Mortgage News Oct 2008

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Mortgage rates could dip before election
Q: What economic indicators should I be watching when trying to decide when to refinance my mortgage or home equity line of credit? A: I'd just watch the price of the mortgages themselves. Right now, we're waiting for interest rates to drop further. But interest rates have become rather volatile. (Wed, 08 Oct 2008 09:41:03 GMT)

Madigan: mortgage settlement is model for country
A loan modification program that's part of an $8.7 billion national settlement over deceptive mortgage practices will help tens of thousands of borrowers stay in their homes and could be a national model, Illinois Attorney General Lisa Madigan said Monday. (Wed, 08 Oct 2008 09:53:07 GMT)

Obama and McCain Clash Over Economy
In a muted debate, Senator Barack Obama faulted a zeal for deregulation, while Senator John McCain offered a mortgage rescue plan. (Wed, 08 Oct 2008 10:07:33 GMT)

Commonwealth Bank cuts home loan interest rates
The Commonwealth Bank has cut its variable rate home loan interest rates by 0.80% pa. (Wed, 08 Oct 2008 10:13:59 GMT)

Citi sells India BPO arm, cuts U.S. mortgage jobs
(Recasts, adding company confirmation, quotes, analyst comment, previous on Wachovia bid and US mortgage broking) (Wed, 08 Oct 2008 10:48:41 GMT)

More households facing mortgage stress: report
New figures show there has been a five-fold increase in the number of Australian households experiencing mortgage stress since March last year. (Wed, 08 Oct 2008 11:07:30 GMT)

Three indicted in scheme aimed at mortgage lenders
Three Monmouth County residents have been indicted in connection with what authorities have said was a scheme to defraud mortgage lenders out of more than $4 million. (Wed, 08 Oct 2008 11:08:26 GMT)

Mortgage applications rose 2.2% last week: MBA
With rates on fixed-rate mortgages lower last week, applications for mortgages rise a seasonally adjusted 2.2% on a week-to-week basis, according to the Mortgage Bankers Association. However, filings are down 28.6% for the week ended Oct. 3 compared with the same week in 2007, the MBA's data show. (Wed, 08 Oct 2008 11:13:07 GMT)

GM pursuing mortgage on HQ :Renaissance Center in Detroit latest target in quest for cash.
DETROIT -- General Motors Corp. says it is looking to take out a mortgage on its towering headquarters complex as it continues efforts to raise cash to operate in an era of tight credit. (Wed, 08 Oct 2008 11:14:09 GMT)

IndyMac's Fast-Track Mortgage Modification Program
When Mark Akers got an offer from his mortgage lender in September to slash his monthly payments down to $2,500, from $4,200, he jumped at the chance. The Norco (Calif.) resident ran into trouble earlier this year after his wife got sick and he lost his job managing a factory that made doors for houses. The 53-year-old Akers could have become another foreclosure statistic if his bank, IndyMac, ... (Wed, 08 Oct 2008 12:08:43 GMT)

Innovation mortgage consultants to organize sales event for Remraam
Innovation, the leading mortgage consultancy firm in UAE, a member of Innovations Group will be organizing Sale of a building in Remraam, Phase 1 on October 11, 2008 at Hotel Movenpick, Bur Dubai, from 10.00 am - 5:00 pm. (Wed, 08 Oct 2008 12:12:49 GMT)

Mortgage rates cut on Bank news
Mortgage providers are dropping the cost of their home loans in response to the emergency cut in the Bank rate. (Wed, 08 Oct 2008 12:22:55 GMT)

Mortgage applications rise in week
The volume of applications for U.S. mortgages increased last week, rising by a seasonally adjusted 2.2 percent, an industry group said.The Market Composite Index, which measures mortgage loan application volume, rose to 465.5 in the week ending Oct. 3, the Mortgage Bankers Association said in a release Wednesday.The Refinance Index also increased, up 0.9 percent to 1,345.8, the MBA said.The ... (Wed, 08 Oct 2008 12:48:55 GMT)

Does prison loom for mortgage execs?
Walt Pavlo is a one-time senior manager at MCI who ended up in prison — and he predicts that investment bank executives involved in the subprime mortgage mess will too: “People are going to go to jail for covering up stuff as it started to go south.” (Wed, 08 Oct 2008 13:16:33 GMT)

U.S. MBA's Mortgage Applications Index Rose 2.2% Last Week
Oct. 8 (Bloomberg) -- Mortgage applications in the U.S. rose last week as lower interest rates lifted purchases from a six-year low. The Mortgage Bankers Association's index of applications to purchase a home or refinance a loan increased 2.2 percent to 465.5 from 455.4 the prior week. (Wed, 08 Oct 2008 13:33:06 GMT)

UPDATE: Mortgage Applications Rose 2.2% Last Week: MBA
CHICAGO (Dow Jones) -- Interest rates on fixed-rate mortgages decreased last week, and mortgage seekers took advantage: Applications filed for mortgages rose a seasonally adjusted 2.2% compared with the week before, according to the Mortgage Bankers Association. (Wed, 08 Oct 2008 14:12:14 GMT)

Fed announcement: Oct. 8, 2008
unchanged at the last three meetings. When will this surprise cut hit you? When the Federal Reserve meets, we all have questions: What does it mean to me? Will my mortgage rate go up or down? Is this a good time to refinance? Bankrate is here to help. (Wed, 08 Oct 2008 14:20:48 GMT)

OpenLink Financial to Support Federal Home Loan Bank of Atlanta's Loan Processing Operations
NEW YORK----OpenLink Financial, Inc. , a leading developer of cross-asset trading, risk management, operational and portfolio management software, has announced that the Federal Home Loan Bank of Atlanta , has selected OpenLink's Findur solution to support its loan processing. (Wed, 08 Oct 2008 16:00:00 GMT)

McCain mortgage plan shifts costs to taxpayers
Under a mortgage rescue plan announced at the debate Tuesday night by Senator John McCain, much of the burden of paying to keep troubled borrowers in their homes will shift to taxpayers. (Wed, 08 Oct 2008 16:24:07 GMT)

GM May Mortgage Detroit HQ For Cash
General Motors Corp. said it is looking to take out a mortgage on its towering headquarters complex as it continues efforts to raise cash to operate in an era of tight credit. (Wed, 08 Oct 2008 16:25:44 GMT)

The fatal flaw in McCain's mortgage plan
Untangling the mess created by mortgage-backed securities and their derivatives will be complicated and very, very expensive. (Wed, 08 Oct 2008 17:27:08 GMT)

McCain's Mortgage Bailout Plan - BusinessWeek
(Wed, 08 Oct 2008 18:34:03 GMT)

OpenLink Financial to Support Federal Home Loan Bank of Atlanta's Loan Processing Operations
OpenLink Financial, Inc. ("Open Link") (www.olf.com), a leading developer of cross-asset trading, risk management, operational and portfolio management software, has announced that the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) (http://www.fhlbatl.com), has selected OpenLink's Findur solution to support its loan processing. FHLBank Atlanta will replace existing transaction ... (Wed, 08 Oct 2008 18:39:25 GMT)

Lower Mortgage Rates May Be Silver Lining in Turmoil (Update2)
Oct. 8 (Bloomberg) -- There are few silver linings for consumers who have seen the Standard & Poor's 500 Index drop more than 30 percent this year. Lower mortgage rates may be one of them. (Wed, 08 Oct 2008 19:13:48 GMT)

Lower Mortgage Rates May Be Silver Lining in Turmoil (Update2)
Oct. 8 (Bloomberg) -- There are few silver linings for consumers who have seen the Standard & Poor's 500 Index drop more than 30 percent this year. Lower mortgage rates may be one of them. (Wed, 08 Oct 2008 19:17:37 GMT)

Obama rejects McCain's mortgage buyup plan
Democrat Barack Obama's campaign criticized John McCain's mortgage bailout plan Wednesday, saying it would cause the government to lose money by paying too much for bad loans. (Wed, 08 Oct 2008 19:56:03 GMT)

UBS pulls plug on Mortgage Strategist, ABS trading
UBS AG is halting its widely read weekly mortgage strategy report after more than 15 years of publication as the bank broadly scales down in the home loan business, including the closure of its asset-backed securities group, sources said. (Wed, 08 Oct 2008 20:25:58 GMT)

Citigroup shrinks mortgage broker business
Citigroup will cut 500 mortgage-related jobs and slash by 90% the number of independent mortgage brokers it works with, the company said, as the U.S. mortgage industry broadly shrinks amid the housing crisis. (Wed, 08 Oct 2008 20:43:22 GMT)

Credit's Tight, but Time's Right for Refinancing
HIGH POINT, N.C. (WGHP) -- Turmoil in the financial industry and the tightening of credit has made qualifying for a loan more difficult than it was just a couple of months ago. But for those with good credit and plenty of cash, the Federal Reserve's decision Wednesday to cut a key interest rate is good news for people with home equity loans or homeowners interested in refinancing. (Wed, 08 Oct 2008 20:48:50 GMT)

Mortgage Relief Arrives for Borrowers on Brink
To prevent foreclosure, mortgage lenders have begun to lower interest rates. (Wed, 08 Oct 2008 21:04:07 GMT)

Obama camp says McCain's mortgage plan unworkable
Democrat Barack Obama's campaign criticized John McCain's mortgage bailout plan Wednesday, saying it would cause the government to lose money by paying too much for bad loans. (Wed, 08 Oct 2008 22:07:40 GMT)

Blog Buzz: the Verdict on Last Night's Obama-McCain Debate, Another Strategy Change, and the New Mortgage Proposal
The boring debate lacked personal attacks but included a "new" home mortgage plan from McCain. (Wed, 08 Oct 2008 22:10:26 GMT)

McCain's mortgage buyout proposal draws fire
BETHLEHEM, Pa. — Seeking to regain ground he's lost in the polls during the economic crisis, Republican John McCain returned to the campaign trail Wednesday trumpeting a mortgage bailout plan he unveiled in Tuesday night's presidential debate. (Wed, 08 Oct 2008 22:56:00 GMT)

Mortgage payments aren't the only housing costs crimping budgets
Much attention has been given to homeowners struggling to make their mortgage payments but other household costs are also hammering both homeowners and renters alike. (Wed, 08 Oct 2008 23:42:47 GMT)

McCain pitches $300B mortgage plan in Ohio
STRONGSVILLE, Ohio — In a post-debate swing of battleground states, Republican nominee John McCain Wednesday set out to distance himself from President Bush and to argue he’s more in touch with the problems of the working class than Barack Obama. To prove it, he trumpeted the $300 billion home mortgage buyout proposal that he surprised viewers with during the debate. “The American dream of ... (Thu, 09 Oct 2008 00:31:31 GMT)

Charter Schools Can't Refinance Campuses, Financial Markets Unsteady
ROGERS -- The Benton County School of the Arts has room to grow and is ready to break ground on an addition as soon as money to refinance the campus is available. (Thu, 09 Oct 2008 01:39:54 GMT)

Taxpayers, Not Lenders, Would Bear Costs of McCain?s Mortgage Proposal
The plan that John McCain announced without detail in the debate Tuesday would allow millions of financially stretched Americans to refinance their mortgages with government help. (Thu, 09 Oct 2008 03:19:17 GMT)

Taxpayers, not lenders, would bear costs of McCain's mortgage plan
WASHINGTON — The homeowner assistance plan that Sen. John McCain announced without detail in the presidential debate Tuesday night would allow millions of financially stretched Americans to refinance their mortgages with government help, but it would leave taxpayers to cover the losses, rather than the financial institutions that hold the original mortgages. (Thu, 09 Oct 2008 03:27:55 GMT)

McCain pushes mortgage bailout plan
BETHLEHEM, Pa. . Seeking to regain ground he's lost in the polls during the economic crisis, Republican John McCain returned to the campaign trail Wednesday trumpeting a mortgage bailout plan he unveiled in Tuesday night's presidential debate. "We must go to the heart of the problem, and right now that problem is the housing crisis," McCain told a rally in a packed basketball arena at ... (Thu, 09 Oct 2008 05:53:37 GMT)

Charter Schools Can't Refinance Campuses, Financial Markets Unsteady
ROGERS -- The Benton County School of the Arts has room to grow and is ready to break ground on an addition as soon as money to refinance the campus is available. (Thu, 09 Oct 2008 07:44:56 GMT)

Reasses mortgage payments
Re-evaluate your mortgage payments. Call your loan company to inquire about the terms of refinancing, which can cut your monthly bill by hundreds of dollars. Reducing the length of your loan, such as from 30 to 15 years, can also reduce your monthly payments because the interest accumulated over the life of the loan drops substantially. (Thu, 09 Oct 2008 08:35:44 GMT)

TODAY’S MONEY-SAVING TIP: RE-EVALUATING YOUR MORTGAGE CAN SAVE YOU MONEY
— FROM STAFF REPORT Re-evaluate your mortgage payments. Call your loan company to inquire about the terms of refinancing which can cut your monthly bill by hundreds of dollars. Reducing the length of your loan, such as from 30 to 15 years, can also reduce your monthly payments because the interest accumulated over the life of the loan drops substantially. (Thu, 09 Oct 2008 08:45:19 GMT)

Obama camp attacks McCain over his mortgage bailout plan
Indianapolis - Democratic Sen. Barack Obama's campaign criticized Sen. John McCain's mortgage bailout plan Wednesday, saying it would cause the government to lose money by paying too much for bad loans. (Thu, 09 Oct 2008 08:51:40 GMT)

BOE: UK Mortgage Interest Rates Fell In September
LONDON -(Dow Jones)- Interest rates charged by mortgage lenders in the U.K. fell in September, figures released Thursday by the Bank of England showed. (Thu, 09 Oct 2008 09:12:31 GMT)

Mortgage rates fall as activity rises
Mortgage rates fell across the board, as people shopping for a new home loan took notice. (Thu, 09 Oct 2008 10:00:00 GMT)

Will the federal mortgage plan help you?
The prospect of mortgage debt forgiveness will entice hundreds of thousands of homeowners into picking up the phone to play the home-preservation game of "Let's Make a Deal," beginning this fall. (Thu, 09 Oct 2008 10:50:38 GMT)

9 charged in $1 million South Florida mortgage fraud scheme
Nine South Floridians are facing mortgage fraud charges in an alleged scheme that cost lenders at least $1 million. (Thu, 09 Oct 2008 10:58:30 GMT)

Taxpayers, Not Lenders, Would Bear Costs of McCain’s Mortgage Proposal
The homeowner assistance plan that Senator John McCain announced without detail in the presidential debate Tuesday night would allow millions of financially stretched Americans to refinance their mortgages with government help, but it would leave taxpayers to cover the losses, rather than the financial institutions that hold the original mortgages, The New York Times’s Jackie Calmes reported. (Thu, 09 Oct 2008 11:00:22 GMT)

Bankrate: Mortgage Rates Remain Volatile
Mortgage rates fell this week, with the average 30-year fixed mortgage rate dropping to 6.2 percent. According to Bankrate.com's weekly national survey, the average 30-year fixed mortgage has an average of 0.4 discount and origination points. (Thu, 09 Oct 2008 11:30:00 GMT)

Obama camp says McCain mortgage plan won't work
Mortgage bailout plan would cause government to overpay for bad loans, Obama campaign says Sen. Barack Obama's campaign criticized Sen. John McCain's mortgage bailout plan yesterday, saying it would cause the government to lose money by paying too much for bad loans. (Thu, 09 Oct 2008 11:32:16 GMT)

The Law Firm of Tramont Guerra Núñez, PA Urges Federal Home Loan Mortgage Corporation Prospective Class Members to ...
The Securities Law Firm of Tramont Guerra & Núñez, PA makes an announcement to Federal Home Loan Mortgage Corporation class action lawsuit prospective members filed August 15, 2008 for the class period which runs from November 29, 2007 to August 5, 2008. (Thu, 09 Oct 2008 12:00:00 GMT)

Taxpayers, Not Lenders, Would Bear Costs of McCain?s Mortgage Proposal
The plan that John McCain announced without detail in the debate Tuesday would allow millions of financially stretched Americans to refinance their mortgages with government help. (Thu, 09 Oct 2008 15:52:33 GMT)

30-year mortgage rates dip below 6 percent
Rates on 30-year mortgages fell below 6 percent this week, recording the first decline in three weeks. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 5.94 percent this week, down from 6.10 percent last week. (Thu, 09 Oct 2008 15:55:04 GMT)

Obama Ad Attacks McCain Mortgage Plan
(RTTNews) - The Obama campaign released a new television ad Thursday that attacked Republican presidential nominee John McCain's new mortgage plan. (Thu, 09 Oct 2008 15:57:57 GMT)

Sheriff suspends mortgage evictions
CHICAGO, Oct. 9 (UPI) -- The Cook County, Ill., sheriff said he will suspend serving eviction notices at properties where owners have fallen behind on mortgage payments. (Thu, 09 Oct 2008 16:35:45 GMT)

Obama attacks McCain mortgage bailout plan
Democratic presidential nominee Barack Obama accused Republican John McCain on Thursday of backing a mortgage bailout plan that would reward banks responsible for the U.S. housing crisis, as he sought to press a perceived advantage on economic issues. (Thu, 09 Oct 2008 17:05:27 GMT)

McCain Mortgage Plan Draws Doubts
The few details that have emerged about John McCain's mortgage proposal have led some mortgage industry experts to criticize the plan as flawed and say that the $300 billion estimate is unrealistic, writes the Washington Post . (Thu, 09 Oct 2008 17:30:04 GMT)

In Mo, Biden denounces McCain's mortgage plan
ST. JOSEPH, Mo. -- Democratic vice presidential candidate Joe Biden denounces John McCain's mortgage bailout plan as a reward to banks for their greedy behavior. (Thu, 09 Oct 2008 17:37:46 GMT)

Obama calls McCain mortgage plan ill-advised
Democrat Barack Obama told a campaign audience Thursday that Republican John McCain's mortgage buyout plan would cost taxpayers billions of dollars and reward bad behavior by lenders. (Thu, 09 Oct 2008 17:47:01 GMT)

Mortgage rates drop slightly in week
WASHINGTON, Oct. 9 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages declined in the week ending Oct. 9, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 09 Oct 2008 18:02:27 GMT)

Obama: McCain mortgage plan ill-advised
Democrat Barack Obama told a campaign audience Thursday that Republican John McCain's mortgage buyout plan would cost taxpayers billions of dollars and reward bad behavior by lenders. (Thu, 09 Oct 2008 18:19:44 GMT)

McCain Proposes Mortgage Rescue Plan
The Republican candidate proposes a plan to help homeowners who struggle with mortgage payments to avoid foreclosure. (Thu, 09 Oct 2008 19:10:33 GMT)

30-year mortgage rates dip below 6 percent
WASHINGTON — Rates on 30-year mortgages fell below 6 percent this week, recording the first decline in three weeks. Freddie Mac, the mortgage company, reported today that 30-year, fixed-rate mortgages averaged 5.94 percent this week, down from 6.10 percent last week. (Thu, 09 Oct 2008 19:11:07 GMT)

30-year mortgage rates dip below 6%
Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 5.94% this week, down from 6.10% last week. It marked the first decline since rates fell on Sept. 18 to 5.78%, a seven-month low. (Thu, 09 Oct 2008 19:43:10 GMT)

Obama: McCain's mortgage plan shows 'erratic' leadership
Sen. Barack Obama on Thursday slammed Sen. John McCain's new mortgage plan as "the latest in a series of shifting positions" and evidence of "erratic and uncertain leadership." (Thu, 09 Oct 2008 20:07:42 GMT)

McCain mortgage plan shifts costs to taxpayers
Under a mortgage rescue plan announced at the debate Tuesday night by Senator John McCain, much of the burden of paying to keep troubled borrowers in their homes will shift to taxpayers. (Thu, 09 Oct 2008 20:29:00 GMT)

UBS pulls plug on Mortgage Strategist, ABS trading
NEW YORK (Reuters) - UBS AG (UBSN.VX) is halting its widely read weekly mortgage strategy report after more than 15 years of publication as the bank broadly scales down in the home loan business, including the closure of its asset-backed securities group, sources said. (Thu, 09 Oct 2008 20:41:10 GMT)

Obama slams McCain's mortgage relief plan
CINCINNATI — Democrat Barack Obama on Thursday slammed Republican John McCain's new mortgage rescue plan in a television ad and on the stump in Ohio, calling it a "risky idea" that would take advantage of taxpayers, adding that it's an example of his opponent's "erratic behavior." (Thu, 09 Oct 2008 20:56:00 GMT)

Real Estate Scammers are Using Reverse Mortgage Program to Flip Depressed Homes
Oct. 9, 2008 - There is a new scam involving reverse mortgages that everyone needs to be aware of because it doesn’t affect just senior citizen borrowers, according to Cliff Auerswald of All Reverse Mortgage Company. (Thu, 09 Oct 2008 22:13:48 GMT)

Surprise! You can still get a loan for a home
We all know by now that the mortgage mess is primarily to blame for our country's economic woes. For many families, it seems like the "American Dream" of home ownership is a thing of the past. (Thu, 09 Oct 2008 22:17:05 GMT)

Mortgage companies hold steady
Even with the global financial crisis and current stricter lending standards, managers of local mortgage companies say they haven’t seen a drastic drop-off in business of late. (Thu, 09 Oct 2008 23:58:34 GMT)

Floridians Finding Difficulties Getting Home Loans
Not all Floridians, including one Delray Beach man, are finding it easy to get a home loan. (Fri, 10 Oct 2008 01:59:40 GMT)

30-Year Mortgage Rates Dip Below 6 Percent
Rates on 30-year mortgages fell below 6 percent this week, recording the first decline in three weeks.Freddie Mac, the mortgage company, reported Thur.... (Fri, 10 Oct 2008 05:15:20 GMT)

30-year mortgage rates dip below 6%
WASHINGTON — Rates on 30-year mortgages fell below 6 percent this week, recording the first decline in three weeks. Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages averaged 5.94 percent this week, down from 6.10 percent last week. (Fri, 10 Oct 2008 05:33:47 GMT)

Charter Schools Can't Refinance Campuses, Financial Markets Unsteady
ROGERS -- The Benton County School of the Arts has room to grow and is ready to break ground on an addition as soon as money to refinance the campus is available. (Fri, 10 Oct 2008 07:42:25 GMT)

Mortgage relief plans offer some help
The prospect of mortgage debt forgiveness will entice hundreds of thousands of homeowners into picking up the phone this fall to play the home-preservation game of "Let's Make a Deal." The federal government's Hope for Homeowners plan started Oct. (Fri, 10 Oct 2008 09:06:53 GMT)

Loan Scam Artist Loses His Home
Jose M. Guzman, a former loan officer who pleaded guilty last month to defrauding more than 200 borrowers in New London County, has lost his (Fri, 10 Oct 2008 10:10:51 GMT)

5 indicted in $17 million mortgage fraud scheme
A federal grand jury in Houston has indicted five people for an alleged scheme that cheated residential mortgage lenders out of millions of dollars, federal prosecutors said Thursday. (Fri, 10 Oct 2008 11:45:00 GMT)

Floridians Finding Difficulties Getting Home Loans
Not all Floridians, including one Delray Beach man, are finding it easy to get a home loan. (Fri, 10 Oct 2008 11:59:41 GMT)

McCain faces conservative backlash over mortgage plan
John McCain is facing a fresh round of anger from members of his own party deeply opposed to the Arizona senator's proposal for the federal government to purchase troubled mortgage loans. (Fri, 10 Oct 2008 12:02:58 GMT)

Convicted mortgage loan officer loses his own home
Records show a former loan officer, convicted of defrauding more than 200 mortgage customers in New London County, has now lost his own home. (Fri, 10 Oct 2008 12:08:41 GMT)

McCain Mortgage Plan Draws Doubts
The few details that have emerged about John McCain's mortgage proposal have led some mortgage industry experts to criticize the plan as flawed and say that the $300 billion estimate is unrealistic, writes the Washington Post . (Fri, 10 Oct 2008 12:59:52 GMT)

Will mortgage plan help you?
The prospect of mortgage debt forgiveness will entice hundreds of thousands of homeowners into picking up the phone to play the home-preservation game of "Let's Make a Deal," beginning this fall. The federal government's Hope for Homeowners plan started Oct. ... (Fri, 10 Oct 2008 13:14:55 GMT)

Blow for new mortgage borrowers
The number of mortgage products available to new borrowers hits its lowest figure since the start of the credit crunch. (Fri, 10 Oct 2008 13:21:18 GMT)

Choosing the Right Mortgage
It’s in the news and everywhere we turn. It’s all about the mortgage industry and how it is falling apart. The reality is that the unconventional types of mortgages have created problems and are probably a thing of the past. (Fri, 10 Oct 2008 14:06:17 GMT)

Homeowner help: HUD-certified advisers, more refinancing available
Whether their home loan is through Countrywide, another mortgage company or bank, homeowners can get free counseling to help them avoid foreclosure. (Fri, 10 Oct 2008 14:35:25 GMT)

Obama calls McCain mortgage plan ill-advised
DAYTON, Ohio -- Democrat Barack Obama told Ohio voters Thursday that Republican John McCain's mortgage buyout plan would cost them billions of dollars and reward bad behavior by lenders. (Fri, 10 Oct 2008 14:48:18 GMT)

Harper says mortgage plan not a bailout
Prime Minister Stephen Harper said on Friday a plan to buy C$25 billion in mortgage assets from the nation's banks is not a bailout, but a market transaction that will represent no cost to government. (Fri, 10 Oct 2008 14:54:25 GMT)

Harper says mortgage plan to ease credit
Prime Minister Stephen Harper said on Friday that a C$25 billion ($21 billion) mortgage plan launched by his government would buffer domestic credit conditions from a global financial crisis that he said was unfolding beyond Canada's control. (Fri, 10 Oct 2008 15:30:30 GMT)

Leawood man pleads guilty in home loan scheme
KANSAS CITY, Kan. | A suburban Kansas City man pleads guilty to a scheme in which he and others fraudulently obtained more than $12 million in home loans. (Fri, 10 Oct 2008 16:36:29 GMT)

Mortgage lender suing for evictions
CHICAGO, Oct. 10 (UPI) -- A lawsuit filed in Cook County, Ill., by a mortgage lender alleges county sheriff Tom Dart should be forced to begin evictions at foreclosed homes. (Fri, 10 Oct 2008 16:47:12 GMT)

Kansas man pleads guilty in $12M home loan scheme
A suburban Kansas City man pleads guilty to a scheme in which he and others fraudulently obtained more than $12 million in home loans. (Fri, 10 Oct 2008 16:48:17 GMT)

McCain's Mortgage Plan Calls for Lowering Rates for Homeowners
Oct. 10 (Bloomberg) -- Republican John McCain 's plan to refinance distressed home loans includes cutting mortgage rates to just above 5 percent for troubled borrowers, an adviser said. (Fri, 10 Oct 2008 16:53:29 GMT)

30-year mortgage rates dip below 6 percent
Rates on 30-year mortgages fell below 6 percent this week, recording the first decline in three weeks. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 5.94 percent this week, down from 6.10 percent last week. (Fri, 10 Oct 2008 17:17:33 GMT)

Majority backs McCain’s $300B mortgage plan
A majority of U.S. voters back a mortgage bailout plan forwarded by U.S. Sen. John McCain, R-Ariz., that would have the federal government buy distressed and upside down mortgages and refinance them so homeowners can avoid foreclosures and keep their homes. (Fri, 10 Oct 2008 17:49:38 GMT)

Georgia man gets 14 years in mortgage fraud scheme
A metro Atlanta real estate agent was sentenced Friday to 14 years in federal prison in a multimillion-dollar mortgage fraud scheme. (Fri, 10 Oct 2008 18:28:40 GMT)

Real Estate Weekly: Nearly 25 million U.S. households feel no mortgage pinch
Mortgage payments aren’t the only housing costs that consumers are struggling with these days. (Fri, 10 Oct 2008 19:12:39 GMT)

Fannie, Freddie Mortgage-Bond Spreads Exceed Pre-Takeover Level
Oct. 10 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac mortgage bonds jumped relative to Treasuries for a second day, pushing spreads above their levels before the U.S. took over the companies and vowed to support the market. (Fri, 10 Oct 2008 20:02:34 GMT)

Fannie, Freddie Mortgage-Bond Spreads Exceed Pre-Takeover Level
Oct. 10 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac mortgage bonds jumped relative to Treasuries for a second day, pushing spreads above their levels before the U.S. took over the companies and vowed to support the market. (Fri, 10 Oct 2008 20:13:50 GMT)

Man Pleads Guilty In Home Loan Scheme
A Leawood, Kan., man pleads guilty to a scheme in which he and others fraudulently obtained more than $12 million in home loans. (Fri, 10 Oct 2008 20:52:19 GMT)

McCain mortgage plan hit from both sides
WASHINGTON, Oct. 10 (UPI) -- John McCain's plan to have the U.S. government buy troubled mortgage loans has drawn criticism from both sides of the political spectrum. (Fri, 10 Oct 2008 21:31:35 GMT)

Fannie, Freddie Mortgage-Bond Spreads Exceed Pre-Takeover Level
Oct. 10 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac mortgage bonds jumped relative to Treasuries for a second day, pushing spreads above their levels before the U.S. seized the companies and vowed to support the market to bolster home prices. (Fri, 10 Oct 2008 21:32:28 GMT)

Federal Home Loan Bank of San Francisco Announces 2008 Board of Directors Election Results for Nevada Member Directors
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco today announced that incumbent member directors Reginald Chen and Gregory A. Kares have been declared elected to new terms on the Bank's board as Nevada member directors. (Fri, 10 Oct 2008 21:39:00 GMT)

Federal Home Loan Bank of San Francisco Announces 2008 Board of Directors Election Results for Nevada Member Directors
The Federal Home Loan Bank of San Francisco today announced that incumbent member directors Reginald (Fri, 10 Oct 2008 21:49:25 GMT)

Mortgage lender drops eviction suit
CHICAGO, Oct. 10 (UPI) -- A mortgage lender Friday said it was dropping a lawsuit in Cook County, Ill., seeking to force a sheriff to begin evictions on foreclosed homes. (Fri, 10 Oct 2008 23:01:45 GMT)

Mixed Signals for Mortgage Giants
Reading the latest report from the federal regulator running mortgage finance giants Fannie Mae and Freddie Mac could give you whiplash. (Fri, 10 Oct 2008 23:51:29 GMT)

Mortgage system crumbled while regulators jousted
Federal bank regulators fought over turf with state agencies while America's mortgage lending system grew increasingly unstable and then fell apart. (Sat, 11 Oct 2008 05:05:01 GMT)

Financial crisis
“Let me get this straight. If I bought too much house, fell behind in my mortgage payments and came close to foreclosure, then my bank will refinance my adjustable rate loan at a new, low fixed rate. If I played by the rules, stayed in my small house, ate hamburger and kept making payments on my fixed rate loan, my taxes will go toward paying for the refinance of my neighbor? No thanks. I’m ... (Sat, 11 Oct 2008 07:10:53 GMT)

Home refinancing scam leads to charges
By Russ Mitchell Daily Reporter Staff A mortgage and home refinancing scam has led to charges against an Emmetsburg woman. Emmets-burg police officers took 56-year-old Terry Hoffert into custody... (Sat, 11 Oct 2008 08:59:07 GMT)

Upside-down on mortgage: Now what?
Q: My husband and I live in a house that I own on my own. I paid $500,000 for the house in 2005. I took out a 100 percent loan with a 5-year fixed-rate first mortgage for $400,000 and an adjustable $100,000 home equity line of credit as the second loan. (Sat, 11 Oct 2008 09:48:39 GMT)

Home loan crackdown
As the economic crisis worsens and the banks tighten up their lending policies, first-time home buyers are struggling to secure loans. (Sat, 11 Oct 2008 10:03:31 GMT)

Kansas Real Estate Agent Pleads Guilty to $12 Million Phony Home Loan Scheme
The Internal Revenue Service - Criminal Investigation and Housing and Urban Development - Office of Inspector General worked on the case. Acting U.S. Attorney Marietta Parker prosecuted the case. (Sat, 11 Oct 2008 10:24:51 GMT)

Georgia man gets 14 years in mortgage fraud scheme
A metro Atlanta real estate agent was sentenced Friday to 14 years in federal prison in a multimillion-dollar mortgage fraud scheme. (Sat, 11 Oct 2008 12:49:22 GMT)

Mortgage rates tipped to stay high
The Reserve Bank of New Zealand is tipped to cut the official cash rate this month, but mortgage holders and first home buyers are warned not to expect lower interest rates yet. (Sat, 11 Oct 2008 15:43:07 GMT)

Mortgage rates tipped to stay high
The Reserve Bank of New Zealand is tipped to cut the official cash rate this month, but mortgage holders and first home buyers are warned not to expect lower interest rates yet. (Sat, 11 Oct 2008 15:46:28 GMT)

Home loan interest rates are a function of the outside economic environment
Over a long period, it is impossible to predict what direction interest rates will take. While increasing the EMI would retire the loan earlier, any increase in rates will again take you back to square one (Sat, 11 Oct 2008 21:07:15 GMT)

Man arrested in mortgage fraud case
The U.S. Marshal's Task Force has arrested another suspect in an alleged mortgage-fraud scheme that involved buying and selling homes in Atlanta's West End neighborhood using false and inflated appraisals and ghost buyers. A total of 12 people were indicted on state racketeering and mortgage fraud charges a month ago. Eight have been arrested, including Ekue Satchivi, who was picked up Thursday. ... (Sat, 11 Oct 2008 21:10:00 GMT)

Ad Roundup: John McCain's Ads Get Personal, Barack Obama Hits McCain on Healthcare, Mortgage Plans
McCain attacks Obama on Bill Ayers; Obama slams McCain's mortgage proposal and healthcare tax credit. (Sat, 11 Oct 2008 23:13:22 GMT)

Dozens seek mortgage intervention
Puget Sound residents today filed into a mortgage intervention workshop in SeaTac. Foreclosure filings up in WA (Sun, 12 Oct 2008 00:05:17 GMT)

Americans Like McCain Mortgage Solution
(Angus Reid Global Monitor) - Many adults in the United States support an idea proposed by Republican presidential nominee John McCain to deal with the mortgage crisis, according to a poll by Rasmussen Reports. 52 per cent of respondents favour a plan where the government would buy unaffordable mortgages directly from mortgage servicers and renegotiate manageable fixed-rate mortgages with the ... (Sun, 12 Oct 2008 00:11:49 GMT)

Dozens seek mortgage intervention
Puget Sound residents today filed into a mortgage intervention workshop in SeaTac. Foreclosure filings up in WA (Sun, 12 Oct 2008 00:11:49 GMT)

Dozens seek mortgage intervention
Puget Sound residents today filed into a mortgage intervention workshop in SeaTac. Foreclosure filings up in WA (Sun, 12 Oct 2008 00:13:53 GMT)

Council helps troubled borrowers fix mortgage mess
Each waking day for nearly a year, Dorothy Mayes didn't know whether she would have a roof over her head. While grieving over the death of her husband, Arthur, Mayes watched her monthly mortgage payments steadily increase beyond her ... (Sun, 12 Oct 2008 03:26:29 GMT)

Errors in loan documents can save strapped homeowners
Even small mistakes in the paperwork may give borrowers the legal leverage to persuade lenders to rework their mortgages. Homeowners who are having difficulty getting the attention of their lenders to discuss their troubled mortgages might want to obtain a forensic loan review to determine if their lenders made any mistakes when the mortgage was issued. (Sun, 12 Oct 2008 07:02:14 GMT)

How high will hybrid mortgage go?
Q: I have a hybrid mortgage that is fixed for the first five years at 4.25 percent, and is tied to U.S. Treasury securities. The loan document notes that the index value is 2.1 and the margin is 2.75. The first "change date" on the loan is Nov. 1, 2009. My... (Sun, 12 Oct 2008 07:35:50 GMT)

Mortgage last loan people pay, study finds
Behind the mortgage crisis lurks some consumer behavior that, at first glance at least, seems puzzling. When faced with the possibility of falling behind on home loans, credit card payments or car loans, borrowers are more likely to choose to let their... (Sun, 12 Oct 2008 07:36:51 GMT)

30-year mortgage rates dip below 6 percent
Rates on 30-year mortgages fell below 6 percent last week, recording the first decline in three weeks. Freddie Mac, the mortgage company, reported that 30-year fixed-rate mortgages averaged 5.94 percent last week, down from 6.10 percent the previous week. It... (Sun, 12 Oct 2008 07:37:09 GMT)

Mortgage trouble sparks scheme
The Maryland Department of Labor, Licensing and Regulation is warning consumers and mortgage companies to beware of a new type of business purporting to offer "loss mitigation consulting," "foreclosure prevention" and similar services. (Sun, 12 Oct 2008 07:39:33 GMT)

When friends buy a home together
My daughter bought a condo with a friend. She put down $40,000 and her friend put down $20,000. They are both on the title to the home, but only my daughter is on the mortgage. How much of the property would her friend be entitled to if she wants out of the deal? They bought the home for $300,000 with a $240,000 loan. Her friend never paid any money toward the mortgage or other expenses and is ... (Sun, 12 Oct 2008 07:48:45 GMT)

Real-estate agents, mortgage brokers hurting
Michael W. Johnson used to be in the mortgage business. Now, he's in foreclosure. (Sun, 12 Oct 2008 09:02:47 GMT)

In market for a mortgage?
Media reports to the contrary, mortgage money is still available and#8212; if you have good credit and sufficient equity. (Sun, 12 Oct 2008 10:08:29 GMT)

Avon Jittery As It Prepares To Refinance Debt
Passersby in this town of upmarket shops and sunny soccer fields would hardly guess it is about to be drawn into the vortex of America's financial crisis. (Sun, 12 Oct 2008 10:14:02 GMT)

Obama calls McCain mortgage plan ill-advised
DAYTON, Ohio — Democrat Barack Obama told a campaign audience Thursday that Republican John McCain’s mortgage buyout plan would cost taxpayers billions of dollars and reward bad behavior by lenders. (Sun, 12 Oct 2008 10:40:02 GMT)

European plan guarantees bank refinancing
Countries that use the euro currency will temporarily guarantee bank refinancing in an attempt to promote lending and get credit flowing, 15 European leaders have decided. (Sun, 12 Oct 2008 11:13:48 GMT)

Home buyers 'lured' into mortgage stress
AUSTRALIAN banks ignored the sub-prime crisis and took greater risks in the home mortgage market to see of a challenge from rivals. (Sun, 12 Oct 2008 13:01:00 GMT)

Home buyers 'lured' into mortgage stress
AUSTRALIA'S big banks "lured mortgage customers into financial distress" to challenge rival lenders. (Sun, 12 Oct 2008 13:01:00 GMT)

Real Estate: With mortgage money harder to get, some sellers are making loans
It’s much harder to get a mortgage today than it was a couple of years ago. That’s why some home sellers are stepping in and financing deals on their own. (Sun, 12 Oct 2008 20:12:29 GMT)

Westpac Banking Cuts Its Fixed Interest Rates for Home Loans
Oct. 13 (Bloomberg) -- Westpac Banking Corp. , Australia's second-biggest by market value, cut its fixed interest rate for home loans by as much as 110 basis points after the central bank cut the benchmark lending rate last week. (Sun, 12 Oct 2008 20:59:25 GMT)

Europe Vows Bank Support, Bids to Stop Financial Rot (Update1)
Oct. 12 (Bloomberg) -- European leaders agreed to guarantee new bank refinancing and use government money to prevent lenders from going under, trying to stop the worst rout in Europe's stock markets in two decades and stave off a recession. (Sun, 12 Oct 2008 21:24:51 GMT)

Europe Vows Bank Support, Bids to Stop Financial Rot (Update1)
Oct. 12 (Bloomberg) -- European leaders agreed to guarantee new bank refinancing and use government money to prevent lenders from going under, trying to stop the worst rout in Europe's stock markets in two decades and stave off a recession. (Sun, 12 Oct 2008 21:32:23 GMT)

Europe Vows Bank Support, Bids to Stop Financial Rot (Update1)
Oct. 12 (Bloomberg) -- European leaders agreed to guarantee new bank refinancing and use government money to prevent lenders from going under, trying to stop the worst rout in Europe's stock markets in two decades and stave off a recession. (Sun, 12 Oct 2008 21:33:43 GMT)

Europe Offers Bank Guarantees, Seeks to Halt Financial Meltdown
Oct. 13 (Bloomberg) -- European leaders agreed to guarantee new bank refinancing and use taxpayer money to keep distressed lenders afloat, trying to stop the worst rout in Europe's stock markets in two decades and stave off a recession. (Sun, 12 Oct 2008 22:29:44 GMT)

Europe Offers Bank Guarantees, Seeks to Halt Financial Meltdown
Oct. 13 (Bloomberg) -- European leaders agreed to guarantee new bank refinancing and use taxpayer money to keep distressed lenders afloat, trying to stop the worst rout in Europe's stock markets in two decades and stave off a recession. (Sun, 12 Oct 2008 22:38:23 GMT)

Europe Offers Bank Guarantees, Seeks to Halt Financial Meltdown
Oct. 13 (Bloomberg) -- European leaders agreed to guarantee new bank refinancing and use taxpayer money to keep distressed lenders afloat, trying to stop the worst rout in Europe's stock markets in two decades and stave off a recession. (Sun, 12 Oct 2008 22:47:35 GMT)

VA home mortgage a great deal, especially in these jittery times
In this time of economic uncertainty, especially with home mortgage loans, more service members and veterans are using their Department of Veterans Affairs’ home loan guaranty benefit, a strong option in today’s housing market. (Mon, 13 Oct 2008 00:18:33 GMT)

NAB slashes fixed home loan rate
National Australia Bank today confirmed it had cut fixed interest rates on its home loan products, with the new rates taking effect today. NAB announced last week it would cut interest rates on (Mon, 13 Oct 2008 01:16:15 GMT)

EU countries to bolster banks
Governments in the 15-nation eurozone agreed Sunday to use public funds to replenish depleted banking coffers and to guarantee bank refinancing, moves aimed at unclogging blocked credit channels and easing the global financial crisis. (Mon, 13 Oct 2008 03:12:18 GMT)

New twist on mortgage fraud: Did rent money 'prop it all up'?
The FBI is investigating mortgage fraud that allegedly left straw buyers of condominiums holding the bag. No one has been charged. (Mon, 13 Oct 2008 03:26:37 GMT)

New twist on mortgage fraud: Did rent money 'prop it all up'?
The FBI is investigating mortgage fraud that allegedly left straw buyers of condominiums holding the bag. No one has been charged. (Mon, 13 Oct 2008 03:28:22 GMT)

Local mortgage lenders say money is available
"We're back to the way it used to be done ten years ago," John Hunter says. "You have to be able to prove your ability to repay the money." (Mon, 13 Oct 2008 04:12:25 GMT)

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