Mortgage News Aug 2008

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With Plenty To Do, Congress Takes Vacation
Congress has failed to pass bills dealing with the nation's mortgage and energy crisis, but went on a recess anyway. Sharyl Attkisson reports. (Tue, 05 Aug 2008 22:30:05 GMT)

Mortgage broker indicted
A mortgage broker who worked in Hinds and Rankin counties is facing a 13-count federal indictment involving an alleged mortgage loan fraud scheme. (Tue, 05 Aug 2008 22:30:37 GMT)

U.S. Treasury hires Morgan Stanley for mortgage help
WASHINGTON (AP) _ The Treasury Department said Tuesday it had hired investment firm Morgan Stanley to help the government assess the risks facing mortgage giants Fannie Mae and Freddie Mac. (Tue, 05 Aug 2008 22:47:00 GMT)

Connecticut Lawyer Admits Mortgage Fraud Scheme
A Connecticut real estate attorney who worked as a mortgage broker has pleaded guilty to a mortgage scheme that prosecutors say defrauded banks and clients of more than $8 million, officials announced Tuesday. (Wed, 06 Aug 2008 01:59:14 GMT)

Australia's Loan Approvals Drop 3.7% on Higher Rates (Update1)
Aug. 6 (Bloomberg) -- Australia's home-loan approvals fell almost twice as much as economists forecast in June as the highest interest rates in 12 years eroded demand for property. (Wed, 06 Aug 2008 02:01:57 GMT)

Aust home-loan approvals shrink for fifth month
Australian home-loan approvals fell more than expected in June as decade-high interest rates scared buyers out of the real estate market. (Wed, 06 Aug 2008 02:29:24 GMT)

Australia's Home-Loan Approvals Drop to Four-Year Low (Update2)
Aug. 6 (Bloomberg) -- Australian home-loan approvals fell to a four-year low in June, signaling the highest interest rates since 1996 have damped demand for property. (Wed, 06 Aug 2008 02:46:26 GMT)

Australia Home Loan Approvals Drop For 5th Month
(RTTNews) - Home loan approvals in Australia fell more than expected in June, according to data published Wednesday by the Australian Bureau of Statistics. (Wed, 06 Aug 2008 02:47:30 GMT)

Australia's Home-Loan Approvals Drop to Four-Year Low (Update2)
Aug. 6 (Bloomberg) -- Australian home-loan approvals fell to a four-year low in June, signaling the highest interest rates since 1996 have damped demand for property. (Wed, 06 Aug 2008 02:48:58 GMT)

Home loan slump fuels rate cut hopes
DEMAND for home loans has fallen to the lowest level in four years, fuelling the possibility of an interest rate cut as early as next month, an economist says. (Wed, 06 Aug 2008 02:51:00 GMT)

How to stay afloat
Australians are experiencing their own personal credit crunch and the impact is being felt well outside the low-income suburbs where people have always battled to pay the bills, let alone service a mortgage. (Wed, 06 Aug 2008 03:38:49 GMT)

Fannie Mae raises fees it charges lenders
Fannie Mae on Tuesday outlined a new pricing policy aimed at helping the mortgage finance giant gird against increased credit risks and losses from home loans it buys from mortgage lenders, but the changes could end up squeezing out many borrowers. (Wed, 06 Aug 2008 03:52:02 GMT)

Australia's Home-Loan Approvals Drop to Four-Year Low (Update3)
Aug. 6 (Bloomberg) -- Australian home-loan approvals fell to a four-year low in June, stoking speculation the central bank will cut interest rates for the first time since 2001. (Wed, 06 Aug 2008 04:01:36 GMT)

Australia's Home-Loan Approvals Drop to Four-Year Low (Update3)
Aug. 6 (Bloomberg) -- Australian home-loan approvals fell to a four-year low in June, stoking speculation the central bank will cut interest rates for the first time since 2001. (Wed, 06 Aug 2008 04:01:56 GMT)

Australian home-loan approvals shrink in June
HONG KONG (MarketWatch) -- Australian home-loan approvals fell for a fifth straight month in June, stirring concern that the housing market is being squeezed by a deepening credit crunch and adding to the case for an interest-rate cut as early the autumn. (Wed, 06 Aug 2008 04:57:59 GMT)

Home loan slump fuels rate cut hopes
DEMAND for home loans has fallen to the lowest level in four years, fuelling the possibility of an interest rate cut as early as next month, an economist says. (Wed, 06 Aug 2008 05:00:00 GMT)

360 mortgage brokerages don't cut it with state
If the sluggish economy hasn't already forced them to close, the 360 Indiana mortgage brokerage companies that have failed to meet new state standards will face other sanctions. (Wed, 06 Aug 2008 06:05:25 GMT)

Australian home-loan approvals shrink in June
Australian home-loan approvals shrink in June (Wed, 06 Aug 2008 06:35:53 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. (Wed, 06 Aug 2008 06:38:13 GMT)

Lawyer faces 65 years in prison for mortgage fraud
BRIDGEPORT - Wilton real estate attorney Joseph Kriz pleaded guilty Monday in U.S. District Court to three counts of fraud after taking part in a three-year mortgage fraud scheme. (Wed, 06 Aug 2008 06:39:33 GMT)

Lawyer faces 65 years in prison for mortgage fraud
BRIDGEPORT - Wilton real estate attorney Joseph Kriz pleaded guilty Monday in U.S. District Court to three counts of fraud after taking part in a three-year mortgage fraud scheme. (Wed, 06 Aug 2008 06:52:51 GMT)

New Book Launched To Help Distressed Homeowners Understand Options and New Mortgage Law
Real Estate experts Rachel LaMar and Cheryl Holmes launch their new book, Mortgage Walkaway Options, (www.MortgageWalkawayOptions.com) just in time to helped homeowners make sense of their options, including the ins and outs of the new law. (Wed, 06 Aug 2008 07:01:00 GMT)

Fairfax weighs fining mortgage companies for derelict foreclosures
Fairfax County is considering whether to fine mortgage companies for allowing foreclosed homes to slip into disrepair, potentially joining other governments across the country seeking to stem the damage of blighted, vacant properties. (Wed, 06 Aug 2008 07:09:17 GMT)

PhillyDeals: Despite Fed's nonmove, home-loan costs rise
The Federal Reserve's Open Market Committee voted not to boost interest rates yesterday, and shares briefly spiked for battered home lenders such as Washington Mutual Inc. and Sovereign Bancorp Inc. on hopes borrowers would come back. (Wed, 06 Aug 2008 08:31:13 GMT)

Why Were Mortgage Warnings Ignored?
The Freddie Mac warning wasn't the only mortgage prediction to be dismissed. (Wed, 06 Aug 2008 09:56:57 GMT)

Freddie Mac Posts Fourth Straight Loss on Rising Default Costs
Aug. 6 (Bloomberg) -- Freddie Mac , the second-largest U.S. mortgage-finance company, posted its fourth straight quarterly loss as record delinquencies drove up credit costs and said it will cut the common-stock dividend. (Wed, 06 Aug 2008 10:37:05 GMT)

SONYMA to borrow $168 million to finance 2,468 new mortgages
The State of New York Mortgage Agency plans to issue $168 million in bonds to support the purchase of about 2,468 new mortgages valued at $323 million statewide -- one-fifth of them in Western New York. (Wed, 06 Aug 2008 10:54:23 GMT)

Banks cut mortgage rates further
Abbey, one of the UK's biggest mortgage lenders, announces another round of rate cuts for new borrowers. (Wed, 06 Aug 2008 10:56:50 GMT)

Mortgage applications up slightly last week, MBA data show
Last week's volume of mortgage applications shows slight improvement, increasing a seasonally adjusted 2.8% compared with the week before, Mortgage Bankers Association data show. (Wed, 06 Aug 2008 11:13:20 GMT)

Mortgage finance giant Freddie Mac gushes red ink
The second-quarter net loss of $821 million, or $1.63 a share, compares with the 54-cent a share average loss estimate of nine analysts in a Bloomberg survey. The dividend will be reduced to 5 cents from 25 cents, McLean Va.-based Freddie said today in a statement on its Web site. (Wed, 06 Aug 2008 11:19:19 GMT)

Mortgage application volume rises 2.8 percent
Mortgage application volume rose 2.8 percent during the week ending Aug. 1, according to the Mortgage Bankers Association's weekly application survey. (Wed, 06 Aug 2008 11:23:02 GMT)

Mortgage-firm employee accused of ID theft, larceny
STATEN ISLAND, N.Y. -- A mortgage company employee from Queens is accused of stealing personal information from one of the company's Staten Island clients, then using the man's identity to rack up more than $8,000 in credit card debt. (Wed, 06 Aug 2008 11:41:54 GMT)

Mortgage applications rise 2.8%
Mortgage Banker's Association's application index rose to 432.6 last week, but remains far below peak of 1,856.7 in 2003. (Wed, 06 Aug 2008 11:42:47 GMT)

Mortgage broker indicted on 13 counts
A mortgage broker who worked in Hinds and Rankin counties is facing a 13-count federal indictment involving an alleged mortgage loan fraud scheme. (Wed, 06 Aug 2008 11:58:32 GMT)

Freddie Mac Posts Loss As Mortgage Payments Lag
Freddie Mac said Wednesday it swung to a second-quarter loss that was more than three-times larger than Wall Street expected as more homeowners fell behind on their mortgage loans. (Wed, 06 Aug 2008 12:05:38 GMT)

Mortgage Applications Ticked Up 2.8 Percent Last Week
(RTTNews) - Industry data released on Wednesday showed that mortgage application volume edged up last week, ticking up nearly 3 percent due in part to an advance in refinancing activity. (Wed, 06 Aug 2008 12:56:32 GMT)

Why Big Mortgage Losses are Here to Stay
John Hempton is doing an admirable job teasing out the dynamics of the US mortgage market, and asking whether the losses we're currently seeing are due to fraud or to broader economic stress. (Wed, 06 Aug 2008 13:39:26 GMT)

New home loan demand worst since 1980s
THE Reserve Bank's campaign of inflation-busting interest rate rises continues to hurt the housing market, with demand for new home loans in the first six months of the year suffering its worst fall since the property slump of the late 1980s. (Wed, 06 Aug 2008 14:00:00 GMT)

U.S. mortgage applications gain in week
The volume of applications for U.S. mortgages increased last week, gaining by a seasonally adjusted 2.8 percent, an industry group said.The Market Composite Index, which measures mortgage loan application volume, was 432.6 in the week ending Aug 1, compared to 420.8 a week earlier, the Mortgage Bankers Association said in a release Wednesday.The Refinance Index rose to 1,121.8 from the previous ... (Wed, 06 Aug 2008 14:43:01 GMT)

Former Hampton Radisson's new owners refinance mortgage
The long-troubled Hampton hotel may finally be on a positive track in private hands. The Williamsburg-based hotel operator that bought the former Radisson hotel in downtown Hampton said Wednesday that it was able to refinance the mortgage loan on the hotel. (Wed, 06 Aug 2008 15:46:42 GMT)

Hampton Radisson's new owners refinance mortgage
The long-troubled Hampton hotel may finally be on a positive track in private hands. The long-troubled Hampton hotel may finally be on a positive track in private hands. (Wed, 06 Aug 2008 16:08:03 GMT)

2 more sentenced in widespread mortgage fraud scheme
Two more mortgage fraud defendants pleaded guilty Tuesday in Parish scheme. (Wed, 06 Aug 2008 17:49:56 GMT)

U.S. mortgage applications rise 2.8%
WASHINGTON – The number of mortgage applications filed nationwide last week rebounded from the 2008 low of the week before, as rates dipped slightly, the Mortgage Bankers Association said today in its weekly report. (Wed, 06 Aug 2008 18:13:01 GMT)

Can't Refinance Mortgage? Here's What You Can Do
Refinancing your mortgage may not be impossible right now, but it sure will require a lot of work. (Wed, 06 Aug 2008 18:14:49 GMT)

Mortgage company's Texas job promise -- intact
AUSTIN (AP) - Bank of America says it will create jobs in Texas over two years and comply with a state agreement signed by Countrywide Financial. The two firms have merged and the bank has assumed the mortgage company's job contract. (Wed, 06 Aug 2008 18:42:38 GMT)

Gregory A. Kares Joins the Federal Home Loan Bank of San Francisco Board of Directors
SAN FRANCISCO----The Board of Directors of the Federal Home Loan Bank of San Francisco has selected Gregory A. Kares to fill an open position on the Board, effective August 1, 2008. (Wed, 06 Aug 2008 21:28:00 GMT)

AIG loses more than $5B in 2Q, dashing investors' hopes that mortgage market woes behind it
NEW YORK - American International Group Inc. posted its third straight quarterly loss, a rude awakening to investors hoping that troubles in the insurer's mortgage market investments were starting to level off. (Wed, 06 Aug 2008 22:28:30 GMT)

40 percent of Ind. mortgage brokers lose licenses
Nearly 40 percent of Indiana's mortgage brokerages lost their licenses Wednesday because they haven't complied with a new law aimed at raising the standards of the industry in a state with one of the nation's highest foreclosure rates. (Wed, 06 Aug 2008 22:30:02 GMT)

Economy - Wednesday
Mortgage applications rose for the week ended Aug. 1 from a 7-year low as more homeowners sought to refinance out of adjustable-rate loans, the Mortgage Bankers Association said. Refinance volume rose 4.4% while purchase volume grew 1.8%. The 30-year fixed-rate mortgage rate fell to 6.41% from 6.46%. (Wed, 06 Aug 2008 22:50:51 GMT)

Insurer AIG posts 2nd-quarter loss on mortgage, credit write-downs
American International Group, the world's largest insurer, posted its third consecutive quarterly net loss, hurt again by the write-down of derivatives linked to bad mortgage investments. (Wed, 06 Aug 2008 23:49:13 GMT)

Insurer AIG posts large loss on bad mortgage bets
American International Group Inc posted its third consecutive quarterly net loss of more than $5 billion on Wednesday as it wrote down bad mortgage-related investments, sending its shares down almost 8 percent. (Thu, 07 Aug 2008 00:41:05 GMT)

North Huntingdon man enters guilty plea in mortgage fraud case
Richard J. Thomas, 44, of North Huntingdon diverted $961,704 in loans intended to pay off clients' existing mortgages, as well as down payments for new loans, for his own use while working as a broker for Penntowne Mortgage Group in North Huntingdon. (Thu, 07 Aug 2008 04:14:21 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. (Thu, 07 Aug 2008 06:23:52 GMT)

Lawmaker Explores Mortgage Giants' Falling Share Prices
Rep. Henry A. Waxman (D-Calif.), chairman of the House Oversight and Government Reform Committee, has asked the mortgage finance giants Fannie Mae and Freddie Mac whether they know of any White House involvement in the recent decline in their share prices. (Thu, 07 Aug 2008 07:24:12 GMT)

Insurer AIG posts large loss on bad mortgage bets
NEW YORK (Reuters) - American International Group Inc (AIG.N) posted its third consecutive quarterly net loss of more than $5 billion on Wednesday as it wrote down bad mortgage-related investments, sending its shares down almost 8 percent. (Thu, 07 Aug 2008 07:26:23 GMT)

FSA tackles mounting mortgage fraud
The Financial Services Authority (FSA) has released details of its plans to tackle a sharp increase in mortgage fraud which will include targeted visits to 200 mortgage intermediaries, including brokers, to assess their systems and controls. (Thu, 07 Aug 2008 07:40:34 GMT)

Watsonville woman faces mortgage fraud charges
WATSONVILLE — A Watsonville woman already accused of defrauding an elderly Salinas woman out of thousands of dollars now faces charges she scammed at least seven South Santa Cruz County homeowners in a bogus refinancing scheme. Most lost their homes. (Thu, 07 Aug 2008 09:12:43 GMT)

Indiana strips licenses of rogue mortgage brokers
INDIANAPOLIS | Indiana Secretary of State Todd Rokita has revoked the licenses of 361 mortgage brokers who failed to comply with new consumer protection safeguards. (Thu, 07 Aug 2008 09:32:23 GMT)

Tips in Picking the Right Mortgage to Afford a New Home
Purchasing a home will be the largest purchase you will make in your entire life. So, finding the right mortgage can be vital. Seeing that there are thousands of mortgages out there, it is not easy to get one and apply for it. (Thu, 07 Aug 2008 10:56:26 GMT)

Bankrate: Mortgage Rates Up Slightly
Mortgage rates posted a modest advance, with the average conforming 30-year fixed mortgage rate increasing to 6.74 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.38 discount and origination points. (Thu, 07 Aug 2008 11:30:00 GMT)

Westmoreland Co. mortgage broker guilty in scam
A Westmoreland County man has pleaded guilty in a scheme that federal prosecutors say netted nearly $1 million from mortgage lenders. (Thu, 07 Aug 2008 11:43:32 GMT)

N. Huntingdon man admits $1 million mortgage fraud
A Westmoreland County man has pleaded guilty in a scheme that federal prosecutors say netted nearly $1 million from mortgage lenders (Thu, 07 Aug 2008 13:39:35 GMT)

PMI Shares Fall After Mortgage Insurer Swings To Loss
PMI Shares Fall After Mortgage Insurer Swings To Loss (Thu, 07 Aug 2008 15:22:13 GMT)

U.S. mortgage rates relatively stable
WASHINGTON, Aug. 7 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages were unchanged from the previous week, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 07 Aug 2008 15:28:01 GMT)

Mortgages: New fees by Fannie Mae may drive mortgage rates higher
The average rate on the 30-year fixed mortgage remained flat this week, and other mortgage rates moved little, according to Freddie Mac’s weekly survey released on Thursday. But a new fee structure announced by Fannie Mae may push rates higher in the weeks ahead. (Thu, 07 Aug 2008 15:40:40 GMT)

The Energy Efficient Mortgage: Soon to become a household name
Imagine buying a car without knowing what kind of gas mileage it gets. That, say brokers at one local mortgage company, is akin to buying a house without knowing its energy efficiency rating. (Thu, 07 Aug 2008 16:54:15 GMT)

Mortgage rates are mixed bag; 30-year steady
Rates on 30-year mortgages didn't budge this week, while rates on other home loans were a mixed bag. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.52 percent for the week ending Aug. 7. (Thu, 07 Aug 2008 17:17:34 GMT)

361 mortgage brokers forfeit their licenses
INDIANAPOLIS #8212; Nearly 40 percent of Indiana #8217;s mortgage brokerages lost their licenses Wednesday because they haven #8217;t complied with a new law aimed at raising the standards of the industry in a state with one of the nation #8217;s highest foreclosure rates. (Thu, 07 Aug 2008 17:34:04 GMT)

Mortgage rates come in mixed bag
By Jeannine Aversa WASHINGTON — Rates on 30-year mortgages didn't budge this week, while rates on other home loans were a mixed bag. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6. (Thu, 07 Aug 2008 17:43:41 GMT)

Mortgage rates little changed; 30-year steady at 6.52%
Rates on 30-year mortgages didn't budge this week, while rates on other home loans were a mixed bag. (Thu, 07 Aug 2008 17:57:32 GMT)

Paid any closing costs lately? Buffalo's mortgage closing costs are third-highest in a nationwide survey
Buffalo has the third-highest mortgage closing costs among 55 cities in all 50 states and Washington, D.C, according to a survey by Bankrate.com. (Thu, 07 Aug 2008 18:23:28 GMT)

Two mortgage brokers plead guilty in million dollar fraud case
Two mortgage brokers pleaded guilty on Thursday in Cuyahoga County Common Pleas Court to involvement in a mortgage fraud case that involved 47 houses and $6.8 million in phony mortgage loans. James Sims, 57, of Akron, pleaded guilty to theft... (Thu, 07 Aug 2008 20:12:37 GMT)

PSU banks spare old home loan customers rate hike
Many public sector banks which hiked their lending rates have spared existing home loan customers from rate hikes. (Thu, 07 Aug 2008 21:00:55 GMT)

Four PSU banks hike prime lending rates, but spare home loan borrowers
Four large government-owned on Thursday raised their prime lending rates (PLR). But they have decided to spare existing home loan borrowers from the rate hike. (Thu, 07 Aug 2008 21:15:29 GMT)

Mortgage bankers group spent $1.2M lobbying in 2Q
The Mortgage Bankers Association spent more than $1.2 million lobbying in the second quarter as lawmakers passed legislation intended to bring sweeping changes for the industry, according to a recent disclosure report. (Thu, 07 Aug 2008 21:28:20 GMT)

Sussex loan processor pleads guilty to mortgage fraud
THE ASSOCIATED PRESS NEWPORT NEWS -- A mortgage loan processor has pleaded guilty to conspiracy to commit mail and wire fraud. Terrance K. Boothe entered a plea agreement yesterday in federal court in Newport News. The 44-year-old Suffolk man faces up to 20 years in prison and a $250,000 fine when he is sentenced Nov. 3. According to prosecutors, Boothe and Richard N. Garries of Newport News ... (Fri, 08 Aug 2008 00:31:23 GMT)

Bids for GE's Aussie mortgage unit due next week-source
SYDNEY, Aug 8 (Reuters) - Indicative bids for General Electric Co's potential sale of its Australian mortgage business are due next week, but bankers do not expect a stampede as likely buyers grapple with the fallout of a global credit crisis. (Fri, 08 Aug 2008 01:58:32 GMT)

California mortgage official says loaning criteria have been tightened too much
Complaining that even many credit-worthy borrowers can no longer qualify for mortgages, the president of the California Association of Mortgage Brokers on Thursday called for exceptions to underwriting criteria that tightened in response to skyrocketing foreclosures. (Fri, 08 Aug 2008 03:04:42 GMT)

Mortgage companies accept fines over false-ad charges
Two mortgage companies have agreed to pay fines to the state Department of Financial Institutions over charges they falsely advertised home loans. (Fri, 08 Aug 2008 03:49:53 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. (Fri, 08 Aug 2008 07:06:12 GMT)

Kirkland's Linden Home Loans settles "bait-and-switch" case with state
Pacific Northwest Linden Home Loans of Kirkland has settled state charges that it used "bait-and-switch tactics" in its mortgage-loan advertising... (Fri, 08 Aug 2008 07:12:18 GMT)

"Chain of Blame": What went wrong with America's mortgage industry
Reporters Paul Muolo and Mathew Padilla recount what went wrong with America's mortgage industry, in "Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis." (Fri, 08 Aug 2008 07:26:56 GMT)

Mortgage brokers want more liberal lenders
Recently enacted federal legislation to stimulate the country's moribund housing market doesn't go far enough, California's mortgage brokers said Thursday. The California Association of Mortgage Brokers said lenders and investors need to refine their... (Fri, 08 Aug 2008 07:35:46 GMT)

Mortgage penalty unlikely to vanish
A borrower hoping to escape a prepayment penalty is likely out of luck, says Dr. Don Taylor. (Fri, 08 Aug 2008 10:00:00 GMT)

Huge Jump In Mortgage Arrears
The number of homeowners with mortgage arrears has leapt by almost a third the past year. (Fri, 08 Aug 2008 11:00:00 GMT)

New law erases some licenses :40 percent of Indiana mortgage brokers affected.
INDIANAPOLIS -- Nearly 40 percent of Indiana's mortgage brokerages lost their licenses this week because they haven't complied with a new law aimed at raising the standards of the industry in a state with one of the nation's highest foreclosure rates. (Fri, 08 Aug 2008 11:04:12 GMT)

Mortgage arrears 'on the rise'
The number of people falling behind on their mortgage payments has gone up by almost 60%, says the court service. (Fri, 08 Aug 2008 11:16:35 GMT)

FOCUS: UK Mortgage Rescue Plans Raise Concerns At BOE, Treasury
LONDON -(Dow Jones)- With U.K. house prices now falling at the fastest pace in decades, the case for action to revive the rapidly deteriorating U.K. mortgage market would seem to be growing. (Fri, 08 Aug 2008 11:27:12 GMT)

More mortgage defaults in NI
In the North there has been a 59% rise in the number of court actions for mortgage default in the second quarter of 2008. (Fri, 08 Aug 2008 11:39:01 GMT)

HI ranks 20th in US for mortgage closing costs
It costs more to get a mortgage in Hawaii this year than it did in 2007, but compared to the rest of the nation, the Aloha State is faring better. (Fri, 08 Aug 2008 11:46:18 GMT)

Advertisement starts
homeowners may face difficulty in the coming months as they have to refinance fixed rate mortgage deals taken on a few years back before the credit crunch forced lenders to toughen up their terms. (Fri, 08 Aug 2008 12:42:12 GMT)

Columbus mortgage brokers named in predatory lending suit
Two Central Ohio mortgage brokers were sued this week by the state, which accused them of engaging in predatory mortgage lending. (Fri, 08 Aug 2008 15:38:00 GMT)

NY has highest mortgage closing costs
New York has the highest mortgage closing costs in the country, according to a new study by publicly traded Bankrate Inc. (Fri, 08 Aug 2008 16:11:21 GMT)

Mortgage rates are mixed bag; 30-year steady
Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.52 percent for the week ending Aug. 7. That was the same as last week's rate, which marked the second-highest of the year. (Fri, 08 Aug 2008 16:31:36 GMT)

Sacramento has 18th highest mortgage closing costs
Sacramento has the 18th highest mortgage closing costs in the country, according to a new study by publicly traded Bankrate Inc. (Fri, 08 Aug 2008 17:04:26 GMT)

The Next Mortgage Crisis? 'Alt-A' Woes
Alt-A mortgage holders join subprime mortgage holders in crisis. (Fri, 08 Aug 2008 18:47:45 GMT)

Federal Home Loan Bank of Boston Announces Second Quarter 2008 Results and Declares Dividend
The Federal Home Loan Bank of Boston announced the following unaudited results for the quarter ended June 30, 2008: (Fri, 08 Aug 2008 18:57:00 GMT)

Six mortgage foreclosures involve land connected with Three Bears Resort
Six mortgage foreclosure notices filed against properties owned by Three Bears Resort CEO Ed Van Der Molen and various partners involve individual land parcels connected with the resort. (Fri, 08 Aug 2008 19:59:26 GMT)

Fannie Mae loses $2.3B in quarter as defaults rise
Fannie Mae is making bold cutbacks that will send shock waves through the mortgage market, after posting a quarterly loss Friday that was three-times larger than Wall Street expected. (Fri, 08 Aug 2008 20:01:18 GMT)

BankUnited Launches Mortgage Assistance Program
CORAL GABLES, Fla.----BankUnited Financial Corp. , parent company of BankUnited FSB, today launched a comprehensive Mortgage Assistance Program to provide relief to thousands of borrowers whose option-ARM loans are no longer optimal for their current situations. (Fri, 08 Aug 2008 20:05:00 GMT)

BankUnited Launches Mortgage Assistance Program
BankUnited Financial Corp. (NASDAQ:BKUNA), parent company of BankUnited FSB, today launched a comprehensive Mortgage Assistance Program (MAP) to provide relief to thousands of borrowers whose option-ARM loans are no longer optimal for their current situations. (Fri, 08 Aug 2008 20:21:18 GMT)

Fitch Takes Various Actions on 1 HSBC Home Equity Loan Trust 2005-2007 Alt-A Deal
Fitch Ratings has taken various rating actions on the one HSBC Home Equity Loan Trust transaction listed below: (Fri, 08 Aug 2008 22:06:08 GMT)

Fitch Takes Various Actions on 1 HSBC Home Equity Loan Trust 2005-2007 Alt-A Deal
Fitch Ratings has taken various rating actions on the one HSBC Home Equity Loan Trust transaction (Fri, 08 Aug 2008 22:08:40 GMT)

Wachovia cuts back mortgage lending-report
Wachovia Corp , the fourth-largest U.S. bank, will stop making mortgage loans through its branch offices in 19 U.S. states, a published report said. (Fri, 08 Aug 2008 23:48:04 GMT)

Wachovia Trims Mortgage Lending in 19 U.S. States (Update2)
Aug. 8 (Bloomberg) -- Wachovia Corp. , the fourth-largest U.S. bank, will stop making mortgage loans through its own branch offices in 19 states, continuing the fallout from the 2006 acquisition of Golden West Financial Corp. (Sat, 09 Aug 2008 00:18:08 GMT)

Fannie Mae losses climb as home loan defaults increase
NEW YORK: Fannie Mae, the largest US home funding source, yesterday posted its fourth straight quarterly loss as home loan defaults increased and said it would slash its dividend more than 85 per cent and take other steps to shore up its capital position. (Sat, 09 Aug 2008 01:14:40 GMT)

Buckeye homeowners join LA mortgage protest
Buckeye homeowners joined a demonstration in Los Angeles on Thursday to protest high interest rates on loans that are threatening to throw many residents into foreclosure. (Sat, 09 Aug 2008 01:46:58 GMT)

José Martinez, certified mortgage adviser, Access Capital Group
José Martinez, certified mortgage adviser, Access Capital Group. (Sat, 09 Aug 2008 03:15:27 GMT)

Federal Home Loan Bank net income rises 1.7 percent
The Federal Home Loan Bank of Pittsburgh said net income rose 1.7 percent to $53 million, or $1.31 a share, for the second quarter. (Sat, 09 Aug 2008 04:03:00 GMT)

BankUnited launches option-ARM program
Through the program, called MAP, BankUnited intends to refinance thousands of its option-ARM customers in the next six months. The bank plans to waive pre-payment penalties, charge minimal modification fees and offer a variety of loans, including traditional mortgage products and government agency loans. (Sat, 09 Aug 2008 04:11:59 GMT)

New York tops list for mortgage closing costs
For the second straight year, New York, Texas and Florida are the most expensive states in which to get a mortgage, according to Bankrate's annual survey of closing costs. (Sat, 09 Aug 2008 04:20:23 GMT)

N.C. has nation's lowest mortgage closing costs
North Carolina is the least expensive state for mortgage closing costs, according to a study released this week by Bankrate.com. The state unseated Indiana, last year's winner, for the honor. (Sat, 09 Aug 2008 05:39:46 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, 09 Aug 2008 06:48:02 GMT)

City's mortgage costs are 18th highest in U.S.
Sacramento has the 18th-highest mortgage closing costs in the United States, according to a new survey by real estate industry tracker Bankrate.com. (Sat, 09 Aug 2008 07:15:52 GMT)

Tough new Fannie Mae measures will be a jolt for mortgage market
WASHINGTON — Fannie Mae is making bold cutbacks that will send shock waves through the mortgage market, after posting a quarterly loss Friday that was three times larger than Wall Street expected. (Sat, 09 Aug 2008 07:19:47 GMT)

Mortgage finance giant posts $2.3 billion loss, slashing dividend
WASHINGTON – Fannie Mae is making bold cutbacks that are expected to send shock waves through the mortgage market, after posting a quarterly loss Friday that was three times larger than Wall Street expected. (Sat, 09 Aug 2008 08:23:33 GMT)

Sakana mortgage on Tashyeed
Sakana Holistic Housing Solutions has signed a deal with Tashyeed Properties to offer housing financial solutions for current and potential homeowners of all Tashyeed Properties' development projects. Sakana is an Islamic mortgage provider in Bahrain. (Sat, 09 Aug 2008 09:17:19 GMT)

Mortgage Rates, Down for So Long, Are Creeping Back Up and Crimping Affordability
If you are a prospective home buyer waiting for the bottom of the housing market, there is another fact you need to take into account: mortgage rates are rising. (Sat, 09 Aug 2008 11:38:35 GMT)

Mortgage Fraud
Michigan Man sentenced for mortgage fraud. (Sat, 09 Aug 2008 12:39:09 GMT)

Unlock a loan
DITCHING the credit cards, paying your bills on time and shopping around for lenders are among tips from experts on how to secure a home loan. (Sat, 09 Aug 2008 14:00:00 GMT)

Getting help difficult for homeowners going under
If you've got an adjustable-rate mortgage you can't afford, get help from your lender. That's the mantra chanted by rmany experts. But it's not that simple. (Sat, 09 Aug 2008 16:13:54 GMT)

Buckeye homeowners join LA mortgage protest
Buckeye homeowners joined a demonstration in Los Angeles on Thursday to protest high interest rates on loans that are threatening to throw many residents into foreclosure. (Sat, 09 Aug 2008 16:16:13 GMT)

Home loan tap must flow, FM to tell banks
Continuing the flow of home loans and accessing low-cost deposits are two key elements of the government’s instructions to public sector banks. Sources said that the two issues will figure prominently during Finance Minister P Chidambaram’s meeting with the heads of 28 state-run banks on Wednesday. (Sat, 09 Aug 2008 18:41:26 GMT)

Cincy Zoo Star Attraction Back Home
FORT WAYNE, IN (Indiana's NewsCenter)--Sabu is back home at the Cincinnati Zoo. The 20-year-old, 10,000-pound male Asian elephant has been on loan through the zoo's breeding program for the past 10 years, first to the Louisville Zoo and then to the Dickerson Park Zoo in Springfield, Mo., where he fathered a female calf named Nisha. (Sat, 09 Aug 2008 19:40:56 GMT)

Money Help Desk: My mortgage has not shrunk despite years of payments
I TOOK out a mortgage three years ago, and when I studied my latest statement was surprised to discover I had not reduced the debt at all, despite making all my payments on ti (Sat, 09 Aug 2008 23:33:21 GMT)

Rep. Brad Miller on Foreclosure Forbearance
North Carolina congressman is asking the mortgage industry to hold off on foreclosures. (Sun, 10 Aug 2008 00:58:29 GMT)

Home loans still achievable Persistence pays for mortgage seekers
What do dentistry and mortgage brokering have in common? "It's like pulling teeth," said Terrie Hoover, of Eagle Point Mortgage, speaking of the difficulty of getting clients' loans completed in an era when skittish lenders are continuously eliminating products and tightening guidelines. (Sun, 10 Aug 2008 03:50:53 GMT)

Mortgage rates to go up, many say
More than two-thirds of the panelists surveyed last week by Bankrate.com think mortgage rates will rise over the next 35 to 45 days. About one-fifth think rates will fall, and a lonely minority thinks rates will remain relatively unchanged. (Sun, 10 Aug 2008 03:52:56 GMT)

Six mortgage foreclosures involve land connected with Three Bears Resort
Six mortgage foreclosure notices filed against properties owned by Three Bears Resort CEO Ed Van Der Molen and various partners involve individual land parcels connected with the resort. (Sun, 10 Aug 2008 05:14:26 GMT)

Mortgage bailout not for everyone
The recent bailout of Fannie Mae and Freddie Mac doesn't mean automatic salvation for individual homeowners struggling with large mortgage payments and trying to avoid foreclosure. (Sun, 10 Aug 2008 06:00:22 GMT)

DAVID W. MYERS: Agency won't pay off your mortgage
Dear David: The bank that gave me my mortgage two years ago recently failed and was taken over by the federal government. The bank was insured by the FDIC. Will the federal government automatically pay off my loan? (Sun, 10 Aug 2008 07:18:04 GMT)

Housing bill does little to end mortgage madness
Congressional leaders and regulators have to be feeling a little like the superhero Batman, as depicted in the summer blockbuster 'The Dark Knight.' (Sun, 10 Aug 2008 07:34:19 GMT)

Mortgage rates stayed high last week
Rates on 30-year mortgages didn't budge last week, while rates on other home loans were a mixed bag. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.52 percent for the week ending Aug. 7. That was the same as... (Sun, 10 Aug 2008 07:35:01 GMT)

Plan promises to save your home - if you clear hurdles
The government's latest effort to deal with the mortgage crisis has an ambitious name: Hope for Homeowners. (Sun, 10 Aug 2008 08:23:41 GMT)

Sheriff's office arrests alleged mortgage scam artist
Sheriff's detectives arrested a man reportedly posing as a "mortgage watchdog" who stole hundreds of dollars from at least four Jackson County residents and possibly left them open to identity theft. (Sun, 10 Aug 2008 09:14:44 GMT)

Duped when they're down, then forced out
STATEN ISLAND, N.Y. -- To Gerthy and Lesly Alexandre, a couple struggling to fight off foreclosure on their West Brighton home, the proposition seemed to make sense: Refinance the mortgage and put someone else's name on the deed just until the couple could clean up their credit and catch up financially -- a year at the most, they were told. (Sun, 10 Aug 2008 09:26:11 GMT)

VA mortgage loans offered
PORTSMOUTH and#8212; Service Credit Union is now offering VA mortgage loans with up to 100 percent financing. A VA loan is a real estate loan that is guaranteed by the Veterans Administration for veterans and military personnel. VA lending expands Service... (Sun, 10 Aug 2008 10:05:20 GMT)

Home loans still achievable Persistence pays for mortgage seekers
What do dentistry and mortgage brokering have in common? "It's like pulling teeth," said Terrie Hoover, of Eagle Point Mortgage, speaking of the difficulty of getting clients' loans completed in an era when skittish lenders are continuously eliminating products and tightening guidelines. (Sun, 10 Aug 2008 13:20:53 GMT)

Mortgage stress test
MORE and more Australians are being kept awake at night by the pressure of keeping up with their mortgage payments. Are you one of them? Take our simple yes-and-no test to find out. (Sun, 10 Aug 2008 14:00:00 GMT)

No public funds for US mortgage giants
US Treasury Secretary Henry Paulson said he didn't plan to inject public money into mortgage giants Fannie Mae and Freddie Mac. (Sun, 10 Aug 2008 14:00:00 GMT)

U.S. mortgage giants still at risk
Despite a bailout plan that has been readied by the U.S. Treasury, many analysts are concerned that Fannie Mae and Freddie Mac are overextended and unable to buy enough home loans to prop up the U.S. housing market. (Sun, 10 Aug 2008 15:15:06 GMT)

Foreclosures slow in Alabama, more bumps ahead
The increase in foreclosures in Alabama slowed during the first half of the year, but attorneys on both sides said this doesn't mean the mortgage crisis is ending. (Sun, 10 Aug 2008 18:51:07 GMT)

Mecklenburg leads surge in N.C. foreclosures
CHARLOTTE, N.C.-- In North Carolina, people could soon have even more help fighting foreclosure. Lawmakers have approved legislation that requires mortgage servicing companies to send homeowners a new 45-day notice before beginning a foreclosure proceeding. (Sun, 10 Aug 2008 19:30:43 GMT)

Goodbye easy home loan terms?
MANILA, Philippines--Up until recently, Filipino home buyers had quite a run. (Sun, 10 Aug 2008 22:01:17 GMT)

Paulson Says No Plan Afoot to Rescue Mortgage Agencies
The Treasury secretary said there is no plan to use his new authority to inject capital into Fannie Mae and Freddie Mac, which both posted dismal earnings last week. (Sun, 10 Aug 2008 22:17:43 GMT)

Plan promises to save your home -- if you clear hurdles
The government's latest effort to deal with the mortgage crisis has an ambitious name: Hope for Homeowners. (Sun, 10 Aug 2008 22:51:46 GMT)

Fed chief to extend financial aid, seeks mortgage reforms
The nation's central bank chief took significant steps Tuesday to assert more control over an economy laid on its side by the housing meltdown, declaring a willingness to extend further credit to wobbly financial institutions and announcing plans to rein in high-risk mortgage-lending practices. (Sun, 10 Aug 2008 23:42:41 GMT)

Foreclosures slow in Alabama, more bumps ahead
MONTGOMERY, Ala. (AP) -- The increase in foreclosures in Alabama slowed during the first half of the year, but attorneys on both sides said this doesn't mean the mortgage crisis is ending. Instead, they said it points to the greater willingness of banks and other lenders, who don't want more foreclosed homes sitting on their books, to work with buyers who are having trouble making payments. (Mon, 11 Aug 2008 02:02:01 GMT)

Dramatic cut seen in mortgage lending
Building societies have so dramatically slashed their mortgage lending that repayments outstripped new loans by almost £700m in June, according to the latest data from the Building Societies Association. (Mon, 11 Aug 2008 03:27:57 GMT)

Home ownership finally comes for Mary Pritchett
The dream of home ownership seemed to elude Mary Pritchett who, for years, had tried to secure a home of her own. "I'd become tired from going to mortgage companies and banks trying to get a loan, and then being turned down," said Pritchett, who admits that her hopes had started to fade. (Mon, 11 Aug 2008 03:37:42 GMT)

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