Mortgage News Nov 2007
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House bill boosts home-loan program for veterans
The House has passed a bill to increase funding for a low-interest loan program that helps veterans in Oregon and four other states buy homes. (Thu, 08 Nov 2007 18:58:13 GMT)
HSBC Ends Sales of Mortgage-Backed Securities in U.S. (Update2)
Nov. 8 (Bloomberg) -- HSBC Holdings Plc, the biggest U.K. bank, said it stopped sales and trading of mortgage-backed securities in the U.S. after the collapse of the subprime market forced it to close down two lending units. (Thu, 08 Nov 2007 19:20:56 GMT)
Funds Will be Made Available for Refinancing
Hartford - Gov. M. Jodi Rell announced today that the state will make available $50 million in refinancing to help address the subprime mortgage crisis in Connecticut. (Thu, 08 Nov 2007 19:32:24 GMT)
AIG: Mortgage guaranty to be under pressure through 2008
SAN FRANCISCO (MarketWatch) -- American International Group Inc.'s mortgage-guaranty business will be pressured by housing-market weakness through 2008, Chief Executive Martin Sullivan said Thursday. (Thu, 08 Nov 2007 19:33:10 GMT)
Governor Offers Refinancing Program
First-time home buyers with adjustable-rate, subprime mortgages now facing steep increases in monthly payments and the prospect of foreclosure may qualify for a refinancing program announced by the governor Thursday. (Thu, 08 Nov 2007 20:27:33 GMT)
30-Year Fixed Mortgage Rates Decline
Rates on 30-year mortgages fell for the third straight week, dropping to the lowest level in five months. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages dipped to 6.24 percent this week, down from 6.26 percent last week. (Thu, 08 Nov 2007 21:40:53 GMT)
30-year fixed mortgage rates decline
Rates on 30-year mortgages fell for the third straight week, dropping to the lowest level in five months. (Thu, 08 Nov 2007 21:40:53 GMT)
HSBC Ends US Mortgage-Backed Bond Sales
HSBC Holdings PLC said it stopped selling and trading mortgage-backed securities in the United States as the British bank continues to adapt its businesses to turmoil caused by a sharp rise in mortgage defaults and a loss of investor confidence. (Thu, 08 Nov 2007 22:13:26 GMT)
Ohio to get aggressive with subprime mortgage lenders
Ohio's governor and attorney general said Thursday they would issue subpoenas and take other aggressive measures against subprime mortgage lenders. (Thu, 08 Nov 2007 22:22:40 GMT)
Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Thu, 08 Nov 2007 22:36:58 GMT)
Canada's AIC Sells 13 Percent Stake in Mortgage Insurer Radian
Nov. 8 (Bloomberg) -- AIC Ltd., the Canadian mutual fund manager that in September became the largest investor in mortgage insurer Radian Group Inc., has sold its 13 percent stake. (Thu, 08 Nov 2007 22:39:17 GMT)
U.S. 30-year fixed mortgage rates fall for third straight week
WASHINGTON - Rates on 30-year mortgages in the United States fell for the third straight week, dropping to the lowest level in five months. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages dipped to 6.24 per cent this week, down from 6.26 per cent last week. (Thu, 08 Nov 2007 22:47:28 GMT)
Bernanke proposes new mortgage guarantees
As Congress and the financial services industry struggle to cope with rising mortgage defaults and a deepening housing slump, Federal Reserve Chairman Ben Bernanke Wednesday proposed that the federal government guarantee so-called “jumbo” home loans up to $1 million. (Thu, 08 Nov 2007 23:45:02 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? (Fri, 09 Nov 2007 00:21:35 GMT)
Spitzer, Cuomo try to limit impact of sub-prime mortgage market meltdown
ALBANY - Gov. Eliot Spitzer and Attorney General Andrew Cuomo said Thursday that they will jointly work on remedies to the subprime mortgage crisis that is crippling the housing market in New York and across the country. (Fri, 09 Nov 2007 02:47:45 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, 09 Nov 2007 03:21:46 GMT)
Six area individuals charged in $14 million mortgage fraud scheme
A federal grand jury in Kansas has charged six Kansas City area individuals in a $14 million mortgage fraud that preyed on low-income homebuyers. (Fri, 09 Nov 2007 04:19:37 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. (Fri, 09 Nov 2007 04:28:44 GMT)
Local charity loses $48,498 in mortgage loan crisis
An Indianapolis charity that helps terminally ill children take family vacations, meet celebrities and go on shopping sprees has become a victim of the nation's subprime mortgage loan crisis. (Fri, 09 Nov 2007 07:55:53 GMT)
SaveForHouse.com Site Launch: How To Save Money for a Mortgage Loan Down Payment
SaveForHouse.com is the newest site on the Internet focusing on ways to save money for a mortgage loan down payment. Prompted by the subprime mortgage crisis, home mortgage lenders are now requiring all borrowers to save a large down payment. It's a challenge for many consumers to save a substantial down payment and the focus of Save For House is to provide free advice, articles and money saving ... (Fri, 09 Nov 2007 08:32:23 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, 09 Nov 2007 09:17:10 GMT)
Mortgage lenders reject Strickland plan on foreclosure crisis
Columbus- Gov. Ted Strickland last month took on mortgage lenders, demanding they take a greater role in stopping Ohio's quickening slide into a deeper foreclosure crisis. But on Thursday, he said his plans were rejected. (Fri, 09 Nov 2007 09:51:45 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. (Fri, 09 Nov 2007 10:06:35 GMT)
HSBC ends sale in U.S. of mortgage securities
HSBC Holdings PLC says it has stopped sales and trading of mortgage-backed securities in the United States after the collapse of the subprime mortgage market. (Fri, 09 Nov 2007 10:21:15 GMT)
HSBC BAILS OUT OF MORTGAGE TRADING
Global banking giant HSBC has put up the white flag in its grab for dominance in the mortgage market by closing its three-year-old asset- and mortgage-backed securities department and firing the staff. HSBC's attempt to become a predominant player... (Fri, 09 Nov 2007 10:28:42 GMT)
Mortgage website gone after aid agency complains
A mortgage website that may have misled people searching for the Internet home of the state's housing finance agency was taken down yesterday afternoon after the agency threatened legal action. (Fri, 09 Nov 2007 10:39:13 GMT)
Refinance car loan when numbers add up
Sometimes it makes sense to refinance a car loan, says Bankrate car columnist Terry Jackson. (Fri, 09 Nov 2007 11:00:00 GMT)
Governor wants subpoenas issued to lenders in mortgage crisis
COLUMBUS, Ohio (AP) -- Ohio mortgage lenders have been put on notice: Government subpoenas and new regulatory rules will be used to address the state's burgeoning subprime mortgage crisis. (Fri, 09 Nov 2007 12:12:46 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." (Fri, 09 Nov 2007 12:37:44 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. (Fri, 09 Nov 2007 12:53:02 GMT)
Rell Launches Mortgage Refinancing Program
HARTFORD, CT (2007-11-09) Connecticut Governor Jodi Rell is launching a 50-million dollar mortgage refinancing program for low-income homeowners. WNPR's Av Harris reports. (Fri, 09 Nov 2007 13:23:53 GMT)
Fannie Mae Profit Falls as Mortgage Defaults Fuel Credit Losses
Nov. 9 (Bloomberg) -- Fannie Mae, the biggest source of money for U.S. home loans, said profit in the first nine months of the year fell 57 percent as mortgage defaults fueled an increase in credit losses. (Fri, 09 Nov 2007 14:20:53 GMT)
Fannie Mae Profit Falls as Mortgage Defaults Fuel Credit Losses
Nov. 9 (Bloomberg) -- Fannie Mae, the biggest source of money for U.S. home loans, said profit in the first nine months of the year fell 57 percent as mortgage defaults fueled an increase in credit losses. (Fri, 09 Nov 2007 14:27:31 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? (Fri, 09 Nov 2007 14:39:30 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. (Fri, 09 Nov 2007 14:41:33 GMT)
Fannie Mae profit ravaged by loan market
Profits for the home loan company dropped by more than half in the first nine months of the year due to credit and mortgage losses. (Fri, 09 Nov 2007 15:31:10 GMT)
Mortgage mess on Wall Street
Stocks sold off early Friday, continuing steep losses for the week, as Wachovia became the latest bank hit by fallout in the mortgage sector. (Fri, 09 Nov 2007 15:46:00 GMT)
Do you have a subprime mortgage? State could help
HARTFORD - The state Thursday unveiled a $50 million program to help first-time home buyers caught up in the subprime mortgage mess. (Fri, 09 Nov 2007 15:48:50 GMT)
PHH 3Q Loss Widens on Mortgage Woes
Mortgage originator and car fleet manager PHH Corp. said Thursday its third-quarter loss widened as its mortgage business faltered amid the broader housing slump. (Fri, 09 Nov 2007 16:09:12 GMT)
Fannie Mae loses $1.4 billion in mortgage mess
Fannie Mae's third-quarter loss more than doubled to $1.4 billion, reducing year-to-date profits by more than half, as credit losses and mounting mortgage delinquencies sour its outlook into 2008, the company said today. (Fri, 09 Nov 2007 16:27:46 GMT)
Markets stomped by mortgage woes
Stocks sold off early Friday, continuing steep losses for the week, as Wachovia and the government-backed Fannie Mae became the latest victims hit by the fallout in the mortgage sector. (Fri, 09 Nov 2007 17:01:10 GMT)
Fannie Mae Hit Hard by Slumping Mortgage Market
Fannie Mae, the giant mortgage funding company, today reported that deterioration in the housing market led to a sixfold increase of its expenses during the third quarter for loan delinquencies and foreclosures. (Fri, 09 Nov 2007 17:15:19 GMT)
Photo Release -- Monroe Bank & Trust Executive Named to Federal Home Loan Bank of Indianapolis Board
MONROE, Mich., Nov. 9, 2007 -- John L. Skibski, Executive Vice President and Chief Financial Officer of Monroe Bank & Trust , was recently elected to the Board of Directors of the Federal Home Loan Bank of Indianapolis . (Fri, 09 Nov 2007 18:35:18 GMT)
Stocks cut down by mortgage woes
Stocks sold off Friday, continuing steep losses for the week, as Wachovia and the government-backed Fannie Mae became the latest victims hit by the fallout in the mortgage sector. (Fri, 09 Nov 2007 19:01:00 GMT)
As Loans Go Bad, Mortgage Insurers Worry
As the housing market crumbles, homeowners are worried about mortgage payments and sellers are worried about slumping prices -- but the companies that insure their loans are worrying about their very survival in the face of billions of dollars in claims. (Fri, 09 Nov 2007 20:09:36 GMT)
Stocks cut down by mortgage woes
Stocks fell sharply Friday as mortgage woes riled Wall Street, adding to the steep losses of recent days. (Fri, 09 Nov 2007 20:46:20 GMT)
Fannie Mae says loan losses will double in 2008
Mortgage finance company Fannie Mae expects to see its home loan loss rate double in 2008 compared to this year, the company's chief executive said on Friday. (Fri, 09 Nov 2007 21:03:44 GMT)
Peter G. Miller: Family in mortgage trouble should look into modifications
Q: We purchased a house for $440,000 including closing costs and other fees September 2006. The house value then was $488,000. This year, we wanted to refinance so we could lower our monthly payment, but unfortunately the market value of property is said to be $418,000. Now we are facing a hardship paying our monthly mortgage, so I asked our lenders for a modification. (Fri, 09 Nov 2007 21:24:22 GMT)
Bill Aimed at Predatory Refinancing Puts the Wrong Burden on Lenders
Editor's note: This column is a version of an article that has appeared previously on Jack Guttentag's Web site and elsewhere. The issue it addresses has been revived in legislation now under consideration in the House of Representatives. (Fri, 09 Nov 2007 21:40:05 GMT)
A seasoned pro scoops up mortgage stocks
As mortgage insurance stocks have gone into freefall over the past month, speculation has been intense about whether a deep-pocketed investor would step in and start buying, in the belief that the stock prices had fallen too far. (Fri, 09 Nov 2007 21:46:00 GMT)
Pa. Mortgage Firm Head to Plead Guilty
The owner of a bankrupt Pennsylvania mortgage business has agreed to plead guilty to mail fraud in a case that has thrown hundreds of homeowners' finances into turmoil, federal prosecutors said Friday. (Fri, 09 Nov 2007 21:52:57 GMT)
Millions braced for biggest leap in the fixed mortgage rate on record
Homeowners are facing the biggest jump in fixed-rate mortgage costs on record. Monthly payments agreed last month on two-year, £150,000 loans were nearly £200 higher than in 2005 (Fri, 09 Nov 2007 22:11:36 GMT)
Capstead Mortgage planning public offering
Capstead Mortgage Corp. plans to publicly offer 7 million shares of its common stock, the company said Friday. (Fri, 09 Nov 2007 23:21:01 GMT)
As loans go bad, mortgage insurers worry
As the housing market crumbles, homeowners are worried about mortgage payments and sellers are worried about slumping prices — but the companies that insure their loans are worrying about their very survival in the face of billions of dollars in claims. (Fri, 09 Nov 2007 23:31:01 GMT)
Tailoring services to fit local needs
A year ago, mortgage lending officers at the State Bank of Cross Plains never saw new customers hoping to refinance... (Sat, 10 Nov 2007 01:18:43 GMT)
Don't Refinance Your Home to Pay Off Credit Card Debt - There's a Better Way
(ARA) - Ever received one of those offers in the mail that seems like the solution to all your problems? It may have said, "Your home is an untapped resource. Refinance your loan with us and you'll get quick cash to buy a car, fund college or pay off your credit card debt." (Sat, 10 Nov 2007 03:58:54 GMT)
E*Trade Cuts Profit Forecast, Citing Write-Downs on Mortgage Securities
E*Trade said that it would miss its previously announced profit targets because it expected to report ?significant write-downs? in the value of mortgage-backed securities it holds. (Sat, 10 Nov 2007 04:36:10 GMT)
Campaign Advisers Focus on Mortgage Crisis
A new issue is emerging in the 2008 presidential race: how best to keep the mortgage crisis from driving millions of people from their homes. (Sat, 10 Nov 2007 05:37:30 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? (Sat, 10 Nov 2007 06:08:22 GMT)
Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Sat, 10 Nov 2007 06:08:32 GMT)
More banks forecasting losses from mortgage woes
Wachovia Corp., the fourth-biggest U.S. bank, said mortgage-related losses and reserves for bad loans may total $1.7 billion this quarter. Bank of America Corp. and JPMorgan Chase & Co. said their earnings also may suffer. (Sat, 10 Nov 2007 06:45:12 GMT)
Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Sat, 10 Nov 2007 10:23:10 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, 10 Nov 2007 11:07:52 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. (Sat, 10 Nov 2007 11:36:36 GMT)
Senate OKs Stamas' bill on mortgage loan officers
The Senate passed legislation Tuesday that will help address problems within the mortgage industry by registering loan officers, said Midland Republican Sen. Tony Stamas, sponsor of the reform plan. (Sat, 10 Nov 2007 12:39:30 GMT)
Private mortgage insurers dragged down
As the housing market crumbles, homeowners are worried about mortgage payments and sellers are worried about slumping prices — but the companies that insure their loans are worrying about their very survival in the face of billions of dollars in claims. (Sat, 10 Nov 2007 13:18:15 GMT)
Refinance Now to Avoid your ARM rate Increase
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Sat, 10 Nov 2007 13:21:35 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, 10 Nov 2007 14:51:45 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? (Sat, 10 Nov 2007 17:36:35 GMT)
As mortgage meltdown moves from subprime sector to prime, Bernanke sets out jumbo mortgage plan – can it help in ...
Mr Bernanke told Congress he would support raising the limit on the size of the individual loans eligible for government-sponsored mortgage finance from $417,000 to $1m on a temporary basis. (Sat, 10 Nov 2007 17:57:35 GMT)
Trend Shows Consumers Pay Credit Card Debt Before Mortgage
Consumers often find themselves having to choose between paying on their credit card or their mortgage. Get expert advice on how to tackle debt problems. (Sun, 11 Nov 2007 02:26:38 GMT)
Mortgage refinance – when should you make the next move?
Many homeowners are worried about their mortgage payments. They wonder if it is right time to refinance. The golden rule of refinance is simple. You must be able to push the last payment (maturity) of the loan by at least two years forward without any increase in payments. (Sun, 11 Nov 2007 04:57:33 GMT)
Mortgage bill may keep states from fighting predators
State consumer advocates and attorneys say a one-paragraph amendment inserted into a sweeping predatory mortgage bill in Congress on Tuesday threatens their ability to protect the homes of low-income West Virginians facing foreclosure on illegal loans. (Sun, 11 Nov 2007 05:10:57 GMT)
Campaigns discuss mortgage crisis
A new issue is emerging in the 2008 presidential race: how best to keep the mortgage crisis from driving millions of people from their homes. (Sun, 11 Nov 2007 07:20:03 GMT)
Mortgage insurers feeling housing slump
As the housing market crumbles, homeowners are worried about mortgage payments and sellers are worried about slumping prices - but the companies that insure their loans are worrying about their very survival in the face of billions of dollars in claims. (Sun, 11 Nov 2007 08:07:05 GMT)
A mortgage not for faint of heart
A mortgage product is emerging that could be beneficial for people who want to own their homes more quickly and save on interest. Let me say up front -- this is not for the faint of heart, and financial discipline is a must. A home ownership accelerator loan operates like a home equity line of credit. It's designed for people with good credit, who are good savers and have high monthly cash flow. ... (Sun, 11 Nov 2007 08:09:48 GMT)
Suit links mortgage mess to inflated appraisals
Kenneth Harney -- Nation's Housing When an appraiser hired by your mortgage company confirms that the house you bought is worth what you paid, that's reassuring. (Sun, 11 Nov 2007 08:34:42 GMT)
Using 401(k) for mortgage payment can worsen plight
You're barely keeping up with the mortgage as it is. Now the interest rate on your adjustable-rate loan is about to reset. Way up. (Sun, 11 Nov 2007 08:57:14 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, 11 Nov 2007 09:15:55 GMT)
Home-equity loans tighten
Back when the real estate market was flying at 30,000 feet, getting a home-equity line of credit was a pretty straightforward process. You called a toll-free number, asked for a loan, and within hours, a guy with a suitcase full of money showed up at your door. (Sun, 11 Nov 2007 09:54:33 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, 11 Nov 2007 10:16:59 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, 11 Nov 2007 10:23:12 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, 11 Nov 2007 10:23:22 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, 11 Nov 2007 10:37:45 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, 11 Nov 2007 10:38:27 GMT)
Auto Loan Refinance to Reduce Monthly Payments
(ARA) - If high gas prices coupled with a big monthly car payment have you thinking that it might be time to trade in your truck or SUV, you'll be happy to know there is an alternative. (Sun, 11 Nov 2007 10:52:42 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, 11 Nov 2007 10:53:22 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, 11 Nov 2007 11:37:42 GMT)
Bill would solve many mortgage ills
The National Association of Mortgage Brokers is so concerned that recently proposed legislation could crush its revenue model that it scheduled national teleconferences and prepared sample letters for members to mail to their respective members of Congress. (Sun, 11 Nov 2007 11:47:00 GMT)
Mortgage crisis infects credit-card, auto loans
The malaise in the mortgage market is starting to spread to credit-card and auto loans in what one analyst has dubbed consumer credit "contagion." It's an ominous warning signal for the economy. (Sun, 11 Nov 2007 12:37:44 GMT)
Long-term care is subject of seminar
The Aberdeen Proving Ground Federal Credit Union will offer a free educational seminar from 6 p.m. to 8 p.m. Tuesday at the credit union's Home Loan Center, 321 S. Main St., Bel Air. (Sun, 11 Nov 2007 13:10:21 GMT)
A mortgage not for faint of heart
A mortgage product is emerging that could be beneficial for people who want to own their homes more quickly and save on interest. Let me say up front -- this is not for the faint of heart, and financial discipline is a must. A home ownership accelerator loan operates like a home equity line of credit. It's designed for people with good credit, who are good savers and have high monthly cash flow. ... (Sun, 11 Nov 2007 13:52:21 GMT)
How Home Equity Can Help You Slash Debt
(ARA) - Escalating personal debt is one of the biggest concerns Americans face when it comes to their financial welfare, studies show. Getting out of debt almost seems to be replacing home ownership as the great American dream. (Sun, 11 Nov 2007 14:53:01 GMT)
Auto Loan Refinance to Reduce Monthly Payments
(ARA) - If high gas prices coupled with a big monthly car payment have you thinking that it might be time to trade in your truck or SUV, you'll be happy to know there is an alternative. (Sun, 11 Nov 2007 15:21:35 GMT)
sub-prime mortgage mess
Much of the fallout has been coming from the mess around sub-prime mortgages. For those of you who have been busy doing other things recently, this is the home mortgage that is given to the least-credit worthy individuals. (Sun, 11 Nov 2007 18:30:29 GMT)
Latest housing victim: Mortgage insurers
As the housing market crumbles, homeowners are worried about mortgage payments and sellers are worried about slumping prices — but the companies that insure their loans are worrying about their very survival in the face of billions of dollars in claims. (Sun, 11 Nov 2007 19:59:58 GMT)
Where Were The Realtors?
The subprime mortgage mess has tarnished lenders and mortgage brokers. Will agents be next? (Sun, 11 Nov 2007 22:18:10 GMT)
Arnold planning Northern Rock rescue
Luqman Arnold, the former chief executive of UBS (NYSE:UBS) and Abbey National, has joined the group of prospective bidders for Northern Rock with a plan to turn round the mortgage lender. (Sun, 11 Nov 2007 22:20:12 GMT)
Banks jump on rate trigger
WESTPAC has passed on the official interest rate rise to its home loan customers after the NAB and CBA quickly lifted variable borrowing costs last week. (Sun, 11 Nov 2007 23:15:00 GMT)
Dollar fall prompts mortgage moves
The dollar's weakness is causing a surge of interest in foreign currency mortgages among UK borrowers, brokers report. (Sun, 11 Nov 2007 23:25:24 GMT)
Westpac raises variable rates
WESTPAC has passed last week's official interest rate rise onto its variable home loan customers. (Sun, 11 Nov 2007 23:30:00 GMT)
ANZ joins big banks to raise rates
WESTPAC and ANZ Bank have passed on last week's official interest rate rise to their variable home loan customers, following on from the other big banks. (Mon, 12 Nov 2007 02:10:00 GMT)
ANZ passes on rate rise to home loaners
ANZ Bank is the last of the big four banks to hike their variable home loan rates following last week's official interest rate rise. (Mon, 12 Nov 2007 02:19:11 GMT)
PM's first home buyer pitch
THE Coalition has promised to top-up special tax-free savings accounts for first home buyers with funds from future surpluses, and give tax rebates for education expenses including school fees. (Mon, 12 Nov 2007 03:46:00 GMT)
Chinatrust mortgage loans hit P1.2B in end-Sept
Chinatrust Commercial Bank Corp. said Monday it posted a significant growth in its retail mortgage loans, driven by high take-up of its Cashback Mortgage product. (Mon, 12 Nov 2007 04:25:15 GMT)
Manor House receivership order rescinded by judge
A judge has decided not to appoint a receiver for the Manor House, after its executive director argued that the receivership plan was hurting business and interfering with efforts to refinance the historic Ken Caryl Valley mansion's past-due mortgage. (Mon, 12 Nov 2007 05:01:06 GMT)
Kazakh mortgage firm finalising $100 mln loan
ASTANA, Nov 12 - Kazakhstan Mortgage Company will borrow $100 million from Credit Suisse later this year in a deal marking a recovery from a liquidity squeeze on the domestic market, a senior finance official said on Monday. (Mon, 12 Nov 2007 07:17:23 GMT)
Banks' Loan Losses Mounting
U.S. stocks tumbled to a two-month low last week after banks reported mounting losses from bad home loans and Cisco Systems said corporate spending on computer equipment may falter. (Mon, 12 Nov 2007 07:50:47 GMT)
Mortgage foreclosure counseling and education
Officials have launched a web site and a telephone hotline to help those who have fallen behind on their mortgage payments. (Mon, 12 Nov 2007 10:23:45 GMT)
Why Now is a Good Time to Refinance
(ARA) - If you're a homeowner, the recent drop in interest rates has opened up the possibility of big savings on your monthly payments. (Mon, 12 Nov 2007 10:29:05 GMT)
Mortgage Market Losses May Be $400 Billion, Bank Says (Update2)
Nov. 12 (Bloomberg) -- Losses stemming from falling values of subprime mortgage assets may reach $300 billion to $400 billion worldwide, Deutsche Bank AG analysts said. (Mon, 12 Nov 2007 10:50:53 GMT)
Home loan crunch a boon for pawnbroker
SOUTH SAN FRANCISCO — David Newman isn't an economist, but from his vantage point as a pawnbroker, he sees an economic underbelly most people don't see. (Mon, 12 Nov 2007 11:01:32 GMT)
Banks tighten standards on home mortgages, loans
More banks have made lending standards tougher on home mortgages, the Federal Reserve said in the latest sign of fallout from a spreading credit crisis. (Mon, 12 Nov 2007 11:13:11 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. (Mon, 12 Nov 2007 11:22:58 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, 12 Nov 2007 11:37:42 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? (Mon, 12 Nov 2007 11:51:39 GMT)
White Paper Shows How to Build a Pension that Grows While it Pays off the Mortgage
To help Canadian investors recover thousands of dollars on bank interest and taxes, New World Financial is offering a free white paper. "Infinite Banking In Canada - How to Build a Pension that Grows While it Pays Off Your Mortgage" is a guide to a little known finance method that banks and large corporations use, but about which many individuals are not aware. (Mon, 12 Nov 2007 12:00:00 GMT)
Mortgage Force adds two lenders to secured loan broking arm
Mortgage Force has launched two new national partners to facilitate its secured loan broking arm. Promise Solutions and Your Broker Network have joined the 170-strong franchise network. (Mon, 12 Nov 2007 12:00:51 GMT)
State offers mortgage foreclosure counseling
State officials have launched a Web site and a telephone hotline to help Hoosiers who've fallen behind on their mortgage payments to avoid losing their homes. (Mon, 12 Nov 2007 12:35:14 GMT)
SecurityNational Mortgage Announces $250 Million Line of Credit
SALT LAKE CITY----SecurityNational Mortgage Company, a wholly owned subsidiary of Security National Financial Corporation , announced today the renewal of a warehouse line of credit with Countrywide Warehouse Lending in the amount of $250,000,000. (Mon, 12 Nov 2007 13:00:00 GMT)
Texas Veterans Land Board Selects Mortgage Builder(R) Loan Origination Software
SOUTHFIELD, Mich.----Mortgage Builder Software, Inc., provider of end-to-end mortgage banking software, announced that Texas Veterans Land Board selected Mortgage Builder® Loan Origination Software as their LOS provider. (Mon, 12 Nov 2007 13:01:00 GMT)
Tip Leads To Suspect’s Arrest Before Home Invasion In Merritt Island
MERRITT ISLAND, Fla. -- Some home invasion suspects were arrested before they could commit the crime deputies said they planned. A tip led Brevard County deputies to a house on Merritt Island where they arrested three men Sunday night. (Mon, 12 Nov 2007 13:05:45 GMT)
Software analyzes mortgage data.
Using RiskModel(TM) 4.0, customers can forecast future mortgage payments, defaults, losses, and projected cash flows. Subprime delinquency, default, and prepayment equations capture current dynamics of mortgage market, while loss-given default models optimize accuracy of loss estimates for prime, Alt-A, and subprime market segments. With Conversion Wizard, users can work with full range of OLED ... (Mon, 12 Nov 2007 14:12:07 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. (Mon, 12 Nov 2007 14:24:45 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. (Mon, 12 Nov 2007 14:25:36 GMT)
The Home Buying Process: Step by Step
(ARA) - Buying a home can be a very intimidating process, especially if you've never done it before. So the first thing you should do before you start is to figure out whether owning a home is right for you. (Mon, 12 Nov 2007 14:27:06 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, 12 Nov 2007 14:54:34 GMT)
Bad Mortgage Debt May Cost Banks Up To $400 Billion -Deutsche Analyst
NEW YORK (AP)--Bad mortgage debt may cost banks as much as $400 billion by the time the credit crisis has run its course, a widely tracked Wall Street analyst wrote in a research report Monday. (Mon, 12 Nov 2007 14:56:12 GMT)
Mortgage company goes to the dogs
SIERRA VISTA--Walk into Hallmark Mortgage Co. and one thing is clear: The business -- owned by Jack and Jan Bauer -- has gone to the dogs. (Mon, 12 Nov 2007 15:50:17 GMT)
Using 401(k) for mortgage payment can worsen plight
You're barely keeping up with the mortgage as it is. Now the interest rate on your adjustable-rate loan is about to reset. Way up. (Mon, 12 Nov 2007 16:24:28 GMT)
Prominent South Side Funeral Home Closing
A prominent funeral home on Chicago's South Side will close its doors at the end of the year. (Mon, 12 Nov 2007 16:48:24 GMT)
3 Found Dead At Mobile Home Park
Authorities in Pettis County are investigating three deaths at a mobile home park near Sedalia. (Mon, 12 Nov 2007 17:06:33 GMT)
Part Two: The Mortgage Crisis
We continue our look at the housing market. Experts say one of the biggest contributors to the housing downfall is the mortgage crisis. The path to owning your own home tends to begin and end at the bank. Interest rates, down payments, credit scores are all factors in approval. (Mon, 12 Nov 2007 17:30:03 GMT)
11/12/07: Indiana Launches Mortgage Help Hotline
INDIANAPOLIS -- Indiana officials have launched a telephone hotline to help homeowners who have fallen behind on their mortgage payments. The number is 877-GET-HOPE or 877-438-4673. (Mon, 12 Nov 2007 17:40:29 GMT)
ClimateMaster Endorses Eco-Friendly Loan Program Offered Through GE Money & Electric & Gas Industries Association
KETTERING, Ohio----ClimateMaster, Inc., a leading manufacturer of water-source and geothermal heating and cooling systems, today endorsed the GEOSmart Loan program offered through a partnership between GE Money & the Electric & Gas Industries Association at the Energy Efficiency Global Forum in Washington, D.C. (Mon, 12 Nov 2007 19:05:00 GMT)
Case studies in a mortgage collapse: broker and client
Mary E. Williams could be Exhibit A in Oregon's unfolding mortgage troubles. The longtime city of Portland employee has filed for bankruptcy, unable to afford a mortgage payment that adjusted upward last month to more than $2,500 a month -- a $270 jump. (Mon, 12 Nov 2007 19:11:13 GMT)
Loan defaults may total $442bn
BANKS worldwide may lose as much as $US400 billion ($442 billion) from subprime mortgages, as at least one in four of the risky home loans go into default, analysts said overnight. (Mon, 12 Nov 2007 20:15:00 GMT)
Search for a strategy as Rock fight reaches peak
When the government stepped in to bail out Northern Rock in September, officials hoped the support operation would be short-lived. Two months later, however, the stricken mortgage lender continues to struggle on, largely due to the £20bn it has borrowed from the Bank of England. (Mon, 12 Nov 2007 22:30:22 GMT)
Insiders Buy Mortgage Insurer's Beaten-Down Stock
A mortgage insurer's insiders are coming to the aid of their embattled stock. (Mon, 12 Nov 2007 22:40:57 GMT)
Doha Bank signs home loan scheme deal with The Land
Business Reporter DOHA BANK has tied up with The Land Investment & Real Estate Development Company to provide specially designed home loan for customers of the latter’s properties at The Pearl Qatar. (Mon, 12 Nov 2007 23:30:05 GMT)
Bad credit market restricts funding: ALE
Ale Property Group, says the fall-out from US sub-prime mortgage crisis means it would not have the same funding opportunities as last year. (Tue, 13 Nov 2007 00:08:12 GMT)
Mortgage Market Problems Spreading
Credit Card Companies And Banks Say More Consumers Are Having Trouble Paying Off Debts The malaise in the mortgage market is starting to spread to credit card and auto loans in what one analyst has dubbed a consumer credit "contagion." It's an ominous warning signal for the economy. (Tue, 13 Nov 2007 03:13:40 GMT)
Nursing Home Loses Funding After Citations
The federal government has cut off Medicaid funding to new patients at a Muscatine nursing home after inspectors found dozens of violations in its operations. (Tue, 13 Nov 2007 04:15:27 GMT)
The Cost Of Heating Your Home Has Many Worried
The Energy Information Administration says home heating oil has broken above that level for the first time, now averaging $3.11 a gallon nationwide.INSIDE: Video coverage (Tue, 13 Nov 2007 04:22:16 GMT)
SecurityNational Mortgage gains credit-line renewal
SecurityNational Mortgage Co., a wholly owned subsidiary of Salt Lake-based Security National Financial Corp., announced Monday the renewal of a $250,000 line of credit with Countrywide Warehouse Lending. (Tue, 13 Nov 2007 07:38:05 GMT)
Louis Galen, 82; philanthropist, financier was USC benefactor
Louis J. Galen, a financier who was a leading figure for decades in the savings and loan industry and a philanthropist closely tied to his alma mater, USC, died Monday at his home in Rancho Mirage after a brief illness, his family said. He was 82. (Tue, 13 Nov 2007 07:41:48 GMT)
BofA rolling out reverse mortgage
Over the past year, Bank of America Corp. has been developing so-called "reverse mortgage" products that are designed to serve senior citizens who often have more assets in their homes than in retirement accounts. Now the Charlotte-based bank is starting to roll the initiative out nationwide. The mortgages are already available in the Carolinas, Georgia and Arizona and will hit Northern ... (Tue, 13 Nov 2007 08:08:19 GMT)
Shinsei Profit Decline Widens on Subprime Loan Costs (Update2)
Nov. 13 (Bloomberg) -- Shinsei Bank Ltd., the worst- performing Japanese bank stock, said first-half profit plunged 40 percent, a steeper decline than it reported three weeks ago, after setting aside more provisions linked to U.S. home loans. (Tue, 13 Nov 2007 08:50:14 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, 13 Nov 2007 09:15:45 GMT)
Don't Refinance Your Home to Pay Off Credit Card Debt - There's a Better Way
(ARA) - Ever received one of those offers in the mail that seems like the solution to all your problems? It may have said, "Your home is an untapped resource. Refinance your loan with us and you'll get quick cash to buy a car, fund college or pay off your credit card debt." (Tue, 13 Nov 2007 09:15:55 GMT)
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