Mortgage News Feb 2008
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How National City's mortgage division lost half a billion dollars
The fall of 2004 was the beginning of the end. The year before, National City Corp. raked in an average of $2.6 million in profit every day -- every single day -- from its mighty mortgage machine. (Tue, 12 Feb 2008 09:51:10 GMT)
Feds to unveil new mortgage-help plan
At-risk borrowers with all types of mortgages, not just high-cost subprime loans, could be eligible for help under a new plan involving six big home lenders. (Tue, 12 Feb 2008 10:00:22 GMT)
Biggest mortgage lender will help more borrowers
Montbello resident Sharon Johnson has sought relief since October from an adjustable-rate mortgage whose payments have skyrocketed. (Tue, 12 Feb 2008 10:07:58 GMT)
Swiss bank Credit Suisse reports profit rise in 2007 despite loan losses
Swiss banking giant Credit Suisse reported a 3.0-percent gain in underlying net profit to five billion euros last year, despite huge commercial loan writedowns. (Tue, 12 Feb 2008 10:25:10 GMT)
Feds to Unveil New Mortgage-Help Plan
WASHINGTON -- At-risk borrowers with all types of mortgages, not just high-cost subprime loans, could be eligible for help under a new plan involving six big home lenders. The plan, called Project Lifeline, will be announced Tuesday by the Treasury Department and the Department of Housing and Urban Development, said a person familiar with the plan who confirmed earlier news reports about the ... (Tue, 12 Feb 2008 10:42:37 GMT)
Countrywide extends reach of subprime mortgage relief
In a move that could help thousands of homeowners in Florida , Countrywide Financial Corp. has agreed to broaden the scope of its anti-foreclosure outreach to include all of its troubled subprime mortgage customers, the nation's largest mortgage lender said Monday. (Tue, 12 Feb 2008 11:04:34 GMT)
Countrywide to help more avoid foreclosure
Countrywide Financial, under pressure to help stem growing home loan defaults, says it will expand programs to help borrowers stay in their homes regardless of the type of subprime loan they have or whether they have already fallen behind on payments. (Tue, 12 Feb 2008 11:07:04 GMT)
Mortgage insurers tighten loan rules
WALNUT CREEK -- The second-largest U.S. mortgage insurer announced Monday it would no longer insure home buyers with less than 10 percent down in California and other "distressed markets" to protect the company from a wave of anticipated losses in the housing market. (Tue, 12 Feb 2008 11:12:07 GMT)
Mortgage lending falls by 10%
Number of deals taken out is lowest figure since 1996, says Council of Mortgage Lenders (Tue, 12 Feb 2008 11:32:06 GMT)
7 plead guilty in mortgage scheme
Seven people pleaded guilty to charges stemming from their involvement in a mortgage fraud scheme that targeted properties in Southwest Ranches, the U.S. Attorney announced. (Tue, 12 Feb 2008 12:28:00 GMT)
IndyMac Bancorp posts significant 4th-qtr loss on reserves for bad mortgage debt
PASADENA, Calif. - IndyMac Bancorp has swung to a significant loss in its most recent quarter because of provisions for bad debt in the mortgage market. (Tue, 12 Feb 2008 12:39:12 GMT)
Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Tue, 12 Feb 2008 12:56:18 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, 12 Feb 2008 13:39:14 GMT)
Kristin Abouelata Home Loan Specialist Joins Mortgage Investors Group as a Mortgage Banking Officer at the Knoxville ...
Mortgage Investors Group is pleased to announce that Kristin Abouelata has come on board as a Mortgage Banking Officer at the Knoxville (Home Office) branch. Kristin is a native of Maryville, Tennessee, and resident of Knoxville. She is a graduate from Clemson University, South Carolina; receiving her Bachelors Degree in 1987. She has over sixteen years experience in the finance and mortgage ... (Tue, 12 Feb 2008 13:42:11 GMT)
New Mortgage Rescue Goes Beyond Subprime
Lenders Offer Broader Mortgage Plan Extended to Borrowers of All Loans, Not Just Subprime (Tue, 12 Feb 2008 13:48:03 GMT)
SBBJ slashes home loan rates up to 1.25 per cent
In line with many other PSU banks, SBI associate State Bank of Bikaner and Jaipur (SBBJ) on Tuesday announced a cut in home loan rates by up to 1.25 per cent with immediate effect. (Tue, 12 Feb 2008 16:35:03 GMT)
Mortgage crisis spreads beyond subprime loans
The credit crisis is no longer just a subprime mortgage problem. As home prices fall and banks tighten lending standards, people with good, or prime, credit histories are falling behind on their (Tue, 12 Feb 2008 16:35:52 GMT)
Lenders to pause delinquent mortgage foreclosures
Six top mortgage companies on Tuesday launched a new program aimed at staving off foreclosure for seriously delinquent borrowers in the hopes that new, more affordable loan terms can be worked out. (Tue, 12 Feb 2008 16:45:46 GMT)
GE Real Estate Takes Lead in $50 Million Refinancing to Vancouver Film Studios
GE Real Estate announced today it was the lead partner for a $50 million refinancing of Vancouver Film Studios, a state-of-the art film and television studio complex. (Tue, 12 Feb 2008 16:52:00 GMT)
White House Unveils Home Mortgage Plan
White House Officials unveiled a plan on Tuesday aimed at helping at-risk borrowers avoid mortgage foreclosure. As part of the initiative, dubbed Project Lifeline, lenders say they will contact homeowners who are 90 or more days overdue on their monthly mortgage payments and give them the opportunity to put the foreclosure process on hold. (Tue, 12 Feb 2008 17:53:56 GMT)
Here And Now - More Home Loan Help
More Home Loan Help, Foreclosure Fall-Out in Flint, Gary Hart, Clemens Showdown, Modern Love (Tue, 12 Feb 2008 18:16:10 GMT)
Mortgage help is extended to many more borrowers
Six of the nation's largest mortgage lenders have agreed to expand their efforts to help homeowners avoid foreclosure, Treasury Secretary Henry Paulson announced Tuesday, warning that the worst of the foreclosure crisis is still ahead.Six large mortgage lenders and servicers launched a program Tuesday aimed at staving off foreclosure for delinquent borrowers in the hopes that more affordable ... (Tue, 12 Feb 2008 19:09:39 GMT)
Banks to pause delinquent mortgage foreclosures
WASHINGTON - Six top mortgage companies on Tuesday launched a new program aimed at staving off foreclosure for seriously delinquent borrowers in the hopes that new, more affordable loan terms can be worked out. (Tue, 12 Feb 2008 19:22:23 GMT)
U.S. banks to pause delinquent mortgage foreclosures
Six top mortgage companies on Tuesday launched a new programme aimed at staving off foreclosure for seriously delinquent borrowers in the hopes that new, more affordable loan terms can be worked out. (Tue, 12 Feb 2008 19:27:00 GMT)
Banks to pause delinquent mortgage foreclosures
WASHINGTON (Reuters) - Six top mortgage companies on Tuesday launched a program aimed at staving off foreclosure for seriously delinquent borrowers in the hopes that new, more affordable loan terms can be worked out. (Tue, 12 Feb 2008 19:41:40 GMT)
Mortgage lenders promise relief to strapped homeowners
WASHINGTON — Six of the nation's largest mortgage lenders promised additional relief for homeowners behind on their payments and gave what may be the best indication yet that the foreclosure crisis has gone well beyond subprime loans. (Tue, 12 Feb 2008 20:06:28 GMT)
Banks to pause delinquent mortgage foreclosures
By Patrick Rucker and David Lawder WASHINGTON (Reuters) - Six top mortgage companies on Tuesday launched a new program aimed at staving off foreclosure for seriously delinquent... (Tue, 12 Feb 2008 20:11:30 GMT)
Paulson launches subprime mortgage lifeline
Saying "the worst is just beginning" for a wave of subprime mortgage resets in the US, Treasury secretary Henry Paulson on Tuesday unveiled an initiative with six private sector banks to delay home foreclosures. (Tue, 12 Feb 2008 20:25:14 GMT)
IndyMac Swings to Loss on Mortgage Woes
The mortgage lender posted a fourth-quarter loss of $509.1 million as it raised its loan-loss provisions to account for growing defaults and foreclosures. (Tue, 12 Feb 2008 20:39:49 GMT)
Banks to pause delinquent mortgage foreclosures
Six top mortgage companies on Tuesday launched a program aimed at staving off foreclosure for seriously delinquent borrowers in the hopes that new, more affordable loan terms can be worked out. (Tue, 12 Feb 2008 20:52:16 GMT)
USDA Loan Aids Home Heating Needs
(NEWS CENTER) -- A new statewide loan program though the U.S. Department Of Agriculture aims to help low-income families heat their homes more efficiently. (Tue, 12 Feb 2008 22:53:00 GMT)
Banks to pause delinquent mortgage foreclosures
Six top mortgage companies on Tuesday launched a program aimed at staving off foreclosure for seriously delinquent borrowers in the hopes that new, more affordable loan terms can be worked out. (Tue, 12 Feb 2008 22:59:31 GMT)
Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Wed, 13 Feb 2008 00:16:10 GMT)
Mortgage defaulter keeps home
Man who made no mortgage payments for 15 years allowed to keep his home (Wed, 13 Feb 2008 02:12:12 GMT)
Home battlers hand CBA record profit
COMMONWEALTH Bank of Australia (CBA) has announced a $2.731 billion first half profit, just a week after raising its variable home loan rates by 30 basis points. (Wed, 13 Feb 2008 03:11:00 GMT)
Home battlers hand CBA record profit
COMMONWEALTH Bank of Australia (CBA) has announced a $2.731 billion first half profit, just a week after raising its variable home loan rates by 30 basis points. (Wed, 13 Feb 2008 03:11:00 GMT)
IndyMac Swings to Loss on Mortgage Woes
The mortgage lender posted a fourth-quarter loss of $509.1 million as it raised its loan-loss provisions to account for growing defaults and foreclosures. (Wed, 13 Feb 2008 04:39:36 GMT)
U.S. mortgage rescue plan greeted by criticism
A Bush administration plan to delay foreclosures for some troubled homeowners met a cool reaction from politicians and investors who questioned its ability to stave off what could be a long and painful string of mortgage defaults. (Wed, 13 Feb 2008 04:42:48 GMT)
Falling behind on your mortgage
ROCK ISLAND, Illinois-- More homeowners are falling behind on their mortgage payments. It has foreclosures up and a lot of homes on the market. The Bush administraton says it wants to help with a new program called Project Lifeline. (Wed, 13 Feb 2008 05:04:15 GMT)
Earlier Subprime Rescue Falters
Initial steps to freeze interest rates or expedite refinancing for subprime borrowers appear to be having a limited impact on the mortgage crisis, stoking criticism of a new plan to help borrowers who are late on payments. (Wed, 13 Feb 2008 05:08:35 GMT)
The Mortgage Crisis | Lenders offer lifeline
WASHINGTON — Six major lenders, worried about the deepening mortgage crisis, said Tuesday they would grant a 30-day freeze on many foreclosures in order to consider delinquent borrowers’ pleas for lower monthly payments. Standing with bank representatives, Treasury Secretary Henry Paulson said Project Lifeline is needed because the 2-year-old mortgage mess is still threatening to separate many ... (Wed, 13 Feb 2008 05:14:19 GMT)
Mortgage Workouts, Now Tax-Free for Many Homeowners; Claim Relief on Newly-Revised IRS Form
Feb. 13, 2008 (SmartPros) Homeowners whose mortgage debt was partly or entirely forgiven during 2007 may be able to claim special tax relief by filling out newly-revised Form 982 and attaching it to their 2007 federal income tax return. (Wed, 13 Feb 2008 05:21:02 GMT)
Mortgage firms to cut many a break
WASHINGTON -- Six of the nation's largest mortgage companies promised Tuesday to offer struggling homeowners a month's protection from foreclosure, a pause the companies say will give them time to renegotiate loans and slow the rising tide of home losses. (Wed, 13 Feb 2008 08:09:13 GMT)
Preferred Capital Alliance, Inc. Announces New Small Commercial Mortgage Programs for Small Businesses
Preferred Capital Alliance, Inc. announces new small commercial mortgage programs for small businesses and investors. The new programs make purchasing and refinancing small commercial real estate (maximum loan amounts of $1.5 million) accessible for a variety of business owners and investors. Highlights include as low as 3% down payments, Stated Income programs, flexible terms and excellent ... (Wed, 13 Feb 2008 08:19:15 GMT)
Home-loan program gets financial jolt
With foreclosure filings in Delaware hitting record highs in January, a dwindling state fund that gives out emergency loans to struggling homeowners got a half-million-dollar shot in the arm Tuesday. (Wed, 13 Feb 2008 09:02:30 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, 13 Feb 2008 10:25:39 GMT)
Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Wed, 13 Feb 2008 10:39:02 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. (Wed, 13 Feb 2008 10:56:08 GMT)
Mortgage Relief Plan Leaves Lots Of Pain
New State Loans Reach Few Homeowners A new, highly touted state program designed to aid first-time homeowners facing exploding mortgage costs has such strict standards that the vast majority of those seeking help don't qualify — a stark reality for financially troubled Connecticut residents looking for a mortgage bailout. (Wed, 13 Feb 2008 10:57:52 GMT)
Deducting points on a home loan
There's a tax benefit to reducing your mortgage interest at closing, says CPA George Saenz. (Wed, 13 Feb 2008 11:00:00 GMT)
Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Wed, 13 Feb 2008 11:09:04 GMT)
Officials take aim at mortgage crisis
SACRAMENTO -- The Bush administration unveiled plans Tuesday for a reprieve for homeowners embroiled in the nationwide subprime mortgage crisis even as California lawmakers try to clamp down on lenders and provide relief to tens of thousands of at-risk homeowners. (Wed, 13 Feb 2008 11:13:01 GMT)
Ahead of the Bell: Mortgage Applications
Home-loan data to be released Wednesday will show whether mortgage applications rose for the sixth-straight week as borrowers took advantage of lower rates. (Wed, 13 Feb 2008 11:28:17 GMT)
Mortgage Application Volume Declines
Mortgage application volume fell 2.1 percent during the week ending Feb. 8, according to the trade group Mortgage Bankers Association's weekly application survey. (Wed, 13 Feb 2008 12:11:23 GMT)
Mortgage applications fall as rates rise
NEW YORK (Reuters) - Demand for applications to purchase and refinance homes declined last week from the highest level in nearly four years as mortgage rates rose, an industry group said on Wednesday. (Wed, 13 Feb 2008 12:14:41 GMT)
U.S. MBA's Mortgage Applications Index Declined 2.1% Last Week
Feb. 13 (Bloomberg) -- Mortgage applications in the U.S. fell last week as purchases and refinancing slowed, reflecting a deepening slump in housing. (Wed, 13 Feb 2008 12:36:54 GMT)
Mortgage application volume falls 2.1%
Interest rates rose last week as refinance and purchase volume declined, weekly survey says. (Wed, 13 Feb 2008 13:11:05 GMT)
U.S. mortgage applications fall as rates rise
NEW YORK–U.S. demand for applications to purchase and refinance homes declined last week from the highest level in nearly four years as mortgage rates rose, an industry group said Wednesday. (Wed, 13 Feb 2008 13:27:45 GMT)
Mortgage application filings down 2.1% last week, MBA says
Mortgage applications decreased a seasonally adjusted 2.1% last week compared with the previous week, as mortgage interest rates broadly increased, according to the Mortgage Bankers Association's most recent survey, released on Wednesday. Applications were up an unadjusted 65% in the week ended Feb. 8 compared with the same week in 2007, the Washington-based industry group reported. ... (Wed, 13 Feb 2008 13:45:24 GMT)
DELAWARE: Home-loan program gets financial jolt
DOVER — With foreclosure filings in Delaware hitting record highs in January, a dwindling state fund that gives out emergency loans to struggling homeowners got a half-million-dollar shot in the arm Tuesday. (Wed, 13 Feb 2008 13:47:48 GMT)
UPDATE: Mortgage Application Filings Down 2.1% Last Week, MBA Says
ORLANDO, Fla. (Dow Jones) -- Mortgage applications decreased a seasonally adjusted 2.1% last week compared with the previous week, as mortgage interest rates broadly increased, according to the Mortgage Bankers Association's most recent survey, released on Wednesday. (Wed, 13 Feb 2008 14:33:14 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, 13 Feb 2008 15:10:49 GMT)
Mortgage demand dips; 30-year and ARM rise to 5.72%
Demand for applications to purchase and refinance homes declined last week from the highest level in nearly four years as mortgage rates rose, an industry group said Wednesday. (Wed, 13 Feb 2008 15:54:54 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, 13 Feb 2008 16:54:04 GMT)
Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Wed, 13 Feb 2008 16:54:14 GMT)
Morgan Stanley cutting mortgage jobs
Morgan Stanley is firing 1,000 people at its U.S. and U.K. mortgage lending units. (Wed, 13 Feb 2008 17:22:45 GMT)
Mortgage insurer MGIC loses $1.47 billion
NEW YORK (Reuters) - MGIC Investment Corp (MTG.N), the largest U.S. mortgage insurer, posted on Wednesday a much larger-than-expected $1.47 billion quarterly loss as more homeowners fell behind on payments, and claims increased sevenfold. (Wed, 13 Feb 2008 17:28:19 GMT)
Mortgage insurer MGIC loses $1.47 billion
MGIC Investment Corp , the largest U.S. mortgage insurer, posted on Wednesday a much larger-than-expected $1.47 billion quarterly loss as more homeowners fell behind on payments, and claims increased sevenfold. (Wed, 13 Feb 2008 18:03:08 GMT)
Mortgage issuer MGIC posts huge loss; shares slide
The mortgage insurer MGIC Investment said Wednesday that it lost almost $1.5 billion for the last three months of 2007 on higher home delinquencies as it looks for ways to improve its capital. (Wed, 13 Feb 2008 18:12:48 GMT)
Morgan Stanley to shed 1,000 jobs in mortgage downsizing
Wall Street investment giant Morgan Stanley said Wednesday it would eliminate 1,000 jobs as it scales back residential mortgage operations in response to the US housing slump. (Wed, 13 Feb 2008 18:33:25 GMT)
Morgan Stanley slashes mortgage business
Morgan Stanley will slash 1,000 jobs, scale back its U.S. residential mortgage operations and shut down British home lending unit Advantage Home Loans as new management takes a hard look at the continued deterioration in mortgage markets. (Wed, 13 Feb 2008 18:48:41 GMT)
Morgan Stanley fires 1,000 in mortgage unit
The company says it will close its U.K. mortgage business and scale back home loans in the United States. (Wed, 13 Feb 2008 18:55:55 GMT)
Morgan Stanley cuts 1,000 mortgage jobs
Morgan Stanley on Wednesday said it will cut 1,000 jobs as the nation's second-largest investment bank trims its residential mortgage operations amid the continued deterioration of the mortgage markets. (Wed, 13 Feb 2008 19:02:45 GMT)
Morgan Stanley cuts 1,000 mortgage jobs
Morgan Stanley will slash 1,000 jobs, scale back its U.S. home-lending business and shut down a British mortgage unit as new management takes a hard look at the continued deterioration in mortgage markets. (Wed, 13 Feb 2008 20:29:28 GMT)
BankTennessee upgrades, expands mortgage lending
BankTennessee has expanded and enhanced its mortgage lending division. (Wed, 13 Feb 2008 20:35:08 GMT)
Morgan Stanley to Cut 1,000 U.S., U.K. Mortgage Jobs (Update3)
Feb. 13 (Bloomberg) -- Morgan Stanley, the second-biggest U.S. securities firm, will eliminate 1,000 jobs by scaling back its U.S. residential mortgage business and closing the Advantage Home Loans unit in the U.K. (Wed, 13 Feb 2008 20:36:52 GMT)
MGIC seeks capital boost as mortgage crisis bites its bottom line
SAN FRANCISCO (MarketWatch) -- MGIC Investment Corp. reported a $1.47 billion quarterly net loss on Wednesday and said it's looking at ways to boost capital as rising delinquencies and foreclosures hit the mortgage insurer hard. (Wed, 13 Feb 2008 20:45:42 GMT)
Mortgage woes sting insurer MGIC again
MGIC Investment Corp , the largest U.S. mortgage insurer, recorded another losing quarter on Wednesday, as the bond insurance industry continues to grapple with rising defaults in the U.S. subprime mortgage market. (Wed, 13 Feb 2008 20:50:05 GMT)
Morgan Stanley cuts 1,000 mortgage jobs
NEW YORK (Reuters) - Morgan Stanley (MS.N) will slash 1,000 jobs, scale back its U.S. home-lending business and shut down a British mortgage unit as new management takes a hard look at the continued deterioration in mortgage markets. (Wed, 13 Feb 2008 20:56:54 GMT)
Morgan Stanley cuts 1,000 mortgage jobs
Morgan Stanley on Wednesday said it will cut 1,000 jobs as the nation's second-largest investment bank trims its residential mortgage operations amid the continued deterioration of the mortgage markets. (Wed, 13 Feb 2008 21:56:59 GMT)
Stimulus bill increases loan limits
The economic stimulus plan enrolled by Congress last week includes an increase in government-backed home loan limits for high-cost housing areas, including Greater Sacramento. (Wed, 13 Feb 2008 22:11:39 GMT)
Stimulus bill increases loan limits
The economic stimulus plan enrolled by Congress last week includes an increase in government-backed home loan limits for high-cost housing areas. (Wed, 13 Feb 2008 22:35:52 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? (Thu, 14 Feb 2008 00:16:14 GMT)
FSA pursues 70 brokers in home loan fraud racket
More than 70 mortgage brokers face hefty fines as part of crackdown on fraud designed to rip off banks (Thu, 14 Feb 2008 00:27:25 GMT)
Negotiating Refinancing Fees
With rates dropping, Terri Cullen's brother and his wife plan to refinance their mortgage. She offers them advice on how to negotiate fees. (Thu, 14 Feb 2008 00:46:35 GMT)
Wider Mortgage Relief Proposed
State Advocates Seek Industry Reform; Lawmakers Push $100 Million In Aid Lawmakers and housing advocates stepped up plans at the state Capitol Wednesday to aid Connecticut homeowners struggling to make their mortgage payments and to reshape the state's home lending industry. (Thu, 14 Feb 2008 02:51:32 GMT)
Minority homeowners hit hardest by mortgage crisis
As we spend this month celebrating the achievements of African-Americans, I'm saddened by a report that concludes that the subprime mortgage crisis has caused the largest loss of wealth in modern U.S. history for black and Latino homeowners. (Thu, 14 Feb 2008 08:22:58 GMT)
State UEZ reconsidering loan to keep Vineland ice rink open
VINELAND - A local ice rink, home to sports teams and a recreation venue, may narrowly avoid closing, Mayor Perry Barse said Wednesday, as a revived state loan application will be heard four days before the rink is scheduled to close. Last month, the rink's managers learned that an... (Thu, 14 Feb 2008 08:49:57 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, 14 Feb 2008 09:15:17 GMT)
Hope Now: When loan workouts don't work out
More troubled mortgage borrowers than ever are now being granted loan relief - but many will still wind up losing their homes. (Thu, 14 Feb 2008 11:55:59 GMT)
Expert: Don Taylor, Ph.D., CFA, CFP
Dear Dr. Don, We are currently in a 6.875 percent 30-year fixed rate loan. We have 21 years left on the mortgage. What would the interest rate need to be to make refinancing a good idea for us? (Thu, 14 Feb 2008 12:21:30 GMT)
Bankrate: Mortgage Rates Reverse Course
For just the second time in 2008, fixed mortgage rates moved higher with the average conforming 30-year fixed mortgage rate now 5.96 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.37 discount and origination points. (Thu, 14 Feb 2008 12:30:00 GMT)
MFA Mortgage 4Q Profit Quadruples
MFA Mortgage Investments Inc.'s profit quadrupled in the fourth quarter as the mortgage investor capitalized on the turmoil in financial markets by buying cheap bonds, the investment fund said Thursday. (Thu, 14 Feb 2008 14:17:49 GMT)
Freddie Mac alters rules to aid mortgage insurers
Government-sponsored-mortgage giant Freddie Mac said Thursday it is temporarily changing its rules to enable private mortgage insurance companies to retain more capital and rebuild their balance sheets, which have been damaged badly by the housing and credit crises. (Thu, 14 Feb 2008 14:30:19 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? (Thu, 14 Feb 2008 14:56:04 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, 14 Feb 2008 14:56:23 GMT)
Mortgage rates little changed
Mortgage rates were little changed this week as labor productivity rose higher than forecast and pending existing home sales weakened, Freddie Mac reported Thursday. (Thu, 14 Feb 2008 15:26:05 GMT)
Need a loan? Ask Mower County By LEE BONORDEN/lee.bonorden@austindailyherald.com
News Call or email the Newsroom at (507) 434-2230. There is good news on the home mortgage front in Mower County. The Austin-Mower County Home Ownership Fund has money to loan. (Thu, 14 Feb 2008 16:13:50 GMT)
$200 Million To Prevent Illinois Foreclosures
CHICAGO (AP) _ Help is on the way for Illinois homeowners struggling to keep up with their mortgage payments. Four mortgage lenders have committed $200 million to a new Homeowner Assistance Pool to help people refinance their mortgages. (Thu, 14 Feb 2008 17:03:34 GMT)
Freddie Mac alters rules to aid mortgage insurers
Freddie Mac alters rules to aid mortgage insurers (Thu, 14 Feb 2008 18:12:35 GMT)
'Worst month ever' for area home sales
l New loan rules may help Bay Area home sales to rebound For the first time since the housing downturn began in late 2005, housing prices in Santa Clara County dropped last month compared with a year earlier. (Thu, 14 Feb 2008 19:54:09 GMT)
Bay Area Home Sales Plunged in January
Home sales in the San Francisco Bay area tumbled in January to the lowest level in more than 20 years, as buyers continued to wait out the housing slump or were unable to find affordable financing as lenders pulled back on many loan products. (Thu, 14 Feb 2008 20:09:13 GMT)
Finkelstein Thompson LLP Files Securities Class Action Lawsuit Against Municipal Mortgage & Equity LLC
Finkelstein Thompson LLP has filed a class action lawsuit in the United States District Court for the District of Maryland on behalf of purchasers of Municipal Mortgage & Equity LLC ("MuniMae" or "Company") (NYSE:MMA) common stock during the period between May 3, 2004, and January 29, 2008 (the "Class Period"). (Thu, 14 Feb 2008 20:55:30 GMT)
Federal Home Loan Bank of Boston Announces 2007 Operating Highlights and Declares Dividend
The Federal Home Loan Bank of Boston announced the following unaudited financial results for the year ended December 31, 2007, and the board of directors' declaration of a first quarter dividend: (Thu, 14 Feb 2008 20:58:00 GMT)
Rector heads to jail for role in largest area mortgage fraud case
Leslie Rector, co-leader of a $112 million mortgage fraud scheme in metro Atlanta, has been sent to prison for seven years. (Thu, 14 Feb 2008 21:03:19 GMT)
Call to readers: Did you take out a home equity loan?
If you live in the Sacramento area and borrowed against your home equity during the housing boom, we'd like to hear from you for a future story. (Thu, 14 Feb 2008 21:44:30 GMT)
Mortgage rates lowest since 2005, refinancing jumps
Applications for home mortgages jumped to their highest level in a month last week as concerns about recession pushed interest rates to their lowest in more than two years, an industry group said Wednesday. (Thu, 14 Feb 2008 21:51:46 GMT)
Mortgage bankers, bank branches surrender licenses
At least 56 mortgage bankers gave up their New York licenses last year, more than double the 22 in 2006, and almost 700 branch licenses were surrendered, compared to 256 the year before, according state banking department data requested by Newsday . (Thu, 14 Feb 2008 22:10:16 GMT)
Primary Residential Mortgage, Inc. Launches New Corporate Website
Primary Residential Mortgage, Inc. has launched a new retail website at http://www.primaryresidentialmortgage.com. The site educates borrowers not only about the company but also provides in-depth information and quality resources to help them through the mortgage process. (Thu, 14 Feb 2008 22:34:00 GMT)
Atlanta man gets 7 years in $112M mortgage scheme
An Atlanta man Thursday was sentenced to seven years in prison for his role in a mortgage fraud scheme that racked up $112 million in fraudulent loans. Leslie Rector, 35, also was ordered by U.S. District Court Judge Thomas Thrash to pay $40 million in restitution. Last year, Rector was convicted of the massive fraud scheme that targeted the metro Atlanta housing and condo market from 2000 ... (Thu, 14 Feb 2008 22:45:16 GMT)
Lifting Fannie, Freddie Mortgage Limits Could Help Investors Most
Raising value limits on conforming loans could do more to lift bond market confidence than to broadly help refinancers and home buyers. (Thu, 14 Feb 2008 22:57:20 GMT)
FACTBOX-US presidential candidates on the mortgage crisis
(Reuters) - Mounting U.S. mortgage foreclosures have spooked financial markets around the globe in recent months, prompting policymakers to draft programs that could help borrowers save their homes. (Thu, 14 Feb 2008 23:38:00 GMT)
Mortgage rates rise to highest level in 5 weeks
Rates on 30-year mortgages rose to the highest level in five weeks but still remained below the 6% level. (Fri, 15 Feb 2008 00:03:52 GMT)
Federal Home Loan Bank of San Francisco Reports Annual and Quarterly Operating Results
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco today announced that 2007 net income rose $110 million, or 20%, to $652 million from $542 million in 2006. Net income for the fourth quarter of 2007 rose $76 million, or 49%, to $231 million from $155 million for the prior-year period. (Fri, 15 Feb 2008 00:54:00 GMT)
How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Fri, 15 Feb 2008 00:55:05 GMT)
Raising loan limits expected to help falling resales and prices in San Diego
As part of the new economic stimulus bill signed into law Wednesday by President Bush, Federal Housing Administration (FHA) loan limits have been raised from $362,790 to as high as $729,750, which will aid the San Diego County and California existing home sales markets, according to several local real estate experts. (Fri, 15 Feb 2008 02:32:54 GMT)
Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Fri, 15 Feb 2008 03:55:58 GMT)
STATE POLITICAL CHATTER: Strapped Illinois homeowners getting help
CHICAGO (AP) - Help is on the way for Illinois homeowners struggling to keep up with their mortgage payments. Four mortgage lenders have committed $200 million to a new Homeowner Assistance Pool to help people refinance their mortgages. (Fri, 15 Feb 2008 04:30:12 GMT)
More Families Homeless Due To Sub-Prime Mortgage Problem
The sub-prime mortgage crisis is having ripple affects never seen before, as more families are showing up at homeless shelters. They're making their payments, but still getting left in the cold through no fault of their own. FOX 6's Cathy Orosz tells you more about these unfortunate families. (Fri, 15 Feb 2008 04:45:25 GMT)
Need a loan? Ask Mower County By LEE BONORDEN/lee.bonorden@austindailyherald.com
News Call or email the Newsroom at (507) 434-2230. There is good news on the home mortgage front in Mower County. The Austin-Mower County Home Ownership Fund has money to loan. (Fri, 15 Feb 2008 06:44:00 GMT)
Windsor man pleads guilty in mortgage scheme
A Windsor man who operated as a real estate agent pleaded guilty this week in a case that alleged he stole money from mortgage companies and lied on federal housing documents. (Fri, 15 Feb 2008 08:09:36 GMT)
Mortgage lending reform bill hits roadblock
Sen. Ben Westlund's bill to reform mortgage lending in Oregon has stalled in the Legislature, but House leaders say they'll introduce a similar proposal Monday to try to salvage something. (Fri, 15 Feb 2008 08:28:17 GMT)
Primary reason for refinancing is to pay less interest
The economy is going through a rough patch, and the stock market is well below its all-time high. Mortgage rates have been dropping since the end of last year. (Fri, 15 Feb 2008 08:41:45 GMT)
FBI, SEC mortgage investigations moving slowly
WASHINGTON — Congress approved an economic stimulus package. The Treasury Department pressed lenders to reset mortgage rates for millions of troubled homeowners. And New York's insurance regulator is attempting to bail out a critical sector of the industry. (Fri, 15 Feb 2008 09:56:20 GMT)
Non-mortgage debt rate globally consistent
AS DEVELOPED consumer finance markets stagnate under the weight of mortgage indebtedness levels and the credit crisis, financial service providers are looking to emerging markets for growth in all forms of consumer lending. (Fri, 15 Feb 2008 10:07:28 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, 15 Feb 2008 10:53:34 GMT)
Refi: Weighing fees and rates
Senior reporter Holden Lewis, who covers mortgages and writes the Mortgage Matters blog, answers another batch of common questions about refinancing. (Fri, 15 Feb 2008 11:00:00 GMT)
30-year mortgage rates climb to 5.72 percent
WASHINGTON -- Rates on 30-year mortgages rose to the highest level in five weeks but still remained below the 6 percent level. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 5. (Fri, 15 Feb 2008 11:28:15 GMT)
Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Fri, 15 Feb 2008 12:01:21 GMT)
Marion Township woman charged in mortgage fraud scheme
PITTSBURGH — Two dozen individuals, including one from Marion Township, have been charged in connection with alleged mortgage fraud schemes in western Pennsylvania. (Fri, 15 Feb 2008 12:27:51 GMT)
Mortgage hell looms
QUEENSLAND homeowners are increasingly going under and losing their properties as the mortgage crunch claims more casualties with each rate rise. (Fri, 15 Feb 2008 13:00:00 GMT)
Plaza Home Mortgage Taps Loan-Score Decisioning Systems to Integrate Enterprise AUS
Plaza Home Mortgage, Inc., a San Diego-based national wholesale lender, today announced it has signed with Loan-Score Decisioning Systems, LLC, an emerging leader in enterprise-class automated underwriting solutions, to utilize its AUS, product and pricing engine, PDA Pricer application, and broker portal. (Fri, 15 Feb 2008 13:07:00 GMT)
U.S. mortgage insurer Radian posts large loss
NEW YORK–Mortgage insurer Radian on Friday reported its second-ever quarterly loss, hurt by troubles in the U.S. housing market. (Fri, 15 Feb 2008 14:13:05 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, 15 Feb 2008 14:27:18 GMT)
Sub-prime hits mortgage giant
Countrywide Financial, the biggest mortgage lender in the US, reports a 41% fall in home loans in January. (Fri, 15 Feb 2008 15:28:16 GMT)
Mortgage meltdown continues at Countrywide
CALABASAS, Calif. (AP) -- Countrywide Financial, the nation's largest mortgage lender, says delinquencies and foreclosures continued to rise in January. (Fri, 15 Feb 2008 15:36:42 GMT)
Mortgage insurer Radian posts steep loss
Mortgage insurer Radian Group on Friday reported its second-ever quarterly loss, hurt by securities losses, costly write-downs and the need to boost its loss reserves as more U.S. homeowners fell behind on payments. (Fri, 15 Feb 2008 16:00:08 GMT)
Delinquencies rise at Countrywide
Countrywide Financial Corp. said Friday home loan delinquencies and foreclosures rose in January as more borrowers struggled to make their mortgage payments. (Fri, 15 Feb 2008 18:33:12 GMT)
Federal Home Loan Bank of S.F. profit up 20% in 2007
The Federal Home Loan Bank of San Francisco reported 49% growth in its fourth quarter profit and 20 percent growth in its 2007 profit. (Fri, 15 Feb 2008 18:35:34 GMT)
Final rules for mortgage guarantee companies
The Reserve Bank of India (RBI) has released the final guidelines for registration and operation of mortgage guarantee companies (MGCs) in India. (Fri, 15 Feb 2008 18:51:09 GMT)
How to Avoid a Mortgage Escrow Nightmare
Here's a guide to one of the most difficult aspects of loan servicing. (Fri, 15 Feb 2008 19:05:31 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, 15 Feb 2008 19:11:44 GMT)
Spector, Roseman & Kodroff, P.C. Files Class Action Suit Against . Municipal Mortgage & Equity, LLC
Municipal Mortgage & Equity, LLC 15/02/2008 19:00:00 Business Wire The law firm of Spector, Roseman & Kodroff, P.C. (Fri, 15 Feb 2008 19:14:19 GMT)
Spector, Roseman & Kodroff, P.C. Files Class Action Suit Against Municipal Mortgage & Equity, LLC
The law firm of Spector, Roseman & Kodroff, P.C. announces that a securities class action lawsuit was commenced in the United States District Court for the District of Maryland, on behalf of all purchasers of Municipal Mortgage & Equity, LLC ("MuniMae" or the "Company") (Other OTC:MMAB.PK) between May 3, 2004 through January 29, 2008, inclusive (the "Class Period"). (Fri, 15 Feb 2008 19:24:05 GMT)
Group Sets Limits on Mortgage Bond Sales
Mortgage finance companies Fannie Mae and Freddie Mac will not be allowed to include larger mortgages in a commonly used market where investors trade mortgage-backed securities before they are issued, an industry group said Friday. (Fri, 15 Feb 2008 19:42:19 GMT)
On rate cuts and mortgages
Question: We've been following the mortgage rates because we want to refinance our mortgage. The Federal Reserve cut interest rates twice last month. The first time they cut rates, mortgage rates came down. (Fri, 15 Feb 2008 19:51:12 GMT)
Countrywide Reports Loan Deliquency Jump
The troubled lender says loan delinquency rates rose to 7.47 percent last month. (Fri, 15 Feb 2008 20:30:35 GMT)
January Bay Area Home Sales Drop 42 Percent
Home sales in the San Francisco Bay area tumbled in January to the lowest level in more than 20 years, as buyers continued to wait out the housing slump or were unable to find affordable financing as lenders pulled back on many loan products. (Fri, 15 Feb 2008 21:06:23 GMT)
Ailing Economy's Lower Rates Provide Opportunity to Refinance
The economy is going through a rough patch, and the stock market is well below its all-time high. Mortgage rates have been dropping since the end of last year. (Fri, 15 Feb 2008 21:29:41 GMT)
Mortgage Insurer Tightens Up
First it was the lenders. Now it's the mortgage insurers. Entire product lines are being yanked, potentially squeezing large numbers of home buyers and refinancers out of the marketplace. (Fri, 15 Feb 2008 21:30:11 GMT)
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