Mortgage News Oct 2008

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Tighter Credit Only Adds to Auto Industry?s Troubles
With banks tightening up their lending, any hope for a recovery in vehicle sales this year has been dashed. (Wed, 01 Oct 2008 00:18:09 GMT)

Genworth Is Considering Spinoff of Mortgage Insurer (Update1)
Sept. 30 (Bloomberg) -- Genworth Financial Inc. , the insurer once owned by General Electric Co., is considering a spinoff of its U.S. mortgage insurance business amid the housing slump. The stock jumped 22 percent in early trading. (Wed, 01 Oct 2008 00:44:45 GMT)

The Trickle-Up Bailout
The theory underlying the bailout plan stalled in Congress is that rescuing the finance industry will restore market stability and that the benefits will eventually trickle down to average Americans. Thus, solving the subprime mortgage crisis has morphed into a much larger challenge: reassembling the architecture of the financial markets, which seemingly requires giving the Treasury secretary ... (Wed, 01 Oct 2008 01:03:31 GMT)

First Houston Becomes Envoy Mortgage Company will be known under new name to reflect national expansion. By Peggy ...
Mortgage banking firm First Houston Mortgage, (Houston), which is licensed in 20 states, has changed its name to Envoy Mortgage. The name change comes as the company is working to rebrand itself from a regional company to a national lending organization. (Wed, 01 Oct 2008 01:07:41 GMT)

Swan defends move into mortgage market
RAISING funds for home lending through mortgage-backed securities is not a broken business model, Federal Treasurer Wayne Swan says. (Wed, 01 Oct 2008 01:29:00 GMT)

On Your Side: Getting a Loan
How does the financial crisis effec your chances of getting a home or car loan. Action News reporter Owen Clark sat down with Tri Counties Bank C.E.O. Rick Smith to answer come crucial credit questions and to figure out where he thinks the credit market is heading. (Wed, 01 Oct 2008 02:10:48 GMT)

Swan talks up mortgage-backed securities
Raising funds for home lending through mortgage-backed securities is not a broken business model, federal Treasurer Wayne Swan says. Mr Swan announced last Friday the use of $4 billion of taxpayers’ (Wed, 01 Oct 2008 02:18:21 GMT)

Failed Deals Replace Real Estate Boom
After seven years of nonstop construction and skyrocketing rents the credit crisis may be bringing New York?s real estate boom to an end. (Wed, 01 Oct 2008 02:18:29 GMT)

Black and Hispanic Caucuses Resisted Pelosi on Bailout
Several members of the two all-Democratic caucuses characterized the defeated bill as one that would have aided the rich at the expense of middle- and lower-income voters. (Wed, 01 Oct 2008 02:48:51 GMT)

Uni pencils loan into D'Works bid
Universal is the prohibitive favorite to win distribution rights on films produced by the new DreamWorks, with ongoing talks focused on a related $150 million loan from NBC Universal to the soon-to-launch company. (Wed, 01 Oct 2008 03:19:13 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, 01 Oct 2008 03:33:34 GMT)

Thornburg Mortgage Cutting 29 Home Lending Jobs
Thornburg Mortgage Cutting 29 Home Lending Jobs (Wed, 01 Oct 2008 03:46:12 GMT)

White House Says Mortgage Rescue Plan Remains n Track
White House Says Mortgage Rescue Plan Remains n Track (Wed, 01 Oct 2008 03:47:02 GMT)

Financial Crisis Hits Retired Homeowner Hard
ATLANTA (MyFOX Atlanta) -- The mortgage meltdown and credit crisis have made it harder for average Americans to borrow money. (Wed, 01 Oct 2008 03:54:10 GMT)

Financial crisis hits home with student loan repercussions
University students are finding out you don't need to be a stock broker to be concerned about the nation's recent economic woes. The financial crisis, which started in the housing an mortgage industry, could potentially spread to the student loan industry and other areas impacting students. (Wed, 01 Oct 2008 04:50:45 GMT)

Australia Central Bank Buys Record Number of Mortgage Bonds
Oct. 1 (Bloomberg) -- Australia's central bank bought a record A$840 million ($668 million) of mortgage-backed bonds, joining the government's bid to bolster confidence in the market. (Wed, 01 Oct 2008 04:52:42 GMT)

Finding a loan to buy, build a home will take more caution and creativity
The meltdown of the U.S. financial markets likely will result in a slowing of home sales and appreciation in the Grand Valley, but a continuing demand for land and a resilient regional economy should help the area avoid the brunt of the economic fallout, local real-estate and mortgage experts say. (Wed, 01 Oct 2008 05:10:52 GMT)

windsorstar.com
SOUND OFF!: Have you had problems refinancing your mortgage because of the financial crisis? (Wed, 01 Oct 2008 06:43:21 GMT)

Mortgages may get tougher in city
A tightening of mortgage rules and higher interest rates, sparked by the U.S. credit crisis, may cost some Windsorites their homes and limit credit to only the best clients, say agents for two local mortgage companies. (Wed, 01 Oct 2008 06:44:41 GMT)

Banks abandon buy-to-let finance
Analysts are predicting carnage in the property market following the effective collapse of Britain's biggest buy-to-let lender Bradford & Bingley , predicting that many property investors coming to the end of fixed-rate mortgage deals will find it impossible to refinance. (Wed, 01 Oct 2008 08:49:00 GMT)

PRESS RELEASE:Fitch:Emerging Market Residential Mortgage Conf
Fitch Ratings-London-01 October 2008: London1 October 2008: Fitch Ratings' Emerging Markets Structured Finance group will host a teleconference on Thursday 2 October, 15:00 BST, to discuss key points from its new criteria for rating emerging market residential mortgage securitisations, published on 1 October. (Wed, 01 Oct 2008 09:27:52 GMT)

Bank turmoil sees many mortgage products vanish
The number of mortgage products on sale has slumped 12.4 percent so far this week after lender Bradford & Bingley exited the market and as the property sector buckles under global market turmoil. (Wed, 01 Oct 2008 11:00:00 GMT)

Mortgage applications down 23% as refinancing filings dry up
Mortgage applications plunge a seasonally adjusted 23.0% on a week-to-week basis as interest rates charged on fixed-rate mortgages hold essentially steady, Mortgage Bankers Association data show. The rate on one-year adjustable-rate mortgages jumps to 7.19%. (Wed, 01 Oct 2008 11:12:48 GMT)

A Square Deal for the Mortgage Crisis
In the tradition of Teddy Roosevelt, here is an alternative solution to the mortgage crisis which is a 'square deal' for all involved. As the Senate works through the night on a new mortgage bailout plan which is basically the same, in all but some trivial particulars, as the one which the House rejected in an unusual fit of responsibility on Monday, it occurs to me that I might as well take my ... (Wed, 01 Oct 2008 11:47:43 GMT)

Mortgage applications down despite lower rates
Mortgage applications in the U.S. fell last week with fewer Americans refinancing their mortgages even as interest rates declined. (Wed, 01 Oct 2008 11:54:25 GMT)

Vacation Home Mortgage Loans
Obtaining a loan for a vacation home can be a challenge because lenders assume you are more likely to default on this additional mortgage. That risk is passed on to you in several different forms. (Wed, 01 Oct 2008 12:00:00 GMT)

Mortgage volume down
WASHINGTON, Oct. 1 (UPI) -- The volume of applications for U.S. mortgages declined last week, falling by a seasonally adjusted 23 percent, an industry group said. (Wed, 01 Oct 2008 12:17:27 GMT)

Mortgage applications plunge
In yet another sign of the economic crisis, the Mortgage Bankers Association said Wednesday that mortgage applications plunged 23% last week. (Wed, 01 Oct 2008 12:39:17 GMT)

Mortgage volume down
The volume of applications for U.S. mortgages declined last week, falling by a seasonally adjusted 23 percent, an industry group said.The Market Composite Index, which measures mortgage loan application volume, fell from 591.4 to 455.4 in the week ending Sept. 26, the Mortgage Bankers Association said in a release Wednesday.The Refinance Index also decreased, down 34.7 percent to 1,333.9, the ... (Wed, 01 Oct 2008 12:48:25 GMT)

Mortgage Applications Slide 23 Percent
(RTTNews) - Industry data released on Wednesday showed that mortgage application volume plunged 23 percent last week, adding to the 10 percent it lost in the previous week after reaching a 4-month high in mid-September. (Wed, 01 Oct 2008 12:56:57 GMT)

ANIMATED CARTOON: MORTGAGE MESS: Who's to blame for the meltdown?
The real culprits in the mortgage crisis are revealed! (Wed, 01 Oct 2008 13:30:56 GMT)

8:10 a.m. - Federal "Hope" Program for Subprime Mortgages
A plan to help a limited number of homeowners with subprime mortgages obtain refinancing goes into effect today. The "Washington Post" reports the Hope for Homeowners Act would allow some borrowers with variable-rate mortgages to qualify for a 30-year fixed-rate mortgage. (Wed, 01 Oct 2008 13:39:59 GMT)

US mortgage applications plunge 23%
The Mortgage Bankers Association revealed Wednesday that US mortgage applications have dropped by 23% last week. (Wed, 01 Oct 2008 15:33:00 GMT)

EDCI Holdings, Federal Agricultural Mortgage and FirstFed Financial lead small-cap percentage gainers
EDCI Holdings Inc. , Federal Agricultural Mortgage Corp. and FirstFed Financial Corp. are among the biggest percentage gainers in Wednesday's trading among... (Wed, 01 Oct 2008 16:38:52 GMT)

US mortgage aid program opens doors, if slightly
WASHINGTON, Oct 1 (Reuters) - A federal program to refinance up to $300 billion in troubled U.S. mortgages began accepting applications on Wednesday but the effort will have only a limited impact on the national foreclosure crisis. (Wed, 01 Oct 2008 18:07:49 GMT)

US mortgage aid program opens doors, if slightly
WASHINGTON, Oct 1 (Reuters) - A federal program to refinance up to $300 billion in troubled U.S. mortgages began accepting applications on Wednesday but the effort will have only a limited impact on the national foreclosure crisis. (Wed, 01 Oct 2008 18:07:49 GMT)

US mortgage aid program opens doors, if slightly
WASHINGTON, Oct 1 (Reuters) - A federal program to refinance up to $300 billion in troubled U.S. mortgages began accepting applications on Wednesday but the effort will have only a limited impact on the national foreclosure crisis. (Wed, 01 Oct 2008 18:07:49 GMT)

Thornburg Mortgage amends exchange offer
Shares of Thornburg Mortgage Inc. surged Wednesday after the mortgage lender said it is amending its exchange offer for four classes of its preferred stock, and extending the expiration. (Wed, 01 Oct 2008 18:31:40 GMT)

Louisiana Business: GE, ProBono Gala, Mortgage Aid, Road Home, DEQ
October 1, 2008 (Wed, 01 Oct 2008 18:38:19 GMT)

Home loan applications take sharp dive
With the housing market mired in a historic downturn, the Mortgage Bankers Association has announced mortgage applications across the country plunged 23 percent last week. (Wed, 01 Oct 2008 19:08:56 GMT)

Mortgage aid program launches
The $300B initiative will help borrowers who spend more than 31% of their income on mortgage payments. (Wed, 01 Oct 2008 19:09:07 GMT)

Mortgage applications drop 23 percent
With the housing market mired in a historic downturn, the Mortgage Bankers Association said Wednesday that mortgage applications across the country plunged 23 percent last week. (Wed, 01 Oct 2008 21:03:43 GMT)

FHA Launches Program to Rework Loans of Struggling Homeowners
The Bush administration rolled out a program yesterday that aims to help thousands of struggling borrowers refinance into more affordable, government-backed mortgages and thus provide some relief for the foreclosure crisis that's contributed to crippling the financial markets. (Thu, 02 Oct 2008 00:35:43 GMT)

Credit Crisis Makes Buying a Home More Difficult
Prices for homes are down, and interest rates are still considered low by historical standards. But the nation's financial crisis is affecting the ability of many home buyers to get mortgage loans as there are now stricter requirements to get a loan. (Thu, 02 Oct 2008 00:40:17 GMT)

Thornburg Mortgage Announces Consent of Holders of Senior Subordinated Secured Notes to Receive Interest Payment in Kind
Thornburg Mortgage, Inc. (NYSE: TMA) announced that it has received consents, effective September 30, 2008, from the holders of approximately 98.5% of the aggregate principal amount outstanding of the Senior Subordinated Secured Notes to accept the September 30th interest payment in respect of their notes in the form of additional Senior Subordinated Secured Notes in principal amount equal to ... (Thu, 02 Oct 2008 01:46:00 GMT)

Financial Crisis: Getting a Mortgage in WNY
With the country's financial state uncertain, due in part to the mortgage crisis, we asked several bank representatives in Western New York if you can get a mortgage right now. (Thu, 02 Oct 2008 03:18:09 GMT)

New mortgage home-helper plan introduced
The US government has begun its $300 billion Hope for Homeowners program. (Thu, 02 Oct 2008 04:08:04 GMT)

For at least one local company, crisis hits home
SCOTTVILLE — At least one local company is finding it tough to stay in business and is having trouble refinancing its loan, according to the owner. (Thu, 02 Oct 2008 04:09:45 GMT)

UBS Has `Small' Profit, Reduces Mortgage Holdings (Update1)
Oct. 2 (Bloomberg) -- UBS AG , the European bank with the biggest losses from the global credit crisis, had its first profit in more than a year in the third quarter after reducing holdings of mortgage-related securities. (Thu, 02 Oct 2008 06:31:20 GMT)

Lenders cut 10% of mortgage deals in one day
Hundreds of mortgage deals vanished from the market yesterday, as lenders responded to the ongoing inter-bank lending freeze. (Thu, 02 Oct 2008 07:07:21 GMT)

Services help vets avoid defaulting on home loans
The Department of Veterans Affairs is offering counseling services to help veterans and active-duty personnel avoid defaulting on home loans obtained under the government's home-loan guaranty program. (Thu, 02 Oct 2008 07:19:15 GMT)

UBS Has `Small' Profit, Reduces Mortgage Holdings (Update2)
Oct. 2 (Bloomberg) -- UBS AG , the largest Swiss bank, had its first profitable quarter in more than a year and said it decreased holdings of mortgage securities to limit losses from the worst U.S. housing slump since the Great Depression. (Thu, 02 Oct 2008 08:13:56 GMT)

Can lender challenge loan data after closing?
The mortgage meltdown has brought a return to the process of proper verification of a borrower's assets. But just how long is the information stated on your home-loan application considered valid? If you retire or lose your job after your loan closes, can the lender demand payment in full? (Thu, 02 Oct 2008 09:41:21 GMT)

South Windsor Mortgage Broker Fined $10,000 For Fraud
A 38-year-old mortgage broker escaped prison time but was fined $10,000 Monday for a multilayered mortgage fraud that cost a Coventry couple their home. (Thu, 02 Oct 2008 09:52:08 GMT)

Home Buyers, Sellers Worried By Credit Crunch
There may be lots of houses up for sale, but the question is, can you get a loan? The possibility that mortgages might be more difficult to get worries one couple from Pittston who want to buy a home. (Thu, 02 Oct 2008 09:59:48 GMT)

States offer foreclosure rescue loans
More states may soon offer mortgage refinancing programs. Though limited in scope, they do provide another option. (Thu, 02 Oct 2008 10:00:00 GMT)

Mortgage rates rise in volatile week
Mortgage rates went up again in a volatile week marked by political tumult. (Thu, 02 Oct 2008 10:00:00 GMT)

Homeowners can seek new federal mortgage aid
WASHINGTON -- Borrowers struggling with unaffordable mortgages might be eligible for help from a government-backed program, Housing and Urban Development Secretary Steve Preston said yesterday. (Thu, 02 Oct 2008 10:26:55 GMT)

States offer foreclosure rescue loans
Homeowners who need to refinance a burdensome mortgage may be heartened to hear that more U.S. states may soon offer home loan refinancing programs similar to those already available from the federal government and at least nine states. (Thu, 02 Oct 2008 10:50:42 GMT)

Mortgage rates rise in volatile week
Mortgage rates went up again in a volatile week marked by political tumult. (Thu, 02 Oct 2008 10:51:03 GMT)

A reverse mortgage can be a godsend or the product from Hades. Understand it well before signing the dotted line.
A reverse mortgage can be a godsend or the product from Hades. Understand it well before signing the dotted line. (Thu, 02 Oct 2008 10:51:42 GMT)

Financial Crisis Hits Home With Student Loan Repercussions
University students are finding out you don't need to be a stock broker to be concerned about the nation's recent economic woes. The financial crisis, which started in the housing an mortgage industry, could potentially spread to the student loan industry and other areas impacting students. (Thu, 02 Oct 2008 11:21:47 GMT)

UBS slims mortgage-backed holdings, turns profit
UBS rose as much as 8.9 percent in Swiss trading after saying it expects a "small profit" for the third quarter. The Zurich-based bank said in a statement today it "substantially reduced its U.S. commercial and residential mortgage-related positions" and forecast 2009 will be a profitable year. (Thu, 02 Oct 2008 11:24:05 GMT)

Bankrate: Mortgage Rates Rise as Credit Crunch Intensifies
Mortgage rates increased for the third consecutive week, with the average 30-year fixed mortgage rate rising to 6.41 percent. According to Bankrate.com's weekly national survey, the average 30-year fixed mortgage has an average of 0.42 discount and origination points. (Thu, 02 Oct 2008 11:30:00 GMT)

Bankrate: 30-year fixed mortgage rate jumps to 6.41%
NEW YORK (MarketWatch) -- Mortgage rates increased for the third consecutive week, despite benchmark Treasury yields being largely unchanged versus one week ago, Bankrate.com reported Thursday. The average 30-year fixed mortgage rate rose to 6.41% from 6.32% the previous week with an average of 0.42 discount and origination points. The average 15-year fixed-rate mortgage popular for refinancing ... (Thu, 02 Oct 2008 12:20:50 GMT)

Bankrate: 30-year Fixed Mortgage Rate Jumps To 6.41%
Bankrate: 30-year Fixed Mortgage Rate Jumps To 6.41% (Thu, 02 Oct 2008 12:34:11 GMT)

Freddie Mac: 30-year Fixed-rate Mortgage Average Up Slightly
Freddie Mac: 30-year Fixed-rate Mortgage Average Up Slightly (Thu, 02 Oct 2008 14:50:00 GMT)

Mortgages: U.S. mortgage rates edge higher as applications tumble
U.S. mortgage rates edged slightly higher this week, according to Freddie Mac’s latest weekly survey. (Thu, 02 Oct 2008 15:12:52 GMT)

U.S. mortgage rates up slightly in week
WASHINGTON, Oct. 2 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages increased slightly in the week ending Oct. 2, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 02 Oct 2008 16:17:33 GMT)

Mortgage broker spared prison for defrauding bank
“I can’t imagine a worse day to be sentenced for mortgage fraud,” a federal judge told South Windsor resident Matthew S. Listro on Wednesday before sentencing him to probation and fining him $10,000 for just such a fraud. (Thu, 02 Oct 2008 16:55:21 GMT)

UBS Has `Small' Profit, Reduces Mortgage Holdings (Update4)
Oct. 2 (Bloomberg) -- UBS AG , the largest Swiss bank, had its first profitable quarter in more than a year and said it decreased holdings of mortgage securities to limit losses from the worst U.S. housing slump since the Great Depression. (Thu, 02 Oct 2008 17:59:57 GMT)

Fitch Takes Various Rating Actions on 1 Irwin Home Equity Loan Trust Transaction
Fitch Ratings has taken the following rating actions on one Irwin HELOC transaction. Unless stated otherwise, any bonds that were previously placed on Rating Watch Negative are now removed. (Thu, 02 Oct 2008 18:15:38 GMT)

Mortgage applications drop 23 percent
With the housing market mired in a historic downturn, the Mortgage Bankers Association said that mortgage applications across the country plunged 23 percent last week. (Thu, 02 Oct 2008 18:31:16 GMT)

Feds indict three for local mortgage fraud scheme
Federal prosecutors just announced the indictment of three people, including a father-son team, for a mortgage fraud scheme that has already cost lenders about $1.5 million. (Thu, 02 Oct 2008 19:52:46 GMT)

Mortgage rates climb
n Rages on 30-year, fixed-rate loans hit 6.10 percent (Thu, 02 Oct 2008 20:04:42 GMT)

Mortgage rates climb
n Rages on 30-year, fixed-rate loans hit 6.10 percent (Thu, 02 Oct 2008 20:12:12 GMT)

ECONOMY ON EDGE: Our mortgage, finance experts answer more of your questions 11 a.m. Friday
Freep.com wants to help you with your questions on the nation's economic turmoil. We will have mortgage and financial experts online to answer questions at 11 a.m. Friday morning. Please send your questions to money@freepress.com or post them in the forum below. (Thu, 02 Oct 2008 21:44:57 GMT)

Home equity loans drying up
Getting a home equity loan is getting tougher in tight economy. (Thu, 02 Oct 2008 22:00:01 GMT)

What the bailout means for mortgage rates
What would the bailout plan do to mortgage-rate trends? One of the goals of this plan is to calm the credit markets and narrow the "spread"--or difference--between mortgage rates and rates on risk-free treasuries. (Thu, 02 Oct 2008 22:26:55 GMT)

Mortgage finance company Fannie Mae backs off on fee hike for new mortgages
WASHINGTON - Mortgage finance company Fannie Mae, seized by the U.S. government last month, is cancelling a fee hike for new mortgages. Fannie Mae said Thursday that a fee introduced last year will remain at 0.25 per cent of the total loan amount. (Fri, 03 Oct 2008 01:19:02 GMT)

Mortgage help has shifted from Ohio to coastal cities, Sunbelt
If the $700 billion mortgage-lender bailout leaves you shaking your head, wondering when struggling homeowners will get theirs, consider this: Homeowners got some help more than a year ago. It was far less dramatic than today's proposal, and a Dispatch analysis of the latest data shows that Ohioans' share is shrinking. The help arrived in 2007, when the federal government pushed lenders to ... (Fri, 03 Oct 2008 01:26:55 GMT)

Portland loan officer pleads guilty in mortgage fraud
Marty Ray Folwick, the Portland man who put together more than 70 fraudulent mortgage deals during the housing boom, pleaded guilty Thursday to four counts of bank fraud, wire fraud and money laundering. Prosecutors recommended that Folwick serve 62 months... (Fri, 03 Oct 2008 03:56:14 GMT)

EU approves rescue of Hypo Real Estate
The European Commission approved on Thursday German rescue aid package for Hypo Real Estate group, a mortgage lender which fell prey to the global credit crunch. The commission said in a statement that the measures to be taken comply with European Union (EU) rules on rescue aid. By the end of September this year, Hypo Real Estate faced a liquidity crisis due to its short-term refinancing ... (Fri, 03 Oct 2008 04:23:42 GMT)

Mortgage broker spared prison for defrauding bank
“I can’t imagine a worse day to be sentenced for mortgage fraud,” a federal judge told South Windsor resident Matthew S. Listro on Wednesday before sentencing him to probation and fining him $10,000 for just such a fraud. (Fri, 03 Oct 2008 05:55:11 GMT)

Loan crunch hits home
A stalled national economy and a banking sector gripped by uncertainty has resulted in tighter lending standards for South Sound auto dealerships, home builders and retailers. (Fri, 03 Oct 2008 07:02:41 GMT)

Loan crunch hits home
A stalled national economy and a banking sector gripped by uncertainty has resulted in tighter lending standards for South Sound auto dealerships, home builders and retailers. (Fri, 03 Oct 2008 07:25:25 GMT)

30-year mortgage rates rise for second week
WASHINGTON Rates on 30-year mortgages have risen for a second straight week, climbing to the highest level in a month. Freddie Mac, the mortgage company, reported yesterday that 30-year, fixed-rate mortgages averaged 6.10 percent this week, up slightly from 6.09 percent last week. It was the highest level since 30-year mortgages averaged 6.35 percent for the week ending Sept. 4. Financial ... (Fri, 03 Oct 2008 07:40:31 GMT)

One in three over-55s will still be paying off their mortgage AFTER they retire
One in three middle-aged homeowners will still be making mortgage payments after they retire, a report claims. (Fri, 03 Oct 2008 08:35:58 GMT)

Three indicted in mortgage fraud case
St. Louis — Three people, including a father and son, have been indicted in a mortgage fraud scheme that cost lenders about $1.5 million, the U.S. Attorney's Office announced Thursday. (Fri, 03 Oct 2008 10:07:46 GMT)

Can I still get a mortgage?
Homebuyers are seeing the cost of mortgages continue to climb despite falling house prices. Mortgage brokers say lenders are cold-shouldering 'risky' borrowers as they desperately try to improve their returns on loans. (Fri, 03 Oct 2008 10:57:06 GMT)

Mortgage help being shifted away from Ohio
If the $700 billion mortgage-lender bailout leaves you shaking your head, wondering when struggling homeowners will get theirs, consider this: (Fri, 03 Oct 2008 10:57:15 GMT)

CIBC in deal with Cerberus to cut subprime mortgage exposure
NEW YORK — — U.S. private equity giant Cerberus Capital Management is injecting $1-billion into Canadian Imperial Bank of Commerce , a deal designed to help build a protective wall around CIBC's toxic sub-prime mortgage holdings. (Fri, 03 Oct 2008 12:13:58 GMT)

Loan crunch hits home
"The industry is going through a difficult time right now," said Vicki Fabre, executive vice president of the association. (Fri, 03 Oct 2008 13:36:04 GMT)

Ryan sees opportune mortgage moment
WHO dares wins? A former founder of Wizard Home Loans, Paul Ryan, has seemingly picked the worst possible time to launch a home mortgage lending and broking company. (Fri, 03 Oct 2008 14:00:00 GMT)

Bad mortgage loans didn't require insurance
If the problem threatening to take down the economy is bad mortgages, then why isn't mortgage insurance taking care of it? (Fri, 03 Oct 2008 14:05:04 GMT)

AIG to Sell U.S., Japan, European Life Units to Repay Loan
Oct. 3 (Bloomberg) -- American International Group Inc ., the insurer forced to peddle businesses to repay an $85 billion government loan, will sell its life insurance operations in the U.S., Europe, Latin America, South Asia and Japan. (Fri, 03 Oct 2008 15:00:21 GMT)

Wire feed: PG&E raises rates 6 percent; music royalties left unchanged; mortgage rates rise
PG&E customers will pay more for their electricity after the company raised rates by an average of 6 percent. (Fri, 03 Oct 2008 15:11:34 GMT)

AIG to Sell U.S., Overseas Life Units to Repay Loan (Update1)
Oct. 3 (Bloomberg) -- American International Group Inc ., the insurer forced to peddle businesses to repay an $85 billion government loan, will sell its life insurance and retirement operations in the U.S., Europe, Latin America and Japan. (Fri, 03 Oct 2008 15:41:18 GMT)

Freddie, Fannie cut back mortgage fees
Mortgage finance companies Fannie Mae and Freddie Mac, seized by the federal government last month, are rolling back fees imposed as they struggled to shore up their finances over the past year. (Fri, 03 Oct 2008 15:57:48 GMT)

Freddie, Fannie cut back mortgage fees
WASHINGTON - Mortgage finance companies Fannie Mae and Freddie Mac, seized by the federal government last month, are rolling back fees imposed as they struggled to shore up... (Fri, 03 Oct 2008 16:14:13 GMT)

Freddie, Fannie cancel mortgage fee hikes
Mortgage finance companies Fannie Mae and Freddie Mac, seized by the federal government last month, are rolling back fee increases imposed as they struggled to shore up their finances over the past year. (Fri, 03 Oct 2008 16:19:36 GMT)

Federal Agricultural Mortgage, Macatawa Bank and Banner lead small-cap percentage gainers
Federal Agricultural Mortgage Corp. , Macatawa Bank Corp. and Banner Corp. are among the biggest percentage gainers in Friday's trading among companies with... (Fri, 03 Oct 2008 16:33:35 GMT)

Report shows loan delinquencies up slightly
Consumer loan delinquencies rose only slightly in the second quarter, a sign that the federal economic stimulus package helped people pay off debt, the American Bankers Association said Friday. (Fri, 03 Oct 2008 16:58:17 GMT)

Bail decision for Martin pastor, wife delayed; pair accused of mortgage fraud
A pastor and radio talk show host and his wife must remain in jail on charges of racketeering, conspiracy and mortgage fraud until a final decision is made on their bail at 9:30 a.m. Wednesday. Rodney and Shalonda McGill. The Attorney General’s statewide prosecutor’s office says the couple promised people they would teach them how to earn $50,000 within 90 days through buying and selling real ... (Fri, 03 Oct 2008 19:20:16 GMT)

Race to secure mortgage rights
Property owners looking to remortgage within the next six months should consider purchasing the right to lock into a particular deal in advance, to protect themselves in case mortgage rates climb higher and house prices fall even further. (Fri, 03 Oct 2008 19:26:41 GMT)

Banks get deductions for mortgage-security losses
WASHINGTON — The biggest tax breaks in the financial industry rescue may be those that aren’t even in the bill. Banks and other financial institutions can write off billions of dollars in losses after they sell bad mortgage assets to the government. (Fri, 03 Oct 2008 19:34:58 GMT)

Woman, 90, shoots self inside foreclosed home
A 90-year-old Akron, Ohio, woman who shot herself as sheriff's deputies tried to evict her from her foreclosed home became a symbol of the nation's home mortgage crisis Friday. (Fri, 03 Oct 2008 19:49:27 GMT)

Leader of Calif. mortgage scam sentenced
LOS ANGELES, Oct. 3 (UPI) -- A federal judge Friday sentenced a former Los Angeles real estate developer to 14 years in prison for his role in a $50 million mortgage fraud. (Fri, 03 Oct 2008 20:05:34 GMT)

SEC Charges Five Brokers with Fraud in Sales of Unsuitable Securities Funded Through Subprime Mortgage Refinancings
Washington, D.C., Oct. 3, 2008 — The Securities and Exchange Commission today charged five Los Angeles-area brokers with securities fraud, alleging that they put their customers at risk by refinancing their homes with subprime mortgages that they could not afford in order to fraudulently sell them unsuitable securities. (Fri, 03 Oct 2008 20:20:40 GMT)

Los Angeles Developer Sentenced to 14 Years for Mortgage Fraud
Oct. 3 (Bloomberg) -- A Los Angeles real estate developer was sentenced to 14 years in prison for defrauding banks including Lehman Brothers Bank and RBC Mortgage Co. (Fri, 03 Oct 2008 20:48:12 GMT)

Schwarzenegger Says Federal Loan to State an Option (Update1)
Oct. 3 (Bloomberg) -- Passage of a $700 billion financial- market rescue plan doesn't mean California won't need to ask the federal government for an emergency loan to pay bills, Governor Arnold Schwarzenegger said. (Fri, 03 Oct 2008 22:18:46 GMT)

US hires Barclays, State Street to manage mortgage debt
The US Treasury said Friday it had taken on Barclays Global Investors and State Street Corp. to manage the mortgage debt purchased in its takeover of Fannie Mae and Freddie Mac. (Fri, 03 Oct 2008 22:27:51 GMT)

Mother and son plead guilty in NY mortgage fraud
The mother and son operators of a New York mortgage brokerage firm and one of their employees pleaded guilty on Friday to taking part in a multimillion dollar subprime mortgage scheme. (Fri, 03 Oct 2008 22:30:57 GMT)

2 firms selected for mortgage securities program
The Treasury Department has picked two financial institutions to manage a program it unveiled last month to provide support for beleaguered mortgage-backed securities. The government announced Friday it was hiring Barclays Global Investors of San Francisco... (Fri, 03 Oct 2008 22:37:18 GMT)

Reverse Mortgage Can Be a Perfect Fix
Because some fees on a reverse mortgage are fixed, small reverse mortgages are quite costly. Nonetheless, they may be the best option available in some circumstances. Here is an example: (Fri, 03 Oct 2008 23:18:29 GMT)

What the FHA Needs To Get the Job Done
In the current credit squeeze, if you have less than a 20 percent down payment, there's pretty much only one major source of mortgage financing available: the Federal Housing Administration, the Depression-era home loan insurance agency that still offers 3 percent down, 30-year, fixed-rate mortgages... (Fri, 03 Oct 2008 23:25:41 GMT)

Ohio woman, 90, shoots self during eviction; Fannie Mae forgives loan
Two days after a 90-year-old Ohio woman shot herself as deputies tried to evict her from her foreclosed home, Fannie Mae has decided to forgive the delinquent loan and give her the house outright, CNN reports. "We're going to forgive whatever outstanding balance she had on the loan and give her the house," said Fannie Mae spokesman Brian. "Given the circumstances, we think it's appropriate." ... (Fri, 03 Oct 2008 23:38:44 GMT)

AIG to Sell U.S., Overseas Life Units to Repay Loan (Update4)
Oct. 3 (Bloomberg) -- American International Group Inc ., the insurer forced to peddle businesses to repay an $85 billion government loan, will sell its life insurance and retirement operations in the U.S., Europe, Latin America and Japan. (Sat, 04 Oct 2008 00:44:04 GMT)

2 firms selected for mortgage securities program
WASHINGTON -- The Treasury Department has picked two financial institutions to manage a program it unveiled last month to provide support for beleaguered mortgage-backed securities. (Sat, 04 Oct 2008 01:12:14 GMT)

Series of loans precedes senior's loss of her home
Loans such as the one Addie Polk had from Countrywide Home Loans could be characterized as irresponsible and possibly predatory, though most predatory loans include adjustable rate mortgages, balloon payments and prepayment penalties, consumer advocates said Friday. (Sat, 04 Oct 2008 05:41:59 GMT)

Freddie Mac, Fannie Mae cut back their mortgage fees
WASHINGTON — Mortgage finance companies Fannie Mae and Freddie Mac, seized by the federal government last month, are rolling back fees imposed as they struggled to shore up their finances over the past year. (Sat, 04 Oct 2008 07:19:06 GMT)

FREEP.COM CHAT WITH EXPERTS: How to handle the economic crisis
Freep.com held a Web chat Friday with financial adviser Dan Casey of Retirement Advocacy Group Corp. in Mt. Clemens and Troy and mortgage broker Nick Di Legge of Interactive Financial Corp. in Troy. Here are some of the questions and answers. (Sat, 04 Oct 2008 07:44:46 GMT)

Considering buying your first home?
The decision about whether to buy a first home is complex. You need to consider the state of your finances, how well you understand the... (Sat, 04 Oct 2008 09:11:27 GMT)

'SUICIDE' LADY GETS HER HOME
After a desperate 90-year-old Ohio woman attempted to kill herself as authorities tried to evict her from her foreclosed home, troubled mortgage lender Fannie Mae forgave the delinquent loan - and gave her the house outright. "We're going to... (Sat, 04 Oct 2008 09:41:57 GMT)

Halifax hikes mortgage rates
Halifax has become the latest mortgage lender to hike its rates. (Sat, 04 Oct 2008 09:48:31 GMT)

Enron prosecutor says case parallels crisis in subprime mortgage industry
A former U.S. attorney who prosecuted top Enron executives Kenneth Lay and Jeffrey Skilling said he sees several "eerie parallels" between the Enron case and the subprime mortgage crisis. John C. Hueston, now a partner with the California-based law firm Irell & Manella LLP, was in Toledo yesterday to speak at the Toledo Bar Association's annual Kiroff/Bench Bar Seminar at the Park Inn Hotel, ... (Sat, 04 Oct 2008 10:31:49 GMT)

Halifax hikes its mortgage rates
Britain's biggest mortgage lender has become the latest mortgage lender to hike its mortgage rates. (Sat, 04 Oct 2008 13:44:57 GMT)

Banks get tougher on home buyers
Prospective home buyers are battling with cautious banks to get home loans approved in the wake of the global credit crunch - and facing expensive rates for the privilege. (Sat, 04 Oct 2008 15:15:46 GMT)

Bernard Hickey : Pray credit freeze thaws fast
These are nervous times for banks all around the globe as they try to refinance debt they owe to banks in other countries. The international inter-bank credit markets almost froze last week as banks stopped trusting each other. (Sat, 04 Oct 2008 15:16:26 GMT)

Feds to let elderly woman return home
AKRON, Ohio, Oct. 4 (UPI) -- U.S. housing officials say they are forgiving the mortgage of a 90-year-old Ohio woman who shot herself as she was about to be evicted. (Sat, 04 Oct 2008 16:50:44 GMT)

Halifax hikes its mortgage rates
Britain's biggest mortgage lender has become the latest mortgage lender to hike its mortgage rates. (Sat, 04 Oct 2008 16:52:12 GMT)

After the fall, the fall!
Now, reality sets in! The bailout/rescue plan will work only if banks take the liquidity that is coming their way and use it to make business and mortgage loans that will get the economy moving again. (Sat, 04 Oct 2008 19:03:30 GMT)

BB&T tries to reassure home buyers
Bank representatives will be in the Renaissance Park community this weekend hoping to reassure prospective home buyers after recent uncertainty in the housing market and economy. (Sat, 04 Oct 2008 23:04:12 GMT)

Home Sellers Remain Nervous About Market
Even with the economic rescue package, Americans remain nervous about the future of the economy. And perhaps no one is more nervous than someone trying to sell a home. (Sat, 04 Oct 2008 23:27:02 GMT)

Struggling borrowers face brick wall on loan workouts
Bernie Kellman can afford his home, but he needs help reworking a bum loan. He's not getting that help, and he's not alone. (Sat, 04 Oct 2008 23:53:21 GMT)

Dubai mortgage lenders plan merger
DUBAI: Dubai-based mortgage lenders Amlak Finance and Tamweel have begun merger talks, the two companies said yesterday, as liquidity in the Gulf region tightens. (Sun, 05 Oct 2008 01:15:18 GMT)

1st Time Home Buyers Get Info
Home First organized a first time home buyers class at the City Hall Annex. (Sun, 05 Oct 2008 02:26:50 GMT)

The Cabinet: Veterans Affairs Secretary
The VA oversees the nation's network of health care hospitals, benefits programs, and national cemeteries for America's veterans and their dependents. Much of its $90 billion budget goes toward health care through the Veterans Health Administration. The VA operates pension, education, rehabilitation, and home loan guaranty programs. (Sun, 05 Oct 2008 04:00:00 GMT)

FHA now a force in mortgage market
If you want to buy a home with less than 20 percent down these days, there's really only one major source of mortgage financing available to you: The Federal Housing... (Sun, 05 Oct 2008 04:15:34 GMT)

New federal program is supposed to help struggling mortgage borrowers
The Bush administration last week rolled out a program that aims to help thousands of struggling borrowers refinance into more affordable government-backed mortgages and thus provide some relief for the foreclosure crisis that has contributed to crippling the financial markets. (Sun, 05 Oct 2008 05:19:16 GMT)

Three-year hunt was worthwhile
Two decisions — turning down a tempting mortgage offer, and looking into a federal aid program — were key in Joanna and Emmanuel Cabrera's move from a rental in Oradell to their first house in Midland Park. (Sun, 05 Oct 2008 05:39:08 GMT)

Adjustable-rate mortgage meant for repairs costs woman her house
COLUMBIA TWP. — Evelyn Hunt sits quietly at her kitchen table, a newspaper spread out in front of her and a cup of coffee at hand. It’s when she sits here — where she can glance up and see the cabinets that she helped her former husband hang and the pale yellow walls that [...] (Sun, 05 Oct 2008 05:49:19 GMT)

Mortgage business is alive and well
Mortgage business is alive and well Prospective homebuyers with decent credit and steady income should have no problem securing a mortgage. By Steve Tytler Question: We want to buy a house now that home prices are finally coming down to the point where we might be able to afford one. (Sun, 05 Oct 2008 07:02:17 GMT)

Want a hot investment? Try your own mortgage
Want a hot investment? Try your own mortgage (Sun, 05 Oct 2008 07:04:01 GMT)

FHA: Understaffed, underfunded and overwhelmed?
-- In the current credit squeeze, if you have less than a 20% down payment, there's pretty much only one major source of mortgage financing available: FHA, the Depression-era home loan insurance agency that still offers 3% down, 30-year fixed-rate mortgages, even on jumbo loans. (Sun, 05 Oct 2008 07:04:09 GMT)

Kenneth Harney: Can FHA handle exploding loan volume?
In the current credit squeeze, if you have less than a 20 percent down payment, there"s pretty much only one major source of mortgage financing available: FHA. But there is a potentially troublesome problem looming: New loan volume is exploding and Congress just handed the agency the responsibility for virtually all the government"s efforts to keep economically distressed homeowners out of ... (Sun, 05 Oct 2008 07:26:40 GMT)

Worthy foreclosure rescue?
The federal government's latest efforts to prevent foreclosures are getting a lukewarm response from economists, officials and advocacy groups. Many doubt that lenders, already facing huge losses, will agree to take on more red ink to refinance troubled loans at lower interest rates. (Sun, 05 Oct 2008 07:30:06 GMT)

As loan volume leaps, so do worries about FHA
In the current credit squeeze, if you have less than a 20 percent down payment, there's pretty much only one major source of mortgage financing available: the Federal Housing Administration, a Depression-era home loan insurance agency that still offers 3... (Sun, 05 Oct 2008 07:30:13 GMT)

Housing mortgage rates up second straight week
Rates on 30-year mortgages have risen for a second straight week, climbing to the highest level in a month. Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages averaged 6.10 percent last week, up slightly from 6.09 percent... (Sun, 05 Oct 2008 07:30:22 GMT)

DAVID W. MYERS: FHA premiums up, so loan costs more
Dear David: We started looking for a house to buy in August, and a mortgage broker preapproved us for an FHA loan. We haven't found a home that we like yet, but the broker called us last week to say that FHA loan costs are going to rise. Is this true, or is the broker just trying to rip us off? (Sun, 05 Oct 2008 07:32:24 GMT)

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