Mortgage News Nov 2007

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30-year mortgage rates hold steady
WASHINGTON—Rates on 30-year mortgages were unchanged this week after posting three consecutive declines. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages remained at 6.24 percent, the same as last week. (Tue, 20 Nov 2007 14:28:08 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? (Tue, 20 Nov 2007 14:39:12 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? (Tue, 20 Nov 2007 14:52:51 GMT)

Refinance Now to Avoid your ARM rate Increase
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Tue, 20 Nov 2007 14:53:52 GMT)

Mortgage Holdings Bite Freddie
Home loan investor posts huge third-quarter loss because of the troubled mortgage market. (Tue, 20 Nov 2007 15:10:52 GMT)

US private equity firm lodges bid for Northern Rock: source
US private equity group JC Flowers has submitted a takeover bid for stricken British home loan provider Northern Rock, a source close to the matter said. (Tue, 20 Nov 2007 15:37:08 GMT)

Refinance Now to Avoid your ARM rate Increase
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Tue, 20 Nov 2007 17:06:35 GMT)

Losses worsen at US mortgage giant Freddie Mac
Freddie Mac, one of the biggest players in the troubled US mortgage sector, revealed worse-than-expected losses of 2.0 billion dollars Tuesday and warned it will "take time" for market prospects to recover. (Tue, 20 Nov 2007 17:27:40 GMT)

Dunmore Homes to Get Loan From Ex-CEO
Residential home builder Dunmore Homes Inc. won bankruptcy court approval to tap its former chief executive Sidney B. Dunmore for a loan. (Tue, 20 Nov 2007 18:31:53 GMT)

Patrick Signs Home Heating Aid Bill
Gov. Deval Patrick has signed a bill providing $15 million in additional home heating aid this winter. (Tue, 20 Nov 2007 19:09:26 GMT)

Supervisors to vote on loan for water project
BALLSTON SPA – Saratoga County Supervisors will vote this afternoon on whether to grant the Saratoga County Water Authority a $6 million loan. The loan is intended to cover ongoing construction costs and will have to be repaid for with proceeds from the issuance of bonds, officials said. (Tue, 20 Nov 2007 19:22:02 GMT)

Morgan Stanley Investment Management to launch mortgage-securities portfolio
Morgan Stanley Investment Management Inc. plans to launch a mortgage-securities portfolio in its Morgan Stanley Institutional Fund Trust series. The Advisory Portfolio II seeks returns consistent with those generated by the market for mortgage securities, according to a Securities and Exchange Commission filing last Friday. The portfolio will mainly invest in investment-grade mortgage securities ... (Tue, 20 Nov 2007 20:07:15 GMT)

Countrywide plummets as mortgage jitters grow
Countrywide Financial Corp shares plummeted as much as 22 percent on Tuesday to their lowest level in more than seven years on speculation that the largest U.S. mortgage lender was running short of cash. (Tue, 20 Nov 2007 20:08:04 GMT)

Mortgage Crisis Intensifies: Freddie Mac Posts $2B Loss; Says It Needs Fresh Capital Infusion
Marcy Gordon November 20, 2007 - 2:42 p.m. WASHINGTON (AP) - The mortgage crisis intensified Tuesday as Freddie Mac, the nation's No. 2 buyer and guarantor of home loans, posted its largest quarterly loss ever and warned that it may need to curtail its business unless it can raise fresh capital. (Tue, 20 Nov 2007 20:23:49 GMT)

Mortgage crisis intensifies: Freddie Mac posts $2B loss
WASHINGTON -- The mortgage crisis intensified today as Freddie Mac, the nation's No. 2 buyer and guarantor of home loans, posted its largest quarterly loss ever and warned that it may need to curtail its business unless it can raise fresh capital. (Tue, 20 Nov 2007 20:34:50 GMT)

Hot Mortgage Trends
(ARA) - Rates are up, rates are down. It's a buyer's market, it's a seller's market. If the housing market seems like a roller coaster for would-be buyers, that's because it is. But understanding the most current trends can help buyers know when to get on -- or off -- the ride. (Tue, 20 Nov 2007 21:06:36 GMT)

Sector Wrap: Mortgage Lenders
Shares of mortgage lenders plummeted to multiyear lows Tuesday after Freddie Mac posted a bigger loss than expected, squelching hopes that government-sponsored agencies can prop up the industry by buying a lot of home loans. (Tue, 20 Nov 2007 21:48:07 GMT)

Freddie Mac shares dive as mortgage giant's losses mount
Shares in Freddie Mac, one of the biggest players in the troubled US mortgage sector, plummeted Tuesday after the mortgage finance giant revealed worse-than-expected losses of 2.0 billion dollars. (Tue, 20 Nov 2007 22:02:20 GMT)

Thrift Official Touts Loan Modifications
Companies that collect mortgage payments could earn $500 for every loan they modify to avoid default under a plan developed by the federal regulator of the nation's savings and loans. (Tue, 20 Nov 2007 22:15:37 GMT)

Governor, top lenders announce mortgage relief plan
California Gov. Arnold Schwarzenegger has forged an agreement with four major mortgage loan servicers that he said will help keep more subprime borrowers from losing their homes. (Tue, 20 Nov 2007 23:05:03 GMT)

Freddie Mac's Woes Come As Dems Try To Expand Lender
Freddie Mac on Tuesday declared a $2 billion third-quarter loss and warned it may have to slash its dividend and curb its mortgage buying to meet capital requirements. (Tue, 20 Nov 2007 23:47:18 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? (Wed, 21 Nov 2007 00:06:39 GMT)

Kazakhstan sets up $4bn fund
Kazakhstan has put together a $4bn (EU2.7bn, £1.9bn) stabilisation fund to help its economy weather the credit squeeze stemming from the US subprime mortgage crisis, the Kazakh central bank governor has told the Financial Times. (Wed, 21 Nov 2007 02:05:15 GMT)

Mortgage Mess Curtails Wagoner's Honeymoon
GM's stock slide reflects troubles faced by CEO Wagoner, from doubts over the company's mortgage arm to slumping car sales. (Wed, 21 Nov 2007 02:45:46 GMT)

Governor, 4 big lenders agree on plan to stall high mortgage rates
Four major subprime lenders promised to give a break to California homeowners who cannot afford escalating mortgage payments, under a plan announced Tuesday by the lenders and Gov. Arnold Schwarzenegger. Countrywide, GMAC, Litton and HomeEq - which... (Wed, 21 Nov 2007 03:08:09 GMT)

RAMS confident of refinancing
RAMS Home Loans is confident it can refinance at least one of the two debt facilities it needs to help fund its existing mortgage book by a February deadline. (Wed, 21 Nov 2007 03:30:00 GMT)

Seeking a home mortgage? The news just got worse
WASHINGTON - Mortgage market woes just got a lot worse with the disclosure that the nation's second-largest buyer of home loans needs more capital or must retrench. The warning is rippling through an already battered housing market, and it could become difficult even for borrowers with pristine credit and hefty downpayments to get a home loan. Could Freddie Mac's $2 billion loss last quarter be ... (Wed, 21 Nov 2007 03:34:53 GMT)

Mortgage service companies vow to help California borrowers
Four major home loan servicing companies on Tuesday promised to boost efforts to help California borrowers avoid going into default, including maintaining the initial interest rate on some loans due to reset to higher monthly payments. (Wed, 21 Nov 2007 03:37:22 GMT)

Auto Workers Seek Information on G.M.?s Ties to Mortgage Risk
The president of the United Automobile Workers union said Tuesday he was concerned by General Motors? exposure to the mortgage lending arm of its former finance. (Wed, 21 Nov 2007 04:06:20 GMT)

RAMS aiming to meet deadline
RAMS Home Loans is confident it can refinance at least one of the two debt facilities it needs to help fund its existing mortgage book by February. (Wed, 21 Nov 2007 04:09:00 GMT)

RAMS Down Despite a Confident Note
Mortgage provider Rams Home Loans (RHG) said on Wednesday it is continuing to fund new loans and settle approved loans, however, to finance the existing mortgage book the company needs to refinance its two debt facilities by February 2008. In a statement to the stock exchange, Rams directors said negotiations with various parties are in progress, and while credit market conditions remain ... (Wed, 21 Nov 2007 05:09:00 GMT)

British mortgage lender falls as it considers share sale
Shares of Paragon Group, the British mortgage lender that gets all its funding in capital markets, sank as much as 50 percent Tuesday. (Wed, 21 Nov 2007 07:21:58 GMT)

Subprime mortgage crisis far from over, "survivors' conference" hears
Delegates heard that the tumbling U.S. housing market would continue to inflict damage, while mortgage-backed securities and collateralized debt obligations containing those securities are falling in price and will not find their footing anytime soon. (Wed, 21 Nov 2007 07:22:18 GMT)

BOV launches New Home Loan package for first-time buyers
Bank of Valletta has launched a new home loan package that is specifically designed to cater for the specific requirements and needs of first-time buyers. (Wed, 21 Nov 2007 07:24:41 GMT)

RAMS confident of refinancing some debt
RAMS Home Loans is confident it can refinance at least one of the two debt facilities it needs to help fund its existing mortgage book by a February deadline. (Wed, 21 Nov 2007 07:52:11 GMT)

Paulson says home loan defaults to rise in 2008: report
U.S. Treasury Secretary Henry Paulson said the number of potential U.S. home-loan defaults "will be significantly bigger" in 2008 than in 2007, the Wall Street Journal's online edition reported. (Wed, 21 Nov 2007 07:58:18 GMT)

Loan buyer Freddie Mac has its worst quarter
The mortgage crisis intensified Tuesday as Freddie Mac, the nation's No. 2 buyer and guarantor of home loans, posted its largest quarterly loss ever and warned that it may need to curtail its business unless it can raise fresh capital. Freddie Mac lost $2 billion in the third quarter, much more than Wall Street was expecting, primarily because it needed to set aside $1.2 billion to account for ... (Wed, 21 Nov 2007 08:09:57 GMT)

Governor, 4 big lenders agree on plan to stall high mortgage rates
Four major subprime lenders promised to give a break to California homeowners who cannot afford escalating mortgage payments, under a plan announced Tuesday by the lenders and Gov. Arnold Schwarzenegger. Countrywide, GMAC, Litton and HomeEq - which... (Wed, 21 Nov 2007 08:38:19 GMT)

National Australia May Hold Rams Short-Term Debt (Update2)
Nov. 21 (Bloomberg) -- National Australia Bank, the nation's largest, said it may have to hold short-term debt of Rams Home Loans Group Ltd. on its own balance sheet if the mortgage company fails to secure refinancing. (Wed, 21 Nov 2007 08:50:15 GMT)

Paulson: Number Of Home-loan Defaults Will Rise Significantly Next Year-WSJ
(RTTNews) - U.S. Treasury Secretary Henry Paulson said that the number of potential home-loan defaults will rise significantly next year, the online edition of the Wall Street Journal reported Wednesday. (Wed, 21 Nov 2007 08:56:44 GMT)

BOV launches New Home Loan package
Bank of Valletta has launched a new home loan package that is specifically designed to cater for the specific requirements and needs of first-time buyers.    Customers can borrow up to Lm50,000 (€116,468.67), at very advantageous interest rates with a repayment period of up to 40 years.  First time buyers can additionally benefit from the government’s subsidy on the interest for the first ten ... (Wed, 21 Nov 2007 09:06:04 GMT)

Refinancing programs omit many borrowers
Eight states including Massachusetts have pledged almost $900 million this year to help borrowers replace unaffordable mortgages, but the states collectively have refinanced fewer than 100 people, a Globe survey found. (Wed, 21 Nov 2007 09:14:04 GMT)

U.S. mortgage-related losses likely up to $300 bln: OECD
LONDON (Reuters) - Overall losses from the U.S. mortgage market crisis could be up to $300 billion but financial firms and policymakers need to buy time to ensure an orderly work-out, the Organisation for Economic Co-operation and Development said on Wednesday. (Wed, 21 Nov 2007 10:21:25 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, 21 Nov 2007 10:52:42 GMT)

Loss batters Freddie Mac Home loan buyer's distress latest ripple in nationwide mortgage meltdown
WASHINGTON — Mortgage market woes just got a lot worse with the disclosure that the nation's second-largest buyer of home loans needs more capital or must retrench. (Wed, 21 Nov 2007 11:22:17 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. (Wed, 21 Nov 2007 11:22:32 GMT)

Ahead of the Bell: Mortgage applications
WASHINGTON (AP) - Investors trying to gauge the impact of the housing market's slump will watch Wednesday for industry data on loan volumes. The Mortgage Bankers Association reports its weekly index of home-loan application volume at 7 a.m. EST. (Wed, 21 Nov 2007 11:59:52 GMT)

Mortgage applications drop in week: MBA
Mortgage applications fell last week, with demand for both refinancings and home purchases waning, an industry group said on Wednesday. (Wed, 21 Nov 2007 12:13:02 GMT)

Mortgage Application Volume Declines
Mortgage application volume declined 3.6 percent during the week ending Nov. 16, according to the trade group Mortgage Bankers Association's weekly application survey. (Wed, 21 Nov 2007 12:17:17 GMT)

Latest weekly mortgage applications down 3.6%, MBA says
CHICAGO (MarketWatch) -- The volume of applications filed for mortgages fell 3.6% last week, the Mortgage Bankers Association reported Wednesday. (Wed, 21 Nov 2007 12:32:56 GMT)

Mortgage refinance makes little sense
Dear Dr. Don, I bought my house and a car about a year ago when my credit score was about 540. My mortgage loan was for $128,900 at 7.25 percent and I have a $1,500 monthly mortgage payment. My car loan is at 23 percent and I pay $500 a month. I'm never late on my car or mortgage payments. (Wed, 21 Nov 2007 12:51:26 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." (Wed, 21 Nov 2007 12:52:41 GMT)

Rams weighs up refinancing
TROUBLED lender RAMS is confident it can refinance at least one of two debt facilities it needs to help fund its mortgage book by February. (Wed, 21 Nov 2007 13:00:00 GMT)

Mortgage applications slide
Volume falls 3.6%, according to weekly survey by Mortgage Bankers Association. (Wed, 21 Nov 2007 13:16:00 GMT)

U.S. MBA's Mortgage Applications Index Fell 3.6% Last Week
Nov. 21 (Bloomberg) -- Mortgage applications in the U.S. fell last week as purchases and refinancing declined. The Mortgage Bankers Association's index of applications to buy a home or refinance a loan decreased 3.6 percent to 681.7, from 707.3 the prior week. (Wed, 21 Nov 2007 13:42:39 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Wed, 21 Nov 2007 13:56:22 GMT)

Governor, 4 big lenders agree on plan to stall high mortgage rates
Four major subprime lenders promised to give a break to California homeowners who cannot afford escalating mortgage payments, under a plan announced Tuesday by the lenders and Gov. Arnold Schwarzenegger. Countrywide, GMAC, Litton and HomeEq - which... (Wed, 21 Nov 2007 14:36:05 GMT)

Federal Home Loan Bank of Dallas Announces Board of Director Election Results
DALLAS, Nov. 21, 2007 -- The Federal Home Loan Bank of Dallas announced the election of James Clayton, John Stahler, and R. Glenn Wertheim as Directors of the Bank. James Clayton and Bo Stahler currently serve on the Bank's Board and were re-elected. (Wed, 21 Nov 2007 15:41:58 GMT)

Mortgage rates continue decline
Mortgage rates continued to fall as the weak housing market remained a drag on the economy, Freddie Mac reported Wednesday. (Wed, 21 Nov 2007 15:46:10 GMT)

Foreclosure rescue: Saving a home
When Darlene Stutzman visited the offices of the East Side Organizing Project, a community advocacy group in Cleveland, she didn't know if she'd be able to keep her home. (Wed, 21 Nov 2007 16:17:06 GMT)

U.S. mortgage rates fall; 15-year at lowest level in 21 months
CHICAGO (MarketWatch) -- Mortgage rates dropped this week, allowing the 15-year fixed-rate mortgage to fall to a level last seen in February 2006, according to Freddie Mac's weekly survey, released on Wednesday. (Wed, 21 Nov 2007 16:33:15 GMT)

U.S. mortgage applications off 3.6 percent
U.S. mortgage applications fell 3.6 percent, as home purchases and refinancing fell off, a mortgage industry group said Wednesday. (Wed, 21 Nov 2007 17:08:13 GMT)

Paulson wants mortgage help for large groups
Treasury Secretary Henry Paulson, convinced individual workouts will not solve a worsening mortgage crisis, is pressing the industry to help large groups of borrowers qualify for more affordable loans. (Wed, 21 Nov 2007 17:09:26 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. (Wed, 21 Nov 2007 17:24:02 GMT)

Europe Suspends Mortgage Bond Trading Between Banks (Update2)
Nov. 21 (Bloomberg) -- European banks agreed to suspend trading in the $2.8 trillion market for mortgage debt known as covered bonds to halt a slump that has closed the region's main source of financing for home lenders. (Wed, 21 Nov 2007 18:08:32 GMT)

Mortgage applications nationwide fall 3.6%
WASHINGTON – Mortgage applications nationwide fell back last week from the previous week’s 2007 high, as both purchase and refinance applications declined, the Mortgage Bankers Association reported today. (Wed, 21 Nov 2007 18:22:11 GMT)

Mortgage rates sink to 6-month low
WASHINGTON Mortgage rates sank this week, with rates on 30-year mortgages dropping to a six-month low, a spot of welcome news to would-be home buyers. Freddie Mac, the mortgage company, reported Wednesday, that 30-year, fixed-rate mortgages averaged 6.20 percent. That was down from 6.24 percent last week and was the lowest rate since the week ending May 10, when rates stood at 6.15 percent. ... (Wed, 21 Nov 2007 19:34:23 GMT)

Treasury's Paulson seeks broader mortgage help
WASHINGTON (Reuters) - Treasury Secretary Henry Paulson is pressing the U.S. mortgage industry to help large groups of borrowers automatically, worried lenders will be unable to staunch a worsening mortgage crisis if they try to fix loans one-by-one. (Wed, 21 Nov 2007 19:41:55 GMT)

Mortgage Rate Drop Brings Some Hope
The troubled mortgage market received a sliver of good news just before the holiday weekend (Wed, 21 Nov 2007 19:52:26 GMT)

Ivy league universities sued under loan shark law
A developer who borrowed the money accused Harvard, Yale and Princeton of backing a loan with 42 percent interest - twice the legal limit. (Wed, 21 Nov 2007 19:53:53 GMT)

Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit Against Federal Home Loan Mortgage Company
SAN DIEGO----Coughlin Stoia Geller Rudman & Robbins LLP today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Federal Home Loan Mortgage Corporation common stock during the period between August 1, 2006 and November 19, 2007 . (Wed, 21 Nov 2007 20:26:00 GMT)

Sector Snap: Mortgage Lenders
Shares of mortgage lenders mostly fell Wednesday afternoon in the aftermath of Freddie Mac's $2 billion loss. The big loss by the federally-charted mortgage lender squelched hope that government-sponsored agencies can prop up the reeling mortgage industry by buying mortgage debt nobody else will. (Wed, 21 Nov 2007 20:29:01 GMT)

Freddie Mac sued over mortgage problems: law firm
A law firm said it had filed a suit against Freddie Mac on Wednesday alleging the No. 2 home funding company did not take adequate steps to protect itself from problems in the mortgage industry. (Wed, 21 Nov 2007 20:47:20 GMT)

30-year mortgage rate at 6.20%, lowest since May
Mortgage rates sank this week, with rates on 30-year mortgages dropping to a six-month low, a spot of welcome news to would-be home buyers. (Wed, 21 Nov 2007 20:55:23 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." (Wed, 21 Nov 2007 22:23:32 GMT)

Sector Roundup: Mortgage Lenders, Web
Shares of mortgage lenders mostly fell Wednesday afternoon in the aftermath of Freddie Mac's $2 billion loss. NEW YORK -- Shares of Google Inc. rose and Yahoo Inc. declined Wednesday as comScore Inc. said that, compared with the previous month, Google gained market share in the U.S. search market in October while Yahoo lost some ground. (Wed, 21 Nov 2007 22:59:39 GMT)

Treasury's Paulson seeks broader mortgage help
Treasury Secretary Henry Paulson is pressing the U.S. mortgage industry to help large groups of borrowers automatically, worried lenders will be unable to staunch a worsening mortgage crisis if they try to fix loans one-by-one. (Wed, 21 Nov 2007 23:05:22 GMT)

Schwarzenegger offers home help
Four major home loan servicing companies in the U.S have offered to help California borrowers avoid going into default, including maintaining the initial interest rate on some loans due to reset to higher monthly payments. (Thu, 22 Nov 2007 00:41:57 GMT)

CBA sees higher home loan rates, portfolio strong
SYDNEY, Nov 22 - Commonwealth Bank of Australia Ltd , the nation's second-biggest lender by assets, said on Thursday its home loan portfolio was in good shape as lenders turn to larger banks following the U.S. subprime crisis. (Thu, 22 Nov 2007 01:20:03 GMT)

CBA sees higher home loan rates, portfolio strong
SYDNEY, Nov 22 - Commonwealth Bank of Australia Ltd , the nation's second-biggest lender by assets, said on Thursday its home loan portfolio was in good shape as lenders turn to larger banks following the U.S. subprime crisis. (Thu, 22 Nov 2007 01:20:03 GMT)

CBA sees higher home loan rates, portfolio strong
SYDNEY, Nov 22 (Reuters) - Commonwealth Bank of Australia Ltd CBA.AX (CBA), the nation's second-biggest lender by assets, said on Thursday its home loan portfolio was in good shape as lenders turn to larger banks following the U.S. subprime crisis. (Thu, 22 Nov 2007 01:21:05 GMT)

Freddie Mac sued over mortgage problems
A shareholder sued Freddie Mac , its chief executive and others on Wednesday, alleging the No. 2 U.S. home funding company did not take adequate steps to protect itself from problems in the mortgage industry. (Thu, 22 Nov 2007 02:27:03 GMT)

GMAC Exploring Sale of Some Parts of Mortgage Lender
The finance company GMAC said that it was exploring the sale of parts of its troubled mortgage-lending arm and the purchase of a non-American mortgage lender. (Thu, 22 Nov 2007 03:36:20 GMT)

Financial sector suffers, CBA home loan market share up
Commonwealth Bank of Australia (CBA) traded down for most of the day on concerns emanating from overseas credit markets  to end the day 10 cents down at $57.90. The downward trade followed an investor briefing, released to the ASX, where the bank said it expects to raise its variable home loan rate beyond the official cash rate. This is viewed as positive for CBA's profit margins, although with ... (Thu, 22 Nov 2007 05:00:00 GMT)

Mortgage rates take a tumble
WASHINGTON - Mortgage rates sank this week, with rates on 30-year mortgages dropping to a six-month low, a spot of welcome news to would-be homebuyers. (Thu, 22 Nov 2007 06:20:49 GMT)

GMAC considers sale of mortgage operations
General Motors Corp.'s former finance arm, in a scramble to reverse lending losses dragging down the automaker, said today it may sell off parts of its money-losing mortgage operations. (Thu, 22 Nov 2007 06:22:15 GMT)

GMAC eyes mortgage firm
GMAC LLC, the former financial services division of General Motors Corp., could buy another large non-U.S. mortgage firm and combine it with Residential Capital LLC, a struggling GMAC-owned mortgage company, according to a GMAC news release Wednesday. (Thu, 22 Nov 2007 08:38:27 GMT)

New loan terms for first-time buyers
Bank of Valletta has launched a home loan package for first-time buyers. Customers can borrow up to Lm50,000 (€116,468.67), at very advantageous interest rates with a repayment period of up to 40 years, the bank said. (Thu, 22 Nov 2007 09:43:46 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? (Thu, 22 Nov 2007 10:14:07 GMT)

Mortgage lender pressed to ease terms
LOS ANGELES - Consumer advocates, minority groups and homeowners, some chanting "Save our homes, fix our loans," staged a demonstration outside Countrywide Financial offices Wednesday, part of a campaign to press the nation's largest mortgage lender to do more to help borrowers in danger of (Thu, 22 Nov 2007 10:15:20 GMT)

Mortgage rates drop a little
Mortgage rates fell slightly this week, and have remained in a fairly tight range for a month, according to Bankrate's national survey. (Thu, 22 Nov 2007 11:00:00 GMT)

House mortgage bill doesn't offer bailout
The Mortgage Reform and Anti-Predatory Lending Act of 2007 seeks to prevent borrowers and lenders from making dumb choices. It doesn't help troubled borrowers and lenders who made poor decisions in the past. (Thu, 22 Nov 2007 11:00:00 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. (Thu, 22 Nov 2007 12:08:00 GMT)

Bankrate: Mortgage Rates Down Slightly
Mortgage rates declined slightly 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 0.35 discount and origination points. (Thu, 22 Nov 2007 12:30:00 GMT)

Bankrate: Mortgage Rates Down Slightly
NEW YORK, Nov. 22 /PRNewswire-FirstCall/ -- Mortgage rates declined slightly this week, with the average conforming 30-year fixed mortgage rate now 6.29 percent. (Thu, 22 Nov 2007 12:38:08 GMT)

Euro banks halt trading in some mortgage bonds
Growing unease among investors has driven banks in Europe to temporarily suspend trading of covered bonds, the latest sign of the deepening problems in the mortgage debt market. (Thu, 22 Nov 2007 14:31:00 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? (Thu, 22 Nov 2007 14:36:36 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, 22 Nov 2007 15:06:47 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, 22 Nov 2007 15:36:47 GMT)

Even average homeowners feel rising mortgage floodwaters
BOSTON (MarketWatch) -- While the headlines have been full of stories on the credit crunch, subprime mortgage mess and the real estate bubble, a lot of ordinary homeowners have figured they were immune from the problems. (Thu, 22 Nov 2007 21:32:46 GMT)

Couple nearly given the 'switcheroo' by mortgage broker
A Federal Way couple learned the hard way that when you're applying for or refinancing a mortgage, read the fine print and don't sign anything that has been post- or pre-dated. (Fri, 23 Nov 2007 01:57:06 GMT)

Australian Central Bank Buys A$400 Million Mortgage-Backed Debt
Nov. 23 (Bloomberg) -- Australia's central bank bought A$400 million (A$349 million) of bonds backed by residential mortgage-backed securities, its biggest purchase since announcing in September it would buy the debt under repurchase agreements. (Fri, 23 Nov 2007 02:29:13 GMT)

Australian Central Bank Buys Mortgage-Backed Debt (Correct)
(Corrects currency conversion in first paragraph.) Nov. 23 (Bloomberg) -- Australia's central bank bought A$400 million ($351 million) of bonds backed by residential mortgage- backed securities, its biggest purchase since announcing in September it would buy the debt under repurchase agreements. (Fri, 23 Nov 2007 02:59:02 GMT)

$300 billion predicted in mortgage losses
Losses in the distressed mortgage sector of the United States could reach $300 billion, only a portion of which has so far been accounted for by write-offs at major banks. (Fri, 23 Nov 2007 04:07:14 GMT)

Home loan affordability hits 20-year low
The Real Estate Institute of Australia (REIA) says home loan affordability is the lowest it has been in more than 20 years. (Fri, 23 Nov 2007 04:11:00 GMT)

Home loan affordability hits 20-year low
The Real Estate Institute of Australia (REIA) says home loan affordability is the lowest it has been in more than 20 years. (Fri, 23 Nov 2007 04:11:00 GMT)

Mortgage reform bill doesn't include bailouts
The House of Representatives has passed a mortgage reform bill that is as remarkable for what it doesn't do as for what it does. It doesn't include a bailout of borrowers or lenders. ... (Fri, 23 Nov 2007 05:19:04 GMT)

Banks halt trading of German mortgage bonds
A German banking association agreed Thursday to stop trading pfandbrief mortgage bonds, as rising global credit fears made it too difficult to continue trading the securities. (Fri, 23 Nov 2007 05:37:08 GMT)

23-11-2007: RHB Islamic targets RM1b home loan growth by 2008
KUALA LUMPUR: RHB Islamic Bank Bhd expects its home loans to grow by RM1 billion to RM2.8 billion at the end of next year from RM1.8 billion as at end-October 2007, with the launch of its new Islamic home financing product Equity Home Financing-i. (Fri, 23 Nov 2007 06:06:52 GMT)

Mortgage approvals dive to record low in Oct-BBA
Mortgage approvals fell to a record low in October and mortgage lending also softened, the British Bankers' Association said on Friday, in a further sign that the housing market is cooling. (Fri, 23 Nov 2007 09:52:00 GMT)

30-year mortgage rates fall to 6-month low of 6.2 percent
WASHINGTON - Mortgage rates sank this week, with rates on 30-year mortgages dropping to a six-month low, a spot of welcome news to would-be home buyers. (Fri, 23 Nov 2007 09:58:47 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, 23 Nov 2007 10:23:42 GMT)

Mortgage approvals dive in October
Mortgage approvals, one of the key indicators of the health of the housing market, fell to a record low in October with the amounts lent also pointing to a rapid slowdown. (Fri, 23 Nov 2007 10:30:12 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. (Fri, 23 Nov 2007 10:52:43 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, 23 Nov 2007 11:28:34 GMT)

Mortgage approvals hit a record low
Mortgage approvals for home buyers fell to a record low last month, according to latest data from the British Bankers' Association, providing further signs that Britain's property boom is slowing. (Fri, 23 Nov 2007 11:30:09 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, 23 Nov 2007 11:51:37 GMT)

H&R Block Says Mortgage Unit Gets $350 Million Extra Funding
Nov. 23 (Bloomberg) -- H&R Block Inc., the biggest U.S. tax preparer, said it received $350 million of extra funding for its mortgage unit from Greenwich Capital Financial Products Inc. (Fri, 23 Nov 2007 11:57:29 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, 23 Nov 2007 12:22:41 GMT)

U.K. Oct. Mortgage Approvals, Lending Fall - BBA
(RTTNews) - The number of mortgage approved in the U.K. for house purchases declined to 44,105 in October from 53,997 in the previous month, the British Bankers' Association, or BBA, said Friday. (Fri, 23 Nov 2007 12:41:00 GMT)

Bankinter Suspends Sale of Mortgage Bonds Amid Market Shutdown
Nov. 23 (Bloomberg) -- Bankinter SA became the fourth financial institution in the past week to pull a planned sale of mortgage debt amid a suspension of trading in the $2.8 trillion covered bond market by European banks. (Fri, 23 Nov 2007 13:19:48 GMT)

Mortgage reform stalls in Senate
Thousands of Americans may lose their homes to foreclosure or face hefty mortgage payment resets, but Congress appears to be in no rush to offer help. (Fri, 23 Nov 2007 13:36:55 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, 23 Nov 2007 15:23:21 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. (Fri, 23 Nov 2007 15:51:35 GMT)

Mortgage Slump Could Derail Economy
When Domenico Colombo saw that his monthly mortgage payment was about to balloon by 30 percent, he had a clear picture of how bad it could get. (Fri, 23 Nov 2007 18:39:43 GMT)

U.K. home mortgage approvals at low point
Mortgage approvals for British home buyers fell to a record low last month, a report from the British Bankers' Association said. (Fri, 23 Nov 2007 18:53:03 GMT)

Centereach woman pays debt, loses house anyway
Faced with the threat of losing her longtime Centereach home to foreclosure, Janet Beck thought she did everything right. She found a lender to refinance her mortgage, showed up to her closing and paid her debt weeks before her deadline, she said. (Fri, 23 Nov 2007 20:34:28 GMT)

New wave of U.S. mortgage failures could create a nightmare economic scenario
Joe Bel Bruno, The Associated Press November 23, 2007 - 4:55 p.m. NEW YORK - When Domenico Colombo saw that his monthly mortgage payment was about to balloon by 30 per cent, he had a clear picture of how bad it could get. (Fri, 23 Nov 2007 23:53:58 GMT)

Mortgage reform measure doesn't include bailouts
The House of Representatives has passed a mortgage reform bill that is as remarkable for what it doesn't do as for what it does. It doesn't include a bailout of borrowers or lenders. (Sat, 24 Nov 2007 01:22:21 GMT)

'I am avoiding credit cards to pay off mortgage early'
KATIE Davidson, 26, has a fixed rate mortgage of £135,000 from Standard Life Bank for her two-bedroom flat in Edinburgh - and she's determined to pay it off early. (Sat, 24 Nov 2007 01:49:46 GMT)

Refinancing May Be Harder to Enjoy
Refinancing isn't delivering the savings that some homeowners had hoped for as the gap between 10-year Treasurys and 30-year fixed-rate mortgages has widened substantially. (Sat, 24 Nov 2007 03:07:47 GMT)

Kerik Loan Activity Is Brought to Light After Indictment
Bernard B. Kerik fully repaid a $250,000 personal loan cited in his recent federal indictment days after city investigators began asking about it in 2005. (Sat, 24 Nov 2007 04:10:39 GMT)

H&R Block gains funding for subprime mortgage unit
H&R Block Inc. has gained an additional $350 million in funding for its troubled subprime mortgage company, Option On e. (Sat, 24 Nov 2007 04:35:39 GMT)

Mortgage Failures Could Create Nightmare
When Domenico Colombo saw that his monthly mortgage payment was about to balloon by 30 percent, he had a clear picture of how bad it could get. (Sat, 24 Nov 2007 05:02:19 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, 24 Nov 2007 06:31:16 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, 24 Nov 2007 06:31:26 GMT)

Have we seen worse of mortgage crisis?
When Domenico Colombo saw that his monthly mortgage payment was about to balloon by 30 percent, he had a clear picture of how bad it could get. (Sat, 24 Nov 2007 06:34:43 GMT)

Mortgage bankers go back to basics
Mortgage bankers are eagerly going back to basics before Congress makes them. At the annual convention of the Mortgage Bankers Association, or MBA, the most oft-spoken phrase was “back to basics.” No matter what you were doing — walking past a shoeshine stand, staring mutely at your shoes in an elevator or waiting in line for lunch — you heard someone uttering “back to basics.” (Sat, 24 Nov 2007 06:46:35 GMT)

Have We Seen Worse of Mortgage Crisis?
When Domenico Colombo saw that his monthly mortgage payment was about to balloon by 30 percent, he had a clear picture of how bad it could get. His payment was scheduled to surge by an extra $1,500 in December. (Sat, 24 Nov 2007 06:49:02 GMT)

Have we seen worse of mortgage crisis?
When Domenico Colombo saw that his monthly mortgage payment was about to balloon by 30 percent, he had a clear picture of how bad it could get. His payment was scheduled to surge by an extra $1,500 in December. With his daughter headed to college next fall and tuition to be paid, he feared ending up like so many neighbors in Fort Lauderdale, Fla., who defaulted on their mortgages and whose homes ... (Sat, 24 Nov 2007 06:54:00 GMT)

Kenneth Harney: Lawmakers show little urgency in mortgage grief
Thousands of Americans may be losing their homes to foreclosure or facing hefty mortgage payment resets, but Congress appears to be in no rush to offer help. (Sat, 24 Nov 2007 07:18:41 GMT)

Mortgage failures could hurt economy
When Domenico Colombo saw that his monthly mortgage payment was about to balloon by 30 percent, he had realized how bad it could get. His payment was scheduled to surge by an extra $1,500 in December. With his daughter headed to college next fall and tuition to be paid, he feared ending up like so many neighbors in Fort Lauderdale, Fla., who defaulted on their mortgages and whose homes are in ... (Sat, 24 Nov 2007 08:08:19 GMT)

Possible mortgage crisis fallout has experts up nights
When Domenico Colombo saw that his monthly mortgage payment was about to increase by 30 percent, he had a clear picture of how bad it could get. His payment was scheduled to surge by an extra $1,500. With his daughter headed to college next fall, he feared ending up like so many neighbors in Fort Lauderdale, Fla., who defaulted on their mortgages and whose homes are now in foreclosure. Colombo ... (Sat, 24 Nov 2007 08:10:03 GMT)

Mortgage failures create fallout
When Domenico Colombo saw that his monthly mortgage payment was about to balloon by 30 percent, he had a clear picture of how bad it could get. His payment was scheduled to surge by an extra $1,500 in December. With his daughter headed to college next fall and tuition to be paid, he feared ending up like so many neighbors in Ft. (Sat, 24 Nov 2007 08:13:10 GMT)

Mortgage meltdown a global nightmare
Higher rates leave many unable to make payments When Domenico Colombo saw that his monthly mortgage payment was about to balloon by 30 percent, he had a clear picture of how bad it could get. (Sat, 24 Nov 2007 08:17:49 GMT)

Rash of mortgage failures may create economic nightmare
Soaring mortgage default rates this year already have shaken major financial institutions and the fallout from more of them, some experts say, could spread from those already battered banks into the general economy. (Sat, 24 Nov 2007 08:28:11 GMT)

Refinance Your Adjustable Rates Today
(ARA) - As the old saying goes "a man's home is his castle." The benefits of owning a home are many, including financial security. While a home mortgage is good for your financial stability, refinancing for a better mortgage than you originally qualified for can benefit your finances even more. (Sat, 24 Nov 2007 12:54:28 GMT)

Mortgage failures could hurt economy
When Domenico Colombo saw that his monthly mortgage payment was about to balloon by 30 percent, he had realized how bad it could get. His payment was scheduled to surge by an extra $1,500 in December. With his daughter headed to college next fall and tuition to be paid, he feared ending up like so many neighbors in Fort Lauderdale, Fla., who defaulted on their mortgages and whose homes are in ... (Sat, 24 Nov 2007 13:15:09 GMT)

Report: US subprime crisis to worsen as loan rates reset
New York - The US subprime mortgage crisis is to worsen in the coming year with the number of foreclosures and home-loan defaults set to spike because of automatic interest rate rises, The Wall Street Journal reported Saturday. Interest rates are set... (Sat, 24 Nov 2007 13:16:37 GMT)

U.S. subprime crisis to worsen as loan rates reset: WSJ
The U.S. subprime mortgage crisis is to worsen in the coming year with the number of foreclosures and home-loan defaults set to spike because of automatic interest rate rises, The Wall Street Journal reported Saturday. (Sat, 24 Nov 2007 16:25:09 GMT)

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