Mortgage News Jun 2008
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Zillow to help consumers receive mortgage quotes
NEW YORK -- Armed with market research that shows Americans spend as much time researching a vacation as they do a mortgage loan, Zillow.com is launching a mortgage marketplace that allows consumers to anonymously receive custom loan quotes and rate their lenders. (Sun, 29 Jun 2008 07:58:33 GMT)
Is now the time to buy home or pay off debts?
Question: My daughter will be graduating from a Ph.D. program soon. Although she will be making upwards of $90,000 upon graduation, she will have almost that much in student loans to pay off. Is it best for her to buy a home now while there are so many under-priced due to foreclosures, or to get rid of her student-loan debt first? Her only other debt is a car payment. She thinks she should pay ... (Sun, 29 Jun 2008 08:21:39 GMT)
AHFC awards $625,000 to increase home ownership
FAIRBANKS — Local efforts to help Fairbanks residents own their own home are underway as the Board of Directors from the Alaska Housing Finance Corporation approved a $625,000 loan on Thursday. (Sun, 29 Jun 2008 08:34:43 GMT)
Get a look at your credit score for free
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. (Sun, 29 Jun 2008 08:37:36 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, 29 Jun 2008 08:47:13 GMT)
Area Realtors warn of mortgage 'rescue' scams
For a homeowner facing the frightening threat of possible foreclosure, the offer seems too good to be true. A "mortgage rescue" company steps forward, claiming to be able to help them save their credit and their home. (Sun, 29 Jun 2008 09:16:56 GMT)
Credit cleanup
People used to obsess over frequent-flier miles. Now, with lending standards getting tighter, they're applying similar energy to improving their credit scores. Jeffrey Sheldon, a computer-systems administrator from Purcellville, Va., has an enviable credit score of about 740. But he's planning to refinance his adjustable-rate mortgage and knows that lenders will be taking a particularly close ... (Sun, 29 Jun 2008 10:07:46 GMT)
Payment confusion begins when mortgage is sold
Q:We refinanced our home loan in March with an online mortgage lender. Within a couple of weeks, we received a letter from another mortgage company advising us that our May payment was to be made to them. A May payment invoice was included. I contacted the original lender and was told that the loan was not sold. (Sun, 29 Jun 2008 10:38:13 GMT)
Access to credit files a slam dunk
If you're thinking about buying a home or refinancing -- even if you have 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 10:39:23 GMT)
Mortgage troubles starting to swell
When Congress started fashioning a sweeping rescue package for struggling homeowners earlier this year, 2.6million loans were in trouble. But the problem has grown considerably in just six months and is continuing to worsen. More than 3 million borrowers are in distress, and analysts are forecasting a couple of million more will fall behind on their payments in the coming year as home prices ... (Sun, 29 Jun 2008 11:21:34 GMT)
End mortgage insurance
BUCKS $MART - If the down payment on your home was less than 20 percent, you were probably required to buy private mortgage insurance. (Sun, 29 Jun 2008 11:44:20 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, 29 Jun 2008 11:57:55 GMT)
Free service could bring better rate
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. (Sun, 29 Jun 2008 12:39:30 GMT)
FHA's role expanded in U.S. mortgage fix
The Federal Housing Administration is likely to emerge as a much bigger force in the U.S. home mortgage industry, market players say.The agency, which was established in the 1930s to deal with the housing crisis of the Great Depression, could see its function of providing federal backing for private mortgages greatly expanded under legislation being considered by Congress, The Wall Street ... (Sun, 29 Jun 2008 13:42:54 GMT)
(AFX UK Focus) 2008-06-29 17:25 Resolution says ready to re-enter talks about Bradford & Bingley refinancing
LONDON (Thomson Financial) - The financial entrepreneur behind Resolution Ltd, the investment vehicle proposing a 400 million pounds refinancing of Bradford & Bingley Plc., is prepared to re-enter talks with the troubled British mortgage lender despite having his plan rebuffed last week, according to a report. (Sun, 29 Jun 2008 16:46:09 GMT)
Countrywide is Just Part of the Mortgage Problem...
Attorney General Jerry Brown recently announced that the State of California has filed a legal suit against Countrywide home mortgage lender for deceptive lending practices that has caused thousands of foreclosures. Brown cites that Countrywide routinely failed to explain complicated and expensive mortgage terms to consumers -- a practice that encouraged borrowers to agree to completely ... (Sun, 29 Jun 2008 19:59:38 GMT)
Adding a floor to the ancestral home changed everything in the Bandopadhyay household
Getting a home loan at the age of 47 proved too much of a hassle for Tapas Bandopadhyay, deputy manager with a public sector... (Sun, 29 Jun 2008 21:25:47 GMT)
Coldwell Banker launched Banker Mortgage in Romania
The real estate company Coldwell Banker Romania has recently launched the free consulting service Coldwell Banker Mortgage, which provides the clients the option to get funds for real estate investments, Rompres reports.By signing partnerships with several banks, Coldwell Banker Mortgage Romania provides its clients, individuals and legal entities, a large range of lending products, tailor – ... (Sun, 29 Jun 2008 22:03:13 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. (Mon, 30 Jun 2008 00:00:30 GMT)
Building societies prepare to quit Council of Mortgage Lenders
Building societies are planning a mass defection from the Council of Mortgage Lenders over concerns that their voices are being drowned out by the banks. (Mon, 30 Jun 2008 00:02:35 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, 30 Jun 2008 00:27:19 GMT)
Self-employed can set mortgage costs against tax, says HMRC
HM Revenue & Customs has started allowing self-employed workers to offset their mortgage interest and council tax against their annual income tax bill; an expense that accountants have historically believed to be off-limits. (Mon, 30 Jun 2008 00:55:21 GMT)
Kiwisaver mortgage diversion begins 1 July
Independent MP and Kiwi Party member Gordon Copeland is delighted that tomorrow, 1 July, marks the date on which the mortgage diversion element of Kiwisaver is due to begin. (Mon, 30 Jun 2008 01:48:13 GMT)
GHB offering new mortgage programme
The Government Savings Bank will introduce a new home mortgage product offering interest rates of just 3.5% for the first year and 5% for the second under a programme to help prospective homeowners. (Mon, 30 Jun 2008 02:16:06 GMT)
Mortgage rates creeping upward
Low rates helped fuel the housing boom, and rates had remained relatively low even after the boom ended more than two years ago. (Mon, 30 Jun 2008 02:44:39 GMT)
Slowest home loan growth in 17 years
Australian home loan approvals have posted their slowest annual growth since the 1991 recession, the Reserve Bank of Australia said today. (Mon, 30 Jun 2008 03:00:00 GMT)
Home loans post slowest growth
Australian home loan approvals have posted their slowest annual growth since the 1991 recession, the Reserve Bank of Australia says. (Mon, 30 Jun 2008 03:23:12 GMT)
Home loans post slowest growth
Australian home loan approvals have posted their slowest annual growth since the 1991 recession, the Reserve Bank of Australia says. (Mon, 30 Jun 2008 03:23:12 GMT)
Home loan growth at recession levels
HOME loan growth has slumped to its slowest annual pace since the 1991 recession, which could mean the end of the interest rate rise cycle. (Mon, 30 Jun 2008 04:10:00 GMT)
Good news for some home buyers
With high property costs and home loan rates deterring buyers, builders are looking to get into affordable housing in the next few months. (Mon, 30 Jun 2008 04:33:40 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. (Mon, 30 Jun 2008 07:02:18 GMT)
Stubborn mortgage rates defy conventional wisdom
The Federal Reserve has aggressively cut interest rates, and houses are sitting around unsold. The stage appears to be set for mortgage rates to fall as lenders compete for the well-qualified homebuyer. (Mon, 30 Jun 2008 08:14:12 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, 30 Jun 2008 09:20:01 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, 30 Jun 2008 09:32:04 GMT)
UK Mortgage Approval Declines More Than Expected In May
(RTTNews) - UK mortgage approvals for house purchases fell to 42,000 in May from 58,000 in April, the Bank of England, or BoE announced Monday. Mortgage approvals reached a new series low since records started in 1999 and stood below 51,000 expected by economists. (Mon, 30 Jun 2008 10:07:20 GMT)
Securing a mortgage loan after the meltdown
Every day, potential home buyers are flooded with news items about the difficulties of securing a mortgage loan in the aftermath of the subprime fallout. (Mon, 30 Jun 2008 10:11:42 GMT)
Homeowners Fall Further Behind on Mortgage Payments, Group Says
In the worst housing slump since the Great Depression, 67,967 people fell at least 60 days behind on mortgages, compared with 40,687 who got back on track, the Mortgage Insurance group reported today. (Mon, 30 Jun 2008 10:16:47 GMT)
UK mortgage approvals slump
Mortgage approval numbers collapsed in May, figures from the Bank of England showed on Monday, giving confirmation of the speed with which conditions in the UK housing market have deteriorated. (Mon, 30 Jun 2008 10:18:21 GMT)
H&R Block 4Q profits rise on higher tax returns, sale of mortgage arm
KANSAS CITY, Mo. - Tax preparer H&R Block Inc. says it swung to a fourth-quarter profit, helped by a record-setting tax season and the sale of its troubled mortgage arm. (Mon, 30 Jun 2008 10:33:17 GMT)
Mortgage approvals continue downward trend
Mortgage approvals continued to slow in May with a fall of 28 per cent from the previous month. ... (Mon, 30 Jun 2008 10:36:47 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, 30 Jun 2008 10:57:19 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, 30 Jun 2008 10:57:39 GMT)
Home loan approvals at record low
The number of mortgages approved for people buying a house sunk to a new record low during May, figures showed. Loans agreed for people moving home slumped by 28% during the month to just 42,000 - a third of the number agreed in May last year, the Bank of England said. (Mon, 30 Jun 2008 11:09:02 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. (Mon, 30 Jun 2008 11:13:05 GMT)
New Home Loan Approvals Hit Record Low
The number of mortgages approved for people buying a house sunk to a new low in May, new Bank of England figures show. (Mon, 30 Jun 2008 11:15:29 GMT)
New Home Loan Approvals Hit Record Low
The number of mortgages approved for people buying a house sunk to a new low in May, Bank of England figures show. (Mon, 30 Jun 2008 11:28:00 GMT)
Higher tax returns, sale of mortgage arm help H&R Block swing to 4Q profit
KANSAS CITY, Mo. - H&R Block Inc., the nation's largest tax preparer, said Monday it swung to a fourth-quarter profit, helped by a record-setting tax season and the sale of its troubled mortgage arm. (Mon, 30 Jun 2008 11:33:15 GMT)
Answer Desk: Who owns my mortgage?
Homeowners with mortgage troubles get similar advice wherever they turn: contact your lender. But, for many, that's not as easy as it sounds. (Mon, 30 Jun 2008 11:50:39 GMT)
U.K. May Mortgage Approvals Decline to Record Low (Update2)
June 30 (Bloomberg) -- U.K. mortgage approvals fell to the lowest in at least nine years in May, a sign that the housing slump is deepening. Banks granted 42,000 loans for house purchase, compared with 58,000 in April, the Bank of England said in London today. (Mon, 30 Jun 2008 11:53:41 GMT)
Home loan approvals at record low
The number of mortgages approved for people buying a house has sunk to a record low, latest figures reveal. Loans agreed for people moving home slumped by 28 per cent during May to just 42,000 - a third of the number agreed in May last year, the Bank of England said. (Mon, 30 Jun 2008 12:28:32 GMT)
Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Mon, 30 Jun 2008 12:57:58 GMT)
Homeowners Fall Further Behind on Mortgage Payments (Update1)
In the worst housing slump since the Great Depression, 67,967 people fell at least 60 days behind on mortgages, compared with 40,687 who got back on track, the Mortgage Insurance group reported today. (Mon, 30 Jun 2008 14:47:34 GMT)
Home loans growth slows to 16 year low
Home loan borrowing has slowed to its lowest rate of net growth for 16 years, according to Central Bank figures out today. This compares with year-on-year growth of 20pc last summer and 28.1pc at the height of the property boom in 2006. (Mon, 30 Jun 2008 15:43:54 GMT)
Mortgage insurers slump again; defaults remain high
SAN FRANCISCO (MarketWatch) -- Mortgage insurers slump again as an industry report confirms that defaults remain high in the business. (Mon, 30 Jun 2008 16:10:11 GMT)
Bond, mortgage insurers mixed after Russell move
Shares of bond and mortgage insurers were mixed Monday after a handful of companies in those sectors were moved from the Russell 1000 index to the small-stock Russell 2000. (Mon, 30 Jun 2008 16:13:20 GMT)
HDFC, ICICI raise home & other loan rates by up to 0.75 pc
Home, auto and other retail loans will cost up to 0.75 per cent more, with lenders HDFC, ICICI Bank and SBI today announcing an increase in interest rates following the Reserve Bank squeeze on money supply. (Mon, 30 Jun 2008 16:16:59 GMT)
HDFC, ICICI Bank raise home and other loan rates
Home, auto and other retail loans will cost up to 0.75 per cent more. (Mon, 30 Jun 2008 18:11:02 GMT)
Wachovia Quits Offering Risky Mortgage Loan
Beleaguered consumer bank Wachovia Corp. will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest. (Mon, 30 Jun 2008 18:12:23 GMT)
Wachovia quits offering risky mortgage loan
Beleaguered consumer bank Wachovia Corp. said Monday it will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest. The choice to pay less was one of the options of Wachovia's controversial Pick-... (Mon, 30 Jun 2008 18:48:36 GMT)
Wachovia quits offering risky mortgage payment option
Wachovia said Monday it will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest. (Mon, 30 Jun 2008 19:32:01 GMT)
Wachovia quits offering risky mortgage loan
CHARLOTTE, N.C. -- Beleaguered consumer bank Wachovia Corp. said Monday it will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest. (Mon, 30 Jun 2008 19:37:41 GMT)
Mortgage ruling could shock U.S. banking industry
LOS ANGELES–A lawsuit filed by a Wisconsin couple against their mortgage lender could have major implications for banks should a U.S. appeals court agree that borrowers can cancel their loans en masse when their lenders violate a federal lending disclosure law. (Mon, 30 Jun 2008 19:42:08 GMT)
Wachovia cuts early payment penalty in its Pick-A-Pay mortgage
Wachovia said Monday that it's immediately waiving all prepayment penalties on its Pick-A-Pay residential mortgage loans, giving borrowers more flexibility to refinance out of the controversial loans. (WB) (Mon, 30 Jun 2008 20:00:12 GMT)
Wachovia quits offering risky mortgage loan
Beleaguered consumer bank Wachovia Corp. said Monday it will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest. (Mon, 30 Jun 2008 20:02:27 GMT)
Wachovia ends risky mortgage program
Wachovia said Monday that it's immediately waiving all prepayment penalties on its Pick-A-Pay residential mortgage loans, giving borrowers more flexibility to refinance out of the controversial loans. (WB) (Mon, 30 Jun 2008 20:27:44 GMT)
Home loan giants strike
Mumbai, June 30: Housing Development Finance Corporation (HDFC) and ICICI Bank — two of the largest home loan financiers in the country — today raised their lending rates. (Mon, 30 Jun 2008 20:54:13 GMT)
Divorcee wise to wipe name from mortgage
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. (Mon, 30 Jun 2008 21:27:17 GMT)
Wachovia quits offering risky mortgage loan
Beleaguered consumer bank Wachovia Corp. said Monday it will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest. (Mon, 30 Jun 2008 21:49:13 GMT)
Federal Home Loan Bank of San Francisco Releases May 2008 Cost of Funds Index
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco announced June 30, 2008, that the 11th District Monthly Weighted Average Cost of Funds Index for May 2008 is 2.918%. The index for April 2008 was 3.111%. (Mon, 30 Jun 2008 22:12:00 GMT)
Mortgage ruling could shock US banking industry
A lawsuit filed by a Wisconsin couple against their mortgage lender could have major implications for banks should a US appeals court agree that borrowers can cancel their loans en masse when their lenders violate a federal lending disclosure law. (Mon, 30 Jun 2008 22:22:01 GMT)
Wachovia quits offering risky mortgage loan
Beleaguered consumer bank Wachovia Corp. will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest. (Mon, 30 Jun 2008 22:35:46 GMT)
Fairfax Will Buy Foreclosed Houses
Fairfax County approved a landmark housing program yesterday to buy foreclosed properties for middle-income families, becoming one of the first communities in the country to tackle the nation's growing mortgage crisis while also addressing the region's increasing demand for affordable housing. (Mon, 30 Jun 2008 23:15:39 GMT)
Nursing homes: Southern Cross in emergency talks over £46m loan deadline
Turmoil in property market leaves care home operator seeking waiver on loan repayment covenant (Mon, 30 Jun 2008 23:19:48 GMT)
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