Mortgage News Oct 2008

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Mortgage Workshops Offer Help
Hundreds of people came to RainbowPUSH Coalition Saturday, looking for mortgage relief. CBS 2's Suzanne Le Mignot says participants learned about their options. (Sun, 26 Oct 2008 03:16:10 GMT)

Mortgage firm arranged stealth campaign
Freddie Mac secretly paid a Republican consulting firm $2 million to kill legislation that would have regulated and trimmed the mortgage finance giant and its sister company, Fannie Mae, three years before the government took control to prevent their collapse. (Sun, 26 Oct 2008 04:15:46 GMT)

Before you sign up for new mortgage program, make sure you understand the deal
For homeowners who are trying to renegotiate their loans under the government's new HOPE for Homeowners program, please read the paperwork carefully, because once again you'll be stuck with a costly mortgage deal. (Sun, 26 Oct 2008 05:10:53 GMT)

Have a mortgage, loan linked to LIBOR? Brace yourself now
The London Interbank Offered Rate, or LIBOR, sounds like one of those funny British idiosyncrasies, like warm beer or the royal family. But if you have an adjustable-rate mortgage or a student loan tied to the LIBOR, you will not be amused by what's been happening to this index in recent weeks. (Sun, 26 Oct 2008 06:08:26 GMT)

The tale of a loan that fed the bust
"Welcome," says the letter dated May 20, 2005. "It is a pleasure to have you as a new loan customer of Fremont Investment & Loan." Erin O'Hagan rents a town house in Woodland as she tries to rebuild her credit after the bank foreclosed on the duplex she and her family bought at the height of the boom. Fremont Investment and Loan, which wrote the risky loan, also succumbed as the housing ... (Sun, 26 Oct 2008 07:07:47 GMT)

Divorce can raise deed, loan issues on home
Q: I am recently divorced. We had two houses. In the divorce, I got one and he got one. We both signed quitclaim deeds to each other. However, I needed to refinance mine to pay off the bills I accumulated just to get my house back into livable shape. (It was... (Sun, 26 Oct 2008 07:35:50 GMT)

30-year fixed mortgage rates at five-week low
Rates on 30-year mortgages dropped sharply last week, falling to the lowest level in five weeks. Mortgage giant Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 6.04 percent last week, down from 6.46 percent the previous week. The... (Sun, 26 Oct 2008 07:37:02 GMT)

Find alternative to reverse mortgage
Q: My second marriage is to a man who hasn't prepared himself for retirement. We married at 57, 15 years ago. He is an insurance salesperson who took his Social Security at 62 and has been working part-time ever since. I am a teacher who intends to continue working until 75. Our finances are limited. To overcome this, he wants to take out a reverse mortgage of $1,200 per month on our house now ... (Sun, 26 Oct 2008 08:17:20 GMT)

Can't sell Bushwick home - now she's in foreclosure
Deborah Gonzalez, 48, sees the bleak real estate market this way: "No one is buying and now it's hard to get a loan." (Sun, 26 Oct 2008 08:32:55 GMT)

Mortgage fraud on upswing
A mystery man takes out hundreds of thousands of dollars in mortgage loans from area banks, but when he misses payments and the banks foreclose, he's nowhere to be found. Maybe he never existed. (Sun, 26 Oct 2008 08:40:15 GMT)

Mortgage lending seized up in '07
Mortgage lending in Greater Cincinnati and Northern Kentucky slowed by 20 percent in 2007 - a drop that foreshadowed the full-blown banking crisis that's still intensifying this year. (Sun, 26 Oct 2008 09:32:45 GMT)

Mortgage lending seized up in '07
Mortgage lending in Greater Cincinnati and Northern Kentucky slowed by 20 percent in 2007 - a drop that foreshadowed the full-blown banking crisis that's still intensifying this year. (Sun, 26 Oct 2008 09:55:21 GMT)

Consumer loan rates
Springfield financial institutions quoted the following rates Friday for home equity, auto and boat loans. The home equity rate is based on a $10,000 loan or line of credit with applicable points included. Rates are variable unless otherwise noted. Additional fees are not included. The auto loan rate is based on a 48-month contract for a new car. The boat rate is based on a loan for a new boat. (Sun, 26 Oct 2008 10:13:30 GMT)

30-year mortgage rates drop to five-week low
WASHINGTON, D.C. (AP) - Rates on 30-year mortgages dropped sharply last week, falling to the lowest level in five weeks. Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.04 percent last week, down from 6.46 percent the previous week. (Sun, 26 Oct 2008 10:22:03 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, 26 Oct 2008 10:40:42 GMT)

Wickliffe man indicted in mortgage fraud
A Wickliffe man is one of eight people indicted this week for mortgage offenses involving seven houses located in Cleveland, Cleveland Heights, Lyndhurst, Moreland Hills and Pepper Pike. (Sun, 26 Oct 2008 12:07:35 GMT)

Mortgage funds plead for help
Mortgage funds will today ask Treasurer Wayne Swan to guarantee them as he has guaranteed the banks, but they are almost certain to be refused. (Sun, 26 Oct 2008 12:53:32 GMT)

Mortgage funds' help plea
Mortgage funds to ask Government for guarantee. (Sun, 26 Oct 2008 13:25:51 GMT)

IMF arranges $16.5B US loan for Ukraine
The International Monetary Fund said Sunday it had reached an agreement in principle with Ukraine for a $16.5 billion US loan package to help the country meet its balance of payments needs. (Sun, 26 Oct 2008 17:35:02 GMT)

Foreclosure crisis vexes government
Each day from July through September, more than 2,700 Americans lost their homes in foreclosure. That number, up from 1,200 a day a year ago, is a sign that the mortgage industry and government programs have done little to help troubled homeowners. (Sun, 26 Oct 2008 18:07:16 GMT)

Other woes makes foreclosure crisis hard to break
(By ALAN ZIBEL, AP Business Writer) Each day from July through September, more than 2,700 Americans lost their homes in foreclosure. That number, up from 1,200 a day a year ago, is a sign that the mortgage industry and government programs have done little to help troubled homeowners. The mortgage market's troubles have proved to be far more serious and intractable than most in government or the ... (Sun, 26 Oct 2008 18:37:33 GMT)

Other woes makes foreclosure crisis hard to break
Sun, Oct 26, 2008 (11:42 a.m.) Each day from July through September, more than 2,700 Americans lost their homes in foreclosure. That number, up from 1,200 a day a year ago, is a sign that the mortgage industry and government programs have done little to help troubled homeowners. (Sun, 26 Oct 2008 18:47:19 GMT)

The tale of a California loan that fed a global meltdown
"Welcome," says the letter dated May 20, 2005. "It is a pleasure to have you as a new loan customer of Fremont Investment & Loan." They were only 18 words. But mailed to Erin O'Hagan of Sacramento, and multiplied hundreds of thousands of times elsewhere in the United States, they launched a financial crisis that is now rocking the world. (Sun, 26 Oct 2008 19:00:32 GMT)

Other woes makes foreclosure crisis hard to break
The mortgage market's troubles have proved to be far more serious and intractable than most in government or the private sector had predicted a year ago. (Sun, 26 Oct 2008 20:47:43 GMT)

Mortgage funds' plea for guarantee
Mortgage funds almost certain to be refused Government guarantee. (Sun, 26 Oct 2008 23:25:11 GMT)

ANALYSIS: The foreclosure crisis will not have an easy fix
WASHINGTON — Each day from July through September, more than 2,700 Americans lost their homes in foreclosure. That number, up from 1,200 a day a year ago, is a sign that the mortgage industry and government programs have done little to help troubled homeowners. The mortgage market's troubles have proved to be far more serious and intractable than most in government or the private sector had ... (Mon, 27 Oct 2008 00:15:41 GMT)

SBA loan app deadline close
Small Business Administration officials have approved over $102 million for Texans to rebuild their lives with 37 percent of the total going to Southeast Texas. In Orange County, there have 200 loan approvals for a total of $18,699,100. (Mon, 27 Oct 2008 00:57:18 GMT)

Beckham close to joining AC Milan on loan
Wednesday, October 22, 2008 at 11:33 a.m. MILAN, ITALY (AP) -- AC Milan is close to signing David Beckham on loan from the Los Angeles Galaxy, the Italian club said Wednesday. (Mon, 27 Oct 2008 01:08:45 GMT)

Public loan programs take center stage at forum
The once-torrid affair between homebuyers and purely private financing sources is over. The financial markets have lost that loving feeling with mortgage-backed securities, forcing a tightening of lending standards. So last week, local real estate professionals turned their sights to an old flame — government-related loan programs. (Mon, 27 Oct 2008 04:16:40 GMT)

CENTRAL NY BUSINESS NEWS
• Consider the cost when refinancing Q. 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. Our credit union is offering a 15-year, 5.5 percent fixed-rate "refi." (Mon, 27 Oct 2008 04:19:49 GMT)

CENTRAL NY BUSINESS NEWS
• Consider the cost when refinancing Q. 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. Our credit union is offering a 15-year, 5.5 percent fixed-rate "refi." (Mon, 27 Oct 2008 04:19:59 GMT)

Consider the cost when refinancing
Q. 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. Our credit union is offering a 15-year, 5.5 percent fixed-rate "refi." Does it make sense? (Mon, 27 Oct 2008 04:20:10 GMT)

How we got in the mortgage crisis
WASHINGTON — Each day from July through September, more than 2,700 Americans lost their homes in foreclosure. That number, up from 1,200 a day a year ago, is a sign that the mortgage industry and government programs have done little to help troubled homeowners. The mortgage market’s troubles have proved to be far more serious and intractable than most in government or the private sector had ... (Mon, 27 Oct 2008 04:21:29 GMT)

Mortgage broker shifts business development strategy
Conventional wisdom says now is not the time to be in the mortgage business. (Mon, 27 Oct 2008 04:23:40 GMT)

Guarantee won't be extended to mortgage-based funds: Bowen
The Federal Government is resisting calls to guarantee investments in mortgage-based funds. (Mon, 27 Oct 2008 04:38:00 GMT)

Letters to the editor
Government program needs bank backers I applaud your article concerning the foreclosures [''FDIC boss touts mortgage-loan guarantees to help homeowners,'' Oct. 24]. (Mon, 27 Oct 2008 07:08:23 GMT)

Mortgage crisis much meaner than forecast
WASHINGTON — Each day from July through September, more than 2,700 Americans lost their homes in foreclosure. (Mon, 27 Oct 2008 07:17:53 GMT)

Mortgage crisis much meaner than forecast
WASHINGTON — Each day from July through September, more than 2,700 Americans lost their homes in foreclosure. (Mon, 27 Oct 2008 07:39:25 GMT)

The Risks Of Mortgage-Backed Securities
Mortgage-backed securities (MBS), while attractive for a number of reasons, have some unique features which add risk when compared to plain vanilla bonds. (Mon, 27 Oct 2008 08:01:36 GMT)

Foreclosure crisis vexes government
WASHINGTON -- Each day from July through September, more than 2,700 Americans lost their homes in foreclosure.That number, up from 1,200 a day a year ago, is a sign that the mortgage industry and government programs have done little to help troubled homeowners. (Mon, 27 Oct 2008 08:09:25 GMT)

5 reasons for housing crash
More than 4 million homeowners with a mortgage were at least one month behind on their payments at the end of June, according to the latest data from the Mortgage Bankers Association, and a record 500,000 had entered the foreclosure process. So why is the foreclosure crisis so hard to fix? (Mon, 27 Oct 2008 08:30:37 GMT)

Mortgage fraud case delayed
A federal judge has agreed to delay mortgage fraud defendant Gregory M. Finney's sentencing on felony charges related to a widespread housing scam in the city of Erie. (Mon, 27 Oct 2008 08:49:24 GMT)

For veterans, VA-backed home loans offer security
Across Las Vegas, the most prominent sign of the times is the home for-sale sign with the added placard: “Bank owned.” (Mon, 27 Oct 2008 09:08:07 GMT)

Five Home-buying Myths
(ARA) - As first-time homebuyers grow curious about the home-buying process, they often turn to friends and family for advice about purchasing a home. While these sources can provide useful tips and information, they also may perpetuate some common home-buying myths. (Mon, 27 Oct 2008 09:44:32 GMT)

Rwanda: Housing Bank to Finance Mortgage Lenders
Rwanda Housing Bank (BHR) is to start financing commercial banks engaged in mortgage funding in a move to expand mortgage lending in the country, according to plans by the National Bank. (Mon, 27 Oct 2008 09:55:37 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. (Mon, 27 Oct 2008 09:55:41 GMT)

Happy Is as Happy Does Mortgage Interest Deductibility & the GAAR
Happy and Snitty are soon-to-be neighbours. Snitty shops around for a mortgage, haggles over half a percentage point, and ultimately accepts the financing offered by the institution he's banked with for years. (Mon, 27 Oct 2008 10:06:45 GMT)

E-loan to exit mortgage business
US-based online lending platform E-loan is to quit the mortgage origination business after posting an $87.4 million net loss in the third quarter. (Mon, 27 Oct 2008 10:47:55 GMT)

Los Angeles Commercial Real Estate Loan Firm Watermark Financial Secures $15m for House Refinance
Loans are still being closed at low interest rates in this volatile market in both commercial and residential sectors. (Mon, 27 Oct 2008 11:00:00 GMT)

Protests and Hecklers Have Mortgage Bankers Longing for Good Old Days
Although no arrests were made at the mortgage bankers convention on Tuesday, stage-storming was just one of the latest outbursts to plague the event. (Mon, 27 Oct 2008 11:06:59 GMT)

Unemployed mortgage workers seek help at Tustin clinic
Countywide, clinics have been seeing a spike in patients left unemployed after the mortgage industry meltdown (Mon, 27 Oct 2008 13:08:14 GMT)

Foreclosure crisis vexes industry, government
WASHINGTON -- Each day from July through September, more than 2,700 Americans lost their homes in foreclosure. That number, up from 1,200 a day a year ago, is a sign that the mortgage industry and government programs have done little to help troubled homeowners. (Mon, 27 Oct 2008 14:12:16 GMT)

G’ Falls subprime mortgage brokerage shuts down
A Glens Falls-based subprime mortgage brokerage has shut down and filed for bankruptcy protection in the wake of the ongoing mortgage troubles rippling through the nation. (Mon, 27 Oct 2008 15:16:30 GMT)

Economic Downturn Presents Challenges for Title, Mortgage Industry
Reserving for mortgage insurance and title insurance in an economic downturn and amid a stressed real estate market can present challenges for insurers and actuaries, attendees at the Casualty Loss Re (Mon, 27 Oct 2008 15:42:34 GMT)

California Faith Groups Fight Banks on Foreclosures (Update1)
Oct. 27 (Bloomberg) -- For almost a year, Luis Flores has been lobbying mortgage lender IndyMac Federal Bank FSB to cut his house payments. They have doubled since he refinanced his home loan in 2005 and he can't afford them, Flores says. (Mon, 27 Oct 2008 16:43:01 GMT)

Fannie, Freddie Mortgage-Bond Spreads Hit Widest in Two Months
Oct. 27 (Bloomberg) -- Yields on Fannie Mae, Freddie Mac and Ginnie Mae mortgage bonds rose to the highest in two months relative to government notes, boosting home-loan rates. (Mon, 27 Oct 2008 17:02:24 GMT)

Family avoids losing foreclosed home
DALLAS, Oct. 27 (UPI) -- The mother of a Dallas family whose home was foreclosed and sold at auction will not have to move due to another's kindness. (Mon, 27 Oct 2008 17:16:35 GMT)

Fla. tops nation in mortgage fraud
Florida leads the nation in the amount of mortgage fraud-related activity, according to a report released Monday. (Mon, 27 Oct 2008 17:35:11 GMT)

Grasso Holdings gets mortgage despite tight credit market
The owner of the Packard building at 15th and Chestnut streets in Center City Philadelphia lined up a $21.5 million mortgage on the office portion of the property, in spite of the difficult credit markets. (Mon, 27 Oct 2008 17:41:44 GMT)

Ex-Mortgage Adviser Pleads Guilty in U.K. FSA Forgery Case
Oct. 27 (Bloomberg) -- A former mortgage adviser pleaded guilty to providing misleading information to Britain's financial regulator and to forging documents, the Financial Services Authority said today. (Mon, 27 Oct 2008 17:42:52 GMT)

Loan Period Ends
The Swindon Town loanee, Blair Sturrock, has returned to his home club after his loan period ended after the weekend encounter with Lincoln City. Sturrock made two starting appearances as well as coming in three times from the bench. (Mon, 27 Oct 2008 18:21:43 GMT)

Loan Period Ends
The loan period for Blair Sturrock comes to an end. (Mon, 27 Oct 2008 18:22:06 GMT)

Enhanced VA mortgage options now available for veterans
Veterans with conventional home loans now have new options for refinancing to a Department of Veterans Affairs (VA) guaranteed home loan. (Mon, 27 Oct 2008 18:23:37 GMT)

Ex-Mortgage Adviser Pleads Guilty in FSA Forgery Case (Update1)
Oct. 27 (Bloomberg) -- A former mortgage adviser pleaded guilty to providing misleading information and forging documents about his qualifications, the Financial Services Authority said. (Mon, 27 Oct 2008 18:30:46 GMT)

Fannie, Freddie Mortgage-Bond Spreads Hit Widest in Two Months
Oct. 27 (Bloomberg) -- Yields on Fannie Mae, Freddie Mac and Ginnie Mae mortgage bonds rose to the highest in more than two months relative to government notes, potentially boosting home- loan rates. (Mon, 27 Oct 2008 19:02:37 GMT)

2.5 Million Foreclosures Prevented Due to Efforts of Mortgage Industry
(RTTNews) - Hope Now announced Monday that almost 2.5 million foreclosures had been prevented due to efforts of those in the mortgage industry since the alliance began compiling data in July 2007. (Mon, 27 Oct 2008 19:16:15 GMT)

Home Loan Bank’s 3Q earnings down slightly
Lower short-term interest rates nicked Federal Home Loan Bank of Cincinnati during the third quarter, but the wholesale bank said it made it another quarter without setting aside money to cover bad loans. (Mon, 27 Oct 2008 20:00:15 GMT)

Fannie, Freddie Mortgage-Bond Spreads Hit Widest Since March
Oct. 27 (Bloomberg) -- Yields on Fannie Mae, Freddie Mac and Ginnie Mae mortgage bonds soared to the highest in more than seven months relative to government notes, potentially boosting home-loan rates. (Mon, 27 Oct 2008 21:24:38 GMT)

AXA NZ puts 3 mortgage funds on ice - report
AXA New Zealand has suspended redemptions from three mortgage funds for 30 days because of heavy withdrawals in the wake of the deposit guarantee scheme and the widespread global turmoil, sources have told financial website interest.co.nz. (Mon, 27 Oct 2008 21:37:53 GMT)

Mortgage fraud: New and improved
The housing bust has not ended mortgage fraud - hucksters are just finding new ways to make dishonest bucks. (Mon, 27 Oct 2008 22:01:20 GMT)

On Your Side: Ready to Refinance?
A major reason for the current economy has been bad home loans. Turns out lots of people have them. Refinancing could help some homeowners. But there are some things you should know before you jump in. (Mon, 27 Oct 2008 22:08:48 GMT)

Fannie, Freddie Mortgage-Bond Spreads Hit Widest Since March
Oct. 27 (Bloomberg) -- Yields on Fannie Mae, Freddie Mac and Ginnie Mae mortgage bonds soared to the highest in more than seven months relative to government notes, potentially boosting home-loan rates. (Mon, 27 Oct 2008 22:17:27 GMT)

Falling home prices erase what many Valley owners gained
Home prices in many parts of metropolitan Phoenix have fallen to levels from before the housing boom. (Mon, 27 Oct 2008 23:10:30 GMT)

Axa New Zealand Suspends Withdrawals From Mortgage Funds
Oct. 28 (Bloomberg) -- Axa New Zealand Ltd. suspended withdrawals from and investment in three mortgage funds amid expectations that government moves to guarantee bank deposits will spark an increase in redemptions. (Tue, 28 Oct 2008 03:54:49 GMT)

U.S. home sales unexpectedly turn up
Sales of new homes unexpectedly rose last month, as many home buyers seized on builder discounts and rushed to take advantage of expiring down-payment assistance programs and other incentives. (Tue, 28 Oct 2008 04:05:32 GMT)

Some first-time home buyers say market is just right
The Cape Cod-style house in Norfolk was definitely a fixer-upper. The bathroom sink needed replacing, as did the windows and sections of the drywall. Kristy Flynn, who decided to purchase her first home this year, had spent a month visiting dozens of homes across the city without any luck. This one, however, seemed to have potential. (Tue, 28 Oct 2008 04:18:11 GMT)

Indy-based mortgage company Ace Holding shuttered
The implosion of the subprime mortgage market has claimed another victim, an Indianapolis-based mortgage company that will lay off all of its staff. (Tue, 28 Oct 2008 06:17:27 GMT)

Good credit? Home loans no longer a sure thing
The new, dynamic landscape of mortgage lending today is a world in which even those with good credit are having trouble getting mortgages or the loan terms they want. Buyers and properties are being forced to go through extra scrutiny. (Tue, 28 Oct 2008 07:34:15 GMT)

How we got in the mortgage crisis
WASHINGTON — Each day from July through September, more than 2,700 Americans lost their homes in foreclosure. That number, up from 1,200 a day a year ago, is a sign that the mortgage industry and government programs have done little to help troubled homeowners. The mortgage market’s troubles have proved to be far more serious and intractable than most in government or the private sector had ... (Tue, 28 Oct 2008 08:52:37 GMT)

Minorities hit hard in mortgage crunch
Blacks and hispanics are bearing the brunt of New York City's tightening mortgage market, a new report shows. (Tue, 28 Oct 2008 08:53:36 GMT)

Housing industry builds better future
With declining home sales and prices and fewer home starts, the housing industry is hurting nationwide and in South Carolina. A dozen housing professionals gathered for a Thursday workshop sponsored by the Greater Columbia Community Relations Council to talk about how to stimulate the industry. Here are three issues and solutions they raised: MORTGAGE FRAUD In the past eight years, South ... (Tue, 28 Oct 2008 09:05:43 GMT)

QUICK POLL
Will the Market See More Assets Auctioned Off? PHILADELPHIA-Chest-Pac Associates, an affiliate of local property owner Grasso Holdings, has secured a $21.5-million mortgage refinance of the 180,000-sf Packard Building, a mixed-use asset at 15th and Chestnut streets. (Tue, 28 Oct 2008 09:53:00 GMT)

Exeter Commercial Is Announcing The Formation Of Our Mortgage Modification and FHA Lending Groups
The Mortgage Modification Group will work with borrowers of both residential and commercial mortgage loans who have fallen behind, or who are about to fall behind on their payments due to an unforeseen hardship. This can include an ARM rate adjustment, illness, loss of job, failure of a business etc. The FHA Group will work with borrowers that are seeking to purchase a home and who may not ... (Tue, 28 Oct 2008 10:00:00 GMT)

Competitive mortgage lending
The most competitive mortgages came from HSBC during the third quarter of this year, with only Yorkshire Building Society coming close as a rival, according to analysis by Mform mortgage company. (Tue, 28 Oct 2008 11:14:14 GMT)

Low prices boost new-home sales
New-home sales unexpectedly rose last month, as many home buyers seized on builder discounts and rushed to take advantage of expiring down payment assistance programs and other incentives. (Tue, 28 Oct 2008 12:03:33 GMT)

Questions/Answers
Questions and answers on Daily Bulletin stories from readers like you. A Riverside man has been arrested on suspicion of grand theft and forgery in the conning of an Ontario woman in May out of more than $105,000 in a home-mortgage fraud. (Tue, 28 Oct 2008 12:51:04 GMT)

'Good Samaritan' saves crying woman's foreclosed home
Tracy Orr sat in the back of the room and prepared to watch her foreclosed home go up for auction this past Saturday. That's when a pesky stranger sat down beside her and struck up a conversation. (Tue, 28 Oct 2008 12:52:14 GMT)

Home loans
Here's what you must know and what you must do before switching your home loan amount from one bank to another. (Tue, 28 Oct 2008 13:49:41 GMT)

Mortgage shock? Adjustable rates tied to LIBOR, COFI, other indexes
With the financial crisis dominating the news, many homeowners are learning or relearning terms like London Inter Bank Offered Rate (LIBOR) and Cost of Funds Index (COFI). Latest market news Search transactions, foreclosures (Tue, 28 Oct 2008 14:53:07 GMT)

Mortgage options plummeting
The number of different mortgage deals available for people with only a 5% deposit has dived by nearly 50% during the past week. There are now just 40 home loans available for people borrowing up to 95% of their home's value, down from 75 just a week ago - a 47% fall. (Tue, 28 Oct 2008 14:57:11 GMT)

Questions/Answers
Questions and answers on Daily Bulletin stories from readers like you. A Riverside man has been arrested on suspicion of grand theft and forgery in the conning of an Ontario woman in May out of more than $105,000 in a home-mortgage fraud. (Tue, 28 Oct 2008 15:53:54 GMT)

Glendale forum to help residents in mortgage crunch
Glendale's home preservation forum Monday night is designed to help residents through the current mortgage crisis and avoid foreclosure. (Tue, 28 Oct 2008 16:12:41 GMT)

PRESS RELEASE: Fitch: European Junior RMBS Vulnerable to Econ
Fitch Ratings-London/Paris/Frankfurt-28 October 2008: Fitch Ratings says in a special report published today that the ratings of European residential mortgage-backed securities (RMBS) are likely to experience negative migration as the global macro-economic slowdown continues. (Tue, 28 Oct 2008 16:17:13 GMT)

Non-Agency Mortgage Bonds Fall Amid Selling Concern (Update2)
Oct. 28 (Bloomberg) -- Subprime , Alt-A and prime-jumbo mortgage securities fell this month as bond holders were forced to sell assets, driving some prices to record lows. (Tue, 28 Oct 2008 16:47:17 GMT)

US working on plan to help homeowners refinance
WASHINGTON (AP) -- The federal government is working on a loan-guarantee plan that could help many homeowners escape foreclosure, a banking regulator told Congress Thursday. (Tue, 28 Oct 2008 17:22:36 GMT)

Why Home Foreclosures Are Now at Record Levels
In another worrisome sign for the housing crisis and US economy, home foreclosures are surging to record levels and are likely to get even worse in the months ahead. (Tue, 28 Oct 2008 17:31:55 GMT)

Falling home prices erase what many Valley owners gained
Home prices in many parts of metropolitan Phoenix have fallen to levels from before the housing boom. (Tue, 28 Oct 2008 17:48:30 GMT)

Mortgage mishap prompts mother to take action
Beyond the tranquil exteriors of a Canyon Creek subdivision in Northwest Austin, one family talks about their turbulent experience with their mortgage. (Tue, 28 Oct 2008 18:27:33 GMT)

Fitch Ratings Affirms GMAC 1999-C1; Assigns Outlooks
Fitch Ratings has affirmed and assigned Rating Outlooks to GMAC Commercial Mortgage Securities, Inc.´s (Tue, 28 Oct 2008 18:33:07 GMT)

Mortgage mishap prompts mother to take action
Fannie Mae misapplied three months of one family's mortgage payments, setting off a chain of events that nearly ended up in foreclosure. (Tue, 28 Oct 2008 18:44:17 GMT)

Lawmakers Say Probe Of Mortgage Fraud May Be Under-Staffed
(RTTNews) - Three members of Congress, including the head of the powerful House Judiciary Committee, are calling on the Federal Bureau of Investigation and the Justice Department to step up their investigation into possible fraud in the U.S. mortgage system meltdown. (Tue, 28 Oct 2008 19:01:47 GMT)

Foreclosures Open Door To Disorder
Among the many harsh lessons for mortgage lenders in the housing bust is this one about evictions: Selling a house is far easier than taking it back. Clever opportunists and struggling families have figured this out, too, and the result is a rapidly evolving free-for-all coursing through the... (Tue, 28 Oct 2008 19:12:47 GMT)

Tiny Faroe Islands offer Iceland 40-million-euro loan: govt
(COPENHAGEN ) - The Faroe Islands, an autonomous Danish province, has offered Iceland a 300-million-kroner (40.2-million-euro, 50.7-million-dollar) loan to help it through the financial crisis, the local government said Tuesday. (Tue, 28 Oct 2008 19:53:20 GMT)

GMAC Unit Ends Auto Loans in Seven European Countries (Update1)
Oct. 28 (Bloomberg) -- GMAC LLC , the money losing home-loan and auto finance lender, will halt new vehicle loans through its financial services unit in seven European countries as global credit markets deteriorate. (Tue, 28 Oct 2008 19:54:30 GMT)

End of road for mortgage funds?
The government's deposit guarantee scheme could be the downfall of the mortgage funds industry. AXA has frozen $225 million, by suspending withdrawals from three funds. (Tue, 28 Oct 2008 20:37:01 GMT)

Home Federal Bancorp, Inc. of Louisiana Reports Net Earnings for the Quarter Ended September 30, 2008
SHREVEPORT, La.----Home Federal Bancorp, Inc. of Louisiana , the "mid-tier" holding company of Home Federal Savings and Loan Association , reported net earnings for the three months ended September 30, 2008 of $109,000 as compared to $112,000 for the three months ended September 30, 2007. (Tue, 28 Oct 2008 20:55:00 GMT)

State Set to Revise Rules on Trading Halts, Brokerages
29 October 2008 The country aims to pass legislation this year that will give brokerages access to the Central Bank's refinancing tools and set rules for halting stock market trading, a senior official said Tuesday. (Tue, 28 Oct 2008 21:07:54 GMT)

GMAC Unit Ends Auto Loans in Seven European Countries (Update2)
Oct. 28 (Bloomberg) -- GMAC LLC , the money losing home-loan and auto finance lender, will halt new vehicle loans through its financial services unit in seven European countries as global credit markets deteriorate. (Tue, 28 Oct 2008 21:35:30 GMT)

AXA - Mortgage Fund Update
AXA New Zealand has today announced the suspension of three mortgage funds, the Mortgage Distribution Fund, the Mortgage Investment Fund and the AXA Mortgage Fund. (Tue, 28 Oct 2008 21:39:45 GMT)

O’Neill: 20 percent down or no mortgage
President Bush's first treasury secretary says Congress should scrap plans for a new economic stimulus package and instead require that no future home mortgage be awarded without a 20 percent down payment. (Tue, 28 Oct 2008 21:46:03 GMT)

The Biggest Insider Trade in History
29 October 2008 By Yulia Latynina The United States calls its own crisis the mortgage meltdown. Banks went on a lending splurge, handing out mortgages to every homeless and unemployed Joe Blow who walked in off the street. Not surprisingly, they defaulted on their loans. (Tue, 28 Oct 2008 21:50:03 GMT)

Ex-Haitian paramilitary leader gets up to 37 years in prison in NYC mortgage fraud scheme
NEW YORK - A former Haitian paramilitary leader has been sentenced to at least 12 years in prison for helping hatch a New York City mortgage fraud scheme that cheated lenders out of $1.7 million. (Tue, 28 Oct 2008 23:12:44 GMT)

Shades of Green: A discount mortgage program would revive the housing market
On the outskirts of the San Francisco Bay Area, the depth of the housing-market collapse is evident in foreclosed homes that sold for $500,000 two years ago and yet aren’t attracting buyers at a third of the cost. (Tue, 28 Oct 2008 23:48:35 GMT)

Mortgage Fraud
Colorado regulators say they uncovered a mortgage fraud scheme that resulted $8 million in kickbacks to buyers and brokers in 105 home sales. (Wed, 29 Oct 2008 01:00:55 GMT)

Mortgage mishap prompts mother to take action
AUSTIN Fannie Mae misapplied three months of one family's mortgage payments, setting off a chain of events that nearly ended up in foreclosure. FULL STORY >> 10/27/2008 11:34 PM (Wed, 29 Oct 2008 01:15:02 GMT)

GMAC Says Fed Grants Access to Commercial-Paper Plan (Update3)
Oct. 28 (Bloomberg) -- GMAC LLC , the money-losing auto finance and home-loan lender, said it was granted access to the U.S. Federal Reserve's new program to help unlock short-term commercial credit markets. (Wed, 29 Oct 2008 01:23:03 GMT)

Carver Bancorp Chooses PHH Mortgage as Strategic Outsourcer for Retail Mortgage Business
Carver Bancorp, Inc. (New York), the holding company for Carver Federal Savings Bank has selected PHH Mortgage, (Mount Laurel, New Jersey), a subsidiary of PHH Corporation as a strategic outsourcing partner for its mortgage loan origination and servicing business. (Wed, 29 Oct 2008 02:21:01 GMT)

Home prices slide along the Wasatch Front
Posted: 8:45 PM- Consider it a two-year rollback in home prices. New data out Tuesday show that declining sales along (Wed, 29 Oct 2008 04:03:52 GMT)

Brother's loan has sister full of doubts
When our father died six years ago at age 83, everything he owned was put into a trust for my mother because she had never handled money. This included their home, all CDs and bank accounts, and a stock account. (Wed, 29 Oct 2008 04:22:27 GMT)

Job losers urged to inform lenders of status
Borrowers facing job loss can relieve themselves of significant stress if they keep their lenders abreast their financial situation, a leading non-bank lender says. Resi Mortgage Corporation head of (Wed, 29 Oct 2008 04:57:45 GMT)

Home-loan help agency faces suit
The Tennessee Home Protection Agency Inc. was the target of lawsuits Tuesday from the Tennessee Attorney General and Memphis Area Legal Services over the company's foreclosure protection service. (Wed, 29 Oct 2008 05:13:15 GMT)

Should I guarantee my friend’s loan?
A friend from work asked me if I can sign on her loan document as guarantor. She will use the money to buy a small home in their province. Although we’re very close and I know her to be honest and responsible, I am having second thoughts about signing on the document. (Wed, 29 Oct 2008 05:23:04 GMT)

Australian Government Invests A$1 Billion in Mortgage Debt
Oct. 29 (Bloomberg) -- The Australian government will invest in two parcels of residential mortgage-backed securities, worth A$500 million ($318 million) each, to bolster competition in the banking industry. (Wed, 29 Oct 2008 05:47:13 GMT)

Detroit-area home prices down 17.2%
Home prices continued their downward trend through August, falling 17.7% in the nation's 10 largest cities and by 17.2% in metro Detroit as compared with a year ago. (Wed, 29 Oct 2008 07:31:16 GMT)

GMAC Wants to Become Bank After Getting Access to Fed Program
Oct. 29 (Bloomberg) -- GMAC LLC , the money-losing auto finance and home-loan lender, is seeking to become a bank holding company after gaining access to the Federal Reserve's new program designed to unlock short-term commercial credit markets. (Wed, 29 Oct 2008 07:47:20 GMT)

Wood County veterans have new tool to refinance home mortgage
The Department of Veterans Affairs is offering veterans caught up in the current mortgage crisis a helping hand. (Wed, 29 Oct 2008 08:56:58 GMT)

Mortgage approvals up in Sept after record low
Mortgage approvals for house purchase rose in September for the first time in more than a year, after hitting a record low in August, the Bank of England said on Wednesday. (Wed, 29 Oct 2008 09:35:00 GMT)

Instant View - Mortgage approvals tick up in Sept
Mortgage approvals for house purchase inched up in September for the first time in more than a year, after hitting a record low hit in August, the Bank of England said on Wednesday. (Wed, 29 Oct 2008 09:58:00 GMT)

U.K. September Mortgage Approvals Stayed Close to Record Low
Oct. 29 (Bloomberg) -- U.K. mortgage approvals stayed close to the lowest since at least 1999 in September after the worsening financial crisis prompted banks to tighten lending and deterred potential buyers. (Wed, 29 Oct 2008 09:58:35 GMT)

U.K. September Mortgage Approvals Stayed Close to Record Low
Oct. 29 (Bloomberg) -- U.K. mortgage approvals stayed close to the lowest since at least 1999 in September after the worsening financial crisis prompted banks to tighten lending and deterred potential buyers. (Wed, 29 Oct 2008 10:01:15 GMT)

U.K. mortgage approvals rose slightly in September
LONDON (MarketWatch) -- British mortgage approvals totaled 33,000 in September, rising slightly from a record low of 32,000 in August, the Bank of England reported Wednesday. Net home mortgage lending rose by 2.2 billion pounds ($3.43 billion)in September, but August data was revised downwardly to show a 700 million pound drop. Total net consumer lending rose 2.4 billion pounds in September, up ... (Wed, 29 Oct 2008 10:13:51 GMT)

Mortgage applications bounce from 8-year low
Demand for U.S. mortgage applications climbed last week from a nearly eight-year low, while borrowing costs dipped, a trade group said on Wednesday. (Wed, 29 Oct 2008 11:05:03 GMT)

Weekly mortgage applications down 16.8%, MBA data show
Weekly mortgage applications rise a seasonally adjusted 16.8%, due mainly to an increase in refinancing activity, data compiled by the Mortgage Bankers Association show. Interest rates charged on fixed- and adjustable-rate mortgages fall modestly on a week-to-week basis. (Wed, 29 Oct 2008 11:12:39 GMT)

Microsoft warns of financial crisis email scams
Internet fraudsters will try to exploit the global financial crisis by sending fraudulent emails purporting to offer cash-strapped consumers new mortgages, loans or money from failed banks, a Microsoft executive said on Wednesday. (Wed, 29 Oct 2008 11:17:28 GMT)

Mortgage lending up a touch
Seasonally-adjusted mortgage approvals for house purchases grew for the first time in more than a year last month, but were still the second worst ever following a record low in August. (Wed, 29 Oct 2008 11:18:00 GMT)

U.S. Mortgage Applications Spike Higher on Lower Borrowing Costs
Mortgage applications in the U.S. increased 16.8% last week to bounce back from an eight year low. The breakdown of the report showed that refinancing surged 28.5%, while purchases gained 8.5% during the week. (Wed, 29 Oct 2008 11:24:41 GMT)

Shock Rise In Mortgage Deals
British mortgage approvals for house purchase rose in September for the first time in more than a year. (Wed, 29 Oct 2008 11:34:00 GMT)

Mortgage approvals up but credit still tight
Mortgage approvals rose last month for the first time in over a year, data showed on Wednesday, but analysts cautioned the marginal pick up from August's record low did not portend a housing market recovery. (Wed, 29 Oct 2008 11:51:00 GMT)

Mortgage Lender Residential Finance Corp. Expands into Former IndyMac Offices to Accommodate Growing Staff
TAMPA, Fla.----Residential Finance Corporation , a nationwide home mortgage lender specializing in refinance, today announced that the company has expanded operations in Tampa with a move to Class A office space at One Metro Center in the MetWest International Office Park. (Wed, 29 Oct 2008 12:30:00 GMT)

Mortgage Lender Residential Finance Corp. Expands into Former IndyMac Offices to Accommodate Growing Staff
TAMPA, Fla.----Residential Finance Corporation , a nationwide home mortgage lender specializing in refinance, today announced that the company has expanded operations in Tampa with a move to Class A office space at One Metro Center in the MetWest International Office Park. (Wed, 29 Oct 2008 12:30:00 GMT)

Mortgage applications rise in week
WASHINGTON, Oct. 29 (UPI) -- The volume of applications for U.S. mortgages increased last week, rising by a seasonally adjusted 16.8 percent, an industry group said. (Wed, 29 Oct 2008 12:35:42 GMT)

Suspected mortgage fraud on rise in NYC
New York City has seen an explosion of suspected mortgage fraud reported by banks to law enforcement, according to government statistics. (Wed, 29 Oct 2008 12:40:38 GMT)

Mortgage applications rise in week
The volume of applications for U.S. mortgages increased last week, rising by a seasonally adjusted 16.8 percent, an industry group said.The Market Composite Index, which measures mortgage loan application volume, rose from 408.1 to 476.7 in the week ending Oct. 24, the Mortgage Bankers Association said in a release Wednesday.The Refinance Index also increased, up 28.5 percent to 1,489.4, the MBA ... (Wed, 29 Oct 2008 12:45:11 GMT)

UPDATE: Weekly Mortgage Applications Down 16.8%, MBA Data Show
CHICAGO (Dow Jones) -- Mortgage applications filed last week rose a seasonally adjusted 16.8%, due mainly to an increase in refinancing activity, the Mortgage Bankers Association said Wednesday. (Wed, 29 Oct 2008 12:46:15 GMT)

Mortgage Applications Rebound From 8-Year Low
(RTTNews) - Industry data released on Wednesday showed that mortgage application volume soared last week, taking applications off of an 8-year low. Applications increased nearly 17 percent from the previous week, although they were still down 30 percent when compared to last year. (Wed, 29 Oct 2008 13:16:46 GMT)

Mortgage applications jump 17% on lower rates
Borrowers streamed back into the mortgage market last week as loan applications jumped nearly 17%, according to a regular survey from the Mortgage Bankers Association. (Wed, 29 Oct 2008 16:10:26 GMT)

Detectives search for home-mortgage scam victims
ONTARIO - Detectives are looking for more victims involved in a home-mortgage scam that was allegedly run by two men who are suspected of conning a local woman out of $105,000 in May. (Wed, 29 Oct 2008 16:43:42 GMT)

Home-loan help agency faces suit
A Memphis-based company that offers protection against foreclosure is being sued by the state attorney general's office and a Memphis legal group. (Wed, 29 Oct 2008 17:29:07 GMT)

Buyers in a fix as banks refuse to cut home loan rates
The festive mood has been a little subdued in the realty market this season as home buyers are kept waiting and watching for a cut in loan rates, while bankers citing high deposit rates have decided not to tinker with the rates for now. (Wed, 29 Oct 2008 17:53:38 GMT)

Fed announcement: Oct. 29, 2008
The Federal Reserve's Open Market Committee cut the federal funds rate today. When will today's decision hit your wallet? 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, 29 Oct 2008 18:22:45 GMT)

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