct 2007
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Governor to sign mortgage-related bills
They are aimed at protecting homeowners and increasing affordable housing but would not stop foreclosures for current borrowers. With Californians facing a torrent of mortgage defaults and home foreclosures, Gov. Arnold Schwarzenegger said Wednesday he would sign three bills aimed at protecting homeowners and increasing affordable housing. (Thu, 04 Oct 2007 00:45:43 GMT)
Bear Stearns blames loan crisis for layoffs
NEW YORK (AP) — Bear Stearns Cos. 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 (Thu, 04 Oct 2007 02:04:30 GMT)
Lawmakers ask Bush to appoint 'mortgage czar'
Former Federal Reserve chairman Alan Greenspan defended the U.S. subprime mortgage market, arguing the repackaging and sale to investors of risky home loans not the loans themselves was to blame for the current global credit crisis. (Thu, 04 Oct 2007 02:35:16 GMT)
Democrats press Bush to name mortgage czar
Democratic leaders yesterday called for the Bush administration to appoint a federal mortgage czar... (Thu, 04 Oct 2007 04:54:50 GMT)
Bush outlines plans for mortgage woes
FHA Secure is one of president's proposals to help people keep their homes. WASHINGTON – President Bush outlined ways the federal government can help troubled borrowers keep their homes Friday in an effort to address rising foreclosures fueled by the mortgage crisis. (Thu, 04 Oct 2007 07:59:47 GMT)
Mortgage applications down 2.7% last week
WASHINGTON (AP) - 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. (Thu, 04 Oct 2007 08:50:17 GMT)
Mortgage turmoil: 170 at Credit Suisse lose their jobs
Mortgage turmoil cost more people their jobs yesterday, including 170 mostly New York-based workers at Credit Suisse. (Thu, 04 Oct 2007 08:51:06 GMT)
Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Thu, 04 Oct 2007 09:12:11 GMT)
Mortgage rates down again this week
Mortgage rates fell this week on signs that the housing economy continues to stall and inflation poses little threat. (Thu, 04 Oct 2007 10:00:00 GMT)
Ahead of the Bell: Mortgage Tax Relief
House lawmakers are due to vote Thursday on a bill that would allow homeowners to avoid paying taxes on mortgage debt which gets forgiven as part of a foreclosure or a modified loan. (Thu, 04 Oct 2007 10:16:36 GMT)
More layoffs hit home-loan industry
NEW YORK -- Bear Stearns Cos. said Wednesday that 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. (Thu, 04 Oct 2007 10:19:21 GMT)
Refinance Now to Avoid your ARM rate Increase
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Thu, 04 Oct 2007 10:36:58 GMT)
Home loan GDP ratio is a meagre 5%
Despite real estate witnessing boom in the last few years with 90% of home loan borrowers being first timers, home loans GDP ratio in India continues to be a meager 5% as against 50% in US and UK. (Thu, 04 Oct 2007 10:56:01 GMT)
Bankrate: Mortgage Rates Move Lower
NEW YORK, Oct. 4 /PRNewswire-FirstCall/ -- Fixed mortgage rates declined, with the average conforming 30-year fixed mortgage rate falling to 6.42 percent. (Thu, 04 Oct 2007 11:41:43 GMT)
Refinancing sets off sub-prime traffic jam
US mortgage companies are being overwhelmed by the large numbers of home buyers who need to renegotiate their loans to avoid default, creating a "sub-prime traffic jam" that could frustrate efforts by regulators to prevent foreclosures, experts say. (Thu, 04 Oct 2007 14:00:00 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. (Thu, 04 Oct 2007 14:00:20 GMT)
Federal Home Loan Bank of Atlanta Announces Results of 2007 Board of Directors' Election
Federal Home Loan Bank of Atlanta today announced the results of the 2007 election for three positions on the board of directors. (Thu, 04 Oct 2007 14:06:00 GMT)
Balestrino Puts Federated in Mortgage Bonds, Beating Corporates
Oct. 4 (Bloomberg) -- Joseph Balestrino, manager of the Federated Total Return Bond Fund, loaded up on government-backed mortgage debt when credit markets slumped in July and August as other investors sold bonds linked to the housing market. (Thu, 04 Oct 2007 14:27:22 GMT)
CORRECT: U.S. mortgage rates edge lower: Freddie Mac
CHICAGO (MarketWatch) -- U.S. mortgage rates edged lower in the week ending Thursday, with the national average on the benchmark 30-year, fixed-rate loan hitting 6.37% vs. 6.42% a week earlier, Freddie Mac said in its weekly survey. The 15-year, five-year hybrid adjustable-rate and one-year ARM also inched down. The declines follows three weeks in which rates on longer-term mortgages had risen. ... (Thu, 04 Oct 2007 14:31:15 GMT)
U.S. mortgage rates drop as credit crunch begins to weigh
CHICAGO (MarketWatch) -- Long-term mortgage rates eased this week, following consecutive weeks of increases, Freddie Mac's chief economist said on Thursday. (Thu, 04 Oct 2007 15:22:18 GMT)
Mortgage rates ease slightly
Mortgage rates fell slightly after three weeks of gains as the initial effects of credit woes spread to the housing market, Freddie Mac reported Thursday. (Thu, 04 Oct 2007 15:57:04 GMT)
30-year mortgage rates edge up from 4-month lows
Rates on 30-year mortgages, after dropping to their lowest point in four months, edged up this week. (Thu, 04 Oct 2007 19:01:08 GMT)
Joint home loan? Both can claim deduction
Wealth tax is exempt upto Rs.1500000/-. Any excess wealth will attract tax at the rate of 1 per cent of the net wealth. This rate is irrespective of the slab rate of income tax in which you fall, says tax expert Vikas Gandhi. (Thu, 04 Oct 2007 19:01:38 GMT)
Financial services firms establish mortgage program in D.C.
Several financial services companies and organizations announced a $200 million commitment to launch a mortgage program that makes 30-year fixed-rate mortgages available to eligible D.C. residents with little or no credit history. (Thu, 04 Oct 2007 19:15:13 GMT)
US lawmakers call for 'mortgage czar'
US lawmakers have called for a 'mortgage czar' to help cope with an expected wave of foreclosures from the US housing slump, but Alan Greenspan said the credit crunch was past the worst. (Thu, 04 Oct 2007 20:42:11 GMT)
New York Mortgage Trust Board Approves One For Five Reverse Stock Split - Quick Facts
(RTTNews) - New York Mortgage Trust Inc. (NMTG.OB) said that its Board approved a one for five reverse stock split, effective on October 9, 2007. As a result of the reverse stock split, every five shares of New York Mortgage Trust's common stock will be automatically converted into one share of common stock. (Thu, 04 Oct 2007 21:11:41 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? (Thu, 04 Oct 2007 21:14:52 GMT)
Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Thu, 04 Oct 2007 21:25:18 GMT)
Congress takes action on home loan crisis
Indiana remains one of the states hardest hit by the sub-prime mortgage crisis forcing many homeowners into foreclosure. (Thu, 04 Oct 2007 21:29:42 GMT)
Don't Refinance Your Home to Pay Off Credit Card Debt - There's a Better Way
(ARA) - Ever received one of those offers in the mail that seems like the solution to all your problems? It may have said, "Your home is an untapped resource. Refinance your loan with us and you'll get quick cash to buy a car, fund college or pay off your credit card debt." (Thu, 04 Oct 2007 21:52:05 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. (Thu, 04 Oct 2007 23:30:49 GMT)
County records show Rivard defaulted home loan in November 2006
County records show Mike Rivard defaulted on his home loan in late November of last year. (Fri, 05 Oct 2007 02:20:32 GMT)
Mortgage Fraud Task Force Takes Action
Only NBC 6 was there when the newly formed Miami-Dade Mortgage Fraud Task Force went into action making its first arrests. (Fri, 05 Oct 2007 02:40:43 GMT)
Fund manager loads up on mortgage-backed bonds
Joseph Balestrino, manager of the Federated Total Return Bond Fund, was buying when investors fled mortgage bonds. (Fri, 05 Oct 2007 05:28:08 GMT)
Schumer: Subprime mortgage fix should be flexible
WASHINGTON -- Sen. Charles Schumer and other congressional Democrats appealed to the Bush administration this week to increase the flexibility of federal agencies in helping more homeowners facing foreclosure because they cannot refinance their subprime mortgages. (Fri, 05 Oct 2007 06:43:07 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, 05 Oct 2007 06:57:01 GMT)
Lenders slow to raise home loan standards
If you thought rising defaults on sub-prime mortgages led to tighter lending standards, think again. (Fri, 05 Oct 2007 07:16:24 GMT)
What's behind the continuing bombardment of too-good-to-be-true mortgage solicitations?
Ever since the real estate market boiled over, melting down the mortgage industry and its cheap-money feeding frenzy, I've been waiting for one happy outcome: an end to the roar of mortgage brokers at my various doors. But no. Via e-mail, fax, phone and daily... (Fri, 05 Oct 2007 07:24:16 GMT)
'07 mortgage-backed bonds even shakier
Subprime-mortgage bonds created in the first half of 2007 contain loans that are going delinquent at the fastest rate ever, Moody's Investors Service said yesterday. (Fri, 05 Oct 2007 07:56:02 GMT)
Mortgage firm gets national ranking
Jeff Jensen and Connecticut Home Mortgage, a full-service mortgage broker and banking firm, were named to the 2006 Broker Magazine's list of the top mortgage originators and mortgage companies nationwide. (Fri, 05 Oct 2007 09:33:17 GMT)
Paying off mortgage may not be your best bet
To prepay or not to prepay? That is the question. Does it really make sense, if you have the money, to pay extra toward your mortgage principal? While paying off debt generally is a good thing, perhaps there are times when it is not. (Fri, 05 Oct 2007 10:18:52 GMT)
Mortgage industry reacts angrily to IoD's call to scrap buy-to-let tax break
The mortgage industry has reacted angrily to the Institute of Directors' call to scrap the buy-to-let tax break. (Fri, 05 Oct 2007 10:46:40 GMT)
Home loan: Competition for banks?
A new home loan provider has been launched in SA, which is set to bring increased competition into the South African home loans market — currently dominated by the big four banks. (Fri, 05 Oct 2007 12:19:24 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, 05 Oct 2007 13:03:07 GMT)
Accountability sought for mortgage brokers
WASHINGTON -- Mortgage brokers, under fire for steering borrowers into high-cost home loans, are a prime target of fair-lending legislation soon to be unveiled on Capitol Hill. (Fri, 05 Oct 2007 13:37:32 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, 05 Oct 2007 14:00:18 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. (Fri, 05 Oct 2007 14:00:38 GMT)
MaMu earnings take a hit from mortgage crunch
Washington Mutual Inc. said Friday that the weak housing market and the recent mortgage crunch will lead to a 75 percent drop in its third-quarter net income, making it the latest financial institution to warn investors it took a major hit over the summer. (Fri, 05 Oct 2007 14:33:58 GMT)
Federal Home Loan Bank of Atlanta Awards $8.1 Million to Support Economic Development Projects in Southeastern ...
Federal Home Loan Bank of Atlanta announced today that it will award $8.1 million in below-market rate loans to spur economic growth in Alabama, Florida, Maryland, and North Carolina communities. (Fri, 05 Oct 2007 15:08:00 GMT)
Wilbur Ross Is Winning Bidder for American Home Unit (Update1)
Oct. 5 (Bloomberg) -- Wilbur L. Ross Jr., the billionaire investor who's going into the mortgage business, won the bidding for the loan-servicing unit of bankrupt American Home Mortgage Investment Corp. with a $435 million purchase offer. (Fri, 05 Oct 2007 15:27:26 GMT)
Merrill Lynch to swing to loss on mortgage bets
Merrill Lynch & Co., Inc., a big Wall Street investment bank and brokerage, warned investors Friday it will post a third quarter loss because of soured bets it made on the mortgage and debt markets. (Fri, 05 Oct 2007 15:54:26 GMT)
Largo brokers mortgage deal
Largo Real Estate Advisors Inc. has arranged for a $33.1 million first-mortgage package for the Northpointe Commerce Park in Amherst. (Fri, 05 Oct 2007 16:02:04 GMT)
Wilbur Ross Is Winning Bidder for American Home Unit (Update2)
Oct. 5 (Bloomberg) -- Wilbur L. Ross Jr., the billionaire distressed-debt investor who's going into the mortgage business, won the bidding for the loan-servicing unit of bankrupt American Home Mortgage Investment Corp. with a $435 million offer. (Fri, 05 Oct 2007 16:27:00 GMT)
11 arrested in mortgage fraud schemes
In the first round up of suspects under a new campaign to crack down on home loan fraud in Miami-Dade County, 11 people -- brokers, borrowers, sellers and title agents -- were arrested in three separate mortgage fraud schemes, police announced Friday. (Fri, 05 Oct 2007 17:02:43 GMT)
American Home Cancels Auction
Bankrupt lender American Home Mortgage Investment Corp. has scrapped a scheduled Friday auction of its mortgage loan servicing business, and said it will seek court approval to sell the operation to billionaire investor Wilbur Ross. (Fri, 05 Oct 2007 17:23:10 GMT)
Wilbur Ross Is Winning Bidder for American Home Unit (Update3)
Oct. 5 (Bloomberg) -- Wilbur L. Ross Jr., who became a billionaire by investing in failed steel and textile companies, won the bidding for the loan-servicing unit of bankrupt American Home Mortgage Investment Corp. with a $435 million offer. (Fri, 05 Oct 2007 18:12:02 GMT)
Mortgage Training, Education Contemplated
A task force studying subprime mortgages in Connecticut expects to recommend new training and education requirements for mortgage officers and programs to assist borrowers who have these more risky loans, Gov. M. Jodi Rell said Friday. (Fri, 05 Oct 2007 18:20:54 GMT)
CORRECTED - Ross's bid wins American Home Mortgage unit
NEW YORK, Oct 5 - A bid by U.S. billionaire investor Wilbur Ross won the loan servicing unit of bankrupt American Home Mortgage Investment Corp. , a lawyer for the unsecured creditors said on Friday. (Fri, 05 Oct 2007 18:28:36 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, 05 Oct 2007 19:07:09 GMT)
Hawaii banks offer 6 percent for 30-year mortgage
Hawaii's four largest banks each offered rates of 6 percent on 30-year fixed mortgages this week, as national mortgage rates dropped after three weeks of increases. (Fri, 05 Oct 2007 19:41:03 GMT)
Wilbur Ross Is Winning Bidder for American Home Unit (Update4)
Oct. 5 (Bloomberg) -- Wilbur L. Ross Jr., who became a billionaire by investing in failed steel and textile companies, won the bidding for the loan-servicing unit of bankrupt American Home Mortgage Investment Corp. with a $435 million offer. (Fri, 05 Oct 2007 19:56:44 GMT)
MyFox Boston | Attorney General Accuses Mortgage Lender of Unfair Practices
BOSTON -- The state has sued a subprime mortgage lender, accusing it of unfair practices that contributed to the current spike in home foreclosures. (Fri, 05 Oct 2007 20:04:43 GMT)
Web resources
Trying to figure out how much your mortgage payment will be if you refinance? This website offers a variety of mortgage calculators and other financial information: www.mortgage-calc.com/. (Fri, 05 Oct 2007 20:10:49 GMT)
FDIC to mortgage servicers: Freeze ARM rates
The heat on U.S. mortgage lenders and servicers was turned up a few degrees this week when the country's chief bank regulator publicly proposed that they permanently freeze interest rates on subprime adjustable-rate mortgages (ARMs). (Fri, 05 Oct 2007 20:11:54 GMT)
Lawmakers target mortgage brokers
WASHINGTON -- Mortgage brokers, under fire for steering borrowers into high-cost home loans, are a prime target of fair-lending legislation soon to be unveiled on Capitol Hill. ... - By JONATHAN PETERSON Los Angeles Times (Fri, 05 Oct 2007 20:44:29 GMT)
Apex Mortgage calls it quits
Apex Mortgage, a Florida-based residential loan broker that lost its business license in North Carolina and a handful of other states earlier earlier this year, has ceased operations. (Fri, 05 Oct 2007 21:18:43 GMT)
Aapex Mortgage closes down
A mortgage company that came under fire for allegedly overcharging for fees in North Carolina, has reportedly closed its doors. (Fri, 05 Oct 2007 22:12:44 GMT)
R&G Financial Mortgage Unit Status Reinstated Pending Appeal
R&G Financial Corp. (RGFC) said a law judge with the Department of Housing and Urban Development was ordered to reinstate R&G Mortgage unit's lender status, pending the outcome of an appeal of the status. (Fri, 05 Oct 2007 22:14:50 GMT)
Attorney General Accuses Mortgage Lender Of Unfair Practices
BOSTON (AP) -- The state of Massachusetts has sued a subprime mortgage lender, accusing it of unfair practices that contributed to the current spike in home foreclosures. (Sat, 06 Oct 2007 00:53:50 GMT)
California tightens rules for mortgage lenders
Mortgage companies will have to do a better job warning prospective California home buyers about the kind of risky loans that have led to tens of thousands of defaults and foreclosures, under a bill signed Friday by Gov. Arnold Schwarzenegger. (Sat, 06 Oct 2007 02:02:20 GMT)
Mortgage Meltdown
Until recently I was an underwriter for a sub-prime mortgage company that is about to close. It seems that most media outlets and government officials fain ignorance about the real... (Sat, 06 Oct 2007 03:18:00 GMT)
Merrill Lynch takes $5b mortgage hit
NEW YORK — Investment bank Merrill Lynch & Co. said Friday credit and mortgage woes will lead it to post a third-quarter loss, as it takes almost $5 billion in writedowns in (Sat, 06 Oct 2007 04:06:26 GMT)
Minnesota Poll: Mortgage crisis worries 70%
As foreclosure signs pop up across the state, like weeds after a rain, Minnesotans are worried that a few bad seeds may do a lot of damage to the U.S. economy. According to a new Star Tribune Minnesota Poll, 70 percent of Minnesotans are either "very" or "somewhat" worried about the fallout from the mortgage lending woes on the nation's economy. By contrast, fewer than half were concerned about ... (Sat, 06 Oct 2007 05:14:58 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. (Sat, 06 Oct 2007 05:22:18 GMT)
Mortgage cure: Just wish upon a czar
In case you haven't heard, some of our leaders on Capitol Hill want a czar to lead the country out of the growing mortgage crisis. (Sat, 06 Oct 2007 06:10:26 GMT)
Share your thoughts: Subprime mortgage crisis in Westchester, Rockland, Putnam
The Journal News/LoHud.com would like to hear from readers on how the subprime mortgage crisis is affecting them, for possible inclusion in a news article. (Sat, 06 Oct 2007 06:35:39 GMT)
Men plead guilty to mortgage fraud
Two men pleaded guilty in federal court in Helena Friday to scheming to defraud mortgage companies and wire fraud involving about $686,000. (Sat, 06 Oct 2007 06:51:49 GMT)
11 mortgage-fraud suspects arrested
In the first roundup of suspects under a new campaign to crack down on home loan fraud in Miami-Dade County, 11 people -- brokers, borrowers, sellers and title agents -- were arrested in three separate mortgage fraud schemes, police announced Friday. (Sat, 06 Oct 2007 07:03:00 GMT)
Slide in mortgage applications
Mortgage-application volume declined 2. 7 percent for the week ended Sept. 28, despite a drop in interest rates, according to the Mortgage... (Sat, 06 Oct 2007 07:11:34 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, 06 Oct 2007 08:14:43 GMT)
FREEZE IS ON AT GIANT MORTGAGE HEDGE FUND
Ellington Capital Management, the country's largest mortgage-backed securities hedge fund, sent a letter to investors notifying them that redemptions and withdrawals in two of its funds would be suspended because of a sharp decline in the liquidity... (Sat, 06 Oct 2007 09:58:55 GMT)
Axis Bank reduces home loan rates by 50 bpt
Private sector lender Axis Bank has reduced floating interest rates of home loans by 0.50 per cent for existing and future customers. (Sat, 06 Oct 2007 10:14:15 GMT)
Why Now is a Good Time to Refinance
(ARA) - If you're a homeowner, the recent drop in interest rates has opened up the possibility of big savings on your monthly payments. (Sat, 06 Oct 2007 12:41:50 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? (Sat, 06 Oct 2007 12:42:10 GMT)
11 Arrested In Mortgage Fraud Schemes
Under a new campaign to crack down on home loan fraud in Miami-Dade County, 11 people, including brokers, borrowers, sellers and title agents, were arrested in three separate mortgage fraud schemes, police said on Friday. (Sat, 06 Oct 2007 14:50:00 GMT)
Mortgage woes take bite out of WaMu Bank's quarterly income to fall 75%
SEATTLE - Washington Mutual Inc. said Friday that the weak housing market and the recent mortgage crunch will lead to a 75 percent drop in its third-quarter net income, making it the latest financial institution to warn investors it took a major hit over the summer. (Sat, 06 Oct 2007 15:13:11 GMT)
The Math Behind Your Home Loan
The one thing that almost all borrowers know about their mortgages is the amount of the initial scheduled payment. This is how much they are obliged to pay each month under the terms of the mortgage contract. They know that failure to pay that amount violates the contract, leading to late charges, delinquency reports and, ultimately, foreclosure. (Sat, 06 Oct 2007 16:20:51 GMT)
How to Handle a Negative-Amortization Mortgage
Q: DEAR BOB: I have a negative-amortization mortgage on a new house in Naples, Fla., that is worth $140,000 less than when I bought it in January 2006. Should I stop making mortgage payments and allow a foreclosure to occur? I think that is my only choice. -- Susie T. (Sat, 06 Oct 2007 16:21:11 GMT)
Homeowners face new pain as mortgage interest rates rise
Mortgage interest rates offered by some banks will increase this week, as the banking sector raises the white flag in the spring mortgage war before it's even started. The increasing cost of wholesale money and the slowing property market are being blamed. (Sat, 06 Oct 2007 16:44:00 GMT)
Mortgage lenders in subprime ‘traffic jam’
US mortgage companies are being overwhelmed by the large numbers of homebuyers who need to renegotiate their loans to avoid default, creating a “subprime traffic jam” that could frustrate efforts by regulators to prevent foreclosures, experts say. (Sat, 06 Oct 2007 18:16:46 GMT)
BankDirect launches shared home loan
BankDirect, the internet and phone banking subsidiary of ASB, has launched New Zealand's first packaged shared home loan. HOME LOANS: THE OPTIONS (Sat, 06 Oct 2007 18:57:07 GMT)
California Tightens Rules For Mortgage Lenders
Mortgage companies will have to do a better job warning prospective California home buyers about the kind of risky loans that have led to tens of thousands of defaults and foreclosures, under a bill signed Friday by Gov. Arnold Schwarzenegger. More Political News (Sat, 06 Oct 2007 19:24:00 GMT)
If You Have an Adjustable Rate Mortgage, Why You Need to Refinance Now
(ARA) - When you signed up for that adjustable rate loan a few years back, it probably seemed like a deal too good to pass up. But fast forward to the present, and you're probably starting to get a little nervous. (Sat, 06 Oct 2007 21:21:35 GMT)
Two Helena men plead guilty to mortgage fraud
HELENA (AP) — Two Helena men have pleaded guilty to scheming to defraud mortgage companies and wire fraud by creating false financial information to obtain mortgages on four properties totaling $686,000. (Sat, 06 Oct 2007 22:05:29 GMT)
Your Credit Score Has to Be Good, but Not Perfect
Whether you're considering buying a new home or refinancing an existing mortgage, credit scores matter more than ever. To find out what consumers need to know about their credit reports and scores to get the best deals, The Post's Mary Ellen Slayter recently spoke with personal finance columnist Liz Pulliam Weston, author of "Your Credit Score: How to Fix, Improve and Protect the 3-Digit Number ... (Sat, 06 Oct 2007 23:16:54 GMT)
California mortgage lender accused of unfair practices
Associated Press - October 6, 2007 7:14 PM ET BOSTON (AP) - The state of Massachusetts is suing a California subprime mortgage lender, accusing it of unfair practices that contributed to the... (Sat, 06 Oct 2007 23:20:52 GMT)
Massachusetts Sues Brea Subprime Mortgage Lender
The state of Massachusetts is suing a California subprime mortgage lender, accusing it of unfair practices that contributed to the current spike in home foreclosures. (Sun, 07 Oct 2007 00:11:00 GMT)
Homeowners face new pain as mortgage interest rates rise
Mortgage interest rates offered by some banks will increase this week, as the banking sector raises the white flag in the spring mortgage war before it's even started. The increasing cost of wholesale money and the slowing property market are being blamed. (Sun, 07 Oct 2007 00:57:08 GMT)
Loan servicers reject attempts to renegotiate mortgage terms
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. But Jennings, who needed to lower his monthly mortgage p... (Sun, 07 Oct 2007 04:27:42 GMT)
Houston mortgage monitor
INDIVIDUAL LENDER RATES The mortgage interest rate list represents a sampling of rates as quoted by lenders in the Houston market on Friday. Rates, which may change on Monday, are for 90 percent loans and do not include origination fees. The numbers in parentheses after the rates are discount points. A point is equal to 1 percent of the loan amount (Sun, 07 Oct 2007 05:34:38 GMT)
The Savings Game: Costs of a home much more than mortgage
Since my wife, Georgina, and I moved to a new beachside home in 2001, our ''house payments'' have gone up from $838 to $1,226. And that's without a mortgage. (Sun, 07 Oct 2007 06:05:20 GMT)
Errors and slowdowns at mortgage servicers can leave home owners in a lurch
But as the housing slowdown ravages the mortgage sector, millions of servicing contracts are changing hands as parent companies go bankrupt or pare back their lending activities. Amid the turmoil, even homeowners who pay their mortgages on time face the real possibility of falling behind on insurance or property tax payments because of clerical errors at the servicer. (Sun, 07 Oct 2007 06:33:06 GMT)
Mortgage servicers fraught with errors
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 nearly 20 years ago. So he asked for help. But Jennings, who needed to lower his monthly mortgage payment, was rejected for a loan modification. The snub didn't come from the mortgage lender, but from a less likely source - ... (Sun, 07 Oct 2007 06:34:46 GMT)
Home loan servicers might not aid owners
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. (Sun, 07 Oct 2007 07:24:47 GMT)
You can pay your mortgage, but won't: 'Walkaway,' beware
WASHINGTON -- Lenders, loan servicers and mortgage investors are going to unprecedented lengths to help deserving borrowers avoid falling behind on their payments and possibly losing their homes. But when it comes to those who can pay but won't, or investors who gambled on ever-rising housing values but came up snake eyes, the gloves are coming off. They will be going after you, and hard. (Sun, 07 Oct 2007 07:25:20 GMT)
MORTGAGE MELTDOWN / Mortgage offers keep coming - brokers want commissions
Ever since the real estate market boiled over, melting down the mortgage industry and its cheap-money feeding frenzy, I've been waiting for one happy outcome: an end to the roar of mortgage brokers at my various doors. But no. Via e-mail, fax, phone and daily... (Sun, 07 Oct 2007 07:38:13 GMT)
MORTGAGE MELTDOWN / Mortgage offers keep coming - brokers want commissions
Ever since the real estate market boiled over, melting down the mortgage industry and its cheap-money feeding frenzy, I've been waiting for one happy outcome: an end to the roar of mortgage brokers at my various doors. (Sun, 07 Oct 2007 08:00:01 GMT)
Mortgage miseries push Iowans to the brink
Plenty of questions surround the home loan that Shawna Moses can no longer afford. (Sun, 07 Oct 2007 09:08:34 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? (Sun, 07 Oct 2007 09:14:43 GMT)
Mortgage miseries push Iowans to the brink
Plenty of questions surround the home loan that Shawna Moses can no longer afford. - Why would the single working mom take on an additional $23,000 in mortgage debt when she refinanced her east-side Des Moines home, money she said she didn't even need? (Sun, 07 Oct 2007 09:15:39 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, 07 Oct 2007 09:40:11 GMT)
Some mortgage-holders find themselves up in ARMs
BOISE, Idaho _ Jim Graham thinks adjustable rate mortgages are getting a bad rap. Graham, a retired financial planner in Boise, believes ARMs are a useful financial tool, if used properly. But some consumers opted for adjustable rate financing in a booming housing market without thinking about what would happen if they couldn't refinance the mortgages before the payments went up, he says. An ... (Sun, 07 Oct 2007 10:05:18 GMT)
Author provides mortgage guidance
The housing sector isn't showing many signs of improvement. The National Association of Realtors reported -- for the sixth consecutive month -- a decline in the sales of existing single-family houses, townhouses, condominiums and co-ops for August. (Sun, 07 Oct 2007 10:07:15 GMT)
Tips to lower anxiety as mortgage rates reset
Sometimes there are no easy answers. Just ask Diane Jones, a middle school history teacher who two years ago bought her Danvers apartment when it was turned into a condominium. (Sun, 07 Oct 2007 10:52:05 GMT)
Lawmakers zero in on mortgage brokers
Mortgage brokers, under fire for steering borrowers into high-cost home loans, are a prime target of fair-lending legislation soon to be unveiled on Capitol Hill. (Sun, 07 Oct 2007 12:13:37 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, 07 Oct 2007 12:44:49 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. (Sun, 07 Oct 2007 12:45:00 GMT)
How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Sun, 07 Oct 2007 12:59:53 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, 07 Oct 2007 13:00:04 GMT)
Mortgage fallout hits jobs
FALLOUT from the US subprime mortgage crisis has spread to the Australian jobs market. (Sun, 07 Oct 2007 14:00:00 GMT)
Why You Should Refinance Now If You Have an Adjustable Rate Mortgage
(ARA) - If you took out a mortgage on your home between 2002 and 2005, chances are good you ended up going with an adjustable rate mortgage or ARM. Back then, it was just too good of a deal to pass up. (Sun, 07 Oct 2007 16:15:14 GMT)
California Tightens Rules For Mortgage Lenders
Mortgage companies will have to do a better job warning prospective California home buyers about the kind of risky loans that have led to tens of thousands of defaults and foreclosures, under a bill signed Friday by Gov. Arnold Schwarzenegger. (Sun, 07 Oct 2007 17:50:40 GMT)
Mortgage slump hits home decor industry
Doug Schock shook his head in disbelief while gazing at the empty bank of elevators, typically full as they shuttle thousands of buyers between dozens of showrooms filled with the latest styles in sofas, bedroom sets, and dining room tables and chairs. (Sun, 07 Oct 2007 17:57:32 GMT)
Mortgage slump hits home decor industry
A sign stands sentry outside an existing home on the market in the Country Club area southeast of downtown Denver on Monday, Sept. 24, 2007. 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. (Sun, 07 Oct 2007 18:07:28 GMT)
At the annual furniture mart, worried manufacturers see the mortgage slump's effects
"The furniture market is being affected by the mortgage crisis," said Russ Ortiz, president and chief executive of Shine Home, a California-based home furnishings boutique. "It's definitely affecting some more than others." (Sun, 07 Oct 2007 19:49:12 GMT)
Democrats urge action on subprime mess
WASHINGTON -- Congress's 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. (Sun, 07 Oct 2007 20:52:20 GMT)
Mortgage fallout hits local jobs
FALLOUT from the US subprime mortgage crisis has spread to the Australian jobs market prompting the banking sector to cut back on recruiting. (Sun, 07 Oct 2007 20:57:00 GMT)
Mortgage slump hits home decor industry
Doug Schock shook his head in disbelief while gazing at the empty bank of elevators, typically full as they shuttle thousands of buyers between dozens of showrooms filled with the latest styles in sofas, bedroom sets, and dining room tables and chairs. (Sun, 07 Oct 2007 23:05:36 GMT)
ANZ to retain ownership of mortgage manager
ANZ today announced it had completed the review of strategic options for its wholesale mortgage distribution business Origin Mortgage Management Services, and in light of market conditions has decided to retain ownership of Origin in the period ahead. (Mon, 08 Oct 2007 01:26:58 GMT)
Mortgage pros ponder next career move
Employees in the mortgage sector have been going through an out-of-control roller coaster ride of job insecurity thanks to the housing slump and the subprime lending mess. It may not be an insurmountable problem, however. Your Career, by Eve Tahmincioglu. (Mon, 08 Oct 2007 02:06:08 GMT)
More than 3000 take up Welcome Home loans
More than 3000 people have now accessed the Government's Welcome Home Loan scheme, Housing Minister Chris Carter says. (Mon, 08 Oct 2007 03:35:40 GMT)
Two Families A Day Helped Into Home Ownership
The government’s major initiative to help first-time buyers into their own home has reached 3000 loans, providing two families a day with the security that comes with home ownership, Housing Minister Chris Carter said on a visit to Christchurch today. (Mon, 08 Oct 2007 03:58:57 GMT)
Mortgage sales slump as buyers' nerves fray
THE number of mortgage sales across Australia fell by 21.2 per cent month-on-month during September, according to an industry survey (Mon, 08 Oct 2007 04:32:00 GMT)
Mortgage sales slump, buyers nerves fray
The number of mortgage sales across Australia fell by 21.2 per cent month-on-month during September, well below the expected seasonal decline, a survey shows. (Mon, 08 Oct 2007 04:49:12 GMT)
Mortgage insurance write-off may help doom combo loans
A little-known mortgage insurance deduction is helping to make traditional home loans more competitive as exotic loans fall out of favor, mortgage lenders say. (Mon, 08 Oct 2007 04:59:24 GMT)
Credit unions nab more home-lending business
With the mortgage industry in turmoil, Washington state's credit unions are jumping at what they say is an opportunity to expand their hold on the local home-loan market. (Mon, 08 Oct 2007 05:00:14 GMT)
Seattle home loan bank moves out of woods
The suddenly tight market for mortgages has boosted the fortunes of the Federal Home Loan Bank of Seattle. That development has a certain symmetry: When the market was strong a few years ago, the bank's profits sputtered. (Mon, 08 Oct 2007 05:00:24 GMT)
Mortgage servicer can be a critical bottleneck
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. But Jennings, who needed to lower his monthly mortgage payment, was rejected for a loan modification. The snub didn’t come from the mortgage lender, but from a less likely ... (Mon, 08 Oct 2007 05:50:09 GMT)
Sac County eyes economy, delays bond refinancing
With mortgage woes and the housing slump roiling local budgets and the national credit markets, Sacramento County has shelved its plans to refinance more than $80 million in debt. (Mon, 08 Oct 2007 06:06:01 GMT)
Credit crunch hits ANZ mortgage business sale
The squeeze on global credit has forced the ANZ Bank to take its $7 billion wholesale mortgage business Origin back from the auction block. (Mon, 08 Oct 2007 06:40:42 GMT)
Harry Gross | It's a penalty fee & it's wrong
Dear Harry: Back in March, I finally got up enough spunk to overcome my inertia in refinancing my mortgage. I had an ARM that was originally at 4 percent and got up to 6 about six months ago. My new mortgage is a 10-year fixed-rate deal at 5.2 percent. At the settlement, the old mortgage company took a 1.5 percent charge "as compensation for the low interest rate charged in the period before the ... (Mon, 08 Oct 2007 07:27:26 GMT)
Don't be out talked by your loan officer
T here is good news amid the housing sales slump. ''Mortgage interest rates have been declining and loan availability is improving,'' said National Association of Realtors President Pat V. Combs. ``The abundant choice of homes is permitting buyers to better negotiate price and terms.'' (Mon, 08 Oct 2007 08:03:26 GMT)
Watch these pitfalls when shopping for a mortgage
With housing prices leveling off in many parts of the country, it's a good time for qualified buyers to shop around for a new home. But Bankrate.com Editor Elizabeth Razzi warns there are five pitfalls to avoid when trying to secure a mortgage: (Mon, 08 Oct 2007 08:03:36 GMT)
Australian Sept. Mortgage Sales Down 21.2% On Month
(RTTNews) - Australian Mortgage market fell 21.2% in September from the prior month as nervous buyers kept out of the residential property market, the Australian Financial Group- AFG said Monday. This marked a decline of two and halftimes of the seasonal average, the report said. (Mon, 08 Oct 2007 09:17:11 GMT)
Refinance Your Adjustable Rates Today
(ARA) - As the old saying goes "a man's home is his castle." The benefits of owning a home are many, including financial security. While a home mortgage is good for your financial stability, refinancing for a better mortgage than you originally qualified for can benefit your finances even more. (Mon, 08 Oct 2007 09:30:08 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, 08 Oct 2007 09:59:33 GMT)
ANZ calls off sale of mortgage unit
ANZ, the Australian bank, has decided against selling its wholesale mortgage distribution business, saying on Monday that it had struggled to attract a fair price for the division due to the volatility in global debt markets. (Mon, 08 Oct 2007 11:00:13 GMT)
Why Now is a Good Time to Refinance
(ARA) - If you're a homeowner, the recent drop in interest rates has opened up the possibility of big savings on your monthly payments. (Mon, 08 Oct 2007 11:07:37 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, 08 Oct 2007 11:22:14 GMT)
Former Fed Chief Greenspan Says Subprime Mortgage Crisis Easing
(Washington, DC) -- The financial markets are starting to get back to normal as difficulties caused by the nation's subprime mortgage crisis begins to ease. (Mon, 08 Oct 2007 11:35:06 GMT)
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