Mortgage News Nov 2007

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City warns homeowners of mortgage rescue scams
The City of Milwaukee is issuing an advisory to 167,000 households this fall to be wary of anyone promising easy solutions to mortgage problems. (Thu, 01 Nov 2007 02:21:10 GMT)

Prosecutors rest case in Shields mortgage fraud trial
Prosecutors rested their case Wednesday in the mortgage fraud trial of former Jackson County Executive Katheryn Shields. (Thu, 01 Nov 2007 03:38:38 GMT)

Carbondale Park District to get loan to pay debt
CARBONDALE - Difficulty paying down debt is not a hardship confined to credit card holders and home owners. (Thu, 01 Nov 2007 04:41:18 GMT)

Gov. Rendell touts two mortgage-aid programs
PHILADELPHIA (AP) — Gov. Ed Rendell on Monday gave a big push to two state programs designed to give relief to homeowners victimized by predatory lending or facing unaffordable increases in their mortgage payments. (Thu, 01 Nov 2007 05:34:44 GMT)

Mortgage meltdown stresses counselors, too
It was one of Zach Urban's most trying days as a housing counselor: A woman arrived on his doorstep so distraught over the thought of losing her townhome he feared she might harm herself. Sherie Zamora sought Urban's help when she temporarily lost her job and couldn't get relief from her mortgage company. She said Urban was calm and reassuring as they developed a plan. But as she left his ... (Thu, 01 Nov 2007 07:07:29 GMT)

Defaults up for homeowners holding mortgage insurance
Defaults by U.S. homeowners with private mortgage insurance rose 22 percent in September after house prices fell the most in at least six years, according to an industry report issued yesterday. The number of insured borrowers falling more than 60 days behind on their payments grew to 54,699 in September from 44,791 a year earlier, according to monthly data from the Mortgage Insurance Companies ... (Thu, 01 Nov 2007 07:56:46 GMT)

New-home starts drop 47% locally
But that's good in the long run, experts say: The houses for sale can be absorbed faster. Home builders continued cutting back in the Orlando area this summer, as new-home starts plunged 47 percent in the third quarter compared with the same period a year ago. (Thu, 01 Nov 2007 08:33:57 GMT)

Outsmart Private Mortgage Insurance
One of the risk measures lenders use in underwriting a mortgage is the mortgage's loan to value (LTV) ratio . A mortgage's LTV ratio is a simple calculation made by dividing the amount of the loan by the value of the home. The higher the LTV ratio, the higher the risk profile of the mortgage. (Thu, 01 Nov 2007 08:48:25 GMT)

N.J. offers financial help to those with mortgage problems
TRENTON -- State officials on Wednesday announced a new foreclosure-prevention effort to help thousands of New Jersey borrowers facing mortgage problems. (Thu, 01 Nov 2007 09:47:46 GMT)

Abbey adds new Fix and Flex to mortgage range
Abbey, a savings and mortgage services provider, is planning to add Fix and Flex range of mortgages, which will allow customers to fix at the start of the mortgage, then revert to a competitive variable rate for the remainder of the mortgage term. (Thu, 01 Nov 2007 11:06:56 GMT)

Bankrate: Mortgage Rates Inch Lower
Mortgage rates moved lower this week, with the average conforming 30-year fixed mortgage rate now 6.29 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.38 discount and origination points. (Thu, 01 Nov 2007 11:30:00 GMT)

Refinance Now to Avoid your ARM rate Increase
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Thu, 01 Nov 2007 11:53:11 GMT)

Senator Meets With Customers Of Bankrupt Mortgage Company
The U.S. Attorney's Office said it is working to negotiate a settlement with the owner of Personal Financial Management Mortgage Company, who went bankrupt last month. (Thu, 01 Nov 2007 13:48:10 GMT)

Home, auto loan rates to remain stable
Housing, auto and personal loan seekers can relax as major bankers have said that interest rates are not likely to go up following the Reserve Bank of India's (RBI) decision to suck out more funds from the banks which normally makes borrowings costlier. Moreover, on deposit front, some bankers have said they are likely to maintain the current rates. (Thu, 01 Nov 2007 14:18:03 GMT)

MFA Mortgage Posts 3Q Loss
MFA Mortgage Investments Inc. posted a loss for the third quarter on Thursday after selling off some of its portfolio at a discount. (Thu, 01 Nov 2007 14:22:03 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, 01 Nov 2007 14:26:44 GMT)

Mortgage rates fall near six-month low
Signs that the economy may be slowing ahead helped push mortgage rates near a six-month low, Freddie Mac reported Thursday. (Thu, 01 Nov 2007 15:01:20 GMT)

U.S. mortgage rates drop near six-month lows
CHICAGO (MarketWatch) -- Mortgage rates dropped to near six-month lows this week, driven down once again amid continued market concerns of weaker economic growth and further declines in the housing market, Freddie Mac's chief economist said Thursday. (Thu, 01 Nov 2007 15:02:56 GMT)

New York state sues Santa Ana mortgage appraisal firm
The lawsuit accuses First American Corp. of caving in to demands from Washington Mutual Inc., the nation's largest savings and loan, for higher appraisals on home values. New York Atty. Gen. Andrew Cuomo today sued First American Corp., a Santa Ana-based title insurance and mortgage appraisal company, on charges of giving overly high assessments of home values in order to win business from a ... (Thu, 01 Nov 2007 15:19:50 GMT)

Shields' Husband Testifies In Mortgage Fraud Trial
The husband of former Jackson County Executive Katheryn Shields testified Thursday in a federal mortgage fraud trial. (Thu, 01 Nov 2007 15:58:05 GMT)

30-year mortgage rates fall sharply
WASHINGTON—Rates on 30-year mortgages fell to the lowest level in five months as evidence mounted that the economy is slowing down. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages dipped to 6.26 percent this week, down from 6.33 percent last week. (Thu, 01 Nov 2007 16:12:24 GMT)

30-year mortgage rates fall sharply
WASHINGTON—Rates on 30-year mortgages fell to the lowest level in five months as evidence mounted that the economy is slowing down. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages dipped to 6.26 percent this week, down from 6.33 percent last week. (Thu, 01 Nov 2007 16:18:37 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? (Thu, 01 Nov 2007 16:23:02 GMT)

Cuomo: appraisers inflated home values
New York Attorney General Andrew Cuomo said Thursday a major real estate appraisal company colluded with the nation's largest savings and loan companies to inflate the values of homes, contributing to the subprime mortgage crisis. (Thu, 01 Nov 2007 16:50:31 GMT)

Despite rate plunge, mortgage applications little changed
Mortgage applications barely advanced last week even as interest rates sank to their lowest levels since May, an industry group said Wednesday, largely reflecting the increasing difficulty borrowers face to obtain a loan as banks tighten lending standards. (Thu, 01 Nov 2007 16:56:58 GMT)

Paulson Hedge Funds Cut Subprime-Mortgage Bets, Extend Gains
Nov. 1 (Bloomberg) -- Paulson & Co. scaled back bets against subprime-mortgage securities, recording investment profits that helped the New York-based hedge-fund manager double assets to $24 billion this year. (Thu, 01 Nov 2007 17:05:53 GMT)

U.S. mortgage rates near six-month low
U.S. mortgage rates are near a six-month low, Freddie Mac, the government-backed home lending corporation, said in its weekly report Thursday. (Thu, 01 Nov 2007 17:08:23 GMT)

Cuomo: Appraisers inflated home values
New York Attorney General Andrew Cuomo said Thursday that eAppraiseIT, a major real estate appraisal company, colluded with the nation's largest savings and loan company Washington Mutual to inflate the values of homes, contributing to the subprime mortgage crisis. (Thu, 01 Nov 2007 17:13:10 GMT)

AG Sues Over Inflated Home Prices
State Attorney General Andrew Cuomo says he's suing a major real estate appraisal company for colluding with the nation's largest savings and loan company to inflate the value of home appraisals, contributing to the subprime mortgage crisis. (Thu, 01 Nov 2007 17:26:55 GMT)

Federal Home Loan Bank of Indianapolis Announces New Board Members
INDIANAPOLIS, Nov. 1, 2007 -- The Federal Home Loan Bank of Indianapolis announced today the certified results of the election of directors to its Board of Directors for terms beginning January 1, 2008, and ending December 31, 2010. (Thu, 01 Nov 2007 18:09:56 GMT)

30-year mortgage rates fall sharply
Rates on 30-year mortgages fell to the lowest level in five months as evidence mounted that the economy is slowing down. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages dipped to 6.26 percent this week, down from 6.33 percent last week. It was the lowest level since 30-year mortgages were at 6.21 percent the week of May 17. Analysts attributed this week's ... (Thu, 01 Nov 2007 18:21:50 GMT)

Appraisers alleged to have inflated home values
ALBANY, N.Y. (AP) - New York Attorney General Andrew Cuomo says a major real estate appraisal firm colluded with the nation's largest savings and loan companies to inflate home values, contributing to the subprime mess. (Thu, 01 Nov 2007 18:36:32 GMT)

Appraisers alleged to have inflated home values
ALBANY, N.Y. (AP) - New York Attorney General Andrew Cuomo says a major real estate appraisal firm colluded with the nation's largest savings and loan companies to inflate home values, contributing to the subprime mess. (Thu, 01 Nov 2007 18:36:55 GMT)

CRA Qualified Investment Fund Supports Environmentally-Sound Homeownership in Wyoming: HOME Run Program Finances ...
Families in Wyoming are benefiting from the CRA Qualified Investment Fund's recent bond purchase supporting the Wyoming Community Development Authority's (WCDA) HOME Run Program, a statewide mortgage loan program for first-time homebuyers. In addition to creating new opportunities for homeownership, the HOME Run Program finances affordable, newly constructed homes in Wyoming, all of which are ... (Thu, 01 Nov 2007 18:47:48 GMT)

Countrywide Home Loans Encourages Home Buyers to Review Their Credit Scores Before Applying for a Home Loan
Credit scores are an important factor in the home loan process. (Thu, 01 Nov 2007 19:21:00 GMT)

30-Year Mortgage Rates Fall Sharply
WASHINGTON -- Rates on 30-year mortgages fell to the lowest level in five months as evidence mounted that the economy is slowing down. (Thu, 01 Nov 2007 20:51:44 GMT)

Video - New National Poll: Majority of Americans Oppose Expanded Role for Government in Mortgage Market
As Congress debates how to solve the mortgage credit crunch, a new survey by Freedom Works indicates a majority of Americans don't want Uncle Sam to foot the bill. (Thu, 01 Nov 2007 21:32:00 GMT)

Countrywide Home Loans Encourages Home Buyers to Review Their Credit Scores Before Applying for a Home Loan
Credit scores are an important factor in the home loan process. (PRWeb Nov 1, 2007) Post Comment:Trackback URL: http://www.prweb.com/pingpr.php/TG92ZS1TdW1tLVBpZ2ctWmV0YS1UaGlyLVplcm8= (Thu, 01 Nov 2007 21:49:30 GMT)

New York Sues Firm for Rigging Home Appraisals
All Things Considered , November 1, 2007 · New York Attorney General Andrew Cuomo has initiated a lawsuit against a real estate appraisal unit of the Fortune 500 company First American Corp. He says the appraiser colluded with Washington Mutual, one of the largest savings and loan companies, to inflate home values. (Thu, 01 Nov 2007 21:56:01 GMT)

New York Sues Appraiser In Mortgage Loan Probe
New York's attorney general sued one of the country's largest mortgage appraisers yesterday for inflating house values, saying it would be the first in a series of cases to attack what he said were pervasive conflicts of interest that contributed to the housing crisis. (Thu, 01 Nov 2007 22:29:01 GMT)

Mortgage broker indicted for fraud
ASt. Louis County man was indicted today on money laundering and conspiracy to commit bank, wire and mail fraud charges for his role in a mortgage fraud scheme that netted $1 million from dozens of area properties in 2005 and 2006, prosecutors said. (Thu, 01 Nov 2007 22:40:56 GMT)

Cuomo: Companies' collusion fueled mortgage crisis
New York Attorney General Andrew Cuomo said Thursday a major real estate appraisal company colluded with the nation's largest savings and loan company to inflate the values of homes nationwide, contributing to the subprime mortgage crisis. "This is a case we believe is indicative of an industrywide problem," Cuomo said in a news conference. Cuomo announced the civil lawsuit against eAppraiseIT ... (Fri, 02 Nov 2007 01:55:18 GMT)

Cuomo Sues Over Padded Home Values
New York's attorney general says a major real estate appraisal company conspired with the nation's largest savings and loan companies to inflate the values of home contributing to the sub-prime mortgage crisis. (Fri, 02 Nov 2007 01:56:07 GMT)

Did pumped-up prices spur crisis? / Mortgage Meltdown: 18 pt deck dummy text 18 pt deck dummy text 18 pt deck dummy ...
In a major legal action alleging misdeeds in the mortgage business, New York's attorney general has accused appraisers of helping fuel the nation's foreclosure crisis by pumping up home values at the behest of lenders and other real estate professionals.... (Fri, 02 Nov 2007 02:36:04 GMT)

Answering Your Mortgage Questions
If you missed last week's Web chat with David Reed, author of "Mortgage Confidential: What You Need to Know That Your Lender Won't Tell You," take a look at the transcript. (Fri, 02 Nov 2007 03:16:07 GMT)

Cuomo: Appraisers Pressured to Inflate Subprime Mortgage Value
New York Attorney General Andrew Cuomo announced a lawsuit against real estate appraisal company eAppraiseIT on Thursday, blaming it for helping "set the current mortgage crisis in motion." He accused the company of caving in to pressure from Washington Mutual, one of the nation's largest savings and loan companies, to use a list of "proven appraisers" who he claims inflated home appraisals. The ... (Fri, 02 Nov 2007 04:09:51 GMT)

Cuomo: Appraisers inflated home values
New York Attorney General Andrew Cuomo said Thursday a major real estate appraisal company colluded with the nation's largest savings and loan company to inflate the values of homes nationwide, contributing to the subprime mortgage crisis. (Fri, 02 Nov 2007 06:25:18 GMT)

Should I prepay my home mortgage or stretch out the deduction?
Prepaying can save you a substantial amount over the life of your mortgage by reducing the total interest owed. However, by doing so you also shorten the amount of time you can claim a mortgage interest deduction on your federal tax return. Let members of the Financial Planning Association of Greater Indiana help you decide what to do. (Fri, 02 Nov 2007 06:55:13 GMT)

Banks have grounds to raise home loan rates: Deloitte
A major accounting firm says the big banks have a case for raising home loan interest rates beyond any increase in official rates. (Fri, 02 Nov 2007 07:33:35 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, 02 Nov 2007 08:16:16 GMT)

MORTGAGE FORECLOSURES RISING
Homeowners in Northwest Indiana were among those across the U.S. struggling to make mortgage payments in the third quarter, a mortgage data company said Thursday. (Fri, 02 Nov 2007 08:24:01 GMT)

Collusion cited in subprime mortgage crisis
New York Attorney General Andrew Cuomo said yesterday a major real estate appraisal company colluded with the nation's largest savings and loan companies to inflate the values of homes nationwide, contributing to the subprime mortgage crisis. (Fri, 02 Nov 2007 08:49:04 GMT)

N.Y. attorney general sues over home appraisals
NEW YORK (AP) - New York's attorney general is suing over what he says are inflated home appraisals. Andrew Cuomo says the real-estate firm First American and savings & loan company Washington Mutual have been colluding to inflate the values of homes across the nation. (Fri, 02 Nov 2007 08:55:34 GMT)

Woman fights American Home Mortgage in court
When Paula Rush stepped forward in U.S Bankruptcy Court in Delaware to allege that American Home Mortgage had allowed its affiliates to market risky loans aggressively and ignored obvious signs of fraudulent underwriting, it was hardly the first time she had locked horns with the company. (Fri, 02 Nov 2007 10:33:35 GMT)

Aviva partners with Wizard Home Loans to offer home loan savings
Aviva, a provider of long-term savings, fund management and general insurance services, has announced a partnership with Wizard Home Loans to provide Navigator Business Super plan members with a A$0 application fee offer on Wizards Smart Choice Variation home loan. (Fri, 02 Nov 2007 11:21:06 GMT)

Online Mortgage Rates? Ooh-la-la...
When Paris-based online mortgage broker Meilleurtaux launched in 1999, founder and chief executive Christophe Cremer had a hard time convincing banks to work with him. Though similar sites in the U.S. such as E-Loan (NasdaqGS:BPOP - News) had long enjoyed success, bankers across the Atlantic were skeptical Meilleurtaux (French for "best rate") would take off. Cremer forged ahead anyway -- and ... (Fri, 02 Nov 2007 12:08:41 GMT)

IMAGES: Firefighters Battle Third Scrap-Yard Fire In Past 3 Days
LendingTree has expert articles and mortgage calculators to help you decide. Complete the simple, secure online request and compare up to 4 refinance loan offers. No fees, no obligation! Get started. (Fri, 02 Nov 2007 12:38:51 GMT)

Merrill Lynch reportedly did deals to put off mortgage losses
NEW YORK (MarketWatch) -- Shares of Merrill Lynch & Co. fell more than 8% Friday, retreating in the face of a Wall Street Journal report that the company has engaged in deals with hedge funds to delay when it had to record losses on risky mortgage-backed securities. (Fri, 02 Nov 2007 13:18:06 GMT)

Congress asked to help educate at-risk mortgage holders
WASHINGTON (MarketWatch) -- A top U.S. Treasury official asked for congressional help Friday in reaching out to borrowers with risky mortgages. (Fri, 02 Nov 2007 14:49:26 GMT)

Dems urge faster response to mortgage mess
Members of Congress pushed the Bush administration on Friday to accelerate efforts to stem a rising tide of home foreclosures. (Fri, 02 Nov 2007 14:59:58 GMT)

Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Fri, 02 Nov 2007 15:37:42 GMT)

Sector Snap: Mortgage Insurers
Shares of mortgage insurers on Friday continued a plunge that has gone on almost uninterrupted since the mortgage crisis began unfolding earlier this year. (Fri, 02 Nov 2007 15:50:53 GMT)

Fed's Bernanke Meets Consumer Groups Over Mortgage Concerns
WASHINGTON -(Dow Jones)- U.S. Federal Reserve Chairman Ben Bernanke met Thursday morning with two top consumer advocates, just one month before the central bank plans to propose broad new subprime mortgage rules. (Fri, 02 Nov 2007 16:26:15 GMT)

Sector Snap: Mortgage Insurers
Shares of mortgage insurers on Friday continued a plunge that has gone on almost uninterrupted since the mortgage crisis began unfolding earlier this year. (Fri, 02 Nov 2007 16:46:04 GMT)

Jury in Shields mortgage fraud case begins deliberations
Jurors late this morning began deliberations in the federal mortgage fraud trial of Katheryn Shields, her husband and two others. (Fri, 02 Nov 2007 17:32:17 GMT)

Online Mortgage Rates? Ooh-la-la...
When Paris-based online mortgage broker Meilleurtaux launched in 1999, founder and chief executive Christophe Cremer had a hard time convincing banks to work with him. (Fri, 02 Nov 2007 17:40:23 GMT)

Lenders cut financing for Block mortgage unit
H&R Block Inc. said in filings Thursday that two warehouse financing lines for its Option One Mortgage Corp. were reduced in size and that two others terminated. (Fri, 02 Nov 2007 18:19:29 GMT)

2ND UPDATE: Merrill Lynch Reportedly Did Deals To Put Off Mortgage Losses
NEW YORK (Dow Jones) -- Shares of Merrill Lynch & Co. fell more than 8% Friday, retreating in the face of a Wall Street Journal report that the company has engaged in deals with hedge funds to delay when it had to record losses on risky mortgage-backed securities. (Fri, 02 Nov 2007 19:11:40 GMT)

Federal Home Loan Bank of Atlanta Names New Director of Community Investment Services
Federal Home Loan Bank of Atlanta today announced Arthur Fleming has joined the Bank as first vice president and director of the Community Investment Services department effective Nov. 1, 2007. (Fri, 02 Nov 2007 19:46:00 GMT)

Home mortgage rates fluctuate slightly
Hawaii's largest bank held steady on its 30-year mortgage rate as others rose slightly this week. (Fri, 02 Nov 2007 20:20:06 GMT)

Peter G. Miller: Unpaid mortgage balance may be taxable
Q: At the end of 2006 we voluntarily gave our house back to the mortgage company. We had our house on the market for three months and received one offer, but it was lower than what we could accept. (Fri, 02 Nov 2007 21:24:17 GMT)

New Century Blames Countrywide on Refi
New Century Financial Corp. says it would face a "flood of litigation" if Countrywide Financial Corp., the country's biggest mortgage lender, is allowed to proceed with a lawsuit involving a bungled refinancing of a Las Vegas borrower's mortgage. (Fri, 02 Nov 2007 22:25:53 GMT)

Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Fri, 02 Nov 2007 22:36:38 GMT)

Shields mortgage-fraud jury sent home for the weekend
The jury in the Katheryn Shields mortgage fraud trial deliberated for about four hours Friday without reaching a verdict. (Fri, 02 Nov 2007 22:47:17 GMT)

3 defendants in mortgage fraud case plead guilty
The principal players behind a giant mortgage fraud conspiracy that beset several southern Twin Cities suburbs and cast a pall over the area's housing market pleaded guilty to felony charges Friday in U.S. District Court. Michael Parish, 62, president and owner of Parish Marketing and Development Corp., admitted to constructing the wide-ranging conspiracy that bilked lenders on nearly 200 ... (Sat, 03 Nov 2007 03:04:07 GMT)

Get Tips To Secure Mortgage
Your mortgage will probably be your biggest debt and it represents two to three times your annual income. (Sat, 03 Nov 2007 03:33:06 GMT)

Democrats Push For Mortgage Solution
Members of Congress pushed the Bush administration Friday to accelerate efforts to stem a rising tide of home foreclosures. (Sat, 03 Nov 2007 04:06:57 GMT)

Congress pushes Bush for help on mortgage crisis
Members of Congress pushed the Bush administration yesterday to accelerate efforts to stem a rising tide of home... (Sat, 03 Nov 2007 04:43:00 GMT)

Mortgage banking firms merge, change name
Some mortgage banking employees in Indianapolis soon will have a new employer. North Carolina-based BB&T Corp. has completed its acquisition of commercial real estate financing firm Collateral Real Estate Capital LLC. (Sat, 03 Nov 2007 06:54:41 GMT)

Mortgage credit-score fraud still unchecked
Credit-score inflation schemes for mortgage applicants haven't been reined in, worsening industry problems. (Sat, 03 Nov 2007 07:31:58 GMT)

Harford woman battles mortgage giant in court
When Paula Rush stepped forward in U.S. Bankruptcy Court in Delaware to allege that American Home Mortgage had allowed its affiliates to market risky loans aggressively and ignored obvious signs of fraudulent underwriting, it was hardly the first time she had locked horns with the company. (Sat, 03 Nov 2007 07:40:34 GMT)

N.J. offers financial help to those with mortgage problems
TRENTON -- State officials on Wednesday announced a new foreclosure-prevention effort to help thousands of New Jersey borrowers facing mortgage problems. (Sat, 03 Nov 2007 08:37:30 GMT)

Five indicted in mortgage fraud scheme in Cleveland, other cities
Five people have been charged in a mortgage fraud case that prosecutors say may mushroom to include 150 houses and $60 million in loans. (Sat, 03 Nov 2007 08:50:05 GMT)

New Century: Countrywide Suit Could Fuel More Litigation
Philadelphia — New Century Financial Corp. says it would face a “flood of litigation” if Countrywide Financial Corp., the country's biggest mortgage lender, is allowed to proceed with a lawsuit involving a bungled refinancing of a Las Vegas borrower's mortgage. (Sat, 03 Nov 2007 10:14:04 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, 03 Nov 2007 11:28:44 GMT)

Mortgage Company to sponsor home buyer's seminar Tuesday
The Mortgage Company is sponsoring a home buyer's seminar. People who are currently in the process of buying a home, starting to look for a home or even thinking about purchasing a home are encouraged to attend. (Sat, 03 Nov 2007 13:47:27 GMT)

Subprime mortgage losses miniscule compared to what is cooking in the prime mortgage areas –financial meltdown ...
It is quiet and steady meltdown. The bubble is imploding slowly and steadily. What happened to Citi Bank, Chase, Wachovia, Merrill and others is just a tip of the iceberg. The fact is that no one knows how to price these risky mortgage securities any more. (Sat, 03 Nov 2007 18:12:33 GMT)

Chairman and chief executive of Citigroup stepping down confirming that the mortgage bubble and scam is beyond ...
Things are becoming more transparent. The mortgage bubble and the scam is just beyond anything we have ever seen. Chuck Prince is planning to step down as chairman and chief executive of the banking giant. (Sat, 03 Nov 2007 18:27:33 GMT)

N.J. offers financial help to those with mortgage problems
TRENTON -- State officials on Wednesday announced a new foreclosure-prevention effort to help thousands of New Jersey borrowers facing mortgage problems. (Sat, 03 Nov 2007 20:17:52 GMT)

Developers Plead Guilty In MN Mortgage Fraud Case
A longtime home builder, his wife and son-in-law have pleaded guilty for their roles in a mortgage fraud scheme that bilked lenders and others out of an estimated $50 million involving nearly 200 homes. (Sat, 03 Nov 2007 22:54:19 GMT)

Developers plead guilty in mortgage fraud case
A longtime home builder, his wife and son-in-law have pleaded guilty for their roles in a mortgage fraud scheme that bilked lenders and (Sun, 04 Nov 2007 02:35:37 GMT)

Boil Order Lifted For Mobile Home Park
DULZURA, Calif. -- A boil-water order was canceled Saturday for residents of a mobile home park in Dulzura whose tap water may have been contaminated during the recent wildfires, county officials said. (Sun, 04 Nov 2007 03:10:37 GMT)

Real estate in Saratoga Springs is actually a buyer's market
If one were to read the national news regarding foreclosures, mortgage company closings, etc., one would think now is not a good time to be financing a new home or refinancing an existing home. That could not be further from the truth. (Sun, 04 Nov 2007 03:19:24 GMT)

Seniors tap home equity with reverse mortgages
Three years ago, Robert Donegan Sr. crushed four of his vertebrae in a car accident. After an extended stay in the hospital and a long road to recovery, the bills piled up and his James Island home looked neglected. (Sun, 04 Nov 2007 04:11:24 GMT)

Congress pressures lenders to help nation’s troubled mortgage holders
U.S. Rep. Shelley Moore Capito, R-W.Va., said Friday that Congress is hearing a much greater willingness from mortgage lenders to help borrowers stay in their homes than the lenders displayed last year. (Sun, 04 Nov 2007 04:12:28 GMT)

Fixing the mortgage crisis
Though unprecedented real estate growth in recent years tremendously benefited the economy in most states, the mortgage... (Sun, 04 Nov 2007 04:45:34 GMT)

A house without a mortgage
Conventional mortgage: A customer borrows money from a bank and buys the house outright, using the house as collateral on the loan. The customer then pays back the bank over time with interest. (Sun, 04 Nov 2007 04:48:53 GMT)

Vets celebration at soldiers home
The Chelsea Soldiers' Home will hold its annual Veterans Day celebration at 10:30 a.m. Thursday. The keynote speaker will be Paul Morin, the outgoing national commander of the American Legion and current superintendent of the Holyoke Soldiers' Home. As it does annually, the Chelsea High School band is scheduled to perform at the event. A holiday meal will be served ... (Sun, 04 Nov 2007 05:31:11 GMT)

Wells Fargo lays off loan-processing workers
Employees were laid off at Wells Fargo's Billings loan-processing center Thursday. (Sun, 04 Nov 2007 05:39:46 GMT)

Beijing's bank defines "second" mortgage
The Bank of Communications (BOC)' Beijing branch has recently given its own definition of a "second" mortgage, which will base on the house property of the applicant rather than the applicant's family. "In Beijing, we will examine ... (Sun, 04 Nov 2007 06:48:24 GMT)

Mortgage mess hitting WaMu hard
If you think the worst is over for mortgage lenders, a close look at Washington Mutual's balance sheet should dispel that notion pretty... (Sun, 04 Nov 2007 07:16:40 GMT)

Shop around if refinance stalled
Question: My sister-in-law is trying to refinance her home. She has roughly $250,000 equity in a $550,000 home. She applied back in early August and now we are almost in November. Her lender tells her everything is set to go but then keeps stalling asking for more verification info. (Sun, 04 Nov 2007 08:23:39 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, 04 Nov 2007 08:57:28 GMT)

Mortgage-burning ceremony Saturday
The Strafford Senior Center will host a mortgage-burning ceremony at 1 p.m. Saturday. An open house will continue through 3 p.m. with a short program and refreshments. (Sun, 04 Nov 2007 09:02:59 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. (Sun, 04 Nov 2007 09:15:47 GMT)

Housing boom breeds mortgage schemes
Mortgage fraud has long been part of the real estate landscape. Many schemes have involved the flipping of properties quickly at inflated appraisals and prices. (Sun, 04 Nov 2007 09:45:20 GMT)

Refinance Your Auto Loan and Ease a Tight Budget
(ARA) - Living from paycheck to paycheck can be very stressful when unexpected emergency situations happen. You have to squeeze some extra money out of your budget, but where is it going to come from? (Sun, 04 Nov 2007 10:37:52 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? (Sun, 04 Nov 2007 10:38:22 GMT)

Want a Mortgage? Start by Settling Your Score
(ARA) - Anyone who's been denied credit may feel the old adage "you can't fight city hall" should be replaced by a new axiom: "You can't fight the credit system." But not only can you fight, if you're even thinking about applying for a mortgage in the future, you almost certainly need to. (Sun, 04 Nov 2007 11:08:22 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." (Sun, 04 Nov 2007 11:08:32 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, 04 Nov 2007 11:08:42 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, 04 Nov 2007 11:53:57 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. (Sun, 04 Nov 2007 12:08:02 GMT)

Auto Loan Refinance = Lower Payments
(ARA) - It is not uncommon for car owners to find themselves in a situation where their car payments become a bigger financial drain than they anticipated. This can happen for many different reasons: job loss, sudden unexpected expenses, or simply because the car payments aren't in line with income. (Sun, 04 Nov 2007 12:21:46 GMT)

Rates in home straight
PUNTERS with an average Melbourne mortgage will have to win enough cash on the Cup to pay an extra $51 a month off their home loan. (Sun, 04 Nov 2007 13:00:00 GMT)

Rates in home straight
PUNTERS with an average Melbourne mortgage will have to win enough cash on the Cup to pay an extra $51 a month off their home loan. (Sun, 04 Nov 2007 13:00:00 GMT)

RAMS warning as borrowers battle to refinance
Mortgage brokers are warning of a rush to the exits from RAMS Home Loans, with borrowers desperate to refinance loans made with the troubled non-bank lender. (Sun, 04 Nov 2007 13:04:13 GMT)

Beijing's bank defines 'second' mortgage
BEIJING -- The Beijing branch of Bank of Communications (BOCOM) has recently given its own definition of a "second" mortgage, which will base on the house property of the applicant rather than the applicant's family. (Sun, 04 Nov 2007 13:17:07 GMT)

Warnock keen to land loan striker
Crystal Palace boss Neil Warnock is keen to sign a striker on loan after seeing his side draw a blank in a 0-0 draw at Scunthorpe on Saturday. (Sun, 04 Nov 2007 13:27:54 GMT)

Use Auto Refinancing to Ease the Family Budget
(ARA) - With gas prices at an all-time high and no relief in site, families are finding it necessary to cut back their spending on other items in order to fill up the car's tank. It's reported that gas prices could exceed $4 per gallon this summer. (Sun, 04 Nov 2007 13:52:52 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. (Sun, 04 Nov 2007 15:21:59 GMT)

Refinance Your Auto Loan and Ease a Tight Budget
(ARA) - Living from paycheck to paycheck can be very stressful when unexpected emergency situations happen. You have to squeeze some extra money out of your budget, but where is it going to come from? (Sun, 04 Nov 2007 15:36:36 GMT)

Use Auto Refinancing to Ease the Family Budget
(ARA) - With gas prices at an all-time high and no relief in site, families are finding it necessary to cut back their spending on other items in order to fill up the car's tank. It's reported that gas prices could exceed $4 per gallon this summer. (Sun, 04 Nov 2007 15:36:58 GMT)

Home Loan U Offers Free Refinancing Tips
(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. (Sun, 04 Nov 2007 16:08:29 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. (Sun, 04 Nov 2007 16:08:31 GMT)

Home Loan U Offers Free Refinancing Tips
(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. (Sun, 04 Nov 2007 17:21:35 GMT)

Auto Loan Refinance = Lower Payments
(ARA) - It is not uncommon for car owners to find themselves in a situation where their car payments become a bigger financial drain than they anticipated. This can happen for many different reasons: job loss, sudden unexpected expenses, or simply because the car payments aren't in line with income. (Sun, 04 Nov 2007 18:07:42 GMT)

Think You're Paying Too Much on Your Car Loan?
(ARA) - You have probably heard of auto refinance before. Or simply refinance. The term actually refers to a financial situation wherein a borrower finds financing to pay off a current loan. (Sun, 04 Nov 2007 18:52:28 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, 04 Nov 2007 19:52:41 GMT)

Why Now is a Good Time to Refinance
(ARA) - Tired of living paycheck to paycheck? Feel like your budget is stretched so thin, there's no way you'll ever get your credit cards paid off? If so, you're not alone. (Sun, 04 Nov 2007 19:52:51 GMT)

17 N.J. residents bamboozled in mortgage scam
A national mortgage scam has ensnared hundreds of victims in 27 states, including at least 17 homeowners in New Jersey, Gannett New Jersey newspapers has learned. (Sun, 04 Nov 2007 19:57:04 GMT)

Home truths
Should you pre-pay an older, costlier housing loan and opt for a lower-interest one? Srikumar Bondyopadhyay explores Over three million families in the country saw their household budgets fall apart after a steep 4.5 percentage point rise in home loan rates between April 2005 and April 2007. To add to their woes, bankers are offering lower rates during the festival season to new borrowers only, ... (Sun, 04 Nov 2007 21:57:54 GMT)

Developers plead guilty in mortgage fraud scheme
MINNEAPOLIS (AP) - A longtime Twins Cities home builder, his wife and son-in-law have pleaded guilty for their roles in a mortgage fraud scheme. The developers bilked lenders and others out of an estimated $$50 million involving nearly 200 homes. (Sun, 04 Nov 2007 23:35:04 GMT)

Bankers? Lesson From Mortgage Mess: Sell, Don?t Hold
Top executives at two of the world?s largest banks have come under scrutiny for ignoring one of the fundamental principles of the banking business. (Sun, 04 Nov 2007 23:50:20 GMT)

Citigroup chief resigns amid subprime mortgage crisis - Summary
New York - The chief executive of Citigroup, the largest US financial firm, resigned Sunday amid fallout from the subprime mortgage crisis. Prince is to be replaced by Sir Win Bischoff as interim chief executive and Robert Rubin as chairman, the comp... (Mon, 05 Nov 2007 01:00:47 GMT)

WEEKEND EDITION: Scarcity, Cost Of Jumbo Mortgages Portend Big Home-price Drops
WASHINGTON (Dow Jones) -- Home buyers with the very best credit are still having a difficult time getting mortgages in California, raising concerns that the real estate market in the nation's most populous state could fall much further, sending home values spiraling lower and toppling the state's economy into recession. (Mon, 05 Nov 2007 02:11:39 GMT)

Beijing's bank defines 'second' mortgage
The Beijing branch of Bank of Communications (BOCOM) has recently given its own definition of a "second" mortgage, which will base on the house property of the applicant rather than the applicant's family. (Mon, 05 Nov 2007 02:13:13 GMT)

China's BoCom Beijing branch clarifies definition of 'second mortgage' - Xinhua
BEIJING (XFN-ASIA) - Beijing's branch of the Bank of Communications ( Nachrichten ) (BoCom) has defined a second mortgage as one based on the house property of the applicant rather than the applicant's family, the official Xinhua news agency reported, citing a bank official. (Mon, 05 Nov 2007 04:49:58 GMT)

Putting an End to Abusive Lending
When members of the House Financial Services committee meet to put the finishing touches on a bill to curb abusive mortgage lending, they need focus only on how to make a good bill better. (Mon, 05 Nov 2007 04:56:09 GMT)

(AFX UK Focus) 2007-11-05 04:37 GMT: China's BoCom Beijing branch clarifies definition of 'second mortgage' - Xinhua
BEIJING (XFN-ASIA) - Beijing's branch of the Bank of Communications (BoCom) has defined a second mortgage as one based on the house property of the applicant rather than the applicant's family, the official Xinhua news agency reported, citing a bank official. (Mon, 05 Nov 2007 05:06:11 GMT)

The risk of owning low-rated commercial mortgage-backed securities has widened by almost 50% in the past month, ...
The risk of owning low-rated commercial mortgage-backed securities has widened by almost 50% in the past month, leading analysts to fear the sector may be emulating the beleaguered residential mortgage sector. (Mon, 05 Nov 2007 05:13:35 GMT)

Citigroup chief quits after big mortgage-linked losses
NEW YORK -- Charles Prince, the chairman and chief executive of Citigroup Inc., resigned Sunday amid billions of dollars in losses from bad investments in mortgage-related debt. (Mon, 05 Nov 2007 05:22:34 GMT)

Proposed mortgage lending reform sparks industry angst
Proposed federal legislation to reform the mortgage industry has received mixed reviews. (Mon, 05 Nov 2007 05:38:58 GMT)

Paulson's Focus on Subprime `Excesses' Shows His Goldman Gorged
Nov. 5 (Bloomberg) -- Treasury Secretary Henry Paulson says the U.S. is examining the subprime mortgage crisis to ensure that ``yesterday's excesses'' aren't repeated. He could be talking about himself and his former firm, Goldman Sachs Group Inc. (Mon, 05 Nov 2007 05:42:31 GMT)

Mortgage refinancing pitches keep on coming
“Congratulations!” Irvine-based mortgage brokerage Sunwest Lending Group wrote in a recent mailing to a homeowner. “You have been selected to substantially reduce your mortgage payment,” the flier says, dangling a monthly payment of only $1,190 based on a 1 percent interest rate. (Mon, 05 Nov 2007 05:58:16 GMT)

Bank of America mortgage cuts will hit Rancho Cordova operation
Bank of America Corp. will exit its consumer wholesale-mortgage business, a move that will eliminate 700 jobs, including "less than 100" in Rancho Cordova. (BAC) (Mon, 05 Nov 2007 06:03:58 GMT)

Refinance pitches in subprime tone
"Congratulations!" mortgage brokerage Sunwest Lending Group wrote in a recent mailing to a homeowner. (Mon, 05 Nov 2007 06:09:07 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, 05 Nov 2007 09:15:45 GMT)

Want a Mortgage? Start by Settling Your Score
(ARA) - Anyone who's been denied credit may feel the old adage "you can't fight city hall" should be replaced by a new axiom: "You can't fight the credit system." But not only can you fight, if you're even thinking about applying for a mortgage in the future, you almost certainly need to. (Mon, 05 Nov 2007 09:16:22 GMT)

Commercial Bank of Dubai inks deal with National General Insurance Company for home loan protection
Commercial Bank of Dubai has announced it signed an agreement with National General Insurance Company to provide insurance coverage to all the home finance loans given by the bank. (Mon, 05 Nov 2007 10:04:17 GMT)

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