Mortgage News May 2008

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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. (Sun, 25 May 2008 00:30:48 GMT)

Blair took out £300,000 mortgage on house that was 'worth just £150,000'
Tony Blair took out a mortgage of almost £300,000 on his constituency house – double its estimated value – to help fund his growing property empire. (Sun, 25 May 2008 01:47:04 GMT)

Lawmakers want loan limits made permanent
Turns out the temporary increase in the conforming loan limit to $729,750 in high-cost markets might not be so temporary after all. A big push is under way in Washington to make the higher amount permanent. (Sun, 25 May 2008 02:00:53 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. (Sun, 25 May 2008 04:07:22 GMT)

Mortgage-bond guru caught up in collapse / Franklin Bank fails to protect investors from bad practices
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. That's alarming - not just for... (Sun, 25 May 2008 04:09:15 GMT)

Pa. sues 9 for alleged roles in mortgage scam
The state Attorney General's Office today sued failed mortgage broker Wesley A. Snyder, his wife and seven employees, includin (Sun, 25 May 2008 04:23:47 GMT)

Mortgage-bond guru hit by home 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. (Sun, 25 May 2008 05:26:58 GMT)

Loan crisis even blindsided king of mortgage securities
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. (Sun, 25 May 2008 05:37:09 GMT)

He got his mortgage, but not his miles
The problem: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 Lending Tree that entitled me to 18,375 frequent flier miles. I received a mortgage loan for $105,000, but I'm still waiting for my miles. (Sun, 25 May 2008 05:47:00 GMT)

He got his mortgage, but not his miles
The problem: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 Lending Tree that entitled me to 18,375 frequent flier miles. I received a mortgage loan for $105,000, but I'm still waiting for my miles. (Sun, 25 May 2008 05:49:14 GMT)

Travel Troubleshooter: Mileage mess on a mortgage
Question: You may be my last resort so I’m certainly hoping you can help me. (Sun, 25 May 2008 06:00:32 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. (Sun, 25 May 2008 06:23:22 GMT)

When the loan is a gift
Q: My parents graciously offered to lend my wife and me the down payment for a home. While we can easily afford the mortgage payments, the bank wants all of us to sign a statement saying the money from my parents is a gift, not a loan, although the bank representative literally winked as he handed (Sun, 25 May 2008 07:13:25 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? (Sun, 25 May 2008 07:14:20 GMT)

When the loan is a gift
Q: My parents graciously offered to lend my wife and me the down payment for a home. While we can easily afford the mortgage payments, the bank wants all of us to sign a statement saying the money from my parents is a gift, not a loan, although the bank representative literally winked as he handed (Sun, 25 May 2008 07:21:25 GMT)

For missing miles, put it in writing
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 Lending Tree that entitled me to 18,375 frequent-flier miles. I received a mortgage loan for $105,000, but I'm still... (Sun, 25 May 2008 07:26:43 GMT)

MORTGAGE HAS VALUE
Dear John: Countrywide holds our mortgage and is in financial trouble. How will this affect us? Will we lose our mortgage or have it recalled? G.S. Dear G.S.: Countrywide was wobbly but now may be stabilized. Bank of America, which doesn't seem to... (Sun, 25 May 2008 07:33:44 GMT)

Mortgage-bond guru caught up in collapse / Franklin Bank fails to protect investors from bad practices
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. That's alarming - not just for... (Sun, 25 May 2008 07:39:19 GMT)

Surge in foreclosures nationwide suggests long-lived housing crisis
In a sign that the mortgage collapse is getting worse, not better, foreclosure filings surged 65 percent in April from April 2007, leading some analysts to warn that the crisis might not end before 2010. (Sun, 25 May 2008 08:05:05 GMT)

Mortgage giants change loan policy
| Could the controversial mortgage industry practice of listing hundreds of local real estate markets as ''declining'' -- and restricting lending through higher down payments or credit scores -- be scrapped? (Sun, 25 May 2008 08:23:34 GMT)

Knowing the score holds key to a home in Louisville
Reacting to new demands from cautious investors, some local banks and mortgage brokers are tightening guidelines for loans, and in some cases requiring larger down payments. (Sun, 25 May 2008 08:31:22 GMT)

Consumer loan and savings rates
Consumer Loan And Savings Rates A sampling of financial institutions was asked to quote the most recent lowest annual percentage rates they would charge a new loan customer with an annual income from $30,000 to $35,000 and good credit standing. (Sun, 25 May 2008 09:25:45 GMT)

Selling home to offspring brings tax and loan benefits
SCIN. No, it's not the stuff that covers our body. It's a highly complex legal and financial transaction that may be of interest to elderly homeowners. (Sun, 25 May 2008 09:34:54 GMT)

Tony Blair took out £300,000 mortgage on constituency house that was 'worth just £150,000'
Tony Blair took out a mortgage of almost £300,000 on his constituency house – double its estimated value – to help fund his growing property empire. (Sun, 25 May 2008 09:35:23 GMT)

Tony Blair took out £300,000 mortgage on constituency house that was 'worth just £150,000'
Tony Blair took out a mortgage of almost £300,000 on his constituency house – double its estimated value – to help fund his growing property empire. (Sun, 25 May 2008 10:00:14 GMT)

Mortgage fraud on the rise
With pricey housing and new homes continually popping up in the Calgary area, so too is the potential for mortgage fraud, say Mounties. The 2008 Provincial Report on Organized Crime for Alberta and the Northwest Territories cites mortgage fraud as a growing illegal money-maker for criminals. (Sun, 25 May 2008 10:08:08 GMT)

Mortgage fraud on the rise
With pricey housing and new homes continually popping up in the Calgary area, so too is the potential for mortgage fraud, say Mounties. The 2008 Provincial Report on Organized Crime for Alberta and the Northwest Territories cites mortgage fraud as a growing illegal money-maker for criminals. (Sun, 25 May 2008 10:28:51 GMT)

New mortgage loans plummet in Hawaii
Hawai'i's mortgage lenders saw a nearly 50 percent drop in business in the first three months of the year as home sales slowed and lending rules were tightened. (Sun, 25 May 2008 11:11:49 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? (Sun, 25 May 2008 12:02:27 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? (Sun, 25 May 2008 12:47:16 GMT)

Parents Won't Lie on Mortgage for House
My parents graciously offered to lend my wife and me the down payment for a home.While we can easily afford the mortgage payments, the bank wants all of us to sign a statement saying the money from my parents is a gift, not a loan, although the bank representative literally winked as he handed me the statement. (Sun, 25 May 2008 12:55:04 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. (Sun, 25 May 2008 13:02:20 GMT)

Jacko to wipe out Neverland loan with Elvis-style comeback in Vegas
London, May 25 : Michael Jackson can get rid of the crippling loan on his Neverland Ranch home by performing an Elvis Presley-style comeback in Las Vegas. (Sun, 25 May 2008 15:36:21 GMT)

Aussie mortgage lender put up for sale
STRUGGLING mortgage lender Wizard Home Loans will be put up for sale this week just days after the corporate watchdog rebuked owner GE Money over its debt collection and insurance business practices. (Sun, 25 May 2008 16:30:00 GMT)

China's Migrant Workers Return Home After Quake
After deadly quake, waves of China's migrant workers return home to devastation (Sun, 25 May 2008 18:48:40 GMT)

WHEN A LOAN IS A GIFT
My parents graciously offered to lend my wife and me the down payment for a home. While we can easily afford the mortgage payments, the bank wants all of us to sign a statement saying the money from my parents is a gift, not a loan, although the bank representative literally winked as he handed me the statement. I am reluctant to ask my parents to be dishonest, but isn't everyone better off if ... (Mon, 26 May 2008 00:01:30 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. (Mon, 26 May 2008 03:49:12 GMT)

Mortgage Bankers group clarifies policy
I don't know if this is a way of drawing a line in the sand, or how closely it ties in with the mortgage meltdown, but the Mortgage Bankers Association has issued a new policy paper titled "Mortgage Bankers and Mortgage Brokers: Distinct Businesses Warranting Distinct Regulation." (Mon, 26 May 2008 04:02:00 GMT)

Bob Bollin trades in recliner to start mortgage group
Bob Bollin is a happy guy. After all, he just left the retired life to start a mortgage company in the midst of the worst housing market in memory. (Mon, 26 May 2008 04:07:03 GMT)

Mortgage Fraud in Calgary
The 2008 provincial report on organized crime cites mortgage fraud as a big money maker for criminals in our province. According to the Calgary Sun, mortgage fraud profits range from sixty to eighty thousand ... (Mon, 26 May 2008 05:19:34 GMT)

Disaster-loan overhaul aims to cut through red tape
The recently passed farm bill also includes a major overhaul of the Small Business Administration's disaster loan program. (Mon, 26 May 2008 05:22:41 GMT)

Maine supreme court rejects mortgage foreclosure by Camden bank
CAMDEN — A mortgage foreclosure by the Union Trust Company, now part of Camden National Bank, has been thrown out by the Maine Supreme Court, which has ruled that the bank failed to prove it had ever notified the mortgage holder he was in default. (Mon, 26 May 2008 06:16:33 GMT)

Morgan Stanley says sells Russian mortgage business
MOSCOW, May 26 - The Russian subsidiary of Morgan Stanley said on Monday it plans to sell its mortgage lending unit. (Mon, 26 May 2008 06:43:54 GMT)

The Offset Mortgage Centre Announces a New Guide for Flexible Mortgage Deals
The Offset Mortgage Centre has launched a guide about Flexible Mortgage deals. The guide methodically clarifies the nuances of flexible mortgage deals to assist homebuyers with the associated loan terms. (PRWeb May 26, 2008) Read the full story at http://www.prweb.com/releases/2008/05/prweb964234.htm (Mon, 26 May 2008 07:15:12 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Mon, 26 May 2008 08:19:07 GMT)

Most Aussies managing mortgages
MORTGAGE stress is on the rise, but two-thirds of households are coping easily with their increased home loan payments by adjusting their lifestyles, a survey has found. (Mon, 26 May 2008 08:33:00 GMT)

Most Aussies managing mortgages
MORTGAGE stress is on the rise, but two-thirds of households are coping easily with their increased home loan payments by adjusting their lifestyles, a survey has found. (Mon, 26 May 2008 08:33:00 GMT)

Mortgage fraud worse in nearby states
Mon, May 26, 2008 (2 a.m.) Nevada might be among the worst-hit states for housing foreclosures, but if it’s any consolation, other states are suffering more from mortgage fraud. (Mon, 26 May 2008 08:44:58 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. (Mon, 26 May 2008 09:28:46 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Mon, 26 May 2008 09:36:55 GMT)

Foreclosure Scams Lurking In Your Neighborhood
Fraudsters are using these tactics to target those in danger of losing their homes (Mon, 26 May 2008 10:05:02 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? (Mon, 26 May 2008 10:05:41 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? (Mon, 26 May 2008 10:06:32 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. (Mon, 26 May 2008 10:23:02 GMT)

Scotiabank Launches Disability Protection to Create Mortgage Insurance Triumvirate
Scotiabank today announced the launch of a new insurance product offering disability protection to mortgage clients across Canada. The Bank is now the first major Canadian financial institution with mortgage product offerings at three levels of personal protection, including loss of life and health crisis. (Mon, 26 May 2008 13:22:00 GMT)

BoS sues former senator, ex-wife for $18,373 loan
The Bank of Saipan Inc. has sued former Senate President Joaquin G. Adriano and his ex-wife Marian for their alleged failure to pay $18,373 loan. (Mon, 26 May 2008 14:05:20 GMT)

Scotiabank rolls out disability protection for mortgage clients
Bank of Nova Scotia today announced the launch of a new insurance product offering disability protection to mortgage clients across Canada. (Mon, 26 May 2008 14:12:26 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, 26 May 2008 14:47:17 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? (Mon, 26 May 2008 15:17:23 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? (Mon, 26 May 2008 16:47:27 GMT)

Overland announces completion of mortgage financing on four properties
Overland Realty Limited announced today that it has successfully raised five million dollars through the placement of a second mortgage financing on four of its properties in Fredericton, New Brunswick. (Mon, 26 May 2008 19:49:00 GMT)

Mortgage Agency to Issue Bonds
27 May 2008 Reuters The country's mortgage agency plans to issue 16 billion rubles ($675.7 million) of mortgage-backed securities on the domestic market and hopes to tap the reviving global market for the bonds. (Mon, 26 May 2008 20:23:16 GMT)

UBS Falls After Saying More Mortgage Losses Possible (Update2)
May 26 (Bloomberg) -- UBS AG , the European bank hardest hit by the U.S. subprime contagion, fell the most in more than two months in Swiss trading after saying it may face more losses from mortgage securities. (Mon, 26 May 2008 20:52:18 GMT)

Rural mortagage payers worse off than urban counterparts: survey
A new survey shows those living in rural areas are more likely to be struggling to make home loan repayments than their city counterparts. (Mon, 26 May 2008 21:02:00 GMT)

Housing Pros Seen Working Foreclosure Scams
As homeowners fall behind on their mortgage payments and face the prospect of foreclosure, con artists are also taking advantage of the mortgage crisis. The FBI's New York office and an advocacy group see people losing their homes in the latest wave of scams. (Mon, 26 May 2008 21:28:52 GMT)

Housing Pros Seen Working Foreclosure Scams
As homeowners fall behind on their mortgage payments and face the prospect of foreclosure, con artists are also taking advantage of the mortgage crisis. The FBI's New York office and an advocacy group see people losing their homes in the latest wave of scams. (Mon, 26 May 2008 21:31:40 GMT)

Sharp rise in overdue mortgage payments
More than a fifth of UK homebuyers who have a chequered credit history have fallen behind on their mortgage payments and even those with top-quality ratings have seen a statistically significant rise in delinquencies in the first three months of this year. (Mon, 26 May 2008 22:37:17 GMT)

General Electric May Sell Its Wizard Australian Mortgage Unit
May 27 (Bloomberg) -- General Electric Co. , seeking to reverse a decline in profit, said it may sell the Wizard mortgage unit in Australia, adding to a growing list of assets sales. (Mon, 26 May 2008 22:44:41 GMT)

ESPC revives 100% mortgage in deal with Bank of Ireland
FIRST-TIME buyers will be able to take advantage of the only 100 per cent mortgage available in the UK as part of an initiative launched today to help prospective home-owne (Mon, 26 May 2008 23:31:47 GMT)

Wizard Home Loans up for sale
Wizard Home Loans, one of New Zealand's largest non-bank home lenders has been put up for sale by its parent, GE Money. GE Money says it is "considering strategic options" for Wizard, including a partnership, joint venture or sale. (Tue, 27 May 2008 00:25:28 GMT)

Even Lewis Ranieri, a mortgage securities expert, couldn't escape losses
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. That's alarming — not just for investors in his small Franklin Bank Corp., but for anyone hoping the credit crisis would end soon. If someone with Ranieri's clout missed ... (Tue, 27 May 2008 02:26:13 GMT)

Macquarie Group, Columbus Capital, RHG: Australian Bond Alert
May 27 (Bloomberg) -- Macquarie Group Ltd., Columbus Capital and the Victoria Government lead companies considering selling bonds in Australia. (Tue, 27 May 2008 02:29:52 GMT)

Mortgage Clinic coming to Roanoke
Cutting down on the number of home foreclosures-- that's the goal behind a free clinic coming to Roanoke. The Star City has the third highest foreclosure rate in the Commonwealth. (Tue, 27 May 2008 02:53:29 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. (Tue, 27 May 2008 03:34:37 GMT)

UCO to make home, education loans cheaper
UCO Bank is set to slash interest rates on products such as home and education loans. "Home and education loans will be our focus areas for the current financial year and hence we do not mind giving a little interest rate concession to our customers. (Tue, 27 May 2008 03:41:51 GMT)

American dreams built on a shaky foundation of subprime loans
Willie Clay remembers the day a loan broker showed up and sold him on consolidating his debts by refinancing his south Kansas City home. (Tue, 27 May 2008 04:57:04 GMT)

Nashville Airport Authority takes hit in credit crisis fallout
A ripple from the subprime mortgage crisis has cost the Metropolitan Nashville Airport Authority an estimated $730,000 since January. (Tue, 27 May 2008 07:16:34 GMT)

Harry Gross: Bank dragging feet on returning settlement charges
Dear Harry: We have an adjustable-rate mortgage that is due for a rate change on July 1. The rate will go from 4 percent to 6 percent, but from here on it will change every year. We decided to refinance. The lender is our own bank so we thought it would g (Tue, 27 May 2008 07:22:09 GMT)

Harry Gross: Bank dragging feet on returning settlement charges
Dear Harry: We have an adjustable-rate mortgage that is due for a rate change on July 1. The rate will go from 4 percent to 6 percent, but from here on it will change every year. We decided to refinance. The lender is our own bank so we thought it would g (Tue, 27 May 2008 08:04:40 GMT)

Mortgage approvals down sharply on year earlier
LONDON (Reuters) - Mortgage approvals for house purchase were nearly 40 percent lower than at the same time last year in April, although they rose from March's record low, a survey shows. (Tue, 27 May 2008 08:38:35 GMT)

Gas loan request is over the limit
A guy named Billy Bob walks into his bank of 15 years needing a loan to buy gas for his lawn mower. He financed his new house, his pickup, his bass boat and his motor home there. He greets his loan officer: "Hey, Frank, how ya doing?" (Tue, 27 May 2008 08:45:37 GMT)

Mortgage market remains subdued
The mortgage market remains subdued despite a slight recovery in April, the major banks say. (Tue, 27 May 2008 08:57:07 GMT)

ANZ forecasts more rate rises this year
Standard variable home loan rates are set to rise into the double digits, and the highest levels in more than 10 years, if bearish predictions come true. (Tue, 27 May 2008 09:02:31 GMT)

Mortgage market remains subdued
The mortgage market remains subdued despite a slight recovery in April, the major banks say. (Tue, 27 May 2008 09:05:25 GMT)

Home energy audits available
WILTON - Home energy audits will be available starting June 1 through a program at Western Maine Community Action, said Judy Frost, energy and housing resources program manager. (Tue, 27 May 2008 09:07:01 GMT)

April mortgage approvals 2nd weakest on record
Mortgage approvals for house purchase were the second weakest on record in April and nearly 40 percent lower than at the same time last year, a survey showed on Tuesday. (Tue, 27 May 2008 09:27:00 GMT)

U.K. Mortgage Approvals Fall 39% on Tighter Lending, BBA Says
May 27 (Bloomberg) -- U.K. mortgage approvals fell in April as sliding home values and tighter loan terms dimmed the appeal of borrowing to buy property, a report by the British Bankers' Association showed. (Tue, 27 May 2008 09:33:06 GMT)

Mortgage approvals edge up
Mortgage approvals for new home purchases picked up slightly in April but remain nearly 40 per cent below the levels seen a year ago, according to the latest lending data from the British Bankers Association. (Tue, 27 May 2008 10:07:17 GMT)

Union Mortgage Group appoints new president and CEO
Union Mortgage Group, a member of Union Bankshares, has appointed Herbert Engler as its new president and CEO. (Tue, 27 May 2008 10:14:07 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, 27 May 2008 10:23:10 GMT)

Spaniard raffles flat to pay mortgage
An unemployed Spanish real estate agent is selling raffle tickets in a bid to get rid of his 320,000-euro ($NZ639,000) apartment near Madrid because he is unable to keep up with his mortgage payments and cannot sell it. (Tue, 27 May 2008 10:24:58 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, 27 May 2008 10:25:13 GMT)

Mortgage approvals down 40% on last year
UK mortgage approvals rose in April but were down 40% compared to the same period last year, according to major banks. (Tue, 27 May 2008 10:40:00 GMT)

Home loans fall by 39% as house prices drop for the eighth month in a row
The number of home loans for house purchases has dropped by 39 per cent as the effects of the credit crunch were revealed today (Tue, 27 May 2008 11:14:34 GMT)

Senate Panel OKs Homeowner 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 to pull the nation out of a housing crisis. (Tue, 27 May 2008 11:22:41 GMT)

Mortgage market still alive
There are signs of life in the mortgage lending market with figures showing a boost in April. (Tue, 27 May 2008 12:13:37 GMT)

S&P/Case-Shiller U.S. Home-Price Index Fell 14.4% in March
May 27 (Bloomberg) -- Home prices in 20 U.S. metropolitan areas fell in March by the most on record, pointing to continued weakness in the housing market that will further drag on the economy. (Tue, 27 May 2008 13:28:10 GMT)

Home prices fell at record pace in first quarter: S&P
Prices of single-family homes plunged a record 14.1 percent in the first quarter from a year earlier, marking a pace five times faster than the last housing recession, according to the Standard & Poor's/Case Shiller national home price index reported on Tuesday. (Tue, 27 May 2008 13:33:22 GMT)

Fed's Kroszner Addresses Mortgage Market Repair
(RTTNews) - As the year-anniversary for the turmoil in mortgage and financial markets nears, a top Fed official offered perspective on how to repair these ravaged markets. (Tue, 27 May 2008 13:42:47 GMT)

S&P/Case-Shiller U.S. Home-Price Index Falls 14.4% (Update1)
May 27 (Bloomberg) -- Home prices in 20 U.S. metropolitan areas fell in March by the most in at least seven years, pointing to continued weakness in the housing market that will further drag on the economy. (Tue, 27 May 2008 13:58:20 GMT)

BoS sues former senator, ex-wife for $18,373 loan
The Bank of Saipan Inc. has sued former Senate President Joaquin G. Adriano and his ex-wife Marian for their alleged failure to pay $18,373 loan. (Tue, 27 May 2008 14:24:00 GMT)

S&P/Case-Shiller U.S. Home-Price Index Falls 14.4% (Update3)
May 27 (Bloomberg) -- Home prices in 20 U.S. metropolitan areas fell in March by the most in at least seven years, pointing to weakness in the housing market that will constrain economic growth. (Tue, 27 May 2008 14:28:20 GMT)

New-Home Sales in the U.S. Rose 3.3% to 526,000 Pace (Update1)
May 27 (Bloomberg) -- New-home sales in the U.S. unexpectedly rose in April after readings for the prior month were revised down, signaling a worsening housing slump is still a threat to the economy. (Tue, 27 May 2008 14:28:30 GMT)

New-Home Sales in the U.S. Rose 3.3% to 526,000 Pace (Update2)
May 27 (Bloomberg) -- New-home sales in the U.S. unexpectedly rose in April after readings for the prior month were revised down, signaling a worsening housing slump is still a threat to the economy. (Tue, 27 May 2008 14:58:26 GMT)

HSBC sees more US mortgage loan losses
HSBC may see further losses in its US mortgage loan business, chief executive Michael Geoghegan said at an informal shareholders meeting, as he also called for central banks to battle inflation by raising interest rates. (Tue, 27 May 2008 15:18:00 GMT)

Fitch Affirms Banc of America Commercial Mortgage, Series 2001-1
Fitch Ratings has affirmed Banc of America Commercial Mortgage Inc.'s (BACM) commercial mortgage pass-through certificates, series 2001-1, as follows: (Tue, 27 May 2008 16:12:32 GMT)

Emclaire Financial Corp. to Acquire Elk County Savings and Loan Association in a Conversion Merger Transaction
Emclaire Financial Corp. (OTCBB:EMCF), the parent holding company of The Farmers National Bank of Emlenton, headquartered in Emlenton, Pennsylvania, today announced that they have reached a definitive agreement with Elk County Savings and Loan Association, headquartered in Ridgway, Pennsylvania, to acquire Elk County Savings and Loan in a conversion merger transaction. (Tue, 27 May 2008 16:58:00 GMT)

Woman’s losses far exceed legal victory
NEW HAVEN — Brunilda Perez has won a Superior Court judgment to receive more than $540,000 from a man who misled her about refinancing her home and investing in real estate, but she says the legal win is “just a piece of paper.” (Tue, 27 May 2008 18:19:12 GMT)

Tax cuts blamed for mortgage rate rises
Big banks are pushing up some fixed mortgage interest rates and deposit rates, blaming bigger-than-expected tax cuts announced last week. (Tue, 27 May 2008 18:30:10 GMT)

First-time buyers spend half of income on mortgage
The average first-time buyer is now having to spend nearly half of their income on mortgage payments for the first time in almost 20 years, figures show. (Tue, 27 May 2008 18:51:23 GMT)

Obama talks with Las Vegas family
Democratic presidential candidate Barack Obama stopped briefly today at the downtown Las Vegas home of Felicitas Rosel and Francisco Cano who are worried that they might lose the home they bought three years ago using an adjustable-rate mortgage. (Tue, 27 May 2008 19:19:06 GMT)

A mileage mess with my mortgage
Northwest Airlines promises Dave Herstad 18,375 frequent flier miles when he applies for his mortgage. He gets the loan, but not the miles. After several rounds of finger-pointing between supervisors at Northwest, Lending Tree and Home Loan Center, his miles remain missing. What should he do? (Tue, 27 May 2008 19:49:35 GMT)

Mortgage banker carves out a niche
Don't tell Alan Rosenbaum that the housing bubble has burst. His New York City-based mortgage banker and brokerage company Guardhill Financial Corp. has had a phenomenal year and is expanding into lower Fairfield County by opening a new office in New Canaan. (Tue, 27 May 2008 19:53:51 GMT)

MFA Mortgage to publicly offer 18 million shares
Real estate investment trust MFA Mortgage Investments Inc. said Tuesday it plans to publicly offer 18 million shares of common stock. (Tue, 27 May 2008 22:04:51 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. (Tue, 27 May 2008 22:17:17 GMT)

Mortgage rates start rising in wake of Budget
The Bank of New Zealand and the ANZ and National Banks have increased some of their fixed mortgage and term deposit interest rates after money markets judged last week's budget to be too inflationary and increased wholesale interest rates. (Tue, 27 May 2008 22:51:50 GMT)

The Mortgage Clinic: 'Why can't my broker get me the best deals?'
Q. 'I'm currently using a broker to hunt for a £130,000 mortgage, but the cheap offers that I've seen advertised on the web aren't available via him. Why not? Should I carry on employing him or go direct to lenders instead?' JT, Cheshire (Tue, 27 May 2008 23:23:31 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, 27 May 2008 23:47:50 GMT)

Mortgage v super
You resist the temptation to blow it on a holiday or a new lounge suite. You will either use it to pay down your mortgage or put it into your super fund. But which one will deliver the best benefit for you in the lead-up to retirement? (Wed, 28 May 2008 01:47:24 GMT)

Payday Loan Worries
The slide in home values along with gasoline averaging near four dollars a gallon has some folks scrambling for cash. With Triple A reporting for the 20th day in a row gas prices reaching a record high...the search by some to pay their bills has them looking to payday loans. (Wed, 28 May 2008 01:51:40 GMT)

New home mortgage approvals rise slightly
Mortgage approvals for new home purchases picked up slightly in April but remain nearly 40 per cent below the levels of a year ago, according to the latest lending data from the British Bankers' Association. (Wed, 28 May 2008 02:22:37 GMT)

Camden: a tale of cowardice and mortgage belt bigots
No related articles. Some thoughts on the shameful collusion between cowardly politicians, the craven media and mortgage belt bigots to stop the building of a Muslim school at Camden on the outskirts of Sydney. (Wed, 28 May 2008 03:24:05 GMT)

ANZ National mortgage rates rise
Banks are already pushing up mortgage rates, wiping out any gains that will be made from tax cuts. (Wed, 28 May 2008 03:24:49 GMT)

Bond refinancing plan could save city of Alliance $600,000
Councilman Roger Rhome, R-1, has decided it might be time to turn lemons into lemonade, and thanks to some spurring by Rhome, the city of Alliance will save more than $600,000 on its waterworks financing if it approves a refinancing ordinance. (Wed, 28 May 2008 03:52:53 GMT)

Mortgage rates on the rise again
ANZ National Bank is increasing its short-term fixed mortgage lending rates today, but cutting some longer-term rates by 15 basis points. ANZ National is also increasing deposit rates by up to 50 basis points. (Wed, 28 May 2008 04:40:47 GMT)

Home borrowers will be worse off: report
Families are spending close to 40 per cent of their income on home loan repayments as buying the Australian dream gets harder, a report says. (Wed, 28 May 2008 06:37:12 GMT)

Home borrowers will be worse off: report
Families are spending close to 40 per cent of their income on home loan repayments as buying the Australian dream gets harder, a report says. (Wed, 28 May 2008 06:37:12 GMT)

Home borrowers will be worse off: report
Families are spending close to 40 per cent of their income on home loan repayments as buying the Australian dream gets harder, a report says. (Wed, 28 May 2008 06:37:12 GMT)

UK April mortgage approvals second weakest on record
Mortgage approvals for house purchase were the second weakest on record last month and nearly 40 per cent lower than at the same time last year, a survey showed yesterday. (Wed, 28 May 2008 06:37:37 GMT)

Nelson families face massive mortgage increases - MP
Mortgage rate rises are costing families in Nelson an extra $50 million a year, Parliament was told today. (Wed, 28 May 2008 07:09:28 GMT)

American Advantage Mortgage Company Selected as Preferred Lender for Collegiate Relocation Network (CRN)
American Advantage Mortgage Company selected as the "Preferred Lender for Collegiate Relocation Network (CRN)." CRN the nationally recognized service provider for colleges and universities. Endorsed by the D1A Athletic Directors' Association (D1A), and the National Association of Collegiate Directors of Athletics (NACDA), as "The Official Relocation Firm of D1A and NACDA." (PRWeb May 28, 2008) ... (Wed, 28 May 2008 07:43:06 GMT)

Your new best friend in the credit crisis
Your credit-card terms are usurious; your mortgage contract disguises the real cost of your home; and you need a magnifying glass to catch all the fees in your auto loan. As a result, you may be paying thousands more than you should for these products, says Harvard Law professor Elizabeth Warren. (Wed, 28 May 2008 08:43:46 GMT)

More losses expected on U.S. home loans
HSBC Holdings PLC, Europe's biggest bank by market value, may post more losses at its home-loan business in the United States, CEO Michael Geoghegan told shareholders in Hong Kong yesterday. (Wed, 28 May 2008 09:00:01 GMT)

Mobilian gets 71/2 years in mortgage fraud case
A federal judge sentenced a Mobile woman Tuesday to 7cm HALF years in prison for mortgage fraud and ordered her to pay almost $8 million to banks and other institutions that lost money from her scheme. (Wed, 28 May 2008 09:45:52 GMT)

Mortgage papers found on street
Documents containing names and mortgage details of Leeds Building Society customers are found on a Belfast street. (Wed, 28 May 2008 09:47:23 GMT)

Ahead of the Bell: Mortgage Applications
Industry data to be released Wednesday will show whether home loan applications rose last week as borrowers took advantage of a slight dip in interest rates. (Wed, 28 May 2008 10:12:11 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? (Wed, 28 May 2008 10:24:18 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? (Wed, 28 May 2008 10:25:51 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, 28 May 2008 10:26:17 GMT)

Mortgage application volume falls as rates rise
Mortgage application volume fell 4.6 percent during the week ending May 23, according to the trade group Mortgage Bankers Association's weekly application survey. (Wed, 28 May 2008 11:16:00 GMT)

Mortgage applications down 4.6% on fewer refinancings: MBA
The latest week's number of mortgage applications falls a seasonally adjusted 4.6% due to a drop in refinancing activity, Mortgage Bankers Association survey data show. (Wed, 28 May 2008 11:19:43 GMT)

Mortgage applications fall as rates rise
According to the Mortgage Bankers Association's weekly application survey, volume fell 4.6% during the week ended May 23. (Wed, 28 May 2008 11:43:36 GMT)

Key loan losses up
KeyCorp said Tuesday its loan losses this year are probably going to be higher than previously expected, largely because of the mortgage market. (Wed, 28 May 2008 13:07:16 GMT)

Mortgage Applications Decrease, Interest Rates Inch Higher
The Mortgage Bankers Association revealed this morning that mortgage applications fell to a seasonally adjusted rate of 4.6% in the week ended May 23, attributing the decline to a drop in refinancing activity...( Read More ) (Wed, 28 May 2008 13:36:08 GMT)

Nine Questions to Ask Your Mortgage Lender
If you're looking at getting a mortgage from someone, you want to make sure you know the score. (Wed, 28 May 2008 13:56:33 GMT)

UPDATE: KeyCorp Sees Higher Loan Losses; Shares Quickly Drop 10%
BOSTON (Dow Jones) -- Shares of KeyCorp came under early pressure Wednesday, retreating more than 10% after the regional bank increased its 2008 outlook for loan losses as a result of ongoing credit turmoil and housing-market weakness. (Wed, 28 May 2008 13:57:38 GMT)

KeyCorp sees higher loan losses; shares drop 10%
Shares of KeyCorp retreat more than 10% as the regional bank increases its 2008 outlook for loan losses as a result of ongoing credit turmoil and housing-market weakness. (Wed, 28 May 2008 14:04:52 GMT)

How to Snare the Elusive Home-Equity Loan
Home-equity lines of credit aren't so easy to come by anymore, but there are ways to get them. (Wed, 28 May 2008 14:10:52 GMT)

UPDATE: Mortgage Applications Down 4.6% On Fewer Refinancings: MBA
CHICAGO (Dow Jones) -- Mortgage applications fell a seasonally adjusted 4.6% last week due to a drop in refinancing activity, the Mortgage Bankers Association said Wednesday. (Wed, 28 May 2008 14:13:14 GMT)

Mortgage applications down in week
The volume of applications for U.S. mortgages decreased last week, falling a seasonally adjusted 4.6 percent over a week earlier, an industry group said.The Market Composite Index, which measures mortgage loan application volume, was 593.3 compared to 621.6 a week earlier, the Mortgage Bankers Association said in a news release Wednesday.The Refinance Index fell 8.9 percent to 2,103.5 from ... (Wed, 28 May 2008 14:34:17 GMT)

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