Mortgage News Apr 2008

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Czech equity PPF group's consumer lender Home Credit ups loan volume 40%y/y in Q1
PRAGUE. APRIL 21. INTERFAX CENTRAL EUROPE - Czech equity group PPF's consumer lender arm Home Credit in the first quarter of the year extended CZK 2.4 bln worth of credit to domestic clients, up 40% year- on-year (y/y) in terms of volume, with cash loans marking the fastest growth, the company said Monday. (Mon, 21 Apr 2008 11:39:11 GMT)

Bank of America profit falls 77%; loan-loss reserve bolstered
Bank of America Corp. said first-quarter profit fell 77% as credit-loss provisions jumped $4.78 billion, driven by weakness in home-equity loans as well as credit extended to small businesses and homebuilders. (Mon, 21 Apr 2008 11:53:29 GMT)

Bank of England unveils 50-bln-pound home loan package
The Bank of England on Monday announced a 50-billion-pound plan 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 11:59:40 GMT)

EU Regulator Studying Bank Of England Lending Package
BRUSSELS (AFP)--The European Commission is studying a Bank of England plan to free up the U.K.'s home loan market but it is too early to say whether the move would constitute state aid, a spokesman said Monday. (Mon, 21 Apr 2008 12:06:30 GMT)

BoE unveils 50-bln-pound home loan package
The Bank of England on Monday announced a 50-billion-pound plan 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 14:28:37 GMT)

Darling wants lenders to pass on lower rates
Chancellor Alistair Darling will meet mortgage lenders on Tuesday to press them to cut the cost of home loans and look at ways of helping people refinance their mortgages. (Mon, 21 Apr 2008 15:03:00 GMT)

Bank of England unveils credit crunch package
The Bank of England unveiled a 100-billion-dollar plan Monday to get Britain's home loan market moving again in the latest attempt to combat the global credit crunch. (Mon, 21 Apr 2008 15:32:52 GMT)

Teachers to get home loan incentive
Educators who have balked at buying a home over worries about financing are eligible for a new, low-interest loan program the state Housing Finance and Development Authority unveiled today. The agency said it has $20 million to lend teachers that the state Department of Education sees as a way to help schools recruit and retain employees, especially in communities where housing costs are high or ... (Mon, 21 Apr 2008 15:40:59 GMT)

Mortgage crisis prompts National City to raise $7 billion
CLEVELAND -- National City Corp. has approved raising $7 billion of equity capital to bail it out of continuing mortgage losses, the bank said today (Mon, 21 Apr 2008 16:06:19 GMT)

3RD UPDATE: Bank Of England Seeks To Thaw Frozen U.K. Mortgage Market
LONDON (Dow Jones) - The Bank of England on Monday fired another salvo in the effort by central banks to counter a global credit crunch, announcing a long- awaited plan to let commercial banks swap up to 50 billion pounds worth of hard- to-move mortgage-backed debt for British government bonds. (Mon, 21 Apr 2008 16:36:18 GMT)

Bank unveils credit crunch plan
The Bank of England unveiled an ambitious plan on Monday to swap banks' risky mortgage assets for at least 50 billion pounds of goverment debt in the latest bid to spare Britain from the ravages of a global credit crunch. (Mon, 21 Apr 2008 16:38:00 GMT)

Britain unveils plan to help banks with credit crunch
LONDON (Reuters) - The Bank of England unveiled an ambitious plan on Monday to swap banks' risky mortgage assets for at least 50 billion pounds ($100 billion) of government debt in the latest bid to spare Britain from the ravages of a global credit crunch. (Mon, 21 Apr 2008 16:46:30 GMT)

BoE mortgage swap plan is no "silver bullet"
The Bank of England's mortgage rescue plan will help banks to start lending to each other again by ensuring funds are there as needed, but it is unlikely to spare Britain from the jaws of the credit crunch. (Mon, 21 Apr 2008 17:05:00 GMT)

FHA Home Loans Now Available to $729,750 on New Homes in the San Francisco Bay Area
SAN RAMON, Calif.----The Home Builders Association of Northern California , committed to housing for people of all income levels, wants consumers to know that applying for a Federal Housing Administration loan may be the best option for home ownership. (Mon, 21 Apr 2008 17:29:00 GMT)

Dollar on backfoot against euro
The dollar was back under pressure Monday as disappointing results from Bank of America raised fresh questions about the outlook for the US economy in the wake of the subprime home loan crisis. (Mon, 21 Apr 2008 17:32:37 GMT)

FHA Home Loans Now Available to $729,750 on New Homes in the San Francisco Bay Area
The Home Builders Association of Northern California (HBANC), committed to housing for people of all income levels, wants consumers to know that applying for a Federal Housing Administration (FHA) loan may be the best option for home ownership. Higher FHA loan limits, less stringent credit qualifying criteria, and a 3% down payment requirement have made these affordable, federally insured loans ... (Mon, 21 Apr 2008 17:44:34 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? (Mon, 21 Apr 2008 19:22:13 GMT)

Commercial mortgage securities delinquencies rise slightly
Delinquencies among commercial mortgage-backed securities increased slightly in March, according to Fitch Ratings' monthly index. (Mon, 21 Apr 2008 19:35:06 GMT)

Commercial mortgage securities delinquencies rise slightly
(AP:NEW YORK) Delinquencies among commercial mortgage-backed securities increased slightly in March, according to Fitch Ratings' monthly index. The delinquency rate increased to 0.33 percent from 0.3 percent in February. (Mon, 21 Apr 2008 19:53:29 GMT)

O.T.C. EXPT Originates $4.2 Million in Loans for the Month of April 2008
Expert Group, Inc., specializing in refinance loans, home mortgage loans, and new home purchases as well as foreign national loans, and now offering a range of credit repair services through its sister company, Expert Credit Fix USA, announced today that for the month of April 2008 our origination amount is $4.2 million. (Mon, 21 Apr 2008 20:05:00 GMT)

Mortage stress takes toll
One in five stressed households will lose their homes, mortgage stress data reveals. (Mon, 21 Apr 2008 20:06:56 GMT)

Federal Home Loan Bank of Atlanta to Award More Than $2.8 Million for Housing in Virginia
Federal Home Loan Bank of Atlanta announced today that it will award nearly $2.9 million in grants in Virginia to help pay for 547 affordable housing units. The funding is part of more than $50 million in grants FHLBank Atlanta will award in 12 states and the District of Columbia. (Mon, 21 Apr 2008 20:08:00 GMT)

Offer better rates and mortgage holidays, Chancellor tells banks
Alistair Darling will press lenders to offer better fixed-rate deals and mortgage holidays to homeowners in trouble in return for a £50 billion injection of public money. (Mon, 21 Apr 2008 20:11:45 GMT)

Australian Dollar Put Demand Declines to Lowest Since August
April 22 (Bloomberg) -- Demand for options that protect against a drop in the Australian dollar versus the U.S. currency is at the lowest level since August, when the collapse of the subprime mortgage market triggered a global credit squeeze. (Mon, 21 Apr 2008 20:49:16 GMT)

Home loan market has made some changes
Turmoil in the mortgage market has created changes that will have profound effects on those wishing to purchase or refinance their homes. These changes are occurring so quickly, I am typing this article with fast-drying ink to ensure accuracy. (Mon, 21 Apr 2008 21:25:03 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 21:53:37 GMT)

Bank of England offers 50b bond swaps for home loans
The Bank of England announced a 50-billion-pound plan 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 22:03:22 GMT)

20pc of stressed borrowers lose homes
ABOUT 20 per cent of people who go "into the slippery slide" of mortgage borrowing never get out. (Mon, 21 Apr 2008 22:08:00 GMT)

Stressed borrowers lose homes
UP to one in five Australian households under mortgage stress will lose their homes, research shows. (Mon, 21 Apr 2008 22:32:00 GMT)

Teacher Home Loan Help
COLUMBIA, S.C. (AP) - Teachers starting their careers in South Carolina this year will get help buying their first homes under a program announced Monday by the state Education Department and Housing Authority. (Mon, 21 Apr 2008 22:53:02 GMT)

Mortgage stress takes toll
One in five stressed households will lose their homes, mortgage stress data reveals. (Mon, 21 Apr 2008 23:21:35 GMT)

Mortgage costs unlikely to come down despite Bank of England's £50 billion bail-out
Mortgage costs are highly unlikely to fall despite an unprecedented £50 billion emergency bail-out for Britain's banks and building societies, homeowners have been warned.. (Mon, 21 Apr 2008 23:25:06 GMT)

Mortgage Lenders Meet With Desparate Homeowners
The stories are all different, but the end result is the same once proud homeowners now facing foreclosure. Mortgage lenders are meeting face to face with desperate people about to lose their homes. FOX 6's Bob Moore brings you the latest from Glendale. (Mon, 21 Apr 2008 23:48:02 GMT)

1 in 5 never escape mortgage trap
UP to one in five households under mortgage stress will lose their homes, research shows. (Mon, 21 Apr 2008 23:56:00 GMT)

1 in 5 never escape mortgage trap
UP to one in five households under mortgage stress will lose their homes, research shows. (Mon, 21 Apr 2008 23:56:00 GMT)

Homes at risk as stress takes toll
NOT only is mortgage stress on the rise, but up to one in five stressed households will lose their homes, according to analysis of mortgage stress data. As well, borrowers who refinance are more than twice as likely to ultimately lose their houses. (Tue, 22 Apr 2008 00:17:34 GMT)

Lenders to discuss mortgage woes
The chancellor is meeting mortgage lenders to ask them to help struggling borrowers hit by the credit crisis. (Tue, 22 Apr 2008 01:00:00 GMT)

Ohio Bank Secures Financing To Weather Mortgage Crisis
CLEVELAND, April 21 -- National City, the nation's 10th largest bank, announced Monday that it had secured a $7 billion capital infusion from equity investors to help it survive the home mortgage crisis, at least temporarily quashing speculation that it would have to be sold. (Tue, 22 Apr 2008 02:23:32 GMT)

Chancellor To Push Mortgage Lenders
The Chancellor will meet Britain's biggest mortgage lenders today to try to find a way to help homeowners struggling in the wake of the credit crunch. (Tue, 22 Apr 2008 03:31:00 GMT)

Lenders derail plan to let bankruptcy judges modify mortgages
The Mortgage Bankers Assn. says the measure would raise interest rates, but critics contend this claim is based on faulty data. Sherrie Floyd says she was able to handle the first reset on the $505,000 mortgage she had taken out to refinance her Vallejo, Calif., home. And the second. (Tue, 22 Apr 2008 03:41:45 GMT)

Federal mortgage reform advances
Legislation to tighten the regulation of Fannie Mae and Freddie Mac, the US government-sponsored mortgage companies, will be considered early next month by a Senate committee amid intensifying efforts in Congress to tackle the housing crisis. (Tue, 22 Apr 2008 03:44:18 GMT)

UK unveils £50bn mortgage crunch plan for banks
LONDON: The Bank of England unveiled an ambitious plan yesterday to swap banks’ risky mortgage assets for at least 50bn pounds of government debt in the latest bid to spare Britain from the ravages of a global credit crunch. (Tue, 22 Apr 2008 04:57:14 GMT)

Chancellor To Push Mortgage Lenders
The Chancellor will meet Britain's biggest mortgage lenders today to try to find a way to help homeowners struggling in the wake of the credit crunch. (Tue, 22 Apr 2008 05:11:00 GMT)

Darling wants lenders to pass on lower rates
LONDON (Reuters) - Chancellor Alistair Darling will meet mortgage lenders on Tuesday to press them to cut the cost of home loans and look at ways of helping people refinance their mortgages. (Tue, 22 Apr 2008 05:14:26 GMT)

Darling wants lenders to pass on lower rates
LONDON (Reuters) - Chancellor Alistair Darling will meet mortgage lenders on Tuesday to press them to cut the cost of home loans and look at ways of helping people refinance their mortgages. (Tue, 22 Apr 2008 05:18:04 GMT)

BofA warns more home equity losses are coming
Bank of America Corp. worked hard for its stake in home equity loans, becoming the country's biggest originator in 2005. Now, that position is socking the bank with big-time losses as housing prices fall and defaults rise. Monday, the Charlotte bank largely blamed its falling earnings on rising home-equity loan losses, and it warned that more are on the way. The quick decline in credit quality ... (Tue, 22 Apr 2008 07:06:15 GMT)

Jumbo mortgages caught up in subprime fallout
DALLAS -- For months, mortgage lenders have been backing away from borrowers with spotty credit, all but closing down the so-called subprime mortgage market. (Tue, 22 Apr 2008 07:09:39 GMT)

Loan crisis hits home
Susan Shell dreamed of buying into a nicer Portland neighborhood where she could enroll her son at Grant High. But the single mom wound up stuck with a subprime mortgage loan she can’t afford and can’t refinance, on a home she cannot sell. As recession grips other communities around ... (Tue, 22 Apr 2008 07:13:04 GMT)

Struggling homeowners could get new government-backed loans
Homeowners staggering under mounting mortgage debt and facing foreclosure could get cheaper, government-backed loans under Democrats' housing rescue plan. But first, lenders would have to agree to wipe out part of their debt. And the borrowers would have to... (Tue, 22 Apr 2008 07:42:17 GMT)

Federal mortgage reform advances
Legislation to tighten the regulation of Fannie Mae and Freddie Mac, the US government-sponsored mortgage companies, will be considered early next month by a Senate committee amid intensifying efforts in Congress to tackle the housing crisis. (Tue, 22 Apr 2008 08:33:29 GMT)

Chancellor to meet mortgage lenders
Chancellor Alistair Darling is meeting with mortgage lenders to discuss ways to reinvigorate the housing market. (Tue, 22 Apr 2008 08:49:00 GMT)

Bradford & Bingley says hiking mortgage rates is paying off
Britain's biggest buy-to-let lender, Bradford & Bingley, said it is weathering the crisis in the credit markets by hiking its mortgage rates and cutting back on customers with bad credit ratings. (Tue, 22 Apr 2008 09:09:20 GMT)

Struggling homeowners could get new government-backed loans
Homeowners staggering under mounting mortgage debt and facing foreclosure could get cheaper, government-backed loans under Democrats' housing rescue plan. (Tue, 22 Apr 2008 10:18:50 GMT)

FSA bans mortgage broker for failing to protect against fraud
The FSA has banned Derry-based mortgage broker John Paul Keay for failing to have in place adequate systems and controls to detect and prevent mortgage fraud. ... (Tue, 22 Apr 2008 10:58:39 GMT)

Darling to meet mortgage lenders
Chancellor Alistair Darling will meet mortgage lenders later on Tuesday to persuade them to bring down the cost of home loans as policymakers are getting worried about the housing market. (Tue, 22 Apr 2008 11:23:00 GMT)

Mortgage Lenders Meet With Desperate Homeowners
The stories are all different, but the end result is the same once proud homeowners now facing foreclosure. Mortgage lenders are meeting face to face with desperate people about to lose their homes. FOX 6's Bob Moore brings you the latest from Glendale. (Tue, 22 Apr 2008 11:33:00 GMT)

Tanzania: Mortgage Bill For Tabling in House Postponed
A Bill to set up mortgage finance facility to allow low income Tanzanians borrow money to build descent homes, will now be tabled in the Parliament during the forthcoming budget session. (Tue, 22 Apr 2008 11:33:04 GMT)

Hudson City sidesteps mortgage crisis, profit up
The Paramus-based parent of Hudson City Savings Bank said it was able to sidestep the most serious credit problems afflicting other mortgage specialists. Hudson City also raised its quarterly dividend to 11 cents per share from 9 cents. (Tue, 22 Apr 2008 13:05:42 GMT)

Nursing home is criticized
Angry Jackson County commissioners criticized the director of the Jackson County Medical Care Facility on Monday morning, but voted to loan the county-run nursing home $250,000 to cover expenses. (Tue, 22 Apr 2008 13:18:51 GMT)

Many problems with mortgage bailouts
Congress appears eager to help more than a million homeowners facing foreclosure, but a proposal aimed at fixing the battered housing market could instead end up as the latest blow to a recovery. (Tue, 22 Apr 2008 13:35:12 GMT)

Dems Planning Needed Mortgage Help
Homeowners staggering under mounting mortgage debt and facing foreclosure could get cheaper, government-backed loans under Democrats' housing rescue plan (Tue, 22 Apr 2008 13:54:43 GMT)

Mortgage Losses Cripple Cleveland-Based Bank
National City, a major regional bank with headquarters in Cleveland, has been struggling with subprime mortgage losses. On Monday, the bank announced a huge capital infusion and watched its already depressed stock fall even further. Dan Bobkoff reports from member station WCPN . (Tue, 22 Apr 2008 13:55:43 GMT)

iEmergent Introduces Mortgage Market Forecasts and Analytic Tools for Mortgage Lenders
iEmergent, a Des Moines, Iowa-based market research, forecasting and advisory services firm for the financial services, mortgage and real estate industries, introduced its suite of Market Manager reports that enable lenders to better understand their primary markets, improve efficiency and increase market share. (Tue, 22 Apr 2008 13:57:50 GMT)

Home mortgage stress on rise
THE number of families under severe mortgage stress on Melbourne's fringes will double in the next six months, a report predicts. (Tue, 22 Apr 2008 14:00:00 GMT)

Home mortgage stress on rise
THE number of families under severe mortgage stress on Melbourne's fringes will double in the next six months, a report predicts. (Tue, 22 Apr 2008 14:00:00 GMT)

Jefferies plans to expand mortgage trading team
Jefferies Group Inc. plans to expand its trading, origination and selling of mortgage-backed securities, the investment bank said Tuesday. (Tue, 22 Apr 2008 14:13:03 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? (Tue, 22 Apr 2008 15:00:41 GMT)

Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Tue, 22 Apr 2008 15:12:53 GMT)

MARION CENTER SD: Board approves refinancing
MARION CENTER - The board of directors of the Marion Center Area School District approved refinancing a $9.5 million bond issue Monday at a savings of more than $247,0000 in interest. (Tue, 22 Apr 2008 15:20:05 GMT)

CML sees Bank mortgage plan "very positive" step
The Bank of England's mortgage swap plan is a "very positive" step towards helping ease the credit crunch and it should allow lenders to pass on benefits to customers, the Council of Mortgage Lenders said on Monday. (Tue, 22 Apr 2008 15:49:00 GMT)

RBS Raising $23.9B After Mortgage Losses
The British bank said it would seek the capital infusion through a rights issue to cover $11.7 billion in losses tied to the U.S. mortgage market. (Tue, 22 Apr 2008 16:02:14 GMT)

Homes at risk as stress takes toll
NOT only is mortgage stress on the rise, but up to one in five stressed households will lose their homes, according to analysis of mortgage stress data. As well, borrowers who refinance are more than twice as likely to ultimately lose their houses. (Tue, 22 Apr 2008 16:19:13 GMT)

70% of subprime borrowers aren't getting help
Seven out of 10 seriously delinquent subprime mortgage borrowers are still not getting the help they need to keep their homes. (Tue, 22 Apr 2008 16:50:02 GMT)

Darling urges lenders to cut home loan costs
Chancellor Alistair Darling pressured mortgage lenders on Tuesday to bring down the cost of home loans as policymakers are getting worried about the housing market. (Tue, 22 Apr 2008 16:52:00 GMT)

Most Troubled Mortgage Borrowers Without Plan, Report Finds
Seven out of 10 troubled mortgage borrowers remain without a plan to work out their loans despite increased industry efforts to help them, according to a new report from a coalition of state attorneys general and banking regulators. (Tue, 22 Apr 2008 17:19:27 GMT)

UKs Darling urges lenders to cut home loan costs
British finance minister Alistair Darling pressured mortgage lenders on Tuesday to bring down the cost of home loans as policymakers are getting worried about the housing market (Tue, 22 Apr 2008 17:25:06 GMT)

Jefferies & Co. eyes mortgage-backed securities amid turmoil
Shrugging off about the meltdown in the housing market, Jefferies & Co. is expanding into mortgage-backed securities with the hiring of 10 mortgge professionals. (Tue, 22 Apr 2008 17:38:54 GMT)

UPDATE: Jefferies & Co. Eyes Mortgage-Backed Securities Amid Turmoil
SAN FRANCISCO (Dow Jones) -- Shrugging off any residual worries about the meltdown in the housing market, Jefferies & Co. is expanding into mortgage- backed securities, the Jefferies Group subsidiary said Tuesday. (Tue, 22 Apr 2008 18:36:25 GMT)

Mortgage deals unlikely to improve for months
Struggling families will not see the cost of their home loans cut after Alistair Darling failed to press mortgage lenders to come to their aid. (Tue, 22 Apr 2008 18:49:28 GMT)

Study: Subprime mortgage modification efforts underwhelming
Efforts to help beleaguered borrowers are still falling short as 70 percent of homeowners who are two months behind on their mortgages still aren't getting aid, a new report released Tuesday found. (Tue, 22 Apr 2008 20:11:17 GMT)

Many not getting mortgage help, study says
Seven out of 10 troubled mortgage borrowers remain without a plan to work out their loans despite increased industry efforts to help them, according to a new report from a coalition of state attorneys general and banking regulators. (Tue, 22 Apr 2008 20:11:56 GMT)

Study: Subprime mortgage modification efforts underwhelming
(AP:NEW YORK) Efforts to help beleaguered borrowers are still falling short as 70 percent of homeowners who are two months behind on their mortgages still aren't getting aid, a new report released Tuesday found. (Tue, 22 Apr 2008 20:23:07 GMT)

Study: Subprime mortgage modification efforts underwhelming
Efforts to aid beleaguered borrowers are still falling short as 70 percent of homeowners who are two months behind on their mortgages still aren't getting help, a new report released Tuesday found. (Tue, 22 Apr 2008 20:48:45 GMT)

Homes at risk as stress takes toll
NOT only is mortgage stress on the rise, but up to one in five stressed households will lose their homes, according to analysis of mortgage stress data. As well, borrowers who refinance are more than twice as likely to ultimately lose their houses. (Tue, 22 Apr 2008 21:27:10 GMT)

Lenders pledge to pass rate cuts on to mortgage-payers
Homeowners have been promised a cut in interest rates when the inter-bank lending rate goes down after a Downing Street summit over the credit squeeze between the Chancellor and mortgage lenders. (Tue, 22 Apr 2008 23:18:08 GMT)

Mortgage Clinic: How big a deposit does a first-timer need?
'I inherited £70,000 after the sale of my late father's house, and I want to give some of it to my son as a deposit for a flat. But he's worried that his £24,000 income and financial problems as a student will harm his credit record and limit access to cheap mortgage deals. Should he stay at home with us and save even more, or leap into choppy financial waters?' HS, Surrey (Tue, 22 Apr 2008 23:27:41 GMT)

Mortgage industry group spent $3.7 million lobbying in 2007
The mortgage industry's main lobbying group spent $3.7 million to lobby the federal government last year as it tried to fend off legislation to let bankruptcy judges rewrite mortgages for strapped borrowers. (Tue, 22 Apr 2008 23:40:06 GMT)

Darling urges lenders to cut home loan cost
LONDON: British Finance Minister Alistair Darling pressured mortgage lenders yesterday to bring down the cost of home loans as policymakers are getting worried about the housing market. (Wed, 23 Apr 2008 05:09:35 GMT)

Darling urges lenders to cut mortgage costs
LONDON (Reuters) - Chancellor Alistair Darling pressured mortgage lenders on Tuesday to bring down the cost of home loans as policymakers are getting worried about the housing market. (Wed, 23 Apr 2008 06:16:41 GMT)

Darling urges lenders to cut home loan costs
Chancellor Alistair Darling pressured mortgage lenders on Tuesday to bring down the cost of home loans as policymakers are getting worried about the housing market (Wed, 23 Apr 2008 07:41:40 GMT)

Bank mortgage approvals slump
The global credit crunch has led to a further slump in mortgage lending by the UK's major banks. (Wed, 23 Apr 2008 08:58:14 GMT)

Mortgage approvals slump to record low
LONDON (Reuters) - Mortgage approvals for house purchase slumped nearly 50 percent on a year ago to hit a record low in March, a survey shows, in a further sign the housing market is cooling fast. (Wed, 23 Apr 2008 09:00:54 GMT)

Mortgage approvals slump to record low
LONDON (Reuters) - Mortgage approvals for house purchase slumped nearly 50 percent on a year ago to hit a record low in March, a survey showed on Wednesday, in a further sign the housing market is cooling fast. (Wed, 23 Apr 2008 09:02:44 GMT)

U.K. Mortgage Approvals Declined 46% in March, BBA Says
April 23 (Bloomberg) -- U.K. mortgage approvals fell by almost half in March from a year earlier as a credit squeeze prompted banks to curtail lending, a report by the British Bankers' Association showed. (Wed, 23 Apr 2008 09:05:31 GMT)

Private bonds aim to help home buyers
First-time home buyers in Plainfield may get a boost from a program designed to help them get a mortgage loan when they don't have the money for a down payment or closing costs. (Wed, 23 Apr 2008 09:16:40 GMT)

Ahead of the Bell: Mortgage Applications
Home-loan data to be released Wednesday will show whether applications rose for the third-straight week as borrowers took advantage of favorable interest rates to refinance their mortgages. (Wed, 23 Apr 2008 10:00:38 GMT)

Home loan approvals slump
The number of mortgages approved for people buying a home has dived by 46% during the past year as the credit crunch continues to impact the market, new figures show. (Wed, 23 Apr 2008 10:53:41 GMT)

Mortgage approvals slump again
Mortgage lending has tumbled to its lowest monthly figure since 1997 as banks run out of money to lend to prospective home buyers. (Wed, 23 Apr 2008 10:56:00 GMT)

Mortgage applications plunge as rates soar: MBA
Mortgage applications plunged last week, largely reflecting a drop in demand for home refinancing loans as interest rates surged, an industry group said on Wednesday. (Wed, 23 Apr 2008 11:05:48 GMT)

U.K. Mortgage Approvals Fell to 11-Year Low in March (Update2)
April 23 (Bloomberg) -- U.K. mortgage approvals fell to the lowest in more than a decade in March as a credit squeeze prompted banks to curtail lending, the British Bankers' Association said. (Wed, 23 Apr 2008 11:20:31 GMT)

Mortgage application volume falls 14.2 percent as rates rise
Mortgage application volume fell 14.2 percent during the week ending April 18, according to the Mortgage Bankers Association's weekly application survey. (Wed, 23 Apr 2008 11:24:55 GMT)

Ambac takes $1.66B mortgage hit
Bond insurer swings to first-quarter loss of $11.69 per share versus $2.02 a year ago, blames mortgage-backed bonds. (Wed, 23 Apr 2008 11:35:10 GMT)

Mortgage applications fell 14.2% last week: MBA
CHICAGO (MarketWatch) -- Mortgage applications filed last week decreased a seasonally adjusted 14.2% compared with the week before, the Mortgage Bankers Association reported on Wednesday. (Wed, 23 Apr 2008 11:39:38 GMT)

U.S. mortgage applications plunge
NEW YORK–U.S. mortgage applications plunged last week, largely reflecting a drop in demand for home refinancing loans as interest rates surged, an industry group said Wednesday. (Wed, 23 Apr 2008 11:54:36 GMT)

Mortgage application volume falls
Mortgage Bankers Association's index shows the number of people applying for a home loan fell 14.2% last week. (Wed, 23 Apr 2008 12:05:02 GMT)

U.S. MBA's Mortgage Applications Index Declined 14.2% Last Week
April 23 (Bloomberg) -- Mortgage applications in the U.S. last week dropped to the lowest level in almost four months, hurt by fewer purchases and less refinancing. (Wed, 23 Apr 2008 12:23:29 GMT)

Mortgage Loan Applications Decrease For Week Ending April 18th
(RTTNews) - The Mortgage Bankers Association released its Weekly Mortgage Applications Survey for the week ending April 18 on Wednesday. The survey showed a decrease of 14.2% in the number of mortgage loan applications. (Wed, 23 Apr 2008 13:20:59 GMT)

MBA: Mortgage application goes down as interest rates soars
There has been a major plunge in mortgage applications for home refinancing as the interest rates goes up, especially on the U.S. housing market – one of the worst downturns in the decade. (Wed, 23 Apr 2008 14:01:21 GMT)

U.K. Mortgage Approvals Fell to 11-Year Low in March (Update3)
April 23 (Bloomberg) -- U.K. mortgage approvals fell to the lowest in more than a decade in March as a credit freeze prompted banks to curtail lending, the British Bankers' Association said. (Wed, 23 Apr 2008 14:05:33 GMT)

Opening Glance: Mortgage lenders mostly decline
Shares of mortgage lenders and thrift banks mostly slipped on Wednesday as Ambac Financial Group Inc.'s massive loss for the first quarter seemed to outweigh a doubling of profit at Sovereign Bancorp. (Wed, 23 Apr 2008 14:19:25 GMT)

Sector snap: Homebuilders mostly lower on mortgage data
Housing stocks searched for direction Wednesday, with many major companies showing modest declines after data showed weekly mortgage applications fell sharply. (Wed, 23 Apr 2008 15:34:32 GMT)

Mortgage demand at '08 low with 30-year rates above 6%
Mortgage applications plunged last week to the lowest level this year as surging interest rates slashed demand for home loans, industry group data showed Wednesday. (Wed, 23 Apr 2008 15:54:37 GMT)

Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Wed, 23 Apr 2008 17:14:59 GMT)

UK mortgage approvals slump to record low
British mortgage approvals for house purchase slumped nearly 50 per cent on a year ago to hit a record low in March, in a further sign the housing market is cooling fast. (Wed, 23 Apr 2008 17:19:44 GMT)

Mortgage bonds lead to big loss for Ambac
The bond insurer posted a surprisingly large first-quarter loss Wednesday after setting aside $1 billion to cover future payouts on mortgage bonds, sending its shares down nearly 40 percent. (Wed, 23 Apr 2008 17:39:28 GMT)

Sector roundup: Bond, mortgage insurers; Web stocks
Shares of bond and mortgage insurers plummeted Wednesday after Ambac Financial Group Inc. reported a steep loss for the first quarter, stirring worries about how badly the credit crisis will crimp the beleaguered industries. (Wed, 23 Apr 2008 19:27:36 GMT)

Federal Agricultural Mortgage president exercises options
The president of Federal Agricultural Mortgage Corp., which writes mortgage loans for agricultural real estate and rural housing, exercised options for 60,000 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing Tuesday. (Wed, 23 Apr 2008 19:53:12 GMT)

House panel backs legal protections for mortgage firms
A U.S. House panel on Wednesday voted to shield mortgage-service firms from lawsuits if they work to modify certain loans for struggling homeowners. (Wed, 23 Apr 2008 21:22:39 GMT)

Economy - Wednesday
The mortgage applications index sank 14.2% in the week ended April 18 to 637.2, the lowest this year, the Mortgage Bankers Assoc. said. The 30-year fixed-rate mortgage shot up 30 ticks to 6.04% as Treasury yields jumped. Refinancing applications dived 20.2% to 2286.3, also an '08 low. Demand for loans to buy a home fell 6.4% to 537.2, just above a recent 5-year low. (Wed, 23 Apr 2008 22:39:51 GMT)

Allstate feels mortgage-backed securities pain
Allstate Corp., hurt by big writedowns of mortgage-backed securities and by hefty tornado-related damage payouts, said late Wednesday that first-quarter earnings dropped 77 percent. (Wed, 23 Apr 2008 23:01:14 GMT)

No Spring Thaw For Mortgage Market
Rising interest rates and falling home prices cause mortgage applications to dip. (Thu, 24 Apr 2008 00:22:42 GMT)

Mortgage stress levels could rise: study
The number of Australians afflicted with mortgage stress could swell by a third within six months even if interest rates don't rise, a debt researcher says. (Thu, 24 Apr 2008 03:28:31 GMT)

Starwatch Consumer: Mortgage applications drop
Mortgage applications in the U.S. last week dropped to the lowest level in almost four months, hurt by fewer purchases and less refinancing. (Thu, 24 Apr 2008 03:34:50 GMT)

Starwatch Consumer: Mortgage applications drop
Mortgage applications in the U.S. last week dropped to the lowest level in almost four months, hurt by fewer purchases and less refinancing. (Thu, 24 Apr 2008 03:52:57 GMT)

Credit Suisse posts first-quarter loss, further heavy writedowns
Credit Suisse bank plunged into its first quarterly loss for five years on Thursday, reporting heavy extra writedowns because of the subprime home-loan crisis in the United States. (Thu, 24 Apr 2008 07:24:47 GMT)

Mortgage crunch hurts developer
The squeeze in the mortgage market causes sales of new homes to fall by a fifth at housebuilder Persimmon. (Thu, 24 Apr 2008 07:43:31 GMT)

Mortgage rates rise modestly
Mortgage rates went up this week, but not by much. (Thu, 24 Apr 2008 10:00:00 GMT)

Mortgage lenders cut rates but boost margins
Just over a third of mortgage lenders have reduced their rates, a fortnight after the Bank of England's quarter-point base rate cut -- most of them passing on the full reduction, although troubled Northern Rock has only handed borrowers a 0.10 percent cut. (Thu, 24 Apr 2008 10:57:00 GMT)

Persimmon warns UK mortgage market is toughest in 30 years
Britons are facing the toughest mortgage market since the late 1970s, Persimmon, the country's largest housebuilder warned today. (Thu, 24 Apr 2008 11:09:19 GMT)

Bankrate: Mortgage Rates Rise for Second Straight Week
Fixed mortgage rates moved slightly higher for the second week in a row, with the average conforming 30-year fixed mortgage rate rising to 6.11 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.43 discount and origination points. (Thu, 24 Apr 2008 11:30:00 GMT)

Homes at risk as stress takes toll
NOT only is mortgage stress on the rise, but up to one in five stressed households will lose their homes, according to analysis of mortgage stress data. As well, borrowers who refinance are more than twice as likely to ultimately lose their houses. (Thu, 24 Apr 2008 11:44:06 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, 24 Apr 2008 12:54:45 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, 24 Apr 2008 12:55:59 GMT)

19 Alabamians join Army under program providing mortgage and business funding
Nineteen Alabamians have taken advantage of the latest Army recruiting incentive, which offers them home mortgage money or business startup funds. The Army Advantage Fund program began on a test basis in early February. (Thu, 24 Apr 2008 14:09:18 GMT)

New-Home Sales in the U.S. Plunge More Than Forecast (Update2)
April 24 (Bloomberg) -- Purchases of new homes in the U.S. plunged more than forecast in March to the lowest level in almost 17 years as stricter loan rules and falling prices caused buyers to hold off. (Thu, 24 Apr 2008 14:23:08 GMT)

Credit Suisse plunges into loss on further heavy writedowns
Credit Suisse bank plunged into its first quarterly loss for five years on Thursday, reporting heavy extra writedowns because of the subprime home-loan crisis in the United States. (Thu, 24 Apr 2008 15:04:52 GMT)

Persimmon warns UK mortgage market is toughest in 30 years
Britons are facing the toughest mortgage market since the late 1970s, Persimmon, the country's largest housebuilder warned today. (Thu, 24 Apr 2008 15:07:41 GMT)

Man City recalls defender Logan back from loan at Stockport soccer club
MANCHESTER, England - Manchester City has recalled defender Shaleum Logan from his loan at Stockport. (Thu, 24 Apr 2008 15:15:00 GMT)

Mortgages: Inflation fears cause U.S. mortgage rates to rise
Mortgage rates rise after economic data raises inflationary concerns in the capital markets, according to Freddie Mac’s chief economist. (Thu, 24 Apr 2008 16:09:03 GMT)

Congressman Steve Israel Outlines Support for Plan to Help Ease Mortgage Crisis
NEW YORK----In an April 23 letter to Federal Housing Authority Commissioner Brian Montgomery, Congressman Steve Israel urged further action from the federal government to help address the national mortgage crisis and the burden it's placing on America's middle class families. (Thu, 24 Apr 2008 16:34:00 GMT)

Congressman Steve Israel Outlines Support for Plan to Help Ease Mortgage Crisis: "Appreciating America" Provides ...
In an April 23 letter to Federal Housing Authority Commissioner Brian Montgomery, Congressman Steve Israel (D-NY) urged further action from the federal government to help address the national mortgage crisis and the burden it's placing on America's middle class families. In particular, Congressman Israel highlighted an innovative plan, "Appreciating America," developed by the home financing ... (Thu, 24 Apr 2008 16:43:01 GMT)

GMAC loans ResCap mortgage unit $468 million
Mortgage lender Residential Capital has already tapped much of a new $750 million line of credit offered by its parent GMAC. (Thu, 24 Apr 2008 16:47:40 GMT)

GMAC loans ResCap mortgage unit $468 million
(AP:MINNEAPOLIS) Mortgage lender Residential Capital has already tapped much of a new $750 million line of credit offered by its parent GMAC. Bloomington-based ResCap has serious financial problems because it was a major subprime lender. (Thu, 24 Apr 2008 17:08:36 GMT)

GMAC Loans ResCap Mortgage Unit $468 Million
Troubled mortgage lender Residential Capital has already tapped much of a new $750 million line of credit offered by its parent GMAC. (Thu, 24 Apr 2008 17:42:24 GMT)

Attorney General Cuomo urges homeowners to be informed when exploring refinancing options | WBNG-TV Binghamton, NY | ...
Attorney General Andrew M. Cuomo today announced his office has stopped a Syracuse-area reverse mortgage lender from preying on seniors statewide through false advertising and portraying itself to be a local non-profit organization. (Thu, 24 Apr 2008 17:44:28 GMT)

One of Britain's biggest property developers stops building new homes as mortgage meltdown worsens
Britain's biggest construction giant has abandoned its plans to build any homes on new sites until the mortgage drought ends. It is the latest worrying twist to the country's crumbling property market fuelled by the worst mortgage meltdown in living memory. (Thu, 24 Apr 2008 18:57:13 GMT)

Berlusconi faces fight with Brussels over Alitalia loan
The European Commission expressed doubt that a €300 million, or $477 million, loan this week to the ailing flag carrier was purely commercial. (Thu, 24 Apr 2008 19:06:19 GMT)

Genworth Profit Falls 64% on Mortgage Insurance Loss (Update2)
April 24 (Bloomberg) -- Genworth Financial Inc. , the insurer spun off by General Electric Co., said profit fell 64 percent as the U.S. housing slump led to losses at its U.S. mortgage- insurance unit for the second consecutive quarter. (Thu, 24 Apr 2008 22:08:08 GMT)

Mortgage pain beats income rise
Kiwi homeowners with a $250,000 mortgage are now paying over 25 per cent more for their loan than five years ago. (Thu, 24 Apr 2008 22:44:15 GMT)

Mortgage pain pinches more home owners
The traditional definition of mortgage stress, where someone spends a third of their income on home loan repayments, is being challenged. (Thu, 24 Apr 2008 22:56:52 GMT)

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