Mortgage News May 2008

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Banks' home loans crackdown
EXCLUSIVE: GETTING a mortgage for a home has just become harder, with banks and non-bank lenders secretly tightening the rules on who exactly qualifies for a home loan. (Mon, 05 May 2008 14:00:00 GMT)

SellNewYorkSell.com, a New FSBO Service Goes Online
SellNewYorkSell.com provides comprehensive property listing and accurate information, on available real estate properties in New York today, with its newly-launched online resource. It features a quick search engine for available properties, by city and county property listings, home mortgage, equity loan and refinance for homeowners and free advertisement for property sellers. This latest ... (Mon, 05 May 2008 14:13:43 GMT)

Opening Glance: Mortgage Lenders decline
Shares of mortgage lenders slipped Monday after a Friedman, Billings, Ramsey analyst downgraded Countrywide Financial Corp. to "Underperform." (Mon, 05 May 2008 14:16:30 GMT)

S&P Stops Rating Home Equity Loan Bonds
US credit rating agency Standard & Poor's said on Thursday it will not rate any more new bonds pooling home equity loans to prime and subprime borrowers because losses on some existing bond deals have been so great the agency cannot figure out how to rate the new deals. (Mon, 05 May 2008 15:00:13 GMT)

Defendants plead guilty in Cleveland mortgage fraud case
CLEVELAND -- Cuyahoga County Prosecutor Bill Mason announced Monday that 8 of 10 defendants pled guilty in the first case brought to trial by the Cuyahoga County Mortgage Fraud-Predatory Lending Task Force. (Mon, 05 May 2008 16:52:21 GMT)

US Rep Frank: No Bailout For Mortgage-Service Cos
BOSTON -(Dow Jones)- House Financial Services Chairman Barney Frank said Monday that the federal government won't rescue mortgage-service companies as it takes action to deal with the ongoing housing and foreclosure crisis. (Mon, 05 May 2008 17:21:06 GMT)

U.S. loosens rules for mortgage help
The U.S. government has relaxed rules for a mortgage aid program after fewer than 5,000 people qualified under the original regulations. (Mon, 05 May 2008 17:21:40 GMT)

Sector Snap: Mortgage companies fall
Shares of mortgage lenders fell Monday as analysts questioned whether Countrywide Financial Corp. should be sold for the original price announced in January, or if the deal is even worth completing. (Mon, 05 May 2008 17:56:28 GMT)

From 35th Street to Wall Street: Anatomy of a foreclosure
Tomorrow, Faith Burns of Minneapolis is scheduled to lose her home. The bank says she's fallen behind on her monthly mortgage payments and is foreclosing on her. We traced the path of Faith Burns' mortgage to Wall Street. (Mon, 05 May 2008 18:11:29 GMT)

Rep. Frank wants answers on jumbo loan inaction
A key House lawmaker today complained that the mortgage industry has done little over the past month to make higher-value loans available in costly housing markets after Congress... (Mon, 05 May 2008 18:16:28 GMT)

The April 2008 Senior Loan Officer Opinion Survey on Bank Lending Practices
The April 2008 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. (Mon, 05 May 2008 18:24:51 GMT)

U.S. expands inquiry of mortgage industry standards
The government is stepping up its criminal investigation of the mortgage industry and focusing on whether lenders turned a blind eye to inflated income figures provided by would-be borrowers. (Mon, 05 May 2008 18:36:45 GMT)

Fed Task Force Eyes Mortgage Lenders
Federal authorities, responding to the subprime-mortgage crisis, have formed a special task force to examine potential fraud by lenders. The task force will be headed by prosecutors in the Eastern District of New York, where one of the nation's top mortgage lenders went bankrupt last year amid the housing market woes. (Mon, 05 May 2008 18:41:11 GMT)

Rep. Frank wants answers on jumbo loan inaction
A key House lawmaker on Monday complained that the mortgage industry has done little over the past month to make higher-value loans available in costly housing markets after Congress took steps to try to infuse more cash into the so-called jumbo market. (Mon, 05 May 2008 18:59:44 GMT)

Government Intensifies Mortgage Investigation
The F.B.I. and the I.R.S. are said to be investigating whether some mortgage lenders turned a blind eye when prospective borrowers used inflated income figures. (Mon, 05 May 2008 19:37:31 GMT)

Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Mon, 05 May 2008 19:40:32 GMT)

House to hold hearing on why jumbo loans still hard to get
BOSTON - A key House lawmaker today complained that the mortgage industry has done little over the past month to make higher-value loans available in costly housing markets after Congress took steps to try to infuse more cash into the so-called jumbo market. (Mon, 05 May 2008 19:43:54 GMT)

BlackRock in Talks to Manage Mortgage Assets for UBS (Update1)
May 5 (Bloomberg) -- BlackRock Inc. is in talks to form a fund to help UBS AG , Switzerland's largest bank, recover from $38 billion of subprime mortgage-related writedowns, two people with knowledge of the discussions said. (Mon, 05 May 2008 21:19:07 GMT)

US mortgage firm deal 'at risk'
The sale of the third largest US mortgage lender, Countrywide, to the Bank of America may be at risk, analysts say. (Mon, 05 May 2008 21:54:22 GMT)

U.S. moving ahead on urgent student loan programs
The Bush administration said on Monday it will be ready to accept requests for emergency student loans from state guaranty agencies by June 1 under a program to stabilize the $85 billion student loan industry. (Mon, 05 May 2008 22:47:46 GMT)

Hidden mortgage risks abound in US home market
Bottoms up! It’s time to swallow a heavy dose of risk realism when considering the US home market. (Mon, 05 May 2008 23:28:51 GMT)

Bernanke: High foreclosure rates hurt broad economy
Federal Reserve Chairman Ben Bernanke on Monday said conditions in mortgage markets remain strained, posing a threat to the economy, and urged steps be taken to prevent home foreclosure where possible. (Tue, 06 May 2008 00:32:44 GMT)

Dollar May Fall; Bernanke to Signal Growth to Slow on Housing
May 6 (Bloomberg) -- The dollar may fall for a second day against the euro on speculation Federal Reserve Chairman Ben S. Bernanke will say in a speech today that mortgage delinquencies will weigh on U.S. economic growth. (Tue, 06 May 2008 00:48:23 GMT)

Bernanke Urges Flexibility in Mortgage Regulation
The Federal Reserve chairman urged Congress to give federal agencies ?greater latitude? to take an innovative approach to dealing with the housing crisis. (Tue, 06 May 2008 01:27:51 GMT)

Mortgage crisis affecting student loans
The sub-prime mortgage crisis is now seeping into student loans, holding back college students from completing their education. (Tue, 06 May 2008 01:30:23 GMT)

Dollar Declines as Bernanke Signals Growth to Slow on Housing
May 6 (Bloomberg) -- The dollar weakened against 11 of the 16 most-traded currencies after Federal Reserve Chairman Ben S. Bernanke said in a speech that mortgage delinquencies will weigh on U.S. economic growth. (Tue, 06 May 2008 01:33:33 GMT)

Fed Chief Urges Home Foreclosure Response
A rising tide of late mortgage payments and home foreclosures poses considerable dangers to the U.S. economy, Federal Reserve Chairman Ben Bernanke warned anew as he urged Congress to take additional steps to alleviate the problems. (Tue, 06 May 2008 02:30:04 GMT)

Government Intensifies Mortgage Investigation
The F.B.I. and the I.R.S. are said to be investigating whether some mortgage lenders turned a blind eye when prospective borrowers used inflated income figures. (Tue, 06 May 2008 02:37:28 GMT)

Refinancing plan meant to close repair-cost gaps
Mortgage giant Fannie Mae has developed a program to help stymied hurricane victims who could not cobble together quite enough money from insurance proceeds, Road Home grants or personal savings to rebuild their damaged home. (Tue, 06 May 2008 02:55:36 GMT)

Dollar Declines as Bernanke Signals Growth to Slow on Housing
May 6 (Bloomberg) -- The dollar declined for a second day against the euro after Federal Reserve Chairman Ben S. Bernanke said in a speech that mortgage delinquencies will weigh on economic growth. (Tue, 06 May 2008 03:03:23 GMT)

Bernanke urges more action to stem home foreclosure crisis
A rising tide of late mortgage payments and home foreclosures poses considerable dangers to the national economy, Federal Reserve Chairman Ben Bernanke warned anew Monday as he urged Congress to take additional steps to alleviate the problems. (Tue, 06 May 2008 03:09:58 GMT)

Feds Confirm Investigation Into Mortgage Lending
Federal authorities, responding to the subprime-mortgage crisis, have formed a task force to determine whether lenders or Wall Street firms participated in fraud. (Tue, 06 May 2008 04:06:11 GMT)

Barney Frank angry at inaction on jumbo mortgage loans
A key U.S. House lawmaker complained yesterday that the mortgage industry has done little over the past month to make higher-value loans available in costly housing markets... (Tue, 06 May 2008 04:24:01 GMT)

Lowey supports legislation that provides $300B in mortgage guarantees
Rep. Nita Lowey, D-Harrison, said yesterday she supports legislation that the House of Representatives will take up this week that would provide $300 billion in loan guarantees for homeowners seeking to refinance troubled subprime mortgages. (Tue, 06 May 2008 06:40:17 GMT)

Homethinking Opens Up Access to Comprehensive Mortgage Transaction Data
Homethinking.com, a site that helps home owners make better real estate decisions, today unveiled mortgage.homethinking.com. Mortgage.homethinking.com allows consumers to see top local lenders by market share and to assess the risk of the subprime mortgage crisis in their county. (Tue, 06 May 2008 07:01:00 GMT)

UBS to sell $15 billion in mortgage assets to Blackrock
ZURICH (MarketWatch) -- UBS AG said Tuesday it will sell $15 billion in mortgage assets to U.S.-based asset manager Blackrock Inc. as part of the Swiss bank's efforts to whittle down its subprime holdings. The assets, mainly Alt-A and subprime mortgage positions, will be put into a new distressed asset fund to be run by Blackrock, UBS Chief Executive Marcel Rohner said during a media call. The ... (Tue, 06 May 2008 07:45:28 GMT)

Homethinking Opens Up Access to Comprehensive Mortgage Transaction Data
Homethinking.com, a site that helps home owners make better real estate decisions, today unveiled mortgage.homethinking.com. Mortgage.homethinking.com allows consumers to see top local lenders by market share and to assess the risk of the subprime mortgage crisis in their county. (PRWeb May 6, 2008) Read the full story at http://www.prweb.com/releases/mortgage/subprime/prweb916094.htm (Tue, 06 May 2008 07:53:48 GMT)

Credit efforts give mobile home owners a huge boost
While getting a home mortgage loan is becoming difficult for many first-time homebuyers, it will soon be easier for those seeking to purchase or refinance manufactured homes. ... (Tue, 06 May 2008 08:10:11 GMT)

Bank loan restrictions near historic highs
The Federal Reserve reported Monday that the percentage of banks reporting tighter lending standards was near historic highs for almost all loan categories including home mortgages, other consumer loans and business loans as lenders react to the credit crisis. (Tue, 06 May 2008 09:13:31 GMT)

Brokers challenge mortgage deals
Mortgage brokers complain of not being allowed to offer some new mortgage deals to potential borrowers. (Tue, 06 May 2008 09:28:58 GMT)

Shaky at home: N.H. mortgage crisis spreads from subprime to standard loans
Signs of greater housing market strain have begun to bubble up in the Granite State. Percolating just below the subprime crisis is growing concern about prime — or standard — loans, which have often been touted as stable, secure guards against skyrocketing foreclosures. (Tue, 06 May 2008 10:23:23 GMT)

Melville lender giving $250,000 mortgage prize
Lend America, a Melville mortgage bank, will create its own reality TV-like moment when it gives $250,000 to a Missouri couple to pay off their mortgage. (Tue, 06 May 2008 10:42:38 GMT)

Lowey pushes for relief to mortgage crisis
WHITE PLAINS – Congresswoman Nita Lowey of Westchester County Monday lent her support to legislation that would expand the Federal Housing Administration loan insurance program to aid homeowners at risk of losing their homes. (Tue, 06 May 2008 10:55:10 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, 06 May 2008 11:11:56 GMT)

Bernanke urges more action to stem home foreclosure crisis
A rising tide of late mortgage payments and home foreclosures poses considerable dangers to the national economy, Federal Reserve Chairman Ben Bernanke warned anew as he urged Congress to take additional steps to alleviate the problems. (Tue, 06 May 2008 11:41:22 GMT)

Two U.S. mortgage giants may be in trouble
WASHINGTON, May 6 (UPI) -- Two companies that handled 80 percent of the U.S. mortgage business in the first quarter of 2008 may be in trouble, financial leaders in Washington said. (Tue, 06 May 2008 11:44:57 GMT)

Fannie Mae reports $2.2 billion loss in first quarter as home-loan defaults mount
WASHINGTON (AP) - Fannie Mae says it lost $2.2 billion in the first quarter as home-loan delinquencies mounted amid the continuing housing slump. (Tue, 06 May 2008 11:58:57 GMT)

Fannie Mae reports $2.2 billion loss in first quarter as home-loan defaults mount
WASHINGTON (AP) - Fannie Mae says it lost $2.2 billion in the first quarter as home-loan delinquencies mounted amid the continuing housing slump. (Tue, 06 May 2008 12:00:05 GMT)

Fannie offers dismal housing outlook
Mortgage financer Fannie Mae warned Tuesday that the tumbling home values and loan defaults that have crippled the U.S. economy are likely to worsen, after posting a far larger-than-expected first-quarter loss. (Tue, 06 May 2008 12:02:04 GMT)

Fannie Mae loses $2.2B in first quarter as home loans falter
Fannie Mae says it lost $2.2 billion in the first quarter as home-loan delinquencies mounted amid the continuing housing slump. The quarterly loss at Fannie Mae, the largest U.S. buyer and backer of home loans, contrasts with a profit of $961 million in the... (Tue, 06 May 2008 12:13:27 GMT)

Mortgage fraudster banned by FSA
A mortgage broker from South London is banned for submitting fraudulent mortgage applications. (Tue, 06 May 2008 12:13:59 GMT)

Mortgage fraudster banned by FSA
A mortgage broker from South London is banned for submitting fraudulent mortgage applications. (Tue, 06 May 2008 12:17:41 GMT)

Woman: Countrywide Proposed Fibbing to Get Loan
Countrywide, the nation's largest home lender, used to specialize in the kind of risky loans that have gone sour in huge numbers recently. Countrywide and other lenders say they have cleaned up their act. But one homeowner says she was recently given the hard sell by a Countrywide loan officer who appeared to be breaking rules. (Tue, 06 May 2008 12:29:35 GMT)

Woman: Countrywide Proposed Fibbing to Get Loan
Countrywide, the nation's largest home lender, used to specialize in the kind of risky loans that have gone sour in huge numbers recently. Countrywide and other lenders say they have cleaned up their act. But one homeowner says she was recently given the hard sell by a Countrywide loan officer who appeared to be breaking rules. (Tue, 06 May 2008 12:36:24 GMT)

Fannie Mae Reports $2.2B Loss in First Quarter
Fannie Mae, a key source of mortgage funding, today reported that falling home prices and rising defaults contributed to further losses for the government-sponsored company during the first quarter. (Tue, 06 May 2008 12:36:37 GMT)

Bernanke urges more action to stem home foreclosure crisis
A rising tide of late mortgage payments and home foreclosures poses considerable dangers to the national economy, Federal Reserve Chairman Ben Bernanke warned anew Monday as he urged Congress to take additional steps to alleviate the problems. (Tue, 06 May 2008 12:46:13 GMT)

Guide to mortgage jargon
Homeowners and first-time buyers looking for a new mortgage are faced with lots of jargon to battle through. (Tue, 06 May 2008 13:02:24 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? (Tue, 06 May 2008 13:13:50 GMT)

Loan Backer Fannie Mae Loses $2.2B
Fannie Mae posts a $2.2 billlion first-quarter loss as home-loan defaults rise. (Tue, 06 May 2008 13:38:39 GMT)

Fannie Mae loses $2.2B in Q1, warns of 'severe weakness'
Fannie Mae (FNM), which provides mortgage money to the nation's mortgage lenders, says it lost $2.2 billion in the first quarter as home-loan delinquencies mounted. (Tue, 06 May 2008 14:07:09 GMT)

Sector Glance: Mortgage lenders decline
Shares of mortgage lenders sank Tuesday after Fannie Mae reported a loss of $2.2 billion in the first quarter. The government-sponsored company warned of continued weakness in the housing market and the need to raise additional cash to weather the downturn. (Tue, 06 May 2008 14:19:01 GMT)

Third loss for US mortgage giant
US mortgage finance firm Fannie Mae posts its third consecutive quarterly loss as the housing slump deepens. (Tue, 06 May 2008 15:18:37 GMT)

West Bancorp boosting loan loss reserves
West Bancorporation on Tuesday said it is increasing its provision for loan losses for the first quarter of 2008 by $5 million due to loans related to Regency Homes.On April 25, the West Des Moines home builder said it was suspending business. West Bancorporation, owner of West Bank with an office in Coralville, said it does not have any loans provided directly to Regency. It does have seven ... (Tue, 06 May 2008 17:11:43 GMT)

GMAC negotiating terms of loan to keep mortgage subsidiary out of bankruptcy
Finance company GMAC LLC, which is partly owned by General Motors Corp., is negotiating terms of a a $3.5 billion loan for its struggling mortgage subsidiary Residential Capital LLC to keep it out of bankruptcy long enough to find a buyer or break it up, Bloomberg reported today. (Tue, 06 May 2008 17:34:40 GMT)

Conn. House passes mortgage relief bill
House lawmakers passed a bill to help struggling homeowners caught up in the subprime mortgage mess. The bill passed on a 124-24 vote Monday night. It now moves to the Senate. (Tue, 06 May 2008 18:04:35 GMT)

Federal Home Loan Bank of Boston Announces First Quarter 2008 Results
The Federal Home Loan Bank of Boston announced the following unaudited results for the quarter ended March 31, 2008: (Tue, 06 May 2008 18:20:00 GMT)

Losses mount at U.S. mortgage giants, and so do concerns
With mortgage defaults and foreclosures rising, regulators and lawmakers are nervously asking whether Fannie Mae and Freddie Mac will soon need saving. (Tue, 06 May 2008 18:36:49 GMT)

(AFX UK Focus) 2008-05-06 19:20 Conn. House passes mortgage relief bill
HARTFORD, Conn. (AP) - House lawmakers passed a bill to help struggling homeowners caught up in the subprime mortgage mess. (Tue, 06 May 2008 18:48:06 GMT)

N.H. homeowners may face second round of mortgage crisis
New Hampshire homeowners may continue to suffer from the mortgage crisis as concern over the security of standard mortgages mounts. (Tue, 06 May 2008 19:34:55 GMT)

Bernanke Urges Flexibility in Mortgage Regulation
The Federal Reserve chairman urged Congress to give federal agencies “greater latitude” to take an innovative approach to dealing with the housing crisis. (Tue, 06 May 2008 19:37:09 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. (Tue, 06 May 2008 20:10:46 GMT)

Australian Central Ceases New Home Loans Through Brokers (ACD.AX, 00839938, 20080507)
Australian Central announced that it will no longer be selling its home loans through independent brokers. The decision has been brought about due to the on-going repercussions of the collapse of the US sub-prime market. The withdrawal impacts new home loan broker sales only. Australian Central members who have taken out home loans through brokers will not be affected. The Company will continue ... (Wed, 07 May 2008 00:00:00 GMT)

Lawmakers target mortgage lenders
Lawmakers considered allegations Tuesday that mortgage lenders and companies that service loans are misusing the bankruptcy system to impose questionable fees and improperly pressure homeowners facing foreclosure. (Wed, 07 May 2008 00:02:55 GMT)

Mortgage Fraud Fugitive Busted
FBI gets big break in mortgage fraud case. (Wed, 07 May 2008 00:30:03 GMT)

High mortgage foreclosure rate has hit broad economy: Bernanke
Bernanke reiterated his call for lenders to forgive portions of mortgages for some struggling homeowners. (Wed, 07 May 2008 00:58:52 GMT)

3 charged in mortgage scam called 'economic parasites'
In a wide-ranging mortgage scam, two real estate investors and a mortgage broker used inflated appraisals, straw borrowers and phony loan applications to fleece big-name lenders of millions, federal prosecutors say. (Wed, 07 May 2008 01:17:58 GMT)

Witnesses: Mortgage lenders abusing court system
Mortgage lenders are abusing the bankruptcy court system by pursuing unjustified foreclosures against struggling homeowners, piling on questionable fees and misstating the amounts owed, witnesses alleged at a congressional hearing on Tuesday. (Wed, 07 May 2008 02:04:50 GMT)

Corona mortgage lender says 'I am here' factor better than online services
Many colleagues asked Bunker Rayner what he was thinking of when he bought Corona Mortgage Financial Corp. in March 2007, just when the real estate industry was collapsing and other mortgage brokers were closing their doors. (Wed, 07 May 2008 02:06:16 GMT)

For FHA, a Huge Task and Uncertain Role
The Federal Housing Administration has a big new role to play in untangling the mortgage mess, but even the agency itself does not know whether it can or should handle some of the tasks it is being asked to perform. (Wed, 07 May 2008 02:22:12 GMT)

Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Wed, 07 May 2008 03:24:46 GMT)

Bernanke Urges Flexibility in Mortgage Regulation
The Federal Reserve chairman urged Congress to give federal agencies “greater latitude” to take an innovative approach to dealing with the housing crisis. (Wed, 07 May 2008 03:36:28 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Wed, 07 May 2008 03:39:25 GMT)

Lenders Pressed to Hurry Help
Treasury officials met with about 10 leading mortgage firms yesterday to figure out why they have not helped more distressed homeowners, pressing the lenders to do better. (Wed, 07 May 2008 03:44:16 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, 07 May 2008 05:20:34 GMT)

Australia mortgage lenders seek government guarantee
SYDNEY, May 7 (Reuters) - Australia's smaller mortgage lenders, desperate for funding amid the global credit squeeze, want the government to ride to the rescue by buying illiquid mortgage debt. But analysts doubt the idea will gain traction. (Wed, 07 May 2008 05:26:18 GMT)

Anglo Irish Bank First-Half Net Rises 19 Percent on Loan Demand
May 7 (Bloomberg) -- Anglo Irish Bank Plc , Ireland's third- largest bank, said first-half earnings rose 19 percent, helped by loan demand in its home market as well in the U.K. and U.S. (Wed, 07 May 2008 06:35:31 GMT)

S&P Cuts Top Rating on Australian Mortgage Bond for First Time
May 7 (Bloomberg) -- Columbus Capital Ltd., an Australian mortgage lender, lost the top credit rating on some of its mortgage-backed bonds in the first downgrade of such debt in Australia due to fallout from the U.S. housing collapse. (Wed, 07 May 2008 07:19:49 GMT)

U.S. Pending Home Sales Probably Fell Again in March (Update1)
May 7 (Bloomberg) -- Fewer Americans probably signed contracts to buy previously owned homes in March for the second consecutive month as falling prices and tougher loan rules discouraged buyers, economists said before a report today. (Wed, 07 May 2008 07:53:28 GMT)

Q: If I'm falling behind on my house payments, why should I bother calling the mortgage company?
Fannie Mae, a company created by Congress to provide money for mortgages, says you might be able to incorporate missed or late payments into future payments, rework the terms of your loan, or refinance into a different loan with payments you can afford. (Wed, 07 May 2008 08:32:00 GMT)

Mortgage applications rise seasonally adjusted 15.6%: MBA
Last week's mortgage applications rise a seasonally adjusted 15.6% compared with the previous week, in line with falling mortgage interest rates, the Mortgage Bankers Association says. (Wed, 07 May 2008 11:23:29 GMT)

U.S. mortgage applications jumped last week
NEW YORK — U.S. mortgage applications rose the first time in three weeks, fuelled by a jump in demand for refinancing and home purchase loans as interest rates dropped, an industry group said Wednesday. (Wed, 07 May 2008 11:31:35 GMT)

U.S. mortgage applications jumped last week
Mortgage Bankers Association said its seasonally adjusted index of applications last week posted its first rise in three weeks (Wed, 07 May 2008 11:35:14 GMT)

Mortgage Applications Rose 15.6% Last Week: MBA
Mortgage applications filed last week rose a seasonally adjusted 15.6% compared with the previous week, in line with falling mortgage interest rates, the Mortgage Bankers Association reported on Wednesday. (Wed, 07 May 2008 11:37:08 GMT)

GOP Leaders Critical of Housing Relief Legislation
The House takes up several bills Wednesday aimed at easing the mortgage foreclosure crisis. The main proposal would authorize billions of dollars in new loan guarantees to help struggling homeowners refinance their mortgages. The legislation has bipartisan support, but GOP leaders call it a bailout. (Wed, 07 May 2008 11:41:23 GMT)

GOP Leaders Critical of Housing Relief Legislation
The House takes up several bills Wednesday aimed at easing the mortgage foreclosure crisis. The main proposal would authorize billions of dollars in new loan guarantees to help struggling homeowners refinance their mortgages. The legislation has bipartisan support, but GOP leaders call it a bailout. (Wed, 07 May 2008 11:44:33 GMT)

Imaging: American Federal Mortgage Deploys Del Mar DataTrac's DocumentTrac
Del Mar DataTrac, Inc. announced recently that Flanders, N.J.-based American Federal Mortgage Corp. has implemented the company's electronic imaging platform, DocumentTrac. Del Mar DataTrac provides solutions that empower small and mediumsized mortgage bankers to deliver extraordinary customer service and drive up production while reducing risk, increasing productivity and streamlining their ... (Wed, 07 May 2008 11:45:14 GMT)

Georgia family puts face on mortgage crisis
Washington — Facing criticism from a Georgia family and senators of both parties, a Countrywide Financial Corp. executive said Tuesday that the company had a new plan to keep mortgage processing errors from harming homeowners. (Wed, 07 May 2008 11:47:28 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Wed, 07 May 2008 12:14:37 GMT)

Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Wed, 07 May 2008 12:14:57 GMT)

Mortgage fraud case ends in 30-month sentence
U.S. District Judge Charles Kocoras was impressed by the bearing of the tall, trim man in a suit who stood before him two months ago pleading guilty to mortgage fraud. He was impressed that Edwin Evans had earned a college degree and needs only one course to complete an MBA program after two stints in prison for violent crimes. (Wed, 07 May 2008 12:34:26 GMT)

U.S. MBA's Mortgage Applications Index Rose 15.6% Last Week
May 7 (Bloomberg) -- The number of mortgage applications filed in the U.S. rebounded last week as a drop in mortgage rates boosted buying and refinancing. (Wed, 07 May 2008 12:38:15 GMT)

The new mortgage rate calculus
It's entirely possible that in the future buying a house that is shocking pink, ultramodern or in a neighborhood that's up and coming (no Starbucks yet) could add an extra fee to your mortgage for what banks perceive as added risk. (Wed, 07 May 2008 12:47:24 GMT)

What to ask your next mortgage broker
Dave Pruka, 41, a Minneapolis publishing executive, went hunting for a mortgage earlier this year but didn't bother with a broker. (Wed, 07 May 2008 12:47:44 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, 07 May 2008 14:56:00 GMT)

Mortgage applications rise seasonally adjusted 15.6%: MBA
Mortgage applications rise seasonally adjusted 15.6%: MBA (Wed, 07 May 2008 15:08:38 GMT)

Subprime crisis inflicts more pain at German banks
Results from two German banks on Wednesday showed that the knock-on effects of the US subprime home loan crisis are still being felt around the world. (Wed, 07 May 2008 15:52:26 GMT)

A broad housing rescue package aimed at preventing foreclosures would have the government step in to insure up to $300 ...
With new state laws on the books to stem the tide of mortgage foreclosures, Maryland officials are mounting a campaign of mass transit advertising, mailings, billboards, radio spots and newspaper ads to encourage homeowners to seek counseling and refinancing help to avoid losing their houses. (Wed, 07 May 2008 17:11:15 GMT)

Union Bank cuts rates on home loans of upto Rs 30 lakh
Public sector Union Bank of India has reduced interest rates on home loans upto Rs 30 lakh by 0.5 to one per cent depending on the tenor and type of loan. (Wed, 07 May 2008 18:10:26 GMT)

Equifax Releases New Risk Tool Mortgage MRI Provides Deeper Insight into Borrowers’ Behavior By
Equifax Inc. (Atlanta, Ga.) has released a new analytical tool to evaluate mortgagors' credit histories in detail: Equifax Mortgage Market Risk Insight (MRI). The tool gives lenders updated credit information on borrowers (vintage, loan type and first mortgage payment status), aggregated at the zip code level. (Wed, 07 May 2008 19:25:13 GMT)

Committee hears of mortgage lender abuses
WASHINGTON, May 7 (UPI) -- Mortgage companies are frequently mismanaging accounts both inside and outside of U.S. bankruptcy courts, a law professor told an oversight committee. (Wed, 07 May 2008 19:43:19 GMT)

Meeting tomorrow on mortgage foreclosures
The Metro Housing Coalition and the Louisville Coalition of Neighborhoods will present a "primer on mortgage foreclosures" at a meeting from 6 to 8 p.m. tomorrow on the 2nd floor of the Metro United Way building, 334 E. Broadway, at Preston Street. (Wed, 07 May 2008 20:11:08 GMT)

Mortgage applications rise on lower rates
n Federal Reserve cuts beginning to spark purchases, refinancing (Wed, 07 May 2008 21:02:45 GMT)

Senate passes mortgage bill
A bill that aims to help struggling homeowners caught up in the subprime mortgage mess is headed to Gov. M. Jodi Rell, who said Wednesday she will sign it into law. (Wed, 07 May 2008 21:38:23 GMT)

Is A Reverse Mortgage Right For You?
Many older Americans are looking for ways to pay for the rising cost of maintaining a home, prescription drugs and medical care. Some think a reverse mortgage is the solution. (Thu, 08 May 2008 00:18:48 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, 08 May 2008 00:37:43 GMT)

Credit Card Rates - Legalized Loan Sharking
Hard times are often worst for people stuck with massive credit card debt at outrageous interest rates. Charles Jaco looks at how credit card companies and banks can get away with charging astronomical interest rates. And it's all legal. Many credit cards now carry the kind of interest rates formerly reserved for loan sharks. And they're able to jack up your interest rate even if you always pay ... (Thu, 08 May 2008 03:43:02 GMT)

State Senate passes mortgage bill
HARTFORD — A bill that aims to help struggling homeowners caught up in the subprime mortgage mess is headed to Gov. M. Jodi Rell, who said Wednesday she will sign it into law. (Thu, 08 May 2008 03:56:06 GMT)

Whitehall man guilty in mortgage fraud scheme
A Whitehall man yesterday pleaded guilty in federal court to conspiracy for his role in a mortgage fraud scheme. ... (Thu, 08 May 2008 04:40:37 GMT)

Warning on mortgage recovery
Mortgage markets will take two years to recover from the credit squeeze, the Building Societies Association says. (Thu, 08 May 2008 05:16:03 GMT)

Did getting a home loan give you fits?
The Tennessean would like to include you in news coverage. (Thu, 08 May 2008 07:27:17 GMT)

Savvy investors may face difficulty proving mortgage firms duped them
Finding someone to sue over losses in the mortgage market and the credit crisis is easy. Winning in court, lawyers say, will be hard. Shareholders in big financial firms have accused UBS, Merrill Lynch, MBIA and Morgan Stanley, among others, of trying to hide... (Thu, 08 May 2008 07:46:43 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, 08 May 2008 08:25:18 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, 08 May 2008 09:40:55 GMT)

Housing aid bills face vetoes by President Bush
Strapped homeowners could refinance into government-backed mortgages and states would get money to deal with foreclosed property under Democrats' housing aid plan. (Thu, 08 May 2008 10:21:40 GMT)

Mortgage rates dip slightly this week
Mortgage rates finally have calmed down, after swinging wildly up and down in the first few months of the year. That good news is amplified by the direction that rates took this week: down. The 30-year fixed had risen (modestly) three weeks in a row. (Thu, 08 May 2008 10:51:20 GMT)

(AFX UK Focus) 2008-05-08 11:43 U.S. CMBS borrowers finding capital for maturing loans, delinquencies rise - S&P
BANGALORE (Thomson Financial) - Standard & Poor's Ratings Services said most U.S. commercial mortgage-backed securities (CMBS) borrowers were able to refinance their maturing loans in the first quarter despite the reduced liquidity for real estate financing, tighter lending standards, and a slowing economy. (Thu, 08 May 2008 11:02:27 GMT)

Mortgage Relief Bill Highlights Final Day Of Legislative Session
Hours before the legislature's 2008 session ended, the state Senate unanimously passed a comprehensive mortgage-relief bill that would help thousands of subprime mortgage holders threatened with foreclosure. (Thu, 08 May 2008 11:18:31 GMT)

Mortgage recovery to take over 2 years
It will take at least two years for mortgage markets to recover from the credit crunch, the chairman of the Building Societies Association (BSA) warned today. (Thu, 08 May 2008 11:26:00 GMT)

Nixon Warns of Mortgage Scam
If you get a letter in the mail offering mortgage insurance, refinancing, or other services - it may not really be from your bank. Missouri Attorney General Jay Nixon is warning Missourians about fake solicitations from unrelated companies. (Thu, 08 May 2008 11:34:05 GMT)

Sturrock hopes to sign loan duo
Plymouth manager Paul Sturrock says he has made offers to sign loan pair Russell Anderson and Gary Teale on a permanent basis. (Thu, 08 May 2008 11:58:17 GMT)

Vote today on mortgage, foreclosure bill
WASHINGTON - Strapped homeowners could refinance into government-backed mortgages and states would get money to deal with foreclosed property under Democrats' housing aid plan slated for a vote today. (Thu, 08 May 2008 12:18:29 GMT)

Lawsuits over losses in U.S. mortgage market could hit a wall
Finding someone to sue over losses in the mortgage market and the credit crisis is easy. Winning in court, lawyers say, will be hard. (Thu, 08 May 2008 13:06:36 GMT)

Mortgage-relief package sails through legislature
HARTFORD — It took the final day of the 2008 General Assembly session to do it, but legislators assured themselves Wednesday they could point to at least one approved bill that responds to Connecticut’s slumping economy after the Senate endorsed an omnibus mortgage relief bill. (Thu, 08 May 2008 13:56:08 GMT)

Shooting of San Ramon man last month linked to mortgage scam
The fatal shooting of a San Ramon real estate investor last month is being linked to a mortgage scam. Contra Costa County prosecutors say Kashmir Billon was gunned down after what is being termed an "illegal flipping operation" fell apart. Billon's business... (Thu, 08 May 2008 13:56:56 GMT)

Premarket roundup: Anworth Mortgage, Macrovision
Shares of Anworth Mortgage Asset Corp. climbed in premarket trading Thursday after an analyst upgraded shares of the real estate investment trust, citing its better-than-expected first-quarter profit. (Thu, 08 May 2008 14:14:07 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, 08 May 2008 14:40:37 GMT)

Mortgage rates nearly unchanged in week
WASHINGTON, May 8 (UPI) -- Interest rates for 30-year, fixed-rate mortgages declined in the United States in the last week, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 08 May 2008 14:43:33 GMT)

Mortgages: Little pressure on U.S. mortgage rates as housing stays weak
Mortgage rates remain below their year-ago levels, though most were steady on a weekly basis. (Thu, 08 May 2008 15:05:35 GMT)

Mortgage relief package sails through legislature
HARTFORD — It took the final day of the 2008 General Assembly session to do it, but legislators assured Wednesday they could point to at least one approved bill that responds to Connecticut’s slumping economy after the Senate endorsed an omnibus mortgage relief bill. (Thu, 08 May 2008 15:57:16 GMT)

Rescue offered in mortgage scam
A local lender has offered to rescue victims of the Wesley A. Snyder mortgage scandal, weeks before a temporary reprieve expires. (Thu, 08 May 2008 16:01:12 GMT)

Realtors support loan limit law
The recently passed economic stimulus package temporarily raised loan limits for Federal Housing Administration single-family mortgages across the country, according to a League of Maryland Homeowners newsletter provided by the Garrett County Board of Realtors¨. (Thu, 08 May 2008 16:34:39 GMT)

Mortgage meltdown under a microscope
Midday examines the mortgage crisis with Cheryl Peterson, manager of the Foreclosure Prevention Program at Twin Cities Habitat for Humanity, and tells the step-by-step story of one woman's financial fall. (Thu, 08 May 2008 17:25:18 GMT)

Vick To Repay $2.4M For Defaulting On Loan
A federal judge orders imprisoned Falcons quarterback Michael Vick to repay more than $2.4 million to a Canadian bank for defaulting on a loan. (Thu, 08 May 2008 18:18:07 GMT)

2 Former Brooklyn Mortgage Executives Charged With Fraud
Federal prosecutors charged two former executives of a Brooklyn-based mortgage lender with conspiracy, wire and bank fraud Thursday. (Thu, 08 May 2008 18:43:57 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Thu, 08 May 2008 18:47:17 GMT)

Gap grows between home ownership, renting
The gap between the cost of owning a home and renting in Denver stands at nearly 66 percent, according to a report released Thursday. (Thu, 08 May 2008 19:00:40 GMT)

2 indicted in NYC over $44 million mortgage scheme
Two former owners of a defunct mortgage firm were charged on Thursday with stealing $44 million from Fannie Mae and forging paperwork in loan sales to Credit Suisse. (Thu, 08 May 2008 19:20:51 GMT)

Rep. Ed Pastor, Federal Home Loan Bank of San Francisco Hold Free Foreclosure Prevention Workshop
MEDIA ADVISORY FOR SATURDAY, MAY 10, 2008 (Thu, 08 May 2008 19:41:00 GMT)

CNN Classroom Edition: Busted! Mortgage Meltdown
(CNN Student News) -- Record the CNN Special Investigations Unit Classroom Edition: Busted! Mortgage Meltdown when it airs commercial-free on Monday, May 12, 2008, from 4:00 -- 5:00 a.m. ET on CNN. (A short feature begins at 4:00 a.m. and precedes the program.) (Thu, 08 May 2008 20:08:53 GMT)

2 charged with looting millions in mortgage scams
Two Brooklyn men were arrested Thursday on federal charges that they used their defunct mortgage company to pull a series of ripoffs, including $44 million involving over 250 home loans funded by Fannie Mae, the federally sponsored pool of home mortgages, officials said. (Thu, 08 May 2008 23:58:14 GMT)

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