Mortgage News Aug 2008

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State's U.S. Attorneys: Mortgage fraud top priority
The government's prosecution of mortgage fraud should keep defense attorneys busy for years to come, the state's four U.S. Attorneys said today. (Fri, 01 Aug 2008 02:17:27 GMT)

First Shared Equity home loans pre-approved
Twenty-six aspiring first home owners have this week been granted pre-approval for a Shared Equity loan, the first group to benefit from the government’s new pilot scheme, says Housing Minister Maryan Street. (Fri, 01 Aug 2008 03:28:55 GMT)

National business briefs: Mortgage rates drop slightly
Rates on 30-year mortgages, which shot up last week to the highest level in nearly a year, dropped slightly this week following passage of a housing rescue bill. Freddie Mac reported Thursday that the nationwide average for 30-year mortgages dipped to 6.52 percent this week, down from 6.63 percent last week. (Fri, 01 Aug 2008 03:36:24 GMT)

Mortgage Fraud Hits Rochester Hard
The New York State Commission of Investigation reports Monroe County ranks just below New York City and Long Island in mortgage fraud. The commission found a 14 percent increase in foreclosure filings in New York during the first quarter of 2008. More than half were subprime loans. (Fri, 01 Aug 2008 03:37:47 GMT)

Sandy man pleads guilty to mortgage fraud charges
One more individual has pleaded guilty to federal charges of running a mortgage fraud scheme that artificially inflated the value of several high-end homes in the affluent Riverbottoms neighborhood in Provo. (Fri, 01 Aug 2008 03:53:43 GMT)

Home loan borrowers face higher instalment payout
New Delhi, July 31 : Already hit by spiralling prices of household items, those who have already taken home loans face the prospect of having to cough up higher equated monthly instalments (EMIs). (Fri, 01 Aug 2008 04:48:26 GMT)

Mirvac Freezes Mortgage Funds on $227 Million Impaired Loans
Aug. 1 (Bloomberg) -- Mirvac Group , an Australian real estate investment trust, stopped redemptions for three mortgage funds holding more than A$243 million ($227 million), as investors seek to pull out of property assets amid the global credit crisis. (Fri, 01 Aug 2008 05:03:51 GMT)

Mortgage fraud in cross hairs of U.S. attorneys
Prosecuting mortgage fraud is their top priority, and it could keep defense attorneys busy for years to come, the four U.S. attorneys who preside in Texas told a Houston audience Thursday. (Fri, 01 Aug 2008 05:50:11 GMT)

Bush signs mortgage relief bill
WASHINGTON — President Bush today signed a massive housing bill intended to provide mortgage relief for 400,000 struggling homeowners and stabilize financial markets. (Fri, 01 Aug 2008 06:09:09 GMT)

Worry@Home Loan: Should you rent a house?
The EMI on your home loan goes up by 1/2 to 3 quarters of a per cent. (Fri, 01 Aug 2008 07:53:10 GMT)

Program aims to corral mortgages
Congress’ plan to allow people to refinance into more affordable mortgages won’t just relieve thousands of homeowners – it’s also expected to save the banks who issued the loans billions of dollars. Photo caption: If a homeowner stops payment on his mortgage in an effort to qualify for a new loan under the Hope for Homeowners Act, the bank could simply foreclose and dump the risk. Photo ... (Fri, 01 Aug 2008 10:04:10 GMT)

Mortgage rates decline slightly
WASHINGTON - Rates on 30-year mortgages, which shot up last week to the highest level in nearly a year, dropped slightly this week after passage of a housing rescue bill. (Fri, 01 Aug 2008 10:24:29 GMT)

Lehman in talks to sell $30 bln mortgage assets: report
Lehman Brothers Holdings Inc is in talks with prospective buyers to sell about $30 billion in commercial mortgage assets and other hard-to-value securities, the New York Post reported on its website. (Fri, 01 Aug 2008 10:39:07 GMT)

Lehman Said In Talks To Sell $30 Bln Of Mortgage Assets
Lehman Said In Talks To Sell $30 Bln Of Mortgage Assets (Fri, 01 Aug 2008 11:31:52 GMT)

President of mortgage companies denies fraud
Associated Press - August 1, 2008 7:45 AM ET MANCHESTER, N.H. (AP) - The president of a mortgage company that does business in New Hampshire, Maine and Massachusetts admits paperwork mistakes,... (Fri, 01 Aug 2008 11:51:35 GMT)

Lehman Said to Try Mortgage Fire-Sale of Its Own
Après Merrill Lynch , le déluge — of other investment banks trying to dump their toxic mortgage assets anyway, it seems. After Merrill sold off a huge swath of mortgage bundles for 22 cents on the dollar, Lehman Brothers is trying to follow suit, according to The New York Post. The troubled investment bank is in talks with potential buyers about selling about $30 billion in commercial mortgage ... (Fri, 01 Aug 2008 12:01:41 GMT)

Fitch Rates Alaska HFC $81MM Home Mortgage Revs 'AA+'
Fitch assigns a rating of 'AA+' to Alaska Housing Finance Corp.'s (AHFC) $80.9 million home mortgage revenue bonds, 2008 series B. The bonds are expected to be sold during the week of Aug 4th as a negotiated transaction. Additionally, Fitch affirms the 'AA+' rating on the outstanding $810.1 million 2008 Series A, 2007 series A-D, 2006 series A-C and 2002 series A bonds. (Fri, 01 Aug 2008 15:43:57 GMT)

President of mortgage companies denies fraud
The president of a mortgage company that does business in New Hampshire, Maine and Massachusetts admits paperwork mistakes, but denies fraud. (Fri, 01 Aug 2008 15:56:14 GMT)

Costa Rica vacation homes hit by U.S. mortgage crisis
The U.S. mortgage crisis has hit Costa Rica's once booming vacation home market, with sales plummeting as Americans who dream of buying a tropical getaway struggle to find financing. (Fri, 01 Aug 2008 16:49:59 GMT)

State pulls mortgage firm plug
The Massachusetts Division of Banks filed a temporary cease and desist order against a mortgage broker with two local offices, preventing the operation from originating any more loans. (Fri, 01 Aug 2008 17:12:43 GMT)

Rising US Jobless Rate May Drag Prime Mortgage Borrowers Down
NEW YORK -(Dow Jones)- The persistent rise in the U.S. unemployment rate is deepening concern that more homeowners will fall behind on their mortgage payments. (Fri, 01 Aug 2008 17:35:40 GMT)

Scandal Spurs Push To Keep Felons Out Of Mortgage Business
The Outcry over Florida's mortgage brokering scandal has fueled tough new talk about keeping felons out of the business – no matter what crime they committed. (Fri, 01 Aug 2008 19:07:48 GMT)

Provisions Of Housing-mortgage Relief Bill
Provisions of the housing bill that President Bush signed into law Wednesday: (Fri, 01 Aug 2008 20:20:44 GMT)

Ray of hope for homeowners as mortgage outlook improves
Falling mortgage rates and the launch of a new lending venture brought a glimmer of hope to hard-pressed borrowers this week. (Fri, 01 Aug 2008 20:25:08 GMT)

Lehman in talks to sell mortgage assets -reports
Lehman Brothers Holdings Inc is in talks with prospective buyers, including BlackRock Inc, to sell mortgage assets and other hard-to-value securities, according to reports on Friday. (Fri, 01 Aug 2008 21:03:49 GMT)

Real Estate Weekly: New tool shows what it takes to qualify for FHA mortgage
Homeowners at risk of foreclosure may be able to benefit from a provision in the housing bill signed by the president this week that will allow them to refinance into more-affordable loans backed by the Federal Housing Administration. (Fri, 01 Aug 2008 21:33:16 GMT)

Interest free home loan offered to first-time homebuyers
First-time homebuyers now qualify for up to a $7500 tax credit thanks to an act recently signed by President Bush. (Sat, 02 Aug 2008 00:24:23 GMT)

Home improvement loans 'up 20%'
Lloyds TSB has said it had seen a near 20% jump in the number of people looking to borrow money to improve their home. The bank said personal loan applications for home improvement work were 19% higher during the first six months of the year than they had been during the same period of 2007. (Sat, 02 Aug 2008 01:40:38 GMT)

Wachovia Corp. plans to cut mortgage jobs by November
Wachovia Corp. said yesterday that most of the 4,400 job cuts it has announced for its mortgage unit will occur by early November. (Sat, 02 Aug 2008 04:20:33 GMT)

Mortgage application volume drops to 2008 low
Mortgage application volume tumbled last week to its lowest level of the year, a trade group said, as many homeowners found they don't have enough equity to refinance their ... (Sat, 02 Aug 2008 04:26:31 GMT)

What do lenders look for in qualified loan applicants?
Whether you're buying a home or refinancing an existing home loan, you'll soon find out that lenders today are a picky and demanding bunch when it comes to loan approvals. ... (Sat, 02 Aug 2008 04:26:40 GMT)

Loan crisis underscores value of private mortgage insurance
The blame game for the development of the current mortgage crisis is now in full swing, and, with one exception, no major participant escapes unscathed: (Sat, 02 Aug 2008 05:16:28 GMT)

Countrywide insider stole mortgage applicants' data, FBI says
The former employee and a suspected accomplice are arrested. As many as 2 million customers' information was allegedly targeted. The FBI on Friday arrested a former Countrywide Financial Corp. employee and another man in an alleged scheme to steal and sell sensitive personal information, including Social Security numbers, of as many as 2 million mortgage applicants. (Sat, 02 Aug 2008 06:00:49 GMT)

2nd man pleads guilty in Provo mortgage scam
A second man has admitted his role in a multimillion-dollar mortgage-fraud scheme that grossly inflated home values in an upscale Provo neighborhood. (Sat, 02 Aug 2008 06:29:11 GMT)

New tool shows what it takes to qualify for FHA mortgage
New tool shows what it takes to qualify for FHA mortgage (Sat, 02 Aug 2008 09:12:17 GMT)

Singletary: Know the home mortgage rip-offs
WASHINGTON -- A little-known provision in the Housing and Economic Recovery Act, signed into law by President Bush recently, is supposed to help home buyers understand how much debt they are taking on to purchase their home. (Sat, 02 Aug 2008 11:27:14 GMT)

Veterans have another mortgage option
Shoved aside by the hot mortgage products of recent years, Veterans Affairs mortgage loans are making a comeback and are a viable financing alternative for veterans looking to secure an attractive fixed-rate loan with little or no money down. (Sat, 02 Aug 2008 14:05:52 GMT)

Two residents accused of mortgage fraud
Attorney General Jay Nixon has filed lawsuits against two St. Charles County residents in a statewide operation targeting alleged mortgage fraud. (Sat, 02 Aug 2008 15:45:26 GMT)

S&P emails slammed mortgage debt products: report
Analysts at Standard & Poor's Rating Services warned against mortgage-related debt products in internal e-mails that, in one case, called the complex financial deals "ridiculous," the Wall Street Journal reported in its weekend edition. (Sat, 02 Aug 2008 16:36:36 GMT)

N.H. mortgage company president denies fraud
MANCHESTER, N.H. - The president of a mortgage company that does business in New Hampshire, Maine and Massachusetts admits paperwork mistakes, but denies fraud. (Sat, 02 Aug 2008 18:40:13 GMT)

Home loan making you ill?
The spike in interest rates on home loans — and the resulting higher equated monthly installments (EMIs) — is playing havoc with the mental health of urban Indians, who are lining up outside psychiatrists’ clinics. (Sat, 02 Aug 2008 19:50:15 GMT)

The anatomy of a bad Bridgecorp deal
Creditors of failed finance company Bridgecorp will be hoping a massive new development on the fringe of Auckland's CBD gets off the ground so that a huge mortgage Bridgecorp holds over the property can be repaid. (Sat, 02 Aug 2008 20:32:30 GMT)

Arrests in sale of personnel data from 2 million mortgage applications
The FBI on Friday arrested a former Countrywide Financial Corp. employee and another man in an alleged scheme to steal and sell sensitive personal information, including Social Security numbers, of as many as 2 million mortgage applicants. (Sat, 02 Aug 2008 20:33:53 GMT)

N.H. mortgage company president denies fraud
MANCHESTER, N.H. - The president of a mortgage company that does business in New Hampshire, Maine and Massachusetts admits paperwork mistakes, but denies fraud. (Sat, 02 Aug 2008 21:10:13 GMT)

Veterans have another mortgage option
Shoved aside by the hot mortgage products of recent years, Veterans Affairs mortgage loans are making a comeback and are a viable financing alternative for veterans looking to secure an attractive fixed-rate loan with little or no money down. (Sat, 02 Aug 2008 21:24:03 GMT)

Local bank taken over due to mortgage crisis
The Federal Deposit Insurance Corp. says it has taken control of the First Priority Bank of Bradenton, Florida. First Priority is the eighth U.S. bank to fail this year in the aftermath of the mortgage crisis. (Sun, 03 Aug 2008 00:24:03 GMT)

Tips to help you get a mortgage
The turmoil in the housing and the credit markets has led to lenders tightening their mortgage standards. But while it is harder to qualify, it is not impossible. (Sun, 03 Aug 2008 02:51:12 GMT)

Don't Fall for the Mortgage Rip-Offs
A little-known provision in the Housing and Economic Recovery Act, recently signed into law by President Bush, is supposed to help home buyers understand how much debt they are taking on to purchase their home. (Sun, 03 Aug 2008 03:08:51 GMT)

'Mortgage sector has become too complex'
03 August 2008 Many factors slow down the processing of mortgage applications in Dubai, says Chris Dommett, CEO of John Charcol Dubai. They include the complexity of the UAE mortgage market, the absence of a credit bureau and the lack of trained and qualified staff. (Sun, 03 Aug 2008 05:41:39 GMT)

Two residents accused of mortgage fraud
Attorney General Jay Nixon has filed lawsuits against two St. Charles County residents in a statewide operation targeting alleged mortgage fraud. (Sun, 03 Aug 2008 06:25:06 GMT)

Provisions of housing-mortgage relief bill
How the housing bill passed by Congress and signed into law last week by the president affects homeowners:         All homeowners who do not itemize their income taxes can deduct $500 to $1,000 from their 2008 federal taxes. (Sun, 03 Aug 2008 06:29:51 GMT)

Who qualifies for mortgage help and how to get it
Questions and answers about the Hope for Homeowners Act of 2008, passed by Congress last weekend to try to steer as many as 400,000 struggling homeowners away from foreclosure: (Sun, 03 Aug 2008 07:02:10 GMT)

'Mortgage Rip-Offs and Money Savers' a must-read for borrowers
A little-known provision in the Housing and Economic Recovery Act, signed into law by President Bush recently, is supposed to help homebuyers understand how much debt they are taking on to purchase their home. (Sun, 03 Aug 2008 07:09:58 GMT)

Tax credit for home buyers works like an interest-free loan
Purchasers can shave as much as $7,500 off their IRS bills, though it must be repaid. Anyone who's been sitting on the sidelines hesitant to jump into the housing market until conditions settle down should know these dates: April 9, 2008, through June 30, 2009. (Sun, 03 Aug 2008 07:16:33 GMT)

Mortgage lenders assessed for vacant properties
As home foreclosures continue to rise, a growing number of local governments are imposing stiff fees on mortgage companies responsible for the vacant properties. (Sun, 03 Aug 2008 07:19:33 GMT)

To limit mortgage closing costs, ask questions
You looked hard to find the right house. You negotiated the right price and shopped around for the best mortgage rate. But you're not done shopping yet. Home buyers can squeeze out extra savings at the closing table if they negotiate on fees charged by... (Sun, 03 Aug 2008 07:34:17 GMT)

Nevada may take page from Calif. mortgage relief law
Nevada might follow California's footsteps in enacting foreclosure legislation that requires meetings between lenders and at-risk homeowners, stronger tenant protection and beefed up blight prevention. (Sun, 03 Aug 2008 08:42:52 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, 03 Aug 2008 09:02:34 GMT)

Tatas eye home loan market 3 Aug 2008, 1437 hrs IST,PTI
NEW DELHI: Tatas are gearing up to enter the highly competitive but lucrative housing loan business with an aggressive business strategy of attractive interest rates and better service than other players in the market. (Sun, 03 Aug 2008 09:25:56 GMT)

Tatas eye home loan market
The group's newly incorporated financial services arm Tata Capital is soon expected to file its application with the National Housing Board to start the housing finance business. (Sun, 03 Aug 2008 09:29:45 GMT)

Credit score key in mortgage hunt
NEW YORK -- The turmoil that has gripped the housing and credit markets has led to lenders tightening their approval standards. But although it is harder to qualify for a mortgage, it is not impossible. (Sun, 03 Aug 2008 09:59:23 GMT)

In mortgage crisis, look for the signs of recovery
Happy anniversary! It was one year ago this month that the Great American Mortgage Crisis boiled over into the Great Global Credit Crisis, with banks in Paris, London and Frankfurt seizing up because of their investments in the U.S. housing market. (Sun, 03 Aug 2008 10:11:21 GMT)

Local lenders dodge mortgage mess
WATERLOO --- Metro banks remain relatively untouched by the latest shake-up in the struggling U.S. housing industry. (Sun, 03 Aug 2008 11:40:09 GMT)

Tatas eye home loan market
New Delhi, Aug 3: Country's top corporate house Tatas is gearing up to enter the highly competitive but lucrative housing loan business with an aggressive business strategy of attractive interest rates and better service than other players in the market. (Sun, 03 Aug 2008 18:08:09 GMT)

So far, insurers don't show big 2Q mortgage losses
The first read on insurance companies' second-quarter earnings shows they're taking hits from the same kinds of mortgage-backed investments as other financial firms -- but so far, most haven't had the severe losses that banks and investment firms have seen. (Sun, 03 Aug 2008 19:09:23 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. (Sun, 03 Aug 2008 19:55:08 GMT)

To keep paying the mortgage or not?
To keep paying the mortgage or not? This question has been bugging 28-year-old Chen Jie for a month now. (Mon, 04 Aug 2008 01:13:01 GMT)

States, feds tackle foreclosure rescue scams
States and the federal government are using new laws and lawsuits to fend off a wave of scams in which con artists prey on homeowners facing foreclosure. (Mon, 04 Aug 2008 01:33:17 GMT)

A second, far larger wave of U.S. mortgage defaults is building
With the U.S. economy struggling, homeowners with better credit are now falling behind on their payments in growing numbers and delinquencies among prime loans, which account for most of the $12 trillion market, have doubled. (Mon, 04 Aug 2008 02:32:51 GMT)

Housing Lenders Fear Bigger Wave of Loan Defaults
Homeowners with good credit are falling behind on their payments in growing numbers, just as the problems with subprime mortgages have begun to level off. (Mon, 04 Aug 2008 03:06:54 GMT)

Bigger Wave Of Good-Credit Home Loan Defaults Expected - NYT
Delinquencies on alternative-A mortgages, considered a level above subprime, have quadrupled to 12% in April compared to a year earlier, the New York Times reported Monday on its Web site. (Mon, 04 Aug 2008 03:20:04 GMT)

AXA partially suspends mortgage-backed bond fund
AXA NZ has suspended redemptions from its Mortgage Backed Bonds fund by institutional investors. (Mon, 04 Aug 2008 03:52:20 GMT)

The run continues: AXA freezes $117 million mortgage fund
A local subsidiary of global financial giant AXA, Mortgage Backed Bonds, has suspended trading in wholesale holdings in its fund, as the run on mortgage backed investments continues apace. (Mon, 04 Aug 2008 03:57:54 GMT)

No loan, no problem
Sheryl and Mike Carlson worked hard to start their business right. The couple saved enough money to create Vista Point Insurance Services in January. They decided to operate from home to cut costs and separated the business from their personal life. (Mon, 04 Aug 2008 04:07:08 GMT)

Mortgage rescue bill won't save the day
The mortgage rescue bill signed by President Bush this week was more a political victory for Democrats in this election year than a sound plan for those the legislation is designed to help. Taxpayers may rue the day the massive bailout was approved since they’ll be on the hook for its costs, thanks to lawmakers overlooking the majority creditworthy public in this fiasco. (Mon, 04 Aug 2008 04:44:38 GMT)

Bank borrowing from Federal Home Loan Bank up 41%
Minnesota banks were borrowing $2 billion more at the end of the second quarter from the Federal Home Loan Bank (FHLB) than they were at the same point last year to help cope with shrinking deposits and lower interest rates. (Mon, 04 Aug 2008 05:42:03 GMT)

Two residents accused of mortgage fraud
Attorney General Jay Nixon has filed lawsuits against two St. Charles County residents in a statewide operation targeting alleged mortgage fraud. (Mon, 04 Aug 2008 06:25:18 GMT)

Mortgage crisis spreads to those with good credit
The first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is building. (Mon, 04 Aug 2008 06:38:15 GMT)

Nationwide Mortgage Services Introduces Virtual Loan Department for Maryland Mortgage Customers
Nationwide Mortgage Services, based in Rockville, MD, has introduced a new Virtual Loan Department to help consumers navigate the programs and products available in the current mortgage market. With fewer lenders and strict lending guidelines, fewer options have become available to consumers. Nationwide Mortgage Services has introduced this streaming audio and video to simply the process for ... (Mon, 04 Aug 2008 07:01:00 GMT)

FirstFed saw loan risk early on
The bank started tightening lending standards in 2005. But it has seen a leap in delinquencies. California home prices reached astonishing levels in 2005, but getting a loan was a snap at lenders offering low initial payments. At FirstFed Financial Corp., for example, the vast majority of borrowers weren't required to produce pay stubs or tax returns to prove they earned as much as they ... (Mon, 04 Aug 2008 07:16:37 GMT)

The First Group offers mortgage
Almas Capital has arranged mortgage financing for homebuyers and investors of projects developed by The First Group in Dubai Sports City. These mortgage products are now available from Amlak, Mashreq, and Badr-Al-Islam. (Mon, 04 Aug 2008 07:33:11 GMT)

Mortgage firm now assists Dar residents to acquire better houses
Residents of Temeke Gezaulole in Dar es Salaam have reasons to smile after some of them started to acquire modern houses being constructed with the assistance of an organisation called Tanzania Mortgage Company (TMC). (Mon, 04 Aug 2008 08:02:23 GMT)

States fight mortgage rescue scams
States and the federal government are using new laws and lawsuits to fend off a wave of scams in which con artists prey on homeowners facing foreclosure. (Mon, 04 Aug 2008 08:14:20 GMT)

Time to lock in your mortgage rate
Since mortgage interest rates are on the rise, home buyers can save considerable cash by locking in a reasonable rate when they find one. (Mon, 04 Aug 2008 08:35:29 GMT)

Banks fear new wave of mortgage defaults
Analysts say impact could even worse than the subprime crisis The first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is quickly building.Homeowners with good credit are falling behind on their payments in growing numbers, even as the problems with mortgages made to people with weak, or subprime, credit are showing their first, ... (Mon, 04 Aug 2008 08:46:57 GMT)

Banks fear new wave of mortgage defaults
Analysts say impact could even worse than the subprime crisis The first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is quickly building.Homeowners with good credit are falling behind on their payments in growing numbers, even as the problems with mortgages made to people with weak, or subprime, credit are showing their first, ... (Mon, 04 Aug 2008 08:47:07 GMT)

Local lenders dodge mortgage mess
WATERLOO --- Metro banks remain relatively untouched by the latest shake-up in the struggling U.S. housing industry. (Mon, 04 Aug 2008 08:55:09 GMT)

Agire Mortgage Corporation Expands Board of Directors, Introduces "EdgeMAC" Solutions
Agire Mortgage Corporation, a full service mortgage advisory and solution provider, today announces expansion of their board of directors as well as the re-branding of their advisory services platform to Edge Mortgage Advisory Corporation. (Mon, 04 Aug 2008 10:00:00 GMT)

Don't fall 90 days late on mortgage
Pull out all the stops to avoid falling 90 days behind on mortgage payments, says the Debt Adviser. (Mon, 04 Aug 2008 10:00:00 GMT)

Overdue loan linked to Falls burglary
NIAGARA FALLS -- An overnight burglary of a Niagara Avenue home may have been in “payback” for an overdue loan, police said Saturday. (Mon, 04 Aug 2008 10:55:44 GMT)

Africa: Listed Cash Loan Firm Officially Opens
Africa's only listed cash loan company has officially opened shop after almost a year of inconspicuous trading in Namibia. (Mon, 04 Aug 2008 11:03:35 GMT)

HSBC reports steepest fall in first-half profit since 2001 due to bad US mortgage loans
LONDON - HSBC Holdings PLC, Europe's largest bank by market value, reported Monday its steepest fall in profit since 2001 as costs for bad U.S. mortgage loans mounted. (Mon, 04 Aug 2008 11:31:25 GMT)

Financial seminar today at Sarasota hotel
The forum will cover refinance solutions, FHA Secure options, government insured loans, reverse mortgages and other assistance programs. (Mon, 04 Aug 2008 11:41:51 GMT)

Second wave of mortgage defaults on horizon
The first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is quickly building. (Mon, 04 Aug 2008 11:58:57 GMT)

German Home Savings and Loan Association Relies on Red Hat Enterprise Linux 5
RALEIGH, N.C.----Red Hat , the world’s leading provider of open source solutions, today announced that Vereinsbank Victoria Bauspar AG , a German private home savings and loan association, has implemented SEP sesam running on Red Hat Enterprise Linux 5 to maintain its backup and recovery solution for all database applications in its two parallel data centers. (Mon, 04 Aug 2008 12:00:00 GMT)

Analysts: U.S. mortgage defaults to accelerate, peak in a couple of years
The first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is quickly building. (Mon, 04 Aug 2008 12:54:59 GMT)

iEmergent Announces Q3/Q4 Mortgage Volume & Lending Forecasts
DES MOINES, Iowa----iEmergent, a Des Moines, Iowa-based market research, forecasting and advisory services firm for the financial services, mortgage and real estate industries, issued its 2008 Mid-Year Mortgage Volume Forecasts designed to enable lenders to focus resources more effectively and increase market share during the second half of 2008. (Mon, 04 Aug 2008 13:01:00 GMT)

German Home Savings and Loan Association Relies on Red Hat Enterprise Linux 5
Red Hat announced that Vereinsbank Victoria Bauspar AG (VVB), a German private home savings and loan association, has implemented SEP sesam running on Red Hat Enterprise Linux 5 to maintain its backup and recovery solution for all database applications in its two parallel data centers. The high-performance solution enhances data transfer rates, speeding the resolution of backups while reducing ... (Mon, 04 Aug 2008 13:27:17 GMT)

Reliance Capital raises home loan rate by 0.5%
NEW DELHI: Taking cue from large banks like PNB, ICICI Bank and Axis Bank, Anil Ambani-led Reliance Capital also has increased its lending rates on property loans by 0.50 per cent to 14.25 per cent from August 1. (Mon, 04 Aug 2008 13:30:42 GMT)

State Employees' Credit Union Rolls out Consumer-Friendly Reverse Mortgage
State Employees' Credit Union (SECU) is pleased to announce a consumer-friendly reverse mortgage designed to help senior members utilize the wealth in their homes in the best manner. Setting it apart from other industry-standard reverse mortgages, the Credit Union loan offers a fixed, stable rate of interest, a simple interest accrual method, a low origination fee of 1%, no mortgage insurance ... (Mon, 04 Aug 2008 16:50:54 GMT)

Mortgage Crisis Spreads To Conventional Loans
The sub-prime mortgage crisis was just the tip of the iceberg. Analysts are saying a new wave of foreclosures is on the way. And this time, people who got reasonable home loans and have good credit are falling behind. Madeleine Brand talks to real estate analyst Mike Larson of Weiss Research about how a new wave of defaults is a symptom of a larger trend. (Mon, 04 Aug 2008 17:07:12 GMT)

AXA puts mortgage fund into freezer
AXA New Zealand is hoping it has made the right call in becoming the fifth investment manager in as many months to suspend a mortgage-backed security. (Mon, 04 Aug 2008 17:16:30 GMT)

Commercial-Mortgage Deals Get More Upgrades Than Cuts
Moody's Investor Service said upgrades of U.S. commercial mortgage-backed securities and commercial real-estate collateralized debt obligations outnumbered downgrades in the first half of 2008, a marked contrast to the vast slashings being handed out on securites backed by residential mortgages. (Mon, 04 Aug 2008 17:26:42 GMT)

AXA closes door on big mortgage fund withdrawals
AXA New Zealand has become the fifth investment manager in as many months to suspend withdrawals from a mortgage-backed investment. Yesterday, it said institutional investors would be blocked for three months from making any redemptions from its $230 million mortgage-backed bonds fund. (Mon, 04 Aug 2008 17:37:24 GMT)

5 Ways to Avoid Getting Scammed
Here's a guide to how consumers can avoid falling prey to con artists. (Mon, 04 Aug 2008 17:50:11 GMT)

The Home-Equity Door Slams Shut on Many Homeowners
Borrowers who have relied on their home-equity line as an emergency fund or as an all-you-can-eat buffet are  learning that many banks are curtailing equity loans because of declining real estate values.  (Mon, 04 Aug 2008 18:18:04 GMT)

Utd youngster joins Blackburn on loan
Blackburn boss Paul Ince returned to his former club to sign Manchester United defender Danny Simpson on a season-long loan on Monday. (Mon, 04 Aug 2008 19:05:44 GMT)

GMAC Mortgage in Troy plans layoffs
GMAC Mortgage in Troy plans to lay off 73 workers starting Oct. 3 through Dec. 31. (Mon, 04 Aug 2008 19:26:07 GMT)

Tamsyn Parker: Mortgage trust moves do make sense
Investors have been pulling their money out of mortgage trusts and property funds in droves over the past three months so perhaps it's not surprising that four funds have been forced to put a stop on withdrawals. (Mon, 04 Aug 2008 20:00:39 GMT)

Great Wolf Resorts, Inc. Closes on Williamsburg Mortgage Loan
Great Wolf Resorts, Inc. (NASDAQ: WOLF), North America's leading family of indoor waterpark resorts, today announced that it had closed on a $65 million non-recourse mortgage loan on its Williamsburg, Va. resort property. The new loan matures in 2011, has a one-year extension option, and bears interest at a rate of LIBOR plus 350 basis points, with a minimum rate of 6.25 percent per annum. Upon ... (Mon, 04 Aug 2008 20:04:53 GMT)

AXA New Zealand Subsidiary Partially Freezes Access To Mortgage Fund
WELLINGTON -(Dow Jones)- AXA New Zealand subsidiary Mortgage Backed Bonds Ltd. has suspended trading in wholesale holdings in its Mortgage Backed Bonds fund, it said in a statement. (Mon, 04 Aug 2008 20:56:32 GMT)

Federal Home Loan Bank of Seattle Declares Second Quarter 2008 Dividends
The Board of Directors of the Federal Home Loan Bank of Seattle (Seattle Bank) has declared cash dividends (Mon, 04 Aug 2008 21:23:32 GMT)

Federal Home Loan Bank of Seattle Declares Second Quarter 2008 Dividends
The Board of Directors of the Federal Home Loan Bank of Seattle (Seattle Bank) has declared cash dividends on both classes of the Seattle Bank's capital stock for the second quarter of 2008. (Mon, 04 Aug 2008 21:36:28 GMT)

Will Your Mortgage Broker Lose Their License Tuesday?
FORT WAYNE, IND (Indiana's NewsCenter)-Will your mortgage company lose its license Tuesday because of a new law passed in 2007? Dozens of Indiana mortgage companies may lose their license Tuesday if they haven't completed new testing requirements set forth by state lawmakers last year. (Mon, 04 Aug 2008 22:25:45 GMT)

Mortgage rules changes skewer some sales
Both buyers and sellers are being caught off guard by a rippling wave of mortgage changes. Lenders are responding to the crisis in their industry by suspending mortgage products, raising required down payments and imposing a premium on loans in regions they deem to be "declining" markets. Even when they announce the changes, the message sometimes doesn't get to the mortgage broker until nearly ... (Tue, 05 Aug 2008 02:08:43 GMT)

Consumer Smarts: Mortgage insurance doesn't have to be forever
You can request to have your private mortgage insurance (PMI) canceled once you have 20 percent equity in your home, and the lender must automatically drop PMI if you have at least 22 percent. (Tue, 05 Aug 2008 03:05:55 GMT)

'Fugitive of the Week' wanted for phony mortgage loans
A man wanted on charges of making up phony mortgage loans is tonight's Fugitive of the Week. (Tue, 05 Aug 2008 03:57:12 GMT)

Mortgage Mess Won't Require Heroes, But It Will Take A Dose Of Reality
Congressional leaders and regulators have to be feeling a little like the superhero Batman, as depicted in the stunning blockbuster "The Dark Knight." (Tue, 05 Aug 2008 04:27:17 GMT)

'Mortgage Rip-Offs and Money Savers' a must-read for borrowers
A little-known provision in the Housing and Economic Recovery Act, signed into law by President Bush recently, is supposed to help homebuyers understand how much debt they are taking on to purchase their home. (Tue, 05 Aug 2008 05:12:02 GMT)

Arrests in sale of personal data from 2 million mortgage applications
The FBI on Friday arrested a former Countrywide Financial Corp. employee and another man in an alleged scheme to steal and sell sensitive personal information, including Social Security numbers, of as many as 2 million mortgage applicants. (Tue, 05 Aug 2008 05:14:21 GMT)

Absa hikes home loan fees
But the country's largest bank says shareholders shouldn't expect a windfall from hefty increases in fees attached to home loans. (Tue, 05 Aug 2008 05:49:06 GMT)

Two residents accused of mortgage fraud
Attorney General Jay Nixon has filed lawsuits against two St. Charles County residents in a statewide operation targeting alleged mortgage fraud. (Tue, 05 Aug 2008 06:42:50 GMT)

Mortgage Group's Next Leader Brings All Kinds of Experience
The man who will soon head the Mortgage Bankers Association is not just a veteran of the mortgage business. He is also a person who has felt the industry's pain. Personally. (Tue, 05 Aug 2008 07:36:31 GMT)

Tanzania: First Mortgage Firm Roll Out in Dar
The first mortgage company in Tanzania has opened its doors to the public. (Tue, 05 Aug 2008 07:54:05 GMT)

Nationalised Northern Rock loses almost £600m after leap in mortgage defaulters
Northern Rock today announced losses of £585.4million for the first six months of this year as the number of people defaulting on their mortgage payments leapt sharply. (Tue, 05 Aug 2008 08:17:00 GMT)

Tax credit really a no-interest housing loan
One particular aspect of the national mortgage bill signed by President Bush last week is being touted as helpful for first-time home buyers (or those who haven’t owned for the last three years): a tax credit that’s really a zero-interest loan. Such buyers could receive as much as $7,500, an advance that’s intended to provide an extra incentive to those contemplating a leap into the housing ... (Tue, 05 Aug 2008 08:23:53 GMT)

Mortgage defaulters pile pain on Rock
Northern Rock has plunged £584 million into the red since it was nationalised. The Government-owned bank said its huge losses were largely down to a dramatic increase in its mortgage and loan customers being unable to keep up their payments. (Tue, 05 Aug 2008 09:15:41 GMT)

Mortgage market targeted by hedge funds
Dozens of hedge funds and private equity groups have been quietly building equity in the beaten-down mortgage market in the US. (Tue, 05 Aug 2008 10:44:38 GMT)

Mortgage default clinic planned
The Homeownership Resource Center of Charleston will hold a mortgage default clinic from 9 a.m.-4 p.m. Saturday at the Columbia Radisson Hotel, 2100 Bush River Road. Homeowners who attend at least one session will have an opportunity to meet with HUD-approved counselors one-on-one to discuss financial options. Details: (888) 320-0350 or www.foreclosurehelpforsc.org From staff reports (Tue, 05 Aug 2008 11:46:47 GMT)

Warning as mortgage arrears rise
The City watchdog says mortgage firms should treat customers fairly as the number of people facing arrears and repossessions rises. (Tue, 05 Aug 2008 11:55:55 GMT)

Metro Funding Closes a $3.875M Loan
Metro Funding Corp. , a private asset-based commercial real estate lender, announces the funding of a $3,875,000 loan to refinance 31 high-end lots and one 17,000 square foot Estate Home in Carmel, Indiana. (Tue, 05 Aug 2008 12:00:00 GMT)

UPDATE: UK FSA: 1Q Mortgage Repossessions Up 40% On Year
(Updates with further detail, background.) LONDON -(Dow Jones)- U.K. mortgage repossessions climbed 40% on the year in the first quarter, albeit from a very low level, the U.K.'s Financial Services Authority said Tuesday. (Tue, 05 Aug 2008 12:11:43 GMT)

Repossessions rise 40% as mortgage arrears worsen
Housing repossessions rose by more than 40 per cent in the first three months of the year as the number of people in arrears on their mortgage payment soared to over 300,000. (Tue, 05 Aug 2008 12:32:04 GMT)

Five ways to take a mortgage break
Millions of homeowners could be missing out on the chance to take a break from their mortgage repayments. (Tue, 05 Aug 2008 12:32:34 GMT)

Port St. Lucie woman charged with mortgage fraud tied to grow house operation
A woman who told investigators she works on the maintenance staff at Bayshore Elementary School in Port St. Lucie was arrested Monday in connection with alleged mortgage fraud linked to a major marijuana grow-house operation in St. Lucie County, according to an arrest report. (Tue, 05 Aug 2008 14:56:17 GMT)

Another mortgage problem looms
Another big mortgage problem could be on the horizon, involving Alternative-A or Alt-A mortgages. ``The Alt-A is kind of a ticking time bomb, so to speak," said Jody Davis, president of Hacienda Mortgage in Scottsdale. (Tue, 05 Aug 2008 15:30:10 GMT)

The Home-Equity Door Slams Shut on Many Homeowners
Lisa and JR Falkenhagen opened a letter from Countrywide Financial informing them that, effective immediately, they could no longer withdraw funds from their home-equity line of credit. The reason: a significant decline in their home's value from the appraised value when the loan was made. (Tue, 05 Aug 2008 15:39:33 GMT)

Don't Blow Your Retirement With One Mistake
Sweat the big stuff -- your retirement will thank you. (Tue, 05 Aug 2008 15:42:17 GMT)

GOVERNOR PATERSON SIGNS COMPREHENSIVE REFORMS TO ADDRESS FORECLOSURE CRISIS | WBNG-TV Binghamton, NY | Local Top Stories
Governor David A. Paterson today signed into law a critical subprime lending reform bill which directly addresses the mortgage crisis in New York State. The Governor signed the bill in Queens, one of the areas in New York that has been hit hardest by the foreclosure crisis. (Tue, 05 Aug 2008 15:49:37 GMT)

2nd UPDATE: UK FSA: 1Q Mortgage Repossessions Up 40% On Year
LONDON -(Dow Jones)- U.K. mortgage repossessions climbed 40% on the year in the first quarter, albeit from a very low level, the U.K.'s Financial Services Authority said Tuesday. (Tue, 05 Aug 2008 16:26:52 GMT)

New Mortgage Problem Looms On Horizon
Another big mortgage problem could be on the horizon: Alternative-A mortgages. (Tue, 05 Aug 2008 16:32:14 GMT)

Fed announcement: Aug. 5, 2008
the federal funds rate at 2 percent. What does this mean for you? When the Federal Reserve meets, we all have questions: What does it mean to me? Will my mortgage rate go up or down? Is this a good time to refinance? Bankrate is here to help. (Tue, 05 Aug 2008 18:25:24 GMT)

Fed announcement: Aug. 5, 2008
the federal funds rate at 2 percent. What does this mean for you? When the Federal Reserve meets, we all have questions: What does it mean to me? Will my mortgage rate go up or down? Is this a good time to refinance? Bankrate is here to help. (Tue, 05 Aug 2008 18:25:44 GMT)

Attorney pleads guilty to mortgage fraud
A real estate lawyer from Wilton has pleaded guilty to federal charges in a mortgage fraud scheme. (Tue, 05 Aug 2008 18:33:22 GMT)

Mortgage Brokers
FORT WAYNE, Ind. (Indiana's NewsCenter) - Today is the deadline for Indiana mortgage brokers to avoid losing their state licenses by passing a state certified exam. (Tue, 05 Aug 2008 18:40:45 GMT)

Fed Adjusts Fee Trigger For Home Mortgage Loan Rules
WASHINGTON -(Dow Jones)- Creditors will face stricter home mortgage loan rules when consumers' fees exceed $583, the Federal Reserve Board announced Tuesday in a notice. (Tue, 05 Aug 2008 20:27:06 GMT)

Lawmakers urge foreclosure delay until Oct 1
Members of a congressional housing market oversight panel on Tuesday again urged the mortgage industry to hold off on foreclosures until legislation meant to help distressed U.S. homeowners can take effect on October 1. (Tue, 05 Aug 2008 21:05:23 GMT)

Fitch Takes Various Actions on 1 Terwin Mortgage Trust 2005-2007 Alt-A Deal
Fitch Ratings has taken various rating actions on one Terwin Mortgage Trust transaction listed below: (Tue, 05 Aug 2008 21:21:56 GMT)

Fannie Mae raises fees it charges lenders
Policy aimed at helping the mortgage giant gird against increased credit risks. (Tue, 05 Aug 2008 22:00:27 GMT)

Morgan Stanley To Help With Mortgage Mess
The Treasury Department hired investment firm Morgan Stanley to help the government assess the risks faced by mortgage giants Fannie Mae and Freddie Mac. (Tue, 05 Aug 2008 22:30:05 GMT)

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