Mortgage News Jun 2008

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GMAC, ResCap get $60B refinancing, funding package
MINNEAPOLIS (AP) - GMAC LLC said Wednesday it completed a more than $60 billion refinancing and funding package aimed at improving the liquidity of its struggling subsidiary, mortgage lender Residential Capital LLC. (Wed, 04 Jun 2008 19:47:12 GMT)

Philadelphia program fights mortgage foreclosure
The city of Philadelphia on Wednesday unveiled a plan to stop people losing their homes through mortgage foreclosure as more borrowers struggle to meet higher payments under adjustable-rate subprime loans. (Wed, 04 Jun 2008 19:55:09 GMT)

ResCap, GMAC complete $60B refinancing deal
GMAC Financial Services, along with subsidiary Residential Capital, have completed a $60 billion refinancing deal. (GMA) (Wed, 04 Jun 2008 19:55:26 GMT)

Timbers get Galaxy's Bryan Jordan on loan
PORTLAND, Ore. -- The Portland Timbers say the club has acquired forward Bryan Jordan on loan from Major League Soccer's Los Angeles Galaxy. Jordan will be in uniform for the Timbers' home match on Thursday against the Minnesota Thunder, pending United Soccer Leagues approval. (Wed, 04 Jun 2008 19:55:35 GMT)

Philadelphia program fights mortgage foreclosure
The city of Philadelphia on Wednesday unveiled a plan to stop people losing their homes through mortgage foreclosure as more borrowers struggle to meet higher payments under adjustable-rate subprime loans. (Wed, 04 Jun 2008 20:16:29 GMT)

GMAC, ResCap get $60B refinancing, funding package
GMAC LLC said Wednesday it completed a more than $60 billion refinancing and funding package aimed at improving the liquidity of its struggling subsidiary, mortgage lender Residential Capital LLC. (Wed, 04 Jun 2008 21:44:37 GMT)

(AFX UK Focus) 2008-06-04 23:00 GMAC, ResCap get $60B refinancing, funding package
MINNEAPOLIS (AP) - GMAC LLC said Wednesday it completed a more than $60 billion refinancing and funding package aimed at improving the liquidity of its struggling subsidiary, mortgage lender Residential Capital LLC. (Wed, 04 Jun 2008 22:09:53 GMT)

GMAC, ResCap get $60B refinancing, funding package
MINNEAPOLIS (AP) - GMAC LLC said Wednesday it completed a more than $60 billion refinancing and funding package aimed at improving the liquidity of its struggling subsidiary, mortgage lender Residential Capital LLC. (Wed, 04 Jun 2008 22:12:54 GMT)

High-rolling Pa. businessman admits $40 million loan fraud
PHILADELPHIA (AP) - A philanthropic businessman from suburban Philadelphia admits he lied on bank documents to obtain over $40 million in loans. Andrew Yao got the loans on his jet, Nantucket vacation home and student-loan company. (Wed, 04 Jun 2008 22:24:56 GMT)

(AFX UK Focus) 2008-06-04 23:00 GMAC, ResCap get $60B refinancing, funding package
MINNEAPOLIS (AP) - GMAC LLC said Wednesday it completed a more than $60 billion refinancing and funding package aimed at improving the liquidity of its struggling subsidiary, mortgage lender Residential Capital LLC. (Wed, 04 Jun 2008 22:26:11 GMT)

High-rolling businessman admits $40M loan fraud
A philanthropic businessman admitted Wednesday that he lied on bank documents to obtain over $40 million in loans on his jet, Nantucket vacation home and student-loan company. (Wed, 04 Jun 2008 22:29:26 GMT)

Top Tips For Vacation Home Buyers
Now might be the time to pick up a second home. Do your homework before you invest. (Wed, 04 Jun 2008 22:42:57 GMT)

GMAC Mortgage Unit Gets $60 Billion Financing Package
The financing package aimed to improve the liquidity of its struggling subsidiary, mortgage lender Residential Capital. (Wed, 04 Jun 2008 22:49:19 GMT)

First Horizon shares rise on sale of mortgage unit
Shares of First Horizon National Corp. rose Wednesday as the regional bank agreed to sell its residential mortgage business to a subsidiary of MetLife Inc. (Wed, 04 Jun 2008 23:09:25 GMT)

GMAC, ResCap get $60B refinancing, funding package
MINNEAPOLIS -- GMAC LLC said Wednesday it completed a more than $60 billion refinancing and funding package aimed at improving the liquidity of its struggling subsidiary, mortgage... (Thu, 05 Jun 2008 00:08:31 GMT)

High-Rolling Pa. Businessman Admits $40M Loan Fraud
A philanthropic businessman admits that he lied on bank documents to obtain more than $40 million in loans on his jet, Nantucket vacation home and student-loan company. (Thu, 05 Jun 2008 00:32:33 GMT)

'netWORTH: Home Buying, Selling, Refinancing
Michelle Wright's guest for this edition of 'netWORTH is a senior mortgage consultant who thinks this is a good time to buy a home since interest rates are so low. (Thu, 05 Jun 2008 00:38:27 GMT)

CRIME: Two men arrested in auto loan scam
A man from Youngstown and another from Buffalo who briefly ran an auto loan brokerage company were arrested Wednesday on several felony charges for stealing over $240,000 from their customers. John Pazamickas, 45, 425 Hawthorne Place, Youngstown, and Matthew Hunter, 35, Tracy Street, Buffalo, sold non-existent warranties to more than 120 customers and stole auto loan payments from their ... (Thu, 05 Jun 2008 02:32:48 GMT)

MetLife subsidiary to buy First Horizon mortgage unit
NEW YORK - A subsidiary of MetLife Inc. on Wednesday said it will buy the residential mortgage business of a unit of First Horizon National Corp., including more than 230 retail and wholesale offices nationwide. (Thu, 05 Jun 2008 04:09:29 GMT)

Mortgage Fraud Is Found During Fire Investigation
An investigation into a rash of arsons two years ago in Crown Heights, Brooklyn, helped prosecutors uncover a different crime in the neighborhood: mortgage fraud. (Thu, 05 Jun 2008 04:31:11 GMT)

Couple pleads guillty to home-loan fraud
KANSAS CITY, Mo. — A St. Joseph couple pleaded guilty in federal court Wednesday for their role in a mortgage fraud scheme. (Thu, 05 Jun 2008 05:04:25 GMT)

Rock in mortgage deal with Lloyds
Lloyds TSB agrees a deal whereby Northern Rock mortgage customers will be encouraged to switch to it. (Thu, 05 Jun 2008 06:37:57 GMT)

First Tennessee cuts mortgage losses with deal
The parent company of Tennessee's largest bank, First Tennessee, said Wednesday it will sell its mortgage business outside the state to a subsidiary of MetLife Inc., signaling the bank's final retrenchment from a decade-long push to expand its mortgage business nationally. (Thu, 05 Jun 2008 07:24:55 GMT)

Loan mess hits home for local students
Todd Coffman thinks he's a good credit risk — but because he's studying at a community college, the banks suddenly seem to think otherwise... (Thu, 05 Jun 2008 07:46:25 GMT)

Home loan market under renewed scrutiny
The federal government has ordered an inquiry into the home loans market with a view to increasing competition between banks and non-bank lenders. (Thu, 05 Jun 2008 08:46:13 GMT)

Home loan market under renewed scrutiny
The federal government has ordered an inquiry into the home loans market with a view to increasing competition between banks and non-bank lenders. (Thu, 05 Jun 2008 08:46:13 GMT)

Home loan market under renewed scrutiny
The federal government has ordered an inquiry into the home loans market with a view to increasing competition between banks and non-bank lenders. (Thu, 05 Jun 2008 08:46:13 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, 05 Jun 2008 09:22:58 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, 05 Jun 2008 09:24:06 GMT)

$60 Billion Refinance Package for GMAC’s Mortgage Lender
The financing package aimed to improve the liquidity of its struggling subsidiary, mortgage lender Residential Capital. (Thu, 05 Jun 2008 09:37:17 GMT)

Deducting points on a home loan
There's a tax benefit to reducing your mortgage interest at closing, says CPA George Saenz. (Thu, 05 Jun 2008 10:00:00 GMT)

Lenders and mortgage insurers pull back
In recent weeks, mortgages quietly became harder to get. Mortgage insurers require higher credit scores and bigger down payments than they did a month or two ago. Underwriting software used by brokers and loan officers is issuing fewer approvals than at the end of May. (Thu, 05 Jun 2008 10:55:56 GMT)

GMAC, ResCap get $60B refinancing, funding package
GMAC L.L.C. said Wednesday it completed a more than $60 billion refinancing and funding package aimed at improving the liquidity of its struggling subsidiary, mortgage lender Residential Capital L.L.C. (Thu, 05 Jun 2008 11:19:24 GMT)

Bankrate: Mortgage Rates Nudge Higher
Fixed mortgage rates moved higher for the second week in a row, with the average conforming 30-year fixed mortgage rate rising to 6.26 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.4 discount and origination points. (Thu, 05 Jun 2008 14:18:00 GMT)

Mortgage foreclosures reach record high
U.S. home foreclosures and the rate of homes entering the foreclosure process rose to record highs in the first quarter with increases across many loan classes, the Mortgage Bankers Association said on Thursday. (Thu, 05 Jun 2008 14:23:31 GMT)

Mortgage foreclosures highest in nearly 30 years: MBA
More homeowners headed toward foreclosure in the first quarter, with the rate of foreclosure starts at levels not seen since 1979, according to Mortgage Bankers Association data. (Thu, 05 Jun 2008 14:35:23 GMT)

U.S. mortgage rates nearly unchanged
WASHINGTON, June 5 (UPI) -- Interest rates for 30-year, fixed-rate mortgages gained slightly in the United States in the last week, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 05 Jun 2008 15:09:09 GMT)

Foreclosures and late home loan payments set first-quarter records
WASHINGTON -- Home foreclosures and late payments set records over the first three months of the year and are expected to keep rising, stark signs of the housing crisis' mounting damage to homeowners and the economy. (Thu, 05 Jun 2008 15:47:57 GMT)

Cuomo, ratings agencies announce mortgage market reform
New York state’s attorney general and the three largest credit-rating agencies agree on reforms aimed at improving the way in which residential mortgage loans are valued and rated. (Thu, 05 Jun 2008 16:51:02 GMT)

U.S. mortgage foreclosures hit record high
U.S. home foreclosures and mortgage delinquencies hit record highs in the first quarter as the sharp housing downturn put more American households under financial strain, data released on Thursday showed. (Thu, 05 Jun 2008 17:59:00 GMT)

Cuomo, rating agencies agree on mortgage reforms
New York Attorney General Andrew Cuomo announced an agreement with Wall Street's three major credit-rating agencies Thursday that would overhaul how they evaluate investments backed by risky mortgage debt. (Thu, 05 Jun 2008 18:03:46 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? (Thu, 05 Jun 2008 19:06:11 GMT)

Mortgage delinquency, foreclosure rates soar
Mortgage delinquency and foreclosure rates soared nationally in the first quarter from the comparable 2007 period, with 89 percent of the increase coming in already hard-hit California, Florida and Nevada. (Thu, 05 Jun 2008 19:17:52 GMT)

$60 Billion Refinance Package for GMAC’s Mortgage Lender
The financing package aimed to improve the liquidity of its struggling subsidiary, mortgage lender Residential Capital. (Thu, 05 Jun 2008 19:37:44 GMT)

Cuomo, rating agencies agree on mortgage reforms
New York Attorney General Andrew Cuomo announced an agreement with Wall Street's three major credit-rating agencies today that would overhaul how they evaluate investments backed by risky mortgage debt. (Thu, 05 Jun 2008 19:48:53 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, 05 Jun 2008 20:06:08 GMT)

Fitch Announces Various Rating Actions on Mortgage Insurers
Fitch Ratings has announced a number of rating actions on the U.S. private mortgage insurance (MI) sector (see full list below). Several of these actions have led to downgrades of multiple notches to the insurer financial strength (IFS) and debt ratings of the affected companies. (Thu, 05 Jun 2008 20:57:14 GMT)

Fitch Affirms 4 & Downgrades 3 Classes from 2 Fremont Home Loan Trust Subprime Transactions
NEW YORK----Fitch Ratings has taken the following rating actions on 7 Fremont Home Loan Trust mortgage pass-through certificates. Unless stated otherwise, any bonds that were previously placed on Rating Watch Negative are removed from Rating Watch Negative. (Thu, 05 Jun 2008 22:14:00 GMT)

More banks join New England mortgage relief effort
The number of banks participating in a $125 million fund to refinance troubled mortgages and ease foreclosures across New England has grown from an initial five to more than 50. (Thu, 05 Jun 2008 22:15:17 GMT)

Fitch downgrades mortgage insurer ratings
Fitch Ratings on Thursday announced a number of ratings actions, including downgrades, on the private mortgage insurance sector due to an increasingly bleak outlook on the industry. (Thu, 05 Jun 2008 22:16:24 GMT)

Fitch Affirms 4 & Downgrades 3 Classes from 2 Fremont Home Loan Trust Subprime Transactions
Fitch Ratings has taken the following rating actions on 7 Fremont Home Loan Trust mortgage pass-through (Thu, 05 Jun 2008 22:25:20 GMT)

N.H. announces new mortgage fraud task force
Several state agencies are working with federal authorities to investigate mortgage fraud in New Hampshire. (Thu, 05 Jun 2008 23:10:04 GMT)

Hawaii banks' mortgage rates virtually unchanged
Mortgage rates at Hawaii's four largest banks remained for the most part unchanged this week, varying by just an eighth of a point in both directions. (Fri, 06 Jun 2008 01:03:13 GMT)

$60 Billion Refinance Package for GMAC’s Mortgage Lender
The financing package aimed to improve the liquidity of its struggling subsidiary, mortgage lender Residential Capital. (Fri, 06 Jun 2008 02:38:16 GMT)

City taking applications for home repair loans
Applications are being accepted for the city of Tucson’s Home Repair Deferred Loan Program. (Fri, 06 Jun 2008 03:30:43 GMT)

Champaign Nursing Home Gets Loan
URBANA- The Champaign county board says this is the last time it's bailing out its nursing home. The board approved an almost 600-thousand loan to get the home out of the red. After almost three hours of heated debate the board is giving the nursing home a 592-thousand dollar loan. (Fri, 06 Jun 2008 03:34:36 GMT)

Banks expand participation in New England mortgage relief
BOSTON -- The number of banks participating in a $125 million fund to refinance troubled mortgages and ease foreclosures across New England has grown from an initial five to more than 50. ... - By MARK JEWELL The Associated Press (Fri, 06 Jun 2008 04:13:45 GMT)

Refinancing: Great Deals ... If You Qualify -- ThirdAge
Refinancing: Great Deals ... If You Qualify During the height of the real estate boom, it was not only possible to buy a home with little cash and less-than-ideal credit, but with soaring real estate prices, it was easy to refinance as well. (Fri, 06 Jun 2008 06:08:02 GMT)

Cuomo, rating agencies set on mortgage reform / New, safer way to evaluate risky investments
New York Attorney General Andrew Cuomo announced an agreement with Wall Street's three major credit-rating agencies Thursday that will overhaul how they evaluate investments backed by risky mortgage debt. Cuomo, flanked at a news conference by executives... (Fri, 06 Jun 2008 07:25:07 GMT)

Two found guilty in mortgage scam
Two ringleaders of a multimillion-dollar mortgage scam are facing up to 30 years in prison and heavy fines and restitution after pleading guilty to bilking banks and fleecing foreclosure victims in Brooklyn and the Bronx. (Fri, 06 Jun 2008 08:11:47 GMT)

There are no Dumb Mortgage Questions
(ARA) - The old saying, "The only dumb question is the one you don't ask" couldn't be more true when it relates to your mortgage. The more you ask, the more you know. And the more you know, the better decisions you'll make when getting a mortgage. (Fri, 06 Jun 2008 08:19:38 GMT)

Mortgage delinquency, foreclosure rates soar
Mortgage delinquency and foreclosure rates soared nationally in the first quarter from the comparable 2007 period, with 89 percent of the increase coming in already hard-hit California, Florida and Nevada. (Fri, 06 Jun 2008 08:19:42 GMT)

National mortgage default rate up
U.S. home foreclosures and late mortgage payments set records over the first three months of the year, while figures for Kentucky were better than the national average and showed improvement from the end of last year. (Fri, 06 Jun 2008 08:52:19 GMT)

U.S. mortgage defaults, foreclosures reach record highs
The national figure is driven higher by increasing housing woes in California and Florida, the Mortgage Bankers Assn. reports. Mortgage delinquencies and foreclosures reached record levels in the first three months of this year, driven higher by increasing housing woes in California and Florida, the Mortgage Bankers Assn. reported Thursday. (Fri, 06 Jun 2008 09:50:42 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, 06 Jun 2008 10:26:16 GMT)

Banks expand participation in New England mortgage relief
Associated Press - June 6, 2008 6:25 AM ET BOSTON (AP) - The number of New England banks participating in a $125 million fund to refinance troubled mortgages has grown from an initial five to... (Fri, 06 Jun 2008 10:34:59 GMT)

Mortgage Investors Seek ‘High-Touch’ Staff
Mortgage investors, watching homeowners default on their loans in record numbers, are fighting back to limit the losses on their assets. New IOSCO Ethics Code ‘Voluntary’ By Jeff HaynesIn the wake of the subprime mortgage mess, regulators have turned their eyes on credit rating agencies. (Fri, 06 Jun 2008 11:13:09 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? (Fri, 06 Jun 2008 11:22:04 GMT)

Moody's assigns Ba3 rating, Stable Outlook to Home Credit and FinanceBank's LPN
MOSCOW. June 6 (Interfax) - Moody's Investors Service has assigned a Ba3 long-term foreign currency rating to the senior unsecured Loan Participation Notes expected to be issued on a limited-recourse basis by Eurasia Capital S.A., a Luxembourg-based special purpose vehicle, for the sole purpose of funding loans to Home Credit and Finance Bank Limited Liability Company ("HCFB"), the ratings ... (Fri, 06 Jun 2008 11:42:00 GMT)

The Dangers of Using Home Equity to Get Out of Debt
A home equity loan can seem like the perfect way to get out of debt, but there are some very important dangers associated with putting your home on the line to pay off debts. (Fri, 06 Jun 2008 12:00:00 GMT)

Bradford & Bingley ups buy-to-let mortgage rates
Bradford & Bingley , which stunned investors with a stark profit warning earlier this week, has raised its mortgage rates by up to 0.55 percentage points as it is hit by increasing funding costs. (Fri, 06 Jun 2008 12:02:00 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, 06 Jun 2008 12:22:12 GMT)

Mortgage trouble worst since 1979
More owners paying late, facing foreclosure Nearly 1 in 10 U.S. homeowners faced foreclosure or fell behind in their mortgage payments in the first three months of the year, according to a report released Thursday, a figure that offers a look into the toll caused by the collapse of the housing market. (Fri, 06 Jun 2008 12:31:04 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? (Fri, 06 Jun 2008 13:35:51 GMT)

Fed's Kroszner: Parts of mortgage market stalled
Strains in financial markets have eased somewhat but securitizations of non-agency mortgage products remain stalled and will recover only gradually, Federal Reserve Governor Randall Kroszner said on Friday. (Fri, 06 Jun 2008 13:59:44 GMT)

Finding Your Break-Even Point on a Refinancing
If you want to try for a lower rate, weigh the costs and benefits before making the move. (Fri, 06 Jun 2008 14:25:33 GMT)

Late Mortgage Payments In Md. Up 70 Percent
Homeowners in Maryland are falling behind on their mortgage payments at an alarming pace. (Fri, 06 Jun 2008 15:42:22 GMT)

Bradford & Bingley Increases Mortgage Rates for New Customers
June 6 (Bloomberg) -- Bradford & Bingley Plc , Britain's largest lender to landlords, increased many of its mortgage rates, citing the rising cost of funding and more competition among lenders. (Fri, 06 Jun 2008 16:04:42 GMT)

Personal Finance Daily: A tax credit for home buyers may not work like you think
Congress is considering a couple of proposals that would provide a tax incentive for home buyers, legislation that aims to spur the housing market and help pare the big overhang of inventory on the market that is dragging down prices in many areas. But the limits in the competing plans make them nothing to write home about. (Fri, 06 Jun 2008 17:04:53 GMT)

Freddie Mac CEO Richard Syron says company will weather mortgage market troubles
WASHINGTON - Freddie Mac's chief executive tried to reassure shareholders Friday that the mortgage finance company's fortunes will improve, after a year in which its share price was sliced by more than 60 percent amid a prolonged housing slump. (Fri, 06 Jun 2008 17:07:38 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, 06 Jun 2008 18:51:02 GMT)

Abbey increases mortgage rates and Egg quits mortgage business
Abbey, Britain’s third-largest lender, increased its mortgage rates last night as Citigroup, the world’s biggest bank, stopped offering home loans to British borrowers. (Fri, 06 Jun 2008 20:20:20 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? (Sat, 07 Jun 2008 00:02:48 GMT)

Getting a home loan gets harder as lenders, insurers pull back
In recent weeks, mortgages quietly became harder to get. (Sat, 07 Jun 2008 00:06:50 GMT)

GE to sell Australian mortgage business
General Electric has appointed JP Morgan and Citigroup to manage the possible sale of its Australian mortgage business, a spokesman for GE Money Australia said on Friday. (Sat, 07 Jun 2008 00:30:02 GMT)

Lenders, mortgage insurers pull back
In recent weeks, mortgages quietly became harder to get. Mortgage insurers require higher credit scores and bigger down payments than they did a month or two ago. ... (Sat, 07 Jun 2008 04:26:03 GMT)

Realty tax tips: New lender has no right to change mortgage
My mother-in-law's mortgage was sold to another lender. The new lender is asking for PMI, which was not required by her previous lender. She has more than 50 percent equity in her home. She really cannot afford the PMI. Does the new lender have this right? What are her options? (Sat, 07 Jun 2008 07:16:35 GMT)

VA acts to offer mortgage relief
With thousands of service members and veterans having lost homes or facing foreclosure as the mortgage crisis continues, lawmakers are pushing legislation to raise VA loan ceilings, lower VA funding fees and expand the VA's ability to help veterans to refinance loans they can't afford. (Sat, 07 Jun 2008 07:19:03 GMT)

Man guilty in mortgage scheme
A Coral Gables man was convicted Thursday of running a mortgage scheme in which he made about $3 million on 10 homes scattered across Palm Beach County using false documents to induce banks to make loans. (Sat, 07 Jun 2008 07:25:37 GMT)

Some states act to stop mortgage-rescue scammers
For people about to lose their homes to foreclosure, the advertisements are like a lifeline: "WE BUY HOUSES FOR CA$H," or "Refinance Your Mortgage! And Receive a 7 Day Vacation." (Sat, 07 Jun 2008 08:15:33 GMT)

VA works to help in lending crisis
With thousands of service members and veterans having lost homes or facing foreclosure as the mortgage crisis continues, lawmakers are pushing legislation to raise ceilings for veterans’ loans, lower funding fees and expand government’s ability to help veterans refinance loans they can’t afford. (Sat, 07 Jun 2008 08:39:00 GMT)

Comparison of mortgage insurance cost
COMPARING COSTS Generally, upfront fees are higher for FHA insurance than for private mortgage insurance on conventional loans made to borrowers with low down payments. (Sat, 07 Jun 2008 09:10:13 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, 07 Jun 2008 09:32:16 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, 07 Jun 2008 09:50:32 GMT)

Top Tips For Vacation Home Buyers
Now might be the time to pick up a second home. Do your homework before you invest. (Sat, 07 Jun 2008 10:05:12 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? (Sat, 07 Jun 2008 11:37:52 GMT)

Gloom deepens for property market as big lenders announce mortgage rate hikes
Britain's have biggest mortgage lenders put interest rates up, putting even more pressure on the beleaguered property market. (Sat, 07 Jun 2008 14:54:42 GMT)

Stubborn mortgage rates defy conventional wisdom
The Federal Reserve has aggressively cut interest rates. Houses are sitting around unsold. The stage appears to be set for mortgage rates to fall as lenders compete to attract that scarce quarry: the well-qualified home buyer. (Sat, 07 Jun 2008 16:16:03 GMT)

3 Credit Cards Cleared but Still 1 Mortgage Too Many
(Sat, 07 Jun 2008 20:41:43 GMT)

Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Sat, 07 Jun 2008 21:06:31 GMT)

Last-minute deal on £1m mortgage
Richard Waple has just experienced first-hand the concerns facing many high net worth property owners. The managing director of Property Investment Holdings has had a mortgage worth more than £1m ($1.97m) for four years and never missed a payment. (Sat, 07 Jun 2008 22:04:47 GMT)

Don't bite the 'magic bullet': beware of quick fixes if you fall behind on your mortgage
'People feel the bills mounting up and then they are falling behind with their mortgage. Often they do not face up to it until they are being taken to court. Sadly in about one in five cases we advise on, we have to tell people they will lose their home." (Sat, 07 Jun 2008 23:32:56 GMT)

More banks join mortgage initiative
BOSTON — The Federal Reserve Bank of Boston and Massachusetts Bankers Association announced last week that the mortgage relief initiative introduced in December is growing from an initial five banks to more than 50 banks of every size, with... (Sun, 08 Jun 2008 05:13:31 GMT)

Home by home, crisis engulfs nation
When the bank foreclosed on A.D. and Naomi Thomas in 2005, signs of the nation's home mortgage meltdown were growing blips on the nation's radar, noticeable mostly in places like Montgomery County, where trouble came early and hard. (Sun, 08 Jun 2008 05:15:09 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. (Sun, 08 Jun 2008 05:58:51 GMT)

Use Auto Refinancing to Ease the Family Budget
(ARA) - With gas prices at an all-time high and no relief in site, families are finding it necessary to cut back their spending on other items in order to fill up the car's tank. It's reported that gas prices could exceed $4 per gallon this summer. (Sun, 08 Jun 2008 06:36:25 GMT)

Mortgage holders who simply can't pay can get assistance
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. (Sun, 08 Jun 2008 07:16:45 GMT)

Seller carryback mortgage ripe with benefits
DEAR BOB: What is a seller carryback mortgage, which you often mention? --Mary J. DEAR MARY: When you buy a property and the seller finances all or part of your purchase price, acting like a mortgage lender, that is called a seller carryback mortgage. (Sun, 08 Jun 2008 07:19:44 GMT)

Lender can't assume loan, ask for PMI
Q: My mother-in-law's mortgage was sold to another lender. The new lender is asking for PMI, which was not required by her previous lender. She has more than 50 percent equity in her home. She really cannot afford the PMI. Does the new lender have this right?... (Sun, 08 Jun 2008 07:22:04 GMT)

Mortgage fraud burgeoning with new twists
Good news. There are no new mortgage frauds. But the bad news is that the old schemes are becoming more intricate, and the criminals who work them are more active then ever. "Mortgage fraud is so easy, even a caveman can do it," says Scott Broshears, the FBI'... (Sun, 08 Jun 2008 07:23:16 GMT)

30-year mortgage rates reach a 3-month high
Rates on 30-year mortgages edged up last week to the highest level since March as investors worried about inflation threats. The mortgage company Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 6.09 percent, compared with 6.08 percent... (Sun, 08 Jun 2008 07:23:44 GMT)

Plan would help veterans in mortgage mess
With thousands of service members and veterans losing homes or facing foreclosure as the mortgage crisis continues, lawmakers are pushing legislation to raise VA loan ceilings, lower VA funding fees and expand the VA's ability to help veterans to refinance loans they can't afford. (Sun, 08 Jun 2008 09:08:52 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, 08 Jun 2008 09:22:16 GMT)

Mortgage Brokers Weathering The Storm
East Lyme IT ALL BEGAN AT NEW ENGLAND SAVINGS BANK, A venerable institution taken down 15 years ago by the last major real-estate downturn. But the (Sun, 08 Jun 2008 10:28:10 GMT)

Divorcee is wise to wipe her name from mortgage
Q:My ex-husband and I bought a house in 1995. We divorced in 1999, and pursuant to our divorce decree, he kept the house and I moved out. We both remarried in 2000. My new husband and I have a new mortgage on our home, after fighting to prove to the lender that my ex has the previous house. (Sun, 08 Jun 2008 10:34:46 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, 08 Jun 2008 11:05:41 GMT)

Local restaurateur announces plan to retire Turning Point's mortgage
MARION - Local restaurateur Tim Kildow, owner of The Warehouse Restaurant, announced recently that he has a plan for a fundraiser to pay off the mortgage on the Turning Point facility. (Sun, 08 Jun 2008 11:16:42 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? (Sun, 08 Jun 2008 11:47:19 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, 08 Jun 2008 13:17:17 GMT)

Subprime chill creeping into home-equity lines of credit
MELVILLE, N.Y.—Homeowners have been getting their home-equity lines of credit frozen or pared down by lenders trying to cut risks. (Sun, 08 Jun 2008 14:30:43 GMT)

Time is right to lock in a fixed-rate mortgage
If you have an adjustable or interest-only mortgage, now is the time to consider refinancing to a fixed-rate mortgage. Rates are low, and money is available for creditworthy borrowers in the area, said Steve Habetz, president of Threshold Mortgage Co. of Westport. (Sun, 08 Jun 2008 15:31:04 GMT)

30-year mortgage rates reach a 3-month high
Rates on 30-year mortgages edged up last week to the highest level since March as investors worried about inflation threats. The mortgage company Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 6.09 percent, compared with 6.08 percent... (Sun, 08 Jun 2008 16:53:09 GMT)

VA acts to offer mortgage relief
With thousands of service members and veterans having lost homes or facing foreclosure as the mortgage crisis continues, lawmakers are pushing legislation to raise VA loan ceilings, lower VA funding fees and expand the VA's ability to help veterans to refinance loans they can't afford. (Sun, 08 Jun 2008 20:44:51 GMT)

Loan harass slur in suicide
Calcutta, June 8: A 62-year-old retired officer of the Bengal electricity board hanged himself at his Behala home after allegedly being harassed by police for defaulting on loan repayment to a private bank. (Sun, 08 Jun 2008 21:15:07 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? (Sun, 08 Jun 2008 21:32:26 GMT)

Get Extra Cash By Refinancing Your Car
(ARA) - Sometimes life throws you a curve ball. The water heater springs a leak, your son breaks a tooth or you need a plane ticket to visit a sick relative. These unplanned expenses add up and if you don't have savings to cover them, where will the extra payments come from? (Sun, 08 Jun 2008 22:51:11 GMT)

Charcol jobs to go as mortgage lending slows
Independent mortgage broker John Charcol is expected this week to axe dozens of jobs as it counts the cost of the mortgage market slowdown. (Sun, 08 Jun 2008 23:58:35 GMT)

FG Begins Reform of Mortgage System
The Federal Government has said it has embarked on reform of its mortgage system, to make it more effective and result-oriented in tackling Ngerians growing housing needs. (Mon, 09 Jun 2008 00:04:08 GMT)

Facing foreclosure - learn mortgage game
Mika and Kory Gassmann are not economically unsophisticated. They have had their home business, Comfort Air Heating and Cooling, located in their home on Menager Drive in Hamilton for eight years. The company is a member of the Chamber of Commerce. (Mon, 09 Jun 2008 01:37:24 GMT)

Time is right to lock in a fixed-rate mortgage
If you have an adjustable or interest-only mortgage, now is the time to consider refinancing to a fixed-rate mortgage. Rates are low, and money is available for creditworthy borrowers in the area, said Steve Habetz, president of Threshold Mortgage Co. of Westport. (Mon, 09 Jun 2008 02:16:12 GMT)

Concerned home buyers flock to fixed-rate loans
Ahead of an expected interest rate hike on Thursday - and probably more to come later in the year - more home buyers are opting for fixed-rate mortgages. Unlike variable-rate mortgages that go up and down with the Reserve Bank's official repo rate, fixed-rate loans remain in place for a period. (Mon, 09 Jun 2008 05:18:25 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, 09 Jun 2008 05:59:33 GMT)

(AFX UK Focus) 2008-06-09 06:39 SKorea end-March household debt at record 640.5 trln won as mortgage loans rise
SEOUL (Thomson Financial) - South Korean household debt rose to a fresh record of 640.5 trillion won ($622.9 billion) at the end of the first quarter as demand for mortgage loans increased, with a huge number of new homes in northern Seoul going on sale, the central bank said on Monday. (Mon, 09 Jun 2008 06:11:13 GMT)

BofA tackling debt worries by cutting home-equity lines
Bank of America Corp. is tightening up its home-equity lending business, turning down applications and turning off credit lines in struggling housing markets. (Mon, 09 Jun 2008 06:12:17 GMT)

How King County dodged mortgage mess compared to San Diego
SAN DIEGO -- Sights you don't see across the Puget Sound region: Chunks of newly built neighborhoods with "For Sale" signs planted in every yard. Wide swaths of land leveled by developers, lying barren, awaiting homes that may never arrive. Entire office buildings abandoned by mortgage companies that abruptly went bust. In one block of a shiny new neighborhood not far from the Mexican border, ... (Mon, 09 Jun 2008 06:12:36 GMT)

Some small businesses forced to move back home
When a small business graduates from being home-based to having premises of its own, it’s quite an accomplishment. But in this economy, some small company owners are deciding it makes more sense to move back home again. (Mon, 09 Jun 2008 06:45:13 GMT)

(AFX UK Focus) 2008-06-09 07:39 Italy April outstanding mortgage loans fall from March; second month running
MILAN (Thomson Financial) - Italy's stock of outstanding mortgage loans fell in April to 256.5 billion euros from 259.9 billion in March and 268.3 billion in February, said Il Sole 24 Ore. (Mon, 09 Jun 2008 07:11:40 GMT)

Progress toward mortgage industry reform is slow in California
(Mon, 09 Jun 2008 07:17:05 GMT)

Operating a small business from home has pluses
When a small business graduates from being home-based to having premises of its own, it's quite an accomplishment. But in this economy, the owners of some small companies are deciding it makes more sense to move back home. (Mon, 09 Jun 2008 08:52:27 GMT)

Appraiser awaits sentencing on mortgage fraud
A Fort Worth real estate appraiser was one of two men who pleaded guilty this week of federal charges involving an alleged two-year mortgage fraud scheme that engulfed more than 200 homes in the Dallas-Fort Worth area. (Mon, 09 Jun 2008 10:04:47 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, 09 Jun 2008 10:24:22 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, 09 Jun 2008 10:24:42 GMT)

Home Equity Basics
(ARA) - Purchasing a home is a huge event in anyone's life. It's an investment that, over time, will yield you a significant profit. As the years progress, the value of your home will increase. (Mon, 09 Jun 2008 10:26:03 GMT)

Get Extra Cash By Refinancing Your Car
(ARA) - Sometimes life throws you a curve ball. The water heater springs a leak, your son breaks a tooth or you need a plane ticket to visit a sick relative. These unplanned expenses add up and if you don't have savings to cover them, where will the extra payments come from? (Mon, 09 Jun 2008 10:52:03 GMT)

$518,118 shared in mortgage taxes
LITTLE VALLEY — The most recent six-month distribution of mortgage taxes of $518,118 to Cattaraugus County cities, villages and towns has been released by Legislature Finance Chairman Michael T. O'Brien, RPortville. (Mon, 09 Jun 2008 10:54:53 GMT)

Belfast broker banned for mortgage fraud
The FSA has banned Belfast mortgage broker Gerard McStravick, trading as Fast Track Mortgage and Finance Consultants, for knowingly submitting false mortgage applications to lenders. ... (Mon, 09 Jun 2008 11:51:00 GMT)

Ratings agency downgrades outlook for Home Group
Management changes at housing association Home Group and the risk of falling property sales have prompted a ratings agency to change the group's outlook from 'stable' to 'negative'. (Mon, 09 Jun 2008 12:04:16 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, 09 Jun 2008 12:05:31 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, 09 Jun 2008 12:07:07 GMT)

Accredited Home Lenders Holding appoints new CEO
Accredited Home Lenders Holding and its subsidiary, Accredited Mortgage Loan REIT Trust, have announced that Jeff Walton has been named as CEO of the parent company. (Mon, 09 Jun 2008 12:21:06 GMT)

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