Mortgage News Oct 2007

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FTSE 250 movers: Mortgage lenders to struggle, says S&P
Credit ratings giant Standard & Poors (S&P) said yesterday that whilst large diversified banks have seen an easing of the credit crunch in recent weeks, UK mortgage lenders such as Bradford & Bingley are likely to continue to struggle to raise funds, thanks to a loss of appetite among investors for mortgage-backed securities. (Tue, 16 Oct 2007 11:20:06 GMT)

Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Tue, 16 Oct 2007 11:21:35 GMT)

Mortgage company workers charged in scam
Two mortgage company employees were arrested yesterday for their role in a multimillion-dollar mortgage and identity theft scam in Queens and Long Island, police sources said. (Tue, 16 Oct 2007 13:17:53 GMT)

Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Tue, 16 Oct 2007 13:32:15 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, 16 Oct 2007 14:00:23 GMT)

Paulson: Subprime help needed - but no bailout
Treasury Secretary Hank Paulson is walking a fine line, pushing the need to help troubled mortgage borrowers without rewarding past risky behavior. (Tue, 16 Oct 2007 15:12:14 GMT)

Remarks by Secretary Henry M. Paulosn, Jr. on Current Housing and Mortgage Market Developments Georgetown Law Center
Washington, DC--Good morning. As students of law, business and public policy, you have an interest in real life case studies that combine financial markets and policy issues. Current developments in the housing and mortgage markets provide such an example. (Tue, 16 Oct 2007 15:32:14 GMT)

Mortgage and equity calculators
See how your finances would be affected by changes in the property market with our mortgage and equity calculators. (Tue, 16 Oct 2007 16:22:47 GMT)

Q&A: Mortgage calculator
Answers to questions about the BBC News website's mortgage calculator. (Tue, 16 Oct 2007 16:23:17 GMT)

?Housing Decline Is Still Unfolding,? Paulson Says
The Treasury secretary called for help for hard-pressed homeowners and new mortgage regulations, but urged Congress not to overreact with excessively harsh measures. (Tue, 16 Oct 2007 18:20:20 GMT)

Prudential Huntoon Paige Closes $1.2 Million FHA Refinance Loan for Grasslands Housing, Inc.
COON RAPIDS, Minn.----Prudential Mortgage Capital Company announced today that it has originated a $1.2 million refinance loan for Grasslands Housing, Inc., a section-eight, multi-family housing property located in Coon Rapids, Minn. (Tue, 16 Oct 2007 18:23:00 GMT)

Federal Home Loan Bank of Boston Celebrates 75 Years of Service
The Federal Home Loan Bank of Boston , a cooperatively owned, wholesale bank for financial institutions throughout New England, celebrates its 75th anniversary this month. The Bank opened its doors as the Federal Home Loan Bank of Cambridge on October 15, 1932. (Tue, 16 Oct 2007 19:14:00 GMT)

American Home To Sell $450M Loan-Servicing Rights To MidFirst
WILMINGTON, Del. (Dow Jones)--American Home Mortgage Investment Corp. (AHMIQ) has agreed to sell servicing rights on $450 million worth of federally insured loans to MidFirst Bank, one of the country's largest privately held banks. (Tue, 16 Oct 2007 19:55:18 GMT)

Venture West Funding Arranges $14 Mln Loan On Kent, Washington Retail Center - Update
(RTTNews) - Tuesday, Venture West Funding Inc. announced that it has arranged a $14 million mortgage loan on a retail center anchored by a Lowe's Home Improvement Center in Kent, Washington. (Tue, 16 Oct 2007 20:57:08 GMT)

Paulson urges action on housing crisis
Treasury Secretary Henry Paulson said Tuesday the unfolding housing crisis posed a significant risk to the economy and called for Congress and private mortgage companies to move more quickly to help. (Tue, 16 Oct 2007 22:01:38 GMT)

Preparation is the key to getting a business loan
Unlike securing a consumer loan for a home or car, getting a business loan can be difficult. Consumer loans have become readily available, and often a borrower can be pre-approved based on his or her credit score. (Tue, 16 Oct 2007 22:04:25 GMT)

Bill toughens oversight of home loan originators
Anti-foreclosure legislation set for a House vote Wednesday would seek to regulate non-bank loan originators by requiring them to pay a $750 annual fee for a state license, in the latest attempt to help struggling homeowners. (Tue, 16 Oct 2007 23:27:07 GMT)

Why Now is a Good Time to Refinance Your ARM Loan
(ARA) - With gas prices in a state of constant flux, and energy costs going up and down too, the last thing you want to happen is for your mortgage to start fluctuating too. But if you have an adjustable rate mortgage (ARM), it will soon happen. (Tue, 16 Oct 2007 23:40:20 GMT)

(AFX UK Focus) 2007-10-17 00:46 GMT: Australia's Westpac to acquire Rams Home Loan's distribution business
SYDNEY (Thomson Financial) - Australia's fourth-largest bank, Westpac Banking Corp Ltd, said Wednesday it will proceed with the 140 million Australian dollar acquisition of troubled home lender Rams Home Loan Group Ltd's franchise distribution business after completing due diligence. (Wed, 17 Oct 2007 00:20:38 GMT)

Bill toughens oversight of home loan originators
BOSTON (AP) - Anti-foreclosure legislation set for a House vote tomorrow (Wednesday) would seek to regulate non-bank loan originators. It would require companies to pay a $750 annual fee for a state license. (Wed, 17 Oct 2007 00:58:59 GMT)

Thornburg Mortgage posts Q3 loss, suspends dividend
Thornburg Mortgage Inc posted a large loss and suspended its common stock dividend on Tuesday after the lender said it lost about $1.1 billion in the third quarter from the sale of jumbo mortgages. (Wed, 17 Oct 2007 03:21:17 GMT)

China Construction Bank says mortgage book healthy
BEIJING, Oct 17 - China Construction Bank's home-loan book is in good shape, Chairman Guo Shuqing said on Wednesday, brushing aside reports that its mortgage portfolio is deteriorating as interest rates rise. (Wed, 17 Oct 2007 03:36:12 GMT)

Housing slump will last at least another year: mortgage bankers
BOSTON (MarketWatch) -- The Mortgage Bankers Association predicts the housing recession will last until the end of the third quarter next year. And if confidence isn't restored in the credit markets, the wait could extend until 2009, the group's chief economist said. (Wed, 17 Oct 2007 04:01:09 GMT)

2008 Mortgage Business to Decline 18 Pct
The nation's more than $2 trillion home mortgage business won't halt its current slide anytime soon, with mortgage originations expected to fall 18 percent next year and decline another 6 percent in 2009, the Mortgage Bankers Association predicts. (Wed, 17 Oct 2007 04:01:44 GMT)

Forecast shows mortgage originations to fall
BOSTON -- The nation's more than $2 trillion home mortgage business won't halt its current slide anytime soon, with mortgage originations expected to fall 18 percent next year and decline another 6 percent in 2009, the Mortgage Bankers Association predicts. ... - By MARK JEWELL The Associated Press (Wed, 17 Oct 2007 04:12:43 GMT)

Housing slump will last at least another year: mortgage bankers
BOSTON (MarketWatch) -- The Mortgage Bankers Association predicts the housing recession will last until the end of the third quarter next year. And if confidence isn't restored in the credit markets, the wait could extend until 2009, the group's chief economist said. (Wed, 17 Oct 2007 04:21:07 GMT)

2008 mortgage originations to hit 8-year low: MBA
Mortgage originations will fall next year to the lowest levels since 2000, forcing job losses for at least 30,000 more home finance professionals, according to a forecast released on Wednesday by the Mortgage Bankers Association. (Wed, 17 Oct 2007 04:30:49 GMT)

Bill toughens oversight of home loan originators
BOSTON — Anti-foreclosure legislation set for a House vote Wednesday would seek to regulate nonbank-loan originators by requiring them to pay a $750 annual fee for a state license, in the latest attempt to help struggling homeowners. (Wed, 17 Oct 2007 05:07:17 GMT)

Home loan problems slow Wells Fargo's profit growth
Wells Fargo & Co.'s profit grew at its slowest pace in more than six years during the third quarter, dragged down by deteriorating home loans likely to cause more trouble in the months ahead. The story was similar at U.S. Bancorp, whose earnings slipped by 2 percent amid a traumatic housing downturn that economists say is threatening to yank the economy into a recession. (Wed, 17 Oct 2007 05:35:19 GMT)

Treasury chief urges fast mortgage relief from Congress
Treasury Secretary Henry Paulson said Tuesday the unfolding housing crisis posed a significant risk to the economy and called for Congress and private mortgage companies to move more quickly to help. (Wed, 17 Oct 2007 05:35:59 GMT)

Mortgage holders vent frustrations
About 500 people forced into a financial quagmire by the collapse of OPFM Inc. commiserated Tuesday at Highland Presbyterian Church about the mortgage broker's alleged duplicity.Some were desperate, many were sad, a few cried, others yelled, and most were angry. But everyone showed up look... (Wed, 17 Oct 2007 06:59:54 GMT)

NAMP Views FHA's Energy Efficient Mortgage (EEM) Program as Providing Energy Savings and Relief for Homebuyers
As utility rates rise, homebuyers can improve their mortgage options by incorporating energy-efficiency features into their FHA-insured home purchase or refinancing. FHA seeks to make EEMs more widely used to aid homeowners and homebuyers. Mortgage professionals can learn more through NAMP and FHA Online University's offered courses. (Wed, 17 Oct 2007 07:01:00 GMT)

Mortgage originations expected to plunge
The nation's more than $2 trillion home mortgage business won't halt its current slide anytime soon, with mortgage originations expected to fall 18 percent next year and decline another 6 percent in 2009, the Mortgage Bankers Association predicts. (Wed, 17 Oct 2007 07:13:57 GMT)

18% fall seen in '08 mortgage originations
The nation's more than $2 trillion home-mortgage business won't halt its slide anytime soon, with mortgage originations expected to fall... (Wed, 17 Oct 2007 07:16:37 GMT)

Mortgage Originations Expected to Plunge
BOSTON -- The nation's more than $2 trillion home mortgage business won't halt its current slide anytime soon, with mortgage originations expected to fall 18 percent next year and decline another 6 percent in 2009, the Mortgage Bankers Association predicts. (Wed, 17 Oct 2007 08:25:54 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, 17 Oct 2007 09:15:15 GMT)

Preparation is the key to getting a business loan
Unlike securing a consumer loan for a home or car, getting a business loan can be difficult. Consumer loans have become readily available, and often a borrower can be pre-approved based on his or her credit score. (Wed, 17 Oct 2007 10:19:25 GMT)

Lenders withdraw mortgage deals
UK lenders withdraw 40% of their mortgage deals in three months, partly due to worries about risky lending (Wed, 17 Oct 2007 10:36:19 GMT)

Treasury secretary pitches federal mortgage fixes
Treasury Secretary Henry Paulson outlined proposed federal fixes for mortgage woes, including one-page mortgage agreements, as he jettisoned expectations of the economic ripple effect smoothing out soon. (Wed, 17 Oct 2007 10:49:33 GMT)

Mortgage applications rose 0.7% last week, survey shows
BOSTON (MarketWatch) -- Mortgage application volume increased a seasonally adjusted 0.7% last week, according to the Mortgage Bankers Association's latest survey. (Wed, 17 Oct 2007 11:21:17 GMT)

Expert: Don Taylor, Ph.D., CFA, CFP
Dear Dr. Don, When refinancing a home mortgage, the buyer signs a rate lock with the broker or company. How long is this rate lock good? Can the broker or company raise that rate if the market changes? (Wed, 17 Oct 2007 11:21:39 GMT)

Mortgage Application Volume Rises
Mortgage application volume increased 0.7 percent for the week ending Oct. 12, according to the trade group Mortgage Bankers Association. (Wed, 17 Oct 2007 11:32:59 GMT)

Thornburg Mortgage Loss Tops $1 Billion
Mortgage lender Thornburg Mortgage Inc. said Wednesday it lost more than $1 billion in the third quarter due to the fallout in the mortgage markets and elected not to pay a dividend to holders of common shares to conserve cash. (Wed, 17 Oct 2007 11:37:29 GMT)

CIT Reports Third-Quarter Loss on Home Lending Change (Update2)
Oct. 17 (Bloomberg) -- CIT Group Inc., the largest independent commercial finance company in the U.S., reported a third-quarter loss of $38.8 million, dragged down by costs of closing its subprime home-loan unit. (Wed, 17 Oct 2007 11:41:52 GMT)

If You Have an Adjustable Rate Mortgage, Why You Need to Refinance Now
(ARA) - When you signed up for that adjustable rate loan a few years back, it probably seemed like a deal too good to pass up. But fast forward to the present, and you're probably starting to get a little nervous. (Wed, 17 Oct 2007 11:44:53 GMT)

U.S. mortgage applications rise as rates steady: MBA
NEW YORK — U.S. mortgage applications rose for a second straight week, largely reflecting a rise in demand for home purchase loans as interest rates held steady, an industry group said Wednesday. (Wed, 17 Oct 2007 12:07:23 GMT)

Mortgage demand climbs as rates hold steady
Mortgage applications rose for a second straight week, largely reflecting a rise in demand for home purchase loans as interest rates held steady, an industry group said Wednesday. (Wed, 17 Oct 2007 12:32:04 GMT)

Mortgage lender to cut staff 25%
Residential Capital LLC, the home lending arm of the former General Motors finance unit GMAC, announced it is cutting 3,000 jobs, or 25 percent of its already reduced staff, in the latest fallout from the meltdown in mortgage markets. (Wed, 17 Oct 2007 13:42:04 GMT)

CIT Posts Third-Quarter Loss on Home Lending Shutdown (Update3)
Oct. 17 (Bloomberg) -- CIT Group Inc., the largest independent commercial finance company in the U.S., reported a third-quarter loss of $38.8 million, dragged down by costs of closing its subprime home-loan unit. (Wed, 17 Oct 2007 13:55:46 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? (Wed, 17 Oct 2007 14:00:23 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. (Wed, 17 Oct 2007 14:00:54 GMT)

Lenders withdraw mortgage deals
UK lenders withdraw 40% of their mortgage deals in three months, partly over worries about risky lending. (Wed, 17 Oct 2007 14:17:47 GMT)

GMAC mortgage unit to cut 3,000 jobs
Residential Capital LLC, the mortgage unit of GMAC Financial Services, said on Wednesday it will eliminate 3,000 jobs, or 25 percent of its work force, to cope with the U.S. housing downturn. (Wed, 17 Oct 2007 16:02:07 GMT)

Sector Snap: Mortgage Insurance
Shares of mortgage insurers plummeted Wednesday after MGIC Investment Corp. reported hundreds of millions of dollars in losses because of unpaid home loans. (Wed, 17 Oct 2007 17:11:05 GMT)

Mortgage resets: a rude awakening
About $50 billion in adjustable rate mortgages reset this month, driving interest rates up for many borderline borrowers. And despite efforts to raise awareness, it doesn't look like anyone is really prepared for what's to come. (Wed, 17 Oct 2007 17:56:54 GMT)

GMAC's ResCap mortgage unit to cut 3,000 jobs
GMAC Financial Services said on Wednesday it would cut about 3,000 jobs, or 25% of the workforce, from its Residential Capital mortgage operation. (Wed, 17 Oct 2007 18:01:52 GMT)

Shares of Home Loan Insurer MGIC Investment Plunge on Hefty 3Q Loss, Outlook for Next Year
NEW YORK (AP) - Shares of MGIC Investment Corp. plunged Wednesday after the home loan insurer reported a loss for the third quarter and said it may lose money next year. (Wed, 17 Oct 2007 18:23:59 GMT)

GMAC's ResCap mortgage unit to cut 3,000 jobs
NEW YORK (Reuters) - Residential Capital LLC, the mortgage unit of GMAC Financial Services, said on Wednesday it will eliminate 3,000 jobs, or 25 percent of its work force, to cope with the U.S. housing downturn. (Wed, 17 Oct 2007 18:44:29 GMT)

Wells Fargo hit by home loan woes
SAN FRANCISCO - Wells Fargo & Co.'s profit grew at its slowest pace in more than six years during the third quarter, dragged down by deteriorating home loans likely to cause more trouble in the months ahead. (Wed, 17 Oct 2007 18:49:56 GMT)

GMAC's ResCap mortgage unit to cut 3,000 jobs
Residential Capital LLC, the mortgage unit of GMAC Financial Services, said on Wednesday it will eliminate 3,000 jobs, or 25 percent of its work force, to cope with the U.S. housing downturn. (Wed, 17 Oct 2007 19:33:51 GMT)

Sector Wrap: Mortgage Lenders
Shares of mortgage lenders sank Wednesday after one home lender reported a steep loss for the third quarter and another's sale of its rights to collect mortgage payments did little to rally confidence in the company's viability. (Wed, 17 Oct 2007 19:53:06 GMT)

E-Trade Posts 3Q Loss on Mortgage Crisis
E-Trade Financial Corp. on Wednesday reported a loss after writing down nearly $200 million worth of mortgage-backed securities squeezed during the summer's credit crisis. (Wed, 17 Oct 2007 20:07:25 GMT)

Washington Mutual profit falls 72 pct on loan loss
Washington Mutual Inc , the largest U.S. thrift and one of the nation's largest home loan providers, said on Wednesday third-quarter profit fell 72 percent, hurt by mounting losses and write-downs related to mortgages. (Wed, 17 Oct 2007 20:25:52 GMT)

Mortgage applications increased last week
WASHINGTON -- Mortgage applications in the U.S. rose 0.7 percent last week, led by filings to purchase homes. (Thu, 18 Oct 2007 01:07:59 GMT)

Mortgage claims send MGIC into loss
MGIC Investment (NYSE:MTG), the largest mortgage insurer in the US, on Wednesday reported its first quarterly loss in 16 years and said it would not be profitable in 2008, sending its shares sharply lower. (Thu, 18 Oct 2007 02:10:17 GMT)

Region home sales lowest in 2 decades
Blame it on jumbo. No, not the 1962 Doris Day/Jimmy Durante movie about a lovable elephant. These jumbos are the mortgages required when a home loan exceeds federal lending limits, and they're a drag on the California housing market. (Thu, 18 Oct 2007 02:28:04 GMT)

Region home sales lowest in 2 decades
Blame it on jumbo. No, not the 1962 Doris Day/Jimmy Durante movie about a lovable elephant. These jumbos are the mortgages required when a home loan exceeds federal lending limits, and they're a drag on the California housing market. (Thu, 18 Oct 2007 02:35:20 GMT)

GMAC to cut about 3,000 jobs in mortgage unit
LOANS GMAC Financial Services said on Wednesday it would cut about 3,000 jobs, or 25 percent of the work force, at its Residential Capital LLC mortgage operation. It blamed the cuts on "sharp downturns in the U.S. residential real estate markets and the global dislocation of the mortgage finance and credit markets."ResCap employs about 12,000 people after cutting 2,000 jobs earlier this ... (Thu, 18 Oct 2007 07:13:34 GMT)

Loan provisions blamed as Sovereign profit slips
Regional bank Sovereign Bancorp Inc. said Wednesday its third-quarter earnings fell 68 percent hurt by an increase in loan-loss provisions resulting from problems in its nonprime home equity portfolio and indirect auto lending business. (Thu, 18 Oct 2007 07:14:07 GMT)

GMAC to slash 3,000 jobs at mortgage unit
MINNEAPOLIS - GMAC Financial Services said yesterday that it would cut about 3,000 jobs, or 25 percent of the workforce, at its Residential Capital L.L.C. mortgage operation. (Thu, 18 Oct 2007 07:55:56 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, 18 Oct 2007 08:14:21 GMT)

Sharp fall in UK mortgage lending
There was a sharp slowdown in mortgage lending last month, says the Council of Mortgage Lenders. (Thu, 18 Oct 2007 09:05:53 GMT)

Mortgage lending growth eases in September
Mortgage lending growth eased in September but remained above its recent average, suggesting the housing market is not slowing sharply, British Bankers' Association figures showed on Thursday. (Thu, 18 Oct 2007 09:06:00 GMT)

SBI launches Reverse Mortgage Loan in Gujarat
Country's largest public sector lender State Bank of India (SBI) has launched two new schemes - Reverse Mortgage Loan and SBI Home Cash - for people in Gujarat. (Thu, 18 Oct 2007 09:14:33 GMT)

Weekly mortgage analysis
Each Thursday, Bankrate publishes a survey of large lenders in the top 10 markets to get a national snapshot of where mortgage rates stand today. The exclusive look at rates plus expert analysis makes this one of Bankrate's most-popular stories. (Thu, 18 Oct 2007 10:00:00 GMT)

Mortgage broker faces further fraud charges
The case against the man charged with being a rogue mortgage broker picked up steam yesterday, as the suspect was charged with scamming another man's identity, buying two homes in his name and leaving him more than $1 million in debt. (Thu, 18 Oct 2007 10:18:43 GMT)

September sees slowdown in mortgage lending
Growth in mortgage lending slowed in September, the British Bankers' Association revealed today, although it was still above its recent average. (Thu, 18 Oct 2007 10:50:06 GMT)

Bankrate: Mortgage Rates in a Holding Pattern
Mortgage rates barely budged this week, with the average conforming 30-year fixed mortgage rate now 6.49 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.35 discount and origination points. (Thu, 18 Oct 2007 11:30:00 GMT)

Ellenwood man guilty in Atlanta mortgage fraud case
A Georgia man pleaded guilty late Wednesday to running a $15 million mortgage fraud ring in Atlanta's West End. (Thu, 18 Oct 2007 11:40:29 GMT)

Mortgage rates dip slightly
Mortgage rates fell for the second time in three weeks, but the move down was modest. The benchmark 30-year fixed-rate mortgage dropped 1 basis point to 6.49 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. (Thu, 18 Oct 2007 12:21:36 GMT)

Mortgage Exec at Center of NYC Probe
A mortgage broker and part-time political donor is the focus of a widening probe into a scheme to defraud mortgage applicants -- including some who may have bought houses without knowing it. (Thu, 18 Oct 2007 13:27:44 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, 18 Oct 2007 13:49:42 GMT)

Mortgage rates flat
Mortgage rates were flat this week as the housing industry continues to experience high inventories and slow sales, Freddie Mac reported Thursday. (Thu, 18 Oct 2007 14:57:04 GMT)

U.S. mortgage rates mixed
U.S. mortgage rates are mixed in light of continued high housing inventories and slow sales, the Freddie Mac mortgage market survey said Thursday. (Thu, 18 Oct 2007 15:26:11 GMT)

Mortgage Lending Dives Again!
The latest figures show that mortgage borrowing has fallen for three months in a row. This could mean more bad news for house prices. (Thu, 18 Oct 2007 15:33:48 GMT)

Mortgage rates hold steady this week
Rates on 30-year mortgages were unchanged this week while rates on other types of mortgages also showed little movement. Freddie Mac, the mortgage company, (Thu, 18 Oct 2007 15:49:19 GMT)

U.S. mortgage rates hold steady, survey finds
CHICAGO (MarketWatch) -- Mortgage rates moved very little and the 30-year fixed-rate mortgage didn't change at all, as economic indicators came in mixed this week, Freddie Mac's chief economist said on Thursday. (Thu, 18 Oct 2007 15:51:27 GMT)

Blog: Only one person has qualified for mortgage refinancing fund
When the state’s Keep the Dream $100 million refinancing fund started six weeks ago, officials expected to rescue 500 to 700 at-risk borrowers from the mortgage subprime catastrophe. (Thu, 18 Oct 2007 16:18:43 GMT)

Retire With A Mortgage? It Can Be Done
It's an increasingly common dilemma: You want to retire - but you haven't yet retired your mortgage. (Thu, 18 Oct 2007 16:34:16 GMT)

Fitch Rates HSBC Home Equity Loan Trust (USA) (HELT) 2007-3
NEW YORK----Fitch rates HSBC Home Equity Loan Trust 2007-3, which closed today as follows: (Thu, 18 Oct 2007 19:13:00 GMT)

Patrick Unveils Foreclosure Prevention Plan
Gov. Deval Patrick Thursday joined state and local officials, nonprofit leaders, mortgage lenders and homeowners to unveil a foreclosure prevention plan designed to keep people in their homes. The five-point plan consists of targeted neighborhood stabilization pilot programs in Lawrence and five other Bay State cities, transition resources from lenders and servicers, consumer outreach and ... (Thu, 18 Oct 2007 19:57:39 GMT)

Treasury Secretary Calls U.S. Mortgage Crisis Biggest Economic Threat
Washington -- Treasury Secretary Henry M. Paulson Jr. yesterday asked for Congress and mortgage companies to help correct the current U.S. mortgage crisis, calling it "the most significant current risk to our economy," the Baltimore Sun reported Wednesday. (Thu, 18 Oct 2007 20:06:34 GMT)

Mortgage Bankers, Brokers at Odds
Mortgage brokers are squaring off with bankers over efforts in Congress to impose stiffer regulations on the industry. The outcome of the long-running fight could help shape the future of a market battered by lax lending practices that have led to a surge in home loan defaults. (Thu, 18 Oct 2007 20:27:22 GMT)

Lack of jumbo mortgage availability impacts East Bay home sales
New-home sales in the East Bay declined by more than 43 percent in September compared with a year ago, as tightened jumbo mortgage availability added to an ongoing housing market slowdown, according to a real estate information service. (Thu, 18 Oct 2007 20:46:03 GMT)

Sector Wrap: Mortgage Lenders
Shares of mortgage lenders sank Thursday after two major lenders reported hefty costs in their mortgage businesses. Bank of America Corp., the second-biggest U.S. bank, said disruptions in the debt markets this summer dragged its profit down by 32 percent in the third quarter. (Thu, 18 Oct 2007 21:10:42 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, 18 Oct 2007 22:22:38 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, 18 Oct 2007 22:36:45 GMT)

Court approves American Home Mortgage refund of loan fees
A bankruptcy judge has cleared the way for American Home Mortgage Investment Corp. to refund up to $650,000 in application fees and other mortgage costs it collected from more than 1,000 customers who never got their loans because of the company's collapse into bankruptcy. (Thu, 18 Oct 2007 23:33:43 GMT)

Fukui Says U.S. Subprime-Mortgage Concern Remains (Update2)
Oct. 18 (Bloomberg) -- Bank of Japan Governor Toshihiko Fukui said problems stemming from the U.S. subprime-mortgage crisis persist and have increased financial market ``uncertainty.'' (Fri, 19 Oct 2007 01:05:09 GMT)

MoneyGram is unlikely subprime mortgage casualty
During the past three years, MoneyGram International Inc. became a Wall Street darling by providing fast, reliable money transfer services to millions of people all over the globe, from Albania to the Cayman Islands. But the fast-growing company, which saw its sales jump 40 percent between 2004 and 2006, disclosed late Wednesday that it is the latest casualty of the subprime mortgage crisis that ... (Fri, 19 Oct 2007 02:44:48 GMT)

Home sales in Bay Area crash to 20-year low after jumbo loan cuts
Bay Area homes sales sank to a two-decade low in September, as tighter lending standards walloped an already-declining market. A total of 3,118 existing single-family homes changed hands in the nine-county Bay Area in September, down 44.8 percent from 5,645... (Fri, 19 Oct 2007 02:50:33 GMT)

Mortgage rates show little change
WASHINGTON - Rates on 30-year mortgages were unchanged this week while rates on other types of mortgages also showed little movement. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.40 percent this week, the same as last week. (Fri, 19 Oct 2007 04:19:23 GMT)

Mortgage stress talk 'alarmist'
Spending a third of your weekly income on a home loan is not necessarily mortgage stress, the head of a peak lending body said. (Fri, 19 Oct 2007 04:59:15 GMT)

Capital One Reports Loss From Closing Mortgage Unit
Capital One Financial of McLean posted its first quarterly loss ever, from the expense of shutting down its mortgage lender, and warned of additional challenges in the credit card and auto finance businesses. (Fri, 19 Oct 2007 05:51:05 GMT)

Home loan woes undercut sales
Lena Abello, her brother and two friends stood poised to buy their first home together last month – a $303,000 single-family house in Natomas. But the shake-up in the nation's mortgage industry abruptly shuttered their dream. (Fri, 19 Oct 2007 07:11:43 GMT)

Home sales in Bay Area crash to 20-year low after jumbo loan cuts
Bay Area homes sales sank to a two-decade low in September, as tighter lending standards walloped an already-declining market. A total of 3,118 existing single-family homes changed hands in the nine-county Bay Area in September, down 44.8 percent from 5,645... (Fri, 19 Oct 2007 07:37:00 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? (Fri, 19 Oct 2007 08:16:15 GMT)

Mortgage rates flat as housing slump continues
WASHINGTON -- Rates on 30-year mortgages were unchanged this week, as were rates on other types of mortgages. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6. (Fri, 19 Oct 2007 10:19:41 GMT)

American Home Mortgage Allowed To Refund Loan Fees
Wilmington, Del. — A bankruptcy judge has cleared the way for American Home Mortgage Investment Corp. to refund up to $650,000 in application fees and other mortgage costs it collected from more than 1,000 customers who never got their loans because of the company's collapse into bankruptcy. (Fri, 19 Oct 2007 10:21:48 GMT)

Anworth Mortgage Asset upgraded to "strong buy" - update
NEW YORK, October 19 (newratings.com) - Analyst Steven C DeLaney of JMP Securities upgrades Anworth Mortgage Asset Corporation ( AOG.ETR ) from "market outperform" to "strong buy," while revising his estimates for the company. The target price has been raised from $7.50 to $8. (Fri, 19 Oct 2007 10:38:16 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. (Fri, 19 Oct 2007 11:28:34 GMT)

1 million from Lowe’s would start loan pool
A $1 million collection from Lowe’s home improvement store should be used as seed money for a revolving affordable housing loan fund, a panel recommended Thursday. (Fri, 19 Oct 2007 11:38:05 GMT)

Move overseas presents mortgage dilemma
I am going abroad to work for three years and plan to let my home in the UK while I am away. My mortgage is very small, but I have been advised to increase it for tax purposes and invest the proceeds offshore. Will this be acceptable to HM Revenue and Customs? (Fri, 19 Oct 2007 11:45:45 GMT)

Unlicensed Mortgage Loan Officers Keep Going and Going
Recently, I've been reporting on a company that two states - Maryland and Georgia -- have said is operating without a license to originate mortgage loans. Given the current state of the mortgage industry, I think it's important to expose such companies. (Fri, 19 Oct 2007 11:57:58 GMT)

Wachovia Net Drops 10% on Mortgage, Loan Writedowns (Update2)
Oct. 19 (Bloomberg) -- Wachovia Corp., the bank that's spending more on acquisitions than its biggest competitors, reported earnings that missed analyst estimates after $1.3 billion in writedowns for mortgage-backed securities and loans for leveraged buyouts. (Fri, 19 Oct 2007 12:27:21 GMT)

Nigeria: Yar'Adua Decries State of Mortgage System
President Umaru Musa Yar'Adua has expressed displeasure over the poor state of Nigerian mortgage system which, he said, is not developed enough to meet the housing needs of Nigerians. (Fri, 19 Oct 2007 13:22:35 GMT)

Federal Home Loan Bank of Indianapolis Announces 2007 Third Quarter Dividend
INDIANAPOLIS, Oct. 19, 2007 -- The board of directors of the Federal Home Loan Bank of Indianapolis declared a dividend on B-1 stock at an annualized rate of 4.5%. Additionally, B-2 stock will be paid at an annualized rate of 3.6%. (Fri, 19 Oct 2007 13:51:49 GMT)

U.S. Treasurer to Visit Cleveland to Offer Mortgage Financing Advice
The United States Treasurer Anna Escobedo Cabral will visit South Elyria in Cleveland, Ohio Thursday to deliver advice to homeowners who may be experiencing difficulty paying their mortgage and may face foreclosure. (Fri, 19 Oct 2007 14:17:14 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, 19 Oct 2007 14:40:38 GMT)

Wachovia Net Drops 10% on Mortgage, Loan Writedowns (Update4)
Oct. 19 (Bloomberg) -- Wachovia Corp., the fourth-largest U.S. bank, reported its first earnings decline in six years and missed analysts' estimates after a record $1.3 billion of writedowns for bad loans and mortgage-backed securities. (Fri, 19 Oct 2007 15:05:58 GMT)

First State Financial Reports 3rd-Quarter Earnings Down on Declining Mortgage Fees
SARASOTA, Fla. (AP) - Community bank First State Financial Corp. said Friday its third-quarter earnings fell 30 percent due to a decline in mortgage fees. (Fri, 19 Oct 2007 15:10:13 GMT)

Wachovia Net Drops 10% on Mortgage, Loan Writedowns (Update4)
Oct. 19 (Bloomberg) -- Wachovia Corp., the fourth-largest U.S. bank, reported its first earnings decline in six years and missed analysts' estimates after a record $1.3 billion of writedowns for bad loans and mortgage-backed securities. (Fri, 19 Oct 2007 15:12:39 GMT)

Home builder outlook falls to record low
An index that tracks developers' expectations of future home sales fell this month to a record low, suggesting price cuts haven't yet injected a spark into the slumping market. (Fri, 19 Oct 2007 15:58:51 GMT)

Blog: American Home Mortgage, earthmovers and you
Signs of a mortgage market in retreat continue to abound. Locally, the latest New York State Labor Department 's report shows that housing related-layoffs are slowing job growth. (Fri, 19 Oct 2007 18:03:43 GMT)

Guilty plea in mortgage fraud case
A Kansas City man pleaded guilty Friday to his role in a mortgage fraud scheme that also allegedly involves a former Jackson County executive and her husband. (Fri, 19 Oct 2007 18:40:04 GMT)

AHFC Awards $625,000 Zero-Percent Loan to Increase Homeownership
Qualifying residents of Anchorage will have greater access to home ownership through a $625,000 loan approved by the Alaska Housing Finance Corporation board of directors Wednesday. (Fri, 19 Oct 2007 19:07:00 GMT)

Wachovia Net Drops 10% on Mortgage, Loan Writedowns (Update7)
Oct. 19 (Bloomberg) -- Wachovia Corp. reported its first earnings decline in six years and missed analysts' estimates after a record $1.3 billion of writedowns for bad loans and mortgage-backed securities. (Fri, 19 Oct 2007 19:36:40 GMT)

MICHAEL VICK FORCED TO SELL HIS HOME: He's also being sued by Wachovia Bank for defaulting on loan.
*Needless to say, these are not good times for suspended Atlanta Falcons quarterback Michael Vick. Now comes word that he's put his lakefront suburban Atlanta estate on the market for $4.5 million, according to the AP and other reports. (Fri, 19 Oct 2007 20:06:35 GMT)

Wachovia Net Drops 10% on Mortgage, Loan Writedowns (Update8)
Oct. 19 (Bloomberg) -- Wachovia Corp. reported its first earnings decline in six years and missed analysts' estimates after a record $1.3 billion of writedowns for bad loans and mortgage-backed securities. (Fri, 19 Oct 2007 20:27:41 GMT)

7th Guilty Plea Filed In Mortgage Fraud Case
An accused kingpin of a high-profile mortgage fraud scheme pleaded guilty in federal court. (Fri, 19 Oct 2007 21:54:55 GMT)

Judge freezes assets of Pa. mortgage broker under investigation
A federal judge on Friday froze the assets of a mortgage broker that prosecutors suspect of defrauding hundreds of people out of millions of dollars. (Fri, 19 Oct 2007 22:49:33 GMT)

30-year mortgage rate is unchanged
Other rates also show little movement, a pattern that analysts attribute to mixed economic reports. (Fri, 19 Oct 2007 23:37:19 GMT)

7th Guilty Plea Filed In Mortgage Fraud Case
An accused kingpin of a high-profile mortgage fraud scheme pleaded guilty Friday in federal court. (Sat, 20 Oct 2007 00:07:15 GMT)

Co-defendant in City Hall case sentenced in mortgage fraud
One of the 16 co-defendants in the City Hall public corruption investigation was sentenced Friday to more than 11 years in federal prison for his role in a mortgage fraud case. (Sat, 20 Oct 2007 03:11:29 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? (Sat, 20 Oct 2007 05:46:48 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, 20 Oct 2007 05:58:45 GMT)

Home Loan U Offers Free Refinancing Tips, Advice for Homeowners Facing Resetting ARMs
(ARA) - As the drum beat of news continues about the credit crunch in the mortgage market, millions of homeowners are worried about their adjustable-rate mortgages that will adjust to higher interest rates, leaving many struggling to make their payment. (Sat, 20 Oct 2007 05:58:55 GMT)

Royal Consultants Make Getting a New York Mortgage Simple
Mortgage programs are finally coming back with more lenders easing up on different requirements. Royal Consultants can help residents obtain a New York mortgage in many different situations including those that are self employed or cannot verify income. With more than 24 years in the business Royal Consultants is ready and able to help potential home buyers and homeowners who may have had a ... (Sat, 20 Oct 2007 07:01:00 GMT)

Royal Consultants Make Getting a New York Mortgage Simple
Mortgage programs are finally coming back with more lenders easing up on different requirements. Royal Consultants can help residents obtain a New York mortgage in many different situations including those that are self employed or cannot verify income. With more than 24 years in the business Royal Consultants is ready and able to help potential home buyers and homeowners who may have had a hard ... (Sat, 20 Oct 2007 07:05:16 GMT)

Wales sits on massive mortgage mountain
HOMEOWNERS in Wales are paying nearly twice as much in monthly mortgage repayments as they did five years ago, it can be revealed today. (Sat, 20 Oct 2007 07:22:37 GMT)

Judge freezes assets of Berks mortgage broker
Prosectors say man defrauded clients out of millions. A federal judge on Friday froze the assets of a mortgage broker that prosecutors suspect of defrauding hundreds of people out of millions of dollars. (Sat, 20 Oct 2007 07:31:31 GMT)

Bear Stearns drops objection to purchase of loan unit
Bear Stearns Cos. dropped its objections to Wilbur Ross Jr.'s purchase of the loan-servicing unit of American Home Mortgage Investment Corp., leaving Deutsche Bank AG as the sale's main opponent. (Sat, 20 Oct 2007 08:39:49 GMT)

US mortgage crisis hits Norfolk jobs
The global credit crunch has had a knock-on effect in Norfolk, with a Wymondham company yesterday announcing redundancies in the wake of the collapse of the subprime mortgage market. (Sat, 20 Oct 2007 09:16:17 GMT)

Loan store held up again
WESTON -- A man in a hooded sweatshirt robbed a Weston loan store for a second time in three weeks, victimizing the same clerk, police say. (Sat, 20 Oct 2007 09:39:54 GMT)

Mortgage swap trap
HOMEOWNERS face penalties of up to $7500 to swap to a cheaper mortgage as figures show nearly 90 per cent of loans now have nasty early exit fees in the fine print. (Sat, 20 Oct 2007 09:50:00 GMT)

Are no-cost refinance loans worth it?
You may have seen ads lately for a "no-cost refinance" mortgage loan. This appears to be a mortgage program that promises no fees or out-of-pocket expenses when you refinance your existing home mortgage. (Sat, 20 Oct 2007 11:10:40 GMT)

Feds say mortgage scandal was fraud
A federal prosecutor finally said Friday what customers of Wesley A. Snyder having been saying for weeks: Snyder committed fraud. In a six-page filing in Harrisburg federal court, Assistant U.S. Attorney Kim Douglas Daniel publicly accused the Berks County mortgage broker for the first tim... (Sat, 20 Oct 2007 15:59:53 GMT)

Pero's much more than a mortgage broker
Mike Pero featured on recent Yellow Pages advert-isements hooning about on a motorbike in the days before his mortgage broker business became a success. (Sat, 20 Oct 2007 16:54:03 GMT)

SF Home Loan Program Assists Teachers, Police
San Francisco will start helping teachers and police officers make down payments on their first homes to keep them from leaving the high-cost city. (Sat, 20 Oct 2007 19:37:00 GMT)

HRA and home loan deductions are separate and distinct
I have a long-term capital loss of Rs 39,000 on transaction done on NSE/BSE on shares, where I have paid STT. I have shares of Ambuja cement, which I had purchased more than a year ago. If I submit these shares in the forthcoming open offer of Ambuja cement in November 07, I will incur long-term capital gains. (Sat, 20 Oct 2007 20:28:20 GMT)

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