Mortgage News May 2008

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ICICI Bank cuts home loan EMI
NEW DELHI: Seeking to mitigate inflationary pressure in a rising interest rate scenario, private sector lender ICICI Bank has decided to increase the repayment tenor for its home loan customers while cutting down their monthly instalment ... (Mon, 12 May 2008 20:13:07 GMT)

Mortgage cos. reveal damage from housing crisis
Broad damage in the mortgage industry was in full view Monday as a number of companies posted dismal first-quarter earnings, but there were also some hope that the worst of the housing crisis is over. (Mon, 12 May 2008 20:38:38 GMT)

Thornburg Mortgage delays filing 1st-quarter report; expects "substantial" loss
NEW YORK (AP) - Thornburg Mortgage Inc. expects to report a "substantial loss" for the first quarter because of the volatility and illiquidity plaguing the mortgage industry, the lender said Monday. (Mon, 12 May 2008 22:02:00 GMT)

Federal Home Loan Bank of Seattle Announces Availability of Community Investment Funding in 2008
SEATTLE----The Federal Home Loan Bank of Seattle today announced the availability of $7.9 million in affordable housing subsidy and up to $100 million in reduced-rate loans for mortgage refinance. (Mon, 12 May 2008 23:16:00 GMT)

Federal Home Loan Bank of Seattle Announces Availability of Community Investment Funding in 2008
The Federal Home Loan Bank of Seattle (Seattle Bank) today announced the availability of $7.9 million (Mon, 12 May 2008 23:24:33 GMT)

IRESS Market Technology Extends WM Capability to Mortgage Qualificaton (IRE.AX, 00841584, 20080513)
IRESS Market Technology announced the acquisition of TransActive Systems by its wealth management software division for $1.9m. This acquisition further expands the suite of products and services available through the Company's wealth management operations by adding the leading provider of mortgage analytics to its existing strengths in portfolio management, CRM, practice management, investment ... (Mon, 12 May 2008 23:39:00 GMT)

Federal Home Loan Bank of Seattle Announces Availability of Community Investment Funding in 2008
The Federal Home Loan Bank of Seattle (Seattle Bank) today announced the availability of $7.9 million in affordable housing subsidy and up to $100 million in reduced-rate loans for mortgage refinance. The funds will be made available through the Seattle Bank's financial institution members. (Mon, 12 May 2008 23:41:16 GMT)

Sharp increase in mortgage arrears at Northern Rock
Northern Rock revealed yesterday that the number of mortgage borrowers in arrears has increased sharply since the bank was nationalised, as tougher economic conditions bite. (Tue, 13 May 2008 01:09:32 GMT)

It's Time For A Mortgage Bailout
Government Should Prevent Foreclosures To Protect Property Values And Tax Rolls A government-backed mortgage bailout is needed, and it must be done right away. (Tue, 13 May 2008 01:42:50 GMT)

Mortgage Crisis Causes Some To Lose Their Pets
This current mortgage crisis is forcing more people out of homes they can no longer afford. In many cases, losing your home can also mean losing your pet. (Tue, 13 May 2008 02:37:05 GMT)

Troubleshooter: Mortgage Banker Fraud
Some call him the mortgage banker to the stars, doing home loans for famous Bronco and Avalanche players. He also builds custom homes for the rich. But one couple is not happy with him. They say after paying more than a million dollars for their new home, they were facing more than $200,000 in unpaid bills they thought the builder should pay for. FOX 31's Troubleshooter Tom Martino reports. (Tue, 13 May 2008 02:48:54 GMT)

You could get help to fix up your home
Albany -- You could get some help fixing up your home. Albany's Community and Economic Development Department talked to homeowners about loan and grant programs Monday night. (Tue, 13 May 2008 02:49:11 GMT)

IndyMac Posts Loss on Mortgage Troubles
In addition to posting a $184 million loss for the first quarter of 2008, the mortgage lender warned Monday it would not post a profitable quarter this year. (Tue, 13 May 2008 02:50:10 GMT)

A&L mortgage lending drops sharply
LONDON (ShareCast) - Alliance & Leicester's said mortgage lending was down sharply in the first four months of the year as it wrote down £388m in impairment charges. (Tue, 13 May 2008 07:03:00 GMT)

Jumbo mortgage rates becoming affordable
Those new jumbo-conforming mortgages, created by Congress to make homes in high-priced areas more affordable, are finally getting cheaper. Late last week, many lenders slashed their rates by about one-half of a percentage point on jumbo-conforming loans -... (Tue, 13 May 2008 07:39:17 GMT)

Ex-mortgage broker seeks delay in sentencing for fraud
Dozens of Valley families hurt by scheme. | A former mortgage broker who pleaded guilty to fraud is asking a federal judge to delay his sentencing. (Tue, 13 May 2008 08:25:21 GMT)

UK April RPI excld. Mortgage interest payment up 4% vs. 3.5% in March
(RTTNews) - UK April RPI excld. Mortgage interest payment up 4% vs. 3.5% in March (Tue, 13 May 2008 08:41:47 GMT)

(AFX UK Focus) 2008-05-13 10:17 German Refinancing Register RMBS see heightened interest from originators -Fitch
BANGALORE (Thomson Financial) - Fitch Ratings said German true-sale residential mortgage-backed securitisations (RMBS) involving the application of the Refinancing Register have seen heightened interest from originators since the beginning of 2008 as true-sale structures are eligible for ECB repos as opposed to the traditional German synthetic RMBS transaction, which does not qualify. (Tue, 13 May 2008 09:25:02 GMT)

Broker sentenced for mortgage fraud
A Springdale mortgage broker, Jay Sullivan, was sentenced to 15 months in prison Monday for his role in a mortgage-fraud scheme that cost lenders more than $2 million. (Tue, 13 May 2008 09:47:12 GMT)

Mortgage lending hits 33-year low
Mortgage lending to home buyers has hit its lowest level for 33 years, industry figures from the CML show. (Tue, 13 May 2008 09:56:57 GMT)

Mortgage figures hit new low in March
Number of mortgages taken out for house purchases is down almost 50% year-on-year, says Council of Mortgage Lenders (Tue, 13 May 2008 09:57:56 GMT)

Alliance & Leicester to pull £4bn from UK mortgage market
Alliance & Leicester is on course to reduce its mortgage book by 10pc this year, pulling as much as £4bn out of the market in a move that will add to the shortage of deals for home buyers. (Tue, 13 May 2008 10:41:43 GMT)

Nationwide cuts mortgage rates
Nationwide, the country's third largest mortgage lender, is cutting the price of some of its fixed rate home loans as it vies to lure in new customers. (Tue, 13 May 2008 10:52:00 GMT)

Emirates NBD Gears Up to Launch Home Loan Financing in Abu Dhabi
United Arab Emirates, Dubai- 13 May 2008: Emirates NBD, holding company of Emirates Bank and National Bank of Dubai, announced it is gearing up to launch its home loan financing scheme in Abu Dhabi. (Tue, 13 May 2008 10:55:57 GMT)

Mortgage lending tumbles despite BoE's efforts
Mortgage lending may deteriorate further despite the Bank of England's latest efforts, the Council of Mortgage Lenders warned today, as it revealed that new lending has now tumbled nearly 50pc, compared to last year. (Tue, 13 May 2008 10:56:42 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, 13 May 2008 11:17:16 GMT)

Emirates NBD gears up to launch home loan financing in Abu Dhabi
Emirates NBD, holding company of Emirates Bank and National Bank of Dubai, announced it is gearing up to launch its home loan financing scheme in Abu Dhabi. (Tue, 13 May 2008 11:29:39 GMT)

Mortgage lending almost halves
LONDON (ShareCast) - Mortgage lending almost halved during the first quarter compared with a year ago, according to new figures from the Council of Mortgage Lenders. (Tue, 13 May 2008 12:24:00 GMT)

Bank of America Raises Forecast for Home-Equity Loan Losses
May 13 (Bloomberg) -- Bank of America Corp., the second- biggest U.S. bank, raised its forecast of home-equity loan losses to more than 2.5 percent. Liam McGee , president of the Charlotte, North Carolina- based company's consumer division, gave the new forecast at a conference in New York sponsored by UBS AG. The bank previously projected a loss rate of between 2 percent and 2.5 percent. (Tue, 13 May 2008 13:13:27 GMT)

CML Says UK's Mortgage Lending Declined In March
(RTTNews) - UK's number of loans for house purchase declined to 46,500 in March, down 1% from 47,200 in February and 48% from 89,000 in the previous year, the Council of Mortgage Lenders said Tuesday. (Tue, 13 May 2008 14:38:32 GMT)

BofA: Home-equity loan losses rising
As home values continue to fall, Bank of America Corp. is preparing for deeper losses on home-equity loans, a top executive said Tuesday. The Charlotte bank’s planned acquisition of troubled mortgage lender Countrywide Financial Corp., however, remains on track “at this point,” consumer and small business banking executive Liam McGee said at an investor conference in New York. Bank of America ... (Tue, 13 May 2008 14:49:21 GMT)

Auto Loan Refinance to Reduce Monthly Payments
(ARA) - If high gas prices coupled with a big monthly car payment have you thinking that it might be time to trade in your truck or SUV, you'll be happy to know there is an alternative. (Tue, 13 May 2008 15:23:03 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, 13 May 2008 15:24:49 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, 13 May 2008 15:25:03 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, 13 May 2008 16:02:17 GMT)

IndyMac Bancorp plummets to all-time low, mortgage lenders down
NEW YORK (Thomson Financial) - Shares of IndyMac Bancorp Inc. plunged to an all-time low on heavy volume Tuesday after an analyst at Friedman, Billings, Ramsey & Co. cut his target on the stock on concern that the troubled mortgage lender will need to raise "significant" capital. (Tue, 13 May 2008 16:59:11 GMT)

IndyMac Posts Loss on Mortgage Troubles
In addition to posting a $184 million loss for the first quarter of 2008, the mortgage lender warned Monday it would not post a profitable quarter this year. (Tue, 13 May 2008 19:37:16 GMT)

Michael Horn Elected Chairman of the Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York ("FHLBNY") has announced that the Board of Directors voted today to elect Director Michael M. Horn to serve as Board Chair until December 31, 2009. Mr. Horn is replacing former Chair David W. Lindstrom, who resigned from the Board on May 7, 2008. (Tue, 13 May 2008 19:59:00 GMT)

Mortgage crash hits 10-house speculator
A California man who has defaulted on nine homes and expects banks to foreclose on all of them, forcing him into bankruptcy, says he now considers it a mistake to have invested in the real estate market. (Tue, 13 May 2008 20:10:59 GMT)

BofA: Home-equity loan losses rising
As home values continue to fall, Bank of America Corp. is preparing for deeper losses on home-equity loans, a top executive said Tuesday. The Charlotte bank’s planned acquisition of troubled mortgage lender Countrywide Financial Corp., however, remains on track “at this point,” consumer and small business banking executive Liam McGee said at an investor conference in New York. Bank of America ... (Tue, 13 May 2008 20:20:44 GMT)

FBI cites escalating mortgage fraud problem
Mortgage fraud is an escalating problem in the United States, the FBI said on Tuesday in a report that cited the subprime lending crisis as a key contributing factor. (Tue, 13 May 2008 21:04:38 GMT)

FBI warns of escalating mortgage fraud
The sinking housing market is fertile ground for mortgage fraud, the FBI warns in a new report. The agency said Tuesday that reports of suspected mortgage fraud rose 31% to 46,717 from 35,617 in the previous fiscal year ending Oct. 31. (Tue, 13 May 2008 21:29:46 GMT)

FBI warns of escalating mortgage fraud
The sinking housing market is fertile ground for mortgage fraud, the FBI warns in a new report. The agency said Tuesday that reports of suspected mortgage fraud rose 31 percent to 46,717 in fiscal 2007, which ended Sept. 30, 2007. (Tue, 13 May 2008 21:30:13 GMT)

Mortgage scams on rise, net millions for fraudsters in US: FBI
Fraudsters netted hundreds of millions of dollars through mortgage scams last year, and the trend was likely to continue as the US housing market slumps even further, the FBI said Tuesday. (Tue, 13 May 2008 21:48:42 GMT)

FBI Cites Spike in Mortgage Fraud
A newly released FBI report details a sharp increase in foreclosures and mortgage fraud in 2007. (Tue, 13 May 2008 22:30:03 GMT)

FBI: Beware of mortgage fraud
The federal law enforcement agency says reports of mortgage fraud rose 31% in fiscal 2007. (Tue, 13 May 2008 22:43:36 GMT)

FBI: Beware of mortgage fraud
FBI officials Tuesday disclosed complaints of mortgage fraud are piling up at record levels this year, and appear certain to shatter last year's record. (Tue, 13 May 2008 22:43:46 GMT)

FBI warns mortgage fraud is increasing
The sinking U.S. housing market is fertile ground for mortgage fraud, the FBI warned in a new report. (Wed, 14 May 2008 00:21:29 GMT)

Mortgage holders get small reprieve
There has a small easing of the pain in the wallet for some mortgage holders as a flurry of interest rate reductions that began on Friday continue. Westpac and National Bank have both reduced their key mortgage rates in line with those made by the ASB and BNZ last week. (Wed, 14 May 2008 01:25:27 GMT)

IndyMac Posts Loss on Mortgage Troubles
In addition to posting a $184 million loss for the first quarter of 2008, the mortgage lender warned Monday it would not post a profitable quarter this year. (Wed, 14 May 2008 01:37:47 GMT)

In a Fix, GOP Drags Its Feet
It's been about a year since the outlines of the mortgage crisis became clear, and over that time, many powerful interests have been forced to alter some cherished and long-held views. (Wed, 14 May 2008 02:47:22 GMT)

Fannie and Freddie capital alert
The government-backed mortgage companies that finance the bulk of new US home loans may not have enough capital to withstand the plunge in the country’s housing market, according to one of Washington’s most senior financial legislators. (Wed, 14 May 2008 03:29:22 GMT)

FBI: Mortgage fraud rising
Even as the Connecticut Housing Finance Authority was preparing to hold a forum in Bridgeport later this week to try to rescue families' homes from foreclosure, the FBI warned desperation and (Wed, 14 May 2008 04:02:36 GMT)

Home Loan Tips & Tricks
Once you've saved up the deposit for a home, don't forget to take into account all the extra fees that come with buying a house - some or all of these: stamp duty, legal costs, disbursements, mortgage insurance, pest inspection report, survey report, builder's report, strata inspection report, loan application fee, valuation fee, registration fee, sundry fees like refinancing or switching fees. (Wed, 14 May 2008 06:32:54 GMT)

Vermonters urged to seek mortgage help
An escalating number of Vermonters are facing foreclosure of their homes, and state officials appealed to them Tuesday not to wait before seeking help. (Wed, 14 May 2008 08:22:21 GMT)

Ahead of the Bell: Mortgage Applications
Industry data to be released Wednesday will show whether home loan applications rose for the second straight week as interest rates dipped. (Wed, 14 May 2008 10:10:00 GMT)

US Foreclosure Filings Up 65% in April
More U.S. homeowners fell behind on mortgage payments last month, driving the number of homes facing foreclosure up 65% versus the same month last year and contributing to a deepening slide in home values (Wed, 14 May 2008 10:32:44 GMT)

Mortgage applications rose 2.9% last week: MBA
Mortgage applications rise a seasonally adjusted 2.9% last week compared to the prior week, driven by increased interest among homeowners seeking out refinancings, according to the Mortgage Bankers Association data. (Wed, 14 May 2008 11:04:53 GMT)

Mortgage applications rise in latest week: MBA
Mortgage applications rose for a second consecutive week, fueled by a jump in demand for home refinancing loans as interest rates dropped, an industry group said on Wednesday. (Wed, 14 May 2008 11:05:11 GMT)

Mortgage application volume rises slightly
Mortgage application volume rose 2.9 percent during the week ending May 9, according to trade group Mortgage Bankers Association's weekly application survey. (Wed, 14 May 2008 11:22:32 GMT)

US foreclosure filings surge 65 percent in April
More U.S. homeowners fell behind on mortgage payments last month, driving the number of homes facing foreclosure up 65 percent versus the same month last year and contributing to a deepening slide in home values, a research company said Tuesday. (Wed, 14 May 2008 11:38:37 GMT)

Freddie loses $151M in 1Q, CEO says mortgage damage is manageable, housing bottom not hit
Mortgage finance company Freddie Mac said Wednesday its first quarter loss widened to $151 million as the U.S. housing market worsened, though the results were not as poor as expected. Its shares jumped on the news. (Wed, 14 May 2008 11:52:49 GMT)

Mortgage application volume up slightly
Home loan applications rise 2.9% last week as interest rates fall. WASHINGTON (AP) -- Mortgage application volume rose 2.9% during the week ending May 9, according to trade group Mortgage Bankers Association's weekly application survey. (Wed, 14 May 2008 11:58:36 GMT)

Housing Market Primed for Mortgage Fraud
An FBI report shows a huge increase in suspicious activity. (Wed, 14 May 2008 12:41:23 GMT)

MBA: Mortgage Applications Rise
(RTTNews) - Mortgage application volume was up 2.9% for the week ending May 9th according to the Mortgage Bankers Association's weekly applications survey. The MBA's application index rose to 674.4 for the week, compared to 655.4 for the week earlier. (Wed, 14 May 2008 13:42:14 GMT)

BofA foresees higher home-equity loan losses
Bank of America Corp. expects the losses on its home-equity portfolio to be higher than its previous estimates of 2 percent to 2.5 percent. (BAC) (CFC) (Wed, 14 May 2008 15:05:48 GMT)

Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Wed, 14 May 2008 15:08:23 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, 14 May 2008 15:08:33 GMT)

Foreclosure filings surge 65% in April; mortgage rates dip
More U.S. homeowners fell behind on mortgage payments last month, driving the number of homes facing foreclosure up 65% versus the same month last year and contributing to a deepening slide in home values, a research company said Tuesday. (Wed, 14 May 2008 15:27:12 GMT)

GM will need over $9 billion in new financing: Lehman
General Motors Corp will need to raise over $9 billion in financing over the next two years to refinance existing debt and to offset projected cash losses in its auto operations in North America, Lehman Brothers analyst Brian Johnson said on Wednesday. (Wed, 14 May 2008 17:03:46 GMT)

Freddie Mac loses $151M in 1Q, but beats expectations
Mortgage finance company Freddie Mac said Wednesday its first quarter loss widened to $151 million as the U.S. housing market worsened, though the results were not as poor as expected. Its shares jumped on the news. (Wed, 14 May 2008 20:10:58 GMT)

Hard facts: US home loan foreclosures surge 65%
More US homeowners fell behind on mortgage payments last month, driving the number of homes facing foreclosure up 65% versus the same month last year and contributing to a deepening slide in home values. (Wed, 14 May 2008 20:29:32 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, 14 May 2008 20:47:48 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? (Wed, 14 May 2008 20:47:58 GMT)

Freddie loses $151M in 1Q, CEO says mortgage damage is manageable, housing bottom not hit
Alan Zibel May 14, 2008 - 4:11 p.m. (AP) - Mortgage finance company Freddie Mac said Wednesday its first quarter loss widened to $151 million as the U.S. housing market worsened, though the results were not as poor as expected. Its shares jumped on the news. (Wed, 14 May 2008 20:47:59 GMT)

Kiwibank sees further mortgage rate easing
Mortgage rates could be in for another step down, with Kiwibank suggesting further easing within the next few weeks. (Wed, 14 May 2008 20:48:25 GMT)

Freddie loses $151M in 1Q, CEO says mortgage damage is manageable, housing bottom not hit
Alan Zibel May 14, 2008 - 5:34 p.m. (AP) - Freddie Mac beat Wall Street's expectations in the first quarter, but the mortgage finance company didn't vanquish concerns about its ability to weather the housing bust. (Wed, 14 May 2008 22:04:33 GMT)

Economy - Wednesday
The Mortgage Bankers Association said mortgage applications for the week ended May 9 rose 2.9% to 674.4. The group said applications rose for a 2nd week as lower interest rates sparked a 6.5% jump in refinancing activity. Applications for buying a home fell 0.7%. With Treasury yields near 2008 highs, mortgage rates are moving back up. (Wed, 14 May 2008 22:55:31 GMT)

Accounting changes help Freddie Mac 1Q beat views
Freddie Mac beat Wall Street's expectations in the first quarter, but the mortgage finance company didn't vanquish concerns about its ability to weather the housing bust. (Thu, 15 May 2008 01:24:23 GMT)

(AFX UK Focus) 2008-05-15 02:27 Commonwealth Bank of Australia says Q3 loan growth strong, credit quality sound
SYDNEY (Thomson Financial) - Australia's largest home loan lender, Commonwealth Bank of Bank Ltd. (CBA), said on Thursday it continued to experience strong loan growth in the third quarter of its fiscal year despite recent signs of slowing demand. (Thu, 15 May 2008 01:56:06 GMT)

Colorado back on top-10 list for mortgage fraud
Colorado is back on a top-10 list it never wanted to be on. The FBI ranked Colorado No. 9 as a mortgage fraud "hot spot" in 2007. (Thu, 15 May 2008 02:08:10 GMT)

Islamic lenders do well in mortgage crisis
WASHINGTON -- The mortgage industry may be in meltdown, but at least one class of lender appears to be flourishing: Islamic finance companies that offer Muslim home buyers alternative arrangements such as lease-to-own deals so they can avoid making the sort of interest payments that many believe their religion forbids. (Thu, 15 May 2008 05:31:03 GMT)

Absa raises home loan deposits
Absa has announced an increase in the deposit that potential home buyers must pay when asking for a home loan. (Thu, 15 May 2008 07:07:44 GMT)

Lenders tighten loan rules, demand more money down
Buying a home might be the American Dream, but for Carlos Prieto, securing a loan to buy his new house was more like a nightmare. (Thu, 15 May 2008 08:47:49 GMT)

April home forclosures increase after mortgage crisis
  More U.S. homeowners fell behind on mortgage payments last month, driving the number of homes facing foreclosure up 65 percent versus the same month last year and contributing to a deepening slide in home values, a research company said Tuesday. Nationwide, 243,353 homes received at least one foreclosure-related filing in April, up 65 percent from 147,708 in the same month last year ... (Thu, 15 May 2008 09:14:05 GMT)

Shelby opposes mortgage plan
A major mortgage-relief bill would help refinance shaky mortgages. Sen. Richard Shelby, the top Re publican on the Banking Com mittee, will oppose it. (Thu, 15 May 2008 09:15:24 GMT)

Barclays seizes mortgage opportunity
Barclays has seen its share of mortgage lending soar in the first months of the year, joining other big banks that have taken advantage of turbulent conditions to boost their market share. (Thu, 15 May 2008 09:27:00 GMT)

Barclays dramatically increases share of new mortgage lending
Barclays has dramatically increased its share of new mortgage lending in the UK since Northern Rock took itself out of the market and other banks have become increasingly reluctant to lend. (Thu, 15 May 2008 09:41:42 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, 15 May 2008 09:50:31 GMT)

Mortgage analysis
Each week Bankrate surveys mortgage rates around the country, and senior reporter Holden Lewis analyzes what the changes mean. (Thu, 15 May 2008 10:00:00 GMT)

Mortgage rates jump slightly
Most mortgage rates went up this week, but that was almost beside the point in the country's expensive housing markets. Finally, the rates on the new jumbo-conforming loans went down. (Thu, 15 May 2008 10:56:46 GMT)

Mortgage lenders go slow on rate cuts
A quarter of lenders are yet to announce their mortgage rate intentions, five weeks on from the last interest rate cut by the Bank of England. (Thu, 15 May 2008 11:26:00 GMT)

Bankrate: Fixed Mortgage Rates Inch Higher
Fixed mortgage rates were modestly higher this week, with the average conforming 30-year fixed mortgage rate rising to 6.19 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.39 discount and origination points. (Thu, 15 May 2008 11:30:00 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, 15 May 2008 12:41:43 GMT)

Bernanke: Banks need to beef up their ability to foresee risks like credit, mortgage troubles
WASHINGTON - Commercial banks and other financial institutions need to beef up their ability to detect and protect themselves against risks like the credit and mortgage debacles, Federal Reserve Chairman Ben Bernanke said Thursday. (Thu, 15 May 2008 13:37:45 GMT)

U.S. mortgage rates drop during week
WASHINGTON, May 15 (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, 15 May 2008 15:09:14 GMT)

Mortgages: ARMs fall the most as mortgage rates drift lower
Most mortgage rates drifted lower this week, after remarks by the Federal Reserve bolstered optimism that financial markets will recover later this year, Freddie Mac’s chief economist said Thursday. (Thu, 15 May 2008 15:19:53 GMT)

Mortgage lenders go slow on rate cuts
LONDON (Reuters) - A quarter of lenders are yet to announce their mortgage rate intentions, five weeks on from the last interest rate cut by the Bank of England. (Thu, 15 May 2008 15:26:11 GMT)

Watchdog tells mortgage brokers to disclose more
LONDON (Reuters) - The financial watchdog told mortgage brokers on Thursday to inform customers if they can get a better deal by contacting banks directly instead of through an intermediary, a move that could add to pressure in the sector. (Thu, 15 May 2008 15:41:01 GMT)

Mortgage rates decline slightly
Rates on 30-year mortgages eased this week, but remained above 6%, as signs that the overall economy is recovering helped offset ongoing weakness in the housing market, mortgage backer Freddie Mac said Thursday. (Thu, 15 May 2008 16:43:36 GMT)

Screws tighten on home loan applicants
A major bank has placed strict new rules on home loan applications - widely interpreted as a sign that many home-owners are battling to make their repayments. (Thu, 15 May 2008 17:26:08 GMT)

FBI: Colorado ranks 9th in mortgage fraud
The FBI says Colorado ranks 9th in the country for mortgage fraud. The agency didn't provide any details on the number and types of cases that put Colorado in the top 10 list for 2007. (Thu, 15 May 2008 20:07:21 GMT)

New Jumbos Slow To Take Off; Can Better Rates Help Them Fly?
Real estate in high-priced areas is finally becoming a little easier to buy or refinance, thanks to the jumbo conforming loan program approved by Congress in February. (Thu, 15 May 2008 21:51:41 GMT)

Kiwibank leads mortgage cuts
Kiwibank is leading what could be another round of mortgage interest rate cuts. It cut its two-year fixed mortgage rate on Friday morning to 8.99%. It is the first time in six months the rate has gone below 9%. (Thu, 15 May 2008 22:25:03 GMT)

Kiwibank Makes Further Cut To Home Loan Rate
Kiwibank has made a further cut to its two-year fixed- term home loan interest rate. Kiwibank has cut the rate to 8.99% per annum, effective immediately, making it the only major bank to offer a fixed term home loan rate below 9%. (Thu, 15 May 2008 22:35:56 GMT)

Fixed mortgage rates go up
NEW YORK -- Fixed mortgage rates were modestly higher, with the average conforming 30-year fixed mortgage rate rising to 6.19 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.39 discount and origination points. (Thu, 15 May 2008 23:04:09 GMT)

FSA fines Axa’s mortgage broker Thinc £900,000
The City regulator has fined Thinc, a sub-prime mortgage broker, £900,000 for poor risk management and record-keeping as the watchdog clamps down on shoddy practices in retail financial services. (Thu, 15 May 2008 23:09:42 GMT)

Banks eye £90bn in mortgage asset swaps
The UK’s biggest banks are preparing to swap £80bn-£90bn of mortgage-backed assets for Treasury bills with the Bank of England – nearly twice as much as the central bank originally envisaged when it unveiled its scheme to unblock the frozen bank-lending market. (Fri, 16 May 2008 00:04:48 GMT)

Kiwi Bank Drops Mortgage Rate Below 9%
(RTTNews) - New Zealand's Kiwibank has become the country's first bank to reduce its two-year mortgage rate to below 9 percent. Kiwibank cut the key two-year fixed rate to 8.99 percent from 9.29 percent. (Fri, 16 May 2008 00:27:17 GMT)

Many tap into home repair grant program
Demand for a home repair project introduced just six months ago by the District of Sault Ste. Marie Social Services Administration Board (DSSAB) has gone through the roof. The $2-million program, provides a forgivable loan of up to $20,000 to eligible homeowners for repair projects addressing health and safety [...] (Fri, 16 May 2008 00:48:53 GMT)

Cost of fixed-rate mortgages soars
Homeowners refinancing their mortgage face the highest fixed-rates deals since the start of the decade, it was reported. (Fri, 16 May 2008 00:58:17 GMT)

MPs pass law on mortgage in first reading
The Parliament adopted the law on mortgage in first reading on May 15. The document is intended to eliminate the incertitude on the mortgage market by creating a safe legislative framework. Minister of Economy and Trade Igor Dodon said that the lack of special regulations concerning mortgage affects the development of the mortgage market in constructions and the contradictions between the ... (Fri, 16 May 2008 03:49:22 GMT)

Citi Sells Australia's 1st Mortgage Bond in 5 Months (Update2)
May 16 (Bloomberg) -- Citigroup Inc. , the biggest U.S. bank by assets, reopened Australia's mortgage-backed bond market by offering investors a record high yield margin on A$500 million ($470 million) of securities. (Fri, 16 May 2008 03:57:50 GMT)

Islamic finance firms provide mortgage alternative
WASHINGTON -- The mortgage industry may be in meltdown, but at least one class of lender appears to be flourishing: Islamic finance companies that offer Muslim homebuyers alternative arrangements such as lease-to-own deals so they can avoid making the sort of interest payments that many believe... ... - By N.C. AIZENMAN The Washington Post (Fri, 16 May 2008 04:14:55 GMT)

Fixed-Rate Deals 'Highest This Century'
Homeowners refinancing their mortgage face the highest fixed-rates deals since the start of the decade, according to a survey. (Fri, 16 May 2008 05:11:00 GMT)

Fixed-Rate Deals 'Highest This Century'
Homeowners refinancing their mortgage face the highest fixed-rates deals since the start of the decade, according to a survey. (Fri, 16 May 2008 05:11:00 GMT)

Details on Stanbic Bank`s home loans are unveiled
The home loans product launched by Stanbic Bank Tanzania on Tuesday will cater to the bank`s executive and private banking customers. A source from the bank said the product did not fall in the sub-prime loan scheme category, nor was it a refinancing product. (Fri, 16 May 2008 05:39:53 GMT)

Banks may swap up to 90 billion pound mortgage assets
LONDON (Reuters) - Britain's biggest banks are preparing to swap between 80 billion and 90 billion pounds of mortgage-backed assets for Bank of England Treasury bills, nearly twice what the central bank envisaged when it unveiled its scheme to unblock the frozen bank-lending market, the Financial Times reported on Friday. (Fri, 16 May 2008 06:39:09 GMT)

Wizard raises home loan rates
WIZARD Home Loans has raised its variable interest rate on number of its products by 10-basis points, citing continued higher wholesale funding costs. (Fri, 16 May 2008 06:43:00 GMT)

Wizard raises home loan rates
WIZARD Home Loans has raised its variable interest rate on number of its products by 10-basis points, citing continued higher wholesale funding costs. (Fri, 16 May 2008 06:43:00 GMT)

Wizard raises home loan rates
WIZARD Home Loans has raised its variable interest rate on number of its products by 10-basis points, citing continued higher wholesale funding costs. (Fri, 16 May 2008 06:43:00 GMT)

Through Adversity Comes Opportunity: Carl D. Monsour Launches New Mortgage Company, Monsour Capital Group, LLC.
Despite downward turn in mortgage and credit markets, there is plenty of opportunity for consumers looking to purchase a new home or refinance their existing one. (Fri, 16 May 2008 07:01:00 GMT)

Through Adversity Comes Opportunity: Carl D. Monsour Launches New Mortgage Company, Monsour Capital Group, LLC.
Despite downward turn in mortgage and credit markets, there is plenty of opportunity for consumers looking to purchase a new home or refinance their existing one. With all of the negative press regarding credit crisis, mortgage offerings are misunderstood and consumers have shied away from exploring possibilities. Monsour Capital Group, LLC is offering a free mortgage analysis to local ... (Fri, 16 May 2008 07:23:54 GMT)

Banks may swap up to 90 billion pound mortgage assets
LONDON (Reuters) - Banks are set to swap between 80 billion and 90 billion pounds of mortgage-backed assets for Treasury bills, nearly twice the base level set by the Bank of England last month, the Financial Times reported on Friday. (Fri, 16 May 2008 08:10:07 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? (Fri, 16 May 2008 08:47:29 GMT)

Islamic finance firms offer mortgage alternative
WASHINGTON — The mortgage industry may be in meltdown, but at least one class of lender appears to be flourishing: Islamic finance companies that offer Muslim home buyers alternative arrangements such as lease-to-own deals so they can avoid making the sort of interest payments that many believe the (Fri, 16 May 2008 09:11:06 GMT)

Kenya: Mortgage Lender to Offer 30,000 Units
Mortgage lender, Housing Finance, has entered into the property supply market as part of the key to its five-year strategic growth plan. (Fri, 16 May 2008 09:29:15 GMT)

Response to local home-repair program goes through ceiling; $2M alloted for local improvement loans all but spent
Demand for a home repair project introduced just six months ago by the District of Sault Ste. Marie Social Services Administration Board (DSSAB) has gone through the roof. The $2-million program, provides a forgivable loan of up to $20,000 to eligible homeowners for repair projects addressing health [...] (Fri, 16 May 2008 09:49:15 GMT)

Bank restates no upper limit on mortgage swap plan
The Bank of England reiterated on Friday its mortgage swap plan has no upper limit and refused to speculate on any final total after media speculated banks could exchange assets worth nearly twice the initial estimate. (Fri, 16 May 2008 09:51:00 GMT)

Power company brushed by mortgage mess
The sub-prime mortgage mess has even affected American Electric Power, one of the nation's bluest blue-chip companies, the state Economic Development Authority learned. (Fri, 16 May 2008 11:47:39 GMT)

The Lowdown on Home Equity Loans
Home equity loans are loans against the value of your home. If you are still paying off a mortgage, you can borrow up to 75 percent against the part of the home you actually own. There are several plusses when considering a home equity loan. (Fri, 16 May 2008 12:00:00 GMT)

30-year mortgage rates fall to 6.01%, lowest in a month
Rates on 30-year mortgages edged down this week to their lowest point in a month, a spot of welcome news to would-be home buyers. (Fri, 16 May 2008 12:57:08 GMT)

Fannie Mae relaxing loan downpayment requirements
Fannie Mae, the nation's largest source of home financing, said on Friday it is lowering the amount of downpayments required on mortgages it purchases even in areas where home prices are falling. (Fri, 16 May 2008 13:25:38 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? (Fri, 16 May 2008 13:55:07 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? (Fri, 16 May 2008 13:55:37 GMT)

Luminent Mortgage names new CEO
Luminent Mortgage Capital Inc., a Philadelphia firm that invests in residential mortgage securities, named one of its directors, Zachary H. Pashel, president and chief executive officer. (Fri, 16 May 2008 14:02:25 GMT)

Fannie Mae Scraps Higher Mortgage Downpayment Requirements
Fannie Mae says it is doing away with higher downpayment requirements for borrowers in distressed real estate markets. The government-sponsored mortgage financier said Friday it will require downpayments of between 3 percent and 5 percent for all loans that it guarantees. (Fri, 16 May 2008 16:05:59 GMT)

Corrected: Fannie relaxing loan down payment requirements
(Corrects first paragraph to reflect that the lowered requirements specifically address mortgage in falling home (Fri, 16 May 2008 16:07:27 GMT)

New lease of life for mortgage-backed bonds
The Australian mortgage-backed bond market, which shut down last year in response to the global credit crisis, is showing tentative signs of life after Citibank raised A$500m (£243.8m). (Fri, 16 May 2008 17:23:01 GMT)

Fannie relaxing loan down payment requirements
Fannie Mae, the nation's largest source of home financing, said on Friday it is lowering the amount of down payments required on mortgages it purchases in areas where home prices are falling. (Fri, 16 May 2008 17:37:45 GMT)

Brokers and lawyers among 11 indicted in Mass. mortgage fraud scheme
Eleven people have been indicted in a Massachusetts mortgage fraud scheme that netted at least $1.7 million in profits, federal authorities said today. The suspects, including... (Fri, 16 May 2008 17:46:30 GMT)

11 indicted in Mass. mortgage fraud scheme
Eleven people have been indicted in a mortgage fraud scheme that netted at least $1.7 million in profits, federal authorities said Friday. (Fri, 16 May 2008 17:51:47 GMT)

HSBC extends cheap mortgage
A limited offer for low-rate home loans is unlikely to break the deadlock in the mortgage market, say brokers. HSBC has announced it is extending its offer to match homeowners' existing mortgage deals, some as low as 4.54 per cent, for a further six weeks. (Fri, 16 May 2008 18:06:55 GMT)

Matsui introduces mortgage relief bill
Spurred on by a growing number of her constituents facing foreclosure on their homes, Sacramento Rep. Doris Matsui has introduced legislation that would give most of them the right to seek a hiatus of up to nine months on loan resets while they try to work out less onerous refinancing terms. (Fri, 16 May 2008 18:08:52 GMT)

Matsui introduces mortgage relief bill
Spurred on by a growing number of her constituents facing foreclosure on their homes, Sacramento Rep. Doris Matsui has introduced legislation that would give most of them the right to seek a hiatus of up to nine months on loan resets while they try to work out less onerous refinancing terms. (Fri, 16 May 2008 18:15:17 GMT)

Federal Home Loan Bank of Boston Declares Dividend
The board of directors of the Federal Home Loan Bank of Boston declared a second quarter dividend rate with an equivalent annual yield of 4.0 percent. The dividend, based on average stock outstanding for the first quarter, will be paid on June 3, 2008. (Fri, 16 May 2008 18:27:00 GMT)

FBI: 200 agents working on mortgage fraud probe
The FBI has more than 200 agents and 33 task forces addressing mortgage fraud, has more than 1,300 cases under investigation and has targeted 19 large companies, FBI Director Robert Mueller said on Friday. (Fri, 16 May 2008 19:24:43 GMT)

New Insurance Could Reduce Borrowers' Costs
Last week, I described a proposal for a new type of mortgage insurance called mortgage payment insurance, or MPI. (Fri, 16 May 2008 20:36:23 GMT)

Fannie Mae relaxes loan down-payment requirements
Fannie Mae, the largest U.S. home funding source, is setting a single national standard for down payments on mortgages it buys, including areas where home prices are falling, in an effort to stimulate the housing market. (Fri, 16 May 2008 21:12:40 GMT)

Brothers sentenced for mortgage fraud
Brothers Hani Mortada, 29, and Wael Mortada, 28, both of Dearborn, were sentenced Friday on guilty pleas of participating in a mortgage fraud conspiracy. (Fri, 16 May 2008 21:31:45 GMT)

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