Mortgage News Apr 2008

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S&P Cuts Ratings on 4 Mortgage Insurers
Standard & Poor's Ratings Services late Tuesday slashed its credit ratings on four mortgage insurers because of concerns that rising unemployment and falling home prices could lead to more defaults and drag down the companies' earnings. (Tue, 08 Apr 2008 23:02:54 GMT)

Government appoints head of mortgage finance working group
The government will appoint former HBOS chief executive Sir James Crosby on Wednesday to head a working group on ways to improve the functioning of the country's mortgage markets. (Tue, 08 Apr 2008 23:07:00 GMT)

Mortgage Clinic: 'Should I take out a loan to boost my deposit?'
I'm a first-time buyer with savings of £11,500, but I'd need a much bigger deposit at the moment to get a decent mortgage rate. I'm tempted to take out a personal loan for £9,000, so that I can get a better mortgage deal. Is that a good idea? FR, Cheltenham (Tue, 08 Apr 2008 23:28:22 GMT)

Bill would lower fees for mortgage brokers
Applying to be a mortgage broker in Florida may soon become cheaper if a bill moving through the state House gets the approval of the full Legislature. (Wed, 09 Apr 2008 00:07:28 GMT)

Housing agency backs guarantee for sinking loans
The leading U.S. housing agency has endorsed a plan that would refinance home loans even for borrowers who have seen their property decrease in value, a senior government official is due to say on Wednesday. (Wed, 09 Apr 2008 00:49:21 GMT)

Economic Stimulus Package Generates Mixed Response from Industry
Washington D.C.-- Kieran P. Quinn, CMB, chairman of the Mortgage Bankers Association (MBA) praised the Bush administration’s new stimulus package, announced this week, that includes housing provisions designed to help borrowers and stabilize the housing and mortgage markets. (Wed, 09 Apr 2008 01:10:08 GMT)

Chances of Homeowner Relief Losing Momentum in Senate
A bipartisan effort in the Senate to stabilize the housing market and offer aid to struggling homeowners began to crumble Tuesday, as the White House threatened a veto. (Wed, 09 Apr 2008 02:09:04 GMT)

High Finance Laid Low
Except for oil executives, no group of business leaders is now more resented than the titans of finance -- bankers, traders, hedge fund managers. They are blamed for the housing crisis, global financial turmoil and a possible recession. But this broad indictment, though true, is only half the story. The job of modern finance is to allocate Americans' nearly $2 trillion in annual savings to its ... (Wed, 09 Apr 2008 02:18:49 GMT)

US mortgage crisis to cost 945 bln dlrs worldwide: IMF
The International Monetary Fund said Tuesday the worldwide losses stemming from the US subprime mortgage crisis could hit 945 billion dollars as the impact spreads in the global economy. (Wed, 09 Apr 2008 04:07:41 GMT)

US mortgage crisis to cost 945 bln dlrs worldwide: IMF
The International Monetary Fund said Tuesday the worldwide losses stemming from the US subprime mortgage crisis could hit 945 billion dollars as the impact spreads in the global economy. (Wed, 09 Apr 2008 04:14:11 GMT)

Darling Picks Former CEO of HBOS to Study U.K. Mortgage Market
April 8 (Bloomberg) -- Chancellor of the Exchequer Alistair Darling appointed James Crosby , the former chief executive officer of Britain's biggest mortgage lender, to conduct a study into how to improve the nation's mortgage market. (Wed, 09 Apr 2008 05:41:59 GMT)

Mortgage Broker Hell
MORTGAGE BROKER HELL....What's the deal with all those low-income families who took out subprime loans they now find themselves unable to repay? Did they knowingly take foolish risks that they're now (deservedly) paying the price for, or were they bamboozled... (Wed, 09 Apr 2008 06:01:06 GMT)

BASIS POINT-Extra bank joins Babcock Power refinance syndicate
SYDNEY, April 9 (Reuters Basis Point) - An extra bank has joined arrangers for a A$3.1 billion ($2.9 billion) three- and five-year refinancing for Babcock & Brown Power Ltd BBP.AX to reduce risk as the global credit crisis deepens, while the close date has been put back, sources said. (Wed, 09 Apr 2008 06:27:13 GMT)

Mortgage payoff on steroids
W hen Stockton resident Kevin Byrd refinanced his mortgage a couple of years ago, he figured he'd need the full 30 years to pay off more than $300,000 in debt. (Wed, 09 Apr 2008 07:29:07 GMT)

HSBC bucks trend on mortgage deals
HSBC bucked the squeeze in the mortgage market today by offering to match homeowners' existing fixed-rate deals. (Wed, 09 Apr 2008 07:55:12 GMT)

Wells Fargo's earning estimate cut at Citi on home equity loan exposure
LONDON (Thomson Financial) - Wells Fargo & Co could come under pressure Wednesday after Citi cut its earnings estimates on the bank because of its exposure to home equity loan losses. (Wed, 09 Apr 2008 09:54:36 GMT)

Rescuing Main Street
Congress gets to work on mortgage legislation. (Wed, 09 Apr 2008 10:10:09 GMT)

Ahead of the Bell: Mortgage Applications
Home-loan data to be released Wednesday will show whether mortgage applications fell for the second straight week as mortgage rates inched upward. (Wed, 09 Apr 2008 10:20:17 GMT)

Teenagers face eviction from home
Two sisters could be evicted from their home because they cannot repay a loan taken out by their mother. (Wed, 09 Apr 2008 10:43:44 GMT)

Moody's sees rising European mortgage delinquencies
LONDON (MarketWatch) -- Delinquency trends were on the rise in European and South African residential mortgage-backed securities markets in the final quarter of 2007 as housing markets continued to slow, Moody's Investor Services said in a report released Wednesday. Moody's index of delinquencies greater than 60 days for all key markets rose from 1.15% of the original pool balance in ... (Wed, 09 Apr 2008 10:55:41 GMT)

Mortgage applications up, FHA index climbs more
Applications for U.S. home mortgages jumped last week, fueled by the ongoing increase in activity for government-backed loan programs, according to data published by an industry group on Wednesday. (Wed, 09 Apr 2008 11:02:51 GMT)

Mortgage applications up 5.4% on week-to-week basis: MBA
CHICAGO (MarketWatch) -- Mortgage application filings rose a seasonally adjusted 5.4% last week compared with the last week of March, the Mortgage Bankers Association reported on Wednesday. (Wed, 09 Apr 2008 11:05:11 GMT)

Mortgage Application Volume Rises
Mortgage application volume rose 5.4 percent during the week ending April 4, according to the Mortgage Bankers Association's weekly application survey. (Wed, 09 Apr 2008 11:14:15 GMT)

U.S. Index Futures Rebound on Mortgage Report; Citigroup Gains
April 9 (Bloomberg) -- U.S. stock-index futures recovered earlier losses after a report showed mortgage applications rose 5.4 percent last week. Citigroup Inc. advanced in Germany. (Wed, 09 Apr 2008 11:34:21 GMT)

U.S. MBA's Mortgage Applications Index Rose 5.4% Last Week
April 9 (Bloomberg) -- Mortgage applications in the U.S. rose last week as purchases and refinancing increased. The Mortgage Bankers Association's index of applications to buy a home or refinance a loan rose 5.4 percent to 725.6 from 688.3 the prior week. (Wed, 09 Apr 2008 11:49:17 GMT)

Pa. House OKs Its Bill Against Abusive Mortgage Practices
The Senate did it a few weeks ago, and now the state House has passed its own version of legislation designed to reform the mortgage industry in Pennsylvania.  (Wed, 09 Apr 2008 11:49:29 GMT)

1st Metropolitan Mortgage Increases Origination Volume with FHA Loans
CHARLOTTE, N.C.----With the shifts in the mortgage market, 1st Metropolitan Mortgage has adjusted its strategy and adapted dramatically to the available products in the marketplace, increasing its FHA production eleven fold over the last year. (Wed, 09 Apr 2008 13:00:00 GMT)

Premarket Roundup:Mortgage Insurers,WaMu
Standard & Poor's Ratings Services' decision to slash credit ratings on four mortgage insurers is not surprising and will not likely affect their ability to write additional business, a Friedman, Billings, Ramsey & Co. analyst said Wednesday. (Wed, 09 Apr 2008 13:48:23 GMT)

Administration announces more mortgage help
The Bush administration is expanding a government program to help homeowners head off foreclosure as it scrambles to counter Democratic calls for a broader federal housing rescue. The plan would enable more low- to moderate-income homeowners to refinance into mortgages with monthly payments they can afford, while lenders would take a loss on the loans. It is a more modest version of a concept ... (Wed, 09 Apr 2008 14:34:15 GMT)

Mortgage applications rise, fed by U.S.-backed lending
Applications for home mortgages jumped last week, fueled by the ongoing increase in activity for government-backed loan programs, according to data published by an industry group Wednesday. (Wed, 09 Apr 2008 14:44:20 GMT)

Dallas, Chicago home loan banks call off merger talks
DALLAS (AP) _ The Federal Home Loan Bank of Dallas says merger talks with a Chicago counterpart have ended. (Wed, 09 Apr 2008 16:39:18 GMT)

Bush to offer more mortgage aid
The Bush administration is expanding a government program to help homeowners head off foreclosure as it scrambles to counter Democratic calls for a broader federal housing rescue. (Wed, 09 Apr 2008 16:39:34 GMT)

FHA Expands Mortgage Insurance to Troubled Borrowers (Update1)
April 9 (Bloomberg) -- The Bush administration is loosening the rules on a federal mortgage insurance program to protect banks from losses on loans that exceed home values in exchange for helping homeowners nearing foreclosure to refinance. (Wed, 09 Apr 2008 17:49:52 GMT)

Fitch Downgrades $86M in Mortgage Bonds
Fitch Ratings on Wednesday downgraded $86.3 million in mortgage bonds secured by Terwin Mortgage Trust, a group of mortgage loan pools suffering from bad credit. (Wed, 09 Apr 2008 18:59:19 GMT)

FHA Expands Mortgage Insurance to Troubled Borrowers (Update2)
April 9 (Bloomberg) -- The Bush administration is loosening the rules on a federal mortgage insurance program to protect banks from losses on loans that exceed home values in exchange for helping homeowners nearing foreclosure to refinance. (Wed, 09 Apr 2008 19:04:58 GMT)

Sector Snap: Mortgage Insurers
Shares of mortgage insurers tumbled Wednesday after Standard & Poor's downgraded four major insurers, threatening their ability to insure home loans purchased by Fannie Mae and Freddie Mac. (Wed, 09 Apr 2008 19:54:39 GMT)

Federal Home Loan Bank of Atlanta to Award More Than $9 Million for Housing in Georgia
Federal Home Loan Bank of Atlanta announced today that it will award $9.2 million in Georgia to help finance 1,352 affordable housing units. (Wed, 09 Apr 2008 20:36:00 GMT)

Spokane WaMu home loan office closing
Washington Mutual Inc. secured $7 billion in new capital Tuesday, an injection that is aimed at reviving the company despite ballooning loan losses but which may also push it to rethink its strategy, slim down and revamp the management. (Wed, 09 Apr 2008 20:59:22 GMT)

FHA Expands Mortgage Insurance to Troubled Borrowers (Update3)
April 9 (Bloomberg) -- The Bush administration is expanding a federal mortgage insurance program to allow as many as 100,000 borrowers at risk of foreclosure to keep their homes. (Wed, 09 Apr 2008 21:04:46 GMT)

Washington Mutual to close Bethel Park home loan center
Wounded by rising delinquencies and defaults on mortgages, Washington Mutual, Inc. will close its home loan center in Bethel Park by the end of October, eliminating 249 positions in that office. (Wed, 09 Apr 2008 21:14:25 GMT)

Ala. Mortgage Brokers Call for Reform
The Alabama Mortgage Brokers Association has announced a plan that it says will help restore public trust through mortgage reform. (Wed, 09 Apr 2008 21:43:57 GMT)

Administration pushes mortgage help expansion while Democrats seek a broader housing rescue
WASHINGTON (AP) -- The Bush administration announced new steps Wednesday to help more homeowners head off foreclosure. The Senate, in the meantime, worked to complete a bipartisan housing bill the White House says would worsen the mortgage mess. (Wed, 09 Apr 2008 22:42:16 GMT)

Mortgage Assistance Plan Impact Doubted
WASHINGTON -- Americans with mortgages exceeding the value of their homes face long odds of getting help under an expanded Bush administration program aimed at helping distressed borrowers. (Wed, 09 Apr 2008 23:03:50 GMT)

1st Metropolitan Mortgage Increases Origination Volume with FHA Loans
With the shifts in the mortgage market, 1st Metropolitan Mortgage has adjusted its strategy and adapted dramatically to the available products in the marketplace, increasing its FHA production eleven fold over the last year. (Wed, 09 Apr 2008 23:16:46 GMT)

HSBC shocks mortgage rivals with offer to match old rate - but fee could hit £5,000
HSBC's new deal to 'match' existing fixed-rate mortgages as low as 4.54% sends shock waves through the mortgage market (Wed, 09 Apr 2008 23:22:00 GMT)

Washington Mutual Inc. cutting 125 home mortgage jobs in S.A.
WaMu is closing its home loan centers across the country and eliminating 3,000 positions. The employees losing their jobs work in home loan mortgage fulfillment. (Thu, 10 Apr 2008 02:11:31 GMT)

Mortgage Crisis Comes Home to Pennsylvania Politics
PHILADELPHIA -- Barack Obama placards are planted just a few feet from "For Sale" signs on lawns in the decidedly middle class community of Mt. Airy. (Thu, 10 Apr 2008 04:07:21 GMT)

Mortgage Crisis Comes Home to Pennsylvania Politics
PHILADELPHIA -- Barack Obama placards are planted just a few feet from "For Sale" signs on lawns in the decidedly middle class community of Mt. Airy. (Thu, 10 Apr 2008 04:07:23 GMT)

Opportunities in Mortgage Mess
While some are in danger of losing their home in the mortgage mess, other home buyers see this an an opportunity to get into the market. FOX Toledo's Shaun Hegarty reports. (Thu, 10 Apr 2008 04:07:37 GMT)

White House swayed on mortgage aid
The administration backs write-downs by lenders, but critics seek more action. With the Senate poised to take new action on the mortgage crisis and the House at work on far more sweeping proposals, the Bush White House is grudgingly giving ground on its ideological opposition to government intervention in the marketplace. (Thu, 10 Apr 2008 04:59:09 GMT)

Dems seek more mortgage help than Bush
Washington -- The Bush administration announced new steps Wednesday to help more homeowners head off foreclosure. The Senate, in the meantime, worked to complete a bipartisan housing bill the White House says would worsen the mortgage mess. (Thu, 10 Apr 2008 08:52:08 GMT)

Mortgage Grader Receives $100,000 Grant to Create National Web Tool Connecting Borrowers With Settlement Service ...
Today, Mortgage Grader announced the receipt of a $100,000 grant to create a nationally scalable web-based information directory connecting homebuyers and home refinancers to America's real estate settlement services providers. All-Ahead (www.allahead.org), in association with the newly forming Fair Mortgage Collaborative, both supported by the Ford Foundation, provided the grant. Soon, ... (Thu, 10 Apr 2008 10:00:00 GMT)

Mortgage help for New Haven homeowners
New Haven (WTNH, Apr. 10, 2008 6:50 AM) _ The City of New Haven is looking to help homeowners who may be facing foreclosure with the first in a series of special meetings to keep people out of mortgage trouble. (Thu, 10 Apr 2008 11:01:50 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, 10 Apr 2008 11:10:31 GMT)

Mortgage rates decline a bit
Mortgage rates slipped back this week. The benchmark 30-year fixed-rate mortgage dropped 16 basis points, to 5.96 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. (Thu, 10 Apr 2008 11:32:54 GMT)

Mortgage lender woes? Where to get help
In the fallout of the subprime lending crisis, state regulators have been getting an increasing amount of calls from homeowners with complaints about mortgage bankers and mortgage brokers. (Thu, 10 Apr 2008 11:34:19 GMT)

BoI withdraws UK mortgage products
Bank of Ireland is withdrawing its entire mortgage range in the UK from 5pm today. In a statement the bank said this was to 'preserve its service levels'. (Thu, 10 Apr 2008 11:43:29 GMT)

Nigeria: Banks Stake N40 Billion for Lagos Mortgage Scheme
In what stakeholders describe as a pragmatic approach to mass housing delivery in the country, four banks have staked a whooping N40 billion to propel the new mortgage finance scheme introduced by the Lagos State government. (Thu, 10 Apr 2008 11:46:43 GMT)

Lenders cut mortgage rates
LONDON (Reuters) - Several top lenders cut their variable mortgage rates by 25 basis points on Thursday, matching a move by the Bank of England to pass on some relief to homeowners facing a jump in costs. (Thu, 10 Apr 2008 11:50:40 GMT)

Rate cuts and the mortgage market
How mortgage deals will be affected by the latest cut in interest rates. (Thu, 10 Apr 2008 12:28:27 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, 10 Apr 2008 12:40:20 GMT)

Sector Glance: Mortgage Lenders
Shares of mortgage lenders and thrift banks fell slightly amid a mixed broader market Thursday morning, as retailers reported sluggish same-store sales for March. (Thu, 10 Apr 2008 14:33:51 GMT)

Mortgage lenders pass on rate cut - but no relief for some
Britain's biggest mortgage lenders Thursday announced cuts in mortgage rates, passing on the Bank of England interest rate cut in full -- but there was little relief for home owners on fixed rate deals. (Thu, 10 Apr 2008 15:32:24 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, 10 Apr 2008 16:00:35 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, 10 Apr 2008 16:07:21 GMT)

Mortgage lenders accused of raising deals just hours before Bank of England trims interest rates to 5%
THE Bank of England today cut its base rate by 0.25 per cent to 5 per cent to stop the economy's slide towards recession. But relief for home owners was instantly undermined by a new wave of mortgage rate increases from Britain's biggest lenders (Thu, 10 Apr 2008 16:58:08 GMT)

Caution On ABS Recovery Hopes As Dutch Mortgage Deal Prices
LONDON -(Dow Jones)- Structured finance bankers sounded a cautious note Thursday over whether the recent tightening in European asset-backed securities spreads, and a rare mortgage-backed bond pricing, signals a more permanent recovery for Europe's ABS market. (Thu, 10 Apr 2008 17:06:55 GMT)

Sector Snap: Mortgage Insurers Mixed
Shares of mortgage insurers were mixed Thursday, two days after Standard & Poor's lowered ratings on several companies on concerns their business will deteriorate as more borrowers default. (Thu, 10 Apr 2008 18:27:31 GMT)

Mortgage rates drop to 11-month low
Canadian banks have begun to lower fixed mortgage rates to their lowest levels since last spring. (Thu, 10 Apr 2008 18:42:55 GMT)

WaMu home loan center closing in Palm Desert
The Washington Mutual Home Loan Center at 72605 Highway 111 is one of 82 offices in California closing by the end of the month. (Thu, 10 Apr 2008 18:57:56 GMT)

Royal Bank cuts residential mortgage rates by up to a fifth of a point
TORONTO - Royal Bank of Canada (TSX:RY) has cut residential mortgage rates by up to a fifth of a point, effective Friday. (Thu, 10 Apr 2008 19:13:27 GMT)

Bernanke endorses mortgage industry reforms
RICHMONDandnbsp;- Federal Reserve Chairman Ben S. Bernanke on Thursday endorsed a variety of reforms to prevent another sub-prime mortgage crisis. During a speech at the University of Richmond, Bernanke called for stronger nationwide licensing standards for mortgage brokers. He said the Federal ... (Thu, 10 Apr 2008 19:35:30 GMT)

Pimco's Gross Holds Most Mortgage Debt Since 2000 (Update1)
April 10 (Bloomberg) -- Pacific Investment Management Co.'s Bill Gross lifted holdings of mortgage debt in the world's largest bond fund to the highest since 2000, while putting on the biggest bet against government debt since at least the same year. (Thu, 10 Apr 2008 21:08:28 GMT)

Huntley Adjusts Position On Her Own Refinancing
State Sen. Shirley Huntley attempted to clarify her situation last week with regard to her recent foreclosure stunt, a hot topic after a published report revealed that she has had to refinance her home several times to avoid a trap that thousands of her constituents have fallen into. (Thu, 10 Apr 2008 23:36:51 GMT)

MPC rate cut fails to lift mortgage misery
Millions of homeowners will get no respite from rising mortgage costs despite the Bank of England's decision to cut interest rates for the third time since the beginning of the credit crunch, analysts warned yesterday. (Thu, 10 Apr 2008 23:39:48 GMT)

McCain shifts stance on mortgage crisis
Sen. John McCain shifted his stance on the mortgage crisis yesterday, acknowledging that the country can't rebound from the foreclosure epidemic without some government assistance to homeowners. (Fri, 11 Apr 2008 00:05:40 GMT)

BoI briefly suspends mortgage offer in UK
BANK of Ireland has temporarily withdrawn its mortgage products in Britain. (Fri, 11 Apr 2008 01:02:32 GMT)

McCain Reverses Himself on Mortgage Position
Senator John McCain called for the federal government to aid some homeowners in danger of losing their homes by helping them to refinance and get federally guaranteed 30-year mortgages. (Fri, 11 Apr 2008 02:27:59 GMT)

Mizuho Financial Group cuts earnings forecast on subprime mortgage losses
Japan's No. 2 bank cut the estimate for the third time for the year that just ended, hurt by $3.9 billion in subprime mortgage-related losses at its brokerage unit. (Fri, 11 Apr 2008 04:09:18 GMT)

(AFX UK Focus) 2008-04-11 07:23 GMT: ABN Amro withdraws from German mortgage market due to costly refinancing
FRANKFURT (Thomson Financial) - ABN Amro is withdrawing from the German mortgage market, Handelsblatt reported, citing Walter Capellmann, managing director of the German branch of ABN-Amro Hypotheken-Gruppe (AAHG). (Fri, 11 Apr 2008 06:47:31 GMT)

Arsidian Introduces New Free Online Mortgage & Loan Calculator
WILMINGTON, Del.----As consumers nationwide search for lower-interest mortgages and loans, a new free online tool with a mortgage and loan calculator was unveiled today at MLCalc.com. (Fri, 11 Apr 2008 07:01:00 GMT)

McCain pitches a mortgage plan
His proposal to help 'deserving' homeowners could assist up to 400,000 people, aides say. He'd previously expressed concern about bailing out speculators. Amid widespread concerns about the nation's mortgage crisis, John McCain outlined Thursday a proposal to help "well-meaning, deserving homeowners who are facing foreclosure" and called for a Justice Department investigation into possible ... (Fri, 11 Apr 2008 07:21:02 GMT)

McCain reverses himself on mortgage position
Senator John McCain called for the U.S. government to aid some homeowners in danger of losing their homes by helping them to refinance and get federally guaranteed 30-year mortgages. (Fri, 11 Apr 2008 07:55:30 GMT)

WaMu's home loan center to shut down
The Washington Mutual Home Loan Center at 72-605 Highway 111 is one of 82 offices in California closing by the end of the month. (Fri, 11 Apr 2008 08:17:35 GMT)

30-year mortgage rates stay the same as last week
WASHINGTON – Rates on 30-year mortgages were unchanged this week, remaining at the highest level since mid-March. (Fri, 11 Apr 2008 08:38:15 GMT)

WaMu to close Santa Cruz home loan center
The Washington Mutual Home Loan Center in downtown Santa Cruz will close at the end of the month, WaMu spokesman Gary Kishner said Thursday. (Fri, 11 Apr 2008 08:56:39 GMT)

Arrests halt huge mortgage-fraud scam
An ongoing effort to stamp out real-estate scams and decrease the number of foreclosures in Indianapolis has exposed a mortgage-fraud ring involving 568 homes and more than $37 million in fraudulent subprime loans, officials said this week. (Fri, 11 Apr 2008 09:03:00 GMT)

S&P Cuts Rating on A$5 Billion Australian, NZ Mortgage Bonds
April 11 (Bloomberg) -- Standard & Poor's lowered the credit ratings on about A$5 billion ($4.6 billion) of Australian and New Zealand residential mortgage backed securities in the first cut to the nations' home loan bonds from the U.S. housing collapse. (Fri, 11 Apr 2008 09:04:26 GMT)

Mortgage rates hold steady
The average rate on a 30-year, fixed mortgage was unchanged this week at 5.88 percent, Freddie Mac, the mortgage company, reported Thursday. (Fri, 11 Apr 2008 09:12:09 GMT)

Mortgage fraud case could be widening
Federal prosecutors are considering racketeering charges against a Charlotte real estate attorney, already a key defendant in a mortgage fraud case involving more than $15 million in loans. Victoria Sprouse also may face other new charges in what would be the case's fourth indictment, said Matthew Martens, the assistant U.S. attorney leading the case. Martens' remarks came at a hearing Thursday ... (Fri, 11 Apr 2008 10:04:36 GMT)

Allied Home Mortgage Capital reopens Oklahoma office
Allied Home Mortgage Capital has reopened its branch in Grove, Oklahoma under a new management. (Fri, 11 Apr 2008 10:12:38 GMT)

McCain Reverses Himself on Mortgage Position
Senator John McCain called for the federal government to aid some homeowners in danger of losing their homes by helping them to refinance and get federally guaranteed 30-year mortgages. (Fri, 11 Apr 2008 11:40:05 GMT)

The Credit Rating in Your Shoe Box
Entrepreneur Kenneth Ellman makes a nice six-figure salary. Yet when he went to refinance his six-bedroom house in Newton, N.J., last year, he hit a snag. The problem: Ellman had paid off his original mortgage a while back and had shunned plastic for years. Without a standard credit score, he turned to Pay Rent, Build Credit, which compiles information like phone and electricity bills to help ... (Fri, 11 Apr 2008 12:08:41 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, 11 Apr 2008 12:35:59 GMT)

McCain gives up on his mortgage plan
In the face of widespread disappointment, McCain scraps his own response to the mortgage crisis. (Fri, 11 Apr 2008 13:26:59 GMT)

Home Loan Mortgages Will Halve Unless Bank Of England Gives More Money
Home owners are being warned that mortgage lending could halve this year - unless the Bank of England stumps up more cash. (Fri, 11 Apr 2008 14:16:00 GMT)

Home Loan Mortgages Will Halve Unless Bank Of England Gives More Money
Home owners are being warned that mortgage lending could halve this year - unless the Bank of England stumps up more cash. (Fri, 11 Apr 2008 14:16:00 GMT)

Mortgage lending 'could fall by half'
Council of Mortgage Lenders warns of funding shortfall and asks Bank to make more money available (Fri, 11 Apr 2008 14:20:03 GMT)

Mortgage lending may halve, warns CML
The Bank of England must double its efforts to deal with the credit crisis, warned the Council of Mortgage Lenders (CML) today, with mortgage lending in danger of halving this year. (Fri, 11 Apr 2008 15:10:00 GMT)

New warning over mortgage lending
Mortgage lending could be cut by half in 2008 without extra funding, says the head of the Council of Mortgage Lenders. (Fri, 11 Apr 2008 15:37:03 GMT)

Wachovia's new standards could make it harder to get a mortgage
Wachovia Corp. is revising the underwriting policies in its mortgage loan business, a step that could make it harder to take out a home loan at the nation's fourth-largest bank. (Fri, 11 Apr 2008 15:38:55 GMT)

Lenders issue dire mortgage drought warning
Mortgage lenders today issued their most dire warning on the market so far saying that the amount available to borrow will halve and rates will rise sharply without more help from the Bank of England. (Fri, 11 Apr 2008 15:48:28 GMT)

Wachovia Seeks to Avoid Risky Home Loans
Wachovia Corp. is revising the underwriting policies in its mortgage loan business, a step that could make it harder to take out a home loan at the nation's fourth-largest bank. (Fri, 11 Apr 2008 19:28:19 GMT)

McCain Shifts on Aid to Some Mortgage Holders
Senator John McCain called for the federal government to aid some homeowners in danger of losing their homes by helping them to refinance and get federally guaranteed 30-year mortgages. (Fri, 11 Apr 2008 19:40:07 GMT)

Fannie working on mortgage plan
Fannie Mae will allow more struggling homeowners to sell their homes for less than they owe on their mortgages as part of a plan the mortgage finance company has in the works. (Fri, 11 Apr 2008 19:44:17 GMT)

Fannie Working on Mortgage Plan
Fannie Mae will allow more struggling homeowners to sell their homes for less than they owe on their mortgages as part of a plan the mortgage finance company has in the works. The program by the largest U.S. financier and guarantor of home mortgages addresses... (Fri, 11 Apr 2008 20:12:17 GMT)

Fannie Working On Mortgage Plan
Fannie Mae will allow more struggling homeowners to sell their homes for less than they owe on their mortgages as part of a plan the mortgage finance company has in the works. (Fri, 11 Apr 2008 20:13:50 GMT)

Benny Kass: Do some math to see if refinancing is worth the closing costs
I bought my condo 18 months ago. The interest rate on my 30-year loan is 6.25 percent. (Fri, 11 Apr 2008 20:14:52 GMT)

Federal Home Loan Bank of Indianapolis Announces 2008 First Quarter Dividend
INDIANAPOLIS, April 11, 2008 -- On April 11, 2008, the board of directors of the Federal Home Loan Bank of Indianapolis declared a dividend on B-1 stock at an annualized rate of 5.25%. (Fri, 11 Apr 2008 20:28:28 GMT)

Wachovia Seeks to Avoid Risky Home Loans
Wachovia Corp. is revising the underwriting policies in its mortgage loan business, a step that could make it harder to take out a home loan at the nation's fourth-largest bank. (Fri, 11 Apr 2008 20:47:04 GMT)

Fitch Cuts $704M in Mortgage Bonds
Fitch Ratings slashed its rating on $704.2 million in mortgage bonds issued by Fremont General Corp., the ratings agency said Friday. (Fri, 11 Apr 2008 20:57:27 GMT)

Mortgage Insurers Spent $4.6M Lobbying
The trade group for mortgage insurers spent $4.6 million lobbying the federal government last year on issues dealing with the housing market slump and mortgage mess. (Fri, 11 Apr 2008 21:03:45 GMT)

Fannie working on mortgage plan
Fannie Mae will allow more struggling homeowners to sell their homes for less than they owe on their mortgages in a gambit that could hit the mortgage finance company with upfront losses but stave off massive hemorrhage from foreclosures. (Fri, 11 Apr 2008 21:15:01 GMT)

Lawmakers Still Divided Over Help for Struggling Homeowners
Amid the subprime mortgage crisis and subsequent economic downturn, Republican and Democratic legislators alike have called for the government to do more to aid struggling homeowners. However, the amount and kind of such aid is the subject of fierce debate. A reporter details the legislative battle over housing aid. (Sat, 12 Apr 2008 00:25:56 GMT)

Mortgage lending 'could halve' this year unless Bank of England injects new funds
Mortgage lending could halve this year unless the Bank of England acts to pump more money into the financial system, home owners have been warned. (Sat, 12 Apr 2008 01:07:00 GMT)

Fannie Working on Mortgage Plan
WASHINGTON -- Fannie Mae will allow more struggling homeowners to sell their homes for less than they owe on their mortgages as part of a plan the mortgage finance company has in the works. (Sat, 12 Apr 2008 01:22:51 GMT)

Walking Out of a Mortgage And Into Years of Hurt
The country's two largest sources of mortgage money have a blunt warning for anyone thinking about joining the growing "walkaway" trend, in which homeowners stop making payments and months later send the house keys back to their lender: You will feel the pain. (Sat, 12 Apr 2008 01:36:47 GMT)

McCain Shifts on Aid to Some Mortgage Holders
Senator John McCain called for the federal government to aid some homeowners in danger of losing their homes by helping them to refinance and get federally guaranteed 30-year mortgages. (Sat, 12 Apr 2008 02:39:04 GMT)

Huntley Adjusts Position On Her Own Refinancing
State Sen. Shirley Huntley attempted to clarify her situation last week with regard to her recent foreclosure stunt, a hot topic after a published report revealed that she has had to refinance her home several times to avoid a trap that thousands of her constituents have fallen into. (Sat, 12 Apr 2008 03:06:05 GMT)

Wachovia revising policies for home loans
Get the scoop on Trail Mix, the Journal's new political blog. » Read more Wachovia Corp. is revising the underwriting policies in its mortgage-loan business, a step that could make it harder to take out a home loan at the nation’s fourth-largest bank. (Sat, 12 Apr 2008 03:16:23 GMT)

Racing to Refinance
Rates well under 6 percent for a 30-year fixed mortgage have many homeowners racing to their lenders, none faster than homeowners whose adjustable rates reset soon. The Mortgage Bankers Association reported in mid-January that refinance applications were up 92 percent since the beginning of Novem... (Sat, 12 Apr 2008 03:17:04 GMT)

Home loan report: Relative calm restored for now
The mortgage market has been noticeably calmer over the past week with few changes in rates. After the recent general upswing in loan rates this will be welcome news for anyone who needs to refinance now. (Sat, 12 Apr 2008 03:18:57 GMT)

The mortgage turmoil is also affecting renters
It's no secret that the nation's subprime mortgage meltdown, spike in foreclosures and fallen home prices have affected legions of home buyers, home sellers and homeowners. But what may be surprising is that the turmoil in today's U.S. housing markets has important implications for renters as well. (Sat, 12 Apr 2008 03:35:32 GMT)

Janet Northrup of Hughes Watters Askanase to Speak on Subprime . Mortgage Issues and Consumer Bankruptcy at April Events
Mortgage Issues and Consumer Bankruptcy at April Events 11/04/2008 16:21:00 Business Wire Janet S. Northrup, of counsel to Hughes Watters Askanase L.L.P. (Sat, 12 Apr 2008 04:04:14 GMT)

Mortgage mess affects renters, too
It's no secret that the nation's subprime mortgage meltdown, spike in foreclosures and fallen home prices have affected legions of homebuyers, home sellers and homeowners. ... (Sat, 12 Apr 2008 04:26:39 GMT)

Wachovia revises its home loan policies
Wachovia Corp. is revising the underwriting policies in its mortgage loan business, a step that could make it harder to take out a home loan at the nation's fourth-largest bank. The Charlotte-based company said the new guidelines for its portfolio loans, or those it keeps on its books, take effect later this month. They are aimed at reducing Wachovia's exposure to risky home loans that tend to ... (Sat, 12 Apr 2008 04:30:39 GMT)

Wachovia adopts new home loan guidelines
Wachovia Corp. is revising the underwriting policies in its mortgage loan business, a step that could make it harder to take out a home loan at the nation's fourth-largest bank. (Sat, 12 Apr 2008 05:03:25 GMT)

Lieu seeks tighter mortgage rules
South Bay lawmaker Ted Lieu has taken on a more prominent role this year, as he has become the Assembly Democrats' point man on mortgage reform. (Sat, 12 Apr 2008 06:24:57 GMT)

Wachovia tightens mortgage standards
Amid deteriorating conditions in some housing markets, Wachovia said Friday that it will change the way it evaluates potential mortgage borrowers, including requiring minimum credit scores and employment verification. (Sat, 12 Apr 2008 06:43:34 GMT)

Mortgage-fraud crackdown
The state of Utah is ramping up its efforts to target the increasing problem of mortgage fraud, and Gov. Jon M. Huntsman Jr. Friday signed into law two measures aimed at punishing those who engage in such fraud. (Sat, 12 Apr 2008 06:43:54 GMT)

Walking away from a mortgage can cost you for years
If you walk away from your mortgage, don't expect to get a new home loan — certainly not one with favorable terms — for five to seven years. (Sat, 12 Apr 2008 09:21:02 GMT)

Huntley Adjusts Position On Her Own Refinancing
State Sen. Shirley Huntley attempted to clarify her situation last week with regard to her recent foreclosure stunt, a hot topic after a published report revealed that she has had to refinance her home several times to avoid a trap that thousands of her constituents have fallen into. (Sat, 12 Apr 2008 10:00:27 GMT)

Huntley Adjusts Position On Her Own Refinancing
State Sen. Shirley Huntley attempted to clarify her situation last week with regard to her recent foreclosure stunt, a hot topic after a published report revealed that she has had to refinance her home several times to avoid a trap that thousands of her constituents have fallen into. (Sat, 12 Apr 2008 10:00:27 GMT)

Huntley Adjusts Position On Her Own Refinancing
State Sen. Shirley Huntley attempted to clarify her situation last week with regard to her recent foreclosure stunt, a hot topic after a published report revealed that she has had to refinance her home several times to avoid a trap that thousands of her constituents have fallen into. (Sat, 12 Apr 2008 10:00:27 GMT)

Wachovia's New Guidelines Could Make It Harder To Get A Mortgage
Charlotte, N.C. — Wachovia Corp. is revising the underwriting policies in its mortgage loan business, a step that could make it harder to take out (Sat, 12 Apr 2008 10:18:12 GMT)

Wachovia alters mortgage rules
Charlotte, N.C.- Wachovia Corp. is revising the underwriting policies in its mortgage loan business, a step that could make it harder to take out a home loan at the nation's fourth- largest bank. (Sat, 12 Apr 2008 13:47:33 GMT)

Jammer's Mortgage Maze: “What Caused The Mortgage Meltdown”
There are experts everywhere, willing to espouse their viewpoints on what has caused the great mortgage implosion that we are reeling from still at this writing. Warning: this is NOT a politically correct article! (Sat, 12 Apr 2008 19:46:06 GMT)

Westpac offers 110% home loan
Forget the 100 per cent mortgage. Westpac borrowers can now borrow up to 110 per cent of the value of their home through a new lending unit the bank has begun promoting to brokers. (Sat, 12 Apr 2008 20:40:09 GMT)

You will not get a personal bank loan if you are 19
I am a salaried individual with an annual income of around Rs 7 lakh. I wish to build a home on our ancestral property that is jointly held by my father, uncle and aunt. Can I take a housing loan for the construction of a house on this land? (Sat, 12 Apr 2008 20:56:11 GMT)

Mortgage aid won't be easy to come by
Americans with mortgages exceeding the value of their homes face long odds of getting help under an expanded Bush administration program aimed at helping distressed borrowers. (Sun, 13 Apr 2008 00:50:51 GMT)

Officials: China should draw lesson from U.S. subprime mortgage crisis
China should draw a lesson from the subprime mortgage crisis in the United States and strengthen risk control and supervision in its financial reforms, officials said. Liu Mingkang, head of the China Banking Regulatory Commission, s ... (Sun, 13 Apr 2008 02:19:32 GMT)

People’s Mortgage Services hires officer
Mishiki Donald Wright has been hired as a loan officer at the Peoples Mortgage Services downtown bank branch at 605 N. Main St in Anderson. (Sun, 13 Apr 2008 02:23:34 GMT)

Wachovia's new guidelines could make it harder to get a mortgage
CHARLOTTE, N.C. ---- Wachovia Corp. is revising the underwriting policies in its mortgage loan business, a step that could make it harder to take out a home loan at the nation's fourth-largest bank. (Sun, 13 Apr 2008 02:48:56 GMT)

Mortgage brokers targeted by bills, regulations
Reaction to the subprime mortgage crisis has led to a flood of proposed new laws and regulations governing the mortgage industry, and at least one local mortgage broker says some of those are a threat to his livelihood. (Sun, 13 Apr 2008 04:16:28 GMT)

Burr votes for mortgage relief bill
WASHINGTON -- The Senate passed a mortgage relief bill last week to try to put a floor under the crumbling housing market, but critics say the legislation will do little to help homeowners facing foreclosure. (Sun, 13 Apr 2008 04:38:46 GMT)

Wachovia tightens mortgage guidelines
CHARLOTTE, N.C. — Wachovia Corp. is revising the underwriting policies in its mortgage loan business, a step that could make it harder to take out a home loan at the nation's (Sun, 13 Apr 2008 05:17:10 GMT)

Real estate notebook
Rates on 30-year mortgages were unchanged this week, remaining at the highest level since mid-March. Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages averaged 5.88 percent this week, unchanged from last week. (Sun, 13 Apr 2008 07:19:39 GMT)

Reverse Mortgage May Be Way To Go
Anyone who is at least 62, has significant equity in a home and has a mortgage that's nearly paid up probably knows by now that he or she is eligible for a reverse mortgage, thanks to mail solicitations and TV ads that tout their potential advantages. (Sun, 13 Apr 2008 07:24:03 GMT)

New home loan changes bring no relief
Mortgage relief? What relief? The powers that be have hustled in recent months, trying to make it easier and cheaper to get a mortgage. But despite the Federal Reserve slashing interest rates and Congress raising limits for conforming loans, the home-lending... (Sun, 13 Apr 2008 07:30:05 GMT)

Mortgage aid won't be easy to come by
Americans with mortgages exceeding the value of their homes face long odds of getting help under an expanded Bush administration program aimed at helping distressed borrowers. (Sun, 13 Apr 2008 08:15:44 GMT)

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