Mortgage News May 2008

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HBOS's £500m mortgage move an 'encouraging' sign
HBOS, Britain's largest mortgage lender, yesterday completed the first mortgage securitisation since the credit markets seized up in August last year. (Tue, 20 May 2008 23:29:13 GMT)

Homeowner rescue plan gets Senate panel's nod
Profits from Fannie Mae and Freddie Mac, instead of taxpayers, would back up a home loan rescue for up to 500,000 strapped borrowers under a plan approved by a key Senate committee. (Tue, 20 May 2008 23:58:57 GMT)

U.S. Attorney: More charges likely in mortgage scam
Last week, a South Bend cop was charged in a mortgage scam. This week, the U.S. Attorney says more people will likely be facing charges in the scam. (Wed, 21 May 2008 00:03:41 GMT)

Southern California land venture seeks loan redo
A real estate partnership involving the nation's largest public employees pension fund is scrambling to restructure a loan after failing to make a payment on more than $1 billion borrowed to purchase thousands of acres north of Los Angeles. (Wed, 21 May 2008 00:04:58 GMT)

Delta Financial may return to its LI mortgage roots
The former senior management of bankrupt lender Delta Financial Corp. is launching a new mortgage company that may open retail offices -- and some employees might even be sitting at their old Delta desks. (Wed, 21 May 2008 00:20:12 GMT)

The Risks of Rescuing Borrowers
Senators say the legislation approved on Tuesday to help suffering homeowners refinance costly loans could rescue the housing market, but others say the plan is riskier than it seems. (Wed, 21 May 2008 01:49:19 GMT)

Senate Panel OKs Homeowner Rescue
May 21, 2008 (Associated Press) WASHINGTON - Profits from government-sponsored mortgage giants Fannie Mae and Freddie Mac, instead of taxpayers, would back up a home loan rescue for up to 500,000 strapped borrowers under a plan approved by a key Senate committee Tuesday to pull the nation out of a housing slump. (Wed, 21 May 2008 02:24:16 GMT)

When 20-Somethings Move Back Home, It Isn't All Bad
More young adults are returning home to live with their parents in their 20s, and a surprising number of parents are content about it. Based on a new collection of studies the pattern is likely to persist. (Wed, 21 May 2008 02:39:45 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? (Wed, 21 May 2008 03:17:57 GMT)

Fort Myers eight in nation for mortgage fraud
New information points to what else is leading to our foreclosure problems -- mortgage fraud. In fact Fort Myers ranks among the top ten cities in the nation for misrepresentation. (Wed, 21 May 2008 03:26:18 GMT)

Impac Mortgage posts $2 bln loss in 2007 on credit woes
Impac Mortgage Holdings Inc , a struggling mortgage lender, said it lost $2.05 billion in 2007, largely because of mounting credit losses tied to higher delinquencies and defaults as the housing market slumped. (Wed, 21 May 2008 04:27:09 GMT)

Mortgage lenders see opportunity beyond the border
The cold domestic housing and mortgage markets have lenders looking for warmer possibilities, and a few are spending more efforts to finance Americans who choose to purchase primary residences and second homes south of the border. (Wed, 21 May 2008 05:16:02 GMT)

Mortgage giants to back up loan rescue
WASHINGTON - Profits from government-sponsored mortgage giants Fannie Mae and Freddie Mac, instead of taxpayers, would back up a home loan rescue for up to 500,000 strapped borrowers under a plan approved by a key Senate committee Tuesday to pull the nation out of a housing crisis. (Wed, 21 May 2008 06:10:06 GMT)

Mortgage help advances
Profits from government-sponsored mortgage giants Fannie Mae and Freddie Mac, instead of taxpayers, would back up a home-loan rescue for up to 500,000 strapped borrowers under a plan approved by a Senate committee Tuesday. (Wed, 21 May 2008 06:49:56 GMT)

Senate committee OKs home-loan rescue
Profits from government-sponsored mortgage giants Fannie Mae and Freddie Mac, instead of taxpayers, would back up a home-loan rescue for up to 500,000 strapped borrowers, under a plan approved by a key Senate committee Tuesday. (Wed, 21 May 2008 07:22:55 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, 21 May 2008 08:19:17 GMT)

Get Mortgage Loan to Afford a New Home
Mortgage loans – what are they? It is a way of acquiring money and the advantage of it is that you’ll have it as soon as possible. Want a new car, new hi-tech gadgets, a vacation maybe or a new home; you can have this by doing a mortgage loan. (Wed, 21 May 2008 08:44:55 GMT)

Shelby, Democrats set mortgage deal
WASHINGTON -- Alabama Sen. Richard Shelby and Senate Democrats reached agreement Tuesday on a bill that offers government help to refinance mortgages held by homeowners with unaffordable loans. (Wed, 21 May 2008 09:02:37 GMT)

Mortgage giants to fund rescue plan
WASHINGTON — Profits from government-sponsored mortgage giants Fannie Mae and Freddie Mac, instead of taxpayers, would back up a home loan rescue for up to 500,000 strapped borrowers under a plan approved by a key Senate committee Tuesday to pull the nation out of a housing slump. (Wed, 21 May 2008 09:10:55 GMT)

U.K. Mortgage Lending Fell Annual 8 Percent in April, CML Says
May 21 (Bloomberg) -- U.K. mortgage lending fell 8 percent in April from a year earlier, the Council of Mortgage Lenders said. (Wed, 21 May 2008 09:49:42 GMT)

Math says man shouldn't prepay mortgage
For at least one homeowner, prepaying a mortgage may be a mistake, says Dr. Don Taylor. (Wed, 21 May 2008 10:00:00 GMT)

'Each week it's harder'
Hit by housing slump, credit crunch, mortgage brokers struggle to survive Home buying and refinancing are good for mortgage brokers, who match borrowers with loans. Less buying and refinancing is bad. (Wed, 21 May 2008 10:12:10 GMT)

Mortgage lenders see property deals slumping
LONDON (Reuters) - House prices will drop 7 percent this year and there is likely to be a 35 percent slump in property market transactions, according to revised forecasts from a leading mortgage body. (Wed, 21 May 2008 10:23:48 GMT)

Mortgage application volume falls 7.8 percent
Mortgage application volume fell 7.8 percent during the week ending May 16, according to the trade group Mortgage Bankers Association's weekly application survey. (Wed, 21 May 2008 11:15:09 GMT)

Mortgage applications fell 7.8% last week: MBA
Mortgage applications filed last week drop a seasonally adjusted 7.8%, compared with the previous week, the Mortgage Bankers Association reported Wednesday. (Wed, 21 May 2008 11:35:13 GMT)

Free forum in Willingboro on dealing with mortgage problems
The Department of Banking and Insurance will hold a forum on Foreclosure and Predatory Lending on Thursday, May 22 in Willingboro to offer assistance to homeowners who have recently experienced difficulty in making their mortgage payments. (Wed, 21 May 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? (Wed, 21 May 2008 11:47:06 GMT)

Impac Mortgage reports loss of $2B for 2007
Impac Mortgage Holdings Inc., a real estate investment trust, said late Tuesday it lost $2.05 billion in 2007 because of rising loan-loss provisions. (Wed, 21 May 2008 11:47:38 GMT)

Mortgage applications drop 7.8%
Mortgage application volume falls to one-third of where it was during the height of the housing boom in May, 2003. (Wed, 21 May 2008 12:13:36 GMT)

Home loan phone scam targets Bucks employees
Bucks County employees have been receiving calls offering federally funded home loans just for them. They don't exist. (Wed, 21 May 2008 13:04:01 GMT)

US mortgage applications drop 7.8%
US mortgage applications dropped 7.8% last week and by 9.4% on the same time last year, according to figures released by the Mortgage Bankers Association today. (Wed, 21 May 2008 13:07:00 GMT)

Subprime Today: Mortgage applications down 7.8% in week: MBA
A daily roundup of subprime-mortgage and credit-crunch-related news from MarketWatch. (Wed, 21 May 2008 13:34:50 GMT)

Mortgage Applications Fell 7.8 Percent Last Week
(RTTNews) - Mortgage applications fell 7.8 percent last week, the Mortgage Bankers Association said Wednesday in its Weekly Mortgage Applications Survey. Year over year applications fell 9.4 percent, as the market composite index slipped to 621.6. Last week it was 674.4. (Wed, 21 May 2008 13:57:33 GMT)

U.S. mortgage volume decreases on the week
The volume of applications for U.S. mortgages decreased last week, falling a seasonally adjusted 7.8 percent over a week earlier, an industry group said.The Market Composite Index, which measures mortgage loan application volume, was 621.6 compared to 674.7 a week earlier, the Mortgage Bankers Association said in a news release Wednesday.The Refinance Index fell 8.7 percent to 2,210.5 from ... (Wed, 21 May 2008 14:35:41 GMT)

Eleven indicted in "straw buyer" mortgage scheme
Eleven people accused of participating in a $14 million mortgage fraud scheme were indicted in Federal court in Brooklyn on Wednesday, the U.S. attorney's office said. (Wed, 21 May 2008 15:11:07 GMT)

UPDATE: Mortgage Applications Fell 7.8% Last Week: MBA
CHICAGO (Dow Jones) -- Mortgage applications filed last week dropped a seasonally adjusted 7.8%, compared with the previous week, the Mortgage Bankers Association reported on Wednesday. (Wed, 21 May 2008 15:28:51 GMT)

Home-Equity Loan Rates Rise
Banks are continuing to tighten lending standards and limits. (Wed, 21 May 2008 17:55:46 GMT)

Mortgage demand nears 2008 low as rates rise
Applications for home mortgages fell to its second-lowest level of the year last week as interest rates rose, an industry group said Wednesday. (Wed, 21 May 2008 17:59:00 GMT)

Fitch Downgrades 6 Classes from 2 Nomura Home Equity Loan Net Interest Margin Notes
NEW YORK----Fitch Ratings has taken the following rating actions on 2 Nomura Home Equity Loan Net Interest Margin notes: (Wed, 21 May 2008 18:37:00 GMT)

Baltimore alleges Wells Fargo targeted homeowners with needless refinancing offers
As the city of Baltimore and lending giant Wells Fargo battle over the issue of city foreclosures, the city filed detailed allegations in an effort to bolster its claims that Wells Fargo discriminates against blacks in its mortgage lending. (WFC) (Wed, 21 May 2008 18:50:27 GMT)

City alleges Wells Fargo targeted black homeowners with refinancing offers
As Baltimore and lending giant Wells Fargo battle over the issue of city foreclosures, the city filed detailed allegations in an effort to bolster its claims that Wells Fargo discriminates against blacks in its mortgage lending. (WFC) (Wed, 21 May 2008 18:52:43 GMT)

Mountain Home woman indicted in alleged fraud scheme
A Nampa building contractor and a Mountain Home woman who is a loan officer at Zions First National Bank in Eagle have been indicted along with a mortgage broker, a real estate agent, and another individual in a scheme to use straw borrowers to get construction loans. (Wed, 21 May 2008 21:04:59 GMT)

Bush administration outlines student loan program
WASHINGTON (Reuters) - The Bush administration rolled out pricing details on Wednesday for an urgent student loan market stabilization program mandated earlier this month by Congress, with key lawmakers expressing general support. (Wed, 21 May 2008 22:02:21 GMT)

Five indicted in $20 million Idaho mortgage scam
An Idaho bank officer and four others accused of masterminding a mortgage scam were indicted in Boise on Wednesday on charges of defrauding an Idaho bank of $20 million, according to federal prosecutors. (Thu, 22 May 2008 00:09:29 GMT)

Calif. congresswoman failed to pay mortgage on home
California Congresswoman Laura Richardson has a unique perspective on the housing foreclosure bills moving through Congress: One of her own homes was threatened with repossession after she failed to pay the mortgage. (Thu, 22 May 2008 00:21:47 GMT)

U.S. crunch turns back clock on mortgage lending
As U.S. banks mop up the mess from billions of dollars of bad home loans, buyers are finding the days of cheap money are over and, in many cases, tougher versions of old lending rules now apply. (Thu, 22 May 2008 00:27:49 GMT)

An airline mileage mess on a mortgage
Q: You may be my last resort so I'm certainly hoping you can help me. Last summer I applied for a mortgage through Northwest Airlines and... (Thu, 22 May 2008 00:58:37 GMT)

California congresswoman's home threatened with repossession after she fails to pay mortgage
SACRAMENTO, Calif. - Rep. Laura Richardson has an unusual perspective on the housing foreclosure bills moving through Congress: One of her own homes was threatened with repossession after she failed to pay the mortgage. (Thu, 22 May 2008 03:39:30 GMT)

Lawyers: 'Underlings' unfairly held in alleged mortgage scam
Four men being held by the government for their role in an alleged $10.6 million mortgage scam are mere "underlings" being unfairly detained while their well-heeled... (Thu, 22 May 2008 04:17:37 GMT)

Cerberus Rues ResCap as Mortgages Put Brakes on Auto-Loan Plans
May 22 (Bloomberg) -- Cerberus Capital Management LP's $7.4 billion purchase of General Motors Corp.'s finance arm in 2006 also won control of a mortgage unit supplying a steady stream of cash to finance the auto lender. Then the home-loan money disappeared in a flood of subprime losses. (Thu, 22 May 2008 06:28:10 GMT)

Nationwide: mortgage lending drops 40%
Nationwide today said new mortgage lending dropped by almost half last year as the UK's biggest building society looked to weather the credit storm. (Thu, 22 May 2008 07:21:25 GMT)

(AFX UK Focus) 2008-05-22 10:49 UK nonconforming RMBS delinquencies to be high for foreseeable future - S&P
BANGALORE (Thomson Financial) - Standard & Poor's Ratings Services said UK nonconforming residential mortgage-backed securities (RMBS) delinquency figures are likely to be high for the foreseeable future due to a reduction in refinancing opportunities for borrowers and the slowing economy. (Thu, 22 May 2008 09:55:11 GMT)

Lender not obligated to recast mortgage
Lenders often will recast a mortgage, but are not obligated to do so, says Dr. Don Taylor. (Thu, 22 May 2008 10:00:00 GMT)

Mortgage rates drop 0.17 percent
Mortgage rates fell this week on continued signs of economic weakness. And the Federal Housing Administration will start charging riskier borrowers more. (Thu, 22 May 2008 10:00:00 GMT)

FSA fines three mortgage brokers for poor mortgage sales procedures
The Financial Services Authority (FSA) has fined three mortgage brokers for inadequate sales procedures which meant they could not demonstrate that they had recommended affordable mortgage contracts that met their clients’ needs. (Thu, 22 May 2008 10:15:03 GMT)

FSA fines three mortgage brokers
The FSA has fined three mortgage brokers for their inability to demonstrate that they had recommended affordable mortgage contracts that met their clients’ needs. ... (Thu, 22 May 2008 10:21:00 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Thu, 22 May 2008 10:24:50 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, 22 May 2008 10:25:20 GMT)

Mortgage rates drop!
Mortgage rates fell this week on continued signs of economic weakness. The benchmark 30-year fixed-rate mortgage fell 17 basis points, to 6.02 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. (Thu, 22 May 2008 10:57:04 GMT)

Bankrate: Mortgage Rates Slide
Fixed mortgage rates pulled back this week, with the average conforming 30-year fixed mortgage rate dropping to 6.02 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.44 discount and origination points. (Thu, 22 May 2008 11:30:00 GMT)

50 Plus! What's all This Talk about Reverse Mortgage?
Janine and Don Burzynski of Troy took out a reverse mortgage in the summer of 2007, to help them pay their property taxes, liquidate $25,000 dollars in medical bills for Janine's two hip replacements, and pay off their credit card debt. (Thu, 22 May 2008 11:39:07 GMT)

Crunch turns back clock on mortgage lending
As U.S. banks mop up the mess from billions of dollars of bad home loans, buyers are finding the days of cheap money are over and, in many cases, tougher versions of old lending rules now apply. (Thu, 22 May 2008 11:44:27 GMT)

Crunch turns back clock on mortgage lending
As U.S. banks mop up the mess from billions of dollars of bad home loans, buyers are finding the days of cheap money are over and, in many cases, tougher versions of old lending rules now apply. (Thu, 22 May 2008 12:13:35 GMT)

Fitch Downgrades 6 Classes from 2 Nomura Home Equity Loan Net Interest Margin Notes
Fitch Ratings has taken the following rating actions on 2 Nomura Home Equity Loan Net Interest Margin (NIM) notes: (Thu, 22 May 2008 12:57:59 GMT)

Fed's Kroszner says mortgage market repair, recovery will be gradual process
WASHINGTON (Thomson Financial) - Repair and recovery of the U.S. mortgage markets will be a gradual process that demands both market and regulatory discipline, Federal Reserve Governor Randall Kroszner said today. (Thu, 22 May 2008 13:16:58 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, 22 May 2008 13:46:56 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, 22 May 2008 14:21:22 GMT)

UPDATE: Home-Loan Delinquencies Continued Rise In April
Standard & Poor's said delinquencies of home-related loans continued to climb in April, as the ratings agency said the 2007 issuance year continues to be the worst-performing vintage in terms of cumulative losses. (Thu, 22 May 2008 14:42:30 GMT)

U.S. mortgage rates declined last week
WASHINGTON, May 22 (UPI) -- Interest rates for 30-year, fixed-rate mortgages declined slightly in the United States in the last week, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 22 May 2008 14:54:04 GMT)

Federal Home Loan Bank of Atlanta Releases First Quarter 2008 Operating Highlights and Second Quarter 2008 Dividend ...
Federal Home Loan Bank of Atlanta has reported financial results for the quarter ended March 31, 2008, and today announced dividend guidance for the second quarter of 2008. (Thu, 22 May 2008 14:56:00 GMT)

Federal Home Loan Bank of Atlanta posts $117M profit
Federal Home Loan Bank of Atlanta's profit jumped 21.8 percent in the first quarter due to an increase in net interest income, which came from higher average advances and mortgage-backed securities balances. (Thu, 22 May 2008 15:17:16 GMT)

Mortgages: Long-term mortgage rates fall, ARMs rise: Freddie Mac
CHICAGO (MarketWatch) -- Long-term mortgage rates fall slightly this week while ARM rates tick up, according to Freddie Mac’s weekly survey. (Thu, 22 May 2008 15:35:08 GMT)

U.S. 30-year mortgage rates fall in latest week
U.S. 30-year mortgage rates fell for a third consecutive week, according to a survey released by home funding company Freddie Mac on Thursday. (Thu, 22 May 2008 15:40:31 GMT)

Mortgage rates decline: 0.34 point off posted five-year rate
TORONTO - Mortgage rates are coming down. TD Canada Trust (TSX:TD) said Thursday it is cutting its posted rate by 0.8 percentage point to 6.15 per cent on a one-year closed mortgage, and trimming the five-year posted rate by 0.34 point to 6.65 per cent. (Thu, 22 May 2008 16:01:39 GMT)

Mortgage GSEs seek making loan-buying authority permanent
Congress should make an increase in the conforming loan limit in certain areas of the country permanent, mortgage-buyers and realtors say, arguing that such a move would help the housing market. (Thu, 22 May 2008 16:20:25 GMT)

Mortgage rates drop below 6 percent
By Martin Crutsinger WASHINGTON — Rates on 30-year mortgages dipped below 6 percent this week, falling to their lowest level in five weeks. Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages averaged 5. (Thu, 22 May 2008 18:50:08 GMT)

Nationwide will scale back mortgage lending if markets do not pick up
Nationwide Building Society, Britain’s second largest mortgage provider, will scale back lending for a second consecutive year if the wholesale markets do not come back to life in the next few months. (Thu, 22 May 2008 20:11:43 GMT)

FBI details spike in mortgage fraud cases
The housing market slump translated into brisk business last year for mortgage scammers and the federal agents who pursue them, with the FBI winning 206 convictions, recovering nearly $22 million and still chasing a growing number of securities and commodities fraud cases. (Thu, 22 May 2008 22:51:35 GMT)

FBI: Big spike in mortgage fraud cases
The housing market slump translated into brisk business last year for mortgage scammers and the federal agents who pursue them, with the FBI winning 206 convictions. (Thu, 22 May 2008 23:51:28 GMT)

FBI details spike in mortgage fraud cases
The housing market slump meant brisk business last year for mortgage scammers, says the FBI. (Thu, 22 May 2008 23:53:12 GMT)

Flexible mortgage account introduced
Standard Chartered Bank (Thailand) has introduced a new mortgage product that allows borrowers to deposit and withdraw cash from their accounts. (Fri, 23 May 2008 00:24:14 GMT)

Help for mortgage holders in trouble
Rising payments from adjustable-rate mortgages, mounting job losses and an epidemic of unaffordable loans have thrown more homeowners into a dire situation: They're no longer able to pay. (Fri, 23 May 2008 00:32:09 GMT)

Wells Fargo ups ante on loan requirements
Wells Fargo & Co., the second-biggest U.S. mortgage lender, raised the credit requirements for customers to secure home loans amid what some bankers have called the worst housing slump since the Great Depression. (Fri, 23 May 2008 04:08:17 GMT)

30-year mortgage rates fall to 5.98%
WASHINGTON — Rates on 30-year mortgages dipped below 6 percent this week, falling to their lowest level in five weeks. Mortgage company Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 5.98 percent this week. That was down from 6.01 percent last week. (Fri, 23 May 2008 05:38:33 GMT)

GMAC-RFC Sells A$302.8 Million Mortgage-Backed Debt (Update1)
May 23 (Bloomberg) -- GMAC-RFC Australia Ltd. , a unit of U.S. auto and home-loan lender GMAC LLC , raised A$302.8 million ($290 million) by selling non-conforming residential mortgage-backed bonds. (Fri, 23 May 2008 07:14:35 GMT)

Credit score plays vital role in world of personal finance
Jeffrey Sheldon, a 36-year-old Purcellville, Va., computer-systems administrator, has an enviable credit score of about 740. But he's planning to refinance his adjustable-rate mortgage in June and knows that lenders will be taking a particularly close look at his credit record. (Fri, 23 May 2008 07:24:37 GMT)

Panel advances mortgage grace period measure
A legislative committee Thursday advanced a measure that would open up a three-year window for homeowners facing punishing hikes in their mortgage payments, or foreclosure notices, to work out a new deal with the lender or cash out by selling the house. (Fri, 23 May 2008 08:44:54 GMT)

30-year mortgage rate drops
Thirty-year fixed-rate mortgages averaged 5.98 percent this week, their lowest level in five weeks and down 0.03 percent from last week, Freddie Mac, the mortgage company, reported Thursday. (Fri, 23 May 2008 09:11:41 GMT)

Banks reduce mortgage rates
TORONTO -- Mortgage rates are coming down. TD Canada Trust said yesterday it is cutting its posted rate by 0.8 percentage point to 6.15% on a one-year closed mortgage, and trimming the five-year posted rate 0.34 point to 6.65%. (Fri, 23 May 2008 09:18:12 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. (Fri, 23 May 2008 10:23:12 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? (Fri, 23 May 2008 10:25:13 GMT)

Ranieri, Ex-GMAC Execs Plan $1 Billion Home-Loan Fund (Update1)
May 23 (Bloomberg) -- Lewis Ranieri , the mortgage bond pioneer trying to salvage a Texas bank that lost more than 90 percent of its value, is seeking $1 billion for a separate venture to buy home loans. (Fri, 23 May 2008 10:43:10 GMT)

Ranieri, Ex-GMAC Execs Plan $1 Billion Home-Loan Fund (Update2)
May 23 (Bloomberg) -- Lewis Ranieri , the mortgage bond pioneer trying to salvage a Texas bank that lost more than 90 percent of its value, is seeking $1 billion for a separate venture to buy home loans. (Fri, 23 May 2008 13:28:10 GMT)

Man sentenced in mortgage fraud
A Butler County man will spend 41 months in federal prison for a mortgage fraud scheme that cost lenders $3 million and saw him evade capital gains taxes on $800,000 he got from selling some properties (Fri, 23 May 2008 14:21:30 GMT)

Pa. sues mortgage broker and eight others over alleged fraud
Pennsylvania Attorney General Tom Corbett filed a lawsuit Friday seeking restitution for hundreds of homeowners who said they were victimized by the owner of a defunct mortgage company who was convicted of fraud. (Fri, 23 May 2008 14:28:09 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, 23 May 2008 16:47:06 GMT)

ALL BUSINESS: Mortgage-bond guru hit by loan bust
Lewis Ranieri is credited with inventing mortgage-backed securities two decades ago, and recently he sounded warnings about mortgage risks. (Fri, 23 May 2008 16:49:00 GMT)

ALL BUSINESS: Mortgage-bond guru hit by loan bust
Lewis Ranieri is credited with inventing mortgage-backed securities two decades ago, and recently he sounded warnings about mortgage risks. Yet he couldn't save his own company from getting tangled in the real-estate loan bust. (Fri, 23 May 2008 16:49:29 GMT)

Wells Fargo makes home loan requirements stricter
Wells Fargo & Co. has raised the credit requirements for people seeking home loans, the company confirmed Friday. (WFC) (Fri, 23 May 2008 16:56:50 GMT)

ALL BUSINESS: Mortgage-bond guru hit by loan bust
NEW YORK -- Lewis Ranieri is credited with inventing mortgage-backed securities two decades ago, and recently he sounded warnings about mortgage risks. Yet he couldn't save his own company from getting tangled in the real-estate loan bust. (Fri, 23 May 2008 17:18:51 GMT)

Fitch Affirms Banc of America Commercial Mortgage, Series 2001-1  
23/05/2008 17:04:00 Business Wire US0006401022 Fitch Ratings has affirmed Banc of America Commercial Mortgage Inc. (Fri, 23 May 2008 17:27:54 GMT)

Wells Fargo tightens home loan rules
Wells Fargo & Co. has raised the credit requirements for people seeking home loans, the company confirmed Friday. (WFC) (Fri, 23 May 2008 17:35:41 GMT)

Federal Home Loan Bank of Atlanta Employees Successfully Build Homes for Victims of Hurricane Katrina
Employees from the Federal Home Loan Bank of Atlanta volunteered alongside former U.S. President and Nobel Peace Prize laureate Jimmy Carter and his wife, Rosalynn in last week's 25th annual Jimmy and Rosalynn Carter Work Project, hosted by Habitat for Humanity of the Mississippi Gulf Coast. (Fri, 23 May 2008 18:22:00 GMT)

House Of Cards: The Mortgage Mess
Correspondent Steve Kroft reports on how the U.S. subprime mortgage meltdown, in which risky loans drove a housing boom that went bust, is now roiling capital markets worldwide. (Fri, 23 May 2008 18:30:03 GMT)

Wells Fargo tightens home loan requirements
Wells Fargo & Co. has raised the credit requirements for people seeking some types of home loans, the company confirmed Friday. (WFC) (Fri, 23 May 2008 19:41:30 GMT)

Vestin Realty Mortgage I, Inc. Declares Monthly Dividend of $0.02 Per . Share for the Month of May 2008
Share for the Month of May 2008 23/05/2008 19:39:00 Business Wire Vestin Realty Mortgage I, Inc. (Fri, 23 May 2008 19:56:59 GMT)

Vestin Realty Mortgage I, Inc. Declares Monthly Dividend of $0.02 Per Share for the Month of May 2008
Vestin Realty Mortgage I, Inc. (Nasdaq:VRTA) a real estate investment trust (the "Company") (Fri, 23 May 2008 19:56:59 GMT)

Vestin Realty Mortgage II, Inc. Declares Monthly Dividend of $0.08 Per . Share for the Month of May 2008
Share for the Month of May 2008 23/05/2008 19:39:00 Business Wire Vestin Realty Mortgage II, Inc. (Fri, 23 May 2008 19:57:10 GMT)

Ranieri, Ex-GMAC Execs Plan $1 Billion Home-Loan Fund (Update4)
May 23 (Bloomberg) -- Lewis Ranieri , the mortgage bond pioneer trying to salvage a Texas bank crippled by faulty real- estate loans, is seeking $1 billion in a separate venture to buy residential mortgages. (Fri, 23 May 2008 20:28:20 GMT)

When an Appraisal Just Doesn't Add Up
Q: I applied to refinance my mortgage and was told that I would have to have a current appraisal. The lender contacted an appraiser to schedule a time. I paid the lender $349 upfront, which was charged to my credit card. (Fri, 23 May 2008 20:54:39 GMT)

Use HELOC on old home to pay for new one
Q. We've decided to downsize and are building a new home. We put down a deposit of just over 10 percent and have a loan commitment for another 25 percent of the cost of the home. We have significant equity in our current home and plan to use that for the rest of the purchase price. However, because the market is slow in our area, we have come to realize we may not sell our residence before we ... (Fri, 23 May 2008 22:08:17 GMT)

A jumbo loan metaphor
What do the politics of Oregon and Kentucky have to do with how big a home loan Freddie Mac is allowed to purchase? (Fri, 23 May 2008 22:34:53 GMT)

Wells Fargo tightens home loan rules
Wells Fargo & Co. has raised the credit requirements for people seeking some types of home loans, the company confirmed Friday. (WFC) (Fri, 23 May 2008 23:18:11 GMT)

Police Former mortgage consultant burglarized Southwest Austin homes
David Acosta had a good thing going in Phoenix until the mortgage crisis hit last year. (Sat, 24 May 2008 01:24:24 GMT)

AMI says independent mortgage advice could save consumers GBP1,830 pa
New research by the Association of Mortgage Intermediaries, in partnership with independent financial services research company NMG, has revealed that mortgage intermediaries could save consumers up to GBP1,830 per year compared with going direct to lenders. (Sat, 24 May 2008 01:30:01 GMT)

FSA fines three mortgage brokers for poor sales procedures
The Financial Services Authority, or FSA, has fined three mortgage brokers for inadequate sales procedures which meant they could not demonstrate that they had recommended affordable mortgage contracts that met their clients needs. (Sat, 24 May 2008 01:30:24 GMT)

Mortgages Without U.S. Backing Start to Rise
The private mortgage market in the U.S. almost moribund in the wake of the subprime crisis that bankrupted some lenders last year is showing small signs of revival. (Sat, 24 May 2008 02:19:19 GMT)

Mortgage rates tumble with falling jobs, output
Mortgage rates fell this week on continued signs of economic weakness. (Sat, 24 May 2008 03:21:50 GMT)

Mortgages Without U.S. Backing Start to Rise
The private mortgage market in the U.S. — almost moribund in the wake of the subprime crisis that bankrupted some lenders last year — is showing small signs of revival. (Sat, 24 May 2008 03:37:17 GMT)

New Businesses
Firefly Mortgage Inc., located at 4212 Ridge Road, Floor 1, Westminster, opened in January. The business, owned by William F. Dieck II and Helene E. Green, is open 9 a.m. to 6 p.m. Monday through Friday. (Sat, 24 May 2008 04:21:20 GMT)

Mortgage broker sued over alleged fraud
Pennsylvania Attorney General Tom Corbett filed a lawsuit Friday seeking restitution for hundreds of homeowners who said they were victimized by the owner of a defunct mortgage company who was convicted of fraud. (Sat, 24 May 2008 04:39:31 GMT)

Ex-prosecutor pleads to real estate theft
A former Bucks County prosecutor who went to jail 10 years ago for embezzling real estate settlement fees admitted in court yesterday that he had used his job as a mortgage broker to steal from clients again. (Sat, 24 May 2008 05:34:48 GMT)

Credit and mortgage turmoil puts Pittsburgh complex on hold
PITTSBURGH — A planned retail, residential and entertainment complex once touted as the biggest in downtown Pittsburgh has been suspended indefinitely because of the nation’s credit and mortgage crisis, planners said. (Sat, 24 May 2008 06:07:50 GMT)

£500m Mortgage Protection Rip-Off
UK homeowners potentially wasting close to £500m every year paying over the odds for mortgage protection insurance, according to new research conducted by Columbus Financial Protection. (Sat, 24 May 2008 07:01:00 GMT)

Police Former mortgage consultant burglarized Southwest Austin homes
David Acosta had a good thing going in Phoenix until the mortgage crisis hit last year. (Sat, 24 May 2008 07:26:34 GMT)

Mortgages Without U.S. Backing Start to Rise
The private mortgage market in the U.S. — almost moribund in the wake of the subprime crisis that bankrupted some lenders last year — is showing small signs of revival. (Sat, 24 May 2008 07:37:18 GMT)

Higher Loan Demand For Arvest Mortgage
Arvest Mortgage Company announced a 14 percent increase in the number of loans originated in the first quarter of 2008, compared to the year-ago period. The regional home lender also reported the total dollar amount of loans made in the same time period rose 17 percent to $301 million. (Sat, 24 May 2008 07:39:08 GMT)

Pa. sues mortgage broker, 8 others over alleged fraud
HARRISBURG — Pennsylvania Attorney General Tom Corbett filed a lawsuit Friday seeking restitution for hundreds of homeowners who said they were victimized by the owner of a defunct Berks County mortgage company who was convicted of fraud. (Sat, 24 May 2008 07:50:38 GMT)

How does a home equity line of credit work?
A: The value in your home above your mortgage is the equity -- the amount you own outright. You can pledge some of that equity as collateral for a credit line, or loan, that you draw on when expenses arise. Additionally, you can probably deduct the interest payments on your tax return since the loan is secured by your home. Typically, a home equity line involves upfront fees. (Sat, 24 May 2008 08:51:37 GMT)

Refinance Your Auto Loan and Ease a Tight Budget
(ARA) - Living from paycheck to paycheck can be very stressful when unexpected emergency situations happen. You have to squeeze some extra money out of your budget, but where is it going to come from? (Sat, 24 May 2008 10:23:02 GMT)

Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Sat, 24 May 2008 10:25:03 GMT)

Lawmaker calls foreclosure of her home improper
California Rep. Laura Richardson claimed Friday that her Sacramento, Calif., home was sold into foreclosure without her knowledge and contrary to an agreement with her lender. (Sat, 24 May 2008 11:05:47 GMT)

Pa. Sues Mortgage Broker & 8 Others for Alleged Fraud
Pennsylvania Attorney General Tom Corbett has filed a lawsuit against nine people allegedly involved in a mortgage and investment “Ponzi” scheme. (Sat, 24 May 2008 12:06:43 GMT)

Legislators Try to Keep People in Their Homes
Capps praises bills to refinance mortgages, preserve neighborhood real estate values. (Sat, 24 May 2008 13:13:11 GMT)

Homeowners turn backs on ARMs
Mortgage refinancing in the U.S. is increasing as record numbers of homeowners dump their adjustable-rate mortgages for the security of a fixed rate. (Sat, 24 May 2008 13:28:46 GMT)

Survive Housing Crisis With Our Special Section
With record foreclosures, slumping home sales and an economy bordering a recession, gain some insight on how to sell, refinance or keep your home. You'll find everything mortgage in our new, special section. (Sat, 24 May 2008 14:35:07 GMT)

Survive Housing Crisis With Our Special Section
With record foreclosures, slumping home sales and an economy bordering a recession, gain some insight on how to sell, refinance or keep your home. You'll find everything mortgage in our new, special section. (Sat, 24 May 2008 14:36:03 GMT)

Outlast Housing Crisis With Our Special Section
With home sales slumping, foreclosures skyrocketing and an economy bordering a recession, gain some insight on how to sell, refinance or keep your home. You'll find everything mortgage in our special section. (Sat, 24 May 2008 14:42:29 GMT)

Outlast Housing Crisis With Our Special Section
With home sales slumping, foreclosures skyrocketing and an economy bordering a recession, gain some insight on how to sell, refinance or keep your home. You'll find everything mortgage in our special section. (Sat, 24 May 2008 14:44:04 GMT)

Outlast Housing Crisis With Our Special Section
With home sales slumping, foreclosures skyrocketing and an economy bordering a recession, gain some insight on how to sell, refinance or keep your home. You'll find everything mortgage in our special section. (Sat, 24 May 2008 14:44:24 GMT)

Pa. mortgage broker bilked Md. residents in alleged Ponzi scheme
HARRISBURG, Pa. (AP) - Pennsylvania Attorney General Tom Corbett filed a lawsuit Friday seeking restitution for hundreds of homeowners who said they were victimized by the owner of a defunct mortgage company who was convicted of fraud. (Sat, 24 May 2008 15:10:05 GMT)

U.S. mortgage market wakes up
The private mortgage market in the United States, almost moribund after the subprime crisis last year, is showing small signs of revival. (Sat, 24 May 2008 16:27:55 GMT)

UBS Says More Losses on U.S., Global Mortgage Markets Possible
May 24 (Bloomberg) -- UBS AG , the Swiss bank seeking $15.6 billion from shareholders to replenish capital after subprime- related writedowns, said it may face more losses from holdings in both U.S. and global mortgage markets. (Sat, 24 May 2008 16:48:12 GMT)

150,000 households face mortgage stress
Nearly 150,000 New Zealand households are at "extreme risk" of missing mortgage repayments and potentially losing their homes. (Sat, 24 May 2008 17:36:58 GMT)

Mortgages Without U.S. Backing Start to Rise
The private mortgage market in the U.S. — almost moribund in the wake of the subprime crisis that bankrupted some lenders last year — is showing small signs of revival. (Sat, 24 May 2008 18:36:44 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? (Sat, 24 May 2008 22:32:17 GMT)

How to Save Your Home from Foreclosure
(ARA) - Are you two months or more past due on your mortgage payments and sweating it out? If so you're not alone. (Sat, 24 May 2008 22:32:27 GMT)

30-year mortgage rates drop again
WASHINGTON — Rates on 30-year mortgages edged down this week to their lowest point in a month, a spot of welcome news to would-be homebuyers. (Sat, 24 May 2008 22:39:43 GMT)

Nationwide mortgage advances down 40 per cent
One of the UK's biggest lenders, Nationwide building society, has reported a sharp drop in mortgage lending over the past 12 months – a further sign of the decline in the housing market. (Sat, 24 May 2008 23:13:03 GMT)

The Risks of Rescuing Borrowers
Senators say the legislation approved on Tuesday to help suffering homeowners refinance costly loans could rescue the housing market, but others say the plan is riskier than it seems. (Sun, 25 May 2008 00:29:37 GMT)

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