Mortgage News Aug 2008

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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. (Mon, 11 Aug 2008 04:07:34 GMT)

Federal law assuages mortgage lenders’ fears
Area mortgage lenders have a favorable first impression of federal legislation meant to shore up the housing market, though they admit a need to learn more about it. (Mon, 11 Aug 2008 04:51:53 GMT)

Child care home earns loan, grant
An Albany, Mo., child care home has been awarded a low-interest loan and grant to construct a new facility. The Missouri Child Care Resource & Referral Network said Bright Beginnings will receive the loan of up to $114,600 and a $5,000 grant through the Quality First program. (Mon, 11 Aug 2008 05:11:55 GMT)

Credit unions hit by mortgage-market problems: report
Five of North America's largest credit unions are reporting big paper losses on mortgage-related securities, a sign that housing-market distress is spreading even to the most risk-averse financial sectors, the Wall Street Journal (WSJ) said on Monday. (Mon, 11 Aug 2008 05:48:29 GMT)

Tyson: Avoid overextending yourself on a mortgage
A number of nonprofit organizations offer low-cost or free counseling to homeowners in danger of losing their homes to foreclosure. (Mon, 11 Aug 2008 05:49:49 GMT)

Mortgage brokers see their numbers cut in half in two years
With the mortgage market tightening up, hard times have hit the people who make their living finding the best deals among lenders: the independent mortgage broker. (Mon, 11 Aug 2008 06:00:00 GMT)

Mortgage Site Creates Clear and Simple Calculators in Response to FTC Study
A study by the Federal Trade Commission (FTC) determined that required forms have done little to make mortgage refinancing understandable to borrowers. (Mon, 11 Aug 2008 07:01:00 GMT)

Good news for reverse mortgages
Buried in the new Housing and Economic Recovery Act is some very good news for seniors whose main asset is the family home. The new law makes it easier and less expensive for seniors to access the cash value of their homes on a tax-free basis through a reverse mortgage. (Mon, 11 Aug 2008 09:10:22 GMT)

Fixed-rate mortgage rates fall in July
LONDON (Reuters) - The cost of taking out a two-year fixed-rate mortgage fell last month for the first time since February, Bank of England data showed on Monday. (Mon, 11 Aug 2008 09:36:01 GMT)

Lender failure won't affect mortgage
Don't worry about having to pay a mortgage in full when a lender fails, says Dr. Don Taylor. (Mon, 11 Aug 2008 10:00:00 GMT)

FSA bans and fines fraudulent mortgage broker £100,000
The Financial Services Authority has banned a mortgage broker and fined him £100,000 for submitting false mortgage applications. ... (Mon, 11 Aug 2008 10:16:36 GMT)

Mortgage costs fall from 8-year high in July
LONDON (Reuters) - The cost of taking out the most popular type of fixed-rate mortgage fell last month for the first time since February, Bank of England data showed on Monday. (Mon, 11 Aug 2008 10:36:01 GMT)

Mortgage costs fall from 8-year high in July
LONDON (Reuters) - The cost of taking out the most popular type of fixed-rate mortgage fell last month for the first time since February, Bank of England data showed on Monday. The drop is welcome news for homeowners who had seen the cost of mortgage finance rocket to an eight-year high, but analysts cautioned that it was too soon to say the credit squeeze was loosening its grip. (Mon, 11 Aug 2008 10:41:16 GMT)

Credit Unions Report Big Mortgage-Related Losses, Report Says
Five of North America’s largest credit unions are reporting big paper losses on mortgage-related securities, a sign that housing-market distress is spreading even to the most risk-averse financial sectors, The Wall Street Journal reported. (Mon, 11 Aug 2008 10:47:10 GMT)

6 facts about your home loan
What should you do in such a situation? Here are a few things that every home loan borrower must remember now that home loan rates are expected to increase further. (Mon, 11 Aug 2008 10:52:21 GMT)

Paulson Says No Plan Afoot to Rescue Mortgage Agencies
The Treasury secretary, Henry M. Paulson Jr., said Sunday there are no plans to use his new authority to inject capital into mortgage companies Fannie Mae and Freddie Mac , which both posted worse-than-expected earnings last week. (Mon, 11 Aug 2008 11:00:40 GMT)

Home repair program increases loan limits
In an effort to help older homeowners and residents living on fixed incomes repair their homes, the city is increasing its housing rehabilitation loan program limit by $70,000 (Mon, 11 Aug 2008 11:14:44 GMT)

FSA bans and fines mortgage broker £100,000 for mortgage fraud
The Financial Services Authority (FSA) has banned a mortgage broker and fined him £100,000 for submitting false mortgage applications. Omotayo Fawole was an FSA approved person and sole controller of Oasis Mortgage and Financial Services Limited (Oasis) based in Woolwich, south east London. (Mon, 11 Aug 2008 11:30:25 GMT)

QUICK POLL
PHILADELPHIA-Although it recorded a second-quarter loss of $2.9 million, Pennsylvania Real Estate Investment Trust's chief officers report they remain optimistic and are moving forward with projects and plans to repay the real estate mortgage investment conduit. (Mon, 11 Aug 2008 11:41:14 GMT)

Lenders One Members Exceed 30-day, $3 Billion Loan Origination Goal
ST. LOUIS----Lenders One Mortgage Cooperative, a national alliance of mortgage bankers, challenged its member companies to originate $3 billion in loans during a 30-day period. At its conclusion, the membership collectively closed more than $3.4 billion from a variety of mortgage products to exceed Lenders One's initial origination goal. (Mon, 11 Aug 2008 12:01:00 GMT)

FSA bans another mortgage broker
Another mortgage broker has been banned, and fined £100,000, by the Financial Services Authority. (Mon, 11 Aug 2008 12:16:38 GMT)

Alabama Foreclosures Up For The First Half Of 2008
Mortgage crisis continues to hit Alabamians hard (Mon, 11 Aug 2008 13:20:58 GMT)

Expert: Don Taylor, Ph.D., CFA, CFP
Dear Dr. Don, I have a prepayment penalty on my mortgage loan for three years. I'd like to refinance sooner. Is there a way a lender can waive the penalty? My loan closed in April 2007 and a servicing company now holds the loan, but they can't answer my questions. (Mon, 11 Aug 2008 14:44:16 GMT)

Commercial mortgage group spent $100,000 lobbying
The Commercial Mortgage Securities Association, which represents buyers and sellers of investments backed by commercial real estate loans, spent $100,000 to lobby in the second quarter, according to a recent disclosure form. (Mon, 11 Aug 2008 15:05:56 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. (Mon, 11 Aug 2008 15:28:24 GMT)

2 Mortgage Fraud Defendants Ask Judge For Longer Leash
Two men charged in an $83 million mortgage loan scheme are asking a judge to let them travel while they are free on bond. One of the men wants to judge a cat show in New Zealand, and the other wants to travel for his real estate consulting business. (Mon, 11 Aug 2008 18:35:06 GMT)

Fed Says Banks Toughen Standards for All Loan Types (Update1)
Aug. 11 (Bloomberg) -- The Federal Reserve said more banks made it harder for businesses and consumers to borrow money as defaults and delinquencies on home loans soared. (Mon, 11 Aug 2008 19:03:23 GMT)

4 arrested in relation to Kaufman County mortgage scam 1:56 PM CT
Texas Attorney General Greg Abbott has arrested four northeast Texas men and women alleged to be involved in a mortgage scam and charged them with new fraud allegations related to activity in Kaufman County. (Mon, 11 Aug 2008 19:06:59 GMT)

Mother and daughter sentenced for mortgage fraud
CLEVELAND -- Two women convicted of mortgage fraud were sentenced today in Cuyahoga County Common Pleas Court. Clarissa Foster of Macedonia was sentenced to five years in prison for fraud involving nine houses in Cleveland, East Cleveland and Garfield Heights.... (Mon, 11 Aug 2008 19:08:55 GMT)

A Danish fix for the US mortgage crisis
The recent compromise struck between the Treasury and Democrats in Congress on the fate of Fannie Mae and Freddie Mac, the government-sponsored mortgage guarantors, constitutes the worst of all possible worlds. (Mon, 11 Aug 2008 19:49:56 GMT)

First Potomac Realty Trust Refinances $72 Million Suburban Maryland Portfolio Loan
BETHESDA, Md.----First Potomac Realty Trust announced today that it has refinanced its remaining debt maturity for 2008, a $72 million first mortgage loan that was secured by 14 properties in suburban Maryland. (Mon, 11 Aug 2008 20:15:00 GMT)

Fixed rates draw most U.S. refinancing
WASHINGTON, Aug. 11 (UPI) -- Borrowers are moving from adjustable- to fixed-rate mortgages even though some fixed rates are higher, a major mortgage broker said Monday. (Mon, 11 Aug 2008 20:16:58 GMT)

Housing bill may be too little, too late
Last week President Bush signed into effect a sweeping housing bill that authorized a federal bailout of mortgage giants Fannie Mae and Freddie Mac and introduced a number of programs to help homeowners in danger of foreclosure. While the bill contained enough different elements to be considered a comprehensive relief measure, the jury is still out on whether or not the language in the bill is ... (Mon, 11 Aug 2008 20:21:42 GMT)

Federal Home Loan Bank of Atlanta Announces Second Quarter 2008 Operating Highlights
Federal Home Loan Bank of Atlanta today released the results for the quarter ended June 30, 2008. (Mon, 11 Aug 2008 20:31:00 GMT)

Fixed rates draw most U.S. refinancing
Borrowers are moving from adjustable- to fixed-rate mortgages even though some fixed rates are higher, a major mortgage broker said Monday.In the second quarter, 97 percent of prime borrowers with conforming adjustable rate mortgages and 87 percent of those with hybrid adjustable rates moved to fixed rates when they refinanced, the Federal Home Loan Mortgage Corp. said.Concerns about ... (Mon, 11 Aug 2008 20:46:34 GMT)

Florida's top mortgage regulator seeks major changes to state laws
Facing severe criticism for allowing bank robbers and racketeers to sell loans in Florida, the state's top mortgage industry regulator is calling for sweeping emergency changes to bar people convicted of financial crimes from peddling loans and tougher sanctions on those who scam consumers. (Mon, 11 Aug 2008 21:22:37 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. (Mon, 11 Aug 2008 21:36:45 GMT)

Mortgage broker fined £100,000 for fraud
A mortgage broker has been fined £100,000 ($191,197) and banned in the latest of the City regulator’s efforts to crack down on fraud in the sector. (Tue, 12 Aug 2008 02:12:52 GMT)

Speculators blamed for mortgage defaults around San Francisco
Subprime mortgage defaults are soaring in the northern Californian city of Merced and angry local officials are placing much of the blame for the rout on property speculators from the nearby San Francisco bay area. (Tue, 12 Aug 2008 02:13:52 GMT)

Creditor sues Ed McMahon, wife, over $250,000 loan
Ed McMahon is being sued by another creditor. Westmoore Lending of Huntington Beach, Calif., sued McMahon for more than $275,000 it says the pitchman and former "Tonight Show" sidekick owes from a 2006 loan. A growing number of creditors say McMahon and his wife Pamela owe them money. The other actions have targeted debts incurred for the couple's Beverly Hills home, prescription drugs, credit ... (Tue, 12 Aug 2008 02:15:08 GMT)

JPMorgan Chase: More mortgage market losses for 3Q
JPMorgan Chase & Co. revealed Monday that it has incurred more substantial losses in its mortgage investments so far in the third quarter than it did in the previous three months. (Tue, 12 Aug 2008 02:26:08 GMT)

Forclosure prevention workshop set for Saturday
No Homeowner Left Behind Tulare County will hold free workshops for homeowners on foreclosure prevention and provide mortgage checkups Saturday in Pixley. (Tue, 12 Aug 2008 02:34:31 GMT)

Creditor sues Ed McMahon, wife, over $250,000 loan
LOS ANGELES (AP) — Ed McMahon is being sued by another creditor. Westmoore Lending of Huntington Beach, Calif., sued McMahon for more than $275,000 it says the pitchman and former "Tonight Show" sidekick owes from a 2006 loan. (Tue, 12 Aug 2008 02:58:29 GMT)

Ask the Biz Brain
My mother and I own a townhouse. Both of our names are on the deed and mortgage. I want to move out on my own, but she doesn't want to sell. I would like my name off the deed and mortgage, so I won't be responsible for the remaining debt. How would we go about doing this? (Tue, 12 Aug 2008 04:46:00 GMT)

N. Chas. firm buys AmVest
Despite a highly skittish lending environment, a local investment firm has bought a Lowcountry commercial mortgage business that targets owners of income-producing real estate. Hawthorne Corp. said Monday it has purchased Hilton Head Island-based AmVest Capital LLC for undisclosed financial terms. (Tue, 12 Aug 2008 04:52:40 GMT)

Regulator now seeks reform of mortgage industry
Under severe criticism for allowing bank robbers and racketeers to sell loans in Florida, the state's top mortgage industry regulator is calling for sweeping emergency changes to bar people convicted of financial crimes from peddling loans and running mortgage businesses. (Tue, 12 Aug 2008 07:26:35 GMT)

More mortgage troubles for Ed McMahon
The former 'Tonight Show' sidekick, who is battling to fend off foreclosure of his Beverly Hills home, has been sued by a lender who claims McMahon defaulted on a $250,000 loan. Mortgage troubles continue to bedevil Ed McMahon, the former sidekick to Johnny Carson on "The Tonight Show," who has been battling to fend off foreclosure of his Beverly Hills home. (Tue, 12 Aug 2008 08:09:23 GMT)

Crist, Fla. Cabinet consider mortgage rules
New rules designed to prevent criminals from working in Florida's mortgage industry are up for consideration by Gov. Charlie Crist and the state Cabinet. (Tue, 12 Aug 2008 08:49:03 GMT)

Creditor sues Ed McMahon, wife, over $250,000 loan
LOS ANGELES (AP) — Ed McMahon is being sued by another creditor. Westmoore Lending of Huntington Beach, Calif., sued McMahon for more than $275,000 it says the pitchman and former "Tonight Show" sidekick owes from a 2006 loan. (Tue, 12 Aug 2008 09:31:14 GMT)

Banks are tightening loan rules
More banks are tightening lending standards on home mortgages and other consumer and business loans as a deepening credit crisis exerts a heavier toll on the economy. The Federal Reserve said Monday the percentage of banks reporting tighter lending standards rose across various loan types in its July survey. (Tue, 12 Aug 2008 10:07:50 GMT)

JP Morgan plans to write down $1.5 billion in mortgage-backed assets
Trading conditions "have substantially deteriorated" since July, and have "sharply widened" spreads on mortgage-backed securities and loans caused losses, the U.S. bank said. (Tue, 12 Aug 2008 10:14:26 GMT)

Legislative hopeful pitches mortgage fixes
INDIANAPOLIS | Democrat Myron Sutton announced plans to seek greater protection against mortgage foreclosure Monday as part of his bid for Indiana House District 15. (Tue, 12 Aug 2008 10:39:43 GMT)

Refinance.com Builds Billion Dollar Online Mortgage Business Using Internap's Managed Server, Performance IP(TM) ...
ATLANTA----Internap Network Services Corporation , a global provider of end-to-end Internet business solutions, announced today its Managed Server, Performance IP™ Networking and Security solutions are powering the business expansion initiatives for Refinance.com, one of the foremost mortgage companies nationwide. (Tue, 12 Aug 2008 11:00:00 GMT)

JPMorgan Chase: More mortgage market losses for 3Q
JPMorgan Chase & Co. revealed Monday that it has incurred more substantial losses in its mortgage investments so far in the third quarter than it did in the previous three months. (Tue, 12 Aug 2008 11:00:40 GMT)

Group to hold foreclosure workshop in Pixley
No Homeowner Left Behind Tulare County will hold free workshops for homeowners on foreclosure prevention and provide mortgage checkups Saturday in Pixley. (Tue, 12 Aug 2008 11:06:56 GMT)

JPMorgan Chase takes US$1.5 billion hit due to losses in mortgage investments
NEW YORK - JPMorgan Chase & Co. has incurred more substantial losses in its mortgage investments so far in the third quarter than it did in the previous three months. (Tue, 12 Aug 2008 11:14:42 GMT)

Refinance.com Builds Billion Dollar Online Mortgage Business Using Internap's Managed Server, Performance IP(TM) ...
Internap Network Services Corporation (NASDAQ: INAP), a global provider of end-to-end Internet business solutions, announced today its Managed Server, Performance IP(TM) Networking and Security solutions are powering the business expansion initiatives for Refinance.com, one of the foremost mortgage companies nationwide. In business for nearly 20 years, Refinance.com is leveraging Internap's ... (Tue, 12 Aug 2008 11:24:38 GMT)

JPMorgan Chase: More mortgage market losses for 3Q
JPMorgan Chase & Co. revealed Monday that it has incurred more substantial losses in its mortgage investments so far in the third quarter than it did in the previous three months. In a regulatory filing to the Securities and Exchange Commission, the bank said... (Tue, 12 Aug 2008 11:35:21 GMT)

JPMorgan Chase: More mortgage market losses for 3Q
JPMorgan Chase & Co. revealed Monday that it has incurred more substantial losses in its mortgage investments so far in the third quarter than it did in the previous three months. In a regulatory filing to the Securities and Exchange Commission, the bank said turbulence in the credit markets has caused it to lose about $1.5 billion, after hedges, in its mortgage-backed securities and loans to ... (Tue, 12 Aug 2008 11:55:29 GMT)

State regulator seeks reform of mortgage industry
Under severe criticism for allowing bank robbers and racketeers to sell loans in Florida, the state's top mortgage industry regulator called Tuesday morning for sweeping emergency changes to bar people convicted of financial crimes from peddling loans and running mortgage businesses. (Tue, 12 Aug 2008 12:25:47 GMT)

FNB home loan criteria 'fair'
First National Bank and the banking ombud have had "frank" discussions about the "re-assessment" of some home loans approved by the bank more than a year ago. (Tue, 12 Aug 2008 14:17:32 GMT)

Mortgage and Home Equity Direct Mail Cut in Half for 2008, Reports Mintel Comperemedia
CHICAGO----New data from Mintel Comperemedia shows mortgage and home equity lenders still plagued by faltering home sales, credit woes and consumer anxiety. The direct marketing-tracking firm reports that these lenders have reduced direct mail by 50% when comparing the first six months of 2008 to the first six months of 2007. (Tue, 12 Aug 2008 15:18:00 GMT)

Mortgage giants to skip RNC
Troubled mortgage giants Fannie Mae and Freddie Mac will skip the Republican National Convention. (Tue, 12 Aug 2008 15:26:05 GMT)

PA Attorney General Corbett Announces Lawsuits Against MD & PA Mortgage Businesses; More Than 500,000 Calls to ...
Attorney General Tom Corbett announced that consumer protection lawsuits have been filed against two business owners and their companies, who are accused of violating Pennsylvania's "Do Not Call" law and other consumer protection statutes. The companies, based in Baltimore, Maryland, and State College, Pennsylvania, are accused of using illegal telephone solicitations to aggressively market ... (Tue, 12 Aug 2008 16:05:00 GMT)

Lenders seek bigger home loan deposits
A Christchurch non-bank mortgage lender says pressure from wholesale money providers is causing it to tighten loan-to-value ratios, meaning bigger house deposits are required. (Tue, 12 Aug 2008 17:00:26 GMT)

Mortgage lending falls 32% as prices slump
Gross mortgage lending slumped by more than a third in the year to June as the rate of house price growth slowed from 3 per cent to 0.6 per cent. The Council of Mortgage Lenders (CML) said today that gross mortgage lending in June fell to £23.6 billion, down by 4 per cent on May. (Tue, 12 Aug 2008 17:02:22 GMT)

Crist, Fla. Cabinet consider mortgage rules
New rules designed to prevent criminals from working in Florida's mortgage industry are up for consideration by Gov. Charlie Crist and the state Cabinet. (Tue, 12 Aug 2008 17:27:34 GMT)

JPMorgan has $1.5 billion in Q3 mortgage asset losses
JPMorgan Chase & Co said it has racked up $1.5 billion of losses so far this quarter on mortgage-linked assets, reflecting deepening turmoil in credit markets. (Tue, 12 Aug 2008 17:56:16 GMT)

JPMorgan Shares Plunge on $1.5 Billion Mortgage Loss Since July
Aug. 12 (Bloomberg) -- JPMorgan Chase & Co. had its biggest slump in six years after reporting a $1.5 billion loss on mortgage-backed assets in less than two months. (Tue, 12 Aug 2008 20:03:04 GMT)

W.Va. AG files suit against mortgage lender
CHARLESTON, W.Va. -- West Virginia Attorney General Darrell McGraw filed suit today against a mortgage lender, alleging it sold loans on terms that were "unaffordable and unconscionable," McGraw said a news conference today. The suit ag... (Tue, 12 Aug 2008 20:19:31 GMT)

Florida mortgage regulator resigns under fire
Florida's top mortgage industry regulator resigned Tuesday amid allegations his agency let thousands of convicted criminals, including bank robbers and racketeers, work in the home loan business. (Tue, 12 Aug 2008 20:21:20 GMT)

More mortgage troubles for Ed McMahon
The former 'Tonight Show' sidekick, who is battling to fend off foreclosure of his Beverly Hills home, has been sued by a lender who claims McMahon defaulted on a $250,000 loan. Mortgage troubles continue to bedevil Ed McMahon, the former sidekick to Johnny Carson on "The Tonight Show," who has been battling to fend off foreclosure of his Beverly Hills home. (Tue, 12 Aug 2008 20:37:24 GMT)

JPMorgan has $1.5 bln in Q3 mortgage asset losses
JPMorgan Chase & Co said it has racked up $1.5 billion of losses so far this quarter on mortgage-linked assets, reflecting deepening turmoil in credit markets. (Tue, 12 Aug 2008 21:56:06 GMT)

JPMorgan shares fall after bank reports widening losses related to mortgage debt in 3rd qtr
Sara Lepro August 12, 2008 - 6:24 p.m. NEW YORK (AP) - JPMorgan Chase & Co. shares tumbled nearly 10 percent Tuesday as the bank's disclosure about escalating losses in its mortgage portfolio set off new concerns about the health of the overall financial sector. (Tue, 12 Aug 2008 22:46:13 GMT)

Recent PhotoVotes
Caring for sick or hurt children can be a huge challenge. Learn how to safeguard your children, and what to do when they’re ailing. More With mortgage rates still near historic lows, now may be a good time to refinance. Fixed rates as low as 6.0%. *See terms. (Tue, 12 Aug 2008 23:23:58 GMT)

Alistair Darling scrambles to end mortgage drought
Measures to revive the dormant housing market by increasing the supply of mortgage lending are being planned by ministers, The Times has learnt. (Wed, 13 Aug 2008 00:35:55 GMT)

JPMorgan racks up $1.5 billion in mortgage losses in 3Q
JPMorgan Chase has lost nearly $1.5 billion since the start of July, hurt by turmoil in the credit and mortgage markets, wider credit spreads and lower levels of liquidity, the company said in a regulatory filing late Monday. (Wed, 13 Aug 2008 01:24:39 GMT)

Forum aims to help with credit, debt
HAMILTON — Drowning in debt? Help is on the way. On Tuesday, Aug. 19, Butler County will host a Borrower Outreach Day to let people talk face-to-face with 10 major lenders — including Chase, National City Mortgage and Wells Fargo — and attend credit-counseling workshops. (Wed, 13 Aug 2008 02:36:16 GMT)

Credit card debt
We want to consolidate the credit cards but want to avoid refinancing again. What is our best option? (Wed, 13 Aug 2008 02:38:59 GMT)

Mortgage Chief Resigns, Hopes Audit Redeems Him
Florida's top regulator of mortgage brokers said Tuesday that he will leave his post Sept. 30 amid continuing criticism for allowing thousands of ex-convicts to obtain mortgage brokering licenses and, in some cases, commit fraud. (Wed, 13 Aug 2008 04:02:24 GMT)

State files lawsuit on local mortgage firm
The state Attorney General’s Office announced Tuesday that a civil lawsuit has been filed against two mortgage companies, one of them a State College firm that it says made illegal telephone sales calls to consumers in at least 10 counties. (Wed, 13 Aug 2008 04:41:07 GMT)

McGraw files suit against mortgage lender
West Virginia Attorney General Darrell McGraw has filed suit against a mortgage lender, alleging it sold loans on terms that were "unaffordable and unconscionable," McGraw said at a news conference Tuesday. The suit against Countrywide Financial ... (Wed, 13 Aug 2008 05:02:39 GMT)

Homeowners with mortgage debt may get tax relief
There is now tax relief for struggling homeowners. If your mortgage debt is partly or entirely forgiven during 2007, 2008 or 2009, you may be able to claim special tax relief by filling out Form 982 and attaching it to your federal income tax return for that year. (Wed, 13 Aug 2008 07:12:48 GMT)

New Pa. laws lend muscle to mortgage regulators
As mounting foreclosures gobble up more area homes, state Rep. W. Curtis Thomas and the Sheriff's Office yesterday shed light on an initiative that cracks down on shady mortgage lenders. (Wed, 13 Aug 2008 07:21:34 GMT)

Florida's top mortgage regulator steps down
Embattled state mortgage regulator Don Saxon, whose agency allowed thousands of former criminals to sell loans in Florida, abruptly resigned Tuesday as the state Cabinet debated his fate. (Wed, 13 Aug 2008 07:27:34 GMT)

Florida reins in mortgage brokers
Gov. Charlie Crist and the state Cabinet on Tuesday barred white-collar convicts jailed for financial crimes from becoming mortgage brokers in Florida, imposing the state's toughest-ever rules in reaction to a scandal over lax licensing standards that allowed criminals to push home loans. (Wed, 13 Aug 2008 08:25:56 GMT)

300,000 families to benefit from loan restructuring bill - Zubiri
MANILA, Philippines - Senator Juan Miguel F. Zubiri on Wednesday said that government financial institutions (GFIs) have committed to relax the rules to provide loan restructuring to benefit 300,000 low income families and 849 community associations. (Wed, 13 Aug 2008 09:02:42 GMT)

McGraw files suit against mortgage lender
West Virginia Attorney General Darrell McGraw has filed suit against a mortgage lender, alleging it sold loans on terms that were "unaffordable and unconscionable," McGraw said at a news conference Tuesday. (Wed, 13 Aug 2008 09:21:21 GMT)

JPMorgan Shares Drop on Mortgage Losses
JPMorgan Chase shares tumbled nearly 10 percent Tuesday as the bank’s disclosure about escalating losses in its mortgage portfolio set off new concerns about the health of the overall financial sector. (Wed, 13 Aug 2008 11:16:00 GMT)

Mortgage applications off 1.5% on week-to-week basis: MBA
Fewer applicants seek mortgages, with the volume of applications filed last week down a seasonally adjusted 1.5% compared with the last week of July, the Mortgage Bankers Association says. Applications plunge 36.9% on an unadjusted basis for the week ended Aug. 8 compared with the same week in 2007. (Wed, 13 Aug 2008 11:16:20 GMT)

Mortgage application volume drops slightly
Mortgage application volume fell 1.5 percent during the week ended Aug. 8 as fixed interest rates hovered near annual highs, according to the Mortgage Bankers Association's weekly application survey. (Wed, 13 Aug 2008 11:25:02 GMT)

U.S. MBA's Mortgage Applications Index Fell 1.5% Last Week
Aug. 13 (Bloomberg) -- Mortgage applications in the U.S. declined last week as higher interest rates hurt refinancing. The Mortgage Bankers Association's index of applications to buy a home or refinance a loan dropped 1.5 percent to 425.9 in the week ended Aug. 8 from the prior week. (Wed, 13 Aug 2008 11:48:10 GMT)

United Community Financial Corp. and Home Savings and Loan Agree to Regulatory Orders
YOUNGSTOWN, Ohio----United Community Financial Corp. , holding company of The Home Savings and Loan Company and Butler Wick Corp. , announced today that the Company and Home Savings have consented to the issuance of cease and desist orders by federal and state regulatory agencies. (Wed, 13 Aug 2008 12:00:00 GMT)

United Community Financial Corp. and Home Savings and Loan Agree to Regulatory Orders
United Community Financial Corp. (Company) (Nasdaq: UCFC), holding company of The Home Savings and Loan Company (Home Savings) and Butler Wick Corp. (Butler Wick), announced today that the Company and Home Savings have consented to the issuance of cease and desist orders by federal and state regulatory agencies. (Wed, 13 Aug 2008 12:36:39 GMT)

Mortgage Applications Fall Slightly
(RTTNews) - Industry data released on Wednesday showed that mortgage application volume edged down last week, as refinancing activity slipped over 4 percent. Purchase activity for the week also ticked down. (Wed, 13 Aug 2008 12:57:40 GMT)

More charges for four in home loan fraud scandal
Two Henderson County residents and their daughter were among three defendants arrested last week in connection with a four-county scheme to defraud the government, Texas Attorney General Greg Abbott’s office reports. (Wed, 13 Aug 2008 13:48:04 GMT)

Mortgage application volume drops 1.5%
Applications drop as interest rate for traditional 30-year mortgage rises to 6.57%, just shy of year's high. (Wed, 13 Aug 2008 14:19:43 GMT)

UPDATE: Mortgage Applications Off 1.5% On Week-To-Week Basis: MBA
CHICAGO (Dow Jones) -- Fewer applicants sought mortgages last week, with the volume of applications down a seasonally adjusted 1.5% compared with the last week of July, the Mortgage Bankers Association reported on Wednesday. (Wed, 13 Aug 2008 15:42:32 GMT)

HBOS to cut mortgage sector jobs
HBOS is to cut 325 jobs by the end of March next year as it closes one of its specialist mortgage brands. (Wed, 13 Aug 2008 15:57:05 GMT)

Bank robbers got jobs in home-loan biz
A top regulator has resigned amid allegations bank robbers got jobs in the home-loan business. (Wed, 13 Aug 2008 16:11:01 GMT)

Over 150 jobs go at mortgage firm
A mortgage processing office is set to close in a city centre with the loss of more than 150 jobs, it is announced. (Wed, 13 Aug 2008 16:29:44 GMT)

New Mequon company inspects mortgage documents for buyers
A new company, Mortgage Loan Inspection (MLI) LLC in Mequon, has created a mortgage document inspection program designed to protect homeowners and homebuyers who are financing or refinancing their home. (Wed, 13 Aug 2008 17:05:20 GMT)

Mortgage applications off 1.5% on week-to-week basis: MBA
Fewer applicants seek mortgages, with the volume of applications filed last week down a seasonally adjusted 1.5% compared with the last week of July, the Mortgage Bankers Association says. Applications plunge 36.9% on an unadjusted basis for the week ended Aug. 8 compared with the same week in 2007. (Wed, 13 Aug 2008 17:59:47 GMT)

WEB UPDATE: Banks sign $1.4 loan partnership to help keep Scholastic Inc., in Neosho
On Wednesday morning, seven banking institutions in Neosho came together to sign loan documents that will finance the $1.4 million that NABIFI has spent to build out a 25,000 square-foot building at 3300 Howard Bush Drive, the new home for Scholastic Inc. (Wed, 13 Aug 2008 18:04:21 GMT)

Mortgage applications drop in week
The volume of applications for U.S. mortgages decreased last week, falling by a seasonally adjusted 1.5 percent, an industry group said.The Market Composite Index, which measures mortgage loan application volume, stood at 425.9 in the week ending Aug. 8, compared to 432.6 a week earlier, the Mortgage Bankers Association said in a release Wednesday.The Refinance Index also fell, down 4.2 percent ... (Wed, 13 Aug 2008 18:45:49 GMT)

Roy Jacobs & Associates Investigating the Federal Home Loan Mortgage Corporation ('Freddie Mac') for Possible ...
NEW YORK, Aug. 13, 2008 -- Roy Jacobs & Associates announces that it is investigating possible securities and other legal violations by the Federal Home Loan Mortgage Corporation and as a result of its announcement on August 6, 2008, reporting a net loss of $821 million, or $1.63 per share, a substantial dividend cut and a substantial $3.7 billion increase in provisions for credit losses. (Wed, 13 Aug 2008 18:55:39 GMT)

Man behind mortgage scheme to serve 54-month prison term
A man who pleaded guilty last year to defrauding banks of more than $600,000 through a Central Ohio mortgage scheme was sentenced to more than four years in prison Wednesday. (Wed, 13 Aug 2008 19:07:53 GMT)

St. Pete Man Agrees To Plea Deal In Mortgage Scam
The U.S. Attorney's Office has reached a plea agreement with a St. Petersburg man accused of participating in a complicated mortgage fraud scheme. (Wed, 13 Aug 2008 19:49:46 GMT)

U.S. mortgage applications decline 1.5%
WASHINGTON – The number of mortgage applications filed nationwide fell 1.5 percent last week, as contract interest rates climbed for fixed-rate mortgages, the Mortgage Bankers Association said today in its weekly report. (Wed, 13 Aug 2008 19:58:01 GMT)

Mortgage scheme netted millions, feds say
Two Bergen County men were arrested today and two co-conspirators were being sought in what authorities said was a multimillion-dollar mortgage fraud and property-flipping scheme involving rental properties in Paterson. (Wed, 13 Aug 2008 21:40:13 GMT)

Study Links Rise in Mortgage Rates to Falling House Prices in Many U.S Cities
NEW YORK (AScribe Newswire) -- New research by Christopher J. Mayer, Paul Milstein Professor of Real Estate and Senior Vice Dean at Columbia Business School , shows that a rise in mortgage rates has had a significant negative impact on house prices throughout the U.S, reducing prices by more than 10 percent. (Wed, 13 Aug 2008 22:56:58 GMT)

Don`t raise home loan rates: FM
Finance Minister P Chidambaram today asked public sector banks not to increase interest rates for home loans up to Rs 30 lakh and lend more to consumers even as the Reserve Bank of India is trying to moderate credit growth to contain inflation. (Wed, 13 Aug 2008 23:25:15 GMT)

Mortgage Insurers' Losses Mount
Large mortgage insurers have reported $2.6 billion in losses so far this year, sparking concerns that rising foreclosure rates could force the industry into a money crunch and ultimately make the home-buying process even more difficult. (Thu, 14 Aug 2008 01:55:28 GMT)

Home loan intervention 'not realistic'
FEDERAL Government intervention to control mortgage rates is not a realistic option, Finance Minister Lindsay Tanner says. (Thu, 14 Aug 2008 03:28:00 GMT)

Housing Recovery Act Depends on Banks to Refinance Mortgages
Aug. 14 (Bloomberg) -- First-time homebuyers, veterans, senior citizens and delinquent mortgage holders may benefit from the newly enacted housing bill. How well it will work may depend on regulators and your bank. (Thu, 14 Aug 2008 04:01:01 GMT)

Mortgage Defendant Told To Scratch Cat Show Plans
The cats of New Zealand will just have to be judged by someone else. A federal judge denied Wednesday a bid by a defendant charged in an $83 million mortgage loan scheme to leave the United States to judge a cat show. (Thu, 14 Aug 2008 04:04:46 GMT)

Govt 'needs to ensure' mortgage lender competition
The mortgage industry's peak body has told a banking sector inquiry there needs to be Government intervention in the lending market. (Thu, 14 Aug 2008 04:11:25 GMT)

Man Pleads Guilty In Mortgage Fraud Conspiracy
The U.S. Attorney's Office has reached a plea agreement with a St. Petersburg man accused of participating in a complicated mortgage fraud scheme. (Thu, 14 Aug 2008 04:24:57 GMT)

McGraw files suit against mortgage lender
West Virginia Attorney General Darrell McGraw has filed suit against a mortgage lender, alleging it sold loans on terms that were "unaffordable and unconscionable," McGraw said at a news conference Tuesday. (Thu, 14 Aug 2008 05:11:50 GMT)

Don't raise home loan rates: FM
Finance Minister P Chidambaram on Wednesday asked public sector banks not to increase interest rates for home loans up to Rs 30 lakh (Rs 3 million) and lend more to consumers even as the Reserve Bank of India is trying to moderate credit growth to contain inflation. (Thu, 14 Aug 2008 06:54:16 GMT)

Four mortgage companies fined
The Oregon Department of Consumer and Business Services announced Wednesday that it has issued cease-and-desist orders and fines against four mortgage companies for violating the state's lending laws. (Thu, 14 Aug 2008 07:18:07 GMT)

Ex-mortgage broker gets 54-month sentence
A former Lewis Center mortgage broker will spend 54 months in prison for a scheme that left applicants owing more than they had borrowed. (Thu, 14 Aug 2008 07:35:05 GMT)

HBOS to cut 425 jobs and shut one mortgage brand
HBOS , the largest mortgage lender, will cut up to 425 jobs and shut one of its five mortgage brands to new business as the group positions itself for a shrinking loan market and a drop in house prices. (Thu, 14 Aug 2008 07:59:00 GMT)

HBOS to cut 425 jobs and shut one mortgage brand
LONDON (Reuters) - HBOS , the largest mortgage lender, will cut up to 425 jobs and shut one of its five mortgage brands to new business as the group positions itself for a shrinking loan market and a drop in house prices. (Thu, 14 Aug 2008 08:05:51 GMT)

Mortgage rates remain almost the same
Mortgage rates didn't change much, but desire for ARMs is way down for several reasons. (Thu, 14 Aug 2008 10:00:00 GMT)

Mortgage rates remain almost the same
Mortgage rates didn't change much in a quiet week. The benchmark 30-year fixed-rate mortgage remained unchanged, at 6.74 percent, according to the Bankrate.com national survey of large lenders. (Thu, 14 Aug 2008 10:55:12 GMT)

QBE to buy units of US mortgage insurer PMI
QBE , the acquisitive Australian insurance group, has agreed to buy the Australian, New Zealand and Asian operations of a struggling US mortgage insurance group in a deal worth up to A$1.03bn. (Thu, 14 Aug 2008 11:02:13 GMT)

Senator: Nation's mortgage crisis puts every neighborhood in limbo
U.S. Sen. Carl Levin says the nation's mortgage crisis means every neighborhood is in limbo, and every homeowner should listen up. "Neighborhoods and cities are at stake," Levin said. "When homes are abandoned, that impacts neighborhoods negatively. The bubble has burst." (Thu, 14 Aug 2008 11:33:54 GMT)

Home Loans Tougher to Get for First-Time Buyers
It's a lot harder to get a loan to buy a home since the housing crisis began. So if you're a first-time home buyer, what do you need to know? Warren Stout and his wife moved into their first house a little more than a month ago. (Thu, 14 Aug 2008 11:57:29 GMT)

U.S. mortgage applications plunge
Mortgage applications have declined to lows not seen since late 2000, before the housing boom started, according to a report Wednesday from the Mortgage Bankers Association. (Thu, 14 Aug 2008 13:05:28 GMT)

PMI sells Australian mortgage insurance subsidiary
The PMI Group Inc. said Thursday it is selling its Australian mortgage insurance subsidiary to Australia's largest international general insurance and reinsurance group, QBE Insurance Group Ltd., for $920 million. (Thu, 14 Aug 2008 14:05:34 GMT)

Freddie Mac: Mortgage Rates Hold Steady In Latest Week
Freddie Mac: Mortgage Rates Hold Steady In Latest Week (Thu, 14 Aug 2008 15:09:32 GMT)

Mortgages: U.S. mortgage rates change little, says Freddie Mac
Mortgage rates stayed mostly flat this week, as fresh economic and housing data send mixed signals to the market. (Thu, 14 Aug 2008 15:27:08 GMT)

MORTGAGES: U.S. Mortgage Rates Change Little, Says Freddie Mac
CHICAGO (Dow Jones) -- Mortgage rates stayed mostly flat this week, as fresh economic and housing data sent mixed signals to the market, Freddie Mac's chief economist said Thursday. (Thu, 14 Aug 2008 17:17:16 GMT)

Home Federal Bancorp, Inc. of Louisiana Announces Termination of Second-Step Conversion and Mutual Termination of Its ...
SHREVEPORT, La.----Home Federal Bancorp, Inc. of Louisiana , the holding company for Home Federal Savings and Loan Association, today announced the termination of its second-step conversion and offering. (Thu, 14 Aug 2008 18:12:00 GMT)

State sues mortgage broker
Attorney General Lori Swanson filed a lawsuit today against Source Lending Corp., alleging that the Minnesota-based mortgage brokerage misled many borrowers into buying risky mortgages, causing some to lose their homes. (Thu, 14 Aug 2008 18:17:57 GMT)

Auction-rate settlements lift mortgage and bond insurers
Shares of PMI Group Inc rose more than 50% Thursday lifting rivals in the private mortgage insurance business and insurers of municipal bonds and credit derivatives also rallied as the market reckoned that recent settlements in the auction rate securities market would take pressure off them. (Thu, 14 Aug 2008 18:32:19 GMT)

Home Federal Bancorp, Inc. of Louisiana Announces Termination of Second-Step Conversion and Mutual Termination of Its ...
Home Federal Bancorp, Inc. of Louisiana (the "Company") (OTCBB:HFBL), the holding company for Home Federal Savings and Loan Association, today announced the termination of its second-step conversion and offering. The Company had previously extended the community offering to August 11, 2008. Orders received to date are not sufficient to reach the minimum of the offering range and will be returned ... (Thu, 14 Aug 2008 18:37:25 GMT)

AG sues mortgage lender for misleading customers
Minnesota Attorney General Lori Swanson is suing a mortgage broker called Source Lending Corp. for violating state consumer protection laws. (Thu, 14 Aug 2008 19:21:47 GMT)

Minn. attorney general sues mortgage broker
ST. PAUL - Attorney General Lori Swanson is going after a Plymouth, Minn.-based mortgage lender she blames for contributing to the housing crisis. Swanson has filed a lawsuit against Source Lending Corp. in Hennepin County District Court. (Thu, 14 Aug 2008 19:37:41 GMT)

Mortgage rates drop slightly after last week's big jump
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. (Thu, 14 Aug 2008 21:43:11 GMT)

Asia Day Ahead: U.S. Stocks Rise; Jumbo Mortgage Rates May Fall
Aug. 15 (Bloomberg) -- U.S. stocks rose for the first time in three days after a trade group loosened restrictions on Fannie Mae and Freddie Mac to help revive the mortgage industry. (Thu, 14 Aug 2008 22:50:34 GMT)

Attorney General Sues Plymouth, Minn. Mortgage Broker, Alleging Bait & Switch
Minnesota Attorney General Lori Swanson has filed a lawsuit against a Plymouth-based mortgage broker she blames for contributing to the housing crisis. (Thu, 14 Aug 2008 23:00:46 GMT)

EDITORIAL: Mortgage broker law will help
We believe: Indiana’s new mortgage broker law should weed out business practices that aren’t ethical. In the past year, the number of home foreclosures nationwide has been a sobering and depressing statistic. (Thu, 14 Aug 2008 23:18:08 GMT)

Four indicted in mortgage fraud
NEWARK -- A Bergen County loan officer and a Paterson landlord were two of four men indicted Wednesday for their involvement in a mortgage fraud scheme that sold overpriced homes to unqualified buyers in Paterson. (Fri, 15 Aug 2008 00:22:01 GMT)

Cairns Lockie Mortgage Commentary 15 August 2008
Welcome to the fifteenth fortnightly Cairns Lockie Mortgage Commentary for 2008. We aim to keep you informed on developments at Cairns Lockie, Home Loans and the mortgage market in general. (Fri, 15 Aug 2008 00:53:06 GMT)

Zurich Financial enhances mortgage and family protection proposition
Zurich Financial Services has announced that it is enhancing its mortgage and family protection proposition by introducing several new features. (Fri, 15 Aug 2008 03:55:22 GMT)

Mortgage companies reach out to flood victims
Three major mortgage companies extended an olive branch to Iowa flood victims Thursday.Wells Fargo Mortgage, Citi, and Bank of America, which recently bought Countrywide Home Loans, urged customers who are flood victims to contact their loan servicer and explain their situation. They are typically offering grace periods of one to three months with no payments, and in some cases are changing ... (Fri, 15 Aug 2008 04:29:30 GMT)

Mortgage slump may be bottoming out
Mortgage approvals for the week ended August 8 appear to show approvals bottoming out in recent weeks after a long decline that started in early 2007. (Fri, 15 Aug 2008 05:08:15 GMT)

R-5 school board rejects bond refinancing
During a meeting Wednesday night, the Nevada R-5 Board of Education considered refinancing the bonds issued by the district but Dr. Allan Crader and Heather Mudd of L.J. Hart and Company explained that the cost of doing so would be prohibitive. (Fri, 15 Aug 2008 05:09:43 GMT)

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