Mortgage News Nov 2008

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California attorney general charges 8 people in alleged mortgage scam
The 39-count complaint includes felony charges of grand theft, money laundering and conspiracy. After falling behind on their house payments, Eleuteria and Arthur Washington of Redlands responded to a flier they got in the mail promising to help them renegotiate their mortgage. (Wed, 05 Nov 2008 06:33:44 GMT)

Government's mortgage relief program gets few takers
The Hope for Homeowners plan's limitations damp interest among both borrowers and lenders. The federal government's Hope for Homeowners program launched Oct. 1 was initially projected to help as many as 400,000 struggling borrowers avert foreclosure over the next three years. (Wed, 05 Nov 2008 06:34:14 GMT)

Westpac and NAB cut loan rates
WESTPAC and National Australia Bank today cut their home loan rates following yesterday's rate cut by the Reserve Bank. (Wed, 05 Nov 2008 06:46:00 GMT)

Home, car loan rates set to fall
Statesman News Service NEW DELHI, Nov. 4: Happy days are here again for high-spending consumers who have taken, or are intending to take, home, car and other personal loans. (Wed, 05 Nov 2008 07:34:00 GMT)

Construction Bank Plans China's First Commercial Mortgage Bonds
Nov. 5 (Bloomberg) -- China Construction Bank, the nation's second-largest lender, plans to raise about 2 billion yuan ($292 million) in China's first domestic commercial mortgage-backed bond sale, according to two people involved in the matter. (Wed, 05 Nov 2008 07:47:50 GMT)

Westpac, NAB, ANZ cut home loan rates
Westpac Banking Corporation has became the second of the four major banks to its cut its home loan rate after this week's bigger than expected easing in monetary policy. However, like Commonwealth (Wed, 05 Nov 2008 08:12:48 GMT)

Links
Worldwide financial markets went into a tailspin following last year's sub-prime mortgage crisis in the US, forcing central banks to make massive cash injections to keep the system rolling and fend off a possible liquidity crisis. (Wed, 05 Nov 2008 08:13:33 GMT)

Mortgage aid program gets little attention
WASHINGTON -- The government expects only 20,000 troubled borrowers will apply to refinance into more affordable home loans by next fall under a new mortgage aid program passed over the summer. (Wed, 05 Nov 2008 09:03:26 GMT)

PRESS RELEASE: Fitch Confirms NIBC Bank Covered Bonds AAA Rating
Fitch Ratings-London-05 November 2008: Fitch Ratings has confirmed the rating on NIBC Bank NV's (NIBC, rated 'BBB+' /'F2'/Stable Outlook) Series 1 and 2 mortgage covered bonds at 'AAA'. (Wed, 05 Nov 2008 11:17:26 GMT)

FSA bans mortgage brokers for advice failings
The Financial Services Authority (FSA) has banned and publicly censured Tyne & Wear mortgage brokers Edward Allen and Ronald Allen for failings which exposed the customers of their firm to the risk of receiving an unsuitable mortgage. (Wed, 05 Nov 2008 11:53:26 GMT)

U.S. MBA Mortgage Applications Falls to an Eight Year Low on Higher Borrowing Costs
U.S. mortgage applications dropped 20% to 379.9 to reach its lowest level since 2000 as potential home buyers face higher borrowing costs. (Wed, 05 Nov 2008 12:24:15 GMT)

(AFX UK Focus) 2008-11-05 12:15 US mortgage applications slump, costs increase-MBA
NEW YORK, Nov 5 (Reuters) - U.S. mortgage application demand skidded last week, driven by a nearly 30 percent slump in demand to refinance home loans as borrowing costs rose, a trade group said on Wednesday. The Mortgage Bankers Association's seasonally adjusted mortgage applications index, which includes both purchase and refinance loans, slid 20.3 percent to 379.9 in the week ended Oct. 31. ... (Wed, 05 Nov 2008 12:38:35 GMT)

(AFX UK Focus) 2008-11-05 12:15 US mortgage applications slump, costs increase-MBA
NEW YORK, Nov 5 (Reuters) - U.S. mortgage application demand skidded last week, driven by a nearly 30 percent slump in demand to refinance home loans as borrowing costs rose, a trade group said on Wednesday. The Mortgage Bankers Association's seasonally adjusted mortgage applications index, which includes both purchase and refinance loans, slid 20.3 percent to 379.9 in the week ended Oct. 31. ... (Wed, 05 Nov 2008 12:39:05 GMT)

Banks ask for credit card debt forgiveness
WASHINGTON -- With defaults on credit card debt spiraling amid a global financial downturn, banks already reeling from the mortgage crisis are losing billions more from unpaid credit card bills. (Wed, 05 Nov 2008 12:59:03 GMT)

Mortgage applications fell in week
WASHINGTON, Nov. 5 (UPI) -- The volume of applications for U.S. mortgages declined last week, falling by a seasonally adjusted 20.3 percent, an industry group said. (Wed, 05 Nov 2008 13:04:54 GMT)

Mortgage applications fell in week
The volume of applications for U.S. mortgages declined last week, falling by a seasonally adjusted 20.3 percent, an industry group said.The Market Composite Index, which measures mortgage loan application volume, fell from 476.7 to 379.9 in the week ending Oct. 31, the Mortgage Bankers Association said in a release Wednesday.The Refinance Index also decreased, down 27.8 percent to 1,075.4, the ... (Wed, 05 Nov 2008 13:18:48 GMT)

GMAC Posts Loss, Says ResCap Mortgage Unit May Fail (Update1)
Nov. 5 (Bloomberg) -- GMAC LLC , the financing arm of General Motors Corp. gripped by a cash squeeze, posted its fifth straight quarterly loss and said its mortgage unit may not survive. (Wed, 05 Nov 2008 13:55:05 GMT)

Mortgage applications fell 20.3% last week: MBA
Mortgage applications filed last week fall a seasonally adjusted 20.3% compared with the previous week, as rates on fixed-rate mortgages increase, the Mortgage Bankers Association reports on Wednesday. (Wed, 05 Nov 2008 13:57:39 GMT)

GMAC has $2.52 billion loss; ResCap survival at risk
Finance company GMAC LLC lost $2.52 billion in the third quarter, hurt by the housing slump and vehicle lease writedowns, and said its mortgage unit, one of the nation's largest home loan providers, may not survive. (Wed, 05 Nov 2008 14:03:30 GMT)

Crumbling Housing Market Threatens GMAC Unit’s Survival
GMAC , the finance company owned by General Motors and buyout firm Cerberus Capital Management , lost $2.52 billion in the third quarter, hurt by the housing slump and vehicle lease write-downs, and said Wednesday that its mortgage unit, one of the nation’s largest home loan providers, may not survive. (Wed, 05 Nov 2008 14:36:55 GMT)

UPDATE: Mortgage Applications Fell 20.3% Last Week: MBA
CHICAGO (Dow Jones) -- Mortgage applications filed last week fell a seasonally adjusted 20.3% compared with the previous week, as rates on fixed-rate mortgages increased, the Mortgage Bankers Association reported on Wednesday. (Wed, 05 Nov 2008 16:32:53 GMT)

GMAC warns on mortgage business
GMAC Financial Services reports an increased third-quarter loss and warns its mortgage business Rescap may struggle to survive. (Wed, 05 Nov 2008 16:41:26 GMT)

GMAC warns on mortgage business
GMAC Financial Services reports an increased third-quarter loss and warns its mortgage business Rescap may struggle to survive. (Wed, 05 Nov 2008 16:44:11 GMT)

i2 Technologies, Revlon and Federal Agricultural Mortgage lead small-cap percentage losers
i2 Technologies Inc. , Revlon Inc. and Federal Agricultural Mortgage Corp. are among the biggest percentage losers in Wednesday's trading among companies with... (Wed, 05 Nov 2008 17:08:47 GMT)

Deteriorating Home Market Puts GMAC Unit at Risk
GMAC, the finance company partly owned by General Motors, lost $2.52 billion in the quarter, hurt by the housing slump and vehicle lease write-downs, and said that its mortgage unit may not survive. (Wed, 05 Nov 2008 17:26:18 GMT)

GMAC Posts Loss, Says ResCap Mortgage Unit May Fail (Update3)
Nov. 5 (Bloomberg) -- GMAC LLC , the financing arm of General Motors Corp. gripped by a cash squeeze, posted its fifth straight loss and said its mortgage unit may not survive. (Wed, 05 Nov 2008 19:11:19 GMT)

US mortgage applications slump to 8-yr low
US mortgage application demand skidded last week to an eight-year low, driven by a nearly 30 per cent slump in demand to refinance home loans as borrowing costs rose. (Wed, 05 Nov 2008 19:11:53 GMT)

Howard Schweber: The Mortgage Crisis: A Modest Proposal
In dealing with the mortgage crisis it is critical to keep people in their houses. To do that we have to have ways to renegotiate their mortgages. (Wed, 05 Nov 2008 20:17:49 GMT)

GMAC Posts Loss, Says ResCap Mortgage Unit May Fail (Update4)
Nov. 5 (Bloomberg) -- GMAC LLC , the financing arm of General Motors Corp. gripped by a cash squeeze, posted its fifth straight loss and said its mortgage unit may not survive. (Wed, 05 Nov 2008 21:38:20 GMT)

Grapevine man sentenced for mortgage fraud
A Grapevine man accused of working with seven other defendants to defraud mortgage lenders and financial institutions was sentenced to 51 months in federal prison and ordered to pay $2.7 million in restitution on Wednesday. (Wed, 05 Nov 2008 21:47:54 GMT)

Harvard Re-Elected to Federal Home Loan Bank of Atlanta's Board of Directors
NORFOLK, Va., Nov. 5, 2008 -- Hampton Roads Bankshares, Inc. , the financial holding company for Bank of Hampton Roads and Shore Bank, is pleased to announce that Scott C. Harvard has been re-elected to the Federal Home Loan Bank of Atlanta's Board of Directors. (Wed, 05 Nov 2008 22:08:20 GMT)

Qualified lending professional critical to home loan process
-Editor’s note: This is the fourth in a series of articles put together by the Park Rapids H.O.M.E. (Home Ownership Made Easy) group outlining the steps in buying a home. The articles will appear in the Park Rapids Enterprise over the next several weeks. (Wed, 05 Nov 2008 22:29:36 GMT)

Low hopes for new mortgage program
WASHINGTON -- The government expects only 20,000 troubled borrowers will apply to refinance into more affordable home loans by next fall under a new mortgage aid program passed by lawmakers over the summer. (Wed, 05 Nov 2008 22:53:14 GMT)

Economy - Wednesday
The Mortgage Bankers Association's index slid 20.3% to 379.9 in the week ended Oct. 31, the weakest reading since Dec. '00. Applications for loans to buy a home sank 13.9%, also to a near-8-year low. Refinancing demand fell 27.8%. The 30-year fixed-rate mortgage rose to 6.47% from 6.26% in the prior week. The 15-year fixed-rate mortgage rose 13 basis points to 6.14%. One-year ARMs fell 4 ticks ... (Wed, 05 Nov 2008 23:30:00 GMT)

Economy - Wednesday
Mortgage applications dive. The Mortgage Bankers Association's index slid 20.3% to 379.9 in the week ended Oct. 31, the weakest reading since Dec.... (Wed, 05 Nov 2008 23:30:00 GMT)

Bush Administration Works Toward Foreclosure Prevention Plan
Sources close to the policy process tell Fox Business that the Bush Administration is considering improvements in the Federal Housing Administration’s “Hope for Homeowners” program, to make participation more attractive to banks, thrifts and other mortgage holders. (Wed, 05 Nov 2008 23:56:18 GMT)

NY lawsuit: Bear Stearns built a 'house of cards'
A company that insured groups of mortgage loans for a subsidiary of Bear Stearns accused the investment bank in a lawsuit Wednesday of building a "house of cards" through fraud and misrepresentations. (Thu, 06 Nov 2008 01:12:04 GMT)

Credit crisis diary: No mortgage rate cuts here folks
The politicians may say they will bring the banks to book, but don't hold your breath if you're expecting your mortgage repayments to plummet following today's expected base rate cut. Prior to every base rate decision, the Council of Mortgage Lenders issues journalists with a ready reckoner that shows how interest rate changes affect monthly repayments. Yesterday, it said it wasn't bothering ... (Thu, 06 Nov 2008 01:24:14 GMT)

Commonwealth Bank reduces home loan interest rates
The Commonwealth Bank has announced that it is reducing its standard variable home loan interest rate by 0.58% pa, effective November 10, 2008 for new and existing customers. (Thu, 06 Nov 2008 01:38:24 GMT)

Bradford & Bingley Sees Rise in Mortgage Arrears, FT Reports
Nov. 6 (Bloomberg) -- Bradford & Bingley Plc has seen an increase in the number of mortgage borrowers falling behind on payments, raising concern the lender may face potential losses, the Financial Times reported, citing Moody's Investors Service. (Thu, 06 Nov 2008 02:58:20 GMT)

Schwarzenegger Proposes Calif. Mortgage Relief
Gov. Arnold Schwarzenegger is proposing mortgage relief in hopes of stabilizing California's economy. The Republican administration on Wednesday announced a plan to encourage lenders to modify existing home loans as a way of keeping people out of foreclosure. (Thu, 06 Nov 2008 04:18:54 GMT)

Rising Mortgage Firm Is At Home In Tampa
There's at least one mortgage company that still sees opportunity in the real estate market. (Thu, 06 Nov 2008 05:03:21 GMT)

Interest rates: What a cut will mean to your mortgage
The likelihood of a cut in interest rates this week has been increased by similar moves by central banks around the world and growing fears of a recession. Some commentators have suggested the Bank of England could be more aggressive than usual and opt for a 1% reduction from its current level of 4.5%. But what would that mean for your mortgage ? 0.25% cut to 4.25% Assuming you are on a ... (Thu, 06 Nov 2008 08:04:53 GMT)

Taxpayers may pay legal bills for mortgage execs
When the government took over mortgage giants Fannie Mae and Freddie Mac, taxpayers inherited more than just bad debts. They're also potentially on the hook for tens of millions of dollars in legal fees for the executives at the center of the housing market's collapse. (Thu, 06 Nov 2008 08:34:47 GMT)

Barclays Completes Takeover of Macquarie Italian Mortgage Unit
Nov. 6 (Bloomberg) -- Barclays Plc , the U.K.'s second- biggest bank, completed the acquisition of the Italian residential mortgage unit of Macquarie Bank Ltd. (Thu, 06 Nov 2008 10:46:53 GMT)

Barclays Acquires Macquarie's Italian Mortgage Business
Barclays Acquires Macquarie's Italian Mortgage Business (Thu, 06 Nov 2008 11:11:28 GMT)

Barclays buys Italian mortgage business
Britain's Barclays bank said Thursday it has bought the Italian residential mortgage business of Australia's Macquarie bank. (Thu, 06 Nov 2008 11:17:20 GMT)

Barclays buys Italian mortgage business
Britain's Barclays bank said Thursday it has bought the Italian residential mortgage business of Australia's Macquarie bank. Barclays PLC, which raised 7.3 billion pounds ($11.8 billion) from Middle Eastern investors last month, is not disclosing the amount... (Thu, 06 Nov 2008 11:46:28 GMT)

Mortgage rates plunge
Mortgage rates continued riding a seesaw this week, plunging one-third of a percentage point compared with the week before. The benchmark 30-year fixed-rate mortgage fell 33 basis points, to 6.44 percent, according to the Bankrate.com national survey of large lenders. (Thu, 06 Nov 2008 11:52:45 GMT)

Cerberus Said to Consider Giving Up GMAC
GMAC , the finance company jointly owned by private equity firm Cerberus Capital Management and General Motors , lost $2.52 billion in the third quarter, hurt by the housing slump and write-downs on vehicle leases, and said Wednesday that its mortgage unit, one of the nation’s largest home loan providers, might not survive. (Thu, 06 Nov 2008 12:07:15 GMT)

Barclays buys Italian mortgage business from Macquarie
Bank Barclays has bought the Italian residential mortgage business of Australia's Macquarie Bank. (Thu, 06 Nov 2008 12:23:00 GMT)

PRESS RELEASE: Fitch: Mortgage Payment Delay May Hit RMBS
Fitch Ratings-London/Madrid-06 November 2008: Fitch Ratings said Thursday that measures recently announced by the Spanish government to impose a partial moratorium on mortgage payments for certain individuals could create liquidity stresses which could impact Spanish RMBS ratings. (Thu, 06 Nov 2008 12:47:23 GMT)

GMAC mortgage lender teeters toward bankruptcy
The possibility of the failure of Residential Capital rose after GMAC, its parent, said that "substantial doubt exists regarding ResCap's ability to continue as a going concern" without more support from GMAC. (Thu, 06 Nov 2008 14:11:34 GMT)

Bankrate: Mortgage Rates Decline In Latest Week
Bankrate: Mortgage Rates Decline In Latest Week (Thu, 06 Nov 2008 15:26:38 GMT)

Mortgage rates drop slightly in week
WASHINGTON, Nov. 6 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages dropped slightly in the week ending Nov. 6, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 06 Nov 2008 15:34:54 GMT)

Freddie Mac: 30-year Mortgage Falls On Weaker Economy
Freddie Mac: 30-year Mortgage Falls On Weaker Economy (Thu, 06 Nov 2008 15:41:28 GMT)

Mortgage rates drop slightly in week
Interest rates for 30-year, fixed-rate U.S. mortgages dropped slightly in the week ending Nov. 6, the Federal Home Loan Mortgage Corp. said Thursday.The 30-year, fixed-rate mortgage averaged 6.2 percent with an average 0.7 points in the week, Freddie Mac said.A week ago, 30-year, fixed-rate mortgages averaged 6.46 percent with an average 0.7 points. A year ago, the average rate was 6.24 ... (Thu, 06 Nov 2008 15:44:44 GMT)

Mortgages: Mortgage roller coaster continues as rates drop
Mortgage rates move down after jumping the previous week, continuing five weeks of volatility that have seen rates rise and fall more than usual as the financial crisis keeps credit markets in turmoil. (Thu, 06 Nov 2008 16:04:41 GMT)

Mortgage rates fall
Mortgage rates fell this week amid a pullback in consumer spending and a weaker job market. (Thu, 06 Nov 2008 16:24:56 GMT)

Taxpayers May Pay Legal Fees for Mortgage Execs
Mortgage companies taken over by govt have contracts promising to cover legal bills for their executives (Thu, 06 Nov 2008 16:34:48 GMT)

Federal Home Loan Bank of Boston Announces Third Quarter 2008 Results
The Federal Home Loan Bank of Boston announced the following unaudited results for the quarter ended September 30, 2008: (Thu, 06 Nov 2008 16:37:00 GMT)

MORTGAGES: Mortgage Roller Coaster Continues As Rates Drop
CHICAGO (Dow Jones) -- Mortgage rates moved down this week after jumping last week, continuing five weeks of volatility that has seen rates rise and fall more than usual as the financial crisis keeps credit markets in turmoil. (Thu, 06 Nov 2008 16:49:01 GMT)

Countrywide Bondholders May Challenge Costs of Mortgage Accord
Nov. 6 (Bloomberg) -- Countrywide Financial Corp. mortgage- bond holders may form a group to challenge Bank of America Corp.'s plan to rework home loans to settle fraud complaints, a lawyer said. (Thu, 06 Nov 2008 16:55:22 GMT)

Barclays buys Italian mortgage business
Britain's Barclays bank said Thursday it has bought the Italian residential mortgage business of Australia's Macquarie bank. (Thu, 06 Nov 2008 18:00:58 GMT)

Taxpayers may pay legal bills for mortgage execs
WASHINGTON -- When the government took over mortgage giants Fannie Mae and Freddie Mac, taxpayers inherited more than just bad debts. They're also potentially on the hook for tens of millions of dollars in legal fees for the executives at the center of the housing market's collapse. (Thu, 06 Nov 2008 18:02:47 GMT)

Hedgie's careful prescription for profiting in the mortgage mess
In a time when closures or panicked liquidations of name-brand hedge funds have become commonplace, the opening of a $1 billion fund trading mortgage-backed securities and other types of credit should attract more than a few raised eyebrows. (Thu, 06 Nov 2008 19:24:56 GMT)

Mortgage rates drop to average 6.2 percent
Mortgage rates dropped this week, providing a dose of welcome news to prospective home buyers. Freddie Mac, the mortgage giant, reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.20 percent for the week ending Nov. 6. (Thu, 06 Nov 2008 19:28:53 GMT)

Suozzi calls for 90-day foreclosure moratorium on LI
Nassau County Executive Tom Suozzi on Thursday called for mortgage lenders on Long Island to implement a moratorium on foreclosures. Suozzi, speaking at the Long Island Housing Partnership's Chairman's Symposium, said he wants other mortgage lenders to follow the lead of JPMorgan Chase in giving borrowers a 90-day grace period to seek refinancing options and counseling [...] (Thu, 06 Nov 2008 19:43:42 GMT)

Mortgage rates drop to average 6.2 percent
Mortgage rates dropped this week, providing a dose of welcome news to prospective home buyers. (Thu, 06 Nov 2008 19:51:15 GMT)

Mortgage rates drop to average 6.2 percent
WASHINGTON — Mortgage rates dropped this week, providing a dose of welcome news to prospective homebuyers. (Thu, 06 Nov 2008 20:54:18 GMT)

Home loan cut sign
Mumbai, Nov. 6: State Bank of India today led a pack of banks in slashing a key lending rate by 0.75 percentage point, clearing the way for lower home loan instalments. (Thu, 06 Nov 2008 21:53:34 GMT)

World Bank OKs $1 Billion Loan For Mexican Mortgage Development Bank
MEXICO CITY -(Dow Jones)- The World Bank said Thursday it has approved a $1 billion loan for Mexican mortgage development bank Sociedad Hipotecaria Federal. (Thu, 06 Nov 2008 22:17:10 GMT)

Barclays purchases Italian mortgage business from Macquarie
Barclays Bank PLC ('Barclays') has completed the purchase of the Italian residential mortgage business of Macquarie Bank Limited. The business includes a mortgage portfolio with a total outstanding ba (Fri, 07 Nov 2008 02:36:15 GMT)

Mortgage rates drop; 30-year averages 6.20%
Mortgage rates dropped this week, providing a dose of welcome news to prospective home buyers. (Fri, 07 Nov 2008 02:48:55 GMT)

Mortgage-fraud ringleader sentenced to 15 years
The ringleader of a mortgage-fraud team was sent to prison for 15 years today after he and seven others were found guilty of defrauding lenders out of more than $1.1million in property loans. (Fri, 07 Nov 2008 03:52:31 GMT)

IDBI Bank cuts floating home loan rates
Industrial Development Bank of India (IDBI) has cut floating interest rate on new home loans by 50 basis points to 10.5 per cent. It has also floated a scheme called “buy now, pay later” to provide assistance borrowers purchasing under construction properties. (Fri, 07 Nov 2008 04:53:41 GMT)

Heads Up: Mortgage rates fall
Mortgage rates followed other economic indicators and dropped this week. Rates on 30-year, fixed-rate mortgages averaged 6.20 percent, down sharply from 6.46 percent last week. For 15-year, fixed-rate mortgages, rates dropped to 5.88 percent from 6.19 percent. Five-year, adjustable-rate mortgages fell to 6.19 percent, from 6.36 percent, and one-year adjustables decreased to 5.25 percent from ... (Fri, 07 Nov 2008 04:58:55 GMT)

Mortgage rates drop to average 6.2 percent
WASHINGTON Mortgage rates dropped this week, providing a dose of welcome news to prospective homebuyers. Freddie Mac, the mortgage giant, reported yesterday that rates on 30-year, fixed-rate mortgages averaged 6.2 percent for the week ending Nov. 6. That was down sharply from 6.46 percent last week. The retreat in mortgages rates comes as the economy is getting weaker. Thirty-year mortgage rates ... (Fri, 07 Nov 2008 08:32:01 GMT)

Mortgage Rates Drop
Mortgage rates dropped this week, providing a dose of welcome news to prospective home buyers. Freddie Mac, the mortgage giant, reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.20 percent for the week ending Nov. 6. That was down sharply from 6.46 percent last week. For 15-year, fixed-rate mortgages, which are popular with... (Fri, 07 Nov 2008 11:21:59 GMT)

Mortgage servicers pledge more help
Mortgage servicers pledge more help Amid the widening housing crisis, Gov. Martin O'Malley plans to announce today an agreement with some of the nation's largest loan servicers to help homeowners who have fallen behind in their mortgage payments to avoid foreclosure. (Fri, 07 Nov 2008 11:31:19 GMT)

MARYLAND: Mortgage servicers to help homeowners
ANNAPOLIS -- Gov. Martin O'Malley is expected to announce today that the state has made an agreement with six loan service firms to assist homeowners who are behind with their mortgage payments. (Fri, 07 Nov 2008 12:32:31 GMT)

Is the Federal Home Loan Banking System at Risk?
Fannie Mae and Freddie Mac were controversial for years before they fell into government conservatorship this year. But few people have considered the risks posed by the Federal Home Loan Bank System (FHLB), even though it occupies the same gray area between the public and private sectors. (Fri, 07 Nov 2008 13:08:43 GMT)

Disbarred Pa. attorney pleads guilty to wire fraud
WILKES-BARRE, Pa. (AP) - A disbarred Pennsylvania attorney has admitted stealing hundreds of thousands of dollars in a mortgage refinancing scheme. Sixty-1-year-old Michael Bart pleaded guilty to wire fraud in federal court Thursday. (Fri, 07 Nov 2008 14:16:28 GMT)

Pony allergic to carrots is looking for a loan home
An equine charity is looking for a new home for 10.3hh Dinky, an eight year-old mare who can't eat carrots (Fri, 07 Nov 2008 14:57:14 GMT)

Mortgage servicers to help Md. homeowners
Gov. Martin O'Malley is expected to announce Friday that the state has made an agreement with six loan service firms to assist homeowners who are behind with their mortgage payments. (Fri, 07 Nov 2008 15:03:39 GMT)

JPMorgan sees consumer loan defaults rising
JPMorgan Chase & Co said on Friday it expects consumer loan defaults to increase in the current quarter and sees higher loan loss provisions. (Fri, 07 Nov 2008 15:05:36 GMT)

Chagrin Falls woman accused of mortgage fraud
Lavon Ivy CLEVELAND -- Lavon C. Ivy, 38, of Chagrin Falls, is accused of acting as a mortgage broker to fraudulently obtain a large loan for a homebuyer in Oakwood. She submitted a false property appraisal and was not licensed... (Fri, 07 Nov 2008 15:20:04 GMT)

Disbarred Pa. attorney pleads guilty to wire fraud
BARRE, Pa. (AP) - A disbarred Pennsylvania attorney has admitted stealing hundreds of thousands of dollars in a mortgage refinancing scheme. (Fri, 07 Nov 2008 15:27:55 GMT)

Hope for home loan applicants
While banks still turn down almost half of all home loan applications, there is hope for prospective buyers, a new survey shows. (Fri, 07 Nov 2008 16:21:56 GMT)

Cambria County Approved For $6 Million Loan
Cambria County has been approved for a $6 million loan to help pay for fiscal losses at the county-run nursing home. The loan will help the county pay for debt owed by Laurel Crest Nursing Home, which loses between $400,000 and $600,000 a month. (Fri, 07 Nov 2008 19:28:26 GMT)

HBOS, RBS Cut Mortgage Rates After Government Meeting (Update2)
Nov. 7 (Bloomberg) -- HBOS Plc , the U.K.'s biggest home loan provider, and three other banks together representing almost half of British mortgage lending today cut interest rates after government ministers urged a reduction. (Fri, 07 Nov 2008 19:37:18 GMT)

HBOS, RBS Cut Mortgage Rates After Government Meeting (Update2)
Nov. 7 (Bloomberg) -- HBOS Plc , the U.K.'s biggest home loan provider, and three other banks together representing almost half of British mortgage lending today cut interest rates after government ministers urged a reduction. (Fri, 07 Nov 2008 19:40:09 GMT)

Solon: Resident, mortgage broker sentenced for mortgage fraud
A Solon resident and an Aurora mortgage broker have both been sentenced to five years in prison for their parts in a mortgage fraud scheme. Robert A. Huff, 46, had earlier been found guilty of theft by deception and securing... (Fri, 07 Nov 2008 20:10:21 GMT)

Memphis, Shelby Co. may seek lawsuit against mortgage companies
MEMPHIS — Memphis and Shelby County officials are considering taking legal action against mortgage companies they say have contributed to abusive loans in their communities. (Fri, 07 Nov 2008 20:16:37 GMT)

Federal Home Loan Banks face risk
Few people have considered the risks posed by the Federal Home Loan Bank system, even though it occupies the same gray area as Fannie Mae and Freddie Mac before they failed spectacularly. (Fri, 07 Nov 2008 21:06:53 GMT)

Md. seeks more mortgage companies in relief effort
Maryland Gov. Martin O'Malley said Friday he's hoping an agreement with six mortgage servicing companies to help struggling homeowners avoid foreclosure will pressure other companies to join the effort. (Fri, 07 Nov 2008 22:14:41 GMT)

Federal Home Loan Bank of San Francisco Reports Third Quarter Operating Results
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco today announced that its third quarter 2008 net income fell $34 million, or 25%, to $101 million from $135 million in the third quarter of 2007. (Fri, 07 Nov 2008 22:48:00 GMT)

Federal Home Loan Bank of San Francisco Reports Third Quarter Operating Results
The Federal Home Loan Bank of San Francisco today announced that its third quarter 2008 net income (Fri, 07 Nov 2008 23:00:37 GMT)

Solution for mortgage crisis and looming global financial crisis is in historical record
After several heady false starts, Congress and the White House finally enacted a stopgap Wall Street "bailout" plan last month. Since then, with a brief bit of breathing room thereby secured, the plan has been "morphing" in various ways. (Fri, 07 Nov 2008 23:46:12 GMT)

Ways2Save: Biweekly mortgage program
If you're struggling to make your monthly mortgage payment, the bank has something for you. It's called a bi-weekly mortgage and it's being pushed by many lenders as a way to save money and shave years off your mortgage. But is it a good idea? (Fri, 07 Nov 2008 23:50:49 GMT)

Mortgage interest rates: Q&A
My fixed-rate mortgage deal is coming to an end. What should I do? Hold tight. There are now barely any tracker deals left on the market but new deals are expected next week, albeit with higher rates. (Sat, 08 Nov 2008 00:12:05 GMT)

Mortgage Servicers To Help Md. Homeowners
Gov. Martin O'Malley said Friday he's hoping an agreement with six mortgage servicing companies to help struggling homeowners avoid foreclosure will pressure other companies to join the effort. (Sat, 08 Nov 2008 01:18:14 GMT)

Taxpayers may pay legal bills for mortgage giants' executives
WASHINGTON, D.C. -- When the government took over mortgage giants Fannie Mae and Freddie Mac, taxpayers inherited more than just bad debts. They're also potentially on the hook for tens of millions of dollars in legal fees for the executives at the center of the housing market's collapse. (Sat, 08 Nov 2008 02:37:20 GMT)

Barclays acquires Italian mortgage business of Macquarie
Barclays Bank has completed the purchase of the Italian residential mortgage business of Macquarie Bank. The business includes a mortgage portfolio with a total outstanding balance of approximately E1.1 billion. (Sat, 08 Nov 2008 02:38:44 GMT)

Mortgage mess grew from greed, not fair-lending law
Some people blame a fair-lending law for the mortgage meltdown and the resulting global financial crisis. Evidence shows otherwise. (Sat, 08 Nov 2008 03:52:04 GMT)

Home borrowing limit stops climbing amid slump
As housing prices climbed over the first half of the decade, so did the amount a buyer could finance and still get the best mortgage rates.That borrowing limit, for a so-called conforming loan, rose from $252,700 in 2000 to $417,000 this year.Now, because home prices have stopped climbing, the (Sat, 08 Nov 2008 05:12:23 GMT)

Rating the Loan Process
According to a new survey, customers are more happy with their loan process now than they were in the past two years. (Sat, 08 Nov 2008 06:11:43 GMT)

Ranieri Becomes Victim of Mortgage Crisis as Franklin Is Seized
Nov. 8 (Bloomberg) -- Lewis Ranieri , who helped create the mortgage-securities market in the 1980s while at Salmon Brothers Inc., became a victim of its collapse after his Houston-based bank was seized. (Sat, 08 Nov 2008 06:25:10 GMT)

Letters to Home&Garden
Why should I pay for foolishness of the 'stupid and greedy'? Editor - At the risk of being stoned, my thoughts on coping are the following: I bought a home that was reasonably priced with a loan that I could afford. When the rates went down I refinanced -... (Sat, 08 Nov 2008 08:37:32 GMT)

Q: If I'm underwater on my mortgage, does that mean I could lose my house?
A: Being underwater -- owing more than your house is worth -- certainly isn't a good spot to be in. But if you keep making your payments, you'll be OK. Some estimate that as many as one in six homeowners nationally are underwater on their mortgage. Most of them bought homes in the past few years or put down small or no down payments. (Sat, 08 Nov 2008 09:51:53 GMT)

Zig-zagging mortgage rates plunge
Mortgage rates continued riding a seesaw this week, plunging one-third of a percentage point compared with the week before. The benchmark 30-year fixed-rate mortgage fell 33 basis points, to 6.44 percent, according to the Bankrate.com national survey of large lenders. (Sat, 08 Nov 2008 10:40:28 GMT)

O'Malley hopes to expand mortgage aid
Gov. Martin O'Malley said Friday he is hoping an agreement with six mortgage-servicing companies to help struggling homeowners avoid foreclosure will pressure other companies to join the effort. (Sat, 08 Nov 2008 10:58:48 GMT)

Similar mortgage mess, but different protest plan
MIRA MESA – June Reyno knows she shouldn't have refinanced her mortgage three times to pay for home improvements and credit card bills. She admits that up front. (Sat, 08 Nov 2008 11:09:15 GMT)

Mortgage rates drop to average 6.2 percent
WASHINGTON —Mortgage rates dropped this week, providing a dose of welcome news to prospective home buyers. Freddie Mac, the mortgage giant, reported Thursday that rates on 30year, fixed-rate mortgages averaged 6.20 percent for the week ending Nov. 6. That was down sharply from 6. (Sat, 08 Nov 2008 13:14:42 GMT)

Bernard Hickey: Now there's work to be done
The winners of this weekend's election must answer some big questions being asked by investors and borrowers. What can be done about high mortgage rates? (Sat, 08 Nov 2008 15:27:37 GMT)

Feds to announce mortgage fraud indictments at Limbaugh Courthouse on Monday
Federal prosecutor Catherine Hanaway on Monday will announce the indictment of two defendants in a "significant mortgage fraud case" in Southeast Missouri, a spokeswoman said Friday. (Sat, 08 Nov 2008 18:11:36 GMT)

Regulators Seize Bank Founded by Mortgage-Backed Securities Pioneer
Federal regulators last night seized a Texas bank founded by Lewis Ranieri, a Wall Street legend who grew rich in the 1980s as the pioneering salesman of a new investment product called the mortgage-backed security. (Sat, 08 Nov 2008 18:24:08 GMT)

Canara Bank cuts home, auto loan rates
Canara Bank cut home loan rates by 75 basis points (bps) and interest rates on automobile loans by 100 bps, the bank said in a release today. Both the rate cuts will come into effect from Monday. Canara Bank’s interest rates on automobile loans will be 12.50 per cent from Monday, the release said. (Sat, 08 Nov 2008 18:56:32 GMT)

At Your Library: Help for home-schooling parents
Are you a teacher or home-schooling parent? Each teacher, or parent who home-schools his or her child, is entitled to an institution card for materials to be used in the classroom or home-schooling environment. Items checked out on an institution card have a longer loan period – 28 days, allowing for flexibility in your use as well as sufficient time to review materials you are considering for ... (Sat, 08 Nov 2008 19:54:46 GMT)

Similar mortgage mess, but different protest plan
MIRA MESA – June Reyno knows she shouldn't have refinanced her mortgage three times to pay for home improvements and credit card bills. She admits that up front. (Sat, 08 Nov 2008 20:14:30 GMT)

Mortgage brokers flee industry
Mortgage broker numbers have been decimated by the impact of the global financial crisis on the property and lending markets. (Sat, 08 Nov 2008 20:40:46 GMT)

After a Nightmare of Refinancing, Hope
Qiana Haywood put aside her aspirations of becoming a doctor to help her ill grandmother whose home was going into foreclosure. (Sat, 08 Nov 2008 21:35:12 GMT)

The Wrong Mortgage Derails a Mother?s Plans
Christina Natale wanted to give her children a stable home, but what she got was a mortgage she couldn?t afford. (Sun, 09 Nov 2008 02:20:12 GMT)

Perpetual reopens income/mortgage funds
Fund manager Perpetual Ltd has re-opened applications for its income and mortgage funds at the request of a number of clients. (Sun, 09 Nov 2008 03:45:08 GMT)

Mortgage Lenders Work on Foreclosure Amnesty Deal
A big win for some Maryland homeowners struggling to hang on to their homes. A new plan between six of the state's largest mortgage services will grant some amnesty. FOX 5's Allyson Wilson has more on allaying the foreclosure fears. (Sun, 09 Nov 2008 04:19:40 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, 09 Nov 2008 05:10:01 GMT)

California housing loan agency head stepping down
Theresa Parker has been embroiled in a controversy over a 27% pay hike but says her decision to depart is unrelated. The head of the state's troubled housing loan agency is stepping down amid a controversy over a 27% pay raise that will sweeten her retirement income by thousands of dollars a year. (Sun, 09 Nov 2008 05:11:50 GMT)

Shoring up your mortgage
(By Christina Rexrode, crexrode@charlotteobserver.com) The latest trend in the housing downturn is finding ways to help struggling homeowners make their mortgage payments. The government, banks, housing counselors and other observers are all weighing in with plans for mortgage modifications, also called loan workouts. Three major programs unfurled last month by the Federal Housing ... (Sun, 09 Nov 2008 05:16:32 GMT)

It's time to think about refinancing that high-rate mortgage
Many Americans affected by the economic crisis want their unaffordable mortgages reworked through special programs for people facing foreclosure. But you don't have to be in financial trouble to benefit from mortgage refinance, real estate experts say. (Sun, 09 Nov 2008 06:34:29 GMT)

Taxpayers may pay legal bills for mortgage execs
WASHINGTON — When the government took over mortgage giants Fannie Mae and Freddie Mac, taxpayers inherited more than just bad debts. They’re also potentially on the hook for tens of millions of dollars in legal fees for the executives at the center of the housing market’s collapse. (Sun, 09 Nov 2008 07:01:58 GMT)

Almost 20% of mortgaged homeowners owe more than home is worth
Here’s a shocker: almost half of Nevada homeowners with a mortgage owe more to the bank than their homes are worth. (Sun, 09 Nov 2008 07:02:15 GMT)

Solution to mortgage mess has its merits
The business owner who gave me my first job welcomed criticism of his shop -- as long as you brought a proposed solution to the problem. We've tried to instill the same practice with our children. (Sun, 09 Nov 2008 08:06:30 GMT)

Mortgage rates fall farther to 6.2 percent
Mortgage rates dropped last week, providing a dose of welcome news to prospective home buyers. Freddie Mac reported Thursday that rates on 30-year fixed-rate mortgages averaged 6.20 percent for the week ended Nov. 6. That was down sharply from 6.46 percent... (Sun, 09 Nov 2008 08:23:21 GMT)

DAVID W. MYERS: Deed-in-lieu might limit credit damage
Dear David: I lost my job four months ago and then fell behind on my monthly mortgage payments. I called the bank for help, but the loan representative said that I do not qualify for any of its special loan programs to stop foreclosure because (DUH!) I am out of work and have no income to qualify for a refinance. The loan rep suggested that I sign a "deed in lieu of foreclosure" that would allow ... (Sun, 09 Nov 2008 08:29:55 GMT)

Aussie cuts home loan rates
Non-bank lender Aussie Home Loans has dropped its standard variable mortgage interest rate by a further 40 basis points. (Sun, 09 Nov 2008 08:30:00 GMT)

Who owns your mortgage? A check's journey
NEW YORK -- When you sit at your kitchen table and write your monthly mortgage check, your signature may be the first stop on a trip that takes your money to the other side of the world. (Sun, 09 Nov 2008 08:30:48 GMT)

Mortgage rates fall more than quarter-point
WASHINGTON – Mortgage rates dropped last week, providing a dose of welcome news to prospective home buyers. (Sun, 09 Nov 2008 11:19:08 GMT)

Aussie cuts home loan rates
Non-bank lender Aussie Home Loans has announced it will cut its variable home loan rate to 6.99 per cent. (Sun, 09 Nov 2008 11:30:39 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, 09 Nov 2008 11:42:11 GMT)

By Victor O'Brien Killeen Daily Herald
Temple Police Department Sgt. John Palamara is one of the last people you might think would be a crime victim. He became a victim when he tried to get out from under his Federal House Administration mortgage in the late 1980s. (Sun, 09 Nov 2008 13:32:22 GMT)

(AFX UK Focus) 2008-11-09 13:50 Lloyds TSB backs HBOS with 10 bln stg loan -paper
LONDON, Nov 9 (Reuters) - British bank Lloyds TSB Group Plc is providing financial support to its takeover target HBOS Plc through a 10 billion pound ($16 billion) loan facility, Britain's Sunday Times reported. The newspaper said the "covert agreement" showed how closely the two were working together ahead of Lloyds TSB's agreed acquisition of Britain's biggest home lender and said the scale of ... (Sun, 09 Nov 2008 13:52:23 GMT)

Lloyds TSB backs HBOS with 10 bln stg loan: paper
British bank Lloyds TSB Group Plc is providing financial support to its takeover target HBOS Plc through a 10 billion pound ($16 billion) loan facility, Britain's Sunday Times reported. (Sun, 09 Nov 2008 15:32:26 GMT)

Lenders withdraw tracker mortgage ranges
Three leading lenders withdrew their tracker mortgage ranges last night, while another sharply raised the cost of its deals - hours before a widely predicted cut in interest rates. Lloyds TSB and its Cheltenham & Gloucester mortgage arm, Barclays' Woolwich division, and the nationalised Northern Rock all withdrew their tracker home loans, shortly after Abbey increased the rates on its new ... (Sun, 09 Nov 2008 20:19:46 GMT)

The $700 Billion Question
Wall Street couldn't price the risk. What makes anyone think the government will do any better? (Sun, 09 Nov 2008 20:34:34 GMT)

Aussie cuts home loan rate again
NON-bank lender Aussie Home Loans has dropped its standard variable mortgage interest rate by a further 40 basis points. (Sun, 09 Nov 2008 20:52:00 GMT)

Bank Won't Renegotiate Easton Church Mortgage
Talbot Bank has rejected a proposal by St. Andrew's Anglican church to renegotiate its mortgage to avoid foreclosure. (Sun, 09 Nov 2008 22:55:18 GMT)

Australia's Perpetual reopens mortgage funds
SYDNEY, Nov 10 (Reuters) - Perpetual Ltd , an Australian funds manager, has re-opened applications for its mortgage funds, the company said on Monday. (Sun, 09 Nov 2008 22:57:34 GMT)

Bank Won't Renegotiate Easton Church Mortgage
Talbot Bank rejects a proposal by St. Andrew's Anglican Church to renegotiate its mortgage to avoid foreclosure. (Sun, 09 Nov 2008 23:09:22 GMT)

(AFX UK Focus) 2008-11-09 23:12 Australia's Perpetual reopens mortgage funds
SYDNEY, Nov 10 (Reuters) - Perpetual Ltd, an Australian funds manager, has re-opened applications for its mortgage funds, the company said on Monday. Perpetual reopened its Monthly Income Fund, Wholesale Monthly Income Fund and Private Investor Mortgage Fund, after the funds were closed last month when the government introduced a guarantee on bank deposits. The guarantee threw the nation's ... (Sun, 09 Nov 2008 23:38:03 GMT)

Home loan numbers fall
THE number of home loans taken out fell in September, according to data out today from the Australian Bureau of Statistics. (Mon, 10 Nov 2008 00:36:00 GMT)

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