Mortgage News Feb 2008
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Japan Post Bank to Raise Holdings of Corporate, Mortgage Debt
Feb. 28 (Bloomberg) -- Japan Post Bank Co., the world's biggest-lender by assets, said it plans to increase investments in corporate bonds, mortgage-backed securities and syndicated loans from the fiscal year starting on April 1. (Thu, 28 Feb 2008 01:04:02 GMT)
Bush Vows to Veto a Mortgage Relief Bill
President Bush sided with banks and mortgage lenders on Tuesday, threatening to veto a bill being offered by Senate Democrats. (Thu, 28 Feb 2008 02:40:22 GMT)
Wells Fargo tightens mortgage guidelines
In a move that could have far-reaching ramifications for home buyers in the Golden State and elsewhere, Wells Fargo & Co. is tightening its mortgage lending guidelines in more than 200 markets across the country, including more than 30 markets in California that it has labeled severely distressed or distressed. (Thu, 28 Feb 2008 02:51:45 GMT)
Changes coming to the way you get a home loan
In just a matter of days, it may be more difficult for you to get your dream home or any home at all. (Thu, 28 Feb 2008 03:51:35 GMT)
Australia's Home Affordability To Slacken Further
(RTTNews) - The latest report released by the Real Estate Institute of Australia showed that home loan affordability continued to slide in the December quarter. (Thu, 28 Feb 2008 04:13:12 GMT)
Federal Regulator Lifts Limits on Mortgage Portfolios Held by Fannie Mae and Freddie Mac
WASHINGTON (AP) - Fannie Mae and Freddie Mac will be allowed to expand their roles in the turbulent mortgage market even as worsening condit.... (Thu, 28 Feb 2008 06:12:22 GMT)
WA home affordability better but still bad
WA has bucked a national trend with home loan affordability improving 3.8 per cent in the December quarter, the Real Estate Institute of Australia says. (Thu, 28 Feb 2008 06:40:13 GMT)
Young & Associates Mortgage, Inc. Comments on FHA and the Future of the Mortgage Industry
The FHA program is set up to help people in trouble with the current mortgages. You may be able to avoid foreclosure all together with the new mortgage proposals made by President Bush. (Thu, 28 Feb 2008 07:01:00 GMT)
Young & Associates Mortgage, Inc. Comments on FHA and the Future of the Mortgage Industry
The FHA program is set up to help people in trouble with the current mortgages. You may be able to avoid foreclosure all together with the new mortgage proposals made by President Bush. (PRWeb Feb 28, 2008) Read the full story at http://www.prweb.com/releases/FHA-program-loans/mortgage-refinance/prweb727564.htm (Thu, 28 Feb 2008 08:41:18 GMT)
FACTBOX - Navigating the mortgage minefield
Millions of homeowners are facing a mortgage maze as they come to the end of low-cost home loans. (Thu, 28 Feb 2008 09:07:00 GMT)
Mortgage financiers' limits lifted
WASHINGTON -- Fannie Mae and Freddie Mac will be allowed to expand their roles in the turbulent mortgage market even as worsening conditions in the housing sector punish the two companies. (Thu, 28 Feb 2008 11:28:05 GMT)
Bankrate: Fixed Mortgage Rates at 4-Month High
Fixed mortgage rates increased for the third week in a row, with the average conforming 30-year fixed mortgage rate now 6.41 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.4 discount and origination points. (Thu, 28 Feb 2008 12:30:00 GMT)
Mortgage woes force Thornburg to pay $300M
If available cash cannot cover future margin calls, Thornburg Mortgage may have to begin selling assets to raise cash. (Thu, 28 Feb 2008 14:39:25 GMT)
Wells Fargo tightens mortgage guidelines
In a move that could have far-reaching ramifications for home buyers in the Golden State and elsewhere, Wells Fargo & Co. is tightening its mortgage lending guidelines in more than 200 markets across the country, including Los Angeles County, that it has labeled severely distressed or distressed. (Thu, 28 Feb 2008 15:42:31 GMT)
Freddie Mac loss swells as mortgage crisis deepens
Freddie Mac , the second-biggest provider of U.S. residential mortgage funding, said on Thursday its loss widened to a record $2.5 billion in the fourth quarter as the housing crisis worsened. (Thu, 28 Feb 2008 15:58:49 GMT)
Jackson trying to get new Neverland loan
Pop star Michael Jackson may not lose his Neverland Ranch to foreclosure if he can secure a new loan for the Los Olivos, Calif., property.The 2,800-acre spread was once Jackson's home and boasted a private zoo and amusement park.It reportedly is set to be auctioned off March 19 at the Santa Barbara courthouse if Jackson doesn't pay the millions of dollars he owes on it.Michael Jackson's ranch is ... (Thu, 28 Feb 2008 16:08:52 GMT)
Mortgage rates jump in lackluster market
Following a January surge in refinancing activities, mortgage rates rose this week in the lackluster housing market, but are likely to decline, Freddie Mac reported Thursday. (Thu, 28 Feb 2008 16:09:25 GMT)
U.S. mortgage rates jump, erasing three months of declines
Mortgage rates rose again this week, bringing the 30-year and 15-year fixed-rate mortgages to levels last seen in November. (Thu, 28 Feb 2008 16:13:41 GMT)
Bernanke says time for long-term mortgage answers
Federal Reserve Chairman Ben Bernanke said on Thursday that it was time to move beyond temporary fixes to the subprime mortgage mess and look for long-term solutions. (Thu, 28 Feb 2008 16:15:18 GMT)
Federal Home Loan Bank of Atlanta Announces 2007 Operating Highlights and First Quarter 2008 Dividend Guidance
The Federal Home Loan Bank of Atlanta today announced financial results for the year ended December 31, 2007, as well as dividend guidance for the first quarter of 2008. (Thu, 28 Feb 2008 16:27:00 GMT)
Goldman cuts Morgan target on home equity woe
NEW YORK (MarketWatch) -- Is home equity the new subprime? Goldman Sachs may think so -- the brokerage lowered its 2008 earnings estimate for JP Morgan Chase & Co. to $3.30 from $3.44 Thursday amid warnings that problems in the bank's home equity loan portfolio could cost it $450 million, more than twice previous estimates. (Thu, 28 Feb 2008 16:58:38 GMT)
U.S. mortgage rates jump, erasing three months of declines
Mortgage rates rose again this week, bringing the 30-year and 15-year fixed-rate mortgages to levels last seen in November. (Thu, 28 Feb 2008 17:13:48 GMT)
Peloton Sells Assets After Mortgage-Related Losses, People Say
Feb. 28 (Bloomberg) -- Peloton Partners LLP, the London- based hedge-fund firm run by former Goldman Sachs Group Inc. partners, is selling assets because of losses on mortgage-backed securities, said two people with knowledge of the matter. (Thu, 28 Feb 2008 17:18:20 GMT)
Peloton to Liquidate ABS Fund After Mortgage Losses (Update1)
Feb. 28 (Bloomberg) -- Peloton Partners LLP, the London- based hedge-fund firm run by former Goldman Sachs Group Inc. partners, is liquidating its ABS Fund because of losses on mortgage-backed debt that last year produced an 87 percent gain. (Thu, 28 Feb 2008 17:26:39 GMT)
Fannie Mae posts 4Q loss of $3.6 billion as loan delinquencies mounted
WASHINGTON (AP) – Fannie Mae says it lost $3.6 billion in the fourth quarter as home-loan delinquencies mounted. It also expects more losses this year. (Thu, 28 Feb 2008 17:42:16 GMT)
Harris Helpful Hints: Mortgage Safety Tips for Homebuyers and Homeowners
Whether you are a homeowner or a homebuyer, your mortgage is as critical to your home as the foundation upon which it is built. (Thu, 28 Feb 2008 18:03:00 GMT)
Sector Snap: Mortgage Lenders Fall
Shares of mortgage lenders fell in Thursday trading after Freddie Mac posted a $2.5 billion fourth-quarter loss earlier and Thornburg Mortgage Inc. said it has faced a renewed round of margin calls. (Thu, 28 Feb 2008 18:09:59 GMT)
Refinancing Chance May Have Passed
Mortgage rates rose on the week. (Thu, 28 Feb 2008 18:40:29 GMT)
Peloton to Liquidate ABS Fund After Mortgage Losses (Update2)
Feb. 28 (Bloomberg) -- Peloton Partners LLP, the London- based hedge-fund firm run by former Goldman Sachs Group Inc. partners, is liquidating its ABS Fund after ``severe'' losses on mortgage-backed debt and demands from banks to repay loans. (Thu, 28 Feb 2008 19:03:48 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, 28 Feb 2008 19:55:49 GMT)
Wells Fargo loan workers' jobs eliminated
The national housing slump has forced layoffs at a Billings banking center for the second time in five months. Wells Fargo's Home Equity Loan Servicing Center laid off employees Wednesday. Darren Holmes, vice president of the center, said fewer than 2 ... (Thu, 28 Feb 2008 20:02:30 GMT)
Peloton to Liquidate ABS Fund After Mortgage Losses (Update3)
Feb. 28 (Bloomberg) -- Peloton Partners LLP, the London- based hedge-fund firm run by former Goldman Sachs Group Inc. partners, is its ABS Fund after ``severe'' losses on mortgage- backed debt and demands from banks to repay loans. (Thu, 28 Feb 2008 22:11:37 GMT)
Freddie Mac loss swells as mortgage crisis deepens
Freddie Mac , the second-biggest provider of U.S. residential mortgage funding, on Thursday said its fourth-quarter loss widened to a record $2.5 billion as the housing crisis worsened. (Thu, 28 Feb 2008 22:25:42 GMT)
As Home Foreclosures Skyrocket, Mortgage Fraud Help Arrives in Southern California
A leading consumer advocacy group announced free help to the thousands of homeowners in Southern California who have lost their homes, are in the process of losing their home, or believe they will lose their home in the near future due to mortgage fraud. (Thu, 28 Feb 2008 22:42:00 GMT)
Freddie Mac loss swells as mortgage crisis deepens
NEW YORK (Reuters) - Freddie Mac (FRE.N), the second-biggest provider of U.S. residential mortgage funding, on Thursday said its fourth-quarter loss widened to a record $2.5 billion as the housing crisis worsened. (Thu, 28 Feb 2008 22:49:15 GMT)
Senate Hits Impasse on Mortgage Bill
Lawmakers clashed on how to deal with the home lending crisis Thursday, as Senate Republicans blocked a Democratic bid to let bankruptcy courts ease the burden on borrowers who can't make their mortgage payments. (Thu, 28 Feb 2008 22:51:39 GMT)
Peloton to Liquidate ABS Fund After Mortgage Losses (Update4)
Feb. 28 (Bloomberg) -- Peloton Partners LLP, the London- based hedge-fund firm run by former Goldman Sachs Group Inc. partners, is liquidating its ABS Fund after ``severe'' losses on mortgage-backed debt and demands from banks to repay loans. (Fri, 29 Feb 2008 00:11:29 GMT)
Democratic Mortgage Relief Bill Blocked By Republicans
On a vote of 48-46, Senate Republicans blocked an attempt by Democrats to bring up a housing bill that GOP members said would mean higher interest rates for all mortgage holders. (Fri, 29 Feb 2008 02:47:58 GMT)
Records: Jackson late on home payments
Public documents show Michael Jackson has repeatedly failed to make mortgage payments on a Los Angeles home that has been used for years by his family. (Fri, 29 Feb 2008 03:38:28 GMT)
Faced with mortgage default, some U.S. homeowners walk out
Borrowers are now looking at foreclosure as a first option, preferable to dealing with their lender. (Fri, 29 Feb 2008 03:44:16 GMT)
Proposed mortgage aid would do harm: Paulson
Plans for sweeping federal programs that would aid troubled mortgage borrowers would bring unfair relief to speculators and reward investors who made bad bets, U.S. Treasury Secretary Henry Paulson said on Thursday. (Fri, 29 Feb 2008 04:38:31 GMT)
Mortgage-crisis gets some help
DERRY -- Letting bankruptcy judges modify already-entered- into foreclosures and getting housing authorities into the business of refinancing mortgages are solutions from Democratic Senate hopeful Jeanne Shaheen to the subprime lending crisis hitting New Hampshire families. ... - By KEVIN LANDRIGAN Telegraph Staff (Fri, 29 Feb 2008 05:28:02 GMT)
Proposed mortgage aid would do harm: Paulson
Plans for sweeping federal programs that would aid troubled mortgage borrowers would bring unfair relief to speculators and reward investors who made bad bets, Treasury Secretary Henry Paulson said on Thursday. (Fri, 29 Feb 2008 05:43:21 GMT)
Jackson needs millions to save Neverland ranch home
New York, Feb 29 : Michael Jackson is determined to stop the auction of his old Neverland Ranch home by taking out a loan to cover the money he owes to the estate's trustees. (Fri, 29 Feb 2008 06:18:43 GMT)
Wells Fargo trims staff for loan servicing
The national housing slump has forced layoffs at a Billings banking center for the second time in five months. Wells Fargo's Home Equity Loan Servicing Center laid off employees Wednesday. Darren Holmes, vice president of the center, said fewer than 2 ... (Fri, 29 Feb 2008 08:49:20 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, 29 Feb 2008 09:23:29 GMT)
Jackson behind on 2nd mortgage
LOS ANGELES -- Public documents show Michael Jackson has repeatedly failed to make mortgage payments on a Los Angeles home that has been used for years by his family. (Fri, 29 Feb 2008 10:02:52 GMT)
UK January mortgage approvals unexpectedly up
British mortgage approvals unexpectedly picked up in January from a series low, but mortgage lending rose at its weakest rate in two and a half years, according to Bank of England data on Friday. (Fri, 29 Feb 2008 10:04:19 GMT)
30-year mortgage reaches 6.24%
Rates on 30-year mortgages rose for a third straight week, hitting the highest level in more than three months. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.24 percent this week, up from 6.04 percent last week. (Fri, 29 Feb 2008 10:06:38 GMT)
UK mortgage approvals pick up, rise in lending weak
British mortgage approvals unexpectedly picked up in January from a series low, but mortgage lending posted its weakest rise in two and a half years, according to Bank of England data on Friday. (Fri, 29 Feb 2008 10:27:03 GMT)
Mortgage lending growth at 14-year low
Growth in private sector lending fell to a four-year low in January as demand for new mortgage slumped to a 14-year low, the latest data from the Central Bank shows. (Fri, 29 Feb 2008 11:43:58 GMT)
Mortgage rates keep climbing
WASHINGTON -- Rates on 30-year mortgages rose for a third straight week, hitting the highest level in more than three months. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6. (Fri, 29 Feb 2008 11:50:59 GMT)
Mortgage approvals edge ahead unexpectedly
Mortgage approvals for home purchases inched up during January, but remained near historic lows, data from the Bank of England revealed Friday. (Fri, 29 Feb 2008 12:27:00 GMT)
State agency approves changes to help more in mortgage crisis
A state housing agency has made some changes in its loan policies that could help thousands of homeowners caught in the subprime mortgage squeeze. (Fri, 29 Feb 2008 12:32:17 GMT)
Records: Jackson late on home payments
Public documents show Michael Jackson has repeatedly failed to make mortgage payments on a Los Angeles home that has been used for years by his family. (Fri, 29 Feb 2008 13:12:42 GMT)
Mortgage mess socks ex-Goldman Sachs stars
Not long ago, Goldman Sachs alums Geoff Grant and Ron Beller looked like superstars. A prescient wager on the collapse of the subprime mortgage bond market generated last year a whopping 87 percent return for one of their hedge funds. (Fri, 29 Feb 2008 13:54:17 GMT)
The Federal Foreclosure Assistance Center Launches Their Interactive Online Website to Help Home Owners at Risk
Due to the huge increase in foreclosures, lenders and loan servicers are rethinking the foreclosure process. The Federal Foreclosure Assistance Center has been established to help homeowners communicate with their lenders to develop alternatives to losing their home. [PR.com - February 29, 2008] (Fri, 29 Feb 2008 17:06:28 GMT)
Fixed mortgage rates at 4-month high
Fixed mortgage rates increased for the third week in a row, with the average conforming 30-year fixed mortgage rate now 6.41 percent. According to Bankrate.com 's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.4 discount and origination points. (Fri, 29 Feb 2008 17:55:20 GMT)
Orlando airport caught in mortgage downdraft
Even airports are feeling the effects of the U.S. mortgage crisis. The Orlando Business Journal (registration required) says that because of rate increases "caused by a downgrade of the aviation authority's bond insurer," Orlando International Airport will have to "pay... (Fri, 29 Feb 2008 18:17:00 GMT)
Dexia reports 7.9-pct profit fall, sees opportunity in credit crisis
The French-Belgian bank Dexia, which specialises in financing local authorities, reported a 7.9-percent fall in net profit on Friday but said it had been little affected by the US home-loan subprime crisis. (Fri, 29 Feb 2008 18:47:13 GMT)
Democrats' agenda: homes, oil, populism
Congressional Democrats are turning to more populist, economic themes like mortgage foreclosures and big oil companies' profits now that military progress in Iraq is generating mixed political reviews. (Fri, 29 Feb 2008 19:12:55 GMT)
Mishkin: Mortgage Mess Could Affect GDP
Federal Reserve Governor Frederic Mishkin said Friday that the ripple effects of the mortgage market 'meltdown could subtract more than a percentage point from overall U.S. gross domestic product growth. (Fri, 29 Feb 2008 19:25:10 GMT)
Pimco's Gross Plans to Buy Municipal, Mortgage Debt (Update3)
Feb. 29 (Bloomberg) -- Bill Gross, manager of the world's biggest bond fund, plans to invest in municipal bonds and mortgage loans as banks' reluctance to lend forces hedge funds and other investors to unload the debt. (Fri, 29 Feb 2008 20:14:42 GMT)
Atlanta finance execs discuss mortgage crisis
Four of Atlanta's most prominent financial executives told the Atlanta Commerce Club on Friday the continuing subprime mortgage crisis has rattled the global financial system to its core, and few solutions exist to spur a slowing economy. (Fri, 29 Feb 2008 20:43:58 GMT)
Credit losses from mortgage crisis could hit $400B
Total credit losses from the mortgage meltdown could total nearly $400 billion, with about half that amount being borne by U.S. financial institutions, according to new research released Friday. (Fri, 29 Feb 2008 21:09:20 GMT)
Mortgage Insurance Reserves: A Lesson in Managing Risk
An enormous amount of ink has been spilled on the mortgage market crisis, and I have contributed my share. Yet I am now convinced that the most important factor underlying the crisis has been overlooked, even though it has been in plain view all along. (Fri, 29 Feb 2008 21:29:38 GMT)
Putting a Spouse on the Title? It's Simpler Than It May Seem.
Q: M y husband wants to put my name on the deed to his house. Because he obtained the mortgage a long time before our marriage, we have been told by the mortgage company that the only way my name can be added is by refinancing. Is there any other way to add my name to the title? We are prepared to pay off the mortgage if, and only if, I can be on the title, too. (Fri, 29 Feb 2008 21:29:59 GMT)
Roadblock to Refinancing
Everybody wants to help keep people in their houses and out of financial stress and foreclosure, right? (Fri, 29 Feb 2008 21:30:09 GMT)
JPMorgan Sees Home Equity Losses Spiking
JPMorgan Chase & Co. has said in a regulatory filing that it expects about $450 million in home equity loan losses for the first quarter, and that home equity losses could be double that by the fourth quarter. (Fri, 29 Feb 2008 21:38:03 GMT)
Gov't Taps Banks for Mortgage Details
Concerned about the mounting foreclosures, a federal banking regulator is mandating that nine large banks provide detailed information on mortgage delinquencies and foreclosures every month. (Fri, 29 Feb 2008 22:34:55 GMT)
Big Banks Must Give Mortgage Details
Nine large banks must provide detailed information on mortgage delinquencies and foreclosures every month to a federal regulator. (Fri, 29 Feb 2008 22:57:17 GMT)
Federal Home Loan Bank of San Francisco Releases January 2008 Cost of Funds Index
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco announced February 29, 2008, that the 11th District Monthly Weighted Average Cost of Funds Index for January 2008 is 3.970%. (Fri, 29 Feb 2008 23:06:00 GMT)
Federal Home Loan Bank of San Francisco Releases January 2008 Cost of Funds Index
The Federal Home Loan Bank of San Francisco announced February 29, 2008, that the 11th District Monthly (Fri, 29 Feb 2008 23:13:01 GMT)
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