Mortgage News Apr 2008
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FBI sees surge in mortgage fraud investigations
WASHINGTON -- FBI Director Robert Mueller on Wednesday described a "tremendous surge" in mortgage fraud investigations that he said has diverted agents from other cases and is expected to keep growing. (Wed, 16 Apr 2008 21:30:50 GMT)
Local Lender Honored For Home Loan Partnership
Community Mortgage Corp. has earned a USDA Rural Development Million Dollar Lender Award for partnering with the federal agency to deliver more than $2.5 million in affordable home loans to families and individuals in the Atoka area. (Wed, 16 Apr 2008 23:46:16 GMT)
Wells profits dip, but mortgage unit sees new record
n Bank sees mortgage-origination numbers jump from one year ago (Thu, 17 Apr 2008 00:19:07 GMT)
FBI sees surge in mortgage fraud investigations
FBI Director Robert Mueller on Wednesday described a "tremendous surge" in mortgage fraud investigations and is diverting agents from other cases. (Thu, 17 Apr 2008 01:03:25 GMT)
FBI sees surge in mortgage fraud cases
WASHINGTON -- FBI Director Robert Mueller on Wednesday described a "tremendous surge" in mortgage fraud investigations that he said has diverted agents from other cases and is expected to keep growing. ... - By LARA JAKES JORDAN The Associated Press (Thu, 17 Apr 2008 04:13:07 GMT)
Hamilton considers refinancing debt
HAMILTON -- The township would save $257,000 by refinancing a portion of its debt under a plan developed by a newly hired financial advisory firm and approved by the township council last night. (Thu, 17 Apr 2008 04:20:51 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, 17 Apr 2008 04:22:03 GMT)
Mortgage intervention plan could come next week
LONDON (Reuters) - The authorities could announce as early as next week the details of a plan to ease tight conditions in the mortgage market, a Treasury source said on Thursday. (Thu, 17 Apr 2008 09:14:35 GMT)
UK tackles mortgage market with new scheme
Mortgage market gridlock in the UK is being tackled by the Bank of England. (Thu, 17 Apr 2008 10:39:06 GMT)
On The Edge - The mortgage famine
Consumers who refinance their mortgages are forking out on average £172 a month in increased payments, according to an exclusive poll commissioned by ITV News. (Thu, 17 Apr 2008 10:45:46 GMT)
Mortgage rescue plan could come next week
Authorities could announce as early as next week the details of a plan to ease tight conditions in the mortgage market, a source close to the situation said on Thursday. (Thu, 17 Apr 2008 10:48:00 GMT)
Nigeria: Teachers Top N40 Billion Mortgage Scheme List
As part of measures to motivate educationists in the state, the Lagos State government has announced that it would give priority attention to members of the teaching profession in its N40 billion mortgage scheme. (Thu, 17 Apr 2008 11:07:43 GMT)
Fannie Mae: Investment in N.O. tops $1 billion
Associated Press - April 17, 2008 7:04 AM ET NEW ORLEANS (AP) - The Federal National Mortgage Association says its investment in underwriting or refinancing home loans since Hurricane Katrina... (Thu, 17 Apr 2008 11:14:52 GMT)
Bankrate: Inflation Concerns Nudge Mortgage Rates Higher
Fixed mortgage rates continue to hopscotch back and forth over the 6 percent threshold, with the average conforming 30-year fixed mortgage rate rising to 6.03 percent this week. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.31 discount and origination points. (Thu, 17 Apr 2008 11:30:00 GMT)
How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Thu, 17 Apr 2008 11:37:07 GMT)
Merrill Lynch Plots Mortgage-Meltdown Recovery
Merrill Lynch has twice surprised Wall Street with enormous losses on mortgage-backed securities. On Thursday morning, the firm is expected to announce another $6 billion to $8 billion in losses. The new CEO will explain what's being done to put the firm back on its feet. (Thu, 17 Apr 2008 12:14:03 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, 17 Apr 2008 12:28:59 GMT)
First Horizon's profit drops as loan-loss provision rises
Regional bank First Horizon National Corp. said Thursday that first-quarter earnings dropped 89 percent as the company's provision for loan losses grew due to national construction and home equity portfolio deterioration. (Thu, 17 Apr 2008 12:30:57 GMT)
National Briefs
WASHINGTON — Mortgage applications in the U.S. rose last week, led by gains in refinancing. The Mortgage Bankers Association's index of applications to buy a home or refinance a loan increased 2.5 percent to 743.4 from 725.6 the prior week. (Thu, 17 Apr 2008 12:50:48 GMT)
Save Money by Prepaying Your Mortgage
With interest rates on savings accounts so low, it might make sense to pay down your mortgage early. (Thu, 17 Apr 2008 14:47:38 GMT)
Q&A: the Bank of England mortgage plan
A ground-breaking plan aimed at easing the gridlock in the mortgage markets is being finalised by the Bank of England and Treasury. Jill Treanor explains how the scheme will work. (Thu, 17 Apr 2008 15:48:40 GMT)
Sector Snap: Mortgage Insurers rise on MGIC results
Mortgage insurance stocks rallied Thursday after MGIC Investment Corp. reported a smaller loss for the first quarter than analysts expected. (Thu, 17 Apr 2008 16:54:01 GMT)
Mortgage Investigations Skyrocket
FBI Director Robert Mueller says a "tremendous surge" in mortgage fraud investigations has forced the Bureau to divert agents from other cases and is expected to keep growing. (Thu, 17 Apr 2008 17:00:04 GMT)
Don't Fall for This Mortgage Pitch
You may have received e-mails touting a system that promises to help you pay off your mortgage early. This mortgage-acceleration package -- which includes a software program -- relies heavily on the use of a home-equity line of credit. The software analyzes your financial data to reveal when and how... (Thu, 17 Apr 2008 17:09:24 GMT)
Details yet to emerge on U.K. mortgage liquidity plan
LONDON (MarketWatch) -- British Chancellor of the Exchequer Alistair Darling is expected to announce within days a plan that would let the Bank of England swap government bonds with mortgage-backed securities lingering on lenders' books in a bid to free up frozen credit markets. (Thu, 17 Apr 2008 17:23:39 GMT)
Don’t Miss Out on Disaster Assistance; Four Weeks Remain to Submit SBA Loan Applications
To date, the U.S. Small Business Administration has issued 674 disaster home and 199 disaster business loan applications to residents and business owners that sustained damages from the severe storms and tornadoes that occurred March 14 - 16, 2008. However, only 66 home and 11 business loan applications have been returned to SBA. (Thu, 17 Apr 2008 18:06:00 GMT)
Refinancing options available for individuals having trouble
ESCANABA - Refinance options for individuals who find they may be unable to continue to afford mortgage loan payments are available through the Michigan State Housing Development Authority (MSHDA). According to Debbie Peterson, vice president of Upper Peninsula State Bank in Escanaba, there were two options: the MSHDA ARM Assist Refinance and the MSHDA Rescue Refinance. (Thu, 17 Apr 2008 18:07:28 GMT)
Bush Administration Against Larger Plan to Refinance Home Loan
The Bush Administration is speaking out against a plan to retool the Federal Housing Administration and refinance troubled home loans. It contends that a more modest program will achieve the same results. (Thu, 17 Apr 2008 18:46:17 GMT)
Mortgage frauds
The FBI's probe of potential fraud in the US home mortgage industry now encompasses 19 companies, up from 17 a month ago, agency director Robert Mueller has told Congress. "We've had a tremendous surge in cases related to the sub-prime mortgage debacle." (Thu, 17 Apr 2008 18:49:52 GMT)
E-Trade swings to 1Q loss as it plots mortgage recovery
E-Trade Financial Corp. on Thursday posted its second straight quarterly loss, after the ailing online brokerage booked more charge-offs related to its mortgage portfolio and costs linked to its turnaround. (Thu, 17 Apr 2008 20:05:23 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, 17 Apr 2008 20:35:14 GMT)
Democrats unveil housing rescue plan
Homeowners buckling under their mortgage payments would be allowed to refinance into more affordable government-backed loans under a proposal introduced by a House committee chairman Thursday. (Thu, 17 Apr 2008 21:00:23 GMT)
Three-quarters of mortgage deals scrapped - with more expected to follow
More than 75 per cent of the mortgage deals which were available last summer have disappeared. The number of available loans on the market fell below 4,000 yesterday as a result of the credit crunch crippling the mortgage industry (Thu, 17 Apr 2008 21:19:41 GMT)
Refinancing help proposed
Homeowners buckling under their mortgage payments would be allowed to refinance into more affordable government-backed loans under a proposal introduced by a House committee chairman Thursday. (Thu, 17 Apr 2008 21:29:33 GMT)
Orange County jury finds mom, daughter guilty in mortgage fraud
An Orange County jury today found a mother and daughter guilty of a mortgage-fraud ring that stretched from South Florida to Orlando. (Thu, 17 Apr 2008 22:04:24 GMT)
Roseville Real Estate Owners Plead Guilty to $35 million Mortgage Fraud
The two owners of a Roseville real estate company pleaded guilty Thursday in federal court to mortgage fraud in connection with a scheme involving at least 162 properties, principally in north Minneapolis, and mortgage proceeds of approximately $35 million. (Thu, 17 Apr 2008 23:48:56 GMT)
Three-quarters of mortgage deals scrapped - with more expected to follow
More than 75 per cent of the mortgage deals which were available last summer have disappeared. (Fri, 18 Apr 2008 00:12:43 GMT)
Home buyers struggle to get loans
Find out how difficult it's become to get a home loan these days. (Fri, 18 Apr 2008 01:51:31 GMT)
Homeowners buckling under their mortgage payments would be allowed to refinance into more affordable government-backed ...
Rates on 30-year mortgages were unchanged this week but other rates showed declines. (Fri, 18 Apr 2008 03:13:15 GMT)
Home, retail loan rates to rise
Interest rates on home and retail loans are expected to rise, as a fallout of Reserve Bank announcing a 0.5 per cent hike in Cash Reserve Ratio (CRR) to squeeze money supply to rid the economy of inflation. The CRR, the amount of funds banks are required to park with the apex bank, has been raised to 8 per cent to suck out Rs 18,500-crore liquidity from the system. (Fri, 18 Apr 2008 03:31:01 GMT)
House Bill Would Aid Troubled Mortgages
Homeowners buckling under their mortgage payments would be allowed to refinance into more affordable government-insured loans under a proposal introduced by a House committee chairman Thursday. (Fri, 18 Apr 2008 04:02:35 GMT)
Banker: Subprime mortgage mess likely to persist
While most Montana banks avoided the subprime mortgage mess, the ripples of tighter credit and an ailing national economy haven't played out yet, according to the head of the Federal Home Loan Bank of Seattle. (Fri, 18 Apr 2008 06:19:15 GMT)
Homeowners buckling under their mortgage payments would be allowed to refinance into more affordable government-backed ...
Rates on 30-year mortgages were unchanged this week but other rates showed declines. (Fri, 18 Apr 2008 06:43:11 GMT)
It's not worth walking out on home loan
The housing market malaise has some homeowners up in arms. Sure, if you're trying to sell your home to get out of financial difficulties or because you have bought another place and carrying two mortgages is killing you financially, I can understand why you're not happy. (Fri, 18 Apr 2008 07:24:57 GMT)
Democrats unveil housing rescue plan
WASHINGTON - Homeowners buckling under their mortgage payments would be allowed to refinance into more affordable government-backed loans under a proposal introduced by House Democrats on Thursday. (Fri, 18 Apr 2008 07:43:39 GMT)
Markell offers home loan plan
By BETH MILLER (Fri, 18 Apr 2008 07:59:56 GMT)
Schools chief gets help for home loan
Charles "Chuck" Weis, who takes the helm as Santa Clara County's new school superintendent this summer, has already begun house hunting in Silicon Valley. (Fri, 18 Apr 2008 08:57:01 GMT)
Mortgage lenders "eagerly awaiting" rescue plan
LONDON (Reuters) - Mortgage lenders said on Friday they were "eagerly awaiting" much needed action by the Bank of England to ease the credit crunch and reported that mortgage lending fell an annual 17 percent in March. (Fri, 18 Apr 2008 09:00:43 GMT)
Mixed news for mortgage lending
Gross mortgage lending was up slightly in March but the Council of Mortgage Lenders predicts future falls. (Fri, 18 Apr 2008 09:23:58 GMT)
UK March Mortgage Lending Rises To GBP26.3 Bln - CML
(RTTNews) - UK gross mortgage lending increased 5% month-on-month in March, the Council of Mortgage Lenders, or CML, stated Friday. However, mortgage lending declined nearly 17% from the prior year. Gross lending increased to an estimated GBP26.3 billion in March, up from GBP25 billion in February. (Fri, 18 Apr 2008 09:36:05 GMT)
Mixed mortgage market 'set to worsen'
Lending picked up slightly in March but was well down on the 20% rise traditionally seen at the start of spring, the Council of Mortgage Lenders says (Fri, 18 Apr 2008 09:48:40 GMT)
Some mortgage rates dip
WASHINGTON (AP) — Rates on 30-year mortgages were unchanged this week but other rates showed declines. Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages averaged 5.88 percent this week, where they have been for... (Fri, 18 Apr 2008 10:10:03 GMT)
Mortgage lending ‘could fall further’
Levels of mortgage lending could fall further in the coming months, the Council for Mortgage Lenders warned on Friday as it reported slower gross lending in March and said central bank action to ease market strains was “eagerly” anticipated. (Fri, 18 Apr 2008 10:21:24 GMT)
Mortgage lending disappoints in March
Rising borrowing costs and tighter credit conditions have caused a big drop off in mortgage lending, according to the Council of Mortgage Lenders Friday. (Fri, 18 Apr 2008 10:37:00 GMT)
Mortgage lending 'still subdued'
Mortgage lending remained subdued during March as the market continued to suffer from the fallout of the credit crunch, figures have shown. (Fri, 18 Apr 2008 10:38:21 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, 18 Apr 2008 11:50:34 GMT)
Bank of England must act on mortgage market, CML urges
Bank of England must act on mortgage market, CML urges (Fri, 18 Apr 2008 13:09:18 GMT)
Mortgage crisis triggers Valley health concerns
The mortgage crisis could become a health crisis in Maricopa County. The mortgage crisis could become a health crisis in Maricopa County. (Fri, 18 Apr 2008 15:25:48 GMT)
Mortgage lending falls 17 percent y/y in March
Mortgage lending fell 17 percent in March compared to a year ago and lenders are eagerly awaiting action by the Bank of England to ease the credit crunch, the Council of Mortgage Lenders said on Friday. (Fri, 18 Apr 2008 15:34:00 GMT)
Trying To Explain The Mortgage Crisis
We hear and read about it every day, The Mortgage Crisis. Read about some ideas of how this happened. (Fri, 18 Apr 2008 18:50:19 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, 18 Apr 2008 18:59:58 GMT)
Fitch Affirms GS Mortgage Securities Corporation II CMBS Series 2006-GG6
Fitch Ratings affirms the following classes of GS Mortgage Securities Corporation II commercial mortgage (Fri, 18 Apr 2008 19:17:43 GMT)
MatlinPatterson exercises Thornburg Mortgage warrants
MatlinPatterson Global Advisers LLC said Friday it has exercised warrants for 69.6 million of Thornburg Mortgage Inc. shares, and now owns a 20.5 percent stake in the mortgage lender and real estate investment trust. (Fri, 18 Apr 2008 19:19:23 GMT)
Fitch Affirms GS Mortgage Securities Corporation II CMBS Series 2006-GG6
Fitch Ratings affirms the following classes of GS Mortgage Securities Corporation II commercial mortgage pass-through certificates: (Fri, 18 Apr 2008 19:29:59 GMT)
1 Mortgage. 2 Lenders Demanding Money. It Doesn't Add Up.
Q: We refinanced our home loan in March with an online lender. Within a couple of weeks, we received a letter from another mortgage company, advising us that our May payment was to be made to it. (Fri, 18 Apr 2008 20:24:24 GMT)
Putting a Big Squeeze On Condo Loans
If you own or plan to buy a condominium, an ominous new phase of the mortgage-credit squeeze could be looming for you. (Fri, 18 Apr 2008 20:24:34 GMT)
Pound extends rally ahead of mortgage rescue package
Sterling yesterday extended a late week rally on the foreign exchanges, notching up gains against the dollar, yen and euro on expectations that the Treasury will soon announce details of a plan to ease tight conditions in the mortgage market. (Fri, 18 Apr 2008 21:46:51 GMT)
Thornburg Mortgage unit defaults on notes payment
Mortgage lender and real estate investment trust Thornburg Mortgage Inc. said Friday that a unit has defaulted on $300 million of short-term notes due under a commercial paper program. (Fri, 18 Apr 2008 21:59:28 GMT)
How To Thaw A Frozen Line Of Credit
Falling home values are prompting lenders to take new defensive steps to guard against loan defaults. They've started to freeze and cut back hundreds of thousands of home equity lines of credit. (Fri, 18 Apr 2008 22:17:27 GMT)
Mortgage meltdown as lending falls 17 per cent and experts warn worse is still to come
Mortgage meltdown is getting "rapidly worse", lenders warned yesterday, as evidence emerged of house prices falling by up to £1,000 a day. The Council of Mortgage Lenders said mortgages could become dangerously expensive unless the Bank of England takes action. (Fri, 18 Apr 2008 22:21:25 GMT)
Most property purchases in Qatar through mortgage
doha • More than 69 percent of those who bought property in Qatar borrowed 71 percent or more of the purchase price, with 15.38 percent taking out mortgage of over 90 percent, says a study. (Fri, 18 Apr 2008 23:21:40 GMT)
Barclays not averse to new mortgage business
Barclays has said that it is ready to take up new mortgage business in spite of the global credit crisis, The Financial Times has reported. (Sat, 19 Apr 2008 01:26:54 GMT)
Overland Park-based mortgage broker files for bankruptcy
An Overland Park-based mortgage broker that once employed hundreds of people in multiple states has closed, the latest victim of the mortgage and credit-market meltdowns. (Sat, 19 Apr 2008 03:29:56 GMT)
Distressed homeowners may find help at workshop
Area homeowners who are struggling to meet mortgage payments can meet with lenders and perhaps refinance on the spot... (Sat, 19 Apr 2008 03:55:43 GMT)
30-year mortgage rates stay put
WASHINGTON - Rates on 30-year mortgages were unchanged this week, but other rates showed declines. (Sat, 19 Apr 2008 04:05:03 GMT)
Banker: Subprime mortgage mess likely to persist
While most Montana banks avoided the subprime mortgage mess, the ripples of tighter credit and an ailing national economy haven't played out yet, according to the head of the Federal Home Loan Bank of Seattle. (Sat, 19 Apr 2008 05:51:00 GMT)
Most property purchases in Qatar through mortgage
19 April 2008 Doha: More than 69 percent of those who bought property in Qatar borrowed 71 percent or more of the purchase price, with 15.38 percent taking out mortgage of over 90 percent, says a study. (Sat, 19 Apr 2008 08:56:24 GMT)
Before you refinance your home loan...
WITH interest rates in Singapore still falling and the property market turning quiet, banks are now gunning for the mortgage refinancing business. Refinancing means replacing your current mortgage with another that comes with lower interest rates. (Sat, 19 Apr 2008 09:18:14 GMT)
A condo loan or refinancing soon will be tougher
If you own or plan to buy a condominium, an ominous new phase of the mortgage-credit squeeze could be looming on your horizon. As a result of... (Sat, 19 Apr 2008 09:19:15 GMT)
What makes a good mortgage broker?
This is Part 1 of a two-part series. In the past 10 years, I have written 50 articles on different mortgage-broker topics, but none of them... (Sat, 19 Apr 2008 09:19:25 GMT)
Home loan woes won't affect account holders
OCALA - Ocala National Bank has been designated as a bank in a "troubled condition" when it comes to its single-family home loans, according to a consent order released by the Comptroller of the Currency, an arm of the U.S. Department of Treasury. (Sat, 19 Apr 2008 10:14:39 GMT)
Westpac cuts mortgage broker commissions
The global credit crunch has rolled around to Australia's mortgage broking industry with Westpac Banking Corporation moving to cut brokers' commissions to offset its own rising costs. (Sat, 19 Apr 2008 10:30:38 GMT)
FBI executes search warrant at Marion mortgage firm
MARION - An FBI investigation of a mortgage broker office owned by a former Marion County commissioner is "not going to be a big deal," the ex-government official said. (Sat, 19 Apr 2008 11:13:10 GMT)
Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Sat, 19 Apr 2008 11:37:35 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? (Sat, 19 Apr 2008 12:22:36 GMT)
Mortgage program raises questions
The Region of Peel is set to launch a mortgage loan program aimed at helping Peel's poorest families buy a home. Dubbed Home in Peel, the program will provide up to $8,500 in down payment loans to first-time buyers (Sat, 19 Apr 2008 13:11:30 GMT)
Mortgage help demand for jobless
Mortgage lenders are asking the government to give unemployed people more help with their repayments. (Sat, 19 Apr 2008 14:13:14 GMT)
Mortgage fees add to loan payment pain
borrowers could be paying over the odds for their mortgage because they do not pay the arrangement fee upfront. Instead, it is added to the home loan. (Sat, 19 Apr 2008 15:25:34 GMT)
A Place to Call Home: Auction for Habitat for Humanity
Thanks to a local organization, more than 65 families have a place to call home. Saturday in Waterloo, the Board of Realtors "Together We Can Build It" Committee held a contractor's surplus auction for Habitat for Humanity. "It seemed like a really good fit. (Sat, 19 Apr 2008 19:07:02 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. But what may be surprising is that the turmoil in today’s U.S. housing markets has important implications for renters as well. (Sat, 19 Apr 2008 22:05:35 GMT)
Loan officer embodies virtue of compassion
Sally Shipman is loved by her co-workers at First National Bank of Muskogee, where she works as a loan officer. Shipman of Muskogee has been voted March’s Character Council winner as one who best exemplifies “compassion.” (Sun, 20 Apr 2008 01:46:29 GMT)
Bankruptcy court judges taking hard look at mortgage-related fees
Slowly but surely, a handful of public-minded bankruptcy court judges are drawing back the curtain on the mortgage servicing business, exposing the onerous fees of banks. (Sun, 20 Apr 2008 03:24:18 GMT)
Sponsored listings for Home:
Home Loans - LendingTree Refinance $200,000 For Only $1,074/Mo. When Banks Compete, You Win®. www.LendingTree.com (Sun, 20 Apr 2008 04:00:23 GMT)
Most property purchases in Qatar through mortgage
Most property purchases in Qatar through mortgage (Sun, 20 Apr 2008 04:01:26 GMT)
Lennar touts special pricing, mortgage rates
Some prospective home buyers may be feeling tentative about purchasing a new home, but Lennar has a sales campaign, with special pricing and attractive mortgage rates, that could well make that decision easier. (Sun, 20 Apr 2008 04:05:10 GMT)
Condo loans could be tougher to get
If you own or plan to buy a condominium, an ominous new phase of the mortgage credit squeeze could be looming on your horizon. As a result of underwriting changes by giant... (Sun, 20 Apr 2008 04:12:00 GMT)
Tough times loom for condo owners seeking loans or re-fis
If you own or plan to buy a condominium, an ominous new phase of the mortgage credit squeeze could be looming on your horizon. As a result of underwriting changes by investors Fannie Mae and Freddie Mac, plus severe restrictions by private mortgage insurers, getting a loan on a condo unit -- or even refinancing one -- could prove tougher than you imagined. (Sun, 20 Apr 2008 07:11:10 GMT)
A new option to reverse mortgage
The soft national housing market and chaotic mortgage environment have sent lenders and investors back to the drawing board in an effort to come up with new ideas and produce an alternative to corral new business. (Sun, 20 Apr 2008 07:22:49 GMT)
Building a home
As the hours rolled by Saturday, Alicia Freudenberg began to see her future home take shape, and her new life beginning. (Sun, 20 Apr 2008 08:32:30 GMT)
Consumer loan and savings rates
Consumer Loan And Savings Rates A sampling of financial institutions was asked to quote the most recent lowest annual percentage rates they would charge a new loan customer with an annual income from $30,000 to $35,000 and good credit standing. (Sun, 20 Apr 2008 09:13:19 GMT)
Bank of England to unveil mortgage plan: minister
LONDON - THE Bank of England will announce a plan to swap government bonds for commercial banks' mortgage debt, Britain's Finance Minister Alistair Darling said on Sunday. (Sun, 20 Apr 2008 09:18:24 GMT)
Bank of England to unveil mortgage plan
LONDON (Reuters) - The Bank of England will announce a plan to swap government bonds for commercial banks' mortgage debt, Chancellor Alistair Darling said on Sunday. (Sun, 20 Apr 2008 09:32:44 GMT)
CAPITOL PIGOUT
As foreclosures continue to pile up at a record pace, driving all home prices lower; and consumers - buried under a huge pile of credit card and auto loan debt - slow spending; Washington is all but ignoring those most affected by the credit crunch... (Sun, 20 Apr 2008 09:55:39 GMT)
It is hard to finance condo buys
| If you own or plan to buy a condominium, an ominous new phase of the mortgage credit squeeze could be looming on your horizon. (Sun, 20 Apr 2008 10:08:17 GMT)
Mortgage rates steady at 5.88%
WASHINGTON – Rates on 30-year mortgages were unchanged last week, but other rates showed declines. (Sun, 20 Apr 2008 10:11:02 GMT)
Alistair Darling to call for 'mortgage holidays'
Indebted homeowners could get "mortgage holidays" and other deals to prevent or offset the pain of repossession, under government plans due to be discussed this week. (Sun, 20 Apr 2008 10:24:18 GMT)
2nd UPDATE: UK Darling: BOE To Announce Help For Mortgage Market
(Adds more from Darling, details.) LONDON -(Dow Jones)- The Bank of England will announce Monday a scheme which will see it lend money to banks in return for collateral in a bid to help the troubled U.K. mortgage market, U.K. Chancellor of the Exchequer Alistair Darling said Sunday. (Sun, 20 Apr 2008 10:50:45 GMT)
Bank of England to detail mortgage plan
The Bank of England will unveil on Monday a plan to swap government bonds for commercial banks' mortgage debt in an effort to unblock the home loan market and ease the effects of the credit crunch on consumers. (Sun, 20 Apr 2008 10:53:00 GMT)
3rd UPDATE: UK Darling: BOE To Announce Help For Mortgage Market
(Adds more from Darling, details on loans.) LONDON -(Dow Jones)- The Bank of England will announce Monday a scheme which will see it lend money to banks in return for collateral in a bid to help the troubled U.K. mortgage market, U.K. Chancellor of the Exchequer Alistair Darling said Sunday. (Sun, 20 Apr 2008 11:35:44 GMT)
30-year mortgage rates unchanged; others drop
WASHINGTON, D.C. (AP) - Rates on 30-year mortgages were unchanged last week but other rates showed declines. Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages averaged 5.88 percent last week, where they have been for three weeks. (Sun, 20 Apr 2008 14:01:51 GMT)
Bank of England set to detail mortgage plan
The Bank of England (BoE) will unveil on Monday a plan to swap government bonds for commercial banks' mortgage debt in an effort to unblock the home loan market and ease the effects of the credit crunch on consumers. (Sun, 20 Apr 2008 14:23:31 GMT)
UBS's Rohner Says Mortgage Market May Stabilize, DRS Reports
April 20 (Bloomberg) -- UBS AG Chief Executive Officer Marcel Rohner said the market for U.S. subprime mortgage-related securities may stabilize within half a year after some paper started trading again, Swiss radio DRS reported. (Sun, 20 Apr 2008 15:48:23 GMT)
NewsWatch: Bank of England to unveil mortgage bailout
Faced with rising mortgage rates that threaten to worsen a housing downturn, the Bank of England will unveil a plan Monday to allow banks to swap billions of pounds worth of mortgage-backed securities for British government bonds in a bid to thaw frozen credit markets, Chancellor of the Exchequer Alistair Darling said Sunday. (Sun, 20 Apr 2008 16:08:29 GMT)
UK & World News: Cash boost to ease mortgage crisis
The British banking system is poised for a major cash injection in a bid to ease the crisis in the mortgage market. (Sun, 20 Apr 2008 16:41:48 GMT)
Cash boost to ease mortgage crisis
The British banking system is poised for a major cash injection in a bid to ease the crisis in the mortgage market. Chancellor Alistair Darling said the Bank of England is to make an announcement on plans for a multi-billion cash boost secured on the mortgage assets of high street lenders. (Sun, 20 Apr 2008 17:38:00 GMT)
Recent Crises Lead to Push for More Federal Regulation
A heavier federal hand is reaching into American life as politicians in both parties demand an overhaul of government financial regulation and more protection for homeowners in the face of mortgage woes and a weakening economy. (Sun, 20 Apr 2008 17:59:56 GMT)
UPDATE — New Mexico couple offer home as prize in $100 essay contest
SANTA FE, N.M. — A couple have decided to give away their home to the winner of an essay contest. The catch: It costs $100 to enter, and the home will go only if at least 2,500 people sign up. (Sun, 20 Apr 2008 18:35:18 GMT)
Bank of England Will Unveil Swap to Ease Loan Market (Update1)
April 20 (Bloomberg) -- The Bank of England will tomorrow announce a plan to swap about 50 billion pounds ($100 billion) of government bonds for mortgage-backed securities to ease credit costs, people familiar with the matter said. (Sun, 20 Apr 2008 20:48:23 GMT)
NewsWatch: Bank of England to unveil mortgage bailout
Faced with rising mortgage rates that threaten to worsen a housing downturn, the Bank of England will unveil a plan Monday to allow banks to swap billions of pounds worth of mortgage-backed securities for British government bonds in a bid to thaw frozen credit markets, Chancellor of the Exchequer Alistair Darling said Sunday. (Sun, 20 Apr 2008 21:08:59 GMT)
Smash-and-grab Inter home in on Italian title
Inter Milan executed the perfect smash-and-grab raid to win 1-0 at Torino on Sunday and open up a six-point gap at the top of Serie A with just four games left. (Sun, 20 Apr 2008 22:02:58 GMT)
50-billion pound mortgage plan to be unveiled
LONDON (Reuters) - The government will try to ease the effects of a credit crunch on borrowers by unveiling plans on Monday to swap government bonds worth 50 billion pounds for banks' riskier mortgage debt. (Sun, 20 Apr 2008 22:47:34 GMT)
HSBC tries again to refinance HQ sale debt
HSBC is to go back to the debt markets for the second time in little more than six months to try to refinance the £810m of debt it provided for the sale of its Canary Wharf headquarters in London. (Sun, 20 Apr 2008 23:25:34 GMT)
Bank of England Will Unveil Bond Swap to Ease Mortgage Market
April 21 (Bloomberg) -- The Bank of England will today announce a plan to swap about 50 billion pounds ($100 billion) of government bonds for mortgage-backed securities to lower credit costs, people familiar with the matter said. (Mon, 21 Apr 2008 00:18:23 GMT)
Bank of England Will Unveil Bond Swap to Ease Mortgage Market
April 21 (Bloomberg) -- The Bank of England will today announce a plan to swap about 50 billion pounds ($100 billion) of government bonds for mortgage-backed securities to lower credit costs, people familiar with the matter said. (Mon, 21 Apr 2008 00:20:31 GMT)
Big squeeze on mortgage funding
HOME loans are becoming harder to get as traditional sources of funding for lenders evaporate. Australia's banks and financial institutions have been selling up to half of all home mortgages to overseas investors in order to raise the necessary funds to continue to grow their loan books. (Mon, 21 Apr 2008 01:14:20 GMT)
Brighter prospects spark mortgage race
Competition in the home mortgage segment has picked up thanks to improved sentiment in the property market. Improved economic growth, new mass-transit programmes and the government's property stimulus package last month have all helped expand activity in the market, according to local analysts. (Mon, 21 Apr 2008 01:31:09 GMT)
Sub-prime hits home
THE great Australian dream of owning your own home has been shattered for many Orange residents who are being forced to sell their family homes and move into rental accommodation as an increasing number of banks look at foreclosing their loans. (Mon, 21 Apr 2008 01:39:30 GMT)
Reports: National City to get $6B from private investors amid mortgage crisis
CLEVELAND - National City Corp. will get about $6 billion from private investors in a deal that provides much-needed capital to a Midwestern bank heavily exposed to the worsening mortgage and housing market, according to reports published Sunday. (Mon, 21 Apr 2008 01:50:28 GMT)
Australia's Central Bank Purchases More Mortgage-Backed Bonds
April 21 (Bloomberg) -- Australia's central bank bought A$780 million ($730 million) of mortgage-backed bonds in its biggest purchase of this debt to support the nation's dormant home-loan securities market. (Mon, 21 Apr 2008 02:04:26 GMT)
UK to unveil mortgage plan
Britain will try to ease the effects of a credit crunch on borrowers by unveiling plans on Monday to swap government bonds worth 50 billion pounds ($NZ126 billion) for banks' riskier mortgage debt. (Mon, 21 Apr 2008 02:12:18 GMT)
Wesfarmers to Sell A$2.5 Billion Shares to Repay Debt (Update2)
April 21 (Bloomberg) -- Wesfarmers Ltd. , with businesses from supermarkets to mining, will sell A$2.5 billion ($2.3 billion) of stock to refinance debt after borrowing costs surged to the highest paid by an Australian company in 20 months. (Mon, 21 Apr 2008 02:15:31 GMT)
Mortgage Rates at the Low Point
Eyeing a home loan? Current mortgage rates are about as low as they’ll go this year. (Mon, 21 Apr 2008 02:35:04 GMT)
Britain to unveil $101-billion mortgage plan
Britain will try to ease the effects of a credit crunch on borrowers by unveiling plans on Monday to swap government bonds for banks' riskier mortgage debt (Mon, 21 Apr 2008 03:05:21 GMT)
Clamping down: Lenders rapidly tighten loan requirements in wake of credit crisis
Bankers and lenders are rapidly changing their requirements as home sales and prices plummet and delinquencies and defaults rise. Problems in the mortgage market are spilling into other lending as customers struggle to keep up with payments on other loans, such as auto and credit card payments. (Mon, 21 Apr 2008 05:15:48 GMT)
Wesfarmers to Sell A$2.5 Billion Shares to Repay Debt (Update3)
April 21 (Bloomberg) -- Wesfarmers Ltd. , Australia's second- largest retailer, will ask shareholders to buy A$2.5 billion ($2.3 billion) of stock after the costs to refinance debt from the purchase of Coles Group Ltd. surged by more than a fifth. (Mon, 21 Apr 2008 06:49:16 GMT)
Mortgage woes spur calls for more federal regulation
WASHINGTON — A heavier federal hand is reaching into American life as politicians in both parties demand an overhaul of government financial regulation and more protection for homeowners in the face of mortgage woes and a weakening economy. (Mon, 21 Apr 2008 07:11:52 GMT)
Australia's Central Bank Buys Mortgage-Backed Bonds (Update1)
April 21 (Bloomberg) -- Australia's central bank bought A$780 million ($730 million) of mortgage-backed bonds in its biggest purchase of this debt to support the nation's dormant home-loan securities market. Bank shares rallied in Sydney trading. (Mon, 21 Apr 2008 07:19:26 GMT)
Debt may be a factor in suspicious house, car fires
Insurers and law enforcement agencies are seeing more cases with possible financial motives. Many involve properties that are near foreclosure. Some folks celebrate their last home mortgage payment by setting fire to their loan agreement. Lately, some people behind on their mortgages are simply setting fire to their homes. (Mon, 21 Apr 2008 07:42:56 GMT)
The trillion-dollar mortgage time bomb
Among the nightmares lurking around the corner for the already battered housing and credit markets would be a meltdown at mortgage financing giants Fannie Mae and Freddie Mac. (Mon, 21 Apr 2008 08:05:02 GMT)
BoE announces S$134b home loan package
LONDON - THE Bank of England announced a 50 billion pound (S$134 billion) plan on Monday to allow banks to swap home loans for government bonds amid ongoing turmoil from the global credit crunch. (Mon, 21 Apr 2008 08:48:24 GMT)
Bank of England seeks to thaw frozen U.K. mortgage market
The Bank of England said it will swap up to 50 billion pounds worth of Treasury bills for high-rated mortgage-backed securities with commercial banks in an effort to unthaw frozen credit markets and ensure lower interest rates are passed on to consumers. (Mon, 21 Apr 2008 08:53:31 GMT)
How to Win in Today's Housing Market
(ARA) - For all the dire news coming out of the housing market, there's a big, shiny silver lining waiting for many homeowners and home buyers. The Federal Reserve has repeatedly dropped interest rates in the past month - good news for anyone seeking a mortgage. (Mon, 21 Apr 2008 09:25:46 GMT)
UPDATE: Bank Of England Details Mortgage Swap Plan
LONDON (Dow Jones) -- The Bank of England on Monday said it will swap up to 50 billion pounds worth of Treasury bills for high-rated mortgage-backed securities with commercial banks in an effort to unthaw frozen credit markets and ensure lower interest rates are passed on to consumers. (Mon, 21 Apr 2008 09:37:18 GMT)
BoE mortgage swap plan has no upper limit -King
The Bank of England's mortgage rescue plan has no upper limit on the amount banks can swap for government debt and would depend on what they needed to meet their operational needs, BoE Governor King said on Monday. (Mon, 21 Apr 2008 09:49:00 GMT)
2ND UPDATE: Bank Of England Seeks To Thaw Frozen U.K. Mortgage Market
LONDON (Dow Jones) -- The Bank of England on Monday said it will swap up to 50 billion pounds worth of Treasury bills for high-rated mortgage-backed securities with commercial banks in an effort to thaw frozen credit markets and ensure lower interest rates are passed on to consumers. (Mon, 21 Apr 2008 09:50:55 GMT)
Russian banks won't have trouble refinancing-deputy finmin
LONDON, April 21 - Russian banks are well placed to weather credit crunch kicked off by the U.S. subprime mortgage crisis and should not have trouble refinancing foreign debt, deputy finance minister Dmitry Pankin said on Monday. (Mon, 21 Apr 2008 09:51:30 GMT)
Bank of England announces 50-billion-pound home loan package
The Bank of England announced a 50-billion-pound plan on Monday to free up Britain's home loan market in one of the biggest moves by a major central bank to combat the global credit crunch. (Mon, 21 Apr 2008 10:17:10 GMT)
Currencies: Pound weakens as BOE announces mortgage-swap plan
The British pound falls prey to profit-taking after the Bank of England announces details of a plan to let commercial banks use mortgage-backed securities as collateral for loans in an effort to thaw frozen credit markets. (Mon, 21 Apr 2008 10:23:39 GMT)
EU's McCreevy won't intervene on Bank mortgage plan
The European Union's top financial market regulator, Charlie McCreevy, said on Monday that the Bank of England's plan to stabilise the British mortgage market was a matter entirely for the bank. (Mon, 21 Apr 2008 11:05:00 GMT)
Bank of England unveils near-100-billion-dollar lending package
The Bank of England announced a near-100-billion-dollar plan Monday to free up Britain's home loan market in one of the biggest moves by a major central bank to combat the global credit crunch. (Mon, 21 Apr 2008 11:19:59 GMT)
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