Mortgage News Jul 2008
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Judge sentences man to 6 years for mortgage fraud
Defense says no one lost any money Yes, he broke the law. But did a Broward man labeled an "economic outlaw" by federal prosecutors cause real financial harm by fraudulently obtaining mortgage loans in a booming real estate market? (Sat, 05 Jul 2008 03:59:02 GMT)
Bitter lessons learned from refinancing
(Sat, 05 Jul 2008 05:11:25 GMT)
Mortgage Brokers as Naysayers
New York?s borrowers could notice a different tone in their discussions with mortgage brokers in coming months. (Sat, 05 Jul 2008 05:17:43 GMT)
Worried about your credit? Here's how to check 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. 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 ... (Sat, 05 Jul 2008 05:42:23 GMT)
New Breakthrough "Mortgage Reduction Software" Just Released
Mortgage reduction software saves homeowners thousands of dollars and builds principal equity in homes without any extra money out of the homeowner's pocket. Service doesn't require any refinancing, home appraisals, credit reports, closing costs, or changing of lenders. Software also works with any existing mortgage. (Sat, 05 Jul 2008 07:01:00 GMT)
Mortgage broker pleads guilty to federal charge
BURLINGTON -- 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. ... (Sat, 05 Jul 2008 07:15:58 GMT)
Mortgage relief bill expected to pass
WASHINGTON --When the Senate returns Monday from its Fourth of July recess, members will try again to pass a stalled package of mortgage relief and reform that could have a major impact on homeowners in Ohio, where foreclosures have become a crisis. (Sat, 05 Jul 2008 07:20:23 GMT)
New Breakthrough "Mortgage Reduction Software" Just Released
Mortgage reduction software saves homeowners thousands of dollars and builds principal equity in homes without any extra money out of the homeowner's pocket. Service doesn't require any refinancing, home appraisals, credit reports, closing costs, or changing of lenders. Software also works with any existing mortgage. (PRWeb Jul 5, 2008) Read the full story at ... (Sat, 05 Jul 2008 09:10:07 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, 05 Jul 2008 09:47:29 GMT)
N.C. tightens down on mortgage industry
North Carolina is about to make it more difficult to work in the mortgage industry. A series of new rules – designed to help consumers – add several requirements before someone could be licensed as a loan officer or as a mortgage banker or broker. First proposed a year ago, the changes come at a time of increased scrutiny for the industry. Among the rules: Someone applying to become a loan ... (Sat, 05 Jul 2008 10:39:30 GMT)
Presidential candidates' housing plans at a glance
Presidential candidates John McCain and Barack Obama envision the Federal Housing Administration backing new, cheaper mortgages for distressed homeowners who otherwise would have difficulty refinancing into more secure government-insured loans with lower monthly payments. (Sat, 05 Jul 2008 12:43:38 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? (Sat, 05 Jul 2008 13:13:50 GMT)
National Class Action Settlement Can Help Your Rates
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, 05 Jul 2008 13:47:53 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, 05 Jul 2008 14:49:06 GMT)
Auto Loan Refinance to Reduce Monthly Payments
(ARA) - If high gas prices coupled with a big monthly car payment have you thinking that it might be time to trade in your truck or SUV, you'll be happy to know there is an alternative. (Sat, 05 Jul 2008 14:50:08 GMT)
Banks narrow home equity withdrawals
Borrowers scramble to find other funds as lenders cut loan amounts for home equity lines of credit. (Sat, 05 Jul 2008 15:51:19 GMT)
Moody's poised to cut rating of UK mortgage lender
Bradford & Bingley yesterday braced for a further setback after Moody's, the ratings agency, indicated it was preparing to cut the ailing mortgage lender's credit rating. (Sat, 05 Jul 2008 22:31:42 GMT)
Dive in mortgage approvals points to lower house prices
MORTGAGE approvals fell by 60% in May compared with a year ago and will reduce further over the next three months, according to figures from the Bank of England, leading t (Sat, 05 Jul 2008 23:23:14 GMT)
Presidential candidates' housing plans at a glance
Presidential candidates John McCain and Barack Obama envision the Federal Housing Administration backing new, cheaper mortgages for distressed homeowners who otherwise would have difficulty refinancing into more secure government-insured loans with lower monthly payments. For the plans to work, lenders would have to be willing to take a substantial loss by reducing the amount owed on the loan in ... (Sun, 06 Jul 2008 03:11:56 GMT)
Valley Savings, First Federal of Lakewood, Third Federal Savings have few bad mortgage loans
f you wanted to count the number of bad mortgage loans at Valley Savings Bank in Cuyahoga Falls, you could do it on one hand. The 85-year-old family-owned bank has a whopping three -- count 'em, three -- customers who aren't paying on their loans. (Sun, 06 Jul 2008 04:18:12 GMT)
As foreclosures rise, mortgage assistance tapers off
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. (Sun, 06 Jul 2008 05:45:59 GMT)
HSBC offers EIBOR-based mortgage
HSBC Middle East Limited is introducing an EIBOR-based mortgage. This means, the loan follows the Emirates Interbank Offered Rate (EIBOR) for the life of the loan. (Sun, 06 Jul 2008 06:45:06 GMT)
Mortgage rates decline for week
Rates on 30-year mortgages, which had been rising for five straight weeks, declined last week as signals from the Federal Reserve eased worries about imminent rate increases. Freddie Mac, the mortgage company, reported that 30-year fixed-rate mortgages... (Sun, 06 Jul 2008 07:37:03 GMT)
With the loan bar higher, the rules are different now
During the height of the real estate boom, it was not only possible to buy a home with little cash and less-than-ideal credit, but with soaring real estate prices, it was easy to refinance as well. (Sun, 06 Jul 2008 07:49:37 GMT)
Foreclosures to rise, whomever wins White House
Home foreclosures will keep rising next year no matter who is elected president in November. Even the optimism that surrounds a new president taking office cannot resurrect home values overnight, and presidents have no direct ability to reduce rising mortgage rates. (Sun, 06 Jul 2008 08:54:50 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, 06 Jul 2008 09:16:06 GMT)
Homeowners suffer while mortgage bill sits in Senate
Like many Americans, our legislators in Washington have been enjoying a nice holiday break for the Fourth of July. In fact, they've been enjoying a longer break than most of us – more than a week, which is good practice for the monthlong vacation that awaits them just six weeks from now. (Sun, 06 Jul 2008 10:15:20 GMT)
Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Sun, 06 Jul 2008 12:45:59 GMT)
Presidential candidates' housing plans at a glance
Presidential candidates John McCain and Barack Obama envision the Federal Housing Administration backing new, cheaper mortgages for distressed homeowners who otherwise would have difficulty refinancing into more secure government-insured loans with lower monthly payments. For the plans to work, lenders would have to be willing to take a substantial loss by reducing the amount owed on the loan in ... (Sun, 06 Jul 2008 13:21:34 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? (Sun, 06 Jul 2008 14:01:19 GMT)
Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Sun, 06 Jul 2008 14:21:00 GMT)
Land mortgage
Public sector banks currently insist on farmers mortgaging both land and tractor as collateral for finance. Farmers must have a minimum four acres of irrigated land to get a loan for a tractor of less than 35 horsepower (hp), and six acres for tractors above 35 hp. (Sun, 06 Jul 2008 19:00:55 GMT)
Reverse mortgage in respect of joint family property
In The Hindu dated January 28, you have justified State Bank of India’s refusal to accept joint family property for purpose of reverse mortgage. Since a karta or for that matter any member can even make a Will of his share in the ... (Sun, 06 Jul 2008 19:16:03 GMT)
G-8 meets at time of darkest outlook in at least 10 years / Credit crunch, oil and mortgage crisis on agenda in Japan
Between surging oil prices, food inflation and a credit crunch that's depressed global growth, leaders from the Group of Eight economic powers face the gravest combination of economic woes in at least a decade at their three-day meeting beginning today. The... (Mon, 07 Jul 2008 02:56:37 GMT)
Acacia revamps and expands mortgage business
At a time when most banks are backing away from residential mortgages, Acacia Federal Savings Bank is stepping up. (Mon, 07 Jul 2008 04:08:17 GMT)
SBI hikes home loan interest rates by 50 bpts
Type verification code in the box and submit. Mumbai: The State Bank of India has raised its interest rate on home loans by 50 basis points across the board, effective from June 27. (Mon, 07 Jul 2008 04:35:13 GMT)
Mortgage broker struggling to make ends meet
Serena Agha has worked for five mortgage companies in the past three years. In that brief time, she's experienced consolidations, layoffs, acquisitions and bankruptcies. (Mon, 07 Jul 2008 04:56:40 GMT)
Mortgage Rescission Could Be Class Action Nightmare for U.S. Banks
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 (Mon, 07 Jul 2008 05:10:49 GMT)
AIB admits tracker mortgage blunder
AIB says that as a result of a manual error, 500 discount tracker mortgage accounts were not adjusted upwards after ECB interest rate increases between March 2006 and March 2007. (Mon, 07 Jul 2008 06:47:00 GMT)
Mortgage brokers chief has high hopes
Mortgage brokers in Tucson are struggling in the aftermath of the credit crunch. But a new president of the Southern Chapter of the Arizona Association of Mortgage Brokers hopes she can help the industry by professionalizing it. (Mon, 07 Jul 2008 07:24:00 GMT)
Home buyers finding a way
Despite mortgage crisis, it's still possible to borrow (Mon, 07 Jul 2008 08:01:26 GMT)
Banks narrow home equity withdrawals
Borrowers scramble to find other funds as lenders cut loan amounts for home equity lines of credit. (Mon, 07 Jul 2008 08:21:37 GMT)
Measures linked, going nowhere
Mon, Jul 7, 2008 (2 a.m.) Washington — When Sen. John Ensign successfully halted a popular mortgage relief bill to push an amendment extending renewable energy tax credits, he essentially raised an uncomfortable question: What’s more important, green energy or housing help? (Mon, 07 Jul 2008 09:14:43 GMT)
Arresting times Law enforcement agencies cracking down on mortgage fraud
As the fallout from the housing slump continues to mount, mortgage fraud continues to top the list of problems throughout the United States and in Dallas-Fort Worth’s own backyard. (Mon, 07 Jul 2008 10:13:58 GMT)
Arlington Council to refinance Cowboys stadium bond
The Arlington City Council voted unanimously on July 1 to refinance one of its three Dallas Cowboys stadium bonds. (Mon, 07 Jul 2008 10:14:28 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, 07 Jul 2008 10:22:39 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, 07 Jul 2008 10:37:54 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, 07 Jul 2008 10:50:18 GMT)
Mortgage Employment Stabilizing
Second-quarter jobs losses in the real estate finance sector fell by more than half from the prior quarter and the prior year, according to mortgage employment data tracked by http://www.MortgageDaily.com. (Mon, 07 Jul 2008 11:00:00 GMT)
Home loan moans
More than 50 percent of home loan applications were rejected by the banks last month, up from just over 40 percent of applications made in June last year, bond originator ooba (formerly Mortgage SA) said on Monday. (Mon, 07 Jul 2008 11:07:14 GMT)
Auto Loan Refinance to Reduce Monthly Payments
(ARA) - If high gas prices coupled with a big monthly car payment have you thinking that it might be time to trade in your truck or SUV, you'll be happy to know there is an alternative. (Mon, 07 Jul 2008 11:42:33 GMT)
TURKEY: Efes Breweries lines up Kazakhstan loan
Efes Breweries International has secured a US$40m loan for its operations in Kazakhstan. (Mon, 07 Jul 2008 11:48:07 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. (Mon, 07 Jul 2008 11:48:22 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? (Mon, 07 Jul 2008 11:48:32 GMT)
Mortgage broker fined £129,000 and banned for fraud
A mortgage broker has been banned and fined £129,000 by the FSA for submitting numerous fraudulent mortgage applications. ... (Mon, 07 Jul 2008 11:58:32 GMT)
Northern Rock launches new mortgage range
Northern Rock has launched a new mortgage range in a bid to retain its presence in the UK mortgage market. ... (Mon, 07 Jul 2008 11:58:41 GMT)
New York Mortgage Trust, Inc. Updates Second Quarter Earnings Guidance
New York Mortgage Trust, Inc. announced today that it's updating its recently issued earnings guidance of $0.20 to $0.22 per common share for its second quarter. The Company now expects earnings of $0.15 to $0.16 per common share for the 2008 second quarter. (Mon, 07 Jul 2008 12:00:00 GMT)
New York Mortgage Trust lowers 2Q EPS outlook to 15-16 cents
NEW YORK (Thomson Financial) - New York Mortgage Trust Inc. Monday lowered its second-quarter earnings outlook to 15 cents to 16 cents a share from a prior view of 20 cents to 22 cents a share. (Mon, 07 Jul 2008 12:12:02 GMT)
French Telecom Firm Iliad Takes $1.6 Billion Loan To Buy Rival Alice
French telecom group Iliad, which owns Europe's largest IPTV operator Free, has taken out a syndicated loan for a little over 1 billion euros , to help finance their purchase of Alice, Italia Telecom's competing internet TV player in France, reports Variety. (Mon, 07 Jul 2008 12:56:39 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? (Mon, 07 Jul 2008 13:13:51 GMT)
FSA bans and fines mortgage broker £129,000 for involvement in mortgage fraud
The Financial Services Authority (FSA) has banned a mortgage broker and fined her £129,000 after finding she had been involved in numerous fraudulent mortgage applications. This is the first time the FSA has both banned and fined a mortgage broker for mortgage fraud. (Mon, 07 Jul 2008 13:59:46 GMT)
Swan rejects US-style mortgage agency
TREASURER Wayne Swan has ruled out establishing a US-style government-sponsored agency that would seek to sell mortgage bonds to restore competition in the Australian mortgage market. (Mon, 07 Jul 2008 14:00:00 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, 07 Jul 2008 14:50:08 GMT)
Refinance.com Expands National Footprint
NEW YORK----Refinance.com, the nation's premier source for residential mortgage refinancing, today announced that it has expanded its licensing and is now accepting mortgage applications in Arkansas, New Hampshire and New Mexico, further expanding its national footprint as a leading mortgage refinance lender. (Mon, 07 Jul 2008 15:32:00 GMT)
Refinance.com Expands National Footprint
Refinance.com, the nation's premier source for residential mortgage refinancing, today announced that it has expanded its licensing and is now accepting mortgage applications in Arkansas, New Hampshire and New Mexico, further expanding its national footprint as a leading mortgage refinance lender. Homeowners nationwide can check current mortgage rates and programs by logging onto ... (Mon, 07 Jul 2008 15:48:04 GMT)
Saskatchewan RCMP warning public about mortgage and loan scam
Would-be homeowners are among those at risk of getting soaked by a mortgage and loan scam, warn Saskatchewan RCMP. (Mon, 07 Jul 2008 16:03:55 GMT)
Broker banned for mortgage fraud
The City watchdog has banned a mortgage broker and fined her £129,000 for submitting a number of fraudulent mortgage applications. (Mon, 07 Jul 2008 16:04:39 GMT)
MUS stopping bond-related loss: Ballooning interest delays payoff of interest on FiberNET bonds
The bond-related bleed at Morristown Utility Systems’ FiberNET operation will end with the refinancing of $20 million in bonds. (Mon, 07 Jul 2008 16:07:18 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, 07 Jul 2008 16:21:21 GMT)
Fitch Places 1 Class from COMM 2006-C8 Mortgage Trust on Rating Watch Negative
Fitch Ratings places the following class of COMM 2006-C8 Mortgage Trust commercial mortgage pass-through certificates on Rating Watch Negative: (Mon, 07 Jul 2008 17:04:25 GMT)
TransUnion.com: National Auto Loan Delinquency Rates Decline Nearly 18 Percent in First Quarter of 2008
CHICAGO, July 7 -- TransUnion.com released today the results of its analysis of trends in the auto lending industry for the first quarter of 2008. The report is part of an ongoing series of quarterly consumer lending sector analyses focusing on credit card, auto loan and mortgage data that may be found on TransUnion's Web site. (Mon, 07 Jul 2008 17:56:19 GMT)
Housing, the Subprime Mortgage Crisis and the Enduring Resilience of the U.S. Economy
Government should stand clear where markets will do a job more efficiently or wisely. (Mon, 07 Jul 2008 18:06:58 GMT)
Radian Group names new president of mortgage unit
Mortgage insurer Radian Group Inc. said Monday that it named Teresa Bryce as president of its primary mortgage insurance division to replace David Applegate, who resigned from the position. (Mon, 07 Jul 2008 18:39:01 GMT)
AA Mortgage Group will pay back wages after investigation
A mortgage company based in the Pittsburgh suburb of Ross Township will pay $61,493 in back wages to employees, after a U.S. Department of Labor investigation found minimum wage and overtime violations. (Mon, 07 Jul 2008 19:15:02 GMT)
Many Indiana mortgage brokers face license loss
More than two-thirds of Indiana's mortgage brokerage companies could lose their licenses under a new state law. (Mon, 07 Jul 2008 19:29:29 GMT)
Many Indiana mortgage brokers face license loss
More than two-thirds of Indiana's mortgage brokerage companies could lose their licenses under a new state law. Secretary of State Todd Rokita said Monday that more than 600 of the state's 950 licensed loan brokers did not meet requirements set out in a 2007 law. (Mon, 07 Jul 2008 19:40:41 GMT)
Report: Mortgage employment stabilizing
Layoffs in the real estate finance sector fell by more than half in the second quarter compared with the first quarter and the year-ago period, according to a recent mortgage employment survey. (Mon, 07 Jul 2008 19:48:31 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, 07 Jul 2008 20:11:11 GMT)
Many Indiana mortgage brokers face license loss
More than two-thirds of Indiana's mortgage brokerage companies could lose their licenses under a new state law -- causing headaches for some potential homebuyers. (Mon, 07 Jul 2008 20:58:43 GMT)
Clarion Mortgage Capital Named #1 Mortgage Brokerage Firm in America
Broker Magazine, a mortgage loan industry trade publication, ranked Clarion Mortgage Capital as the number one mortgage brokerage firm for 2007. (Mon, 07 Jul 2008 21:18:00 GMT)
IndyMac to stop most mortgage loans, cut 3,800 jobs
IndyMac Bancorp Inc , one of the largest U.S. mortgage lenders, said on Monday it will eliminate 3,800 jobs and stop making most home loans after regulators concluded it was no longer "well capitalized." (Mon, 07 Jul 2008 22:50:16 GMT)
Australia's Home-Loan Approvals Probably Fell for Fourth Month
July 8 (Bloomberg) -- Australia's home-loan approvals probably declined for a fourth straight month in May, adding to signs that interest-rate increases are slowing the economy. (Mon, 07 Jul 2008 22:51:20 GMT)
Mortgage rescue plan draws Senate support
WASHINGTON -- A mortgage rescue plan to save hundreds of thousands of homeowners from foreclosure drew overwhelming Senate support Monday, inching toward passage despite Republican objections. (Mon, 07 Jul 2008 23:21:37 GMT)
Refinance.com Expands National Footprint : New Licenses to Operate in Arkansas, New Hampshire and New Mexico
Refinance.com, the nation's premier source for residential mortgage refinancing, today announced that it has expanded its licensing and is now accepting mortgage applications in Arkansas, New Hampshire and New Mexico, further expanding its national footprint as a leading mortgage refinance lender. Homeowners nationwide can check current mortgage rates and programs by logging onto ... (Mon, 07 Jul 2008 23:22:37 GMT)
Japan Financial Stocks Fall in U.S. on Mortgage Lender Concern
July 8 (Bloomberg) -- Japan's financial stocks fell in New York after analysts said the two largest U.S. mortgage-finance companies may have to raise more capital, raising concern global banks may incur further writedowns. (Tue, 08 Jul 2008 00:05:44 GMT)
Japan Financial Stocks Fall in U.S. on Mortgage Lender Concern
July 8 (Bloomberg) -- Japan's financial stocks fell in New York after analysts said the two largest U.S. mortgage-finance companies may have to raise more capital, raising concern global banks may incur further writedowns. (Tue, 08 Jul 2008 00:06:20 GMT)
Mortgage rescue plan draws Senate support
A mortgage rescue plan to save hundreds of thousands of homeowners from foreclosure drew overwhelming Senate support Monday, inching toward passage despite Republican objections. The Senate voted 76-10 to advance the bill, a broad array of housing measures... (Tue, 08 Jul 2008 00:06:26 GMT)
Japan Stocks Fall on U.S. Mortgage Concern; Itochu Drops on Oil
July 8 (Bloomberg) -- Japan's stocks fell after analysts said the two largest U.S. mortgage-finance companies may have to raise more capital, raising concern global banks may incur further writedowns. (Tue, 08 Jul 2008 00:50:44 GMT)
Mortgage Rescue Plan Inches Toward Passage
WASHINGTON — A mortgage rescue plan to save hundreds of thousands of homeowners from foreclosure drew overwhelming Senate support yesterday, inching toward passage despite Republican objections. The Senate voted 76-10 to advance the bill, a broad array of housing measures including overhauls of the Federal Housing Administration, the Depression-era mortgage insurer, and government-sponsored home ... (Tue, 08 Jul 2008 01:37:37 GMT)
Yen Gains on Speculation U.S. Mortgage Industry Losses to Widen
July 8 (Bloomberg) -- The yen rose against the euro on speculation widening U.S. mortgage industry losses will prompt investors to pare holdings of higher-yielding assets funded with the Japanese currency. (Tue, 08 Jul 2008 02:13:06 GMT)
Yen Gains on Speculation U.S. Mortgage Industry Losses to Widen
July 8 (Bloomberg) -- The yen rose against the euro on speculation widening U.S. mortgage industry losses will prompt investors to pare holdings of higher-yielding assets funded with the Japanese currency. (Tue, 08 Jul 2008 02:20:44 GMT)
Housing rescue advances in Senate
WASHINGTON (AP) - It's still got a long way to go, but a mortgage rescue plan to save hundreds of thousands of homeowners from foreclosure has inched closer to the finish line. (Tue, 08 Jul 2008 02:40:58 GMT)
Mortgage rescue plan draws Senate support
A mortgage rescue plan to save hundreds of thousands of homeowners from foreclosure drew overwhelming Senate support Monday, inching toward passage despite Republican objections. (Tue, 08 Jul 2008 02:58:47 GMT)
Housing Bill's Tax Credit Draws Criticism
U.S. lawmakers are touting a home-buyer tax credit in a high-profile housing bill before Congress, but critics say it may do little to help consumers amid the mortgage crisis. (Tue, 08 Jul 2008 03:00:44 GMT)
IndyMac stops new mortgage loans, to cut workforce by half
LOS ANGELES - Mortgage lender IndyMac Bancorp, struggling to raise capital to stay in business, said today it has stopped accepting new loan submissions in its main mortgage lending divisions and plans to slash 3,800 jobs, or more than half of its work force. (Tue, 08 Jul 2008 03:18:24 GMT)
Mortgage rescue plan draws Senate support
Mon, Jul 7, 2008 (8:33 p.m.) A mortgage rescue plan to save hundreds of thousands of homeowners from foreclosure drew overwhelming Senate support Monday, inching toward passage despite Republican objections. (Tue, 08 Jul 2008 03:43:56 GMT)
Yen Gains on Speculation U.S. Mortgage Industry Losses to Widen
July 8 (Bloomberg) -- The yen rose against the euro and the pound on speculation widening mortgage industry losses will prompt investors to pare holdings of higher-yielding assets funded with the Japanese currency. (Tue, 08 Jul 2008 04:06:40 GMT)
Yen Advances on Speculation Mortgage Industry Losses to Widen
July 8 (Bloomberg) -- The yen rose against the euro and the pound on speculation widening mortgage industry losses will prompt investors to pare holdings of higher-yielding assets funded with the Japanese currency. (Tue, 08 Jul 2008 06:17:59 GMT)
Banks reject half of loan applications
Data has shown that 50,1 percent of all home loan applications were turned down by banks last month. (Tue, 08 Jul 2008 07:23:09 GMT)
Housing ills hit mortgage lenders
NEW YORK - Shares of mortgage purchasers Fannie Mae and Freddie Mac tumbled Monday after a Federal Reserve official warned that housing market problems are likely to extend into next year and an analyst said accounting changes could leave the two woefully short of necessary capital reserves. (Tue, 08 Jul 2008 08:50:12 GMT)
House prices and mortgage lending continue to slow
Government figures show a 26-month low in price rises, while separate data shows a 44% drop in mortgage lending from this time last year (Tue, 08 Jul 2008 09:34:20 GMT)
Mortgage rescue plan draws Senate support
A mortgage rescue plan to save hundreds of thousands of homeowners from foreclosure drew overwhelming Senate support, inching toward passage despite Republican objections. (Tue, 08 Jul 2008 09:49:18 GMT)
IndyMac to exit most home lending, slash 3,800 jobs
The Pasadena S & L is drastically cutting mortgage operations, closing offices and laying off 3,800. IndyMac Bancorp, once a leader in the nontraditional home loans that helped drive the housing boom, all but quit the mortgage business Monday and said it would lay off 3,800 people, more than half its staff, in the wake of growing defaults by borrowers. (Tue, 08 Jul 2008 10:19:23 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, 08 Jul 2008 10:21:59 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? (Tue, 08 Jul 2008 10:23:19 GMT)
Who will refinance a home when bankruptcy is discharged?
Dear Bankruptcy Adviser, I just got my bankruptcy discharged in May. I have been trying to get a refinance on my home for over a year now and was told once it was discharged I'd be able to get it done. Is this possible? Do you have any suggestions on whom to go to for such a loan? (Tue, 08 Jul 2008 10:50:31 GMT)
Hawai'i auto-loan delinquencies drop sharply, to 0.6% in 1st quarter
Hawai'i's automobile loan delinquency rate had the steepest decline of any state during the first quarter as loan failure rates experienced a noteworthy drop. (Tue, 08 Jul 2008 11:03:21 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. (Tue, 08 Jul 2008 12:09:33 GMT)
300 job losses at home loan firm
Banking giant Barclays cuts 300 jobs at its home loans division Firstplus in Cardiff because of slowing demand. (Tue, 08 Jul 2008 12:12:50 GMT)
HSBC home loan offers
HSBC customers who take up a home loan before August 2 have six offers to choose from: a repayment holiday for the first three months, a 50 per cent discount on the processing fee, free property insurance for the first year, free one month life cover on level term policies, a fee-free Classic credit card with 0 per cent interest for one year on purchases and a Flexicredit loan with 0 per cent ... (Tue, 08 Jul 2008 12:35:30 GMT)
Housing Bill's Tax Credit Draws Criticism
U.S. lawmakers are touting a home-buyer tax credit in a high-profile housing bill before Congress, but critics say it may do little to help consumers amid the mortgage crisis. (Tue, 08 Jul 2008 12:46:49 GMT)
Close Your Own Loan.com Reports Online Home Loan Applications Up 451% in June.
The online home loan phenomenon continued to gain strength in June as Close Your Own Loan.com reported record growth of online home loan applications. (Tue, 08 Jul 2008 13:00:00 GMT)
Mortgage write-downs not over, some say
WASHINGTON, July 8 (UPI) -- Two critical players in U.S. mortgage financing have stumbled badly since the first of the year, a signal that huge write-downs aren't over, analysts said. (Tue, 08 Jul 2008 13:06:37 GMT)
Mortgage rescue bill closer to passage
Senate throws overwhelming weight behind mortgage plan to save thousands of homeowners from foreclosure. (Tue, 08 Jul 2008 13:37:27 GMT)
Housing, The Subprime Mortgage Crisis And The Enduring Resilience Of The U.S. Economy
A year ago last month, I attended two international conferences, in Istanbul and Oxfordshire, England, that concentrated on the economy. The consensus was that there was a capital surplus around the world, with people looking desperately for places to invest and not demanding much in the way of a risk premium. There was concern about what would happen when a crisis--a financial breakdown of some ... (Tue, 08 Jul 2008 13:58:05 GMT)
Home loan approvals lowest since 2004
THE number of home loan approvals fell for the fourth straight month in May as 12-year high interest rates continued to bite. (Tue, 08 Jul 2008 14:00:00 GMT)
Fed plan reins in dicey mortgage loans
The Federal Reserve, criticized for standing aside as risky subprime mortgage lending soared then crashed, did an about-face Tuesday by proposing sweeping new consumer protections. (Tue, 08 Jul 2008 15:31:23 GMT)
Is Wall Street At Fault For Mortgage Meltdown?
According to financial journalist Paul Muolo, a series of Wall Street missteps and misdeeds caused the subprime mortgage crisis. (Tue, 08 Jul 2008 15:54:11 GMT)
PA Governor Rendell Says New Mortgage Reform Laws Will Protect Homeowners, Save Homes
Governor Edward G. Rendell today signed five bills to protect homebuyers, strengthen oversight of the mortgage industry and end key lending practices that leave homeowners vulnerable to foreclosure. He also urged current homeowners who are worried about meeting their mortgage obligations to call the state for help. (Tue, 08 Jul 2008 16:00:00 GMT)
Economic Roundup -- Bernanke Signals Extension Of Emergency Loan Window, Pending Home Sales Fall
(RTTNews) - Tuesday's economic data was somewhat overshadowed by comments from Fed Chair Ben Bernanke, who offered little insight on the outlook for the US economy but indicated that the emergency loan window for cash-strapped Wall Street firms could be open for an extended period of time. (Tue, 08 Jul 2008 16:35:27 GMT)
Banks reject half of loan applications
Half of all home loan applications were rejected last month, bond originator ooba (formerly MortgageSA) said on Monday. Data showed that 50,1 percent of all home loan applications were turned down by banks last month, up from 40,3 percent of applications in June last year, ooba said. (Tue, 08 Jul 2008 17:29:31 GMT)
Former mortgage lending giant faces its grim future
IndyMac has become the latest mortgage lender to announce what is by now a familiar routine to battered investors: Shuttered business lines, failed attempts at capital raising and massive layoffs. A look at how it got here shows the risks of dominating a lending niche it had long argued was minimally risky: low documentation loans to residential mortgage borrowers with middling (at best) credit ... (Tue, 08 Jul 2008 19:06:13 GMT)
Remarks by Secretary Henry M. Paulson, Jr. on U.S. Housing Market before FDIC's Forum on Mortgage Lending to Low and ...
Good afternoon. Thank you Chairman Bair for convening this forum, and thanks to all of you for your interest in encouraging responsible lending to low and moderate income households. (Tue, 08 Jul 2008 19:09:21 GMT)
Paulson says U.S. home foreclosures to stay high
U.S. Treasury Secretary Henry Paulson said on Tuesday that home foreclosure starts may hit 2.5 million this year, many of them the borrowers' own fault for taking out loans they couldn't afford. (Tue, 08 Jul 2008 19:27:47 GMT)
Mortgage Lender Reports ?Elevated? Withdrawals
IndyMac Bancorp said that depositors were withdrawing cash at an ?elevated? pace after Sen. Charles E. Schumer questioned the mortgage lender?s ability to survive the housing crisis. (Tue, 08 Jul 2008 19:59:12 GMT)
Paulson Says Collapse In Subprime Mortgage Market Adds Hurdles To Housing Recovery
(RTTNews) - Treasury Secretary Henry Paulson said Tuesday that the meltdown in the subprime mortgage market has made it difficult for the housing sector to rebound. He also discussed ways of overcoming hurdles facing the industry, including the use of "covered bonds" to promote lending. (Tue, 08 Jul 2008 20:06:31 GMT)
IndyMac depositors pull cash as mortgage woe soars
IndyMac Bancorp Inc said on Tuesday depositors were withdrawing cash at an "elevated" pace after a key U.S. senator questioned the big mortgage lender's ability to survive the U.S. housing crisis. (Tue, 08 Jul 2008 20:21:12 GMT)
IndyMac selling majority of mortgage branches
Prospect Mortgage, a company specializing in buying midsize residential lenders, said Tuesday it agreed to buy the majority of IndyMac Bancorp Inc.'s retail mortgage branches for undisclosed terms. (Tue, 08 Jul 2008 22:00:35 GMT)
What It Takes to Get a Mortgage Now
To qualify, you'll need top-notch credit and solid financial resources. (Tue, 08 Jul 2008 22:16:04 GMT)
IndyMac depositors pull cash as mortgage woes grow
Mortgage lender IndyMac Bancorp Inc said on Tuesday depositors had been withdrawing cash at an "elevated" pace since a key U.S. senator questioned its ability to survive the housing crisis. (Tue, 08 Jul 2008 23:46:47 GMT)
Macquarie Gauges Interest in A$400 Million Mortgage Bond Sale
July 9 (Bloomberg) -- Macquarie Group Ltd. , Australia's biggest investment bank, is gauging investor interest in a A$400 million ($381 million) sale of mortgage-backed bonds, its biggest this year. (Wed, 09 Jul 2008 01:25:02 GMT)
Australian Dollar Falls as Home Loans Drop for a Fourth Month
July 9 (Bloomberg) -- The Australian dollar fell and bonds rose after a government report showed home-loan approvals slid four times as much as economists forecast in May, reducing speculation the central bank will raise interest rates again. (Wed, 09 Jul 2008 02:09:57 GMT)
Fed To Crack Down On Shady Home Loan Practices
The Federal Reserve will issue new rules next week aimed at protecting future home buyers from dubious lending practices, its most sweeping response to a housing crisis that has propelled foreclosures to record highs. (Wed, 09 Jul 2008 02:22:05 GMT)
Australia Home-Loan Approvals Drop By Most in 8 Years (Update2)
July 9 (Bloomberg) -- Australia's home-loan approvals fell by the most in eight years in May as the highest interest rates since 1996 and rising costs for building products damped demand for property. (Wed, 09 Jul 2008 02:25:02 GMT)
Australian Dollar Falls as Home-Loan Demand, Confidence Drops
July 9 (Bloomberg) -- The Australian dollar fell and bonds rose after a government report showed home-loan approvals slid by the most in eight years and a private-sector survey of consumer confidence dropped to the lowest level since 1992. (Wed, 09 Jul 2008 02:39:57 GMT)
HSBC launches SIBOR-pegged home loan with loyalty discount
HSBC is the first in the market to launch a SIBOR-pegged home loan loyalty package that rewards customers through a reduction in the interest rate margin charged in the first three years. A regular SI (Wed, 09 Jul 2008 02:40:59 GMT)
Don't blame Missouri subprime mortgage problems on subprime loans, researcher says
Don't blame Missouri's subprime mortgage problems on subprime loans, says a researcher for the credit union industry. (Wed, 09 Jul 2008 03:23:37 GMT)
Mortgage Lender Faces Rush to Withdraw
Depositors of IndyMac were rushing to withdraw cash on Tuesday after a prominent senator questioned the mortgage lender’s ability to survive the housing crisis. (Wed, 09 Jul 2008 03:36:33 GMT)
Australian Confidence Slump, Loan Drop Show Economy Is Slowing
July 9 (Bloomberg) -- Australian consumer confidence fell to a 16-year low and home-loan approvals dropped by the most in eight years, pushing down the nation's currency on speculation the central bank won't raise interest rates again this year. (Wed, 09 Jul 2008 03:51:20 GMT)
Australian Dollar Falls on Home-Loans Data; N.Z. Dollar Rises
July 9 (Bloomberg) -- The Australian dollar fell after a government report showed home-loan approvals slid by the most in eight years and a private-sector survey of consumer confidence dropped to the lowest since 1992. New Zealand's currency rose. (Wed, 09 Jul 2008 05:40:05 GMT)
Fed set to tighten mortgage rules
WASHINGTON - With a foreclosure rescue bill facing an uncertain fate in Congress, federal regulators are putting the final touches on new rules designed to curb irresponsible mortgage lending and help some struggling homeowners refinance into more affordable loans. (Wed, 09 Jul 2008 08:49:33 GMT)
Australian Dollar Falls on Home-Loans Data; N.Z. Dollar Rises
July 9 (Bloomberg) -- The Australian dollar fell after a government report showed home-loan approvals slid by the most in eight years and a private-sector survey of consumer confidence dropped to the lowest since 1992. New Zealand's currency rose. (Wed, 09 Jul 2008 09:24:57 GMT)
U.K. Mortgage Rates Surge, Confidence Slumps as Economy Weakens
July 9 (Bloomberg) -- U.K. mortgage rates surged to the highest in eight years and consumer confidence fell, adding to signs that the economic downturn is deepening. (Wed, 09 Jul 2008 09:48:52 GMT)
Ahead of the Bell: Mortgage Applications
Industry data to be released Wednesday will show whether home loan applications continued to inch upward from nearly seven-year lows as mortgage rates dipped slightly last week. (Wed, 09 Jul 2008 10:11:16 GMT)
U.K. Mortgage Rates Surge, Consumer Confidence Slumps (Update1)
July 9 (Bloomberg) -- U.K. mortgage rates surged to the highest in eight years and consumer confidence dropped, adding to signs that the economic downturn is deepening. (Wed, 09 Jul 2008 10:28:06 GMT)
UK Mortgage Rates Climb To Eight-Year High In June - BOE
LONDON -(Dow Jones)- U.K. mortgage rates soared to an eight-year high in June as banks hung on to liquidity amid continuing money market tensions, data from the Bank of England showed Wednesday. (Wed, 09 Jul 2008 11:06:07 GMT)
Mortgage Lender Faces Rush to Withdraw
Time is running out for IndyMac Bancorp , one of the faded darlings of the subprime era. On Tuesday, IndyMac, one of the nation’s largest independent mortgage lenders, faced what amounted to a run on the bank. (Wed, 09 Jul 2008 11:11:58 GMT)
Mortgage application volume rises 7.5 percent
Mortgage application volume rose 7.5 percent during the week ending July 4, according to the trade group Mortgage Bankers Association's weekly application survey. (Wed, 09 Jul 2008 11:19:11 GMT)
Mortgage applications up 7.5% last week, MBA survey shows
Applications filed for mortgages rose a seasonally adjusted 7.5% in the week ended July 4 compared with the week before, but the four-week moving average remained lower, the Mortgage Bankers Association says. (Wed, 09 Jul 2008 11:21:31 GMT)
Mortgage application volume climbs 7.5%
The number of people applying for home loans increased last week despite rising interest rates. (Wed, 09 Jul 2008 11:36:13 GMT)
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