Mortgage News Aug 2008

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Mortgage Shop prepares to bridge the north-south divide
A little more than a year ago Siobhan McAleer decided to launch her Mortgage Shop brokerage brand in the Republic of Ireland. (Mon, 25 Aug 2008 02:31:30 GMT)

Home sweet loan: Pros & cons weighed
WALNUT CREEK, Calif. -- Faced with a real estate market that has tightened lending standards at a time when home values are dropping, more people are borrowing money (Mon, 25 Aug 2008 04:56:40 GMT)

Puget Sound mortgage mess kicks bankruptcy firms into over drive
Seattle bankruptcy attorney Shelly Crocker can pinpoint the exact date she started to see a huge uptick in cases related to the mortgage mess: Oct. 15, 2007. (Mon, 25 Aug 2008 05:12:26 GMT)

`Liar loans' threaten to extend mortgage woes
In the mortgage industry, they are called "liar loans" — mortgages approved without requiring proof of the borrower's income or assets. (Mon, 25 Aug 2008 05:50:39 GMT)

Local banks use grant to help stem foreclosures
The Federal Home Loan Bank of Cincinnati on Aug. 29 will announce it is awarding a $200,000 grant locally for mortgage counseling and foreclosure mitigation in an effort to keep more families in their homes. (Mon, 25 Aug 2008 06:00:19 GMT)

Mortgage fraud investigations face hurdles
The state needs more weapons in its arsenal to deal with mortgage fraud -- so says the state's top attorney, Terry Goddard. (Mon, 25 Aug 2008 06:01:41 GMT)

State sues mortgage company Countrywide
Indiana is joining other states in taking legal action against mortgage giant Countrywide Home Loans Inc. for allegedly deceiving borrowers into taking on costly and high-risk loans. (Mon, 25 Aug 2008 06:09:06 GMT)

You can buy a Vail Valley home
EAGLE COUNTY — No one in the real estate business likes saying no. But “no” is becoming more common in the vocabulary of brokers and lenders, especially when it comes to first-time home buyers. (Mon, 25 Aug 2008 06:11:24 GMT)

FBI saw threat of mortgage crisis
A top official warned of widening loan fraud in 2004, but the agency focused its resources elsewhere. Long before the mortgage crisis began rocking Main Street and Wall Street, a top FBI official made a chilling, if little-noticed, prediction: The booming mortgage business, fueled by low interest rates and soaring home values, was starting to attract shady operators and billions in losses ... (Mon, 25 Aug 2008 07:14:43 GMT)

More options for at-risk borrowers
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. (Mon, 25 Aug 2008 07:53:57 GMT)

The Truth About Mortgage Refinancing
It seems like everyone is jumping on the mortgage refinancing bandwagon. Maybe you're thinking about it yourself? After all, with rates as low as they are, the promise of lowering your monthly payments, sometimes significantly, is a great attraction for many homeowners. (Mon, 25 Aug 2008 08:06:24 GMT)

Loan preapproval saves money for homebuyers
If you are in the market for a new home, before you begin house hunting, get preapproved for a mortgage. Sellers will give more consideration to a lower bid that is already preapproved by the bank than a higher bid without definite financial backing. (Mon, 25 Aug 2008 08:41:22 GMT)

Pistons guard: Duplicitous or dupe in mortgage fraud?
Is Lindsey Hunter, the veteran guard of the Detroit Pistons, a victim of mortgage fraud? Or is he a perpetrator? That’s what two investigations, one by the Wayne County Register of Deeds’ mortgage-fraud task force, the other by the... (Mon, 25 Aug 2008 09:00:58 GMT)

FHA to Provide Additional Mortgage Assistance to Struggling Homeowners
President George W. Bush has signed into law legislation that will allow HUD’s Federal Housing Administration (FHA) to continue providing targeted mortgage assistance to homeowners. (Mon, 25 Aug 2008 09:06:24 GMT)

Veterans have great mortgage deal
Terry Savage: It's tough to get a mortgage today -- but that's not news. Every financial institution is tightening lending standards and requiring a higher down payment and raising interest rates. Well, almost every lender is doing that. But if you're a veteran who has been honorably discharged from the military, you can get a great deal on a home loan. (Mon, 25 Aug 2008 09:13:03 GMT)

Vets have great mortgage deal
It's tough to get a mortgage today -- but that's not news. Every financial institution is tightening lending standards and requiring a higher down payment and raising interest rates. Well, almost every lender is doing that. (Mon, 25 Aug 2008 09:13:44 GMT)

APPLAUSE
Destiny Lending Mortgage Bankers welcomes a new underwriter, two new loan officers and a returning loan officer. (Mon, 25 Aug 2008 11:14:31 GMT)

Fitch ups City Mortgage Bank's Servicer Rating to 'RPS3+(RU)'
LONDON. Aug 22 (Interfax) - Fitch Ratings on Monday upgraded Russia-based Gorodskoi Ipothechniy (City Mortgage) Bank's (CMB) Residential Primary Servicer rating to 'RPS3+(RU)' from 'RPS3(RU)', Fitch said in a statement. (Mon, 25 Aug 2008 11:34:46 GMT)

AIB to lower fixed mortgage rates
AIB is to cut some of its fixed mortgage rates from close of business tomorrow. The bank said its two-year rate would come down by 0.55 points, while the three-year rate would be lowered by 0.25 points. This would bring both rates to 5.2%. (Mon, 25 Aug 2008 13:57:00 GMT)

Financial Stocks: Freddie Mac shares rise on solid demand for debt auction
Shares of mortgage giants Fannie Mae and Freddie Mac were mixed in early trading Monday as speculation continues to swirl that a government bailout is inevitable with no housing recovery in sight. (Mon, 25 Aug 2008 14:26:48 GMT)

Credit Suisse spent $520,000 in second quarter lobbying on mortgage reforms, other issues
WASHINGTON (AP) - Credit Suisse Securities USA, a unit of Swiss-based financial services firm Credit Suisse Group, spent $520,000 in the second quarter lobbying the U.S. government on mortgage reforms and other issues, according to a recent disclosure form. (Mon, 25 Aug 2008 14:26:52 GMT)

AIG spent nearly $2.8 million in second quarter lobbying on mortgage, finance rules
WASHINGTON (AP) - American International Group, one of the world's largest insurers, spent nearly $2.8 million in the second quarter lobbying on mortgage reforms and other issues, according to a disclosure form. (Mon, 25 Aug 2008 14:40:35 GMT)

Freddie Mac debt sale eases concern about bailout
Ailing mortgage finance company Freddie Mac easily sold $2 billion of debt on Monday, reassuring investors that it and sibling Fannie Mae can fund their operations without a government takeover. (Mon, 25 Aug 2008 15:30:26 GMT)

Carey indicted in connection with stealing over $2 million from mortgage lenders
A Middlesex Grand Jury returned indictments against a former Somerville real estate attorney in connection with allegedly making false statements on mortgage applications and associated documents and using the funds secured from the loans for his own purposes, rather than paying off existing loans as directed by the new lenders. (Mon, 25 Aug 2008 16:06:10 GMT)

Football: Arsenal's Philippe Senderos is set to move to AC Milan on loan
Reports in Italy claim Philippe Senderos is about to end his five-year association with Arsenal by joining Milan on a season-long loan (Mon, 25 Aug 2008 16:39:14 GMT)

Freddie debt sale eases concerns of nationalization
Ailing mortgage finance company Freddie Mac easily sold $2 billion of short-term debt on Monday, reassuring investors that it and rival Fannie Mae can fund operations without a government takeover. (Mon, 25 Aug 2008 17:17:41 GMT)

FBI saw threat of mortgage crisis
A top official warned of widening loan fraud in 2004, but the agency focused its resources elsewhere. Long before the mortgage crisis began rocking Main Street and Wall Street, a top FBI official made a chilling, if little-noticed, prediction: The booming mortgage business, fueled by low interest rates and soaring home values, was starting to attract shady operators and billions in losses ... (Mon, 25 Aug 2008 17:30:50 GMT)

MARIN COUNTY MARKET ANALYSIS: Mortgage troubles leave open space, but new arrivals like Disney source of optimism
MARIN COUNTY - Fallout from the home mortgage crisis has put more office space on the market and made tenants more cautious. Companies are being more cautious about their office space needs, according to Bill McCubbin, president and CEO of Orion Partners. (Mon, 25 Aug 2008 18:00:24 GMT)

Tapping the Future Value of Your Home
Some retirees leverage home appreciation in advance. (Mon, 25 Aug 2008 18:02:00 GMT)

Young couples flustered as dream to own a home fades away
Young couples are distraught as their dream to own a home, and start building a family seems fading away. (Mon, 25 Aug 2008 18:31:39 GMT)

McMahon to sell home to private buyer
Ed McMahon has agreed to a deal with a private buyer for his hilltop home. (Mon, 25 Aug 2008 18:35:08 GMT)

Home sales, prices drop in Midwest
Existing home sales in the Midwest tumbled 17 percent last month from July 2007, while the median price in the region inched up to more than $175,000, the National Association of Realtors said Monday. (Mon, 25 Aug 2008 19:20:36 GMT)

Palm Desert releases details of energy loan program
The details of Palm Desert's ground-breaking energy loan program have been made public in advance of Thursday's City Council meeting. (Mon, 25 Aug 2008 19:37:44 GMT)

Lawsuit filed against mortgage lender
The country's largest mortgage lender, Countrywide Home Loans, Inc., is under fire.  On Monday, the Indiana Attorney General's lawsuit announced a lawsuit against the company. (Mon, 25 Aug 2008 20:10:30 GMT)

Florida tops 1Q mortgage fraud list
Reported incidents of mortgage fraud jumped 42 percent nationwide, with Florida reporting the highest number of cases, according to industry data released Monday. (Mon, 25 Aug 2008 20:58:25 GMT)

Freddie debt sale eases concerns of nationalization
U.S. mortgage finance company Freddie Mac easily sold $2 billion of short-term debt on Monday, helping to reassure investors that both Freddie Mac and Fannie Mae can fund operations without a government bailout. (Mon, 25 Aug 2008 20:59:08 GMT)

California ranks second among states with highest number of mortgage fraud cases
NEW YORK — Reported incidents of mortgage fraud jumped 42 percent nationwide, with Florida reporting the highest number of cases, according to industry data released today. (Mon, 25 Aug 2008 21:17:13 GMT)

Florida tops 1Q mortgage fraud list
Reported incidents of mortgage fraud jumped 42 percent nationwide, with Florida reporting the highest number of cases, according to industry data released Monday. Properties in the Sunshine State accounted for nearly a quarter of all mortgage fraud incidents,... (Mon, 25 Aug 2008 21:21:31 GMT)

Mortgage, Bond Insurers Rise Along With Freddie Mac
Mortgage, Bond Insurers Rise Along With Freddie Mac (Mon, 25 Aug 2008 21:25:28 GMT)

Freddie Mac Rises After $2 Billion Debt Sale Stokes Confidence
Aug. 25 (Bloomberg) -- Freddie Mac rose 17 percent in New York trading after a $2 billion sale of short-term debt stoked confidence the second-largest U.S. mortgage-finance company can still attract investors. (Mon, 25 Aug 2008 21:31:49 GMT)

Ill. July Home Sales Down 25 Percent From 2007
July home sales in Illinois were down 5.76 percent compared to the previous month and more than 25 percent compared to last July 2007, according to the Illinois Association of Realtors. (Mon, 25 Aug 2008 21:52:12 GMT)

Loan fund to help develop affordable housing
The National Trust Loan Fund has created a $5 million loan pool to help develop affordable housing in cities across the country, including Miami. (Mon, 25 Aug 2008 21:57:15 GMT)

Florida Leads Nation In Mortgage Fraud, Reports States
Florida ranks highest among all states for mortgage fraud, according to a report released today by Reston, Va.-based Mortgage Asset Research Institute. (Mon, 25 Aug 2008 22:08:01 GMT)

Tapping the future value of your home
Senior homeowners sometimes need to tap the value of their house to pay sudden expenses. Several financial institutions offer a new alternative to often pricy reverse mortgages or other home loans. (Mon, 25 Aug 2008 22:18:16 GMT)

Wells Fargo's mortgage head to retire next year
Wells Fargo & Co. said Monday that Mark Oman, the head of its mortgage and consumer finance group, plans to retire by the end of next year. (Mon, 25 Aug 2008 22:23:50 GMT)

Vets have great mortgage deal
It's tough to get a mortgage today -- but that's not news. Every financial institution is tightening lending standards and requiring a higher down payment and raising interest rates. Well, almost every lender is doing that. (Mon, 25 Aug 2008 22:37:38 GMT)

Service advises distressed homeowners when to 'walk away'
When you're being suffocated by mortgage payments, the short sale you were counting on didn't work and you can't refinance your home, sometimes there's only one thing left to do: walk away. (Tue, 26 Aug 2008 01:01:57 GMT)

New-home sales, construction lagging in Valley
New-home sales and construction permits plummeted more than 40 percent, while existing-home sales provided some encouraging news last month compared to July 2007. (Tue, 26 Aug 2008 01:12:42 GMT)

Home sales jump in Los Angeles
Home sales rose 33.6 percent in the Los Angeles area in July, compared with the same period a year ago, a realty firm said on Monday. Meanwhile, the Los Angeles area saw the median home price falling 34 percent to 393,690 U.S. dollars, according to the California Association of Realtors (CAR). Across California, home sales increased 43.4 percent in July compared with the same period a year ago, ... (Tue, 26 Aug 2008 02:19:35 GMT)

3rd person pleads guilty in mortgage fraud case
Gregory M. Finney, accused of fraud, conspiracy and money laundering in a widespread local mortgage fraud case, entered a guilty plea this afternoon before U.S. District Court Judge Sean J. McLaughlin. (Tue, 26 Aug 2008 02:24:59 GMT)

Overdue mortgage payments on rise, says study
Strains among borrowers with patchy credit are rising, with more falling behind on their mortgages and fewer able to refinance their higher interest rate loans, according to a report by Standard & Poor's, the credit rating agency. (Tue, 26 Aug 2008 02:37:23 GMT)

Florida tops 1Q mortgage fraud list
NEW YORK ---- Reported incidents of mortgage fraud jumped 42 percent nationwide, with Florida reporting the highest number of cases followed by California, according to industry data released Monday. (Tue, 26 Aug 2008 03:26:15 GMT)

Home builders using tax credits to woo first-time homebuyers
Builders are touting a $7,500 interest-free government loan for first-time home buyers. (Tue, 26 Aug 2008 05:15:42 GMT)

Home builders using tax credits to woo first-time homebuyers
By ANDREA JARES Home builders, trying to grow sales in a sluggish market, are hoping that a new law will bring buyers in the door. And many are adding incentives of their own. Some builders are touting a $7,500 interest-free government loan for first-time home buyers that is contained in the recently signed Housing and Economic Recovery Act of 2008. Buyers have 15 years to repay Washington, and ... (Tue, 26 Aug 2008 05:22:11 GMT)

New mortgage law expected to attract more players
26 August 2008 The new mortgage law by Dubai Government will encourage more companies to enter the business, but the industry still lacks in-depth market information and intelligence, lenders said. (Tue, 26 Aug 2008 05:37:43 GMT)

Mortgage giants' stocks up
WASHINGTON -- Shares of Fannie Mae and Freddie Mac soared Monday in a respite from their battering in recent days, while some regional banks saw their stocks sink on worries they could be swept up in the turmoil surrounding the mortgage finance giants. (Tue, 26 Aug 2008 07:34:14 GMT)

Florida, California lead in mortgage fraud
Reported incidents of mortgage fraud jumped 42 percent nationwide, with Florida and California reporting the highest number of cases, according to industry data released Monday. Properties in the Sunshine State accounted for nearly a quarter of all mortgage... (Tue, 26 Aug 2008 07:38:26 GMT)

Mortgage fraud soars in first quarter, report says
Reported incidents of mortgage fraud in the United States jumped 42% in the first quarter of 2008 from a year earlier, with Florida reporting the highest number of cases, according to industry data released Monday. (Tue, 26 Aug 2008 07:58:22 GMT)

Palm Desert council set to vote on energy loan program
The low-interest loans won't be quite as low as expected, but Palm Desert's ground-breaking energy loan program is expected to hit the ground running following a City Council vote on Thursday. (Tue, 26 Aug 2008 08:27:24 GMT)

UK mortgage lending 'levels off'
Mortgage lending by major banks flattened out in July but the amount borrowed for day-to-day spending slowed, figures show. (Tue, 26 Aug 2008 08:57:11 GMT)

UK mortgage lending 'levels off'
Mortgage lending by major banks flattened out in July but the amount borrowed for day-to-day spending slowed, figures show. (Tue, 26 Aug 2008 09:05:26 GMT)

U.K. July Mortgage Approvals Hold Close to Decade Low, BBA Says
Aug. 26 (Bloomberg) -- U.K. mortgage approvals held close to the lowest in a decade in July as property values slumped, a report by the British Bankers' Association showed. (Tue, 26 Aug 2008 09:19:09 GMT)

Senderos set for Milan loan move
Arsenal defender Philippe Senderos is having a medical ahead of a signing one-year loan deal with AC Milan. (Tue, 26 Aug 2008 09:24:26 GMT)

Lending Over Backward
The FHA has been turned into the mortgage industry's lender of last resort. Taxpayer price tag? Maybe $100 billion. (Tue, 26 Aug 2008 10:09:45 GMT)

S. Florida home prices drop in July
Home prices in South Florida continued their downward slide in July, weighed down by a mass of homes and condominiums on the market that won't go away amid burgeoning foreclosures and anemic sales. (Tue, 26 Aug 2008 10:52:01 GMT)

Gilts Gain as Mortgage Approvals Fall to Lowest Level in Decade
Aug. 26 (Bloomberg) -- Two-year U.K. government notes rose by the most in almost two months as an industry report showed mortgage approvals held near the weakest level in a decade. (Tue, 26 Aug 2008 11:00:30 GMT)

U.K. July Mortgage Approvals Hold Close to Decade Low (Update1)
Aug. 26 (Bloomberg) -- U.K. mortgage approvals held close to the lowest in at least 11 years in July as property values slumped, a report by the British Bankers' Association showed. (Tue, 26 Aug 2008 11:01:05 GMT)

Mortgage approvals hold near record low in July
LONDON (Reuters) - Mortgage approvals for house purchases remained near a record low in July and the British Bankers' Association said there was no sign yet of a property market recovery. (Tue, 26 Aug 2008 11:42:09 GMT)

South Africa: Home Loan Financing Service Helps Buyers
Mortgage origination group Ooba yesterday announced it would be offering a free service to "help counter the problem of failed property sales from buyers unable to secure enough financing". (Tue, 26 Aug 2008 11:52:44 GMT)

Wachovia's layoff timing may cut size of exit pay
The timing of planned Wachovia Corp. mortgage layoffs could reduce the severance that former Golden West Financial Corp. employees receive, according to the agreement that outlined Wachovia's 2006 purchase of the California-based thrift. (Tue, 26 Aug 2008 11:55:16 GMT)

Residential Finance Corp. Partners with Dale Vermillion for Sales Leadership Training
COLUMBUS, Ohio----Residential Finance Corporation , a nationwide mortgage lender, today announced that mortgage industry expert, Dale Vermillion, has completed a three-day sales leadership training for sales managers and loan officers in the company’s Columbus and Tampa offices. (Tue, 26 Aug 2008 12:00:00 GMT)

Buy-to-let mortgage demand falls
Buy-to-let investors have been hit by the mortgage squeeze alongside other homeowners, new figures suggest. (Tue, 26 Aug 2008 12:00:58 GMT)

FBI foresaw mortgage sector mess
Agency did little as resources went to fight terrorism WASHINGTON — Long before the mortgage crisis began rocking Main Street and Wall Street, a top FBI official made a chilling if little-noticed prediction: The mortgage business, fueled by low interest rates and soaring home values, was starting to attract shady operators, and billions of dollars in losses were possible. ... (Tue, 26 Aug 2008 12:35:02 GMT)

Illinois 3rd as mortgage fraud cases jump 42%
Reported incidents of mortgage fraud jumped 42 percent nationwide, with Illinois among the states reporting the highest number of cases, according to new industry data. (Tue, 26 Aug 2008 12:35:12 GMT)

Residential Finance Corp. Partners with Dale Vermillion for Sales Leadership Training
Residential Finance Corporation (RFC), a nationwide mortgage lender, today announced that mortgage industry expert, Dale Vermillion, has completed a three-day sales leadership training for sales managers and loan officers in the company's Columbus and Tampa offices. Vermillion has trained more than 250,000 mortgage professionals and consulted many of the nation's largest and most successful ... (Tue, 26 Aug 2008 13:03:06 GMT)

Merrill, Wachovia Hit With Record Refinancing Bill (Update1)
Aug. 26 (Bloomberg) -- Merrill Lynch & Co. , Wachovia Corp., Lehman Brothers Holdings Inc. and the rest of the U.S. finance industry are about to find out how expensive credit has become. (Tue, 26 Aug 2008 13:16:37 GMT)

Thornburg Mortgage 2nd-quarter profit jumps
Troubled mortgage lender Thornburg Mortgage Inc. said late Monday that its profit increased by more than five times in the second quarter, due to big one-time gains from the sale of assets and decreases in the fair value of certain items. (Tue, 26 Aug 2008 13:26:00 GMT)

S&P/Case-Shiller 2nd-Quarter U.S. Home-Price Index Fell 0.5%
Aug. 26 (Bloomberg) -- Home prices in the U.S. fell at a slower pace in the second quarter, signaling the worst housing slump in more than 25 years may be starting to stabilize, a private survey showed today. (Tue, 26 Aug 2008 13:32:46 GMT)

U.S. Home Prices Fall, S&P/Case Shiller Index Shows (Correct)
(Corrects quarterly change in second paragraph.) Aug. 26 (Bloomberg) -- Home prices in the U.S. fell at a slower pace in the second quarter, signaling the worst housing slump in more than 25 years may be starting to stabilize, a private survey showed today. (Tue, 26 Aug 2008 13:46:36 GMT)

Freddie, Fannie Mortgage Portfolio Growth Slows After Losses
Aug. 26 (Bloomberg) -- Freddie Mac and Fannie Mae slowed the pace of purchases of home loans and mortgage bonds last month as losses sparked concern the mortgage-finance providers may not weather the housing slump. (Tue, 26 Aug 2008 14:31:56 GMT)

Freddie, Fannie Mortgage Portfolio Growth Rate Slows (Update1)
Aug. 26 (Bloomberg) -- Freddie Mac and Fannie Mae bought home loans and mortgage securities at a slower pace last month as a combined $14.9 billion in net losses in the past four quarters depleted their capital. (Tue, 26 Aug 2008 14:46:56 GMT)

Valley mortgage broker warns about feds' new loan plan
The rescue plan in the recently-passed federal housing bill may not be all it's cracked up to be. While many troubled homeowners think the new government loan program in the housing bill is going to save them, Valley mortgage broker Dean Wegner warns it has some serious strings attached. (Tue, 26 Aug 2008 15:53:15 GMT)

Gilts Gain as Mortgage Approvals Fall to Lowest Level in Decade
Aug. 26 (Bloomberg) -- U.K. government notes rose, pushing the 10-year yield to the lowest level in more than four months, as an industry report showed mortgage approvals held near the weakest level in a decade. (Tue, 26 Aug 2008 16:04:09 GMT)

Fitch Upgrades 2 Classes of GMAC 1998-C2
Fitch upgrades two classes of GMAC Commercial Mortgage Securities, Inc., series 1998-C2 as follows: (Tue, 26 Aug 2008 16:38:08 GMT)

Fitch Upgrades 5 classes of GS Mortgage Securities Corp. II Series 2004-C1
Fitch Ratings has upgraded five classes of GS Mortgage Securities Corp. II Series 2004-C1 as follows: (Tue, 26 Aug 2008 17:37:42 GMT)

Fitch Ratings Affirms Morgan Stanley Capital I, Series 1998-HF2
Fitch Ratings affirms Morgan Stanley commercial mortgage pass-through certificates, series 1998-HF2, as follows: (Tue, 26 Aug 2008 18:23:38 GMT)

Home123(R) Back in Business with the Help of 400 Credit Unions
CHICAGO----PBG Financial Services Ltd in partnership with Central States Mortgage Inc. announces the relaunch of Home123 Mortgage®. Home123® is the first of the national mortgage brands to reemerge after falling into bankruptcy related to the subprime credit crisis. (Tue, 26 Aug 2008 18:26:00 GMT)

Feds warn thrifts about changing equity loan terms
After a rash of consumer complaints, the federal agency charged with regulating savings and loan institutions issued guidance Tuesday warning lenders they could not arbitrarily change the terms of home equity loans. (Tue, 26 Aug 2008 19:06:48 GMT)

Fitch Affirms Wachovia Bank Commercial Mortgage Trust, 2005-C17
Fitch Ratings affirms Wachovia Bank Commercial Mortgage Trust, series 2005-C17 commercial mortgage (Tue, 26 Aug 2008 19:06:57 GMT)

Fitch Affirms Wachovia Bank Commercial Mortgage Trust, 2005-C17
Fitch Ratings affirms Wachovia Bank Commercial Mortgage Trust, series 2005-C17 commercial mortgage pass-through certificates as follows: (Tue, 26 Aug 2008 19:22:35 GMT)

Burnley seal Anderson loan deal
Burnley sign defender Russell Anderson on loan from Sunderland until the end of the season. (Tue, 26 Aug 2008 20:02:48 GMT)

Federal Home Loan Banks sell $3 bn three year debt
The Federal Home Loan Bank system, which raises money for US banks' residential loan originations, on Tuesday said it sold $3 billion in three-year bonds with most demand from international investors. (Tue, 26 Aug 2008 20:35:15 GMT)

Home Federal Bancorp, Inc. of Louisiana Reports Results of Operations For the Year and Quarter Ended June 30, 2008 and ...
SHREVEPORT, La.----Home Federal Bancorp, Inc. of Louisiana , the “mid-tier” holding company of Home Federal Savings and Loan Association, reported net loss for the year ended June 30, 2008 of $82,000, or diluted loss per share of $0.03, a decrease of $719,000, or 112.9%, as compared to the $637,000 in net income reported for the year ended June 30, 2007. (Tue, 26 Aug 2008 21:09:00 GMT)

Corinthian Caught In Student Loan Trap
The for-profit college operator posted strong Q4 results, but shares fell on increased loan defaults. (Tue, 26 Aug 2008 21:41:49 GMT)

Feds warn thrifts about changing equity loan terms
After a rash of consumer complaints, the federal agency charged with regulating savings and loan institutions issued guidance Tuesday warning lenders they could not arbitrarily change the terms of home equity loans. (Tue, 26 Aug 2008 22:22:54 GMT)

Rise in sub-prime mortgage arrears
The number of people failing to keep up with repayments on sub-prime mortgages hit a record high during the second quarter of the year, figures have shown. (Tue, 26 Aug 2008 22:48:29 GMT)

A&L cuts some mortgage rates
Mortgage bank Alliance & Leicester said it is cutting the rates on some of its home loans. (Tue, 26 Aug 2008 23:50:00 GMT)

Some disagree with service that advises distressed homeowners when to 'walk away'
When you're being suffocated by your mortgage payments, the short sale you were counting on didn't work and you can't refinance your home, sometimes, there's only one thing left to do: walk away. (Wed, 27 Aug 2008 01:09:30 GMT)

Next round of mortgage rate changes could hit homeowners
With the potential for homes values going down and interest rates going up, the squeeze may be on for hundreds of homeowners around our state. (Wed, 27 Aug 2008 01:13:21 GMT)

Carter sues mortgage lender Countrywide
Indiana Attorney General Steve Carter was in Fort Wayne on Monday to announce he has sued the country's largest mortgage lender, Countrywide Home Loans, and its parent company, Countrywide Financial Corp. Carter alleges that Countrywide used deceptive and misleading practices that led to borrowers obtaining potentially risky and costly loans. (Wed, 27 Aug 2008 01:56:10 GMT)

Home Federal Bancorp, Inc. of Louisiana Reports Results of Operations For the Year and Quarter Ended June 30, 2008 and ...
Home Federal Bancorp, Inc. of Louisiana (the "Company") (OTCBB:HFBL), the "mid-tier" holding company of Home Federal Savings and Loan Association, reported net loss for the year ended June 30, 2008 of $82,000, or diluted loss per share of $0.03, a decrease of $719,000, or 112.9%, as compared to the $637,000 in net income reported for the year ended June 30, 2007. Net loss for the three months ... (Wed, 27 Aug 2008 01:57:03 GMT)

Former Real Estate Attorney Indicted on Larceny Charges
A former Massachusetts real estate attorney who allegedly stole more than $2 million from mortgage lenders through false mortgage applications and documents has been indicted by a grand jury for larceny and making false statements. According to the Massachusetts attorney general's office, Kevin Carey allegedly raised the cash through a so-called "mortgage stacking" scheme by repeatedly ... (Wed, 27 Aug 2008 02:03:58 GMT)

Sites conjure up mortgage quotes, play up privacy
Mortgage lenders have raised the bar on what it takes to qualify for a home loan the past couple of years, but shopping for a loan online has actually gotten a bit easier, if not necessarily less confusing. (Wed, 27 Aug 2008 04:01:49 GMT)

Cleveland reviews bond interest costs
After a rival broker said it could save the city money on bond interest costs, some city council members questioned whether a company that will bid on refinancing some city debt also should be Cleveland’s financial adviser (Wed, 27 Aug 2008 04:06:29 GMT)

Regulators warn lenders on home equity loans
After a rash of consumer complaints, the federal agency charged with regulating savings and loan institutions issued guidance Tuesday warning lenders they could not arbitrarily change the terms of home equity loans. (Wed, 27 Aug 2008 05:36:39 GMT)

Area last in state in home prices
The Toledo metro area was the worst spot in Ohio for home prices and mortgage refinance values in the past year, dropping nearly 4 percent. As selling prices fell 4.8 percent nationally from the second quarter of last year to the same period this year, Monroe was rocked with an 8.3 percent loss, according to the Office of Federal Housing Enterprise Oversight. "It's obvious that it all has to ... (Wed, 27 Aug 2008 08:46:19 GMT)

Fannie, Freddie Mortgage Profit Reaches 10-Year High (Update1)
Aug. 27 (Bloomberg) -- The crisis of confidence that sent Fannie Mae and Freddie Mac debt costs to record highs above U.S. Treasuries is also providing the mortgage-finance companies with the biggest profits on new investments since at least 1998. (Wed, 27 Aug 2008 09:02:56 GMT)

BMO burned by subprime mortgage exposure
Bank of Montreal has been dragged further into the subprime mortgage crisis, putting aside hundreds of millions of dollars for troubled loans tied to the U.S. real estate sector. (Wed, 27 Aug 2008 10:17:54 GMT)

Thornburg Mortgage Teeters on the Edge
Thornburg Mortgage , a specialist in jumbo home loans, said its survival remained in doubt following additional margin calls, but it is on track to complete a restructuring and avoid collapse. (Wed, 27 Aug 2008 10:43:38 GMT)

More people know what kind of mortgage they have than last year, but more also worry about making home payments.
American homeowners are better informed about their mortgages than they were a year ago, but many remain ignorant. More than one in four (26 percent) still don't know the exact nature of their home loan. (Wed, 27 Aug 2008 10:43:52 GMT)

Pimco targets $5bn of distressed mortgage securities
Pimco, the giant US bond fund manager, is to substantially increase its investment exposure to the stricken mortgage-backed securities market, targeting an opportunity to buy and manage up to $5bn (€3.4bn) worth of these bonds at deeply discounted prices. (Wed, 27 Aug 2008 10:45:16 GMT)

Mortgage applications up 1st time in 3 weeks: report
U.S. mortgage applications rose for the first time in three weeks as interest rates edged lower, an industry group said on Wednesday. (Wed, 27 Aug 2008 11:09:19 GMT)

Mortgage application volume rises slightly
Mortgage application volume rose less than 1 percent during the week ended Aug. 22, according to the Mortgage Bankers Association's weekly application survey. (Wed, 27 Aug 2008 11:18:32 GMT)

LibDems outline mortgage rescue plan
A new mortgage rescue scheme and rules allowing councils and housing associations to buy up land could help stall the housing market slump, claimed the Liberal Democrats Wednesday. (Wed, 27 Aug 2008 11:23:00 GMT)

Mortgage volume rises
Number of new mortgages up less than 1% last week, survey says. WASHINGTON (AP) -- Mortgage application volume rose less than 1% during the week ended Aug. 22, according to the Mortgage Bankers Association's weekly application survey. (Wed, 27 Aug 2008 11:43:56 GMT)

Weekly mortgage applications rise for first time in three weeks
Weekly mortgage applications rise for the first time in three weeks, the Mortgage Bankers Association says Wednesday. (Wed, 27 Aug 2008 11:56:48 GMT)

Student loan co-signer feels pinch
Dear Mary: Our daughter graduated from college with more than $100,000 in student loans. Her first job did not pay enough for her to begin repaying the loans. The only loan that we co-signed is more than $600 a month. We did not know that it was in default until she was several thousand dollars behind. This came at us after a home remodel and a wedding. We are not prepared to pay this loan, and ... (Wed, 27 Aug 2008 12:02:19 GMT)

Student loan co-signer feels pinch
Dear Mary: Our daughter graduated from college with more than $100,000 in student loans. Her first job did not pay enough for her to begin repaying the loans. The only loan that we co-signed is more than $600 a month. We did not know that it was in default until she was several thousand dollars behind. This came at us after a home remodel and a wedding. We are not prepared to pay this loan, and ... (Wed, 27 Aug 2008 12:20:06 GMT)

Mortgage applications rise 0.5% as most rates dip
The Mortgage Bankers Assocation said Wednesday that its composite index of loan applications rose a seasonally asjusted 0.5% the week ended Aug. 22, as interest rates slipped. (Wed, 27 Aug 2008 13:22:55 GMT)

Reading man relishes Wycombe loan
Striker Simon Church is delighted to join his home-town club Wycombe Wanderers on loan from Reading. (Wed, 27 Aug 2008 13:48:03 GMT)

Fannie, Freddie Mortgage Profit Rises With Debt Costs (Update2)
Aug. 27 (Bloomberg) -- The crisis of confidence that sent Fannie Mae and Freddie Mac debt costs to record highs above U.S. Treasuries is also providing the mortgage-finance companies with the biggest profits on new investments since at least 1998. (Wed, 27 Aug 2008 14:02:24 GMT)

Trumbull Fund Refis $207M in Properties
Taking advantage of a good interest rate, Trumbull Property Fund refinanced six Class A multi-family properties throughout the country as part of a $207 million refinancing effort. (Wed, 27 Aug 2008 16:12:03 GMT)

Fannie Mae, Freddie Mac to Exit Subprime in New York Lenders will need to change mortgage origination systems ...
Banks lending in New York will have to change their mortgage origination systems to reflect Fannie Mae and Freddie Mac's exit from subprime lending in the state. It is unclear yet how onerous those system changes will be. (Wed, 27 Aug 2008 17:34:19 GMT)

Mortgage mess puts more banks at risk
The mortgage mess that has upended millions of homeowners’ finances is now taking a bigger bite out of the nation’s banking system. (Wed, 27 Aug 2008 17:41:48 GMT)

The Going Rate
Think long-term when it comes to refinancing. (Wed, 27 Aug 2008 18:34:53 GMT)

The Going Rate
Think long-term when it comes to refinancing. (Wed, 27 Aug 2008 18:40:06 GMT)

Links We Like
Managing migraine headache shouldn’t be a nightmare. Let us help ease the pain with these helpful hints. 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. (Wed, 27 Aug 2008 18:43:12 GMT)

You can buy a Vail Valley home
EAGLE COUNTY — No one in the real estate business likes saying no. But “no” is becoming more common in the vocabulary of brokers and lenders, especially when it comes to first-time home buyers. (Wed, 27 Aug 2008 19:15:34 GMT)

Federal Home Loan Bank of Atlanta Announces Third Quarter Dividend Guidance
Based upon currently available information, the Federal Home Loan Bank of Atlanta presently expects to pay an annualized dividend in the range of 4.50 percent to 5.0 percent for the quarter ending September 30, 2008. (Wed, 27 Aug 2008 19:23:00 GMT)

Pace of mortgage aid by industry rose in July
The pace of the mortgage industry's efforts to assist troubled borrowers increased last month, an industry group said Wednesday. (Wed, 27 Aug 2008 19:26:52 GMT)

Mortgage finance firm Fannie Mae shakes up executive ranks as shares rise for 3rd straight day
WASHINGTON - Mortgage finance giant Fannie Mae shook up its executive ranks Wednesday, after shares in it and sibling company Freddie Mac rose for a third straight day as investors appeared less certain a government bailout of the two troubled companies is imminent. (Wed, 27 Aug 2008 21:47:57 GMT)

Three top executives of U.S. mortgage giant Fannie Mae to leave company
WASHINGTON - Fannie Mae says three top executives are leaving as the mortgage finance company aims to cope with mounting losses from the mortgage crisis. (Wed, 27 Aug 2008 21:56:55 GMT)

Economy - Wednesday
Mortgage applications edge up (Wed, 27 Aug 2008 22:43:28 GMT)

Police: L.I. Man Faked Robbery To Pay Off Mortgage
He said he was robbed at first, but a Long Island truck driver later admitted to police he made up the story, hoping to keep the money himself. The reason? Investigators say it was simply so he could pay off his mortgage. (Wed, 27 Aug 2008 23:26:44 GMT)

Mortgage fraud reports are up
Efforts to tighten lending standards appear to have had little effect so far, as reports of mortgage fraud increased 42 percent in the first quarter of 2008 from the same period of 2007. (Wed, 27 Aug 2008 23:53:33 GMT)

Thrifts' $5.4B loss is second-largest ever
Stung by mounting home-loan defaults, U.S. thrifts lost $5.4 billion in the second quarter and set aside a record amount to cover losses from bad mortgages and other loans. (Thu, 28 Aug 2008 00:40:54 GMT)

Home sweet loan: Using a 401(k) loan for a down payment
Faced with a real estate market that has tightened up lending standards at a time when home values are dropping, more people are borrowing money from their 401(k) retirement plans to help swing a down payment to buy a home. (Thu, 28 Aug 2008 01:27:36 GMT)

Home sweet loan: Using a 401(k) loan for a down payment
Faced with a real estate market that has tightened up lending standards at a time when home values are dropping, more people are borrowing money from their 401(k) retirement plans to help swing a down payment to buy a home. (Thu, 28 Aug 2008 01:31:22 GMT)

ANZ lowers fixed home loan rates again
ANZ is lowering its fixed rate home loans for the second time this month, as the market prepares for a cut in official rates next week. (Thu, 28 Aug 2008 03:29:00 GMT)

ANZ to cut fixed home loan rates
ANZ Banking Group Ltd will lower its fixed home loan rates and residential investment loans rates by between 30 basis points and 50 basis points. (Thu, 28 Aug 2008 03:41:49 GMT)

ANZ drops loan rates
ANZ will lower its fixed home loan rates and investment loans rates by between 30 basis points and 50 basis points. (Thu, 28 Aug 2008 03:51:00 GMT)

Laws protect consumers’ home-equity loans
An increase in consumer complaints over the cancellation or reduction of home equity lines of credit has prompted one federal banking regulator to remind financial institutions about the laws governing this type of loan. (Thu, 28 Aug 2008 05:32:00 GMT)

Home-loan problems still stinging thrifts
WASHINGTON — U.S. thrifts lost $5.4 billion in the second quarter and set aside a record amount to cover losses from bad mortgages and other loans. Data from the U.S. Office of Thrift Supervision released Wednesday show federally-insured savings and loan institutions posted their second-largest quarterly loss ever in the April-June period, after the $8.8 billion loss in the fourth quarter of ... (Thu, 28 Aug 2008 06:21:08 GMT)

The Chris Williamson Team Announces Launch of the Mortgage Adoption Center
The Mortgage Adoption Center's software application will enable homeowners to be notified of refinancing opportunities to save money on their home mortgage loans. (Thu, 28 Aug 2008 07:01:00 GMT)

Two Rochester-area mortgage brokers merging
Mortgage brokers Rochester Area Mortgage Services and Prime Mortgage Corp. plan to merge and expand into the mortgage banking business. (Thu, 28 Aug 2008 07:06:40 GMT)

Mortgage-fraud reports are up
Efforts to tighten lending standards appear to have had little effect so far, as reports of mortgage fraud increased 42 percent in the first quarter of 2008 from the same period of 2007. (Thu, 28 Aug 2008 08:12:14 GMT)

Foreclosures Decrease; Mortgage Woes Don't
The number of foreclosures in Charles County dropped in the second quarter of the year, but residents still face significant mortgage troubles, according to a report issued this month by the Maryland Department of Housing and Community Development. (Thu, 28 Aug 2008 09:43:34 GMT)

Why haven't mortgage rates declined?
The Federal Reserve began to slash short-term interest rates almost a year ago. Yet mortgage rates are higher now. What gives? (Thu, 28 Aug 2008 10:00:00 GMT)

3 Executives Are Leaving Fannie Mae
The mortgage finance giant Fannie Mae announced a management shake-up on Wednesday in an effort to come to grips with mounting credit losses and a shrinking capital base. (Thu, 28 Aug 2008 10:43:32 GMT)

Why haven't mortgage rates declined?
The Federal Reserve began to slash short-term interest rates almost a year ago. Yet we have higher mortgage rates now than we had then. What gives? (Thu, 28 Aug 2008 10:43:47 GMT)

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