Mortgage News Oct 2007

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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? (Mon, 08 Oct 2007 11:36:38 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 11:36:59 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." (Mon, 08 Oct 2007 12:06:39 GMT)

Money Now USA Now Adding Sub-prime Personal Loans to Help Borrowers Catch Up on Mortgage Payments
MoneyNowUSA.com, a Scottsdale, AZ-based online loan service, has just added sub-prime personal loans enabling borrowers to get caught up on mortgage payments. This new sub-prime loan product will allow borrowers to take out an unsecured loan for up to $15,000. (Mon, 08 Oct 2007 12:25:00 GMT)

APR Often Misleads Borrowers into Costlier Mortgage Loans
Borrowers who shop for mortgages based on the loan's annual percentage rate often choose costlier mortgage loans without ever knowing it. (Mon, 08 Oct 2007 13:10:00 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? (Mon, 08 Oct 2007 13:14:33 GMT)

Homeowner finds mortgage carousel ride scary
The worst housing slump in 16 years has produced a subprime mortgage meltdown, widespread layoffs and record foreclosures. (Mon, 08 Oct 2007 13:41:12 GMT)

Mortgage rejections set to soar
New restrictions on lending to high-risk customers could lead to a surge in numbers of mortgage applications being denied. (Mon, 08 Oct 2007 13:43:45 GMT)

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Mortgage Loans Buy, Refinance or Get Cash. When Banks Compete, You Win®. www.LendingTree.com Quicken Loans ® - Official Site See why 9/10 Recommend Quicken Loans ® to Family & Friends. (Mon, 08 Oct 2007 14:48:22 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? (Mon, 08 Oct 2007 15:51:47 GMT)

Mortgage lender sends text updates
A mortgage lender has launched a new service to keep customers up-to-date on the progress of their application by texting them. Scottish Widows Bank said customers and their financial advisers would be sent free text messages at key stages of the mortgage application process. (Mon, 08 Oct 2007 16:08:24 GMT)

Home equity loan volumes fall in second quarter-S&P
NEW YORK, Oct 8 - Securitization volume for both closed-end second-lien loans and home equity lines of credit dropped dramatically in the second quarter due to stricter underwriting standards, Standard & Poor's said in a report on Monday. (Mon, 08 Oct 2007 16:13:02 GMT)

Home equity loan volumes fall in second quarter-S&P
NEW YORK, Oct 8 - Securitization volume for both closed-end second-lien loans and home equity lines of credit dropped dramatically in the second quarter due to stricter underwriting standards, Standard & Poor's said in a report on Monday. (Mon, 08 Oct 2007 16:13:02 GMT)

Loan leads to unexpected open home
She was thrust into the media spotlight, but wasn't quite ready for it. Korina Rangihuna opened the door of her new Christchurch home to find Housing Minister Chris Carter, the media and an entourage of people in suits, and she was a little rattled. (Mon, 08 Oct 2007 16:29:16 GMT)

Web Site Helps Consumers Avoid Advance Fee Loan Scams
Direct Lending Solutions, located in Southlake Texas, helps educate consumers about various consumer credit issues, consumer threats, the variety of finance programs available to them. Among the topics discussed on the site are mortgage refinancing programs, credit cards, identity theft protection and recovery, divorce debt concerns, student loan repayment, bankruptcy rules and regulations, and ... (Mon, 08 Oct 2007 16:45:02 GMT)

Mortgage Rates Head Downward
WASHINGTON -- Rates on 30-year mortgages fell this week after two consecutive increases, providing a break for potential home buyers and the beleaguered housing industry. (Mon, 08 Oct 2007 16:50:22 GMT)

Mortgage rejections set to soar
New restrictions on lending to high-risk customers could lead to a surge in the numbers of people seeing their mortgage applications turned down, new figures revealed today. (Mon, 08 Oct 2007 18:01:12 GMT)

Analysts: BofA looks at $1B in mortgage write-down
Bank of America Corp. may be the next big U.S. bank to suffer consequences from the subprime mortgage crisis. (Mon, 08 Oct 2007 18:37:30 GMT)

Australia's Home-Loan Approvals Probably Rose on Higher Rents
Oct. 9 (Bloomberg) -- Australia's home-loan approvals probably rebounded in August as rising rental yields encouraged property investment amid volatility in financial markets. (Mon, 08 Oct 2007 18:40:18 GMT)

Market Street Mortgage lays off 182
It could be the sign for the end for Market Street Mortgage Corp. as its Clearwater facility intends to lay off 182 employees. It is unclear how many employees were working there, but the company had nearly 600 employees overall. (Mon, 08 Oct 2007 19:09:09 GMT)

Analyst: Bank of America could take $1 billion mortgage-related hit
Bank of America is expected to report about $1 billion in mortgage-related charges in its upcoming earnings report, according to one senior banking analyst. The retail banking giant -- largest in Florida and third-largest in Central Florida -- will post an estimated $700 million in write-downs for leveraged loans and $300 million in mortgage write-downs, Sanford Bernstein analyst Howard Mason ... (Mon, 08 Oct 2007 19:49:53 GMT)

Australia's Home-Loan Approvals Probably Rose on Higher Rents
Oct. 9 (Bloomberg) -- Australia's home-loan approvals probably rebounded in August as rising rental yields encouraged property investment amid volatility in financial markets. (Mon, 08 Oct 2007 20:56:37 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? (Mon, 08 Oct 2007 21:01:53 GMT)

Ellington Freezes Withdrawals From Two Mortgage Hedge Funds
Oct. 8 (Bloomberg) -- Ellington Management Group LLC, the Old Greenwich, Connecticut-based hedge-fund firm that invests in mortgage securities, suspended client redemptions from two funds because it's too hard to value their assets. (Mon, 08 Oct 2007 21:11:53 GMT)

AG Files Suit Against Mortgage Lender
(NEWS CENTER) -- The Maine Attorney General has filed a lawsuit against a mortgage lender for a case he says is a prime example of why the country is in a foreclosure crisis. (Mon, 08 Oct 2007 21:38:38 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, 08 Oct 2007 22:14:53 GMT)

Ellington Freezes Withdrawals From Two Mortgage Funds (Update2)
Oct. 8 (Bloomberg) -- Ellington Management Group LLC, the Old Greenwich, Connecticut-based hedge-fund firm that focuses on mortgage securities, suspended client redemptions from two funds because it's too hard to value their assets. (Mon, 08 Oct 2007 23:11:49 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. (Mon, 08 Oct 2007 23:52:04 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, 09 Oct 2007 00:10:22 GMT)

Aussie Home Loans launches car loan
Non-bank lender Aussie Home Loans is expanding into the car and personal loan markets. (Tue, 09 Oct 2007 00:19:42 GMT)

Aussie Home Loans launches car loan
Non-bank lender Aussie Home Loans is expanding into the car and personal loan markets. (Tue, 09 Oct 2007 00:19:42 GMT)

Aussie Home Loans launches car loan
Non-bank lender Aussie Home Loans is expanding into the car and personal loan markets. (Tue, 09 Oct 2007 00:19:42 GMT)

Home builders' foundations shift with shaky market
Since early August, the real estate market has sunk deeper into recession. Forecasts of a recovery have been pushed back to the middle of 2008 at the earliest. For home builders, market conditions are already worse than in the last housing recession, in 1991-92. (Tue, 09 Oct 2007 01:45:40 GMT)

Scottish Widows Bank launches new mortgage text messaging service
Scottish Widows Bank has launched a free text messaging service designed to keep customers and financial advisers up-to-date on the progress of their mortgage application. (Tue, 09 Oct 2007 01:45:49 GMT)

ANZ pulls mortgage business off the auction block
THE squeeze on global credit has forced the ANZ Banking Group to take its slow-growing wholesale mortgage business Origin back from the auction block. (Tue, 09 Oct 2007 02:11:44 GMT)

Two charged in $2.8 million mortgage scam
The Hennepin County attorney's office has charged two people with racketeering and theft in an alleged mortgage fraud ring that dealt in properties from Richfield to Champlin. Edward L. Boler, 36, and Susan E. Newell, 37, both of Minneapolis, each were charged with a dozen counts of theft by swindle and one of racketeering. Both were arrested and released on bail. Neither could be reached for ... (Tue, 09 Oct 2007 02:12:28 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. (Tue, 09 Oct 2007 02:36:59 GMT)

Aussie Home Loans expands
Non-bank lender Aussie Home Loans is expanding into the car and personal loan markets. Chairman and chief executive John Symond says the move will increase competition in those markets. (Tue, 09 Oct 2007 04:21:56 GMT)

Mortgage group lighter on hardship
THE Mortgage and Finance Association of Australia (MFAA) has introduced measures to encourage non-bank lenders, mortgage managers and brokers to assist borrowers in financial difficulty. (Tue, 09 Oct 2007 04:51:00 GMT)

Mortgage woes felt in furnishings
The home furnishing industry is the latest casualty of the ongoing housing and mortgage-lending... (Tue, 09 Oct 2007 04:53:16 GMT)

Money Smart Week: Reverse mortgages allow older homeowners to tap into equity
ONALASKA, Wis. — Many Baby Boomer homeowners face a dilemma: Their income is too low to qualify for refinancing of their mortgage loan, but they want to stay in their homes. And property taxes and other monthly costs are eating a hole in their savings. (Tue, 09 Oct 2007 04:53:30 GMT)

Mortgage holders put on hold
Hundreds of residents facing up to $100,000 of additional mortgage debt due to the bankruptcy of Personal Financial Management Inc. will have to wait until next month to learn if the company has assets left to distribute.Bankruptcy Judge Richard E. Fehling granted an extension until Nov. 2... (Tue, 09 Oct 2007 06:14:56 GMT)

S&P says underestimated extent of mortgage fraud
MUMBAI, Oct 9 - The chief economist of Standard and Poor's said on Tuesday that the ratings agency had underestimated the extent of fraud in the U.S. mortgage industry. (Tue, 09 Oct 2007 07:11:39 GMT)

Hospital loses money on sub prime mortgage market
The Western Hospital in Sunshine stands to lose more than a million dollars from investments exposed to the United States sub-prime mortgage market. (Tue, 09 Oct 2007 08:06:52 GMT)

Mortgage forum set for Edison
EDISON — Credit counselors, mortgage bankers and state banking officials will be available to meet with homeowners struggling to make their mortgage payments at a forum Wednesday evening. (Tue, 09 Oct 2007 08:18:57 GMT)

Buy-to-let landlords keep mortgage market afloat
Mortgage lending in August reached £34bn, buoyed by heavy demand from landlords, figures showed today. Total lending was £1bn higher than in August despite an 11% fall in the value of lending for house purchases and a 12% fall in remortgages, the Council of Mortgage Lenders (CML) said. (Tue, 09 Oct 2007 11:23:49 GMT)

UK gross mortgage lending remains strong in Aug, driven by buy-to-let - CML
LONDON (Thomson Financial) - UK mortgage lending remained strong in August, with gross lending at 34 bln stg against 34.1 bln in July, final figures from the Council of Mortgage Lenders showed. (Tue, 09 Oct 2007 11:53:57 GMT)

Read This Before Financing Your Business With Home Equity
Before turning to your home equity to fund your business, consider the potential drawbacks. (Tue, 09 Oct 2007 12:36:54 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, 09 Oct 2007 13:19:02 GMT)

Thornburg Raises Loss Estimate From Mortgage Sales (Update1)
Oct. 9 (Bloomberg) -- Thornburg Mortgage Inc., the Santa Fe, New Mexico-based home-loan provider, lost 27 percent more than it had expected selling off adjustable-rate mortgages since August, after the collapse of the subprime market caused demand for mortgage securities to dry up. (Tue, 09 Oct 2007 13:56:52 GMT)

Thornburg Mortgage sees higher portfolio losses; shares skid
BOSTON (MarketWatch) -- Shares of Thornburg Mortgage Inc. fell Tuesday after the company estimated higher losses in its mortgage portfolio due to deterioration in the credit markets. (Tue, 09 Oct 2007 14:23:25 GMT)

Thornburg Raises Loss Estimate From Mortgage Sales (Update2)
Oct. 9 (Bloomberg) -- Thornburg Mortgage Inc., the Santa Fe, New Mexico-based mortgage provider, lost $1.1 billion selling adjustable-rate home loans as demand for securities backed by the debt dried up. (Tue, 09 Oct 2007 14:27:07 GMT)

Thornburg Mortgage says loss widens
Thornburg Mortgage Inc , a jumbo-mortgage lender severely hurt by the mortgage crisis, said on Tuesday a loss from asset sales was 27 percent bigger than expected, resulting in a total $1.1 billion hit in the third quarter. (Tue, 09 Oct 2007 15:05:23 GMT)

Thornburg Raises Loss Estimate From Mortgage Sales (Update3)
Oct. 9 (Bloomberg) -- Thornburg Mortgage Inc., the Santa Fe, New Mexico-based mortgage provider, lost $1.1 billion selling bonds backed by adjustable-rate home loans as rising defaults eroded demand for the securities. (Tue, 09 Oct 2007 15:27:03 GMT)

Santa Maria couple tells story of trying to reset mortgage rate in turbulent housing market
Shortly after the new year, John and Mona Breidenstein started to get anxious about their $427,000 adjustable-rate mortgage. The interest rate would reset this year, and the Santa Maria couple feared they would not be able to afford the higher payments. When they got the loan in 2005, a broker had assured them they would be able to refinance before their payments jumped. But that was before ... (Tue, 09 Oct 2007 15:32:24 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 for many homeowners. (Tue, 09 Oct 2007 15:33:00 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? (Tue, 09 Oct 2007 15:59:33 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, 09 Oct 2007 15:59:54 GMT)

Bank to offer housing loan to workers’ groups
THE financial arm of the Metro Gaisano group of companies plans to offer its promotional housing program dubbed, “Home for Less,” once a year. (Tue, 09 Oct 2007 16:03:06 GMT)

Thornburg Raises Loss Estimate From Mortgage Sales (Update4)
Oct. 9 (Bloomberg) -- Thornburg Mortgage Inc., the Santa Fe, New Mexico-based lender, boosted its loss estimate to $1.1 billion from selling bonds backed by adjustable-rate home loans as rising defaults eroded demand for the securities. (Tue, 09 Oct 2007 16:56:57 GMT)

Thornburg Mortgage shares fall on loss estimate
NEW YORK (Reuters) - Thornburg Mortgage Inc (TMA.N), a jumbo-mortgage lender pinched by the credit crisis, on Tuesday boosted its estimated loss from asset sales by 27 percent as trade data revealed lower prices. (Tue, 09 Oct 2007 17:23:17 GMT)

Fixed rate mortgage plans welcomed
The mortgage industry on Tuesday gave a cautious welcome to the chancellor's proposals to help lenders provide more long-term fixed rate mortgages. (Tue, 09 Oct 2007 17:55:14 GMT)

Sector Snap: Mortgage Companies
Shares of Thornburg Mortgage led a mostly down day Tuesday among mortgage stocks, after the company said its third quarter losses would be higher than originally anticipated. (Tue, 09 Oct 2007 18:04:49 GMT)

Aussie Home Loans expands
Non-bank lender Aussie Home Loans is expanding into the car and personal loan markets. Chairman and chief executive John Symond says the move will increase competition in those markets. (Tue, 09 Oct 2007 19:19:21 GMT)

Secretaries Paulson and Jackson to Join Mortgage Servicers, Housing Counselors and Investors to Announce Efforts to ...
Treasury Secretary Henry M. Paulson, Jr. and HUD Secretary Alphonso Jackson will be joined by mortgage market participants tomorrow to announce the formation of a new alliance that will develop strengthened efforts to help struggling homeowners keep their homes. (Tue, 09 Oct 2007 19:32:27 GMT)

More mortgage woes, rating agencies reviewed
Thornburg Mortgage Inc, a jumbo-mortgage lender hurt by the credit crisis, boosted its estimated loss from asset sales on Tuesday, the latest sign that the crippled U.S mortgage market is far from healed. (Tue, 09 Oct 2007 19:50:00 GMT)

Hot Mortgage Trends
(ARA) - Rates are up, rates are down. It's a buyer's market, it's a seller's market. If the housing market seems like a roller coaster for would-be buyers, that's because it is. But understanding the most current trends can help buyers know when to get on -- or off -- the ride. (Tue, 09 Oct 2007 19:56:50 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. (Tue, 09 Oct 2007 19:57:00 GMT)

S&P: Mortgage Insurer Downgrade Unlikely
Standard & Poor's Ratings Services said Tuesday it is unlikely to cut credit ratings of mortgage insurers significantly in the next few months, even though companies in the sector will probably lose money on their policies. (Tue, 09 Oct 2007 20:51:22 GMT)

Attorney general files complaint against mortgage lender
Maine's attorney general has filed a lawsuit against a South Portland mortgage lender charging the company and two employees with engaging in unfair and deceptive practices. (Tue, 09 Oct 2007 21:05:24 GMT)

US mortgage crisis predicted to get worse as home loan defaults soar
America’s mortgage crisis is likely to get considerably worse because the level of fraudulent lending to unsuitable borrowers was much higher than previously estimated, Standard & Poor’s said yesterday. (Tue, 09 Oct 2007 22:14:56 GMT)

Hot Mortgage Trends
(ARA) - Rates are up, rates are down. It's a buyer's market, it's a seller's market. If the housing market seems like a roller coaster for would-be buyers, that's because it is. But understanding the most current trends can help buyers know when to get on -- or off -- the ride. (Tue, 09 Oct 2007 22:37:15 GMT)

Ephraim extends loan
FOLLOWING their first win of the season, QPR got more good news after Hogan Ephraim extended his loan. The West Ham player will not remain at Loftus Road until Tuesday, November 6. (Wed, 10 Oct 2007 02:35:22 GMT)

HOME EQUITY LOAN
School tuition, loan consolidation, home improvement cash or vacation plans don’t have to wait for next year. (Wed, 10 Oct 2007 05:19:29 GMT)

LOCAL COMMENT: Michigan must fix weak mortgage lending rules
Mortgage foreclosures in July were up 93% over a year ago, and Michigan is among the worst hit states. (Wed, 10 Oct 2007 07:08:53 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, 10 Oct 2007 08:14:43 GMT)

Paying just a little more each month can cut your mortgage term by a year
Q: We owe approximately $30,000 on our home, and the percentage rate is 4.5 percent. If we do not pay any extra on the principal, we should have it paid off in the first part of 2014. I was wondering how I would go about paying off the mortgage a couple of years earlier. -- Diane, e-mail (Wed, 10 Oct 2007 10:27:13 GMT)

Watchdog raps loan company over "light-hearted" ad
LONDON (Reuters) - A television commercial that showed a family taking out a 25,000-pound loan over the phone broke advertising rules because it treated the subject too lightly, the industry watchdog says. (Wed, 10 Oct 2007 10:38:13 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, 10 Oct 2007 10:39:51 GMT)

Watchdog raps loan company over "light-hearted" ad
A television commercial that showed a family taking out a 25,000-pound loan over the phone broke advertising rules because it treated the subject too lightly, the industry watchdog said on Wednesday. (Wed, 10 Oct 2007 11:00:00 GMT)

Mortgage applications climbed last week: MBA
Demand for applications to purchase U.S. homes and refinance existing mortgages rose last week, after total loan requests fell the prior two weeks, an industry trade group said on Wednesday. (Wed, 10 Oct 2007 11:04:43 GMT)

US Dollar Down Against Sterling Up Versus Rest Of The Majors Ahead Of US MBA Mortgage Applications Data
(RTTNews) - The US MBA mortgage applications data is expected at 7:00 am ET. Ahead of the data, the greenback was down against the pound, but was up versus rest of the majors. As of 6:55 am ET, the US dollar was worth 2.0444 against the pound, 1.1825 francs, 117.42 yen and 1.4146 against the euro. (Wed, 10 Oct 2007 11:12:23 GMT)

Mortgage Application Volume Rises
Mortgage application volume increased 2.4 percent during the week ending Oct. 5, according to the Mortgage Bankers Association's weekly application survey. (Wed, 10 Oct 2007 11:13:06 GMT)

Mavent and Digital Risk integrate mortgage technology
Mavent, a provider of automated regulatory compliance solutions to the mortgage industry's leading originators and investors, has integrated with ... (Wed, 10 Oct 2007 11:19:16 GMT)

Mortgage applications up 2.4% last week, MBA survey shows
CHICAGO (MarketWatch) -- The volume of applications filed for mortgages ticked up last week, increasing a seasonally adjusted 2.4% compared with the week before, the Mortgage Bankers Association said on Wednesday. (Wed, 10 Oct 2007 11:21:16 GMT)

How to lose your home in a few easy steps
Delia Toothman once pursued the American dream of owning her own home. Now, she is living the American nightmare. In just three years Toothman, a former Navy officer in San Diego, went from $18,000 in savings to $16,000 in credit-card debt. She once lived in a home she co-owned; now she lives in her father's garage. (Wed, 10 Oct 2007 11:50:58 GMT)

Mortgage applications up 2.4%
MBA's weekly survey shows that volume moved higher despite an uptick in interest rates; refinancing accounted for 46% of applications. (Wed, 10 Oct 2007 12:11:54 GMT)

SBI cuts home, retail loan rates
SBI home loans are now cheaper by 0.50-1 per cent depending on loan maturities and amount of loan. The bank also gives discount if the salary account is with the SBI and further discount if a higher margin is available. The interest rates on new car loans and two-wheeler loans have been reduced by 1 per cent depending on the amount and maturity of loan. (Wed, 10 Oct 2007 12:45:48 GMT)

Mortgage applications rise; housing to hit Downey Financial
NEW YORK (MarketWatch) -- The volume of applications filed for mortgages ticked up last week, increasing a seasonally adjusted 2.4% compared with the week before, the Mortgage Bankers Association said on Wednesday. See full story. (Wed, 10 Oct 2007 12:51:37 GMT)

U.S. MBA's Mortgage Applications Index Rose 2.4% Last Week
Oct. 10 (Bloomberg) -- Mortgage applications in the U.S. rose 2.4 percent last week, as purchases gained for the first time in three weeks and refinancing rebounded. (Wed, 10 Oct 2007 13:12:20 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? (Wed, 10 Oct 2007 13:17:28 GMT)

Home Mortgage Demand Rises 2.4%
The Mortgage Bankers Association reported home loan application requests increased 2.4%, the highest number since March. (Wed, 10 Oct 2007 13:51:32 GMT)

U.S. mortgage applications climbed last week: MBA report
Mortgage Bankers Association index has been fairly range bound in recent weeks, but rose last week, after total loan requests fell the prior two weeks (Wed, 10 Oct 2007 14:08:14 GMT)

SBI slashes home, personal loan rates
Mumbai, Oct 10 (PTI) India's largest lender State Bank of India today cut interest rates on home, auto and personal loans by 0.5 to 1 per cent ahead of the festival season and launched reverse mortgage scheme for senior citizens. (Wed, 10 Oct 2007 14:33:36 GMT)

U.S. mortgage applications increase 2.4% last week
“SERVICING PROFITS in 2006 partially offset production losses, but even these profits declined from 2005 levels due to mortgage-servicing hedge losses,” MBA analyst Marina Walsh wrote in the association’s 2006 industry profits report. (Wed, 10 Oct 2007 14:36:58 GMT)

White House forms mortgage coalition
President George W. Bush's administration announced a new mortgage industry coalition on Wednesday aimed at helping U.S. homeowners avoid being trapped in a rising tide of foreclosures. (Wed, 10 Oct 2007 15:05:58 GMT)

White House to help mortgage-holders
Mortgage industry coalition would help homeowners whose loans are resetting to higher rates, says Treasury Secretary. (Wed, 10 Oct 2007 15:12:14 GMT)

Mortgage applications up in week, housing limps
Demand for applications to buy U.S. homes and refinance existing mortgages rose last week, but a housing recovery is being squelched as consumers face more difficulty getting loans approved, analysts say. (Wed, 10 Oct 2007 15:30:46 GMT)

Mortgage applications up in week, housing limps
NEW YORK (Reuters) - Demand for applications to buy U.S. homes and refinance existing mortgages rose last week, but a housing recovery is being squelched as consumers face more difficulty getting loans approved, analysts say. (Wed, 10 Oct 2007 16:10:11 GMT)

J.D. Power and Associates Reports: SunTrust Ranks Highest in Customer Satisfaction with Home Equity Line Servicers
SunTrust ranks highest in satisfying customers with home equity line of credit servicing, according to the J.D. Power and Associates 2007 Home Equity Line of Credit/Loan Servicer Study released today. (Wed, 10 Oct 2007 16:30:00 GMT)

Mortgage servicers aim to head off foreclosures
WASHINGTON (MarketWatch) -- Banks and mortgage companies are ramping up efforts to head off a wave of foreclosures by expanding and improving counseling services to troubled borrowers, the institutions and the U.S. government announced Wednesday. (Wed, 10 Oct 2007 16:51:37 GMT)

Mortgage applications crawl higher
Demand for loan applications to purchase homes and refinance existing mortgages rose last week, after total loan requests fell the prior two weeks, an industry trade group said Wednesday. (Wed, 10 Oct 2007 16:54:06 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, 10 Oct 2007 17:55:19 GMT)

Morgenson Sheds Light on Subprime Mortgage Crisis
Pulitzer Prize-winning business columnist Gretchen Morgenson talks about the subprime mortgage crisis and its effects on the markets and on the economy. Morgenson, an assistant business and financial editor for The New York Times, has covered the financial markets for The Times since 1998. (Wed, 10 Oct 2007 19:36:36 GMT)

State Bank cuts home loan rates
State Bank of India, the country's largest bank, has cut interest rates on loans to retail borrowers, transport operators and for farm equipment. The bank said on Wednesday that it had cut interest rates on new home loans by 0.5-1 percentage points as part of its festival offer. (Wed, 10 Oct 2007 19:46:21 GMT)

White House creates mortgage coalition
The Bush administration announced a new mortgage industry coalition on Wednesday aimed at helping homeowners avoid being trapped in a rising tide of foreclosures. (Wed, 10 Oct 2007 19:47:46 GMT)

Effies 2007: Cure for home loan disorders
Ankit Ajmera | agencyfaqs! | Mumbai, October 11, 2007 Everyone dreams of owning a beautiful home, but when it comes to the daunting task of paying home loan EMIs (equated monthly installments), people wonder if their dream was worth the long-term burden. (Thu, 11 Oct 2007 01:30:39 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, 11 Oct 2007 01:51:55 GMT)

Bush Officials Launch Mortgage Coalition
Responding to the rise in foreclosures, the Bush administration yesterday announced the creation of a mortgage industry coalition to "step up efforts" to prevent people from losing their homes. (Thu, 11 Oct 2007 06:46:54 GMT)

Home loan rates all set to come down
After SBI, country's largest private sector lender ICICI Bank has cut floating home loan rates by 0.5% to 11%. After soaring for about two years, home loan rates are coming down. HDFC on Friday decided to make cuts next week. (Thu, 11 Oct 2007 06:58:26 GMT)

Few lenders are willing to make mortgage modifications, survey says
Mortgage lenders rarely help homeowners struggling with rapidly increasing adjustable mortgages, according to a survey of 33 California housing counseling agencies released on Wednesday. Only one agency responding to the survey said that loan modification -... (Thu, 11 Oct 2007 07:20:19 GMT)

ICICI Bank cuts home loan rates
Mumbai, Oct 11: After State Bank of India, the country's largest private sector lender, ICICI Bank, has cut floating home loan rates by 0.5 per cent to 11 per cent. (Thu, 11 Oct 2007 07:32:25 GMT)

ICICI Bank cuts home loan rates
After State Bank of India (SBI), country's largest private sector lender ICICI Bank has cut floating home loan rates by 0.5 per cent to 11 per cent. "The new rates that come into force with immediate effect will be applicable on new loans till October 31," an ICICI spokesperson said. (Thu, 11 Oct 2007 07:33:00 GMT)

Why Now is a Good Time to Refinance Your ARM Loan
(ARA) - With gas prices in a state of constant flux, and energy costs going up and down too, the last thing you want to happen is for your mortgage to start fluctuating too. But if you have an adjustable rate mortgage (ARM), it will soon happen. (Thu, 11 Oct 2007 08:14:52 GMT)

Mortgage coalition on tap for homeowners
The Bush administration announced a new mortgage industry coalition on Wednesday aimed at helping homeowners avoid being trapped in a rising tide of foreclosures. (Thu, 11 Oct 2007 08:20:39 GMT)

EurActiv.com - EU mortgage market integration must continue despite sub-prime crisis | EU - European Information on ...
The US sub-prime crisis is still challenging the international financial sector, with market players who have invested in US securitised mortgage loans under particular scrutiny, writes Stefan Schäfer of Deutsche Bank. (Thu, 11 Oct 2007 08:28:11 GMT)

Homeowners to get help from mortgage coalition
The Bush administration announced a mortgage-industry coalition yesterday aimed at helping homeowners from becoming caught in a wave of foreclosures. (Thu, 11 Oct 2007 09:54:57 GMT)

White House says mortgage coalition to help borrowers
WASHINGTON - The Bush administration introduced a new mortgage industry coalition yesterday aimed at helping homeowners avoid being trapped in a rising tide of foreclosures. (Thu, 11 Oct 2007 10:33:56 GMT)

President seeks mortgage help
To watch video online please click here to download the latest version of the Flash plugin. President Bush meets with economic advisers to focus on the state of the mortgage crisis that, only a month ago, set off economic alarm bells. (Thu, 11 Oct 2007 11:22:29 GMT)

Mortgage Credit Crunch? | By Michael Sullivan
Introduction: Over the summer, much discussion has arisen over the so-called credit crunch, and what effects it may have on the hospitality business both for existing hotels and to-be-built hotels, planned for the future. Below are some of the facts that have generally taken place in the hotel mortgage markets in the last few months: • Mortgage money has gotten “tighter”, meaning lenders who say ... (Thu, 11 Oct 2007 11:23:42 GMT)

Pay down HELOC or auto loan?
Dear Dr. Don, My husband and I have a home equity line of credit with an 11 percent interest rate and a car loan at 8.3 percent. As you know, the HELOC is a revolving account and the car loan is an installment loan for five years. (Thu, 11 Oct 2007 11:37:04 GMT)

Home Foreclosures Doubled in September on Loan Rates (Update1)
Oct. 11 (Bloomberg) -- U.S. home foreclosures doubled in September from a year earlier as subprime borrowers struggled to make payments on their adjustable-rate mortgages, RealtyTrac Inc. said. (Thu, 11 Oct 2007 11:43:10 GMT)

Mortgagebrokers.com Adds 24 Additional Mortgage Origination Professionals To Its Expanding National Sales Network
TORONTO, Oct. 11 /PRNewswire-FirstCall/ -- MortgageBrokers.com Financial Group of Companies Inc., a subsidiary of MortgageBrokers.com Holdings Inc. ( Nachrichten ) (OTC BB: MBKR - News), announced that it has signed agreements with an additional 24 mortgage and loan professionals, representing the potential of over $550 million in supplemental mortgage originations. (Thu, 11 Oct 2007 12:08:06 GMT)

Few lenders are willing to make mortgage modifications, survey says
Mortgage lenders rarely help homeowners struggling with rapidly increasing adjustable mortgages, according to a survey of 33 California housing counseling agencies released on Wednesday. Only one agency responding to the survey said that loan modification -... (Thu, 11 Oct 2007 13:25:30 GMT)

Beazer to Restate Results After Mortgage Unit Probe (Update1)
Oct. 11 (Bloomberg) -- Beazer Homes USA Inc., the homebuilder under investigation by the Securities and Exchange Commission, will restate earnings for nine years after an internal probe found evidence its mortgage unit violated federal regulations. (Thu, 11 Oct 2007 13:42:25 GMT)

Judge Halts Higher Pa. Mortgage Bills
A judge has temporarily blocked higher mortgage bills facing more than 800 homeowners following last month's bankruptcy filing by a Berks County mortgage broker and its five subsidiaries. (Thu, 11 Oct 2007 13:52:49 GMT)

Home Foreclosures Doubled in September on Loan Rates (Update2)
Oct. 11 (Bloomberg) -- U.S. home foreclosures doubled in September from a year earlier as subprime borrowers struggled to make payments on their adjustable-rate mortgages, RealtyTrac Inc. said. (Thu, 11 Oct 2007 14:11:52 GMT)

Beazer restating results on mortgage, accounting violations
BOSTON (MarketWatch) -- Troubled home builder Beazer Homes USA Inc. Thursday said it will be required to restate financial results due to an independent internal investigation into its mortgage origination business and other practices. (Thu, 11 Oct 2007 14:36:47 GMT)

Dismal refinancing forecast prompts call for ABX shorts
Please email ft@debtwire.com or call us at Americas : +1 212-686-5374 Europe : +44 (0)20 7059 6113 Asia-Pacific : +852 2158 9731 for further information on Debtwire and how to receive more articles like the one below. (Thu, 11 Oct 2007 15:09:50 GMT)

Mortgage rates edge up
Mortgage rates climbed this week following the release of employment figures, Freddie Mac reported Thursday. (Thu, 11 Oct 2007 15:12:24 GMT)

Bankrate: Mortgage Rates Rebound on Better Job News
Mortgage rates increased this week, with the average conforming 30-year fixed mortgage rate rising to 6.5 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.34 discount and origination points. (Thu, 11 Oct 2007 15:34:00 GMT)

U.S. mortgage rates move up following strong employment data
CHICAGO (MarketWatch) -- Mortgage rates rose this week, following the release of September employment figures, Freddie Mac's chief economist said on Thursday. (Thu, 11 Oct 2007 15:36:37 GMT)

Beazer to Restate Earnings After Mortgage Unit Probe (Update3)
Oct. 11 (Bloomberg) -- Beazer Homes USA Inc., the homebuilder under investigation by the Securities and Exchange Commission, will restate earnings going back to 1999 after an internal probe found its mortgage unit violated federal regulations. (Thu, 11 Oct 2007 15:56:57 GMT)

Mortgage rates move up on jobs report
Revised September employment figures triggered an upward move of mortgage rates, Freddie Mac said in its weekly report Thursday. (Thu, 11 Oct 2007 16:11:06 GMT)

Unlicensed home-loan salesman gets probation
An unlicensed home-loan salesman who induced 16 victims in Monterey County to refinance their homes through him was sentenced Wednesday to five years of felony probation, the District Attorney's Office said today. (Thu, 11 Oct 2007 18:38:01 GMT)

Impac Mortgage Holdings COO Sells Shares
The chief operations officer of Impac Mortgage Holdings Inc., which buys mortgages and pools them into loan-backed bonds, sold 10,700 shares of stock, according to a Securities and Exchange Commission filing. (Thu, 11 Oct 2007 19:18:27 GMT)

Surviving the mortgage market crash
Richard Dorfman , president and CEO of Federal Home Loan Bank of Atlanta has worked with banks and investors for more than 20 years -- Long enough to know that unscrupulous mortgage brokers may have attributed to the current slump in the housing market and long enough to know that the chaos, is only temporary. (Thu, 11 Oct 2007 19:24:28 GMT)

Banks Oppose Sale of American Home
The planned sale of American Home Mortgage Investment Corp.'s loan-servicing business to investor Wilbur Ross has run into opposition from Wall Street investment banks, some of which are raising legal questions that could roil the mortgage-securitization market. (Thu, 11 Oct 2007 19:45:12 GMT)

Unlicensed Home Loan Salesman Gets Sentence, Fines
Monterey County officials say an unlicensed home loan salesman who induced 16 victims in Monterey County to refinance their homes through him, was sentenced to five years of felony probation. (Thu, 11 Oct 2007 20:05:50 GMT)

Sector Glance: Mortgage Lenders
Shares of mortgage lenders fell Thursday after Countrywide Financial Corp. said its mortgage lending shrank significantly last month. (Thu, 11 Oct 2007 20:12:24 GMT)

ICICI Bank cuts home loan rates
MUMBAI: ICICI Bank has cut floating home loan rates by 0.5 percentage point to 11 per cent. The new rates, implementable with immediate effect, will be applicable on new loans till October 31, an ICICI spokesperson said ... (Thu, 11 Oct 2007 20:45:24 GMT)

Mortgage Choice volumes 'solid'
AUSTRALIA'S second largest home loan broker, Mortgage Choice, says business volumes were "solid" in the September quarter despite the uncertainty triggered by the global liquidity crisis. (Thu, 11 Oct 2007 21:00:00 GMT)

Readers pin the blame for mortgage mess
After a story about a San Diego woman who lost her home in a mortgage foreclosure, we asked readers to share their thoughts on who should shoulder the blame for this and tens of thousands of similar events. More than a thousand responded. Here are excerpts from their comments. (Thu, 11 Oct 2007 21:36:38 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? (Thu, 11 Oct 2007 22:12:15 GMT)

ICICI Bank cuts home loan rates
MUMBAI: ICICI Bank has cut floating home loan rates by 0.5 percentage point to 11 per cent. The new rates, implementable with immediate effect, will be applicable on new loans till October 31, an ICICI spokesperson said ... (Thu, 11 Oct 2007 22:23:58 GMT)

Group Calls For Boycott Of Mortgage Lender
Community activists took their complaints directly to the offices of one of the country's biggest lenders and called for a boycott. (Thu, 11 Oct 2007 22:38:13 GMT)

Mortgage bill focuses on ability to repay
Lenders would have to make efforts to determine a borrower's ability to repay a mortgage before making a loan under a bill being drafted by the U.S. House Financial Services Committee. (Thu, 11 Oct 2007 22:56:57 GMT)

Group Calls For Boycott Of Mortgage Lender
Community activists took their complaints directly to the offices of one of the country's biggest mortgage lenders and called for a boycott. (Thu, 11 Oct 2007 23:00:20 GMT)

Countrywide Sept. Mortgage Fundings Drop
NEW YORK -- Countrywide Financial Corp. said Thursday its mortgage fundings for September fell 44 percent from the same period a year ago, and the mortgage lender is now facing a potential federal investigation over the timing of stock sales by its chief executive. (Thu, 11 Oct 2007 23:17:24 GMT)

Mortgage bill focuses on ability to repay
WASHINGTON (Reuters) - Lenders would have to make efforts to determine a borrower's ability to repay a mortgage before making a loan under a bill being drafted by the U.S. House Financial Services Committee. (Thu, 11 Oct 2007 23:17:34 GMT)

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