Mortgage News Jul 2008
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Loan Losses Weigh on JPMorgan; Income Falls 53%
The bank?s income was pulled down by markdowns in its investment bank and spiraling credit card and loan losses. (Thu, 17 Jul 2008 11:58:24 GMT)
Bankrate: Mortgage Rates Fall 3 Weeks in a Row
Mortgage rates continued the retreat, with the average conforming 30-year fixed mortgage rate falling to 6.42 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.45 discount and origination points. (Thu, 17 Jul 2008 13:10:00 GMT)
Administration presses for mortgage giant rescue
The Bush administration lobbied skeptical lawmakers Wednesday to support a rescue plan for Fannie Mae and Freddie Mac, as lawmakers weighed how to protect taxpayers while still giving the government unfettered power to pour money into the mortgage giants. (Thu, 17 Jul 2008 13:13:44 GMT)
CIT Has Fifth Straight Loss on Mortgage Units' Sale (Update3)
July 17 (Bloomberg) -- CIT Group Inc. , the century-old commercial lender facing about $6.2 billion in debt repayments by the end of the year, posted its fifth straight quarterly loss after losing money on the sale of its mortgage businesses. (Thu, 17 Jul 2008 13:18:09 GMT)
JPMorgan Chase profit falls 53 pct on loan losses
JPMorgan Chase's profit took a 53 percent hit in the second quarter as mortgage and other loan defaults worsened, but the bank's results were better than expected and gave Wall Street a lift. (Thu, 17 Jul 2008 13:27:15 GMT)
MGIC Loses $97.9 Million as Mortgage Claims Surge (Update3)
July 17 (Bloomberg) -- MGIC Investment Corp. posted its fourth straight unprofitable quarter as the worst housing slump since the 1930s drove the largest U.S. mortgage insurer to a $97.9 million loss in the three months ended June 30. (Thu, 17 Jul 2008 14:03:14 GMT)
MGIC Leads Mortgage Insurers Higher After Sales Gain (Update1)
July 17 (Bloomberg) -- MGIC Investment Corp. jumped 24 percent in New York trading, leading mortgage insurers higher, after saying policy sales rose in the second quarter. (Thu, 17 Jul 2008 15:06:18 GMT)
U.S. mortgage rates declined
WASHINGTON, July 17 (UPI) -- Interest rates for 30-year, fixed-rate mortgages declined in the United States in the last week, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 17 Jul 2008 15:32:05 GMT)
Mortgage rates fall for a second week
Rates on 30-year fixed mortgages fell for the second week in a row on increased speculation that the Federal Reserve will not raise interest rates before the end of the year, according to mortgage backer Freddie Mac. (Thu, 17 Jul 2008 16:35:29 GMT)
A plan to jumpstart the mortgage market
A group representing the buyers and sellers of mortgage backed securities unveiled a plan on Wednesday to recharge the moribund mortgage securitization market. (Thu, 17 Jul 2008 17:20:29 GMT)
MGIC Leads Mortgage Insurers Higher After Sales Gain (Update2)
July 17 (Bloomberg) -- MGIC Investment Corp. surged 43 percent in New York trading, leading mortgage insurers higher, after saying policy sales rose in the second quarter. (Thu, 17 Jul 2008 17:22:44 GMT)
North Huntingdon man charged in $1 million mortgage scheme
Federal prosecutors today filed mail fraud charges against a North Huntingdon man accused of devising a scam that netted nearly $1 million from mortgage lending companies. (Thu, 17 Jul 2008 17:26:48 GMT)
North Huntingdon man charged in $1 million mortgage scheme
Federal prosecutors today filed mail fraud charges against a North Huntingdon man accused of devising a scam that netted nearly $1 million from mortgage lending companies. (Thu, 17 Jul 2008 17:29:46 GMT)
JPMorgan expects more mortgage-related losses
Despite reporting better-than-expected results for the second quarter, JPMorgan Chase & Co. said Thursday that it expects continued deterioration in its home equity, subprime and prime mortgage portfolios through the remainder of the year. (Thu, 17 Jul 2008 17:52:39 GMT)
Swindled Out Of A Home By A Mortgage Broker
Last year, Erwin and Inger Young of Sandwich, N.H. were swindled out of the deed to their home. The couple was separating and refinancing seemed like the best way out of a money hole, but they ended up caught in a common mortgage scam. (Thu, 17 Jul 2008 18:10:33 GMT)
Federal Home Loan Bank of New York Declares a Second Quarter Dividend of 6.50%
The following dividend and unaudited results statement is being issued by the Federal Home Loan Bank of New York: (Thu, 17 Jul 2008 18:28:00 GMT)
Rates sink on all types of mortgages
Mortgage rates fell this week with 30-year mortgage rates dropping to the lowest level in six weeks as investors became less worried that the Federal Reserve would soon tighten credit policy to stall inflation. (Thu, 17 Jul 2008 18:30:17 GMT)
Botswana: Pinagare Great for Home Ownership
The Botswana Building Society (BBS)'s recent launch of its housing loan product, otherwise known as Pinagare, is a major milestone in promoting home ownership and investment in the country. (Thu, 17 Jul 2008 18:43:06 GMT)
Home sweet loan: Using a 401(k) loan for a down payment
Tapping into your 401(k) retirement fund to swing a down payment on a home isn't something to rush into. Such loans have advantages and disadvantages in today's real estate market of dropping home prices and tighter lending requirements. (Thu, 17 Jul 2008 18:47:23 GMT)
Govt OK sought for top pay at mortgage giants
A plan emerging in Congress would require government approval of executives' pay at Fannie Mae and Freddie Mac as part of a federal lifeline for the mortgage companies. (Thu, 17 Jul 2008 18:54:23 GMT)
Rates sink on all types of mortgages; 30-year at 6.26%
Mortgage rates fell this week with 30-year mortgage rates dropping to the lowest level in six weeks as investors became less worried that the Federal Reserve would soon tighten credit policy to stall inflation. (Thu, 17 Jul 2008 19:26:28 GMT)
Govt OK Sought For Top Pay At Mortgage Giants
A plan emerging in Congress would require government approval of executives' pay at Fannie Mae and Freddie Mac as part of a federal lifeline for the mortgage companies. (Thu, 17 Jul 2008 19:30:45 GMT)
Mortgage troubles? Phone counseling available
The Neighborhood Assistance Corporation of America is doing something that should have been done a long time ago. (Thu, 17 Jul 2008 20:19:24 GMT)
TX banking commissioner to address mortgage & banking concerns
AUSTIN, TX (KXAN/AP) - The Texas State Banking Commissioner will hold a news conference at the state capitol Friday to, in his words, "address the turmoil in the national mortgage market and the strengths of the Texas banking system." (Thu, 17 Jul 2008 20:40:13 GMT)
Govt OK sought for top pay at mortgage giants
Congress wants to require executives at Fannie Mae and Freddie Mac to have their pay packages approved by the government as part of a bill to throw a federal lifeline to the mortgage giants. (Thu, 17 Jul 2008 21:39:44 GMT)
What you need to do to get a mortgage in these tumultuous times
In today’s mortgage market, there’s still money out there for those with good credit scores, significant down payments and decent income streams. (Thu, 17 Jul 2008 23:03:06 GMT)
Realty Q&A: How mortgage applications can ding your credit score
You have written that preapprovals don't affect your credit score much. But in October of '07, I asked a mortgage company in Florida to render a quote. Two months later, I received a letter from my auto insurer saying I did not get the best rate because I had three mortgage requests for credit within two years. (Fri, 18 Jul 2008 00:03:26 GMT)
Fannie Mae CEO Defends Mortgage Giant's Financial Stability
Fannie Mae CEO Daniel Mudd discusses the stability of the mortgage-lending giant and government proposals to back Fannie Mae and Freddie Mac in order to maintain confidence in U.S. markets. (Fri, 18 Jul 2008 00:42:16 GMT)
Mortgage Broker Accused Of Stealing From Client
A Denver mortgage broker now doing business in San Diego is accused of taking money from a client. (Fri, 18 Jul 2008 01:56:46 GMT)
Mortgage Crisis Spawns Class Action Alleging Harassment of Minorities
The mortgage crisis has spawned a class action by African-Americans in a San Francisco suburb, alleging that the city of Antioch, Calif., has tried to force out minorities who rent homes using federally subsidized housing vouchers. The lawsuit alleges that, as the foreclosure crisis prompted homeowners to rent, instead of trying to sell, the city began subjecting minority renters to warrantless ... (Fri, 18 Jul 2008 02:28:53 GMT)
States battle mortgage foreclosure threat
Some state political leaders complain that federal efforts to avert foreclosures have fallen far short. (Fri, 18 Jul 2008 02:41:57 GMT)
Mortgage Misery - Part 3: A local realtor's perspective
In part three of our series, we sit down with a local realtor for a closer look at why others have fallen into mortgage trouble. (Fri, 18 Jul 2008 03:30:55 GMT)
Westmoreland Co. mortgage broker accused of fraud
Federal prosecutors say a Westmoreland County man diverted nearly $1 million in mortgage loans for personal use. (Fri, 18 Jul 2008 05:06:34 GMT)
Home foreclosure prevention clinic planned
Rep. Lynn Woolsey and Federal Home Loan Bank officials will appear at a foreclosure prevention workshop at 10 a. (Fri, 18 Jul 2008 05:07:40 GMT)
Mortgage rates drop across the board
WASHINGTON — Mortgage rates fell this week with 30-year rates dropping to the lowest level in six weeks as investors became less worried that the Federal Reserve would soon tighten credit policy to stall inflation. (Fri, 18 Jul 2008 05:18:39 GMT)
Burdened with home loan? Here's help
The interest rate being charged on a loan is reasonable given the market situation, says personal finance expert Harsh roongta. However, if one has surplus money, one should consider prepayment. (Fri, 18 Jul 2008 05:33:08 GMT)
The Root: Homewreckers
"More than half of all black borrowers who got refinance mortgages in 2006 were sold subprime products. According to a recent study, black and Latino borrowers will collectively lose an estimated $164 billion to $213 billion in the wave of foreclosures that have followed that lending; we'll have absorbed about half the nation's overall foreclosure loss. (Fri, 18 Jul 2008 05:50:29 GMT)
Govt OK sought for top pay at mortgage giants
WASHINGTON -- Congress wants to require executives at Fannie Mae and Freddie Mac to have their pay packages approved by the government as part of a bill to throw a federal lifeline to the mortgage giants. (Fri, 18 Jul 2008 06:10:46 GMT)
Mortgage Crisis Spawns Class Action Alleging Harassment of Minorities
The mortgage crisis has spawned a class action by African-Americans in a San Francisco suburb, alleging that the city of Antioch, Calif., has tried to force out minorities who rent homes using federally subsidized housing vouchers. (Fri, 18 Jul 2008 07:03:04 GMT)
Home Front: Sacramento area's biggest mortgage lenders are ailing
Times have changed – definitely, for the worse – for more than half the lenders who dominated the Sacramento-area mortgage market during the excesses of the housing boom. (Fri, 18 Jul 2008 07:12:12 GMT)
Lenders' status
Homeowners aren't the only ones struggling with loans taken out in the past few years. From June 2005 to June 2007, the region's top 10 mortgage lenders made 176,451 purchase, refinance and home equity loans in El Dorado, Placer, Sacramento, Sutter, Yolo and Yuba counties, according to DataQuick Information Systems. Here's a look at where they stand today. (Fri, 18 Jul 2008 07:12:52 GMT)
Business Briefing
THE ECONOMY Mortgage rates fall across board (Fri, 18 Jul 2008 07:36:30 GMT)
Get the Best Mortgage Loan to Afford a Home
If you are renting a home to live in, you are paying rent monthly in order to continually have a place to live in. are you beginning to feel tired of paying rents? If yes, why don’t you stop renting and just pay your own mortgage! (Fri, 18 Jul 2008 08:24:24 GMT)
Mortgage squeeze tightens further
The mortgage squeeze continues to tighten with a further drop in lending, says the Council of Mortgage Lenders. (Fri, 18 Jul 2008 08:56:49 GMT)
Big Slump In Mortgage Lending
Mortgage lending has fallen by 32% to around £24 bn in the last year, according to new figures. (Fri, 18 Jul 2008 10:17:00 GMT)
Talks on Mortgage Giants Continue
Treasury officials and senior lawmakers huddled behind closed doors yesterday, searching for a way the Treasury Department might safely invest in mortgage finance giants Fannie Mae and Freddie Mac without exposing taxpayers to massive losses. (Fri, 18 Jul 2008 10:36:18 GMT)
Mortgage drought deepens on 32% lending fall
UK mortgage lending fell by 32 per cent in the year to June and is will worsen further if the Bank of England raises interest rates in a bid to combat inflation, mortgage lenders warned today. (Fri, 18 Jul 2008 10:49:05 GMT)
HBOS Underwriters May End Up Owning 7% of U.K. Mortgage Lender
July 18 (Bloomberg) -- Morgan Stanley and Dresdner Kleinwort Ltd. may each be left owning as much as 7 percent of HBOS Plc, Britain's biggest mortgage lender, after the stock plunged during a 4 billion-pound ($8 billion) rights offering they underwrote. (Fri, 18 Jul 2008 10:52:42 GMT)
FOCUS: Industry Divisions Make UK Mortgage Market Fix Harder
LONDON -(Dow Jones)- Divergent views and conflicts of interest within the U.K. mortgage industry are hampering efforts to increase the availability of loans to potential home buyers. (Fri, 18 Jul 2008 11:20:15 GMT)
Lawmakers Fast-Track Help for Mortgage Giants
A Treasury Department plan to bolster beleaguered mortgage giants Fannie Mae and Freddie Mac will be added to a massive housing package working its way through Congress, to be to the president's desk within days, key lawmakers said today. (Fri, 18 Jul 2008 12:18:06 GMT)
Mortgage squeeze tightens further
The mortgage squeeze continues to tighten with a further drop in lending, says the Council of Mortgage Lenders. (Fri, 18 Jul 2008 12:46:24 GMT)
Freddie to adjust mortgage-purchase threshold
Freddie Mac expects to purchase mortgages with significantly higher unpaid principal balances, the U.S. mortgage finance company said in a filing with the Securities and Exchange Commission on Friday. (Fri, 18 Jul 2008 12:47:57 GMT)
British mortgage lending sags in June
Britons took out 23.8 billion pounds in mortgage loans in June, the smallest amount for two years, official figures showed Friday. (Fri, 18 Jul 2008 13:04:38 GMT)
Citigroup posts $2.5B loss on loan defaults, still beats view
Citigroup posted another loss and laid off 6,000 employees in the second quarter as it struggled with surging loan defaults, but the $2.5 billion shortfall was smaller than Wall Street anticipated. (Fri, 18 Jul 2008 13:36:25 GMT)
US mortgage giant Freddie Mac weighs $10 bln share offer
US mortgage giant Freddie Mac may attempt to raise capital by selling up to 10 billion dollars in new shares after its stock rebounded this week, the Wall Street Journal reported Friday. (Fri, 18 Jul 2008 13:50:26 GMT)
US mortgage giant Freddie Mac weighs share offer
US mortgage giant Freddie Mac may attempt to raise capital by selling up to 10 billion dollars in new shares after its stock rebounded this week, the Wall Street Journal reported Friday. (Fri, 18 Jul 2008 13:51:29 GMT)
Non-banks' home loan share shrinks
BIG banks are routing non-bank lenders in the battle for home loan market share, winning back large chunks of business once lost to their more nimble and cheaper competitors. (Fri, 18 Jul 2008 14:00:00 GMT)
Websites Add Humor To The Mortgage Crisis
With millions of homeowners falling into foreclosure, real estate agent and Web site creator Lisa LaShawn is taking aim at the mortgage industry with two Web sites that put a humorous spin on an otherwise serious problem. read more (Fri, 18 Jul 2008 14:10:33 GMT)
Bankers survey shows support for mortgage bailout
Most rural bank CEOs surveyed in eleven Midwestern and Plains states support a federal bailout of mortgage lenders Fannie Mae and Freddie Mac in the event of financial collapse. (Fri, 18 Jul 2008 15:09:13 GMT)
Mortgage lending fell in Britain in June
LONDON, July 18 (UPI) -- The Council of Mortgage Lenders in Britain has asked the Bank of England to extend its liquidity programs to help support a flagging industry. (Fri, 18 Jul 2008 15:17:23 GMT)
Home Loan Investment shifts focus, trims staff
WARWICK – Rhode Island-based Home Loan Investment Bank recently laid off about 30 employees as the company shifts its focus from mortgages to commercial loans in the wake of major disruptions in the home loan industry. (Fri, 18 Jul 2008 17:32:50 GMT)
Personal Finance Daily: Mortgage lenders are sobering like it's 1979
The turmoil in the financial sector, compounded by the troubles of Fannie Mae and Freddie Mac, has made getting a mortgage these days tougher than it has been in decades. Squeamish lenders, with plenty of potentially poor-performing loans already on their books, are not about to take any chances in extending credit today, especially with home prices soft in so many cities. ... (Fri, 18 Jul 2008 17:33:06 GMT)
The Government Did It
Don't call the mortgage crisis the result of insufficient regulation. Our government was behind the wheel all along. (Fri, 18 Jul 2008 18:13:05 GMT)
Administration presses for mortgage giant rescue
The Bush administration lobbied skeptical lawmakers Wednesday to support a rescue plan for Fannie Mae and Freddie Mac, as lawmakers weighed how to protect taxpayers while still giving the government unfettered power to pour money into the mortgage giants. (Fri, 18 Jul 2008 20:36:47 GMT)
Government Bailout of Mortgage Firms Could Set Risky Precedent
As the nation's housing woes continue, the government announced a plan this week to shore up mortgage-giants Fannie Mae and Freddie Mac. Paul Solman weighs the role of government intervention and the possible ramifications of rewarding risky financial behaviors. (Sat, 19 Jul 2008 01:12:06 GMT)
Rescuing the nation's two mortgage giants
The big question in Washington this week has been whether the U.S. taxpayer should help rescue mortgage giants Fannie Mae and Freddie Mac. The real question is, Do we have a choice? The pitfalls of putting the U.S. Treasury on the hook for the $5 trillion in mortgages either held or guaranteed by these two government-supported enterprises (GSEs) are all too obvious, but their failure would have ... (Sat, 19 Jul 2008 03:37:54 GMT)
HOPE refinancing can be lenient, but it's no free ride
After six months of haggling and political gamesmanship, a massive housing relief bill is heading for final approval. Though it has hundreds of pages and dozens of separate initiatives – including revamping federal oversight of mortgage giants Fannie Mae and Freddie Mac – the centerpiece is a $300 billion “HOPE” program designed to provide refinancing lifelines to as many as 400,000 homeowners ... (Sat, 19 Jul 2008 04:12:31 GMT)
You can claim tax relief if mortgage is forgiven
If your mortgage is partly or entirely forgiven during 2007, 2008 or 2009, you might be able to claim special tax relief by filling out Form 982 and attaching it to your federal income tax return for that year. (Sat, 19 Jul 2008 05:32:31 GMT)
Task force charges 15 in mortgage scam
The Miami-Dade Mortgage Task Force on Friday announced the arrests of 15 people police said were part of a criminal mortgage fraud ring that defrauded several banks of more than $20 million. (Sat, 19 Jul 2008 07:10:49 GMT)
KeyBank grows its mortgage business as other firms get out
Amid nationwide banking losses because of turmoil in the housing industry, KeyBank announced Friday that it plans to double its mortgage lending business in Oregon and southwest Washington. (Sat, 19 Jul 2008 07:14:27 GMT)
Task force charges 15 in mortgage scam
The Miami-Dade Mortgage Task Force on Friday announced the arrests of 15 people police said were part of a criminal mortgage fraud ring that defrauded several banks of more than $20 million. (Sat, 19 Jul 2008 07:18:01 GMT)
Lender cuts mortgage rates
Lower mortgage rates have come into effect after the UK's biggest lender cut the cost of its deals for the second time in a week. On Friday Halifax announced it was reducing its two-year fixed rate mortgages by 0.1% and its five-year fixed rate ones by 0.15%. (Sat, 19 Jul 2008 09:10:48 GMT)
Welcoming foreclosure
Ralph Stover has good credit and a steady job. But he took out a risky interest-only first mortgage and a second mortgage to buy a new 1,900-square-foot condominium in 2003 with no money down. Now, the 52-year-old Columbus man is scared he could become another casualty in the ongoing housing meltdown. (Sat, 19 Jul 2008 10:04:29 GMT)
Home Values Are Down, and Not Just at the Bank
We have strayed from the time when owning a home was an unassailable American value. (Sat, 19 Jul 2008 11:36:56 GMT)
Saving Money on a Mortgage
Saving Money on a Mortgage package from the Federal Deposit Insurance Corporation (FDIC) and Federal Reserve Board (FRB) (Sat, 19 Jul 2008 14:03:19 GMT)
Buyers can negotiate some mortgage fees
Borrowers lucky enough to secure a mortgage in the current lending environment have a good amount of leverage when negotiating fees with brokers, who are increasingly starved for business. (Sat, 19 Jul 2008 14:20:55 GMT)
Foreclosures and Mortgage Workouts and Taxes
It is a sad but true fact that many people are experiencing severe hardship now and some are unable to keep their homes. There is a new tax provision under the Mortgage Forgiveness Debt Relief Act of 2007 that offers tax relief in some of these instances... (Sat, 19 Jul 2008 16:44:04 GMT)
Your family is growing, your home is groaning. But no one wants to sell
Even a credit crunch isn't likely to put people off starting or extending a family – but it's making it harder to trade up to a bigger family home. (Sat, 19 Jul 2008 23:20:41 GMT)
They gave ordinary Americans a home. And then the roof fell in
President Roosevelt must be turning in his grave. The mortgage guarantee institution that was created to help solve America's depression-era housing crisis seems to have had a central role in instigating a new economic crisis – and perhaps even a new depression. (Sat, 19 Jul 2008 23:21:52 GMT)
Mortgage market weathers storms
The tribulations of Fannie Mae, Freddie Mac and IndyMac Bank have dominated headlines for more than a week, but the mortgage industry is more or less thumping along at the rate it was before the market went into convulsions. Home loan applications are up,... (Sun, 20 Jul 2008 03:50:20 GMT)
Michelle Singletary: Back-to-basics theme anchors program for mortgage assistance
The Neighborhood Assistance Corporation of America is doing something that should have been done a long time ago. The nonprofit advocacy organization is in the second day of a free five-day Save the Dream of Homeownership event in Washington where people can get immediate help restructuring their troubled mortgage loans. (Sun, 20 Jul 2008 06:08:11 GMT)
30-year mortgage rate continues to decline
Mortgage rates continued to retreat, with the average conforming 30-year fixed mortgage rate falling to 6.42 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0. (Sun, 20 Jul 2008 07:13:34 GMT)
Homeowners at risk
Mortgage-rescue scams target people about to lose homes to foreclosure For people about to lose their homes to foreclosure, the advertisements are like a lifeline: "WE BUY HOUSES FOR CA$H," or "Refinance Your Mortgage! And Receive a 7 Day Vacation."These so-called mortgage-rescue companies promise that for fees of about $1,000 to $2,500, they can negotiate loans with providers to get owners ... (Sun, 20 Jul 2008 07:16:44 GMT)
Mortgage market weathers storms
The tribulations of Fannie Mae, Freddie Mac and IndyMac Bank have dominated headlines for more than a week, but the mortgage industry is more or less thumping along at the rate it was before the market went into convulsions. Home loan applications are up,... (Sun, 20 Jul 2008 07:20:29 GMT)
When Scott Almeida walked out of federal prison and into the mortgage business, he took a gamble
When Scott Almeida walked out of federal prison and into the mortgage business, he took a gamble. He admitted on his license application that he had been convicted of cocaine trafficking. (Sun, 20 Jul 2008 07:23:58 GMT)
In foreclosure, talk to lender about staying in home
Q: I am one of the unfortunate who has to deal with eventual foreclosure. Can you tell me how long I can remain in my home until legally having to vacate? A: Before the foreclose takes place, please talk to your lender - and not just a low-level loan officer... (Sun, 20 Jul 2008 07:28:01 GMT)
Mortgage rates sink on all types
Mortgage rates fell last week with 30-year mortgage rates dropping to the lowest level in six weeks as investors became less worried that the Federal Reserve would soon tighten credit policy to stall inflation. Freddie Mac, the mortgage company, reported... (Sun, 20 Jul 2008 07:29:01 GMT)
Calendar: Upcoming home events
Home Buyer Seminar: 6:30-8:30 p.m. Wednesday at Deed Realtors, 46135 Van Dyke in Utica. Free. Call Gloria at 586-531-1247 for information. (Sun, 20 Jul 2008 07:29:29 GMT)
Federal mortgage relief bill almost done
After six months of haggling and political gamesmanship, a massive housing relief bill is heading for final approval. The centerpiece is a $300 billion ''HOPE'' program designed to provide refinancing lifelines to as many as 400,000 homeowners in deep trouble on their current loans. (Sun, 20 Jul 2008 08:01:19 GMT)
Worries about Fed, inflation sink 30-year mortgage rates
WASHINGTON – Mortgage rates fell this week, with 30-year rates dropping to the lowest level in six weeks as investors became less worried that the Federal Reserve would soon tighten credit policy to stall inflation. (Sun, 20 Jul 2008 08:40:17 GMT)
Harney: There's 'HOPE' around corner for struggling mortgage borrowers
WASHINGTON - After six months of haggling and political gamesmanship, a massive housing relief bill is heading for final approval. (Sun, 20 Jul 2008 08:41:15 GMT)
Discounted mortgage notes can save homes
Where politicians and bankers see vexing liabilities in defaulted mortgages and foreclosures, Robert Lee sees opportunities as he picks up the pieces of the housing bust. (Sun, 20 Jul 2008 08:52:39 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, 20 Jul 2008 09:04:32 GMT)
How worried are you about your mortgage?
Excerpts from the blog With mortgage lenders imploding, banks struggling and the housing market in a downright funk because of an oversupply... (Sun, 20 Jul 2008 09:19:32 GMT)
30-year mortgage rates at 6-week low of 6.26%
WASHINGTON – Mortgage rates fell last week with 30-year mortgage rates dropping to the lowest level in six weeks as investors became less worried that the Federal Reserve would soon tighten credit policy to stall inflation. (Sun, 20 Jul 2008 10:08:20 GMT)
Bill may make S.D. home loans more affordable
WASHINGTON – A landmark mortgage rescue bill that is moving through Congress would help San Diegans by making loans more affordable – but experts disagree on how much. (Sun, 20 Jul 2008 10:11:25 GMT)
Taxpayers on hook for mortgage rescue
NEW YORK | We knew it could happen, even though they said it wouldn't. The government is using our money again to haul private companies' hindquarters out of the fire -- this time it's troubled mortgage giants Fannie Mae and Freddie Mac. (Sun, 20 Jul 2008 10:19:01 GMT)
Children's home for autism to open
JEFFERSONVILLE – A $500,000 federal grant will help an agency turn a former orphanage into a home to care for children with autism and emotional disabilities, helping fill the void left by the 2006 closure of a state-run home for disabled children. (Sun, 20 Jul 2008 10:22:09 GMT)
Buyers can negotiate some mortgage fees
Borrowers lucky enough to secure a mortgage in the current lending environment have a good amount of leverage when negotiating fees with brokers, who are increasingly starved for business. (Sun, 20 Jul 2008 12:08:33 GMT)
Family proud of new home
A Knoxville family that lost its house to fire two years ago finally found a new permanent home over the weekend. (Sun, 20 Jul 2008 14:35:55 GMT)
Easy money blamed for home loan fiasco
Global slowdown amid rising inflation creates uncertainties (Sun, 20 Jul 2008 19:37:42 GMT)
Tax relief aims at mortgage debt
There is now tax relief for struggling homeowners, says the IRS, if your mortgage debt was or is partly or entirely forgiven during 2007, 2008 or 2009. (Sun, 20 Jul 2008 20:06:43 GMT)
Mortgage meltdown causes glut of short sale homes
The mortgage meltdown, which has rippled into a wide range of industries and has affected millions of investors and homeowners, is sending another wave into the housing market: a glut of no-longer-affordable homes being offered in short sale deals. (Sun, 20 Jul 2008 21:23:38 GMT)
Business forum: New rules tighten mortgage operations
Lessons learned as a result of the lending mess are leading to more regulation. Mortgage originators must be more forthright and careful, but buyers have a responsibility to understand what they're signing. (Sun, 20 Jul 2008 21:31:15 GMT)
Bank accused of inhumanity after threatening to seize home of widow with cancer
A bank has been accused of 'gross inhumanity' for threatening to evict a 70-year-old cancer victim because she has not paid back a loan. Widow Elizabeth Steskens was told her home will be repossessed this week unless she repays the £43,000 she owes to NatWest. (Sun, 20 Jul 2008 22:54:55 GMT)
State's top mortgage regulator should resign, says Florida CFO
Florida's chief financial officer called for the state's top mortgage regulator, Don Saxon, to resign after a report that thousands of mortgage professionals with criminal histories were allowed to work in the industry. (Sun, 20 Jul 2008 22:55:25 GMT)
State's top mortgage regulator should resign, says Florida CFO
Florida's chief financial officer called for the state's top mortgage regulator to resign after a report that thousands of mortgage professionals with criminal histories were allowed to work in the industry. (Sun, 20 Jul 2008 23:03:35 GMT)
Ex-convicts allowed in mortgage business
MIAMI, July 20 (UPI) -- Florida officials allowed thousands of mortgage professionals with criminal records into the lending industry, an investigation by The Miami Herald found. (Sun, 20 Jul 2008 23:17:19 GMT)
Ex-convicts allowed in mortgage business
Florida officials allowed thousands of mortgage professionals with criminal records into the lending industry, an investigation by The Miami Herald found.Among the ex-convicts given access to the mortgage industry was Scott Almeida, who got into the business after being released from federal prison, the newspaper reported Sunday.Almeida admitted on his license application that he had been ... (Sun, 20 Jul 2008 23:46:15 GMT)
Bank accused of inhumanity after threatening to seize home of widow with cancer
A bank has been accused of 'gross inhumanity' for threatening to evict a 70-year-old cancer victim because she has not paid back a loan. (Mon, 21 Jul 2008 00:47:07 GMT)
Fortress mortgage fund down about 30 percent: WSJ
A Fortress Investment Group LLC fund, the Fortress Mortgage Opportunities Fund, is down about 30 percent three months after the firm raised funds for it, the Wall Street Journal reported on its website on Sunday. (Mon, 21 Jul 2008 01:28:58 GMT)
The Mortgage Crisis: A ‘Failure of Leadership’
More regulatory action is not the answer to the ongoing subprime mortgage mess, according to industry experts and academia. (Mon, 21 Jul 2008 02:48:08 GMT)
What is your greatest loan success story?
Breaking free of a subprime loan Lawrie Green, lending manager and loan officer, One Vision Credit Union (Mon, 21 Jul 2008 04:18:07 GMT)
Wachovia sues California mortgage firm over loans
Struggling to manage its mortgage losses, Wachovia Corp. is suing a California mortgage lender for failing to buy back bad loans. (Mon, 21 Jul 2008 05:20:17 GMT)
Mortgage finance dealers in daring market debut
Mortgage finance business is set to achieve astonishing feat in Tanzania as banks and specialised mortgage financing dealers make daring market debuts. (Mon, 21 Jul 2008 06:26:12 GMT)
World looks to mortgage agencies
For more than a decade, Fannie Mae and Freddie Mac, the housing giants that make the U.S. mortgage market run, have attracted overseas investors with a simple pitch: The securities they issue are just as good as the U.S. government's, and they usually pay better. (Mon, 21 Jul 2008 06:44:45 GMT)
Optimistic banks hire mortgage loan officers
With Washington Mutual laying off mortgage loan sales people and other banks pulling back on home loans, KeyBank is hiring to boost its share of the mortgage market. (Mon, 21 Jul 2008 07:08:45 GMT)
Mortgage regulator's resignation sought
Florida's chief financial officer called for the state's top mortgage regulator, Don Saxon, to resign after a Miami Herald report that his agency issued licenses to thousands of people with criminal histories -- many of whom went on to steal millions from borrowers and banks. (Mon, 21 Jul 2008 07:15:26 GMT)
Custom Builders Woo Buyers with Free Mortgage Payments, Other Incentives
(ARA) - You've invested wisely and paid down your sensible mortgage. You're ready to move up to a more luxurious home. But the buyers' market has you worried about getting fair value and a speedy sale for your current house. The good news is, a custom-built home could be the solution. (Mon, 21 Jul 2008 09:35:27 GMT)
Never smart to postdate mortgage check
Postdating a mortgage check can create severe consequences for the borrower, says Dr. Don Taylor. (Mon, 21 Jul 2008 10:00:00 GMT)
Freddie Mac May Slow Mortgage Buys to Prop Up Capital (Update1)
July 21 (Bloomberg) -- Freddie Mac , the second-largest U.S. mortgage-finance company, may cut purchases of home loans from banks and bonds backed by housing debt to shore up its capital amid record delinquencies. (Mon, 21 Jul 2008 10:21:12 GMT)
FTSE 100 dips as HBOS rights issue disappoints
London shares fell on Monday when the financial services sector was dampened by news of a disappointing rights issue from British home loan provider HBOS. (Mon, 21 Jul 2008 10:34:15 GMT)
European markets dip as HBOS rights issue disappoints
Europe's main stock markets fell on Monday when the financial services sector was dampened by news of a disappointing rights issue from British home loan provider HBOS, dealers said. (Mon, 21 Jul 2008 10:50:45 GMT)
Bank of America Earnings Drop Less Than Analysts' Estimates
July 21 (Bloomberg) -- Bank of America Corp. , the biggest U.S. consumer bank and home lender, said profit fell less than analysts estimated as the company curtailed loan losses. (Mon, 21 Jul 2008 11:21:15 GMT)
Don't Write Off This Mortgage Insurer
Shares of Old Republic International have been battered, but the company's property-and-casualty division should help it withstand a lot of hits. (Mon, 21 Jul 2008 11:36:57 GMT)
Report: Many Mortgage Workers Had Records
MIAMI -- Florida's chief financial officer is calling for the state's top mortgage regulator to step down after a newspaper report found that thousands of people with criminal records were allowed to work in the mortgage industry. (Mon, 21 Jul 2008 11:52:11 GMT)
Don't Write Off This Mortgage Insurer
One way to empty a crowded theater: Shout the word mortgage. So imagine how hard it is for an insurer -- even one with two other business lines -- to shake the taint. (Mon, 21 Jul 2008 13:45:40 GMT)
New HUD chief mobilizes to address housing crisis
The Housing and Urban Development Department is trying to help threatened homeowners refinance their home loans in hopes of staving off more housing foreclosures. (Mon, 21 Jul 2008 14:10:32 GMT)
Worth reading: Thousands of convicted criminals got mortgage jobs in Florida
More than half of Florida's registered "mortgage professionals" went into business without a license, according to The Miami Herald. The paper, which notes that regulators refused to change the rules so that "loan originators" were subject to the same standards... (Mon, 21 Jul 2008 14:55:39 GMT)
Lender Woolwich cuts mortgage rates
Woolwich, the mortgage-lending arm of Barclays , said it has trimmed its mortgage rates in response to an easing in wholesale borrowing costs. (Mon, 21 Jul 2008 14:56:00 GMT)
How To Apply For A Mortgage Loan For Your Miami Residential Real Estate Acquisition
When you are having financial problems, but is in need to purchase a new home in Miami real estate, then your best bet would be to apply for a mortgage loan to help you out in your home acquisition. (Mon, 21 Jul 2008 15:39:24 GMT)
What It Takes to Get a Mortgage Now
To qualify, you'll need top-notch credit and solid financial resources. (Mon, 21 Jul 2008 16:06:45 GMT)
Professional negligence: mortgage fraud
In the field of professional liability, mortgage fraud and claims against professionals arising from it remain the topics of the moment. ... (Mon, 21 Jul 2008 16:11:12 GMT)
AXA Equitable Life Insurance Company and MONY Life Insurance Company Join the Federal Home Loan Bank of New York
AXA Equitable Life Insurance Company and MONY Life Insurance Company, as subsidiaries of AXA Financial Inc., are welcomed as members of the Federal Home Loan Bank of New York . (Mon, 21 Jul 2008 16:26:00 GMT)
National Bank cuts maximum amortization of its mortgage loans
National Bank Financial Group today announced that it is reducing the maximum amortization on new mortgage loans to 35 years effective immediately. (Mon, 21 Jul 2008 18:26:56 GMT)
NHB pushes for securitisation
Plans mortgage guarantee company with AIG, IFC. The National Housing Bank (NHB) is drawing a roadmap including prudential norms to buy home loans from banks and housing finance companies (HFC) and securitise the portfolio at a later date. (Mon, 21 Jul 2008 18:43:28 GMT)
Mortgage Alliance acquires Meridian Financial Services
Purchase strengthens mortgage broker in B.C. Mortgage Alliance today announced the recent acquisition of Meridian Financial Services (MFS) as part of its overall Canadian growth strategy. (Mon, 21 Jul 2008 19:12:51 GMT)
Mortgage rescue plan raises concern
Taxpayers might get stuck will bill for assisting Fannie Mae, Freddie Mac WASHINGTON — Now that the federal government has thrown a lifeline to mortgage giants Fannie Mae and Freddie Mac, taxpayers could be on the hook for billions more if the crisis of confidence spreads. There were encouraging signs Monday for the rescue plan, but also signs of concern — notably on Wall Street, where shares ... (Mon, 21 Jul 2008 19:46:28 GMT)
'Perfect con man' gets 10 years for home loan scheme
One of the prosecutors in the case called Brigham's racial bias arguments "offensive" and noted Brigham has never apologized to a single victim. (Mon, 21 Jul 2008 19:59:11 GMT)
Dentist gets 10 years for $2.8 million mortgage fraud
A former Staten Island, N.Y., dentist who maintained an office and surgical center in Berlin Township was sentenced to 10 years in federal prison today for fraudulently obtaining about $2.8 million in mortgage loans. (Mon, 21 Jul 2008 20:41:29 GMT)
Wachovia mortgage unit halting loans via brokers
Wachovia Corp , the fourth-largest U.S. bank, on Monday said its main mortgage unit will stop offering home loans through brokers this week, joining a growing number of lenders to curb wholesale lending. (Mon, 21 Jul 2008 21:15:31 GMT)
Wachovia to exit wholesale mortgage lending
Wachovia Corp. confirms it is getting out of the wholesale mortgage lending business, exiting a market cross-town rival Bank of America Corp. left several months ago. (WB) (BAC) (Mon, 21 Jul 2008 22:36:18 GMT)
Wachovia exits wholesale mortgage lending business
Wachovia Corporation, the nation's fourth largest-bank, said Monday that it is leaving the wholesale mortgage lending business. (Tue, 22 Jul 2008 00:13:31 GMT)
Wachovia leaves wholesale mortgage lending business
CHARLOTTE, N.C. - Wachovia Corporation, the nation's fourth largest-bank, said Monday that it is leaving the wholesale mortgage lending business. Beginning July 25, the company will no longer offer mortgages through brokers, joining other lenders making similar moves to exit the troubled sector. (Tue, 22 Jul 2008 00:31:23 GMT)
Wachovia exits wholesale mortgage lending business
Wachovia Corporation, the nation's fourth largest-bank, said Monday that it is leaving the wholesale mortgage lending business. Beginning July 25, the company will no longer offer mortgages through brokers, joining other lenders making similar moves to exit... (Tue, 22 Jul 2008 00:35:29 GMT)
U.S. bank Wachovia exits wholesale mortgage lending business
CHARLOTTE, N.C. - Wachovia Corporation, the fourth largest-bank in the United States, said Monday that it is leaving the wholesale mortgage lending business. (Tue, 22 Jul 2008 01:00:39 GMT)
Union keeping homebuyers from paying dearly for missteps
As the subprime mortgage crisis pummels neighborhoods across the city, the members of the municipal employees union, have extra armor and ammunition in the fight against scheming mortgage brokers and adjustable interest rates. (Tue, 22 Jul 2008 01:00:48 GMT)
Governor in Stockton to announce home loan program (1:08 p.m.)
STOCKTON – Gov. Arnold Schwarzenegger stood outside a home on Lighthouse Drive in Stockton today to announce a $200 million loan program to help first-time homebuyers buy foreclosed homes at reduced prices and with low-interest loans. (Tue, 22 Jul 2008 01:15:04 GMT)
Wachovia exits wholesale mortgage lending business
Wachovia Corp., the nation's fourth-largest bank, says it is getting out of the wholesale mortgage lending business. (Tue, 22 Jul 2008 02:14:52 GMT)
NAB removes exit fees with Clear Banking Home Loan
For customers wanting greater choice, simplicity and value in their banking products, NAB has launched a new home loan with no early exit fees, no bank discharge or settlement fees and no monthly acco (Tue, 22 Jul 2008 02:15:34 GMT)
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