Mortgage News Oct 2008

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Consumer Credit plans mortgage advice center
Consumer Credit Counseling Service of Greater Atlanta Inc. (CCCS) is planning its largest expansion in the nonprofit’s 44-year history, opening a Cobb County call center this December that will exclusively serve customers struggling with their mortgage payments. (Mon, 13 Oct 2008 04:31:50 GMT)

Grange Insurance gets money option at Federal Home Loan Bank
Executives at Grange Mutual Casualty Co. have seen what it takes to get a bank loan these days, and it’s not pretty. (Mon, 13 Oct 2008 05:00:56 GMT)

Perry says consumer-friendly legislation helped spare Texas
It may be small comfort for those of you who have just opened your 401(k) quarterly statements to know that Texas, as Gov. Rick Perry reminded us the other day, has at least been spared the worst of the housing mortgage mess. (Mon, 13 Oct 2008 05:24:00 GMT)

Demand for fixed-rate loan products down
Demand for fixed-rate home loans has plunged to a seven-year low, prompting two major banks to slash rates on these mortgage products. Westpac Banking Corporation announced Monday it would cut its fixed home loan rate by as much as 1.1 percentage points. (Mon, 13 Oct 2008 05:27:24 GMT)

Demand for fixed home loans plunges
Demand for fixed-rate home loans has plunged to a seven-year low, prompting two major banks to slash rates on these mortgage products. Westpac announced today it would cut its fixed home loan rate by (Mon, 13 Oct 2008 05:46:37 GMT)

Home loan crackdown
As the economic crisis worsens and the banks tighten up their lending policies, first-time home buyers are struggling to get home loans, with their best chance of getting a bond sitting at only 50 percent. (Mon, 13 Oct 2008 07:02:10 GMT)

Home loan crackdown
As the economic crisis worsens and the banks tighten up their lending policies, first-time home buyers are struggling to get home loans, with their best chance of getting a bond sitting at only 50 percent. (Mon, 13 Oct 2008 07:09:07 GMT)

Home loan crackdown
As the economic crisis worsens and the banks tighten up their lending policies, first-time home buyers are struggling to get home loans, with their best chance of getting a bond sitting at only 50 percent. (Mon, 13 Oct 2008 07:10:43 GMT)

Fannie, Freddie to Step Up Purchases of Troubled Mortgage Bonds
Oct. 13 (Bloomberg) -- Fannie Mae and Freddie Mac are ready to start purchasing $40 billion a month of underperforming mortgage bonds as the U.S. government expands its options to remove troubled assets from the slumping financial markets, according to three people briefed about the plan. (Mon, 13 Oct 2008 07:57:28 GMT)

Banks cut fixed home loan rates as demand slumps
Demand for fixed-rate home loans has plunged to a seven-year low, prompting two major banks to slash rates on these mortgage products. (Mon, 13 Oct 2008 08:14:17 GMT)

BBC face of credit crunch Robert Peston has paid off his mortgage
The BBC's face of the credit crunch Robert Peston is out of the worst of the storm as he has paid off the mortgage on his £1million house. (Mon, 13 Oct 2008 08:39:34 GMT)

Big banks cut fixed home loan rates
Three of Australia's biggest banks have cut their fixed home loan rates. (Mon, 13 Oct 2008 09:40:11 GMT)

Using equity to pay debt can be risky
Using a refinance to pay down credit card debt can be risky, the Debt Adviser says. (Mon, 13 Oct 2008 10:00:00 GMT)

From subprime to stock swoon
This whole downward spiral seemed to start with U.S. subprime mortgages. What exactly are they? Subprime mortgages are home loans made to people who would not, under normal circumstances, be ideal candidates to get a mortgage - thus they are "subprime." (Mon, 13 Oct 2008 10:11:39 GMT)

Sarasota Real Estate: What To Look Out For When Applying For A Home Mortgage Loan
A mortgage loan is a perfect method to use for a home acquisition project in Sarasota. (Mon, 13 Oct 2008 10:17:13 GMT)

Mortgage crisis has turned homeownership upside down
Joey Goldner always approached real estate with a gardener's zeal. He'd plant his money in a building, patiently care for it and watch its worth grow. For 30 years, it was a brilliant avocation—right up until the heavy thud of the housing market helped flip Goldner's mortgage upside down. (Mon, 13 Oct 2008 10:35:48 GMT)

Riksbank's Ingves: Govts Should Encourage Mortgage Bond Mkts
STOCKHOLM -(Dow Jones)- Governments should do what it takes to encourage markets for different securities, including mortgage bond markets, Swedish Riksbank Governor Stefan Ingves said in a statement Monday. (Mon, 13 Oct 2008 11:02:16 GMT)

Riksbank's Ingves: Govts Should Encourage Mortgage Bond Mkts
STOCKHOLM -(Dow Jones)- Governments should do what it takes to encourage markets for different securities, including mortgage bond markets, Swedish Riksbank Governor Stefan Ingves said in a statement Monday. (Mon, 13 Oct 2008 11:02:16 GMT)

Mortgage wish-list 'not prudent'
A government plan for major banks to return mortgage lending to 2007 levels is "not prudent", a lenders' group says. (Mon, 13 Oct 2008 11:02:43 GMT)

Northern Rock fails to pass on rate cut to mortgage holders
Mortgage customers at government-owned bank will not feel the full benefit of last week's 0.5% interest rate cut (Mon, 13 Oct 2008 12:10:32 GMT)

PM’s mortgage pledge is not prudent, say lenders
MORTGAGE chiefs today branded a key plank of the Government's bank rescue plan “undesirable” and unlikely to happen. (Mon, 13 Oct 2008 13:03:36 GMT)

Mortgage crisis has turned homeownership upside down
Homeowners drowning in mortgage debt Joey Goldner always approached real estate with a gardener's zeal. He'd plant his money in a building, patiently care for it and watch its worth grow. For 30 years, it was a brilliant avocation—right up until the heavy thud of the housing market helped flip Goldner's mortgage upside down. (Mon, 13 Oct 2008 13:49:03 GMT)

Mortgage chiefs snub PM's demand that bailed-out banks give homeowners and businesses a break
Mortgage chiefs today branded a key plank of the Government's bank rescue plan 'undesirable' and unlikely to happen. (Mon, 13 Oct 2008 14:15:19 GMT)

Banking & Finance: Home loan bill signed
PRESIDENT GLORIA Macapagal-Arroyo yesterday signed into law a measure that would restructure delinquent housing loans and condone penalties and surcharges to allow borrowers to keep their homes. (Mon, 13 Oct 2008 15:12:50 GMT)

Mortgage lenders face tougher scrutiny
Tennessee will join a national licensing system next year that will allow fingerprinting, background checks, testing and educational requirements for mortgage lenders. (Mon, 13 Oct 2008 15:17:40 GMT)

Radian Launches Program To Help Reduce Mortgage Foreclosures
Radian Launches Program To Help Reduce Mortgage Foreclosures (Mon, 13 Oct 2008 17:24:44 GMT)

Home loan bill signed
MANILA, Philippines - President Gloria Macapagal-Arroyo Monday signed into law a measure that would restructure delinquent housing loans and condone penalties and surcharges to allow borrowers to keep their homes. (Mon, 13 Oct 2008 18:05:44 GMT)

Fannie, Freddie to Step Up Purchases of Troubled Mortgage Bonds
Oct. 13 (Bloomberg) -- Fannie Mae and Freddie Mac are ready to start purchasing $40 billion a month of underperforming mortgage bonds as the U.S. government expands its options to remove troubled assets from the slumping financial markets, according to three people briefed about the plan. (Mon, 13 Oct 2008 18:39:48 GMT)

Renegotiating Your Mortgage
Tips on renegotiating your mortgage. (Mon, 13 Oct 2008 18:54:33 GMT)

World Group Securities brokers charged with fraud
The Securities and Exchange Commission has charged five California brokers who worked for Duluth, Ga.-based World Group Securities Inc. with securities fraud, alleging they put customers at risk by refinancing their homes with subprime mortgages that they could not afford in order to fraudulently sell unsuitable securities. (Mon, 13 Oct 2008 19:34:23 GMT)

Officials: Financial crisis can lead to violence
An out-of-work money manager in California loses a fortune and wipes out his family in a murder-suicide. A 90-year-old Ohio widow shoots herself in the chest as authorities arrive to evict her from the modest house she called home for 38 years. In Massachusetts, a housewife who had hidden her family's mounting financial crisis from her husband sends a note to the mortgage company ... (Mon, 13 Oct 2008 20:22:00 GMT)

Officials: Financial crisis can lead to violence
An out-of-work money manager in California loses a fortune and wipes out his family in a murder-suicide. A 90-year-old Ohio widow shoots herself in the chest as authorities arrive to evict her from the modest house she called home for 38 years. In Massachusetts, a housewife who had hidden her family's mounting financial crisis from her husband sends a note to the mortgage company warning: "By ... (Mon, 13 Oct 2008 20:37:43 GMT)

Loan Modification Could Help With Mortgage
What if you could lower your monthly mortgage payment by hundreds of dollars and lower the interest rate. | Video (Mon, 13 Oct 2008 22:28:21 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. (Mon, 13 Oct 2008 22:52:02 GMT)

Mortgage Crisis Hits Queens Especially Hard
The subprime mortgage mess was a key trigger in the economic crisis, and one of the worst-hit areas was in Queens. By one estimate, one-fifth of all foreclosed properties in that borough is in Jamaica. It isn't a pretty site for residents. Gladys Murphy tells CBS 2 she tries not to let the boarded up house by hers on 170th Street bother her, even though it's been that way, and in foreclosure, ... (Mon, 13 Oct 2008 23:13:17 GMT)

More than a million homeowners use the credit card to pay off the mortgage and the gas bills
More than one million homeowners have resorted to taking out cash on their credit cards to pay their mortgage and essential bills, research suggests. (Tue, 14 Oct 2008 00:42:29 GMT)

Ottawa to purchase up to $25 billion in mortgage pools
The federal government will take steps to maintain the availability of longer-term credit in Canada by purchasing up to $25 billion in insured mortgage pools through the Canada Mortgage and Housing Corp. (CMHC), Finance Minister Jim Flaherty announced Friday. (Tue, 14 Oct 2008 01:31:50 GMT)

Mortgage purchase program a good first step, says BMO Capital Markets
The $25 billion mortgage program announced Friday by Finance Minister Jim Flaherty is a good step, but more is needed from policymakers, say analaysts at BMO Capital Markets. (Tue, 14 Oct 2008 02:16:28 GMT)

McCain adviser describes mortgage to students
Senior adviser to Sen. John McCain and former UW-Oshkosh economics professor Ike Brannon lectured to the audience on McCain’s new economic plan and stance on policy issues Thursday night in Reeve Union Theater. (Tue, 14 Oct 2008 03:40:35 GMT)

McCain adviser describes mortgage plan to students
Senior adviser to Sen. John McCain and former UW-Oshkosh economics professor Ike Brannon lectured to the audience on McCain’s new economic plan and stance on policy issues Thursday night in Reeve Union Theater. (Tue, 14 Oct 2008 03:53:54 GMT)

New law averts mortgage crisis
President Arroyo yesterday signed a law against housing foreclosures in a move that was seen preventing an outbreak of mortgage crisis similar to that besetting the United States and Europe. (Tue, 14 Oct 2008 04:05:33 GMT)

McCain, Obama Promoting Populist Appeals on Wall Street Rescue
Oct. 14 (Bloomberg) -- Barack Obama and John McCain, both laying claim to the populist ground, have different approaches to implementing the financial markets rescue plan. The Democrat is focused on recapitalizing banks while halting foreclosures and creating new jobs, while the Republican wants to purchase and refinance mortgages of troubled homeowners. (Tue, 14 Oct 2008 04:09:19 GMT)

Mortgage Activity Down 35 Percent in Q3
Of all the industries affected by the economic downturn – and there are many – the mortgage business has perhaps taken the biggest hit.Banks and mortg.... (Tue, 14 Oct 2008 05:16:00 GMT)

CBA slashes fixed home loan rates
Commonwealth Bank has followed Westpac and National Australia Bank by cutting the interest rates on fixed rate home loans, by up to 1.55 per cent. CBA said it was dropping its rates on fixed mor (Tue, 14 Oct 2008 05:16:17 GMT)

Business briefs: 30-year mortgage stays at 6.6 percent
SOUTHWEST FLORIDA -- The average rate for a conventional 30-year fixed mortgage on a owner-occupied, single-family home with 20 percent down on Monday afternoon was 6.625 percent, the same as Friday's rate but up a half-point from last week's low of 6.125, Sarasota's Sentinel Mortgage reported. (Tue, 14 Oct 2008 05:16:47 GMT)

MPs set to grill mortgage experts
Key figures from the housing and mortgage industries are facing a grilling from MPs. The Treasury Select Committee is holding a one-off session looking at the economics of the housing and mortgage markets, including both the current situation and likely future developments. (Tue, 14 Oct 2008 05:57:12 GMT)

Our View: McCain pitches disastrous housing fix
John McCain has proposed perhaps the most wrong-headed "fix" yet for the nation's housing difficulties. He would have the government buy mortgages on properties now worth less than the amount owed, then provide refinancing at lower prices and attractive interest rates. (Tue, 14 Oct 2008 06:30:50 GMT)

McCain, Obama battle over economic plans
Sens. Barack Obama and John McCain battled long-distance over the economy Monday as Obama offered new proposals to aid middle-class voters, including a moratorium on mortgage foreclosures, while McCain presented himself as a fighter with a plan to restore the nation's finances to good health. (Tue, 14 Oct 2008 06:45:45 GMT)

Why it's stimulus time again
Next stop for bailout-happy policymakers? The stressed-out U.S. consumer. (Tue, 14 Oct 2008 08:31:10 GMT)

Home loan numbers at record low
The number and value of home loans are at their lowest since current records began, according to lenders. (Tue, 14 Oct 2008 08:48:30 GMT)

Estate agents making less than one sale a week as frozen mortgage market pushes first-time buyers to record low
Estate agents are selling less than one property a week as first-time buyers struggle to secure a mortgage despite falling house prices, new figures reveal today. (Tue, 14 Oct 2008 08:51:39 GMT)

UK Sept. retail price index excld. Mortgage interest payments up 5.5% annually vs. 5.2% in August
(RTTNews) - UK Sept. retail price index excld. Mortgage interest payments up 5.5% annually vs. 5.2% in August (Tue, 14 Oct 2008 08:58:06 GMT)

August mortgage lending down two thirds
The Council of Mortgage Lenders has revealed that mortgage lending for August was down by nearly two thirds on 2007 figures. ... (Tue, 14 Oct 2008 09:15:37 GMT)

Mortgage approval is no easy task
It wasn't too long ago that home buyers made offers without financing contingencies and closed the deal in as short as 14 days following acceptance. Quick closes are virtually impossible today if you're buying a home with the aid of a mortgage. (Tue, 14 Oct 2008 09:33:29 GMT)

Timing the market: Refi or keep ARM loan?
DEAR BENNY: 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. (Tue, 14 Oct 2008 09:33:39 GMT)

Home loan numbers at record low
The number and value of home loans are at their lowest since current records began, according to lenders. (Tue, 14 Oct 2008 09:36:06 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. (Tue, 14 Oct 2008 09:55:01 GMT)

Reverse Mortgage May Help Seniors
Twice as many senior citizens are taking out a new kind of loan on their homes. The reverse mortgage allows people to borrow cash from the equity in their property. (Provided by News 13) (Tue, 14 Oct 2008 11:29:29 GMT)

Suicides from financial crisis cause concern
An out-of-work money manager in California loses a fortune and wipes out his family in a murder-suicide. A 90-year-old Ohio widow shoots herself in the chest as authorities arrive to evict her from the modest house she called home for 38 years. In Massachusetts, a housewife who had hidden her family's mounting financial crisis from her husband sends a note to the mortgage company ... (Tue, 14 Oct 2008 13:00:00 GMT)

McCain, Obama Promoting Populist Appeals on Rescue
Oct. 14 (Bloomberg) -- Barack Obama and John McCain, both laying claim to the populist ground, have different approaches to implementing the financial markets rescue plan. The Democrat is focused on recapitalizing banks while halting foreclosures and creating new jobs, while the Republican wants to purchase and refinance mortgages of troubled homeowners. (Tue, 14 Oct 2008 13:15:32 GMT)

Lenders defend mortgage policies
Mortgage firms defend their lending practices amid claims by MPs that their caution is exacerbating market falls. (Tue, 14 Oct 2008 14:03:59 GMT)

The Truth about the Mortgage Crisis--Helping Consumers Understand the True Impact on Home Mortgage Loans
COLUMBUS, Ohio----Can anyone get a home mortgage loan anymore? This is a question I'm asked frequently by friends, associates, relatives and many people I meet. It seems there is so much misinformation circulating about the current mortgage crisis that consumers are confused about whether money is available to fund home mortgages in today's environment. (Tue, 14 Oct 2008 14:14:00 GMT)

Colonial National Mortgage Opens Three New Branches in Austin Area
Colonial National Mortgage, a division of Colonial Savings F.A. and one of the nation's leading originators of residential mortgages, has opened three new retail mortgage branches in the Austin area, bringing the total number of Austin area branches to four. (Tue, 14 Oct 2008 14:48:00 GMT)

EDF to Use Alternative to Libor on 11 Billion-Pound Buyout Loan
Oct. 14 (Bloomberg) -- Electricite de France SA will use an alternative to the London interbank offered rate, or Libor, on an 11 billion-pound ($19 billion) loan to finance the takeover of British Energy Group Plc. (Tue, 14 Oct 2008 15:05:21 GMT)

Eight Cracking Mortgage Deals
What is the best mortgage deal you can get, following the cut in interest rates? Christina Jordan finds out. (Tue, 14 Oct 2008 15:10:12 GMT)

Hang Tight, Homeowners, Says Mortgage Group Exec
CHICAGO (WBBM) - Slumping housing prices continue to spell trouble for homeowners looking to sell, but it's not a problem for those staying put, according to the head of a mortgage brokers group. (Tue, 14 Oct 2008 15:17:43 GMT)

Spitzer’s Ghost
In 2002, Georgia passed an anti-predatory lending law that had all the usual provisions—it forbade deceptive practices in the disclosure of basic terms, curbed pre-payment penalties that kept borrowers from refinancing or selling their homes, banned usurious interest, etc.—but it also had a twist: it extended liability for violation of the new law to any player in the lending chain, including ... (Tue, 14 Oct 2008 16:28:57 GMT)

Credit union honored for mortgage service, loan quality
Sunmark Federal Credit Union is among the “Best of the Best” in mortgages, according to PHH Mortgage, a New Jersey mortgage outsourcing company that services Sunmark. (Tue, 14 Oct 2008 16:29:16 GMT)

Study: Risky mortgage products share blame
Risky mortgage products — not just borrowers with weak credit — share the blame for the nation’s housing meltdown, according to researchers at UNC-Chapel Hill. (Tue, 14 Oct 2008 16:30:47 GMT)

Ala. county rejects filing record bankruptcy
Commissioners for Alabama's most populous county have voted against filing the largest municipal bankruptcy in U.S. history over bonds that went sour in the credit crunch. (Tue, 14 Oct 2008 16:35:46 GMT)

Mortgage rates stay steady during stock market swings
The stock market’s undulations have not significantly affected nationwide mortgage rates, according to new data from online real estate information service Zillow.com. But some individual states saw more noticeable swings. (Tue, 14 Oct 2008 18:38:00 GMT)

Palin: Mortgage plan not a hand-out, but a hand up
Republican vice presidential candidate Sarah Palin says John McCain's plan to reduce taxes and help distressed homeowners with their mortgages will "get this economy moving again." (Tue, 14 Oct 2008 19:26:40 GMT)

Mortgage Alliance RightMortgage(R) hits $1,000,000,000.00 in sales in less than a year!
In an economy and marketplace that has seen Financial and Mortgage icons south of the border declare insolvency and others in Canada retreating, there is one Canadian company that is GROWING and now has achieved a milestone in the land of new mortgage product launches. (Tue, 14 Oct 2008 19:55:00 GMT)

North Texas’ Colonial National expanding Austin mortgage business
Residential mortgage company Colonial National Mortgage is opening three new retail mortgage branches in the Austin market. (Tue, 14 Oct 2008 20:00:34 GMT)

Uncertainty at the Heart of the Mortgage Crisis
Why knowing the 'right' price is a lot harder than it sounds. (Tue, 14 Oct 2008 21:40:00 GMT)

Uncertainty at the Heart of the Mortgage Crisis
Why knowing the 'right' price is a lot harder than it sounds. (Tue, 14 Oct 2008 21:40:00 GMT)

Agency Mortgage Bond Yields Widen as Subprime Debt Draws Buyers
Oct. 14 (Bloomberg) -- Yields on Fannie Mae, Freddie Mac and Ginnie Mae mortgage bonds widened relative to government notes after the U.S. announced plans to invest in banks, boosting demand for other types of real estate debt. (Tue, 14 Oct 2008 23:02:26 GMT)

Lenders at odds over mortgage promise as home loans slump again
Mortgage lending is continuing to fall, leading home-loan providers warned, as they demanded further clarification of the small-print in the Government's bank bailout which appears to require a return to levels of advances last seen in 2007. (Tue, 14 Oct 2008 23:09:21 GMT)

Mortgage Mess Hurting Innocent Yonkers Tenants
Juanita DeJesus can't seem to escape the mushrooming foreclosure crisis in Yonkers. Last year she was forced to move to a nearby apartment after the building was foreclosed, and now she may be forced to move again as the owner of her current apartment faces foreclosure. (Tue, 14 Oct 2008 23:44:09 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. (Wed, 15 Oct 2008 00:04:14 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. (Wed, 15 Oct 2008 00:04:17 GMT)

First-time buyers face toughest time in 30 years to get a mortgage
First-time buyers face the toughest struggle for nearly 30 years to get a home of their own, official figures confirmed. The latest statistics from the Council of Mortgage Lenders showed that lenders are demanding an average deposit of 16 per cent. (Wed, 15 Oct 2008 00:11:25 GMT)

ANZ cuts fixed home loan rate
ANZ Bank has cut the interest rates on fixed rate home loans by between 0.5 per cent and 0.8 per cent. The bank has dropped its rates on fixed mortgages by 0.8 per cent for terms of up to four yea (Wed, 15 Oct 2008 01:01:27 GMT)

Indictments pending for mortgage fraud in Slavic Village netting nearly $6 million
CLEVELAND -- Cuyahoga County Prosecutor Bill Mason and the Cuyahoga County Mortgage Fraud Task Force plan to announce the indictment of three defendants who are responsible for over $5.8 million in fraudulent loans for 78 houses in the Slavic Village area.   (Wed, 15 Oct 2008 01:10:34 GMT)

(AFX UK Focus) 2008-10-15 03:34 Australia's FirstMac to sell A$175 mln RMBS soon
SYDNEY, Oct 15 (Reuters) - Australian non-bank mortgage lender FirstMac expects to refinance A$175 million ($122.5 million) of residential mortgage-backed securities (RMBS) this week or next, a company official said on Wednesday. (Wed, 15 Oct 2008 02:52:43 GMT)

Shanghai Raises Mortgage Loan Ceiling by 20% to Boost Demand
Oct. 15 (Bloomberg) -- Shanghai's public housing agency raised its ceiling on mortgage lending to households by 20 percent to encourage families to buy apartments in the city. (Wed, 15 Oct 2008 02:55:58 GMT)

2 South Bay Brokers Found Guilty Of Mortgage Fraud
After a three-month trial, two mortgage brokers have been convicted of multiple counts of grand theft and forgery in connection with subprime mortgages loaned out of their Milpitas business, Summit Mortgage One. (Wed, 15 Oct 2008 03:39:06 GMT)

Court suspends lawyer accused in finance scam
Benjamin Wyzansky is accused to diverting a couple’s home-refinancing payment for his own purposes. (Wed, 15 Oct 2008 03:42:43 GMT)

Local home loan opportunities available for qualified buyers
The tightening of lending restrictions following the subprime mortgage crisis is dampening the sales of luxury homes in Truckee and Tahoe much more than modestly priced homes, local real estate officials say. (Wed, 15 Oct 2008 03:56:42 GMT)

Mortgage crisis stops state down payment help
The state agency that provides mortgages to moderate-income families in Ohio will slash its home-loan volume by as much as 75 percent after $150 million in bonds failed to sell on Wall Street this week, the latest domino to fall in the mortgage meltdown. (Wed, 15 Oct 2008 04:00:11 GMT)

Court suspends lawyer accused in finance scam
PROVIDENCE — The Rhode Island Supreme Court has suspended a lawyer who is accused of taking $357,000 from a home-refinancing transaction and using most of it to make a loan that carried a 15-percent interest rate. (Wed, 15 Oct 2008 04:10:56 GMT)

Subprime mortgage crisis
The subprime mortgage crisis is an ongoing financial crisis characterized by contracted liquidity in global credit markets and banking systems in the the United States. A downturn in the housing market of the U.S., risky practices in lending and borrowing, and excessive individual and corporate debt levels have caused multiple adverse effects on the world economy. The subprime crisis, which has ... (Wed, 15 Oct 2008 04:13:27 GMT)

Obama's sweetheart-deal home loan
When Barack Obama received a below prime rate home loan from Northern Trust Bank (the kind of loan that isn't available to the "middle America" Obama supposedly cares so much about), the Obama campaign claimed there was no special treatment. That claim is patently false. (Wed, 15 Oct 2008 05:06:30 GMT)

Obama's sweetheart-deal home loan
When Barack Obama received a below prime rate home loan from Northern Trust Bank (the kind of loan that isn't available to the "middle America" Obama supposedly cares so much about), the Obama campaign claimed there was no special treatment. That claim is patently false. (Wed, 15 Oct 2008 05:13:26 GMT)

Debt adviser : Don't rush to borrow your equity
We're considering refinancing our mortgage and adding $10,000 to pay off credit card debt. (Wed, 15 Oct 2008 05:30:58 GMT)

North Miami City Council urges county mortgage court
With more than 900 homes in foreclosure in North Miami, the City Council unanimously agreed Tuesday to encourage Miami-Dade courts to create a mortgage foreclosure diversion pilot program. (Wed, 15 Oct 2008 07:15:43 GMT)

UNC-CH study dissects mortgage mess
Risky mortgage products -- not just borrowers with weak credit -- share the blame for the nation's housing meltdown, according to researchers at UNC-Chapel Hill. (Wed, 15 Oct 2008 07:31:19 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. (Wed, 15 Oct 2008 09:56:06 GMT)

Mortgage crisis stops down-payment help
The state agency that provides mortgages to moderate-income families in Ohio will slash its home-loan volume by as much as 75 percent after $150 million in bonds failed to sell on Wall Street this week, the latest domino to fall in the mortgage meltdown. (Wed, 15 Oct 2008 10:15:41 GMT)

Credit Crisis Spawns 243 Mortgage-Related Failures
Since the beginning of the credit crisis in 2006, 243 mortgage-related operations have collapsed or closed down, according to data tracked at http://www.MortgageGraveyard.com, a journal of failed, ailing and acquired lenders. (Wed, 15 Oct 2008 11:00:00 GMT)

Mortgage applications rose 5.1% last week: MBA
Mortgage applications filed last week increase a seasonally adjusted 5.1% compared with the week before, reflecting an increase in refinancing activity, but activity remains keenly tuned to volatility in interest rates, the Mortgage Bankers Association says. (Wed, 15 Oct 2008 11:12:20 GMT)

JPMorgan profit sinks as loan losses pile up
JPMorgan Chase & Co. says its profit tumbled 84 percent in the third quarter after it took big hits from souring mortgage investments, leveraged loans and home loans. (Wed, 15 Oct 2008 11:23:19 GMT)

Refinance with caution these days
Dear Debt Adviser: We're considering refinancing our mortgage and adding $10,000 to pay off credit card debt. We have 14 years left on a 20-year, 7 percent fixed-rate mortgage with a balance of $112,000. (Wed, 15 Oct 2008 11:33:28 GMT)

(AFX UK Focus) 2008-10-15 12:30 JPMORGAN SEES QTRLY SUBPRIME MORTGAGE LOSSES AS HIGH AS $375-425M IN EARLY 2009
NEW YORK (Thomson Financial) - JPMORGAN CHASE SEES QUARTERLY SUBPRIME MORTGAGE LOSSES AS HIGH AS $375-425 MLN IN EARLY 2009 Chuck Mikolajczak cm (Wed, 15 Oct 2008 11:37:37 GMT)

Tracker mortgage rates increase
The gap between the cost of tracker mortgages and official interest rates has soared five-fold during the past year, figures showed. Arrangement fees on the mortgages, which move up and down in line with the Bank of England base rate, have also trebled, according to mortgage group mform.co.uk. (Wed, 15 Oct 2008 11:43:47 GMT)

JPMorgan profit sinks as loan losses pile up
JPMorgan Chase & Co. says its profit tumbled 84 percent in the third quarter after it took big hits from souring mortgage investments, leveraged loans and home loans. The results are better than expected. The company earned $527 million, or 11 cents per... (Wed, 15 Oct 2008 11:44:16 GMT)

Nationwide's mortgage costs cut
Building society Nationwide will pass on some, but not all, of the interest rate cut to mortgage customers. (Wed, 15 Oct 2008 12:17:50 GMT)

Mortgage Applications Tick Up As Low Yields Spark Refinancing Activity
(RTTNews) - Industry data released on Wednesday showed that mortgage application volume ticked up 5.1 percent last week, despite an increase in average interest rates across the board. (Wed, 15 Oct 2008 12:31:20 GMT)

$5.5M USDA loan will go toward new nursing home
Little River Nursing & Rehab recently received at $5.5 million loan from USDA to build a new nursing center. Construction is slated to begin in January and be completed toward the end of 2009. (Wed, 15 Oct 2008 13:02:54 GMT)

J.P. Morgan Cut $14 Bln Mortgage Exposure In Third Quarter
J.P. Morgan Cut $14 Bln Mortgage Exposure In Third Quarter (Wed, 15 Oct 2008 13:10:53 GMT)

ANNIE'S MAILBOX: Taking daughter to court is one option to recoup loan
Dear Annie: Five years ago, I had a mortgage of $15,000 left on my home. My daughter, "Jacey," wanted to buy a house, but her husband's credit was bad and she couldn't get a bank loan, so she asked me to take out a second mortgage and give her the money.Jacey was to pay $400 a month, and I'd pay the... (Wed, 15 Oct 2008 13:48:31 GMT)

U.S. mortgage applications rise
The volume of applications for U.S. mortgages increased last week, rising by a seasonally adjusted 5.1 percent, an industry group said.The Market Composite Index, which measures mortgage loan application volume, rose from 465.5 to 489.3 in the week ending Oct 10, the Mortgage Bankers Association said in a release Wednesday.The Refinance Index also increased, up 12.5 percent to 1,514.2, the MBA ... (Wed, 15 Oct 2008 13:49:16 GMT)

Three Delta Seeks Debt Standstill on Care Home Property Loan
Oct. 15 (Bloomberg) -- Three Delta LLP, the private-equity firm whose investors include the Qatari government, is trying to reorganize a 1.2 billion-pound ($2.1 billion) loan for its U.K. care home company NHP Ltd. before the debt comes due in January. (Wed, 15 Oct 2008 14:26:44 GMT)

Rural households gain access to loan program for home remodeling
Qualifying homeowners in rural areas outside Quincy are eligible to receive loans of up to $20,000 for home-remodeling projects under a program announced Tuesday by the Rural Development office. (Wed, 15 Oct 2008 16:41:39 GMT)

Federal Home Loan Bank of Atlanta Goes Pink for The Beverly Foundation
The "In the Pink" Celebration of Life Luncheon, an annual event sponsored by The Eric R. Beverly Family Foundation, was held Thursday, Oct. 9, 2008 at the Federal Home Loan Bank of Atlanta to honor breast cancer survivors and their friends. (Wed, 15 Oct 2008 16:47:00 GMT)

(AFX UK Focus) 2008-10-15 17:57 UPDATE 1-US mortgage applications rise on refinancing -MBA
NEW YORK NEW YORK, Oct 15 (Reuters) - U.S. mortgage applications rose for a second consecutive week, reflecting a jump in demand for home loan refinancing even as interest rates surged the most in more than five years, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance ... (Wed, 15 Oct 2008 17:07:33 GMT)

Emmetsburg woman accused in mortgage scam
Associated Press - October 15, 2008 1:24 PM ET EMMETSBURG, Iowa (AP) - An Emmetsburg woman has been arrested for allegedly running a mortgage scam out of her home. (Wed, 15 Oct 2008 17:39:17 GMT)

Bailout's Early Impact? Mortgage Rates Jump
30-year fixed mortgage rates increase sharply amid expensive plans to fix the financial system. (Wed, 15 Oct 2008 18:09:04 GMT)

Cleveland councilman's sleuthing leads to biggest mortgage fraud case in county history (video)
CLEVELAND - Cuyahoga County's biggest mortgage fraud case to date began with an angry community official, a laptop and a newspaper. Mortgage broker Mark Kellogg and two of his purported accomplices were indicted Wednesday on numerous counts related to... (Wed, 15 Oct 2008 18:58:33 GMT)

U.S. Mortgage Applications Rise on Refinancing
NEW YORK (Reuters) -- U.S. mortgage applications rose for a second consecutive week, reflecting a jump in demand for home loan refinancing even as interest rates surged, an industry group said on Wednesday. (Wed, 15 Oct 2008 19:18:34 GMT)

Emmetsburg Woman Accused in Mortgage Scam
EMMETSBURG (AP) - An Emmetsburg woman has been arrested for allegedly running a mortgage scam out of her home. Terry Hoffert is charged with two counts of first-degree theft and one count of ongoing criminal conduct. (Wed, 15 Oct 2008 19:26:11 GMT)

Grand jury indicts three for alleged mortgage fraud
Cuyahoga County prosecutor Bill Mason announced the indictments in a nearly $6 million case of alleged mortgage fraud in Cleveland’s Slavic Village neighborhood. (Wed, 15 Oct 2008 19:46:06 GMT)

Mortgage crisis unlikely to hit global insurers: S&P
NEW YORK—Standard and Poor's Corp. said in report Tuesday that many global insurers seem "well positioned" to withstand the volatile market created by the credit crisis because of low exposure to mortgage-backed securities. (Wed, 15 Oct 2008 20:11:16 GMT)

Mortgage rates headed to 7%
Low mortgage rates have been the one bright spot in an otherwise devastated housing market, but now they're on the rise. (Wed, 15 Oct 2008 20:46:20 GMT)

Three Delta seeks debt standstill on care home property loan
LONDON: Three Delta, the private-equity firm whose investors include the Qatari government, is trying to reorganise a £1.2bn ($2.1bn) loan for its UK care home company NHP Ltd before the debt comes due in January. (Wed, 15 Oct 2008 21:07:37 GMT)

Agency Mortgage-Bond Yields Fall, Lowering New Loan Rates
Oct. 15 (Bloomberg) -- Yields on Fannie Mae, Freddie Mac and Ginnie Mae mortgage bonds slumped relative to government notes, potentially lowering new mortgage rates. (Wed, 15 Oct 2008 22:02:11 GMT)

Careful Planning For A Sarasota Home Purchase Using Mortgage Loan And Avoid Foreclosure
When planning to use a mortgage loan for your home acquisition in Sarasota real estate, it is advisable to give it a little more thought to avoid having the property foreclosed by your lender when you can't pay the debt on time. (Wed, 15 Oct 2008 23:17:19 GMT)

Wexler campaign held second mortgage on West Palm home
Although Democratic U.S. Rep. Robert Wexler hasn't owned a home in Florida for more than a decade, his campaign held a second mortgage until this year on a West Palm Beach house that's now in foreclosure. (Wed, 15 Oct 2008 23:52:49 GMT)

Low US mortgage rates are in the past
US mortgage lenders have said that previously low mortgage rates are now on the rise. (Thu, 16 Oct 2008 00:44:09 GMT)

S&P Reviews $280.1 Billion of Alt-A Mortgage Debt (Update1)
Oct. 15 (Bloomberg) -- Standard & Poor's said it may downgrade $280.1 billion of Alt-A mortgage securities, the most that the ratings company has identified in a single announcement for bonds backed by the loans. (Thu, 16 Oct 2008 01:19:26 GMT)

Subprime Mortgage Lenders Not Popular With Potential Jurors
When it comes to juries, subprime mortgage lenders won't win popularity contests anytime soon. A recent survey of 427 adults by TrialGraphix/Kroll Ontrack found that nearly 90 percent believe that subprime lenders abandoned sound lending practices. More than half said subprime lenders knowingly lent money to people who were unlikely to afford the payments. (Thu, 16 Oct 2008 02:01:53 GMT)

Mortgage Inquiries Focusing on Florida
Federal officials, under pressure to scrutinize possible mortgage fraud by financial companies, have opened 151 criminal cases since last October, most of them in southern Florida. (Thu, 16 Oct 2008 02:20:07 GMT)

Economic Slowdown Effecting Home Loans
The cold, hard truth is the days of "no money down" and "everyone-gets-a-home-loan" are over. (Thu, 16 Oct 2008 02:53:42 GMT)

Home Loans Available In El Paso
Many home buyers believe that it is nearly impossible for most to get a loan in this economy, but it turns out, it is not as difficult as you may think. Daniel Novick Reports: Mortgage Loans May Not Be Difficult To Get Visit Our Money Section (Thu, 16 Oct 2008 04:03:06 GMT)

Homeowner mulls switch from fixed-rate loan
DEAR DAVE: I bought my home about a year ago with a 6.5 percent fixed-rate loan. But I’ve been noticing that adjustable-rate mortgage loans are cheaper now and could cap at 10 percent. Do you think I should switch? Patricia DEAR PATRICIA: Are you kidding me? Sure, they’re a bit cheaper today, but where do you think they’re going to go in the future? Adjustable-rate mortgages are an awful ... (Thu, 16 Oct 2008 05:15:18 GMT)

McCain touts mortgage buyout plan
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. (Thu, 16 Oct 2008 05:57:15 GMT)

Woman accused of running mortgage scam
EMMETSBURG, Iowa -- An Emmetsburg woman has been arrested on felony charges in Clay County for running what authorities say was a mortgage scam. (Thu, 16 Oct 2008 06:21:01 GMT)

Shock for Absa home loan clients
Of Absa's home loan clients, 130 000 will be affected by the bank's decision to restrict access to the equity in home loans. (Thu, 16 Oct 2008 07:06:45 GMT)

Mortgage losses mounting
Uncle Sam is bailing out Wall Street wheeler-dealers who invested in home loans, but there’s no relief in sight for the homeowners on Main Street. On Southeast Main east of 144th Avenue, stretching from outer Southeast Portland into Gresham, 14 homeowners have been hit with foreclosure ... (Thu, 16 Oct 2008 07:12:25 GMT)

Emmetsburg Woman Accused of Mortgage Scam
for allegedly running a mortgage scam out of her home. and one count of ongoing criminal conduct. (Thu, 16 Oct 2008 07:53:46 GMT)

Mortgage rates skyrocket
Mortgage rates skyrocketed this week as Wall Street tried to discern the ever-shifting contours of the bailout. (Thu, 16 Oct 2008 10:00:00 GMT)

Mortgage rates skyrocket
Mortgage rates skyrocketed this week as Wall Street tried to discern the ever-shifting contours of the Great Bailout. (Thu, 16 Oct 2008 10:52:45 GMT)

Merrill 3Q loss widens on mortgage-related charges
Merrill Lynch says it third-quarter loss widened as it took more than $12 billion in charges from the sale of mortgage-related investments and fallout from the continued credit crisis. (Thu, 16 Oct 2008 10:58:32 GMT)

Citigroup Posts Fourth Consecutive Loss on Mortgage Writedowns
Oct. 16 (Bloomberg) -- Citigroup Inc. , the biggest U.S. bank by assets, reported a fourth consecutive quarterly loss after at least $13.2 billion of credit losses, reserves for bad loans and writedowns for mortgage-related securities. (Thu, 16 Oct 2008 11:14:46 GMT)

Citigroup Posts Fourth Consecutive Loss on Mortgage Writedowns
Oct. 16 (Bloomberg) -- Citigroup Inc. , the biggest U.S. bank by assets, reported a fourth consecutive quarterly loss after at least $13.2 billion of credit losses, reserves for bad loans and writedowns for mortgage-related securities. (Thu, 16 Oct 2008 11:31:51 GMT)

Merrill 3Q loss widens on mortgage-related charges
Merrill Lynch says it third-quarter loss widened as it took more than $12 billion in charges from the sale of mortgage-related investments and fallout from the continued credit crisis. Merrill lost $5.2 billion, or $5.58 per share, compared with a loss of $... (Thu, 16 Oct 2008 11:44:17 GMT)

Merrill 3Q loss widens on mortgage-related charges
Investment bank Merrill Lynch & Co. said Thursday its third-quarter loss widened as it took more than $12 billion in charges and write-downs tied to the sale of mortgage investments and fallout from the continued credit crisis. (Thu, 16 Oct 2008 11:44:57 GMT)

DGAP-News: Colonia Real Estate AG: Refinancing of more than EUR 30 million through debt-buyback
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. (Thu, 16 Oct 2008 14:13:30 GMT)

Mortgage rates spike - biggest jump since '87
Low mortgage rates, the one bright spot in a devastated housing market, are on a rapid rise. (Thu, 16 Oct 2008 14:31:10 GMT)

Freddie Mac: Fixed Mortgage Rates Jump In Latest Week
Freddie Mac: Fixed Mortgage Rates Jump In Latest Week (Thu, 16 Oct 2008 14:40:41 GMT)

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