Mortgage News Sep 2008

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Fannie, Freddie subprime spree may add to bailout
Freddie Mac Chief Executive Officer Richard Syron stood before investors at New York's Palace Hotel in May last year lauding his company's "cautious" avoidance of the subprime-mortgage crisis. (Wed, 24 Sep 2008 01:03:55 GMT)

Can we dodge a recession? Many consumers feel poor
The U.S. economy has largely been resilient since the financial turmoil began more than a year ago, continuing to grow, albeit at a more subdued pace than in prior years. While some economists predicted the economy was headed for recession, others expected the USA would stay above water. But many economists think the latest chapter in the credit crunch saga, despite the government actions, will ... (Wed, 24 Sep 2008 01:51:44 GMT)

(AFX UK Focus) 2008-09-24 03:09 Australia lenders struggle to revive RMBS market
SYDNEY, Sept 24 (Reuters) - Struggling Australian non-bank lenders are looking at ways to revive the moribund mortgage-backed market, but the costs may be prohibitive allowing major banks to further corner the home lending market. (Wed, 24 Sep 2008 02:41:37 GMT)

Short Reach for Md. Housing Aid
In the year since Maryland launched a series of foreclosure prevention programs, the state has helped just 88 troubled borrowers get into new loans or keep up with their payments, at a cost of about $17.9 million. (Wed, 24 Sep 2008 03:31:05 GMT)

Va. Man Pleads Guilty in Mortgage Fraud Case
An Annandale man pleaded guilty yesterday to helping orchestrate a mortgage fraud scheme that used "straw buyers" to sell property across Northern Virginia, defrauding banks and commercial lenders of more than $2.5 million, prosecutors said. (Wed, 24 Sep 2008 03:31:55 GMT)

Just put that mortgage debt on my tab
As a sucker who pays his mortgage on time every month, I'm guessing the $700 billion Wall Street bailout holds nothing... (Wed, 24 Sep 2008 03:41:23 GMT)

Pricing mortgage-backed securities will be tough
Some things are easy to price. Others, not so much. And that's the $700 billion problem facing the U.S. Treasury: how to value vast amounts of mortgage-backed securities that no one wants to buy. (Wed, 24 Sep 2008 03:59:05 GMT)

Harder to Get a Home Loan
Penfield, N.Y. --- The turmoil on Wall Street has changed how banks are screening home buyers for loans. (Wed, 24 Sep 2008 05:09:01 GMT)

Home-loan rules change
Local real estate experts differ about the effects of a federal law that next week ends a down-payment assistance program. (Wed, 24 Sep 2008 06:07:46 GMT)

Buckland mall owner may sell some assets
Chicago-based General Growth Properties Inc. is considering “strategic alternatives” including the sale of some assets, a merger, and refinancing debt, according to a report filed today with the Securities and Exchange Commission. (Wed, 24 Sep 2008 06:15:06 GMT)

Can't Pay The Mortgage? A Short Sale May Be The Answer
For those interested in avoiding foreclosure, ShortSaleWay.com is a new website that provides information about real estate short sales. Agents, investors and homeowners can learn all about the newest and best way to prevent foreclosure. (Wed, 24 Sep 2008 07:01:00 GMT)

Local real estate, mortgage experts puzzled about foreclosure bailout
News that the $700-billion financial industry bailout could include help for those facing foreclosure was met with confusion among local real estate and mortgage industry experts today. (Wed, 24 Sep 2008 09:04:46 GMT)

Big bailout would help Iowans, Leach says
Iowa businesses, homeowners and workers would benefit from the $700 billion bailout of mortgage-backed investments Congress is hammering out, former U.S. Rep. Jim Leach and economists say. (Wed, 24 Sep 2008 09:16:43 GMT)

REACTIONS: Michigan experts wary of bailout
News that the $700-billion financial industry bailout could include help for those facing foreclosure was met with confusion among local real estate and mortgage industry experts on Tuesday. (Wed, 24 Sep 2008 09:22:22 GMT)

FBI 'Probe' Into Mortgage Giants
The FBI is reportedly probing America's bailed out financial institutions for potential mortgage fraud. (Wed, 24 Sep 2008 09:35:00 GMT)

German Cabinet OKs Aircraft Pfandbrief In Covered Bond Market
BERLIN -(Dow Jones)- Germany's Cabinet Wednesday approved a draft bill that seeks to allow aircraft pfandbrief as a debt instrument in the country's covered bond market, which has become more attractive in the current difficult refinancing conditions. (Wed, 24 Sep 2008 10:12:48 GMT)

Mortgage applications fell in latest week
Applications for U.S. home mortgages retreated to sluggish levels last week as rising interest rates spoiled a spurt in loan refinancing, according to data published from an industry group on Wednesday. (Wed, 24 Sep 2008 11:03:23 GMT)

Work With A Mortgage Broker To Get The Loan You Need For A New Home
If you plan to purchase a home, you have to pay attention of your mortgage loan first. You can work with a mortgage broker. A mortgage broker can help you out to have the best options to choose from. (Wed, 24 Sep 2008 11:04:40 GMT)

U.S. MBA's Mortgage Applications Index Dropped 11% Last Week
Sept. 24 (Bloomberg) -- Mortgage applications in the U.S. fell last week as higher borrowing costs and tougher lending rules hurt purchases and refinancing. (Wed, 24 Sep 2008 11:25:48 GMT)

Rates rise, mortgage applications fall: MBA
Applications for mortgages decrease a seasonally adjusted 10.6% last week compared to a week earlier, while interest rates on fixed- and adjustable-rate mortgages rise, Mortgage Bankers Association data show. (Wed, 24 Sep 2008 11:28:34 GMT)

FBI probe into US mortgage dealers
The FBI is investigating four of the companies at the centre of the US financial meltdown for possible mortgage fraud. The probe covers mortgage guarantee firms Fannie Mae and Freddie Mac, insurer American International Group and investment bank Lehman Brothers - and their bosses. (Wed, 24 Sep 2008 11:31:47 GMT)

UPDATE: German Cabinet OKs Aircraft Pfandbrief In Bond Market
(Adds details.) BERLIN -(Dow Jones)- Germany's Cabinet Wednesday approved a draft bill that seeks to allow aircraft pfandbrief as a debt instrument in the country's covered bond market, which has become more attractive in the current difficult refinancing conditions. (Wed, 24 Sep 2008 12:14:53 GMT)

Mortgage Applications Slid 10.6 Percent Last Week
(RTTNews) - Industry data released on Wednesday showed that mortgage application volume slipped over 10 percent last week after reaching a 4-month high in the previous week. (Wed, 24 Sep 2008 12:43:08 GMT)

Mortgage applications drop in week
WASHINGTON, Sept. 24 (UPI) -- The volume of applications for U.S. mortgages decreased last week, falling by a seasonally adjusted 10.6 percent, an industry group said. (Wed, 24 Sep 2008 12:49:42 GMT)

Greece welcomes home Parthenon marble from Italy
Greece welcomed home a small fragment of the Parthenon marbles on Wednesday and expressed hope the gesture by the Italian government would prompt Britain to return its own prized collection of Greek sculpture. (Wed, 24 Sep 2008 14:06:11 GMT)

Mortgage applications drop in week
The volume of applications for U.S. mortgages decreased last week, falling by a seasonally adjusted 10.6 percent, an industry group said.The Market Composite Index, which measures mortgage loan application volume, fell from 661.7 to 591.4 in the week ending Sept. 19, the Mortgage Bankers Association said in a release Wednesday.The Refinance Index also decreased, down 11.2 percent to 2,043.4, the ... (Wed, 24 Sep 2008 14:44:28 GMT)

Dramatic Drop in Home Values Will Crimp Some Retirement Plans
The recent and unprecedented decline in home prices is forcing many Americans -- especially those who were banking on the inflated value of their home to make up for paltry savings and falling retirement account balances -- to re-evaluate their retirement plans. (Wed, 24 Sep 2008 14:51:41 GMT)

Home Resales Slump in August; Mortgage Activity Drops as Interest Rates Rise
The latest data from the housing and mortgage markets have hit the Street this morning...( Read More ) (Wed, 24 Sep 2008 14:53:17 GMT)

Home prices fell in July, but gov't agency says Fannie, Freddie takeover will help loan market
WASHINGTON (AP) _ Nationwide home prices in July fell a record 5.3 percent compared with a year ago, a government agency said Tuesday, and have now receded to October 2005 levels. (Wed, 24 Sep 2008 15:24:35 GMT)

UPDATE: Rates Rise, Mortgage Applications Fall: MBA
CHICAGO (Dow Jones) -- Applications filed for mortgages last week decreased a seasonally adjusted 10.6% compared to a week earlier, while interest rates charged on fixed- and adjustable-rate mortgages rose, the Mortgage Bankers Association said on Wednesday. (Wed, 24 Sep 2008 15:43:25 GMT)

Mortgage customers' data stolen, warns National Bank
National Bank urged its mortgage customers to be extra vigilant about suspicious activity in their accounts after a laptop was stolen from the company's Montreal head office this week. (Wed, 24 Sep 2008 16:08:01 GMT)

Mortgage customers' data stolen, warns National Bank
National Bank says mortgage customers should be extra vigilant about suspicious activity in their accounts after a laptop was stolen from the company's Montreal head office. (Wed, 24 Sep 2008 16:18:01 GMT)

Tough Talk on Countrywide Mortgage Suits
Six plaintiffs, including California Attorney General Jerry Brown, will ask a federal panel on Thursday to keep their individual lawsuits against Countrywide Financial Corp. untangled and out of a single federal court. Lawyers for Brown, the state of Illinois, the city of San Diego and plaintiffs in three private class actions say their claims against the troubled mortgage lender would be better ... (Wed, 24 Sep 2008 16:57:51 GMT)

Forums scheduled for sub-prime mortgage holders
The Connecticut Housing Finance Authority will hold two area forums for homeowners with sub-prime adjustable rate mortgages looking to convert their debt to 30-year fixed loans. (Wed, 24 Sep 2008 19:15:49 GMT)

McCain's manager got thousands from mortgage giant: report
The lobbying firm owned by John McCain's campaign manager, Rick Davis, accepted half a million dollars from stricken mortgage giant Freddie Mac, reports said Wednesday. (Wed, 24 Sep 2008 20:36:28 GMT)

Court sides with bank in mortgage loan case
A lawsuit brought by a Wisconsin couple who accused a bank of deceptive lending practices and wanted to cancel their home loan has been stripped of class-action status in a victory for U.S. banks. (Wed, 24 Sep 2008 22:48:58 GMT)

Kiwibank cuts home loan rates
Kiwibank has today cut its key two-year home rate to 7.99 per cent per annum, the only bank in New Zealand to have any rates below the benchmark 8 per cent level. (Wed, 24 Sep 2008 22:57:25 GMT)

Kiwibank Cuts 2-Year Fixed-Rate Home Loan By 30 BPs To 7.99%
WELLINGTON -(Dow Jones)- New Zealand state-owned Kiwibank Thursday cut its 2- year fixed-rate home loan by 30 basis points, getting a head start on its bigger Australian-owned rivals. (Wed, 24 Sep 2008 23:13:38 GMT)

Seffner Man Accused In Mortgage Fraud Scheme
TAMPA A Seffner man was arrested today in connection to a multimillion-dollar mortgage fraud scheme that victimized dozens of people since 2004, the Florida Department of Law Enforcement said. (Wed, 24 Sep 2008 23:40:49 GMT)

Expert: Struggling Homeowners Have Options
Notice the "for sale" signs out on many homes these days. Some of those homes are foreclosures -- homes where the buyer could no longer make the monthly mortgage payments. (Thu, 25 Sep 2008 01:19:02 GMT)

Which way should Wachovia go?
Now that Wachovia Corp. is apparently done flirting with Morgan Stanley & Co., what's next for the Charlotte banking giant? Chief executive Bob Steel could return to his original plan of cleaning up the bank's mortgage portfolio, cutting costs and selling off non-core assets, analysts said. But speculation is likely to continue over whether he plans to do a deal. In particular, the Morgan ... (Thu, 25 Sep 2008 03:53:36 GMT)

Chevy Chase Bank scores victory in predatory mortgage lending case
A Maryland bank scored a major victory in a mortgage lending case Wednesday when a federal appellate court rejected class-action status for a Cedarburg couple’s suit against Chevy Chase Bank. (Thu, 25 Sep 2008 03:58:44 GMT)

Granite Mortgage offices to stay in Winston-Salem
GRANITE FALLS -- Bank of Granite Corp. said yesterday that it has no plans to move its Granite Mortgage headquarters from Winston-Salem as part of a consolidation announced Tuesday. (Thu, 25 Sep 2008 04:03:20 GMT)

Crisis Has Changed Home Appraisal
Brian Dean wanted to add a pool to his 1967 home in Safety Harbor, so he checked with his lender about obtaining a home equity loan. (Thu, 25 Sep 2008 04:19:17 GMT)

Monthly Mortgage Prepayments Can Bring Big Savings, Faster Payoff
I took a short-term job with a substantial increase in pay and would like to apply the extra money to my mortgage. Is it better to pay an extra amount each month, or should I hold onto the cash and pay a large lump sum each year? (Thu, 25 Sep 2008 04:19:27 GMT)

Forums scheduled for sub-prime mortgage holders
The Connecticut Housing Finance Authority will hold two area forums for homeowners with sub-prime adjustable rate mortgages looking to convert their debt to 30-year fixed loans. (Thu, 25 Sep 2008 05:53:37 GMT)

House passes $25-billion loan package for auto industry
The low-interest assistance program aims to boost production of fuel-efficient vehicles. Acting with unusual speed and bipartisanship, the House of Representatives on Wednesday approved funding for a $25-billion loan program to help the auto industry build more fuel-efficient vehicles. (Thu, 25 Sep 2008 06:04:02 GMT)

Q: What's the difference between a mortgage application fee and a loan origination fee?
A: The application fee covers the lender's initial costs to process your application and in some cases includes the cost of the property appraisal and credit report, according to the Mortgage Bankers Association. (Thu, 25 Sep 2008 08:33:30 GMT)

Ahead of the Bell: Mortgage Giants
The new leaders of mortgage finance companies Fannie Mae and Freddie Mac are scheduled to make their initial appearance on Capitol Hill to detail management plans for the companies now under government control. (Thu, 25 Sep 2008 10:18:08 GMT)

Property Finance (Sept. 21-27): REITs Extending, Refinancing and Raising
In this week's issue: PREIT secures new loan, repays $400 Mil. Behringer taking multifamily REIT public. Roberts Realty extends maturities. Plus we give you new property finance deals and valuable leads list of lenders funding multifamily acquisitions... (Thu, 25 Sep 2008 10:21:55 GMT)

Which way should Wachovia go?
Now that Wachovia Corp. is apparently done flirting with Morgan Stanley & Co., what's next for the Charlotte banking giant? Chief executive Bob Steel could return to his original plan of cleaning up the bank's mortgage portfolio, cutting costs and selling off non-core assets, analysts said. But speculation is likely to continue over whether he plans to do a deal. In particular, the Morgan ... (Thu, 25 Sep 2008 10:22:19 GMT)

Using favorable tax treatment to blunt nation's mortgage crisis
AS the federal government debates the details of a plan to bail out corporations devastated by the mortgage crisis, taxpayers wonder how... (Thu, 25 Sep 2008 10:34:47 GMT)

Mortgage rates rise in wild week
The wild week in Washington and on Wall Street was wicked on mortgage rates, too. They went up. The benchmark 30-year fixed-rate mortgage rose 16 basis points, to 6.32 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. (Thu, 25 Sep 2008 10:50:38 GMT)

Former mortgage loan officer pleads guilty to fraud scheme
A 25-year-old woman pleaded guilty in federal court yesterday to participating in a mortgage fraud scheme and faces up to five years in prison and $250,000 in fines. (Thu, 25 Sep 2008 11:03:19 GMT)

Advocates urge relief for loan fraud victims in Florida
With Florida's mortgage industry reeling from its worst crisis, two statewide organizations are pressing lawmakers to restore a program to reimburse people ripped off by crooked loan brokers. (Thu, 25 Sep 2008 11:40:24 GMT)

Video: Credit Crisis Hits Good-Standing Mortgage Holders
Loans that used to be so easy, maybe too easy, are now very tough to get. (Thu, 25 Sep 2008 11:43:50 GMT)

Brothers admit to million-dollar mortgage fraud
Federal prosecutors say two Virginia brothers have pleaded guilty in a million-dollar mortgage fraud scheme. Twenty-nine-year-old Mohammed Rababeh of Vienna and 31-year-old Ahmed Rababeh of Haymarket pleaded guilty Wednesday to conspiring to commit bank fraud. (Thu, 25 Sep 2008 11:45:41 GMT)

Mortgage lender fined £1.12 m
A mortgage lender has been fined £1.12 million by the City watchdog for failings which led to borrowers losing £2.3 million. The Financial Services Authority said the fine on GE Money Home Lending was the first it had ever imposed on a mortgage lender in relation to its lending processes. (Thu, 25 Sep 2008 11:56:28 GMT)

Mortgage firm fined over lost £2m
A mortgage firm has been fined £1.12m after failures resulted in hundreds of borrowers suffering losses of £2.3m. (Thu, 25 Sep 2008 12:02:47 GMT)

Easter seals Millwall loan move
Millwall sign Plymouth Argyle striker Jermaine Easter on a one-month loan deal. (Thu, 25 Sep 2008 12:58:51 GMT)

Get a Home in Having the Right Mortgage Loan
You want to end renting and dream to have your very own home. But you haven’t seen your dream house yet; your patience is starting to run out. You do not simply go to the market and look for a home without making sure of your finances. (Thu, 25 Sep 2008 13:19:50 GMT)

Is this the right time to refinance?
Mortgage rates are down and you're not going to bother trying to sell your home anytime soon. Should you spend the money to refinance and lower your payments? Can you qualify? (Thu, 25 Sep 2008 14:07:56 GMT)

U.S. mortgage rates increased in week
WASHINGTON, Sept. 25 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages increased in the week ending Sept. 25, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 25 Sep 2008 14:47:37 GMT)

Mortgages: Mortgage rates leap in wake of bailout proposal
Mortgage rates changed course and rose this week after several consecutive weeks of decline, according to Freddie Mac’s weekly survey. (Thu, 25 Sep 2008 15:13:46 GMT)

HSBC ups mortgage rate as funds dry up
HSBC today upped its mortgage rates for higher risk borrowers after a surge in the cost of money on the wholesale interbank market. (Thu, 25 Sep 2008 17:05:00 GMT)

Mortgage Loan Calc
Use this calculator to generate an amortization schedule for your current mortgage. Quickly see how much interest you will pay and your principal balances. You can even determine the impact of any principal prepayments! (Thu, 25 Sep 2008 17:23:11 GMT)

Velshi: Please, keep paying your mortgage
Americans should not stop paying their mortgages even if their mortgage companies are threatened because "your home and your mortgage are not affected by the fact that your mortgage company may go out of business," CNN senior business correspondent Ali Velshi says. (Thu, 25 Sep 2008 19:02:19 GMT)

Mortgage rates jumps after weeks of decline
Rates follow Treasury bonds that have been rising this week due to market turbulence (Thu, 25 Sep 2008 19:12:11 GMT)

Man grew cannabis to pay mortgage
An unemployed builder who grew cannabis to pay his mortgage is given an 18-month supervision order. (Thu, 25 Sep 2008 19:18:15 GMT)

New home sales skid, while mortgage rates jump
New home sales tumbled in August to the slowest pace in 17 years, while mortgage rates spiked this week, increasing pressure on the new chief executives of Fannie Mae and Freddie Mac to help stabilize the housing market. (Thu, 25 Sep 2008 20:38:18 GMT)

Schwarzenegger vetoes mortgage restrictions
Gov. Arnold Schwarzenegger vetoed a proposal today that would have imposed tougher restrictions on mortgage brokers, such as banning them from issuing exotic loans to subprime borrowers that cause balances to grow rather than shrink over time. Gov. Arnold Schwarzenegger, speaking today at the League of California Cities annual conference in Long Beach, vetoed a proposal that would have ... (Thu, 25 Sep 2008 21:27:34 GMT)

Refinancing Window Open For Those With Good Credit, Equity
Watch changing mortgage rates as big financial news keeps unfolding. It could be time to refinance. (Thu, 25 Sep 2008 22:10:28 GMT)

Obama And McCain: Mortgage Rescue Plan Is Still Within Reach
Obama And McCain: Mortgage Rescue Plan Is Still Within Reach (Thu, 25 Sep 2008 23:23:28 GMT)

Leading mortgage lenders raise borrowing costs
HSBC, Woolwich and First Direct increase mortgage rates by more than a quarter-point following turmoil (Thu, 25 Sep 2008 23:24:37 GMT)

Schwarzenegger vetoes mortgage-broker restrictions
Gov. Arnold Schwarzenegger vetoed a bill Thursday that would have prohibited some of the lending practices advocates say contributed to the downturn in California's housing market. Read comments (Thu, 25 Sep 2008 23:27:09 GMT)

Schwarzenegger vetoes mortgage-broker restrictions
SACRAMENTO — Gov. Arnold Schwarzenegger has vetoed a bill that would have prohibited some of the lending practices advocates say contributed to the downturn in California's housing market. (Thu, 25 Sep 2008 23:37:16 GMT)

Schwarzenegger vetoes mortgage restrictions
Gov. Arnold Schwarzenegger vetoed a proposal today that would have imposed tougher restrictions on mortgage brokers, such as banning them from issuing exotic loans to subprime borrowers that cause balances to grow rather than shrink over time. Gov. Arnold Schwarzenegger, speaking today at the League of California Cities annual conference in Long Beach, vetoed a proposal that would have ... (Thu, 25 Sep 2008 23:37:20 GMT)

Mortgage suffering: suburbs on edge
Western Sydney has the highest rates of mortgage arrears and repossessions in the country, (Thu, 25 Sep 2008 23:44:26 GMT)

Schwarzenegger vetoes mortgage-broker restrictions
Gov. Arnold Schwarzenegger vetoed a bill Thursday that would have prohibited some of the lending practices advocates say contributed to the downturn in California's housing market. The legislation would have banned negative amortization loans, in which... (Thu, 25 Sep 2008 23:45:13 GMT)

Schwarzenegger vetoes mortgage-broker restrictions
SACRAMENTO - Gov. Arnold Schwarzenegger has vetoed a bill that would have prohibited some of the lending practices advocates say contributed to the downturn in California's housing market. (Thu, 25 Sep 2008 23:57:03 GMT)

Mortgage woes aren't as bad in Knoxville
The mortgage crisis has stemmed from those unable to pay for their homes once their adjustable rate went into effect, and that resulted in many homes being foreclosed. (Fri, 26 Sep 2008 01:21:56 GMT)

Megaworld, BDO sign home loan deal
Property developer Megaworld Corp. and Banco de Oro Unibank, Inc. have agreed on a multibillion loan facility program for potential real-estate buyers. (Fri, 26 Sep 2008 01:29:43 GMT)

Governor Vetoes Mortgage-Broker Restrictions
SACRAMENTO (AP) - Gov. Arnold Schwarzenegger vetoed a bill Thursday that would have prohibited some of the lending practices advocates say contributed to the downturn in California's housing market. (Fri, 26 Sep 2008 01:57:03 GMT)

Mortgage rates jumps after weeks of decline
Rates follow Treasury bonds that have been rising this week due to market turbulence (Fri, 26 Sep 2008 02:08:18 GMT)

Mortgage rates jump after five weeks of declines
Rates on 30-year mortgages, which had been falling for five weeks, jumped sharply this week, reflecting the turbulence in global credit markets. (Fri, 26 Sep 2008 05:17:08 GMT)

Mortgage Breakthrough
After a late start and years of lying dormant, the Egyptian mortgage industry has sprung to life, driven by economic growth, rising property prices and a clearer regulatory framework. (Fri, 26 Sep 2008 06:31:21 GMT)

Schwarzenegger vetoes mortgage broker restrictions
Gov. Arnold Schwarzenegger vetoed a proposal Thursday that would have imposed tough restrictions on mortgage brokers, such as banning exotic loans to risky borrowers that cause balances to grow rather than shrink over time. (Fri, 26 Sep 2008 07:04:08 GMT)

Schwarzenegger vetoes bill that revamped mortgage rules
SACRAMENTO — On the same day that congressional leaders were scrambling to reach a deal on a proposal by President Bush to try to rescue the economy from the calamitous effects of the mortgage crisis, Gov. Arnold Schwarzenegger vetoed a bill Thursday that consumer advocates say would have protected Californians from future mortgage abuses. (Fri, 26 Sep 2008 07:23:02 GMT)

Governor vetoes mortgage-broker restrictions
SACRAMENTO ---- Gov. Arnold Schwarzenegger vetoed a bill Thursday that would have prohibited some of the lending practices that advocates say contributed to the downturn in California's housing market. (Fri, 26 Sep 2008 07:59:50 GMT)

Australia To Invest A$4 Bln In Mortgage-backed Securities
Australia To Invest A$4 Bln In Mortgage-backed Securities (Fri, 26 Sep 2008 08:04:11 GMT)

Australian government to invest billions in mortgage market
SYDNEY (AFP) - The Australian government announced Friday it would invest four billion dollars (3.32 billion US dollars) in the mortgage market in response to the global credit crunch. (Fri, 26 Sep 2008 08:23:55 GMT)

Mortgage costs up amid volatility
Three major lenders are raising mortgage rates amid further volatility in the banking sector. (Fri, 26 Sep 2008 08:32:58 GMT)

Mortgage costs up amid volatility
Three major lenders are raising mortgage rates amid further volatility in the banking sector. (Fri, 26 Sep 2008 08:33:18 GMT)

Lenders Put Up Mortgage Rates
Major UK mortgage lenders have announced an increase in the cost of their home loans. (Fri, 26 Sep 2008 08:57:00 GMT)

(AFX UK Focus) 2008-09-26 11:07 Hong Kong Aug new mortgage loan approvals down 27 pct vs July
HONG KONG (XFN-ASIA) - New mortgage loans approved by 23 authorized institutions in Hong Kong in August stood at 13.5 bln hkd, down 27 pct from July, the Hong Kong Monetary Authority said. (Fri, 26 Sep 2008 10:16:09 GMT)

Tampa mortgage broker charged with sexual battery
TAMPA -- A 43-year-old Tampa mortgage broker was arrested at work Thursday and charged with sexual battery on a victim younger than 12, according to the Hillsborough County Sheriff's Office. Thomas Randall Cochran of 11225 Bramblebrush St. (pictured), who works... (Fri, 26 Sep 2008 10:26:28 GMT)

Crisis puts home loans out of reach
Wall Street's meltdown has put the squeeze on all sorts of lending, and home loans are no exception. Now, even some very well-qualified home buyers are getting turned down for mortgages. (Fri, 26 Sep 2008 10:39:07 GMT)

Mortgage rates jump amid market turbulence
Rates on 30-year mortgages, which had been falling for five weeks, jumped sharply this week, reflecting the turbulence in global credit markets. (Fri, 26 Sep 2008 11:08:47 GMT)

WaMu becomes biggest bank to fail in US history
As the debate over a $700 billion bank bailout rages on in Washington, one of the nation's largest banks — Washington Mutual Inc. — has collapsed under the weight of its enormous bad bets on the mortgage market. (Fri, 26 Sep 2008 11:17:06 GMT)

Cheltenham sign Fleetwood on loan
Cheltenham Town take Stuart Fleetwood on loan for a month from Charlton Athletic. (Fri, 26 Sep 2008 11:17:16 GMT)

Support, criticism for Florida plan to rewrite mortgage-loan terms
A plan by Democrats to allow bankruptcy judges to rewrite mortgage-loan terms for struggling homeowners as part of the proposed $700 billion Wall Street bailout has the support of some South Florida jurists. (Fri, 26 Sep 2008 11:18:30 GMT)

New Mortgage Rates Report
The latest movement for mortgage rates aren't going to help would-be homebuyers or those looking to refinance. (Fri, 26 Sep 2008 11:53:49 GMT)

McCain: Taking On the Mortgage Giants?
Senator John McCain is correct: He warned two years ago that Congress should rein in Fannie Mae and Freddie Mac , the giant mortgage finance companies, before their financial risk-taking threatened the economy, and Senator Barack Obama did not. (Fri, 26 Sep 2008 12:15:12 GMT)

U.S. Court Sides with Bank to Stop Mortgage Loan Class Action
A lawsuit brought by a Wisconsin couple who accused a bank of deceptive lending practices and wanted to cancel their home loan has been stripped of class-action status in a victory for U.S. banks. (Fri, 26 Sep 2008 14:07:42 GMT)

Bush To Wall Street: Don't Fret, a Mortgage Plan Will Pass
Bush To Wall Street: Don't Fret, a Mortgage Plan Will Pass (Fri, 26 Sep 2008 14:19:51 GMT)

Freddie Mac Mortgage Portfolio Shrank $37.4 Billion (Update1)
Sept. 26 (Bloomberg) -- Freddie Mac , the mortgage-finance company seized Sept. 7 by the U.S. government, said its portfolio of home loans and mortgage bonds dropped at a 56 percent annualized rate in the month leading up to its takeover. (Fri, 26 Sep 2008 14:42:55 GMT)

Crisis puts home loans out of reach
Wall Street's meltdown has put the squeeze on all sorts of lending, and home loans are no exception. Now, even some very well-qualified home buyers are getting turned down for mortgages. (Fri, 26 Sep 2008 15:24:07 GMT)

Schwarzenegger vetoes mortgage-broker restrictions
Gov. Arnold Schwarzenegger has vetoed a bill that would have prohibited some of the lending practices advocates say contributed to the downturn in California's housing market. (Fri, 26 Sep 2008 16:00:41 GMT)

White House Wants Mortgage Plan Before Markets Opens Monday
White House Wants Mortgage Plan Before Markets Opens Monday (Fri, 26 Sep 2008 16:34:11 GMT)

Mortgage insurer MGIC seeks to limit exposure
MGIC Investment Corp. said Friday its main subsidiary will try to limit risk by no longer taking on certain contracts that spread mortgage default risks among insurers and lenders, but increase MGIC's exposure once losses exceed a threshold. (Fri, 26 Sep 2008 16:35:46 GMT)

Calif. governor vetoes mortgage bill
Gov. Schwarzenegger vetoed a bill that would have banned negative amortization loans; signs 10 other housing-related bills. (Fri, 26 Sep 2008 16:54:07 GMT)

Fitch Updates Home Loan Services' RMBS Servicer Ratings; Watch Evolving
Fitch Ratings has updated Home Loan Services' (HLS) U.S. residential servicer ratings. The ratings remain as stated below and are placed on Rating Watch Evolving: (Fri, 26 Sep 2008 17:45:26 GMT)

Wachovia Offers Loan Modifications
SAN RAMON -- Some homeowners who obtained adjustable-rate mortgages from World Savings Bank may be able to restructure their home loans and avert foreclosure through a new program launched by Wachovia Corp. (Fri, 26 Sep 2008 18:10:48 GMT)

Federal Home Loan Bank of Cincinnati awards grants for home ownership, foreclosure prevention
The Federal Home Loan Bank of Cincinnati has designated $350,000 in home ownership challenge grants and $500,000 in foreclosure relief subsidies that will be distributed through various Kentucky banks. (Fri, 26 Sep 2008 18:59:46 GMT)

Australian government to invest billions in mortgage market
The Australian government announced Friday it would invest four billion dollars (3.32 billion US dollars) in the mortgage market in response to the global credit crunch. (Fri, 26 Sep 2008 19:00:11 GMT)

Getting approved for a home loan in the housing crunch
Getting approved for a home loan right now may not be as hard as you think. 6 News spoke to a local mortgage broker who says right now in Knoxville, it's actually a buyers' market. (Fri, 26 Sep 2008 22:08:48 GMT)

Mortgage fraud case ends quietly, with probation
A Johnson County judge today sentenced two Leawood women to probation for helping illegal immigrants use stolen Social Security numbers to commit $7.7 million in mortgage fraud. (Fri, 26 Sep 2008 22:27:59 GMT)

Two area women sentenced for aiding illegals in mortgage fraud
A Johnson County judge on Friday sentenced two Leawood women to probation for helping illegal immigrants use stolen Social Security numbers to commit $7.7 million in mortgage fraud. (Sat, 27 Sep 2008 03:52:22 GMT)

$4 billion rescue to boost mortgage competition
The federal government's $4 billion financial package for second tier banks and other mortgage providers will boost competition in the mortgage market, Treasurer Wayne Swan says. Through the gover (Sat, 27 Sep 2008 03:58:02 GMT)

2 Sentenced In Mortgage Fraud That Bilked Many
Two people convicted on racketeering charges in connection with a mortgage scam that bilked dozens of people since 2004 were each sentenced Thursday to five years in prison, the Florida Department of Law Enforcement said. (Sat, 27 Sep 2008 04:12:00 GMT)

$4b rescue to boost mortgage competition
The government's $4b financial package for second tier banks and other mortgage providers will boost mortgage market competition, Treasurer Wayne Swan says. (Sat, 27 Sep 2008 04:25:11 GMT)

Buckland mall owner may sell some assets
Chicago-based General Growth Properties Inc. is considering “strategic alternatives” including the sale of some assets, a merger, and refinancing debt, according to a report filed today with the Securities and Exchange Commission. (Sat, 27 Sep 2008 06:10:38 GMT)

Alexander: Fix mortgage problem, then blame
Before Monday Congress should enact a significantly amended (to protect the taxpayer) version of the "Paulson Plan" to permit the Secretary of the Treasury to buy and then sell troubled mortgage-related assets. This is necessary to unfreeze credit and make sure that Americans can secure car, auto, mortgage and student loans and cash their paychecks. (Sat, 27 Sep 2008 07:12:37 GMT)

Mortgage industryhas yet to see benefits
Associated Press WASHINGTON — Consumers shopping for a loan have yet to see much benefit from the government takeover of Fannie Mae and Freddie Mac almost three weeks ago, but the new chief executives of the mortgage finance companies planned to tell lawmakers Thursday they are working to stabilize the housing market. (Sat, 27 Sep 2008 07:32:55 GMT)

Mortgage Broker Settles With State Of Ohio
The attorney general's office says a Cincinnati mortgage broker has paid the state $30,000 to settle a lawsuit. (Sat, 27 Sep 2008 07:37:21 GMT)

Mortgage broker settles with state of Ohio
COLUMBUS, Ohio (AP) - The attorney general's office says a Cincinnati mortgage broker has paid the state $30,000 to settle a lawsuit accusing the company of pressuring real-estate appraisers to inflate home values. (Sat, 27 Sep 2008 08:02:11 GMT)

U.S. takeover of mortgage giants starts to lower rates
The takeover of Fannie Mae and Freddie Mac by the U.S. government has eased the companies' funding costs and started to lower interest rates. (Sat, 27 Sep 2008 09:11:37 GMT)

BBD2- Loan Watch: What Blues side will turn up at the East End on Jan. 3 2009?
As many have now commented, half of last nights side was on loan from Championship and Premiership sides, and didn't it show at time! (Sat, 27 Sep 2008 11:48:22 GMT)

NH getting funds to ease mortgage crisis
WASHINGTON (AP) -- The government is sending New Hampshire nearly $20 million to help respond to high numbers of mortgage foreclosures. ... (Sat, 27 Sep 2008 12:18:37 GMT)

Mortgage rates climb as squeeze tightens
The housing market is cooling, the stock market is reeling and to top it all off, consumers are now facing rising mortgage rates. (Sat, 27 Sep 2008 13:44:02 GMT)

Parma: DPiero's podcast covers mortgage crisis
Parma Mayor Dean DePiero's podcast centers on the mortgage crisis and foreclosure issues facing local residents and the nation. It is available for listening on the city of Parma Web site, cityofparma-oh.gov at "news." DePiero discusses measures being taken by... (Sat, 27 Sep 2008 13:55:07 GMT)

Colorado mortgage brokers struggle with image problem
DENVER - Attendance was sparse at the annual convention of the Colorado Association of Mortgage Brokers, but members are making plans to mitigate the impact of the national financial crisis. (Sat, 27 Sep 2008 15:24:12 GMT)

Political Economy: Building a Floor
Even at $700 billion, the biggest bailout ever isn't by itself going to solve the U.S. economy's problems. If that wasn't already evident, it should have been clear from the testimony of Federal Reserve Chairman Ben S. Bernanke last week and from the bad news on home sales. Still, the nuance is quite possibly lost on many lawmakers and the public alike. (Sat, 27 Sep 2008 18:33:13 GMT)

Right time to buy a home? For some, definitely
With home prices falling to reasonable levels, the chance to buy may be too good to pass up, particularly for people who didn't drink the Kool-Aid during the boom. The good news: If you are in good financial shape, the market has many options. The median price of homes sold in Bakersfield in August was $196,000, according to figures from the Bakersfield Association of Realtors. The median price ... (Sat, 27 Sep 2008 19:06:14 GMT)

Right time to buy a home? For some, definitely
With home prices falling to reasonable levels, the chance to buy may be too good to pass up, particularly for people who didn't drink the Kool-Aid during the boom. The good news: If you are in good financial shape, the market has many options. The median price of homes sold in Bakersfield in August was $196,000, according to figures from the Bakersfield Association of Realtors. The median price ... (Sat, 27 Sep 2008 19:06:34 GMT)

Local banks: Loan policies unchanged
Some Abilene bank executives say their home improvement loan policies have remained stable in the face of the financial market turmoil of recent months. (Sat, 27 Sep 2008 20:44:00 GMT)

UK to nationalise mortgage lender Bradford & Bingley: Report
Britain will nationalise troubled mortgage lender Bradford & Bingley, the BBC reported on Saturday, but the government said discsions on the bank's future were still going on. (Sat, 27 Sep 2008 23:04:04 GMT)

Home equity loans, lines of credit at end of line as Genesee County area banks put on the breaks
GENESEE COUNTY, Michigan -- Say goodbye to that kitchen remodeling project, college tuition bill and big-ticket vacation. In yet another ripple effect of the national housing market crisis, people are suddenly finding their home equity lines -- and easy access... (Sat, 27 Sep 2008 23:11:30 GMT)

Brokers hit brick wall trying to find clients a mortgage
More than two-thirds of mortgage brokers have struggled to find a home loan for clients over the past two months, according to a survey carried out by the Intermediary Mortgage Lenders Association (IMLA). (Sat, 27 Sep 2008 23:13:07 GMT)

UK mortgage bank Bradford & Bingley in trouble
LONDON (AP) - The troubled mortgage lender Bradford & Bingley is talking to regulators and financial institutions over its future, Britain's Treasury confirmed Saturday. (Sun, 28 Sep 2008 00:50:07 GMT)

Check stocks for effects of credit squeeze
Congress' bailout bill will, we hope, help stabilize the credit markets, but investors must still evaluate each of their stocks for credit risks individually. As you probably know, the credit market problems stem from bad mortgage loans that were bundled and... (Sun, 28 Sep 2008 02:52:50 GMT)

Australia has no plans to lift mortgage investment
SYDNEY, Sept 28 (Reuters) - Australia has no plans to boost investment in mortgage-backed bonds after committing A$4 billion ($3.33 billion) in the local residential-backed mortgage market (RMBS), a federal minister said on Sunday. (Sun, 28 Sep 2008 03:57:16 GMT)

Bi-partisan support for Govt mortgage relief
Federal Opposition leader Malcolm Turnbull says the Government has Coalition support for a plan to boost the mortgage market. (Sun, 28 Sep 2008 04:14:00 GMT)

Mortgage banking 101
From left are Carol Coleman, Christina Swift and Dustyn Deal of Mason Dixon Funding. (Sun, 28 Sep 2008 05:02:21 GMT)

Amid mortgage crisis, Lincoln software company thrives
Mortgage crisis? What mortgage crisis. That may as well be the slogan for Mortech, a Lincoln-based provider of mortgage rate quote software. (Sun, 28 Sep 2008 05:19:06 GMT)

Buckland mall owner may sell some assets
Chicago-based General Growth Properties Inc. is considering “strategic alternatives” including the sale of some assets, a merger, and refinancing debt, according to a report filed today with the Securities and Exchange Commission. (Sun, 28 Sep 2008 05:54:19 GMT)

2 free seminars on buying a home
Thinking of purchasing a home? The Salt Lake City Library, 210 E. 400 South, will offer free seminars on "Home Buyer and Consumer Credit" on Thursday and Nov. 6, from 7-8 p.m. (Sun, 28 Sep 2008 06:22:47 GMT)

Angry Urban Advocate and Financial Expert Compares Home Loan Bank Executives to Drug Dealers
An urban advocate and minority educator in the real estate industry responds with anger to President Bush's proposed $700 billion bailout plan. This California expert compares the Wall Street bankers to drug lords and recommends that they be allowed to pay the price for their misdeeds. Listeners to this entreprenuer's radio show have responded with outrage that the President's plan helps ... (Sun, 28 Sep 2008 07:01:00 GMT)

Keep HUD-1 papers, even when home is paid off
Q: We have owned our home since 1998 and have refinanced twice since that time. I still have the original mortgage papers along with both sets of papers for the refinances. I am afraid to throw anything out, but they are quite bulky and take up a lot of room.... (Sun, 28 Sep 2008 07:14:03 GMT)

Economic turmoil sends mortgage rates soaring
Rates on 30-year mortgages, which had been falling for five weeks, jumped sharply last week, reflecting the turbulence in global credit markets. Freddie Mac reported Thursday that its nationwide survey found the average for 30-year fixed-rate mortgages rose... (Sun, 28 Sep 2008 07:15:14 GMT)

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