Mortgage News Jun 2008

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The Mortgage Clinic: 'Is it madness to go for a cheap SVR?'
We're seeking another two-year fix but the best mortgage we can find is a very high 6.25 per cent. This is almost unaffordable for our £140,000 interest-only loan, and we've noticed that the standard variable rate on a rival bank – First Direct – is actually cheaper! Would it be madness to go for an SVR? GR, Northumberland (Tue, 24 Jun 2008 23:32:30 GMT)

Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Tue, 24 Jun 2008 23:47:34 GMT)

Fugitives In Mortgage Fraud Case Arrested
The FBI arrests two men wanted in connection with a nationwide mortgage crackdown, but one woman remains on the loose. (Wed, 25 Jun 2008 00:11:41 GMT)

Approval Is Near for Bill to Help U.S. Homeowners
Congress is poised to approve a huge package of housing legislation, including a refinancing program aimed at rescuing homeowners in danger of foreclosure. (Wed, 25 Jun 2008 01:46:20 GMT)

More Mortgage Fraud Suspects Captured
A Chula Vista resident sought as part of a nationwide crackdown on mortgage fraud crimes turned himself in at the FBI office in Kearny Mesa. (Wed, 25 Jun 2008 02:07:44 GMT)

Illinois Files Suit Against Countrywide
Illinois contends that the mortgage lender Countrywide and its executives defrauded borrowers in the state by selling them costly and defective loans that quickly went into foreclosure. (Wed, 25 Jun 2008 02:16:20 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, 25 Jun 2008 02:48:55 GMT)

Britain: Home Loan Approvals Fall Sharply
New British home loan approvals fell at their sharpest annual rate in at least a decade, reaching a record in May, raising fears that the housing slowdown was escalating. (Wed, 25 Jun 2008 03:01:37 GMT)

Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Wed, 25 Jun 2008 03:03:39 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, 25 Jun 2008 03:04:20 GMT)

Members Equity Plans to Sell Mortgage-Backed Bonds, People Say
June 25 (Bloomberg) -- Members Equity Bank Ltd., an Australian lender owned by pension funds, plans to sell about A$400 million ($382 million) of mortgage-backed bonds, according to two people with knowledge of the deal. (Wed, 25 Jun 2008 03:15:50 GMT)

Approval Is Near for Bill to Help U.S. Homeowners
Congress is poised to pass a huge package of housing legislation, including a refinancing plan aimed at rescuing homeowners in danger of foreclosure. (Wed, 25 Jun 2008 03:37:22 GMT)

EMI nightmare: Home loan set to go up again
With the RBI hiking CRR, repo rates by 0.5 per cent, banks say lending rates is likely to go up by 0.5 to 1 per cent. (Wed, 25 Jun 2008 03:42:56 GMT)

Home loan approvals dive to a record low in May
LONDON: New home loan approvals nosedived at their sharpest annual pace in at least a decade to hit a record low in May, figures showed yesterday, raising fears the housing slowdown is about to escalate into a crash. (Wed, 25 Jun 2008 06:19:17 GMT)

Darling warns banks to play fair on home loan fees
Banks were warned by Chancellor Alistair Darling yesterday not to rip off home buyers over mortgage fees. (Wed, 25 Jun 2008 07:47:03 GMT)

Housing relief plan backers are hopeful
WASHINGTON — With sinking home values continuing to drag down the economy, Congress is poised to approve a huge package of housing legislation, including a refinancing program aimed at rescuing hundreds of thousands of homeowners in danger of foreclosure and the most sweeping government overhaul of mortgage financing since the New Deal. (Wed, 25 Jun 2008 07:49:47 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? (Wed, 25 Jun 2008 08:14:51 GMT)

Mortgage scheme defendant cuts deal to aid prosecution
A Ridgewood resident, viewed as a minor player in a more than $3 million dollar mortgage scam that targeted unsophisticated victims, was admitted Tuesday into Morris County's pre-trial intervention program and is helping with the investigation. (Wed, 25 Jun 2008 08:17:44 GMT)

How city auditor missed his mortgage payments
While the man elected to keep watch over Syracuse's finances spent his days working at City Hall, his own business a mortgage company fell behind on its mortgage payments. (Wed, 25 Jun 2008 09:04:17 GMT)

Ahead of the Bell: Mortgage Applications
Industry data to be released Wednesday will show whether home loan applications fell again last week as mortgage rates continued to rise. (Wed, 25 Jun 2008 10:12:34 GMT)

Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Wed, 25 Jun 2008 10:21:07 GMT)

Mortgage applications down 9.3% last week: MBA
Data show the volume of mortgage applications down a seasonally adjusted 9.3% last week compared with the week before, as lower interest rates fail to draw new filers. (Wed, 25 Jun 2008 11:09:48 GMT)

State sues mortgage lender for unfair practices
The nation's biggest mortgage lender engaged in "unfair and deceptive" practices to get homeowners to apply for risky mortgages far beyond their means, according to a civil lawsuit Illinois Atty. Gen. Lisa Madigan's office plans to file Wednesday. (Wed, 25 Jun 2008 11:15:29 GMT)

Mortgage application volume falls 9.3 percent
Mortgage application volume fell 9.3 percent during the week ended June 20, according to the trade group Mortgage Bankers Association's weekly application survey. (Wed, 25 Jun 2008 11:23:17 GMT)

U.S. mortgage applications hit 6 1/2 year low
NEW YORK — U.S. mortgage applications fell for a second consecutive week, hitting their lowest level in nearly 6-1/2 years despite a sharp drop in interest rates, an industry group said Wednesday. (Wed, 25 Jun 2008 11:35:47 GMT)

Senate may pass mortgage aid plan as soon as today
A mortgage aid plan is on track for passage in the Senate as soon as today. (Wed, 25 Jun 2008 11:38:00 GMT)

Senate may pass mortgage aid plan as soon as today
A mortgage aid plan is on track for passage in the Senate as soon as today. (Wed, 25 Jun 2008 11:38:00 GMT)

Senate may pass mortgage aid plan as soon as today
A mortgage aid plan is on track for passage in the Senate as soon as today. The massive foreclosure rescue bill cleared a key Senate test yesterday by an overwhelming margin, with Democrats and Republicans both eager to claim election-year credit for helping hard-pressed homeowners. (Wed, 25 Jun 2008 11:38:19 GMT)

Mortgage applications fall to 6-1/2-year low; rates drop
Mortgage applications fell for a second week, hitting their lowest level in nearly 6-1/2 years despite a sharp drop in interest rates, an industry group said Wednesday. (Wed, 25 Jun 2008 11:49:51 GMT)

Senate may pass mortgage aid plan as soon as today
A mortgage aid plan is on track for passage in the Senate as soon as today. The massive foreclosure rescue bill cleared a key Senate test yesterday by an overwhelming margin, with Democrats and Republicans both eager to claim election-year credit for helping hard-pressed homeowners. The mortgage aid plan would let the Federal Housing Administration back $300 billion in new, cheaper home loans ... (Wed, 25 Jun 2008 11:55:43 GMT)

Brokers gloomy on mortgage outlook
A new survey of sentiment among mortgage brokers has found that mortgage lending continued to weaken in the past three months, and that most brokers expect the deterioration to continue. (Wed, 25 Jun 2008 11:58:12 GMT)

Senate may pass mortgage aid plan as soon as today
Wed, Jun 25, 2008 (4:57 a.m.) A mortgage aid plan is on track for passage in the Senate as soon as today. (Wed, 25 Jun 2008 12:06:07 GMT)

Senate may pass mortgage aid plan as soon as today
A mortgage aid plan is on track for passage in the Senate as soon as today. The massive foreclosure rescue bill cleared a key Senate test yesterday by an overwhelming margin, with Democrats and Republicans both eager to claim election-year credit for helping hard-pressed homeowners. (Wed, 25 Jun 2008 12:10:58 GMT)

Mortgage Applications Continue To Fall
(RTTNews) - Mortgage application volume continued to fall during the week of June 20, according to the Mortgage Bankers Association's weekly application survey. (Wed, 25 Jun 2008 12:28:01 GMT)

Illinois to sue mortgage lender
The nation's biggest mortgage lender engaged in "unfair and deceptive" practices to get homeowners to apply for risky mortgages far beyond their means, according to a civil lawsuit Illinois' attorney general planned to file Wednesday. (Wed, 25 Jun 2008 15:06:03 GMT)

Mortgage applications down 9.3% last week: MBA
Mortgage applications down 9.3% last week: MBA (Wed, 25 Jun 2008 15:06:59 GMT)

Mortgage applications decline in week
The volume of applications for U.S. mortgages decreased by a seasonally adjusted 9.3 percent in the week ending June 10, an industry group said.The Market Composite Index, which measures mortgage loan application volume, was 461.3 compared to 508.4 a week earlier, the Mortgage Bankers Association said in a release Wednesday.The Refinance Index fell 12.1 percent to 1,212.2 from 1,378.6 the ... (Wed, 25 Jun 2008 15:12:51 GMT)

Calif AG sues Countrywide over alleged loan scheme
California Attorney General Jerry Brown sued Countrywide Financial Corp and two top officers on Wednesday to stop the mortgage loan company from allegedly perpetrating a scheme to "mass produce loans for sale on the secondary market." (Wed, 25 Jun 2008 15:21:40 GMT)

Countrywide Sued by California Over Mortgage Loans (Update1)
June 25 (Bloomberg) -- Countrywide Financial Corp. , the mortgage lender that lost $2.5 billion amid rising defaults and foreclosures, misled borrowers into taking risky loans they couldn't afford, California Attorney General Jerry Brown said. (Wed, 25 Jun 2008 16:16:29 GMT)

California sues Countrywide over loan practices
California Attorney General Jerry Brown filed a lawsuit Wednesday against the nation's largest home loan lender, charging Calabassas-based Countrywide Financial Corp. with deceptively pushing homeowners into risky, mass-produced loans that have caused thousands of residents across the state to lose their homes. (Wed, 25 Jun 2008 16:19:57 GMT)

California sues Countrywide over loan practices
California Attorney General Jerry Brown filed a lawsuit Wednesday against the nation's largest home loan lender, charging Calabassas-based Countrywide Financial Corp. with deceptively pushing homeowners into risky, mass-produced loans that have caused thousands of residents across the state to lose their homes. (Wed, 25 Jun 2008 16:21:09 GMT)

Calif AG sues Countrywide over alleged loan scheme
LOS ANGELES (Reuters) - California Attorney General Jerry Brown sued Countrywide Financial Corp (CFC.N) and two top officers on Wednesday to stop the mortgage loan company from allegedly perpetrating a scheme to "mass produce loans for sale on the secondary market." (Wed, 25 Jun 2008 16:26:30 GMT)

Three mortgage firms raise rates
Mortgage lenders Bradford & Bingley, First Direct and the Co-op Bank raise the cost of their fixed-rate home deals. (Wed, 25 Jun 2008 16:50:34 GMT)

Experts tell how to deal with mortgage crisis
With foreclosures and bankruptcy affecting millions of homeowners, CNN's Larry King on Tuesday talked to several experts in the real estate industry to get advice on handling the mortgage meltdown. (Wed, 25 Jun 2008 17:14:52 GMT)

Ill. sues mortgage lender over misleading mortgages
Thousands of consumers signed mortgages they did not understand, could not afford and could not get out of, Illinois Attorney General Lisa Madigan said today in a fraud lawsuit against Countrywide Financial, the nation's biggest mortgage lender. (Wed, 25 Jun 2008 17:23:07 GMT)

Countrywide Sued by California, Illinois, Over Mortgage Loans
June 25 (Bloomberg) -- Countrywide Financial Corp. , the mortgage lender that lost $2.5 billion amid rising defaults and foreclosures, was sued by California and Illinois for allegedly luring borrowers into risky loans they couldn't afford. (Wed, 25 Jun 2008 17:34:27 GMT)

Durables Look Decent; Mortgage Activity A Mystery
Mortgage Bankers Association says that volume drops to lowest point this year, despite a drop in rates; Commerce Dept. reports durable goods orders boosted by aircraft, computers. (Wed, 25 Jun 2008 18:32:38 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? (Wed, 25 Jun 2008 19:18:35 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, 25 Jun 2008 19:18:44 GMT)

Federal Home Loan Bank of San Francisco Awards $37.3 Million in Affordable Housing Program Grants in Eight States
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco today awarded $37.3 million in Affordable Housing Program grants in the first round of the 2008 competition. The AHP grants will generate 4,510 affordable housing units in Arizona, California, Florida, Illinois, Nevada, Pennsylvania, Texas, and Washington. (Wed, 25 Jun 2008 21:28:00 GMT)

Moody's affirms ratings of Thornburg Mortgage
Credit ratings agency Moody's Investors Service on Wednesday affirmed its ratings for Thornburg Mortgage Inc. Thornburg -- which specializes in originating and investing in "jumbo" loans, which are worth more than $417,000 -- currently carries a "Ca" senior debt rating and "C" preferred stock rating from Moody's. (Wed, 25 Jun 2008 21:38:03 GMT)

Young family now has a place to call home
Andrea Arroyos was handed a large cardboard key on Friday, representing the key to her new home, financed through the USDA’s Rural Development Direct Loan Program. But for Arroyos and her daughters Mia, 4, and Mariah, 2, the key represented not just a new house; it was a home. (Wed, 25 Jun 2008 23:15:53 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, 26 Jun 2008 01:43:03 GMT)

Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Thu, 26 Jun 2008 01:43:13 GMT)

Fischer Francis to Buy `Cheap' Mortgage Debt as Subprime Ebbs
June 26 (Bloomberg) -- Fischer Francis Trees & Watts plans to buy more U.S. commercial mortgage-backed securities relative to government bonds in coming months, Tokyo-based fund manager Naruki Nakamura said in an interview. (Thu, 26 Jun 2008 01:48:46 GMT)

Fischer Francis to Buy Mortgage Debt as Subprime Ebbs (Update1)
June 26 (Bloomberg) -- Fischer Francis Trees & Watts plans to buy more U.S. commercial mortgage-backed securities on speculation the worst of credit-market losses are over, Tokyo- based fund manager Naruki Nakamura said in an interview. (Thu, 26 Jun 2008 03:33:47 GMT)

Real estate agent enters guilty plea in mortgage fraud case
Charlotte real estate agent Gregory Rankin pleaded guilty Wednesday for his role in a mortgage fraud scheme that involved at least $15 million in loans and 270 properties in Mecklenburg and surrounding counties. Rankin, who was an agent at Charlotte company Realty Solutions, entered a plea in U.S. federal court to one count of mail, wire and bank fraud conspiracy. He was one of six ... (Thu, 26 Jun 2008 04:11:25 GMT)

Fischer Francis to Buy Mortgage Debt as Subprime Ebbs (Update2)
June 26 (Bloomberg) -- Fischer Francis Trees & Watts plans to buy more U.S. commercial mortgage-backed securities, betting the worst of credit-market losses are over. (Thu, 26 Jun 2008 04:33:42 GMT)

Homeowners fight for their mortgage rights; see video
Eunice Anderson, 48, a medical insurance auditor, says she was unable to refinance or negotiate a relief plan with her lender, Countrywide Financial. Facing foreclosure, she filed a Chapter 13 bankruptcy petition that let her keep her home while she paid more than $11,000 in debt. (Thu, 26 Jun 2008 04:38:52 GMT)

Woman arrested in mortgage fraud
A Boulder woman is accused of refinancing a 92-year-old Longmont woman's home for more than $248,000, without the woman's permission. (Thu, 26 Jun 2008 05:18:45 GMT)

FYI: Pay down student-loan debt before purchasing home
Many college graduates will soon be wondering if they should aggressively pay off their student loan debt or let it linger and make monthly payments for the next 10 years or even decades to come. (Thu, 26 Jun 2008 06:04:40 GMT)

Miss. mortgage bust unlikely
Mississippi likely will dodge a mortgage bust because it did not benefit from the housing boom of places such as Florida and California, Federal Reserve Bank representatives said. (Thu, 26 Jun 2008 06:05:10 GMT)

Mortgage refinancing may save thousands
Loyalty does not really pay off, at least when it comes to mortgage providers. (Thu, 26 Jun 2008 06:16:31 GMT)

Q: How do I get a mortgage?
A: You'll be looking for two key factors in a mortgage: the lowest cost and best terms. (Thu, 26 Jun 2008 08:54:52 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, 26 Jun 2008 10:21:13 GMT)

Mortgage rates just sit there, like a bump on a log
Mortgage rates were more or less unchanged this week, putting a merciful end to a four-week streak of increases. (Thu, 26 Jun 2008 10:49:13 GMT)

Bankrate: Mortgage Rates, Like Fed, Hold Steady
Fixed mortgage rates took a breather, with the average conforming 30-year fixed mortgage rate holding at 6.62 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, 26 Jun 2008 11:30:00 GMT)

Mortgages: U.S. mortgage rates rise: Freddie Mac
Mortgage rates drifted up this week, with adjustable-rate mortgages climbing the most, Freddie Mac reported on Thursday. (Thu, 26 Jun 2008 14:54:52 GMT)

Fixed rate home loan borrowers watch out: your rate can rise
Don’t be surprised if your bank raises the rate of interest on your home loan even though you’ve borrowed at a fixed interest rate. (Thu, 26 Jun 2008 15:01:22 GMT)

Long-term mortgage rates show little change
Freddie Mac says the 30-year fixed-rate mortgage is averaging 6.45 percent compared with last week's rate of 6.42 percent. A year ago, it averaged 6.67 percent. (Thu, 26 Jun 2008 15:20:33 GMT)

Long-term mortgage rates show little change
Associated Press - June 26, 2008 11:13 AM ET McLEAN, Va. (AP) - Long-term mortgage rates are higher this week -- but not by much. Freddie Mac says the 30-year fixed-rate mortgage is... (Thu, 26 Jun 2008 15:22:34 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, 26 Jun 2008 16:03:59 GMT)

Federal Home Loan Bank of Atlanta Declares Second Quarter Dividend
The board of directors of Federal Home Loan Bank of Atlanta has approved an annualized dividend rate for the second quarter of 5.75 percent, applicable to capital stock held during the period from April 1, 2008, to June 30, 2008. (Thu, 26 Jun 2008 16:07:00 GMT)

How to Calculate the Best Mortgage Deal
How can points change your mortgage rate, and when are they worth paying? (Thu, 26 Jun 2008 16:26:01 GMT)

Home loan originators would be licensed by bill
People who help originate home loans would have to be licensed under the terms of legislation given final Senate approval Thursday. (Thu, 26 Jun 2008 17:55:54 GMT)

Halifax's new mortgage fee attacked
Britain's biggest mortgage lender, Halifax, has been accused of "sneaking in" new fees following the introduction of a £245 up-front charge. (Thu, 26 Jun 2008 19:01:32 GMT)

Home loan aid programs could be cut in housing bill
WASHINGTON -- Nonprofit groups are battling with the Bush administration over whether to kill programs that allow homebuyers without the money for a down payment to get funds from sellers that are channeled through charities. (Thu, 26 Jun 2008 19:18:17 GMT)

Five Dayton-area residents indicted in mortgage fraud case
Five Dayton-area residents were indicted Wednesday, June 25, on federal charges they were operating an extensive mortgage fraud scheme that affected more than 200 area properties. (Thu, 26 Jun 2008 20:11:05 GMT)

Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Thu, 26 Jun 2008 20:13:25 GMT)

All-In-One Mortgage A Good Option For Thrifty Buyers
"Offset" mortgages combine a checking account, home-equity loan and mortgage into one account. (Thu, 26 Jun 2008 21:17:39 GMT)

Home loan costlier
Calcutta, June 26: Home loans, which had reversed a trend and started turning cheaper from early this year, have become costlier again. (Thu, 26 Jun 2008 22:08:30 GMT)

Ga. Officials Meet, Discuss Mortgage Rescue Fraud
ATLANTA (MyFOX Atlanta) -- Georgia law may be changed to address financial scams stemming from the country's mortgage crisis. (Thu, 26 Jun 2008 22:10:51 GMT)

Halifax comes under fire for bringing in new mortgage fee
£245 mortgage fee makes buying a home or remortgaging even more expensive (Thu, 26 Jun 2008 23:22:48 GMT)

Fixed rate mortgage deals break through 7pc
The average two-year fixed rate mortgage is the same as the average standard variable rate, writes Myra Butterworth (Thu, 26 Jun 2008 23:40:37 GMT)

Realty Q&A: Homeowner wants to refinance, but bank suggests a short sale
Question: My first mortgage is an interest-only loan at 4.75% with a balance of $287,967, and a second mortgage with another lender. It is due to reset on March 31, 2009. I wanted to refi now before the loan adjusts, so I called the lender and submitted all the documents. (Thu, 26 Jun 2008 23:54:58 GMT)

$625,000 AHFC Loan to Valley Residential Services Assists Palmer Home Ownership
Qualifying residents of the Mat-Su Valley will have greater access to home ownership through a $625,000 Alaska Housing Finance Corporation loan to Valley Residential Services (VRS) approved by the AHFC board of directors. (Fri, 27 Jun 2008 00:42:00 GMT)

Cantwell Clarifies Mortgage Situation
A spokeswoman for Sen. Maria Cantwell (D-Wash.) said Thursday that a mortgage she once had with Countrywide has since been sold to Wells Fargo. On June 17, Politico began asking all 100 Senate offices to describe the circumstances under which senators obtained their home mortgages.   Receiving no response from Cantwell, Politico located public documents showing a Countrywide mortgage on the ... (Fri, 27 Jun 2008 01:15:22 GMT)

West Ordered to Pay Late Mother's Mortgage
Rapper Kanye West has been ordered to pay over $600,000 to settle the mortgage on his late mother's home. Dr Donda West died in November from complications following a cosmetic surgery procedure, and the Stronger hitmaker has since been handed control of her estate. (Fri, 27 Jun 2008 03:04:34 GMT)

Senate may pass mortgage aid plan as soon as today
WASHINGTON (AP) -- A mortgage aid plan is on track for passage in the Senate as soon as today. The massive foreclosure rescue bill cleared a key Senate test yesterday by an overwhelming margin, with Democrats and Republicans both eager to claim election-year credit for helping hard-pressed homeowners. The mortgage aid plan would let the Federal Housing Administration back $300 billion in ... (Fri, 27 Jun 2008 05:08:27 GMT)

Inglewood mayor charged in home loan scandal
Mayor Roosevelt Dorn was charged Thursday on allegations he obtained a low-interest $500,000 loan that was originally intended to help municipal employees afford to live in town. (Fri, 27 Jun 2008 06:05:04 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, 27 Jun 2008 06:27:22 GMT)

Harney: Credit report suit settlement could help home buyers
WASHINGTON -- If you're thinking about buying a home or refinancing, even if you've got excellent credit, you may want to avail yourself of a forthcoming free service that could help you get a better mortgage rate. (Fri, 27 Jun 2008 07:12:57 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. (Fri, 27 Jun 2008 07:14:34 GMT)

Mortgage firm lays off 48 workers in Chesapeake
Forty-eight workers at HSBC Mortgage Services' Chesapeake facility are losing their jobs. (Fri, 27 Jun 2008 08:16:39 GMT)

Home rehab program to get $500,000 state loan
New Albany Community Housing, which has been trying to rehabilitate and sell 25 houses moved to Linden Meadows Court from land purchased for Floyd Memorial Hospital's expansion, will receive a $500,000 loan today to help with its efforts. (Fri, 27 Jun 2008 08:48:52 GMT)

Miss., La. to use mortgage licensing system
JACKSON, Miss. -- Mississippi and Louisiana are among the six states that will start using the Nationwide Mortgage Licensing System next Tuesday. (Fri, 27 Jun 2008 09:36:31 GMT)

West 'owes $$600k for mum's mortgage'
Kanye West has been ordered to stump up $$600,000 to pay off the mortgage on his late mother's condo. (Fri, 27 Jun 2008 09:51:13 GMT)

Man, married couple sentenced for mortgage fraud
A Lee’s Summit man was among three people recently sentenced in a federal court for their roles in a mortgage fraud conspiracy. (Fri, 27 Jun 2008 12:04:23 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? (Fri, 27 Jun 2008 12:18:35 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, 27 Jun 2008 12:18:45 GMT)

6 indicted in $15M mortgage fraud
Federal authorities have indicted six people from Ohio for operating an alleged $15 million home mortgage fraud scheme. (Fri, 27 Jun 2008 14:00:57 GMT)

Lehman spent $190K lobbying on mortgage bills
Lehman Brothers Holdings Inc. spent $190,000 in the first quarter lobbying on several mortgage bills in Congress and other issues, according to a recent disclosure report. (Fri, 27 Jun 2008 14:36:15 GMT)

Piper Jaffray cuts estimates on title insurers
(AP:NEW YORK) Piper Jaffray lowered its earnings estimates on two major title insurers, citing the persistent decline of the U.S. housing market. Analyst Robert Napoli said refinancing origination volume has "slowed significantly" as mortgage rates increase and the number of houses sold declines. (Fri, 27 Jun 2008 16:39:26 GMT)

6 Indicted In Mortgage Fraud
Authorities said six people from the Dayton-area were indicted for a $15 million mortgage fraud scheme. (Fri, 27 Jun 2008 16:57:21 GMT)

AG Coakley indicts five, including bankers, in alleged mortgage scam
Attorney General Martha Coakley said Friday that her office had indicted several bankers and others, a total of five people, in connection with an alleged mortgage scam. (RBS) (BAC) (Fri, 27 Jun 2008 17:05:32 GMT)

Two mortgage lenders cut rates
Two mortgage lenders have announced they were reducing their rates, bucking the recent trend in the market. Cheltenham & Gloucester, the lending arm of Lloyds TSB, is cutting the cost of its tracker mortgages by between 0.2% and 0.26% from Monday. (Fri, 27 Jun 2008 17:23:41 GMT)

Two local mortgage and real estate specialists are offering their expertise on the topic.
Adam Avery [ bio ] , of AA Mortgage Group and Washington Title, and Chris Sipe [ bio ] , of America East Mortgage, are taking your questions. Avery has 15 years experience in mortgage brokering/banking, home improvement sales/finance, real estate sales, and title and escrow issues. (Fri, 27 Jun 2008 18:18:17 GMT)

Five indicted in mortgage fraud scheme
WORCESTER - Five people have been indicted for allegedly falsifying bank documents to obtain fraudulent mortgage loans. State Attorney General Martha Coakley said today... (Fri, 27 Jun 2008 19:21:13 GMT)

Five people indicted in mortgage fraud scheme
Five people have been indicted for allegedly falsifying bank documents to obtain fraudulent mortgage loans. (Fri, 27 Jun 2008 19:38:17 GMT)

5 Indicted In Mortgage Fraud Scheme
Five people have been indicted on charges of falsifying bank documents to obtain fraudulent mortgage loans. (Fri, 27 Jun 2008 19:43:36 GMT)

Consider a Reverse Mortgage, But Only as a Last Resort
Q: My husband and I are in our mid-70s and have a modest fixed income from Social Security and pension plans. We own our house free and clear. While we are still in good health, we would like to see as much of the world as possible. Several friends have suggested that we get a reverse mortgage. Can you explain how this works and whether it is something we should consider? (Fri, 27 Jun 2008 20:51:54 GMT)

Keep Watch on Your Credit Report -- Free
If you're thinking about buying a home or refinancing a mortgage, you may want to avail yourself of a forthcoming free service that could help you get a better mortgage rate. (Fri, 27 Jun 2008 20:52:04 GMT)

Massachusetts charges five in mortgage scam
Massachusetts authorities on Friday charged a mortgage broker and four employees of U.S. financial institutions, including Bank of America Corp, with creating a mortgage-fraud ring that relied on phony savings-account statements. (Fri, 27 Jun 2008 21:01:29 GMT)

Federal Home Loan Bank of San Francisco Announces Projected Dividend Rate for Second Quarter 2008
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco’s Board of Directors has declared a dividend for the second quarter of 2008, to be determined in accordance with the Bank’s Retained Earnings and Dividend Policy. (Fri, 27 Jun 2008 21:24:00 GMT)

Federal Home Loan Bank of San Francisco Announces Projected Dividend Rate for Second Quarter 2008
The Federal Home Loan Bank of San Francisco´s Board of Directors has declared a dividend for (Fri, 27 Jun 2008 21:40:43 GMT)

Attorney: 5 Charged In Mortgage Fraud Case
A federal grand jury returned an eight-count indictment Thursday charging five people with conspiracy to commit bank fraud and other related charges in a mortgage fraud scheme, U.S. Attorney McGregor Scott said. (Sat, 28 Jun 2008 00:44:15 GMT)

Five indicted in alleged mortgage fraud
Two Sacramento-area couples and another local woman have been indicted on federal charges of conspiracy to commit bank fraud and other crimes tied to an alleged mortgage fraud scheme. (Sat, 28 Jun 2008 01:04:23 GMT)

Man to serve two years for mortgage fraud
A Springfield man has been sentenced to two years imprisonment for defrauding a mortgage lender. (Sat, 28 Jun 2008 02:29:35 GMT)

Software Companies Allege Law Firm Misappropriated Mortgage Database
Two software companies have sued mortgage-lending law firm McGlinchey Stafford and Youngblood & Bendalin and one of its partners, alleging they misappropriated a database of legal documents to make "millions" in profits in residential loan transactions. The firm is a branch of McGlinchey Stafford, also named as a defendant. The suit alleges that agents of the firm used plaintiffs' intellectual ... (Sat, 28 Jun 2008 02:40:43 GMT)

Free credit monitoring a boon to homebuyers
If you're thinking about buying a home or refinancing — even if you've got excellent credit — you may want to avail yourself of a forthcoming free service that could help you get a better mortgage rate. Under the terms of a national class action settlement, you may qualify for six or nine months of daily monitoring of your credit file plus unrestricted access to your credit report and score. To ... (Sat, 28 Jun 2008 04:15:46 GMT)

Waltham banker linked to mortgage fraud scheme
A Waltham man was arrested yesterday in connection with an elaborate mortgage fraud scheme involving several people, the attorney general's office said. (Sat, 28 Jun 2008 04:24:15 GMT)

Six states added to mortgage licensing system
Mississippi is among six states that will begin using the Nationwide Mortgage Licensing System on Tuesday. (Sat, 28 Jun 2008 05:19:12 GMT)

Kenneth Harney: Settlement offers free service on credit files
WASHINGTON — If you're thinking about buying a home or refinancing — even if you've got excellent credit — you may want to avail yourself of a forthcoming free service that could help you get a better mortgage rate. (Sat, 28 Jun 2008 07:08:52 GMT)

Woman faces 10 years for mortgage scam role
A 50-year-old woman who bought homes, luxury cars and boats with funds milked from a $2.7 million mortgage fraud pleaded guilty Friday to money laundering and faces up to 10 years in prison when sentenced in August. (Sat, 28 Jun 2008 08:18:56 GMT)

Credit-report settlement is good for mortgage seekers
Under the terms of a national class-action settlement, you may qualify for six or nine months of daily monitoring of your credit file, plus unrestricted access to your credit report and score. (Sat, 28 Jun 2008 09:13:47 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? (Sat, 28 Jun 2008 10:22:23 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, 28 Jun 2008 10:23:53 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, 28 Jun 2008 10:27:19 GMT)

It's much tougher for you to get a home loan
A tough economic environment, with high interest rates and inflation, means you are less likely to be granted a home loan or a loan at a favourable interest rate unless you can put down a significant deposit and have a good credit record. (Sat, 28 Jun 2008 13:25:27 GMT)

Mortgage stress to hit 1m homes
ALMOST one in 10 Australian households is suffering from mortgage stress, with the figure predicted to come close to 1 million homes within three months. (Sat, 28 Jun 2008 14:05:47 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. (Sat, 28 Jun 2008 14:13:07 GMT)

Mortgage stress hits more households
Total of 923,000 households likely to face mortgage stress by September. (Sat, 28 Jun 2008 14:14:35 GMT)

Reading mortgage broker asking court for leniency
A former mortgage broker who pleaded guilty to fraud is asking a federal court for leniency. (Sat, 28 Jun 2008 14:39:52 GMT)

As Bill Evolves, Mortgage Debt Is Snowballing
Congress?s sweeping rescue package for struggling homeowners may only be able to touch a fraction of those in trouble and would do little to bolster the market, analysts say. (Sat, 28 Jun 2008 17:31:20 GMT)

As Bill Evolves, Mortgage Debt Is Snowballing
Congress’s sweeping rescue package for struggling homeowners may only be able to touch a fraction of those in trouble and would do little to bolster the market, analysts say. (Sat, 28 Jun 2008 19:39:07 GMT)

Five indicted in alleged Calif. mortgage fraud
SACRAMENTO (AP) - A federal grand jury has indicted five Sacramento-area residents on mortgage fraud allegations. The five are charged with defrauding lenders by submitting fake loan applications for dozens of homes. They were indicted Thursday. (Sun, 29 Jun 2008 00:40:40 GMT)

Five Indicted In Alleged Calif. Mortgage Fraud
A federal grand jury indicts five Sacramento-area residents on mortgage fraud allegations. (Sun, 29 Jun 2008 00:52:59 GMT)

Five Indicted In Alleged Calif. Mortgage Fraud
A federal grand jury indicts five Sacramento-area residents on mortgage fraud allegations. (Sun, 29 Jun 2008 00:56:06 GMT)

Workshops help would-be home buyers
The 2008 Greater Harrisburg Home Ownership Expo at the Goodwin Family Life Center in Harrisburg, featured workshops on everything from choosing a real estate agent to completing a loan application. (Sun, 29 Jun 2008 00:59:21 GMT)

Five indicted in alleged mortgage fraud
A federal grand jury has indicted five Sacramento-area residents on mortgage fraud allegations. (Sun, 29 Jun 2008 01:31:47 GMT)

As Bill Evolves, Mortgage Debt Is Snowballing
Congress’s rescue package for homeowners may only be able to touch a fraction of those in trouble, analysts say. (Sun, 29 Jun 2008 02:36:55 GMT)

Mortgage scams hit home amid real estate crunch
NORFOLK Ping Zhang and Beatrice Harris have never met. The arcs of their lives are a world apart. But they have one thing in common: Both wish they had never heard of Aretha Smiley. Zhang and Harris allege in court papers that they lost their homes to mortgage fraud, a seedy side effect of the ... (Sun, 29 Jun 2008 02:45:12 GMT)

Signs of mortgage weakness surfaced
Second in a three-part series exploring the mortgage and credit crisis. (Sun, 29 Jun 2008 04:19:46 GMT)

Jumbo loan cap crimping home sales, agents say
The Hinsdale area of Chicago has more than 100 houses on the market with asking prices of $2 million. (Sun, 29 Jun 2008 05:18:05 GMT)

Superhero movie has the power to pay your mortgage
In an odd marriage of pop culture, movie marketing and the national housing slump, the producers of "Hancock," the new action comedy, are sponsoring a contest that will pay off the winner's mortgage, up to $360,000. (Sun, 29 Jun 2008 05:44:01 GMT)

Five accused of mortgage fraud
SACRAMENTO - A federal grand jury has indicted five Sacramento-area residents on mortgage fraud allegations. (Sun, 29 Jun 2008 07:19:46 GMT)

Class-action settlement provides free credit monitoring
If you're thinking about buying a home or refinancing - even if you've got excellent credit - you may want to avail yourself of a forthcoming free service that could help you get a better mortgage rate. Under the terms of a national class-action settlement,... (Sun, 29 Jun 2008 07:34:00 GMT)

30-year mortgage rate climbs to 6.45 percent
Rates on 30-year mortgages rose again last week, climbing to the highest level in more than nine months, reflecting more concerns about how the Federal Reserve will respond to inflation pressures. Freddie Mac, the mortgage company, reported Thursday that 30-... (Sun, 29 Jun 2008 07:34:08 GMT)

Many eligible for free access to credit reports, scores
Kenneth Harney -- Nation's Housing I f you're thinking about buying a home or refinancing - even if you've got excellent credit - you may want to avail yourself of a forthcoming free service that could help you get a better mortgage rate. (Sun, 29 Jun 2008 07:35:27 GMT)

Free service could help buyer get better rate
If you're thinking about buying a home or refinancing -- even if you have excellent credit -- you might want to check out a forthcoming free service that could help you get a better mortgage rate. (Sun, 29 Jun 2008 07:58:23 GMT)

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