Mortgage News Jul 2008

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Wachovia won't offer option-ARM home loans
Home loansWachovia quits offering risky 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. (Tue, 01 Jul 2008 00:42:42 GMT)

Florida attorney general sues mortgage lender Countrywide Financial
TALLAHASSEE, Fla. - Countrywide Financial Corp., the largest mortgage lender in the United States, was sued Monday by Florida Attorney General Bill McCollum for misleading and unfair trade practices. (Tue, 01 Jul 2008 01:09:35 GMT)

Dodd Presses Mortgage Relief
On Threatened Homeowner's Lawn, Senator Says Need For Aid Plan Is Urgent Sen. Christopher J. Dodd brought his message of urgency for passing federal mortgage relief back to his home state Monday — on the front lawn of a Spring Street homeowner whose mortgage is in foreclosure. (Tue, 01 Jul 2008 01:54:43 GMT)

Number-crunching: What loan rate hike means for you
Take a home loan or a car loan? Read on. Banks hike interest rates (Tue, 01 Jul 2008 03:11:02 GMT)

Resets Peaking on Subprime Loans
The number of homeowners facing an increase in their subprime adjustable-rate mortgage payments will peak this summer, testing the efforts of lenders and others to keep those people out of foreclosure and stabilize the housing market. (Tue, 01 Jul 2008 03:21:27 GMT)

HDFC, ICICI up home loan rates 1 Jul 2008, 0219 hrs IST,TNN
MUMBAI: New home buyers and those who have already taken loans under floating rates should prepare for tough times ahead. (Tue, 01 Jul 2008 03:46:02 GMT)

Public Notice - Mortgage Sale - Jennifer J. Midkiff and Gregory A. Midkiff
Public Notice Notice Of Mortgage Foreclosure Sale THIS FIRM IS A DEBT COLLECTOR ATTEMPTING TO COLLECT A DEBT. ANY INFORMATION WE OBTAIN WILL BE USED FOR THAT PURPOSE. PLEASE CONTACT OUR OFFICE AT THE NUMBER BELOW IF YOU ARE IN ACTIVE MILITARY DUTY. (Tue, 01 Jul 2008 04:03:41 GMT)

Mortgage bill may not solve problem
When Congress started fashioning a sweeping rescue package for struggling homeowners earlier this year, 2.6 million loans were in trouble. But the problem has grown considerably in just six months and is continuing to worsen. (Tue, 01 Jul 2008 05:05:01 GMT)

Bond refinance plan to save Parkways $330,000 a month
A bond refinancing this week should save the state Parkways Authority about $330,000 a month in interest payments on $59 million in bonds, Parkways General Manager Greg Barr said Monday. (Tue, 01 Jul 2008 05:14:08 GMT)

Tuesday newspaper round-up: Barratt, BP, Enodis
LONDON (SHARECAST) - Struggling housebuilder Barratt Developments is close to securing a rescue refinancing with lenders that will relax its banking covenants and help it ride out the property downturn. (Tue, 01 Jul 2008 05:40:10 GMT)

SBI to review home loan rates
NEW DELHI: State Bank of India on Monday said it would review the interest rates on home loans in the next 10 days. “We are still examining the market condition and will take a view on home loan rates in another week or 10 days,'' Mr O P Bhatt, Chairman, told reporters here. (Tue, 01 Jul 2008 06:01:06 GMT)

SBI to review home loan rates in 10 days
"We are still examining the market condition and will take a view on home loan rates in another week or 10 days," SBI Chairman O P Bhatt told reporters. SBI had increased its PLR by 50 basis points to 12.75 per cent last week. Following the hike in lending rates, the bank also increased deposits rates for various maturities. (Tue, 01 Jul 2008 06:18:30 GMT)

Wachovia no longer offering risky mortgage loan option
CHARLOTTE, N.C. Wachovia Corp. will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest. That was one option of its controversial Pick-A-Payment mortgages. (AP) (Tue, 01 Jul 2008 07:01:12 GMT)

Increase in home loan rates by next week: SBI
New Delhi, Jul 1: Country's largest bank State Bank of India today said it is reviewing the home loan rates revision and expects to take a decision within a week. (Tue, 01 Jul 2008 07:52:50 GMT)

Home mortgage rates start edging up
As if the real estate slump wasn't severe enough -- with prices sinking and foreclosures dumping ever more homes on the market -- another threat has emerged: rising mortgage rates. (Tue, 01 Jul 2008 07:55:26 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, 01 Jul 2008 09:32:24 GMT)

Wachovia moves away from Pick-a-Payment home loan
Wachovia on Monday said it's largely abandoning a type of controversial loan that has caused mounting losses and helped spur the ouster last month of chief executive Ken Thompson. The Charlotte bank will no longer offer home loans with a minimum payment option that allows borrowers to pay less than the interest owed, causing the balance to grow rather than shrink. Consumer advocates have called ... (Tue, 01 Jul 2008 09:46:44 GMT)

Wachovia moves away from Pick-a-Payment home loan
Wachovia on Monday said it's largely abandoning a type of controversial loan that has caused mounting losses and helped spur the ouster last month of chief executive Ken Thompson. The Charlotte bank will no longer offer home loans with a minimum payment option that allows borrowers to pay less than the interest owed, causing the balance to grow rather than shrink. Consumer advocates have called ... (Tue, 01 Jul 2008 09:55:25 GMT)

HSBC launches EIBOR-based mortgage in UAE
HSBC Middle East Limited today announced that it is introducing an EIBOR-based mortgage, which guarantees to follow the Emirates Interbank Offered Rate (EIBOR) for the life of the loan. (Tue, 01 Jul 2008 10:09:33 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. (Tue, 01 Jul 2008 10:23:44 GMT)

SBI to increase home loan rates by 0.5% by July 15
Country's largest lender State Bank of India (SBI) today said it may increase home loan rates by up to 50 basis points in a fortnight. "We raised the PLR by 50 basis points so the rise (home loan rate) will not be more than that," SBI Chairman O P Bhatt told reporters here. (Tue, 01 Jul 2008 10:31:16 GMT)

Wachovia Quits Offering Risky Mortgage Loan
Charlotte, N.C. (AP) - Beleaguered consumer bank Wachovia Corp. said Monday it will quit offering a mortgage payment option that allows borrowers to pay (Tue, 01 Jul 2008 10:45:12 GMT)

Oxford man called mortgage fraud mastermind
WORCESTER - An Oxford man charged in federal court with wire fraud and interstate transportation of property taken by fraud was identified by a prosecutor in state court yesterday as the suspected "mastermind" behind an alleged mortgage fraud scheme that led to secret indictments last week against five people. (Tue, 01 Jul 2008 11:02:38 GMT)

CIT Sells Home Loan Business to Lone Star
CIT Group , which has reported four consecutive quarterly losses, said Tuesday it will sell its home-lending businesses to Lone Star Funds for $1.5 billion in cash and the assumption of $4.4 billion in debt. (Tue, 01 Jul 2008 11:18:53 GMT)

California Mortgage grows by two
Steve Pedego and Imelda Ruiz joined California Mortgage Associates at the Modesto corporate office on Standiford Avenue. (Tue, 01 Jul 2008 12:12:39 GMT)

CIT shares jump on deal to shed mortgage assets
CIT Group Inc said on Tuesday it agreed to sell nearly $10 billion of mortgage assets, in a deal that removes problem loans from the commercial lender's balance sheet and lifted its shares 14 percent in premarket trading. (Tue, 01 Jul 2008 13:12:54 GMT)

CIT shares jump on deal to shed mortgage assets
NEW YORK (Reuters) - CIT Group Inc (CIT.N) said on Tuesday it agreed to sell nearly $10 billion of mortgage assets, in a deal that removes problem loans from the commercial lender's balance sheet and lifted its shares 14 percent in premarket trading. (Tue, 01 Jul 2008 13:33:33 GMT)

SBI may increase home loan rates by up to 0.5 pc by July 15
Country's largest lender State Bank of India said it may increase home loan rates by up to 50 basis points in a fortnight. (Tue, 01 Jul 2008 13:54:49 GMT)

Mortgage pain hits 24,000 in SA
NEARLY 24,000 South Australian households are experiencing severe mortgage stress, newresearch shows. (Tue, 01 Jul 2008 14:07:02 GMT)

Mortgage insurer may lose top status with Freddie Mac
The mortgage insurance business of Old Republic International may soon lose its position as a top insurer with housing-finance giant Freddie Mac. (Tue, 01 Jul 2008 14:40:14 GMT)

Mortgage pain hits 24,000 in SA
NEARLY 24,000 South Australian households are experiencing severe mortgage stress, new research shows. (Tue, 01 Jul 2008 15:00:00 GMT)

How to Save Your Home from Foreclosure
(ARA) - Are you two months or more past due on your mortgage payments and sweating it out? If so you're not alone. (Tue, 01 Jul 2008 15:19:26 GMT)

PHH Mortgage expands borrowing capacity
PHH Mortgage Corp., a subsidiary of PHH Corp. in Mount Laurel, expanded a borrowing facility with Greenwich Capital Financial Products Inc. to $1.5 billion from $1 billion and extended the expiration date from Oct. 30 to June 29, 2009. (Tue, 01 Jul 2008 16:25:12 GMT)

Payment shortage to cost mortgage company in Shawnee County
A home mortgage company that shorted Shawnee County on property tax payments by about $9.25 may end up paying about $9,000. County Treasurer Larry Wilson said Monday that Wells Fargo Home Mortgage has agreed to pay $9.75 for each transaction involving 925 properties. That will cover both delinquent taxes and costs the county incurred in pursuing them. The county said Wells Fargo shorted it by ... (Tue, 01 Jul 2008 16:47:30 GMT)

MFA Mortgage declares dividend of 20 cents
MFA Mortgage Investments Inc., a real estate investment trust, said Tuesday its board declared a regular quarterly dividend of 20 cents for the second quarter ending June 30. (Tue, 01 Jul 2008 17:08:06 GMT)

African Americans in D.C. bear burden of subprime mortgage crisis, report finds
African-Americans in Washington are living on the knife's edge of the subprime mortgage crisis, a city government study has found. (Tue, 01 Jul 2008 17:09:46 GMT)

How to Win in Today's Housing Market
(ARA) - For all the dire news coming out of the housing market, there's a big, shiny silver lining waiting for many homeowners and home buyers. The Federal Reserve has repeatedly dropped interest rates in the past month - good news for anyone seeking a mortgage. (Tue, 01 Jul 2008 17:12:13 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? (Tue, 01 Jul 2008 17:34:30 GMT)

CIT to shed $10 billion mortgage assets
CIT Group Inc said on Tuesday it agreed to sell nearly $10 billion of mortgage assets, in a deal that removes problem loans from the commercial lender's balance sheet, lifting its shares 18 percent. (Tue, 01 Jul 2008 18:14:00 GMT)

CIT to shed $10 billion mortgage assets
NEW YORK (Reuters) - CIT Group Inc said on Tuesday it agreed to sell nearly $10 billion of mortgage assets, in a deal that removes problem loans from the commercial lender's balance sheet, lifting its shares 18 percent. (Tue, 01 Jul 2008 18:36:23 GMT)

Radian shifts $107 mln to support mortgage insurance unit
Radian Group Inc. says it's shifting $107 million from its struggling bond insurance business to support its main mortgage insurance unit. (Tue, 01 Jul 2008 20:10:08 GMT)

2 Charged In Alleged Foreclosure Scheme Appear In Court
A Prince George's County couple appeared in court on Tuesday in an alleged $35 million mortgage foreclosure rescue scheme to cheat lenders and homeowners facing foreclosure, a case authorities said is likely Maryland's largest mortgage fraud case ever. (Tue, 01 Jul 2008 20:25:25 GMT)

AdCare Health Systems, Inc. Announces the Refinancing of Three Assisted Living Properties in Ohio
AdCare Health Systems, Inc. , an Ohio based long term care, home care and management company, today announced the refinancing of three assisted living properties in Ohio. (Tue, 01 Jul 2008 22:01:00 GMT)

Mortgage Clinic: Should I pay off my mortgage with savings?
'We're approaching the end of a five-year fix with Alliance & Leicester and owe £97,000. We have roughly £70,000 in savings; would you suggest paying all this in to the mortgage and leaving us with a £27,000 debt? Or should we pay some off, or none at all? We'd like to move to a larger house in 2010'. CI, Leeds (Tue, 01 Jul 2008 23:20:03 GMT)

Chuck Jaffe: Fed's overlooked message: Dump your ARM now. if you can
While the media and the market scrutinized every word of the Federal Reserve Board's message last week, it seemed to overlook the most important signal, which was there loud and clear for anyone reading between the lines. It went like this: “Refinance your adjustable-rate mortgage now, if you can.” (Tue, 01 Jul 2008 23:55:08 GMT)

Life in Bonita: Tell me about your mortgage crisis experience
A few readers have asked me to write about how to help them with their crappy mortgage deals by telling them how to mend or fix their unpleasant predicaments. (Wed, 02 Jul 2008 02:26:14 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, 02 Jul 2008 03:27:39 GMT)

Eagan mortgage company owner pleads guilty to fraud, ID theft
An Eagan mortgage company owner pleaded guilty to defrauding several financial institutions out of about $1.8 million and using some of the money to buy homes and "support a lavish lifestyle." (Wed, 02 Jul 2008 03:33:15 GMT)

KC man gets probation in mortgage fraud scheme
A federal judge on Tuesday sentenced a Kansas City man to five years of probation for managing the details of a notorious mortgage fraud scheme. (Wed, 02 Jul 2008 03:41:02 GMT)

CIT dumps home-loan business
Now that CIT Group has sold its subprime home-loan business, the commercial lender might next try to sell its railroad leasing business, which provides financing for rail cars, analysts said yesterday. (Wed, 02 Jul 2008 04:51:52 GMT)

Pontotoc Place Granted $2.2 Million Refinancing
The Memphis Center City Revenue Finance Corp. board recently approved a $2.2 million deed of trust for Pontotoc Place LLC for its multifamily property.... (Wed, 02 Jul 2008 05:03:31 GMT)

Obama got discount on home loan after becoming senator
Shortly after joining the U.S. Senate and while enjoying a surge in income, Barack Obama bought a $1.65 million restored Georgian mansion in an upscale Chicago neighborhood. To finance the purchase, he secured a $1.32 million loan from Northern Trust (Wed, 02 Jul 2008 05:47:02 GMT)

Troubled Countrywide mortgage purchased by Bank of America
Troubled lender faces Florida suit Bank of America on Tuesday completed a $2.5 billion acquisition of Countrywide Financial Corp., a day after the state of Florida sued the nation's largest mortgage lender for allegedly making loans to consumers who couldn't afford them. (Wed, 02 Jul 2008 07:14:37 GMT)

Mortgage Rates Increase With Temperature
The number of homeowners facing an increase in their subprime adjustable-rate mortgage payments will peak this summer, testing the efforts of lenders and others to keep those people out of foreclosure and stabilize the housing market. The timing reflects the height of subprime lending in the summers of 2005 and 2006, when many borrowers secured loans scheduled to adjust in two or three years. ... (Wed, 02 Jul 2008 07:14:49 GMT)

As mortgage rates creep upward, anxiety rises, too
As if the real estate slump weren't severe enough -- with prices sinking and foreclosures dumping ever more homes on the market -- another threat has emerged: rising mortgage rates. (Wed, 02 Jul 2008 07:24:12 GMT)

Mortgage broker pleads guilty to scheme
Jacob Milton, a Queens mortgage broker at the center of a scandal involving identity theft and phony mortgages, has pleaded guilty to grand larceny and scheme to defraud. (Wed, 02 Jul 2008 07:25:33 GMT)

Former prosecutor sentenced in mortgage theft
A former Bucks County prosecutor who had pleaded guilty to stealing mortgage payments, writing bad checks, and forging a judge's signature was sentenced to prison by a Delaware County Court judge yesterday. (Wed, 02 Jul 2008 07:50:33 GMT)

Are there any risks in getting a 30-year, fixed-rate mortgage?
A: The risks are low because you're protected against rising rates and you'll know what the interest and principal part of your payment will be. But if interest rates go down, your payment won't change unless you refinance. And, Freddie Mac points out, since 30-year rates may be higher than adjustable-rate mortgages, you might not qualify to borrow as much. (Wed, 02 Jul 2008 08:54:32 GMT)

Taylor Wimpey fails to reach funding agreement UPDATE
(Recasts intro; adds CEO comments from conference call; analysts' reaction) LONDON (Thomson Financial) - Taylor Wimpey Plc. dealt a huge blow to the UK housebuilding sector Wednesday after it revealed it had failed to agree terms for a 500 million pound refinancing package to shore up its battered balance sheet and warned the continuing tough trading conditions in the UK homes market would lead ... (Wed, 02 Jul 2008 09:41:15 GMT)

Ahead of the Bell: Mortgage Applications
Industry data to be released Wednesday will show whether home loan applications fell for the third straight week as mortgage rates continued to rise. (Wed, 02 Jul 2008 10:11:28 GMT)

Should man prepay mortgage, or car loan?
Dear Dr. Don, Let's say I have a car loan at 4.9 percent interest and still owe $10,000 on the car. I also have a 15-year mortgage with a $65,000 principal balance at 5.125 percent. (Wed, 02 Jul 2008 10:49:46 GMT)

Mortgage application volume rises off 2008 low
Mortgage application volume rose 3.6 percent during the week ended June 27, according to the trade group Mortgage Bankers Association's weekly application survey. (Wed, 02 Jul 2008 11:19:13 GMT)

CDO Creators Seek Redemption, and Profits, From Mortgage Market
July 2 (Bloomberg) -- Money managers including TCW Group Inc. and Harding Advisory LLC that topped the list of firms behind the most toxic mortgage securities have raised more than $4.3 billion to invest in home-loan debt. (Wed, 02 Jul 2008 11:20:09 GMT)

Mortgage applications rose 3.6% last week: MBA
Mortgage applications filed last week rise a seasonally adjusted 3.6% compared with the week before, the Mortgage Bankers Association says. Interest rates on fix-rate mortages move slightly lower. (Wed, 02 Jul 2008 11:25:00 GMT)

Free Times - Ohio's Premier News, Arts, & Entertainment Weekly
Editor's Note: A former account executive for the nearly bankrupt Novastar Financial Inc. and a former mortgage broker at the now-defunct Equity Consultants, an independent mortgage brokerage firm once in Richfield, spoke to the Free Times on the condition of anonymity. (Wed, 02 Jul 2008 11:37:58 GMT)

Jail time for mortgage scammer with long record
A disbarred former Bucks County attorney turned mortgage lender was sentenced to up to 3 years in jail for swindling people in Bucks, Montgomery and Delaware counties. (Wed, 02 Jul 2008 11:46:40 GMT)

Federal Home Loan Bank of Indianapolis Offers Second Round of Funding to Help Lenders Relieve Threat of Foreclosure
INDIANAPOLIS, July 2, 2008 -- Milton J. Miller, President & CEO of the Federal Home Loan Bank of Indianapolis , has announced a second round of the bank's $100 million lending initiative, HomeRetain, to help FHLBI financial institution members assist families facing foreclosure. (Wed, 02 Jul 2008 12:01:53 GMT)

Mortgage applications rebound
Price declines on 30-year fixed-rate mortgages generate new loans and more refinancing. (Wed, 02 Jul 2008 12:13:20 GMT)

Mortgage Application Volume Increases From Last Week
(RTTNews) - Mortgage application volume saw a mild turnaround during the week of June 27, increasing on a week to week basis. Still, the results came in almost 23 percent behind the volume on year ago, according to the Mortgage Bankers Association's weekly application survey. (Wed, 02 Jul 2008 12:27:54 GMT)

US mortgage approvals bounce, ADP data worse
US mortgage approvals rallied a little from a six year low seen last week as lower interest rates encouraged some activity. (Wed, 02 Jul 2008 12:59:00 GMT)

Obama Got Discount On Home Loan
Barack Obama bought a $1.65 million restored Georgian mansion in an upscale Chicago neighborhood in 2005. To finance the purchase, he received a discount on the $1.32 million loan from Northern Trust in Illinois, the Washington Post reports. (Wed, 02 Jul 2008 13:12:18 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, 02 Jul 2008 13:22:26 GMT)

Hoping to secure a loan and a home
First-time homebuyers camped out Monday night in front of the city's Department of Housing and Redevelopment building to secure their chance of being approved for a $50,000 home loan. "It was a mixed atmosphere," said Jeanne Weinacht, a real estate agent with Kappel & Kappel Real Estate Inc. (Wed, 02 Jul 2008 14:28:03 GMT)

Opening Glance: Shares of commercial banks rise
Commercial bank stocks rose Wednesday morning after the Mortgage Bankers Association said mortgage application volume rose 3.6 percent from its 2008 low, and refinance volume increased 4.7 percent for the week ended June 27. (Wed, 02 Jul 2008 14:32:31 GMT)

Home-equity-loan Delinquencies Hit Record High In ABA Data
Home-equity-loan Delinquencies Hit Record High In ABA Data (Wed, 02 Jul 2008 15:10:07 GMT)

Broker Pleads Guilty To Stealing Mortgage Payments
A former mortgage broker who pleaded guilty to stealing mortgage payments in Delaware, Montgomery and Bucks counties faces 18 to 36 months in state prison. (Wed, 02 Jul 2008 15:18:49 GMT)

Mortgage applications rose during week
The volume of applications for U.S. mortgages increased last week, rising a seasonally adjusted 3.6 percent over a week earlier, an industry group said.The Market Composite Index, which measures mortgage loan application volume, was 477.7 for the week ending June 27, compared to 461.3 a week earlier, the Mortgage Bankers Association said in a release Wednesday.The Refinance Index increased 4.7 ... (Wed, 02 Jul 2008 15:43:04 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? (Wed, 02 Jul 2008 15:44:05 GMT)

Ex-broker to serve 12 years in Pa. mortgage scam
A former mortgage broker sentenced to federal prison Wednesday blamed his poor business acumen for causing hundreds of Pennsylvania homeowners and investors to lose millions in what prosecutors described as a Ponzi scheme. (Wed, 02 Jul 2008 17:03:45 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, 02 Jul 2008 17:15:59 GMT)

Obama Clarifies Mortgage Deal
Here's the bottom line on Barack Obama's sweet mortgage deal: He got a lower rate because he was rich, not because he's a senator. (Wed, 02 Jul 2008 17:16:22 GMT)

Federal Home Loan Bank of Seattle Announces 2008 Community Spirit Award Recipient
SEATTLE----The Federal Home Loan Bank of Seattle has named Evergreen Federal Bank of Grants Pass, Oregon, as the recipient of the bank's 2008 Community Spirit Award. (Wed, 02 Jul 2008 18:06:00 GMT)

Personal Finance Daily: You may want to bail on your adjustable mortgage
The Federal Reserve has sent a pretty clear signal to the markets that it stands ready to push interest rates higher to fight inflation. If you are a homeowner with an adjustable-rate mortgage, you can pretty much interpret that as well as a signal to jump into a fixed-rate loan as quickly as you can. (Wed, 02 Jul 2008 18:09:49 GMT)

Schwarzenegger backs mortgage default warning bill
Amid a surge in foreclosures in California, Gov. Arnold Schwarzenegger threw his support behind a bill on Wednesday that would require mortgage lenders to give a 30-day notice to borrowers falling behind on payments before filing default notices. (Wed, 02 Jul 2008 18:54:25 GMT)

Mortgage group reports loan help
Hope Now, the mortgage industry alliance of lenders, servicers and housing counselors, reported Wednesday that it helped roughly 170,000 homeowners avoid foreclosure in the month of May. (Wed, 02 Jul 2008 19:39:00 GMT)

Pace of mortgage aid by industry dropped in May
The pace of the mortgage industry's efforts to assist troubled borrowers declined in May, as critics questioned lenders' progress in aiding U.S. homeowners facing foreclosure. (Wed, 02 Jul 2008 20:05:16 GMT)

Blog Buzz: Barack Obama's Mortgage Rorschach, John McCain's Shakeup, and Flip-Flops
Mortgage Rorschach, McCain shakeup, and the importance of flip-flopping. (Wed, 02 Jul 2008 20:06:25 GMT)

Mortgage group reports loan help
Hope Now, the mortgage industry alliance of lenders, servicers and housing counselors, reported Wednesday that it helped roughly 170,000 homeowners avoid foreclosure in the month of May. (Wed, 02 Jul 2008 20:47:00 GMT)

AllBank, Tata AIG tie up for home loan cover
Calcutta, July 2: Existing and new home loan borrowers of city-based Allahabad Bank will now get to choose from two life insurance companies while buying a mortgage term assurance cover. (Wed, 02 Jul 2008 21:15:50 GMT)

Ex-broker gets 12 years in Pa. mortgage scam
A former mortgage broker sentenced to federal prison Wednesday blamed his poor business acumen for causing hundreds of Pennsylvania homeowners and investors to lose more than $29 million in what prosecutors described as a Ponzi scheme. (Wed, 02 Jul 2008 21:31:06 GMT)

Blog Buzz: Barack Obama's Mortgage Rorschach, John McCain's Shakeup, and Flip-Flops
Mortgage Rorschach, McCain shakeup, and the importance of flip-flopping. (Wed, 02 Jul 2008 22:00:21 GMT)

Dollar Trades Near Two-Month Low Before ECB Decision, Payrolls
July 3 (Bloomberg) -- The dollar traded near a two-month low against the euro as economists forecast the European Central Bank will raise its main refinancing rate by a quarter- percentage point and U.S. payrolls will drop for a sixth month. (Thu, 03 Jul 2008 00:18:29 GMT)

Kiwibank reduces home loan rates
Kiwibank has reduced home loan interest rates, bringing most fixed rates below 9% per annum. The bank's three year rate has been reduced to 8.79% per annum which it says is significantly below competing banks. (Thu, 03 Jul 2008 00:40:18 GMT)

NAACP puts spotlight on mortgage bias lawsuit
Members of local and regional NAACP branches gathered Wednesday outside Washington Mutual's corporate offices as part of what the NAACP called "a national day of action" against mortgage discrimination. (Thu, 03 Jul 2008 00:48:42 GMT)

Kiwibank lowers home loan rates
Kiwibank has reduced home loan interest rates, bringing most fixed rates below 9 per cent a year. (Thu, 03 Jul 2008 02:11:22 GMT)

Australian Mortgage Broker Says Sales Drop 22% on Higher Rates
July 3 (Bloomberg) -- Australian Finance Group Ltd. , the country's biggest mortgage broker, said sales fell 22 percent in June, capping the second straight quarterly decline, as interest rates at 12-year highs increased the costs of buying a home. (Thu, 03 Jul 2008 04:16:01 GMT)

Former prosecutor sentenced in mortgage theft
A former Bucks County prosecutor who had pleaded guilty to stealing mortgage payments, writing bad checks, and forging a judge's signature was sentenced to prison by a Delaware County Court judge yesterday. (Thu, 03 Jul 2008 05:40:50 GMT)

Kiwibank reduces home loan rates
Kiwibank has reduced home loan interest rates, bringing most fixed rates below 9% per annum. The bank's three year rate has been reduced to 8.79% per annum which it says is significantly below competing banks. (Thu, 03 Jul 2008 06:05:11 GMT)

Mortgage industry slower to give aid
WASHINGTON -- The pace of the mortgage industry's efforts to assist troubled borrowers declined in May, as critics questioned lenders' progress in aiding U.S. homeowners facing foreclosure. (Thu, 03 Jul 2008 07:36:51 GMT)

Mortgage questions answered
Answering your mortgage questions If you are confused by all of the mortgage loan programs available, you can get your questions answered July 8 a ... (Thu, 03 Jul 2008 08:13:32 GMT)

7 questions to ask about refinancing your mortgage
The LendingTree.com '7 for 7' is a snappy, weekly column that came from the idea of providing visitors to LendingTree.com "seven smart borrowing tips to get you through the week." It then became the "Daily Candy" of the financial world providing readers a fun outlet that helps navigate tough money and budget decisions from the very big to the very small. Today's '7 for 7' shares 7 questions to ... (Thu, 03 Jul 2008 08:50:58 GMT)

Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Thu, 03 Jul 2008 10:28:12 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? (Thu, 03 Jul 2008 10:28:42 GMT)

Mortgage rates decline a bit
Mortgage rates dropped this week on news of a slumping economy. The benchmark 30-year fixed-rate mortgage fell 9 basis points, to 6.53 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. (Thu, 03 Jul 2008 10:49:00 GMT)

Mortgage defaults rising, Bank of England warns
More and more homeowners are defaulting on their mortgage repayments and credit conditions are likely to tighten further, the Bank of England has warned (Thu, 03 Jul 2008 11:16:25 GMT)

Bankrate: Mortgage Rates Retreat on Economic Worries
Mortgage rates were lower across the board, with the average conforming 30-year fixed mortgage rate falling to 6.53 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, 03 Jul 2008 11:30:00 GMT)

Mortgage lending cuts expected
Mortgage availability will continue to fall in the coming months as lenders tighten the criteria in the face of rising defaults, the Bank of England has said. (Thu, 03 Jul 2008 11:39:12 GMT)

NAACP accuses lenders of discriminatory mortgage practices
NAACP accuses lenders, blames rise in foreclosures on predatory actions NAACP officials accused top lenders of discriminatory mortgage practices in a series of protests yesterday in Baltimore and cities across the nation. (Thu, 03 Jul 2008 11:55:43 GMT)

Mortgage stress may affect 1 million
MORTGAGE stress levels in Australia are tipped to reach more than 1 million homes by December, amid dire predictions that more than 53,000 jobs will disappear from small- to medium-sized businesses. (Thu, 03 Jul 2008 14:00:00 GMT)

We're in a 'mortgage recession'
IN further evidence that the property market has been spooked by rising interest rates and an uncertain economic outlook, it has emerged that the nation's largest mortgage broker last month sold 22 per cent fewer mortgages than it did in the same month a year ago. (Thu, 03 Jul 2008 14:00:00 GMT)

$400,000 is average home loan
Rise hits families hard THE average mortgage has smashed through the $400,000 mark for the first time as Sydney's cut-throat real estate market continues to push families out of home ownership. (Thu, 03 Jul 2008 14:00:00 GMT)

We're in a 'mortgage recession'
IN further evidence that the property market has been spooked by rising interest rates and an uncertain economic outlook, it has emerged that the nation's largest mortgage broker last month sold 22 per cent fewer mortgages than it did in the same month a year ago. (Thu, 03 Jul 2008 14:00:00 GMT)

U.S. mortgage rates drop for first time in four weeks
CHICAGO (MarketWatch) -- Mortgage rates reversed course this week, dropping after three straight jumps, Freddie Mac said in its weekly rate survey Thursday. The national average for the 30-year fixed-rate mortgage fell to 6.35% from 6.45% a week ago. Last year at this time, the 30-year loan averaged 6.63%. The 15-year fixed-rate loan averaged 5.92%, down from 6.04%. Five-year Treasury-indexed ... (Thu, 03 Jul 2008 14:41:03 GMT)

Mortgage rates drop, snapping a 3-week climb
Rates on 30-year fixed mortgages fell for the first time in three weeks after the Federal Reserve said last week that it expects inflation to level off, according to mortgage backer Freddie Mac. (Thu, 03 Jul 2008 15:06:15 GMT)

Mortgages: U.S. mortgage rates ease: Freddie Mac
CHICAGO (MarketWatch) -- Mortgage rates reversed direction and fell this week, in part due to expectations that inflation will moderate later this year, Freddie Mac's chief economist said on Thursday. (Thu, 03 Jul 2008 15:06:39 GMT)

Arlington City Council votes to refinance one Dallas Cowboys stadium bond
The Arlington City Council voted unanimously on July 1 to refinance one of its three Dallas Cowboys stadium bonds. (Thu, 03 Jul 2008 15:28:58 GMT)

Mortgage crisis lacks punch in Kossuth
ALGONA - United States representatives and senators debate bills to bail out the mortgage crisis. Mortgage loan delinquency (ratio of borrowers 60 or more days past due) increase for the fifth straight quarter and hit a national average high of 3.23 percent for the first three months of 2008. (Thu, 03 Jul 2008 15:58:01 GMT)

Weighing refinancing as a way to end private mortgage insurance
Q: Can I refinance to get rid of private mortgage insurance?A: Yes and no. If you have enough equity in your home after the cost to refinance typically 20 percent or more, you can probably get clear of private mortgage insurance. (Thu, 03 Jul 2008 16:57:17 GMT)

Impac Mortgage Holdings, Inc. Announces Execution of Letter of Intent for a Committed Term Financing Facility
Impac Mortgage Holdings, Inc. , or the "Company" a Maryland corporation, being taxed as a real estate investment trust , is pleased to announce the restructuring of its existing repurchase agreement financing facility with UBS Real Estate Securities, Inc. (Thu, 03 Jul 2008 17:38:00 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, 03 Jul 2008 17:51:38 GMT)

Impac Mortgage refinances credit facility
Mortgage investor Impac Mortgage Holdings Inc. said Thursday it has refinanced an outstanding repurchase financing facility, replacing it with a term loan from UBS Real Estate Securities Inc. (Thu, 03 Jul 2008 18:18:51 GMT)

Here's some relief for home loan customers
With rising interest rates and inflation taking a toll on home loan customers, banks are beginning to encourage them to partly prepay their loans. Many of them are doing so without charging them prepayment penalty. (Thu, 03 Jul 2008 21:06:07 GMT)

Families turn to loans and credit cards to cover mortgage bills
More than four million households have resorted to personal loans or credit cards to cover mortgage or rent payments in the past year. (Thu, 03 Jul 2008 23:01:04 GMT)

Realty Q&A: Direction of interest rates critical factor in refinancing
I am about to refi my mortgage, which is going to switch to an adjustable rate in the next 60 days. I plan to remain in my house for the next10 years. I am looking for an intelligent and independent view of the current rate situation and I believe you would have that. (Thu, 03 Jul 2008 23:21:34 GMT)

Guilty Plea in Mortgage Fraud Case
A man who owned a Vermont company has pleaded guilty in a mortgage fraud case. (Fri, 04 Jul 2008 00:07:18 GMT)

Cairns Lockie Mortgage Commentary
Welcome to the eleventh fortnightly Cairns Lockie Mortgage Commentary for 2008. We aim to keep you informed on developments at Cairns Lockie, Home Loans and the mortgage market in general. (Fri, 04 Jul 2008 00:29:57 GMT)

Arizonans brace for summer mortgage resets
The number of adjustable-rate mortgage resets is expected to peak this month in Arizona. (Fri, 04 Jul 2008 01:10:18 GMT)

NAACP joins effort to stop mortgage bias
The S.C. State Conference of the National Association for the Advancement of Colored People joined a national Day of Action this week against discriminatory mortgage lending practices. The national NAACP filed a class action lawsuit a year ago against 17 of the nation’s largest lenders alleging African-Americans were given higher mortgage interest rates than others despite having similar credit ... (Fri, 04 Jul 2008 04:11:04 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, 04 Jul 2008 06:56:29 GMT)

Home Front: Seesaw mortgage rates make it tough to decide when to lock in your loan
If you think it's a stomach-turner to watch a volatile stock market and economy, try picking the right week to lock in your home loan. (Fri, 04 Jul 2008 07:20:43 GMT)

Paying mortgage off early gets tricky
S ure, you get a tax deduction for the interest you pay on your mortgage, but that doesn't mean you aren't heartsick about all that interest. Should you try to pay your loan off early and cut out a chunk of the interest due? (Fri, 04 Jul 2008 07:34:41 GMT)

What's a balloon mortgage?
A: A balloon mortgage requires you pay off the entire balance early, usually after five or seven years of paying on a normal 30-year schedule. Some balloon mortgages reset, meaning you have the option of continuing making payments, but at a new interest rate. To take advantage of the reset, you typically have to still live in the house, have a record of paying your mortgage on time and have no ... (Fri, 04 Jul 2008 08:57:33 GMT)

Mortgage rates slightly down
Thirty-year fixed-rate mortgages averaged 6.35 percent this week, down 0.1 percent from last week, which had been the highest level since last September, Freddie Mac, the mortgage company, reported Thursday. Rates had been rising for five straight weeks. (Fri, 04 Jul 2008 09:13:07 GMT)

Alleged mortgage fraud schemer remains on house arrest
A Country Club Hills man, accused of heading one of the biggest mortgage fraud schemes ever in the Chicago area, will remain under house arrest under conditions set this week during a federal court hearing. (Fri, 04 Jul 2008 09:26:22 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, 04 Jul 2008 10:35:50 GMT)

CAGAMAS HKMC LAUNCHES NEW MORTGAGE GUARANTEE FACILITY
KUALA LUMPUR, July 4 (Bernama) -- Cagamas HKMC Bhd is offering a new mortgage guarantee facility, the Mortgage Guarantee Programme (MGP), to financial institutions particularly mortgage originators. (Fri, 04 Jul 2008 10:43:25 GMT)

Mortgage broker pleads guilty to federal charge
The owner of a defunct South Burlington mortgage brokerage is facing up to 20 years in prison after pleading guilty to a federal wire fraud charge. (Fri, 04 Jul 2008 12:30:58 GMT)

Mortgage broker pleads guilty to federal charge
Associated Press - July 4, 2008 8:35 AM ET BURLINGTON, Vt. (AP) - The owner of a defunct South Burlington mortgage brokerage is facing up to 20 years in prison after pleading guilty to a... (Fri, 04 Jul 2008 12:37:08 GMT)

Two lenders trim mortgage costs
The Nationwide and Abbey are cutting their mortgage rates slightly - but mainly for those with large deposits. (Fri, 04 Jul 2008 14:06:49 GMT)

SBI raises floating home loan rate by 0.5 per cent
Country's largest lender State Bank of India on Friday increased floating home loan rate by 0.5 per cent across all tenors with effect from June 27. (Fri, 04 Jul 2008 14:32:21 GMT)

SBI floating home loan rate up 0.5%
For home loans up to Rs 30 lakhs (Rs 3 million) for 20 and 25 year period, the interest rate has been increased by 0.5 per cent to 11 per cent against 10.5 per cent, SBI said. Equated Monthly Instalment for 25 years would go up from Rs 945 to Rs 980 per lakh while for 20 years EMI would go up by Rs 35 to Rs 1,035. Housing loan with maturity between 10 and 15 years has gone up to 10.75 per cent. ... (Fri, 04 Jul 2008 14:36:07 GMT)

SBI raises floating home loan rate by 0.5%
Country's largest lender State Bank of India today increased floating home loan rate by 0.5 per cent across all tenors with effect from June 27. (Fri, 04 Jul 2008 14:37:30 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, 04 Jul 2008 16:03:06 GMT)

Top three UK mortgage lenders cut some of their rates
Britain's three biggest lenders have cut some of their mortgage rates, raising hopes that the worst of the turmoil in the mortgage market may be over. By Harry Wallop, Consumer Affairs Correspondent. (Fri, 04 Jul 2008 16:18:45 GMT)

Real Estate Weekly: Home-eauity-loan woes continue to mount
The delinquency rate on home-equity lines of credit rose to its highest in more than a decade during the first quarter, the American Bankers Association said this week. (Fri, 04 Jul 2008 16:22:01 GMT)

SBI home loan rates move up
Mumbai, July 4: The State Bank of India (SBI) today raised home loan rates by 50 basis points across all its floating rate tenors. (Fri, 04 Jul 2008 20:59:14 GMT)

Cagamas HKMC to tap into existing mortgage loans
KUALA LUMPUR: Cagamas HKMC Bhd hopes to tap into existing mortgage loans in financial institutions as well as new loans for its newly launched mortgage guarantee programme. (Fri, 04 Jul 2008 23:46:48 GMT)

Lenders face challenges as mortgage rates reset this summer
The number of homeowners facing an increase in their subprime adjustable-rate mortgage payments will peak this summer, testing the efforts of lenders to keep those people out of foreclosure and stabilize the housing market. (Fri, 04 Jul 2008 23:54:47 GMT)

Kiwibank decreases home loan rates
Kiwibank has reduced home loan interest rates, bringing most fixed rates below 9% per annum. The key three-year rate has been reduced to 8.79% per annum. (Sat, 05 Jul 2008 00:24:56 GMT)

Fortes Financial Secures National City Mortgage Wholesale Division
Fortes Financial Inc. has completed the assumption of five regional wholesale offices formerly belonging to National City Mortgage Corp. Ownership of Genesee Executive Plaza in San Diego has just changed hands, courtesy of a transaction valued at $56 million. (Sat, 05 Jul 2008 02:01:06 GMT)

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