Mortgage News Nov 2008

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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 00:54:00 GMT)

Australian Home-Loan Approvals Drop for Eighth Month (Update1)
Nov. 10 (Bloomberg) -- Australian home-loan approvals fell in September for an eighth month as tighter lending standards and slowing economic growth prompted house-buyers to scrap spending plans. (Mon, 10 Nov 2008 00:58:11 GMT)

Australian Home-Loan Approvals Drop for Eighth Month (Update2)
Nov. 10 (Bloomberg) -- Australian home-loan approvals fell in September for an eighth month as tighter lending standards and slowing economic growth prompted house-buyers to scrap spending plans. (Mon, 10 Nov 2008 02:28:10 GMT)

Don't use credit card to pay down mortgage
Q. I have a mortgage of $213,000 on a home valued at $276,000. My credit score is 713. I'm wondering if I would be better off to max out all my credit cards - the combined limit total is approximately $70,000 - and pay down my mortgage? Can you advise? (Mon, 10 Nov 2008 05:05:08 GMT)

Home loans continue to slide
NEW home loan approvals in Australia have fallen to their lowest level in more than seven years. (Mon, 10 Nov 2008 05:10:00 GMT)

Mortgage fraud suspects find little refuge
Federal prosecutors in Western Pennsylvania are earning a reputation for tough treatment of those who commit mortgage fraud, even though the problem isn't as bad here as it is elsewhere. (Mon, 10 Nov 2008 05:21:54 GMT)

Flagstar opens three mortgage lending offices in Memphis market, Jackson, Tenn.
Troy, Mich.-based Flagstar Bancorp. has opened mortgage lending offices in Germantown, Olive Branch and Jackson, Tenn., and has plans for at least one office in Memphis and in Fayette County. (Mon, 10 Nov 2008 05:30:09 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. (Mon, 10 Nov 2008 07:02:50 GMT)

Perpetual to retain partial freeze on mortgage funds
Fund manager Perpetual says its partial freeze on its mortgage funds is likely to remain in place for the foreseeable future. (Mon, 10 Nov 2008 07:31:19 GMT)

Expanded loan limits for home buyers to end Dec. 31
Memo to Bay Area home buyers and owners: Your days to buy or refinance homes using big loans set at low interest rates are numbered. (Mon, 10 Nov 2008 08:10:19 GMT)

Few applied for Hope for Homeowners mortgage program
The government's Hope for Homeowners plan launched Oct. 1 was initially projected to help over the next three years as many as 400,000 struggling borrowers avert foreclosure. (Mon, 10 Nov 2008 08:46:20 GMT)

Tri-City mortgage market grows with FHA-backed loans
Getting back to basics is a common phrase in the mortgage industry these days. (Mon, 10 Nov 2008 10:12:43 GMT)

Citibank Singapore launches global home financing product for affluent clients
Citibank Singapore has launched Citibank Global Home Equity, a new home loan that is claimed to allow its high net worth clients to consolidate mortgage financing on residential properties held domestically and abroad, into an all-in-one overdraft. (Mon, 10 Nov 2008 10:53:48 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, 10 Nov 2008 10:56:30 GMT)

Nationwide warns mortgage market will crash by 80%
Nationwide, Britain's biggest building society, today said it expects the mortgage market will this year slump to just a fifth of its value last year. (Mon, 10 Nov 2008 11:33:36 GMT)

Mortgage lenders' small print ruse to block rate cuts
Banks may use the small print in mortgage contracts to prevent borrowers benefiting from future interest rate cuts by the Bank of England. (Mon, 10 Nov 2008 11:35:35 GMT)

MID-SHORE: Bank won't renegotiate Easton church mortgage
EASTON — Talbot Bank has rejected a proposal by St. Andrew's Anglican church to renegotiate its mortgage to avoid foreclosure. (Mon, 10 Nov 2008 12:03:08 GMT)

Nigeria: Two Mortgage Firms Make NSE's Merit Award Shortlist
Two of Nigeria's foremost primary mortgage institutions (PMIs), Union Homes Savings & Loans Plc and Aso Savings & Loans Plc, are among the 45 quoted companies short-listed by the National Council of the Nigerian Stock Exchange (NSE) for its 31st Annual President's Award for the 2007 financial year. (Mon, 10 Nov 2008 12:30:14 GMT)

Nationwide's mortgage lending fell 72 pct in 1H
British lender Nationwide Building Society said Monday mortgage lending fell 72 percent in the first half of its financial year, as home buyers were deterred by a crashing property market and mortgage rates were boosted by the credit crunch. (Mon, 10 Nov 2008 13:48:47 GMT)

Nationwide's mortgage lending fell 72 pct in 1H
British lender Nationwide Building Society said Monday mortgage lending fell 72 percent in the first half of its financial year, as home buyers were deterred by a crashing property market and mortgage rates were boosted by the credit crunch. Net residential... (Mon, 10 Nov 2008 14:16:18 GMT)

Fannie Mae posts $29B loss, may tap gov't funding
By ALAN ZIBEL Fannie Mae on Monday posted a $29 billion loss in the third quarter as it took a massive tax-related charge, and said it may have to tap the government's $100 billion lifeline in the coming months. The mortgage finance company, seized by federal regulators more than two months ago, posted a loss of $13 per share for the July-September quarter, mainly due to a $21.4 billion ... (Mon, 10 Nov 2008 14:20:10 GMT)

Fannie Mae posts $29B loss, may tap gov't funding
Fannie Mae on Monday posted a $29 billion loss in the third quarter as it took a massive tax-related charge, and said it may have to tap the government's $100 billion lifeline as early as next year. The mortgage finance company, seized by federal regulators... (Mon, 10 Nov 2008 14:46:07 GMT)

Fannie Mae loses $29 bln on tax, mortgage charges
BOSTON (MarketWatch) -- Mortgage-finance giant Fannie Mae on Monday reported a $29 billion third-quarter loss as the company continued to get slammed by the housing crunch and the upheaval in credit markets. (Mon, 10 Nov 2008 14:57:49 GMT)

Few applied for Hope for Homeowners mortgage program
The government's Hope for Homeowners plan launched Oct. 1 was initially projected to help over the next three years as many as 400,000 struggling borrowers avert foreclosure. (Mon, 10 Nov 2008 15:28:17 GMT)

PHH Corp. reports wider 3Q loss; shares fall
Mortgage originator PHH Corp. said Monday that its third-quarter loss grew 62 percent on a continued declined in the mortgage markets and a one-time charge. (Mon, 10 Nov 2008 15:36:10 GMT)

Fannie Mae posts $29B loss, may tap gov't funding
The mortgage finance company posted a loss of $13 per share; analysts expected $1.60 loss. (Mon, 10 Nov 2008 16:48:46 GMT)

TODAYS DEALS: NorthMarq Capital Arranges $21.5M Mortgage Refinance for Mixed-Use Condo Project
Philadelphia--NorthMarq Capital Inc.’s New York City regional office recently arranged a $21.5 million mortgage refinance of existing debt for a 180,000 sq. ft. mixed-use condominium project located in The Packard Building ( pictured ) on the southeast corner of 15th and Chestnut Streets in Philadelphia. (Mon, 10 Nov 2008 17:10:26 GMT)

Fannie Mae Reports $29B Loss In 3Q
Mortgage giant Fannie Mae says it lost $29 billion in the third quarter. (Mon, 10 Nov 2008 17:13:44 GMT)

Fannie Mae posts $29 billion loss
(By ALAN ZIBEL, AP Real Estate Writer) Fannie Mae on Monday posted a $29 billion loss in the third quarter as it took a massive tax-related charge, and said it may have to tap the government's $100 billion lifeline as early as next year. The mortgage finance company, seized by federal regulators more than two months ago, posted a loss of $13 per share for the July-September quarter, mainly due ... (Mon, 10 Nov 2008 17:15:22 GMT)

US mortgage finance giant Fannie Mae posts 29 bln dlr loss
Fannie Mae, the US mortgage finance giant bailed out by the government, reported Monday a third-quarter loss of 28.99 billion dollars due to the slump in the real estate sector. (Mon, 10 Nov 2008 17:29:02 GMT)

Two St. Louis area men indicted by feds for mortgage fraud
Two area men have been indicted on 34 federal charges in a mortgage fraud scheme involving the sale of residential real estate in Sikeston, Mo., U.S. Attorney Catherine L. Hanaway announced today. (Mon, 10 Nov 2008 17:58:31 GMT)

GM says GMAC mortgage unit may not survive
General Motors says the troubled mortgage industry and frozen credit markets have raised doubts that the mortgage business of its GMAC financial arm can survive. (Mon, 10 Nov 2008 19:40:35 GMT)

GM says its troubled GMAC mortgage unit might not survive
General Motors Corp. says the troubled mortgage industry and frozen credit markets have raised doubts that the mortgage business of its GMAC financial arm can survive. (Mon, 10 Nov 2008 19:48:28 GMT)

Federal Home Loan Bank of Indianapolis Announces Results of Indiana Member Board of Director Election
INDIANAPOLIS, Nov. 10, 2008 -- The Federal Home Loan Bank of Indianapolis announced today the certified results of the Indiana election of member directors to its Board of Directors for terms beginning January 1, 2009, and ending December 31, 2012. (Mon, 10 Nov 2008 20:11:39 GMT)

GM says GMAC mortgage unit may not survive
General Motors says the troubled mortgage industry and frozen credit markets have raised doubts that the mortgage business of its GMAC financial arm can survive. The automaker said Monday in a filing with the Securities and Exchange Commission that market... (Mon, 10 Nov 2008 20:15:57 GMT)

Nationwide's mortgage lending fell 72 pct in 1H
British lender Nationwide Building Society said Monday mortgage lending fell 72 percent in the first half of its financial year, as home buyers were deterred by a crashing property market and mortgage rates were boosted by the credit crunch. Net residential mortgage lending fell to 1 billion pounds ($1.6 billion) in the six months through Sept. 30, down sharply from 3.6 billion pounds a year ... (Mon, 10 Nov 2008 20:21:57 GMT)

GM: GMAC Mortgage Unit May Not Survive
General Motors Corp. said the troubled mortgage industry and frozen credit markets have raised doubts that the mortgage business of its GMAC financial arm can survive. (Mon, 10 Nov 2008 20:36:41 GMT)

St. Louis Blues contest pays mortgage or rent
The St. Louis Blues are responding to tight economic times with a fan bailout plan. The team announced Monday that at every remaining Saturday home game beginning Nov. 29, the organization will call the seat number of a fan and pay that person's mortgage or rent for four months, up to $4,000 total. (Mon, 10 Nov 2008 20:40:53 GMT)

GM shares sink, says GMAC mortgage unit may not survive
Bad news kept piling up for General Motors today as its shares plunged to their lowest point in 60 years and the company said in a government filing that the mortgage unit of its finance arm may not survive. (Mon, 10 Nov 2008 21:39:55 GMT)

Federal Home Loan Bank of Indianapolis Announces 2008 Third Quarter Results
INDIANAPOLIS, Nov. 10, 2008 -- On November 10, 2008, the Federal Home Loan Bank of Indianapolis released unaudited financial results for the quarter ended September 30, 2008. (Mon, 10 Nov 2008 21:47:36 GMT)

Fannie Mae posts $29B loss, may tap gov't funding
Fannie Mae on Monday posted a $29 billion loss in the third quarter as it took a massive tax-related charge, and said it may have to tap the government's $100 billion lifeline in the coming months. The mortgage finance company, seized by federal regulators more than two months ago, posted a loss of $13 per share for the July-September quarter, mainly due to a $21.4 billion non-cash charge to ... (Mon, 10 Nov 2008 21:51:57 GMT)

GM says GMAC mortgage unit may not survive
DETROIT -- Bad news kept piling up for General Motors Corp. on Monday as its shares plunged to their lowest point in 60 years and the company said in a government filing that the mortgage unit of its finance arm may not survive. (Mon, 10 Nov 2008 22:19:08 GMT)

Fannie Mae posts $29 billion loss
Mortgage finance company also says it may have to use government's $100 billion lifeline (Mon, 10 Nov 2008 23:02:35 GMT)

Home loan star ratings: credit squeeze bites Kiwis
Home borrowers across the country are picking up the tab for the extra costs lenders are being forced to pay on the volatility of the global wholesale money market. (Mon, 10 Nov 2008 23:31:59 GMT)

Fannie Says $100 Billion Pledge From Treasury May Not Be Enough
Nov. 10 (Bloomberg) -- Fannie Mae may need more than the $100 billion in funding pledged by the U.S. Treasury to stay afloat after reporting a record $29 billion loss and confronting more difficulty in issuing and refinancing debt. (Mon, 10 Nov 2008 23:40:03 GMT)

Fannie, Freddie Said to Increase Efforts to Cut Foreclosures
Nov. 10 (Bloomberg) -- Fannie Mae, Freddie Mac and housing industry officials plan a new mortgage modification program designed to cut payments for hundreds of thousands of homeowners facing foreclosure, according to people briefed on the matter. (Mon, 10 Nov 2008 23:47:25 GMT)

Citigroup Plans to Ease Mortgage Terms for At-Risk Borrowers
Citigroup plans to announce today that it is launching a mortgage-modification program for 500,000 at-risk borrowers in regions facing rising unemployment rates and steep declines in home values. (Tue, 11 Nov 2008 03:57:45 GMT)

Citigroup to offer help to 500,000 risky mortgage customers
The plan is targeted at homeowners who are current on their payments but might be in trouble later. The effort will focus on areas whose home values have fallen, including California. Citigroup Inc. today plans to announce a six-month program to reach out to 500,000 high-risk mortgage customers who are current on their payments but someday may require loan modifications to stay in their ... (Tue, 11 Nov 2008 06:33:54 GMT)

Lloyds TSB Stops Offering Mortgage Loans on U.A.E. Apartments
Nov. 11 (Bloomberg) -- Lloyds TSB Plc , the U.K.'s third- largest commercial bank by assets, said it has stopped offering mortgage loans for apartments in the United Arab Emirates because of the global financial crisis. (Tue, 11 Nov 2008 07:41:02 GMT)

Local lender key in meltdown
A Douglas County company that became a major player in the nonprime mortgage market was at the heart of a strategy that helped push Lehman Brothers into bankruptcy. (Tue, 11 Nov 2008 07:48:08 GMT)

Fannie, Freddie soon to drop high limit
If you live in the Bay Area and want to take out or refinance a home mortgage between $625,500 and $729,750, you should act fast to get a more favorable rate. Starting Jan. 1, the biggest loan on a single-family home that can be purchased by Fannie Mae and... (Tue, 11 Nov 2008 08:44:12 GMT)

Fannie, Freddie soon to drop high limit
If you live in the Bay Area and want to take out or refinance a home mortgage between $625,500 and $729,750, you should act fast to get a more favorable rate. Starting Jan. 1, the biggest loan on a single-family home that can be purchased by Fannie Mae and... (Tue, 11 Nov 2008 09:01:29 GMT)

Citigroup To Help Struggling Mortgage Holders
Citigroup is announcing a new initiative to help more homeowners avoid foreclosure. Citi will lower mortgage payments for more than 100,000 people who haven't yet fallen behind on their payments. Other lenders have launched their own efforts, and the government is considering taking more dramatic action to stem foreclosures. (Tue, 11 Nov 2008 11:42:49 GMT)

Citigroup To Help Troubled Mortgage Holders
Citigroup announces a new initiative Tuesday to try to help more homeowners avoid foreclosure. Citi says it will lower mortgage payments for about 100,000 people, who haven't yet fallen behind on their payments. The government also has been considering taking more dramatic action to stem foreclosures. (Tue, 11 Nov 2008 11:44:59 GMT)

Russia mortgage agency to ease banks' access to funds
MOSCOW, Nov 11 (Reuters) - Russia's mortgage agency, AIZhK, on Tuesday unveiled plans to increase the amount of collateral cash-strapped commercial banks can use for central bank funding, including guarantees for their mortgage-backed securities. (Tue, 11 Nov 2008 12:39:53 GMT)

Russia mortgage agency to ease banks' access to funds
MOSCOW, Nov 11 (Reuters) - Russia's mortgage agency, AIZhK, on Tuesday unveiled plans to increase the amount of collateral cash-strapped commercial banks can use for central bank funding, including guarantees for their mortgage-backed securities. (Tue, 11 Nov 2008 12:39:53 GMT)

GM says its GMAC mortgage unit might not survive
General Motors says the troubled mortgage industry and frozen credit markets have raised doubts that the mortgage business of its GMAC financial arm can survive. (Tue, 11 Nov 2008 12:43:06 GMT)

Tracker mortgage rates hit new high
Tracker mortgage rates for new borrowers have soared to a seven-and-a-half-year high during October despite interest rates falling during the month, new figures show. (Tue, 11 Nov 2008 12:49:11 GMT)

LibertyStreet Financial Group Launches New Government-Backed Reverse Mortgage Program
SAN DIEGO----With many baby boomers coming of age, retirement incomes for seniors have remained relatively flat while the cost of living has skyrocketed. On November 6th, 2008, a new law took effect, increasing the federally insured Reverse Mortgage lending limit from $362,790 to $417,000 for homeowners age 62 and up. (Tue, 11 Nov 2008 13:00:00 GMT)

Fannie, Freddie Said to Increase Efforts to Cut Foreclosures
Nov. 11 (Bloomberg) -- Fannie Mae , Freddie Mac and housing industry officials plan a new mortgage modification program designed to cut payments for hundreds of thousands of homeowners facing foreclosure, according to people briefed on the matter. (Tue, 11 Nov 2008 13:06:53 GMT)

(AFX UK Focus) 2008-11-11 12:55 Russia mortgage agency to ease banks' access to funds
MOSCOW, Nov 11 (Reuters) - Russia's mortgage agency, AIZhK, on Tuesday unveiled plans to increase the amount of collateral cash-strapped commercial banks can use for central bank funding, including guarantees for their mortgage-backed securities. AIZhK's head, Alexander Semenyaka, told journalists that the agency is ready to guarantee up to 500 billion roubles ($18.55 billion) worth of such ... (Tue, 11 Nov 2008 13:07:40 GMT)

(AFX UK Focus) 2008-11-11 12:55 Russia mortgage agency to ease banks' access to funds
MOSCOW, Nov 11 (Reuters) - Russia's mortgage agency, AIZhK, on Tuesday unveiled plans to increase the amount of collateral cash-strapped commercial banks can use for central bank funding, including guarantees for their mortgage-backed securities. AIZhK's head, Alexander Semenyaka, told journalists that the agency is ready to guarantee up to 500 billion roubles ($18.55 billion) worth of such ... (Tue, 11 Nov 2008 13:23:53 GMT)

Thornburg Mortgage swings to 3Q profit
Thornburg Mortgage Inc. said late Monday it swung to third-quarter profit from a year-earlier loss, boosted by a decrease in the value of some liabilities. (Tue, 11 Nov 2008 14:06:57 GMT)

Explore options, assets to reduce mortgage concerns
In today's economy, making ends meet is becoming more difficult for people. (Tue, 11 Nov 2008 15:20:20 GMT)

Citigroup to help 500,000 mortgage holders keep homes
Citigroup said Tuesday it was placing a moratorium on foreclosures for most home loan borrowers, and that it would work with some 500,000 stretched mortgage customers to help them keep their homes. (Tue, 11 Nov 2008 16:29:50 GMT)

Fannie Mae, Freddie Mac and Feds to Speed Up Home Loan Modifications
In yet another effort to prevent more foreclosures, Fannie Mae Freddie Mac in conjunction with U.S. government officials, are speeding up the modification of home loans held by financial companies. (Tue, 11 Nov 2008 16:41:18 GMT)

Before Refinancing, Crunch Hidden Numbers
When it comes time to refinance, consider costs, not just potentially lower rates, in your decision. (Tue, 11 Nov 2008 16:52:22 GMT)

Mortgage Repayment Datapoint of the Day
As we await Frannie's latest mortgage-mod plan, David Streitfeld has news of the dire mortgage situation in Mountain House, California -- a new town where all the houses were bought since 2003 and as a result 90% are now underwater. (Tue, 11 Nov 2008 17:25:51 GMT)

Government, mortgage industry announce assistance effort for Fannie Mae, Freddie Mac loans
WASHINGTON (AP) _ The government and the mortgage industry are launching the most sweeping effort yet to help troubled homeowners by speeding up the process for renegotiating hundreds of thousands of delinquent loans held by Fannie Mae and Freddie Mac. (Tue, 11 Nov 2008 19:24:38 GMT)

Government to announce new home loan aid effort
The Federal Housing Finance Agency, which seized control of the two mortgage finance companies in September, scheduled a press conference for 2 p.m. EST. Scheduled to attend were officials from the Treasury Department, Wells Fargo & Co., the Department of Housing and Urban Development and Hope Now, an alliance of mortgage companies organized by the Bush administration last year. (Tue, 11 Nov 2008 19:35:21 GMT)

Government steps up home-loan help
The U.S. government and the nation's mortgage industry today unveiled the most sweeping effort yet to help troubled homeowners avoid foreclosure. The plan "is... (Tue, 11 Nov 2008 19:45:38 GMT)

U.S. announces mortgage affordability plan
Federal officials hope that the simpler, quicker procedure for modifying loans held by Fannie Mae and Freddie Mac will keep struggling homeowners from losing their houses. In an attempt to keep struggling homeowners from losing their houses, federal officials today announced a simpler and quicker procedure for modifying loans held by mortgage giants Fannie Mae and Freddie Mac and expressed ... (Tue, 11 Nov 2008 19:48:34 GMT)

Fannie Mae and Freddie Mac plan to help cut loan burden of homeowners
The two mortgage-finance giants will modify home loans - most likely by reducing the interest rate - for people who are at least 90 days behind on their payments. (Tue, 11 Nov 2008 19:56:14 GMT)

U.S. mortgage help plan unveiled
The U.S. government and the country's mortgage sector on Tuesday announced plans to help homeowners behind on their house loans. (Tue, 11 Nov 2008 20:13:34 GMT)

Can Anyone Halt The Mortgage Meltdown?
Wall Street and Washington come together to help troubled mortgage borrowers. Too late? (Tue, 11 Nov 2008 20:14:23 GMT)

Meltdown 101: Mortgage help from banks, government
With more than 4 million homeowners behind on their mortgage payments, the government and major banks are scrambling to help at-risk borrowers avoid foreclosure. (Tue, 11 Nov 2008 20:49:15 GMT)

Genworth stock hits all-time low
Shares tumble one day after Moody's cuts the insurance company's credit ratings. (Tue, 11 Nov 2008 21:09:56 GMT)

Meltdown 101: Mortgage help from banks, government
With more than 4 million homeowners behind on their mortgage payments, the government and major banks are scrambling to help at-risk borrowers avoid foreclosure. What exactly have they done _ and can they do more? For one thing, the government and the... (Tue, 11 Nov 2008 21:15:47 GMT)

Uptown Square obtains $4.2M refinancing
Despite the credit crunch, Uptown Square Venture has obtained refinancing on its 40,000-square-foot, mixed use project at 6601 Uptown Blvd. NE, called Uptown Square. Des Moines-based American Equity Life Insurance is providing the 10 year loan at a 6.46 percent interest rate. (Tue, 11 Nov 2008 21:28:12 GMT)

Meltdown 101: Mortgage help from banks, government
-- With more than 4 million homeowners behind on their mortgage payments, the government and major banks are scrambling to help at-risk borrowers avoid foreclosure. (Tue, 11 Nov 2008 22:06:19 GMT)

Fannie, Freddie to ease some mortgage payments
The regulator for the two largest U.S. mortgage finance companies on Tuesday unveiled a plan that could cut payments for hundreds of thousands of struggling homeowners to help reverse a wave of defaults threatening to swamp the economy. (Tue, 11 Nov 2008 23:14:19 GMT)

U.S. announces mortgage affordability plan
Federal officials hope that the simpler, quicker procedure for modifying loans held by Fannie Mae and Freddie Mac will keep struggling homeowners from losing their houses. The latest government-backed effort to stem the country's soaring rate of foreclosures could help several hundred thousand borrowers keep their homes but will do little for 80% of seriously delinquent borrowers, especially ... (Tue, 11 Nov 2008 23:25:41 GMT)

US gov't launches sweeping new home-loan help
WASHINGTON -- The US government and the mortgage industry are launching the most sweeping effort yet to help troubled homeowners by speeding up the process for renegotiating hundreds of thousands of delinquent loans held by Fannie Mae and Freddie Mac. (Wed, 12 Nov 2008 00:07:55 GMT)

Business Highlights
The government and the mortgage industry are launching the most sweeping effort yet to help troubled homeowners by speeding up the process for renegotiating hundreds of thousands of delinquent loans held by Fannie Mae and Freddie Mac. (Wed, 12 Nov 2008 00:34:16 GMT)

Home Loan Giants Roll Out New Plans To Help Thousands
Mortgage finance giants Fannie Mae and Freddie Mac pledged Tuesday to join Citigroup and other major banks in helping hundreds of thousands of homeowners avoid foreclosure. (Wed, 12 Nov 2008 00:41:01 GMT)

Home Loan Giants Roll Out New Plans To Help Thousands
Mortgage finance giants Fannie Mae and Freddie Mac pledged Tuesday to join Citigroup and other major banks in helping hundreds of... (Wed, 12 Nov 2008 00:41:01 GMT)

TODAYS DEALS: NorthMarq Arranges First Mortgage Financing of over $71M, and Other Transactions
Overland Park, Kan.--NorthMarq Capital Inc.’s Kansas City regional office recently arranged first mortgage financing of $71.186 million for an eight-property apartment portfolio. (Wed, 12 Nov 2008 02:10:26 GMT)

Negotiating Better Terms for Mortgage
Banks may be willing to negotiate with borrowers who are current with their payments, even if they aren?t promoting it aggressively. (Wed, 12 Nov 2008 02:34:27 GMT)

Fannie Mae posts $29 billion loss
Mortgage finance company also says it may have to use government's $100 billion lifeline (Wed, 12 Nov 2008 02:47:10 GMT)

White House scales back a mortgage relief plan
The goal will be to modify the mortgages of homeowners facing foreclosure so that a monthly loan payment is no higher than 38 percent of a borrower's monthly income. (Wed, 12 Nov 2008 03:11:24 GMT)

Critics say new federal mortgage plan not enough
Once again, the government has offered another plan to help troubled homeowners. Once again, critics say it doesn't go far enough. The plan announced Tuesday by federal officials and mortgage giants Fannie Mae and Freddie Mac sounds sweeping in its approach: Borrowers would get reduced interest rates or longer loan terms to make their payments more affordable. (Wed, 12 Nov 2008 04:03:36 GMT)

US takes steps to ease mortgage crisis
Washington, Nov 12 : The US Tuesday announced new measures to ease the mortgage market crisis that has threatened the wider US and global economy, offering a streamlined approach to help struggling homeowners refinance into affordable mortgages. (Wed, 12 Nov 2008 04:04:27 GMT)

Borse Dubai May Refinance $4.2 Billion of Loans at Higher Costs
Nov. 12 (Bloomberg) -- Borse Dubai Ltd., the Gulf emirate's state-owned operator of exchanges, is in talks to refinance $4.2 billion of loans at interest rates tied to the price of credit- default swaps, raising the cost of the debt, said three bankers with knowledge of the transaction. (Wed, 12 Nov 2008 04:12:31 GMT)

NBC2 gets answers to your mortgage questions
NBC2 took your questions Tuesday about the government and the mortgage industry's new plan to help struggling homeowners. We took those questions to Southwest Florida real estate expert Jeff Tumbarello, of the Southwest Florida Real Estate Investment Association, and got some answers. (Wed, 12 Nov 2008 04:20:49 GMT)

Twenty percent of Bay Area homes 'underwater,' study says
One in five Bay Area homeowners owe more on their mortgage than their home is worth, according to a new study. This dubious distinction has entered the American lexicon as an all-too-familiar term - being "underwater." As home values continue to plunge, the... (Wed, 12 Nov 2008 04:30:38 GMT)

Mortgage plan looks to boost many North Texas homeowners
WASHINGTON – The country's biggest mortgage companies announced Tuesday they would expedite the process for modifying loans, a step that could avoid foreclosure for hundreds of thousands of homeowners. (Wed, 12 Nov 2008 04:46:10 GMT)

Agency offers mortgage assistance
After more than a year of piecemeal mortgage-relief initiatives, Washington and the mortgage industry Tuesday announced the most sweeping effort to date to get at the heart of the credit crisis - falling U.S. home prices and record foreclosures. (Wed, 12 Nov 2008 05:05:51 GMT)

Borse Dubai May Refinance $4.2 Billion of Loans at Higher Costs
Nov. 12 (Bloomberg) -- Borse Dubai Ltd., the Gulf emirate's state-owned operator of exchanges, is in talks to refinance $4.2 billion of loans at interest rates tied to the price of credit- default swaps, raising the cost of the debt, said three bankers with knowledge of the transaction. (Wed, 12 Nov 2008 05:55:25 GMT)

Critics say new federal mortgage plan not enough
Once again, the government has offered another plan to help troubled homeowners. Once again, critics say it doesn't go far enough. The plan announced Tuesday by federal officials and mortgage giants Fannie Mae and Freddie Mac sounds sweeping in its approach: Borrowers would get reduced interest rates or longer loan terms to make their payments more affordable. (Wed, 12 Nov 2008 06:10:41 GMT)

US takes steps to ease mortgage crisis
COMMENT ON THIS ! Your Views! The US on Tuesday announced new measures to ease the mortgage market crisis that has threatened the wider US and global economy, offering a streamlined approach to help struggling homeowners refinance into affordable mortgages. (Wed, 12 Nov 2008 06:37:14 GMT)

EverySingleHome.com Announces Mortgage Assistance Program
Every Single Home, Inc, the nation's leading provider of homeowner related tools and services, announces the release of the Mortgage Assistance Program. Borrowers now have the tools and expertise needed to save thousands of dollars and identify and avoid confusing and sometimes deceptive mortgage origination practices. (Wed, 12 Nov 2008 07:01:00 GMT)

Mortgage rescue: Government, banks join in redoing loans
The government and the mortgage industry are launching the most sweeping effort yet to help troubled homeowners by speeding up the process for renegotiating hundreds of thousands of delinquent loans. (Wed, 12 Nov 2008 07:12:15 GMT)

Critics Say New Federal Mortgage Plan Not Enough
Critics say new mortgage aid effort for Fannie, Freddie loans doesn't go far enough (Wed, 12 Nov 2008 08:04:04 GMT)

Q: How does the mortgage plan the government announced yesterday work?
A: The plan is available to homeowners who live in a house with a mortgage backed by Fannie Mae or Freddie Mac. Mortgage servicers should be able to answer homeowners' questions by Dec. 15. (Wed, 12 Nov 2008 09:54:16 GMT)

Pakistan to seek loan from IMF
A top Pakistani official says Islamabad will approach the International Monetary Fund for a loan in the next 10 to 15 days. (Wed, 12 Nov 2008 10:19:17 GMT)

IN BRIEF
A local nonprofit organization will host a free "foreclosure prevention fair" on Saturday to help those who are in danger of losing their homes. Housing counselors and lenders will be on hand to talk to people facing foreclosure about their options including loan modifications and refinancing. (Wed, 12 Nov 2008 10:33:18 GMT)

Meltdown 101: Mortgage help from banks, government
With more than 4 million homeowners behind on their mortgage payments, the government and major banks are scrambling to help at-risk borrowers avoid foreclosure. What exactly have they done - and can they do more. (Wed, 12 Nov 2008 11:11:47 GMT)

New plan for home loan help on way
WASHINGTON – As losses from bad home loans continue to mount despite more than a year of government and industry focus, some of the giants of the mortgage industry, including Fannie Mae and Freddie Mac, yesterday unveiled another stepped-up effort to keep delinquent borrowers out of foreclosure. (Wed, 12 Nov 2008 11:20:03 GMT)

Feds launches new home-loan aid
Once again, the government has offered another plan to help troubled homeowners. Once again, critics say it doesn't go far enough. (Wed, 12 Nov 2008 11:21:58 GMT)

Ahead of the Bell: Mortgage hearing
As the mortgage crisis deepens and the government joins with the lending industry in a new effort targeting struggling homeowners, Congress is examining the roles played by investors, lenders and loan servicers in the process. (Wed, 12 Nov 2008 11:41:07 GMT)

Gov't unveils mortgage disclosure rules
Prospective home buyers would get a simpler way to understand often-confusing mortgage terms under new rules by the federal government. (Wed, 12 Nov 2008 13:05:26 GMT)

Gov't unveils mortgage disclosure rules
Prospective home buyers would get a simpler way to understand often-confusing mortgage terms under new rules issued Wednesday by the federal government. (Wed, 12 Nov 2008 13:29:52 GMT)

HUD says new mortgage-disclosure rules could save home buyers as much as $700 at closing
Lenders and mortgage brokers will have to provide U.S. home buyers clearer information about loan terms and closing costs under guidelines issued today by the U.S. Department of Housing and Urban Development. (Wed, 12 Nov 2008 15:00:07 GMT)

Rep Frank: mortgage servicer legislation needed
The chairman of a key U.S. congressional committee said on Wednesday that legislation is needed to address mortgage servicing companies' failure to modify more distressed mortgages and reduce foreclosures. (Wed, 12 Nov 2008 15:43:49 GMT)

Rep. Frank targets mortgage servicer legal pacts
Legislation is needed to address mortgage servicing companies' failure to do enough to help distressed borrowers stay in their homes, the head of a key U.S. congressional committee said on Wednesday. (Wed, 12 Nov 2008 16:28:04 GMT)

RBC launches secondary mortgage market information system
RBC, 12.11.2008, Moscow 18:12:35. The RBC group of companies has launched a unique information system about the secondary mortgage market RBC Refunder. (Wed, 12 Nov 2008 16:36:51 GMT)

PRESS RELEASE:Amendment:Fitch Cuts Parex Banka To BB
Fitch Ratings-London-12 November 2008: This announcement amends the version issued yesterday to clarify that the guarantee is for the refinancing of EUR775m syndication loans, and not the EUR775m syndication loans as previously stated. (Wed, 12 Nov 2008 17:02:24 GMT)

U.S. to simplify mortgage disclosure rules
Prospective home buyers would get a simpler way to understand often-confusing mortgage terms under new rules by the federal government. (Wed, 12 Nov 2008 17:16:49 GMT)

Irish mortgage lender writes off Iceland losses
Ireland's major mortgage provider, Irish Life & Permanent PLC, slashed its profit forecast Wednesday chiefly because of lost investments in the nationalized banks of Iceland. (Wed, 12 Nov 2008 18:08:55 GMT)

U.S. May Ease Rules for Mortgage-Relief Program
The government may modify the program so that troubled homeowners are better able to swap risky loans for more affordable ones, a top Bush administration official said. (Wed, 12 Nov 2008 18:34:27 GMT)

JPMorgan ups forecast for home equity loan losses
JPMorgan Chase & Co. has ratcheted up its expectations for losses from deteriorating home equity loans, CEO Jamie Dimon said at a banking conference Wednesday. (Wed, 12 Nov 2008 18:37:47 GMT)

Improved disclosures on the way for U.S. mortgage borrowers
New mortgage rules issued by the Department of Housing and Urban Development hold the promise of helping consumers more easily shop for the lowest-cost mortgage and avoid expensive loan offers. (Wed, 12 Nov 2008 18:42:49 GMT)

Housing regulator issues home sale rules
The chief U.S. housing agency issued disclosure rules for home buyers on Wednesday aimed at protecting consumers from hidden costs in home loans. (Wed, 12 Nov 2008 18:46:16 GMT)

Shares of mortgage originator PHH climb
Shares of PHH Corp. rose Wednesday after a Keefe, Bruyette & Woods analyst said the mortgage originator's liquidity remains strong, and concerns to the contrary are unwarranted. (Wed, 12 Nov 2008 18:51:45 GMT)

Gov't considers changes to mortgage program
The government may let more borrowers qualify for a $300 billion program designed to let troubled homeowners swap risky loans for more affordable ones, a top Bush administration official said Wednesday. (Wed, 12 Nov 2008 19:23:04 GMT)

J.P. Morgan expects home-loan losses to soar
J.P. Morgan Chase and Co. executives now expect losses from failing home-equity loans will cost the bank as much as $850 million over the next few quarters. (Wed, 12 Nov 2008 19:28:23 GMT)

Mortgage Bonds Fall to New Lows as Paulson Scraps U.S. Buying
Nov. 12 (Bloomberg) -- U.S. home-loan bonds without government backing fell to new lows after Treasury Secretary Henry Paulson said the nation no longer plans to buy devalued mortgage assets, credit-default swap indexes suggest. (Wed, 12 Nov 2008 20:08:44 GMT)

Rep Frank targets mortgage service legal pacts
Congress needs to tackle legal obstacles that prevent mortgage servicing companies from doing more to help distressed borrowers stay in their homes, the head of a U.S. congressional committee said on Wednesday. (Wed, 12 Nov 2008 20:21:44 GMT)

Mortgage Bonds Fall to New Lows as Paulson Scraps U.S. Buying
Nov. 12 (Bloomberg) -- U.S. home-loan bonds without federal backing fell to new lows after Treasury Secretary Henry Paulson said the government no longer plans to buy devalued mortgage assets, credit-default swap indexes suggest. (Wed, 12 Nov 2008 20:53:40 GMT)

ResCap Debt Sinks 53% on Scrapped Plan to Buy Mortgage Assets
Nov. 12 (Bloomberg) -- Residential Capital LLC's bonds lost half their value today after the U.S. Treasury scrapped its plans to buy toxic mortgage assets and Fitch Ratings said parent GMAC LLC may stop propping up the home lender. (Wed, 12 Nov 2008 20:55:10 GMT)

US shifts rescue away from buying toxic mortgage assets
US authorities Wednesday shifted the focus of a massive financial rescue plan, scrapping plans to buy up toxic mortgage assets and calling for help in restoring credit outside the banking sector. (Wed, 12 Nov 2008 20:57:43 GMT)

Mortgage Situation 'Requires Legislation,' Frank Says
House Financial Services Chairman Barney Frank said Wednesday that Congress should take up legislation to make it easier to renegotiate troubled mortgages, citing what he called a lack of cooperation from mortgage servicers. (Wed, 12 Nov 2008 22:11:21 GMT)

Mortgage Bonds Fall to New Lows as Paulson Scraps U.S. Buying
Nov. 12 (Bloomberg) -- Residential and commercial-mortgage backed bonds tumbled after Treasury Secretary Henry Paulson said the government no longer plans to buy devalued mortgage assets, credit-default swap indexes suggest. (Wed, 12 Nov 2008 23:05:26 GMT)

In Major Reversal, Treasury Won't Buy Bad Mortgage Debt
Treasury Secretary Henry Paulson on Wednesday scrapped his original plan to buy toxic mortgage assets and outlined new ideas for using the government's $700-billion rescue fund to boost lending to consumers and business. (Wed, 12 Nov 2008 23:58:58 GMT)

Many mortgage indictments seen under Obama
WASHINGTON (Reuters) - Federal criminal probes into mortgage lending will likely produce many indictments under Barack Obama's presidency, legal experts said on Wednesday. (Thu, 13 Nov 2008 00:04:03 GMT)

Mortgage rules crack down on fees, late changes
Federal housing officials unveiled today the first major mortgage reform in 30 years -- a move that will crack down on junk fees and prohibit lenders from making last-minute changes to home loan documents. So important is the overhaul that... (Thu, 13 Nov 2008 00:14:09 GMT)

Shares of mortgage originator PHH climb
Shares of PHH Corp. rose Wednesday after a Keefe, Bruyette & Woods analyst said the mortgage originator's liquidity remains strong, and concerns to the contrary are unwarranted. (Thu, 13 Nov 2008 00:35:31 GMT)

Mortgage Documents To Get Major Makeover
The Department of Housing and Urban Development is changing several forms that homeowners must sign in order to get mortgages. (Thu, 13 Nov 2008 00:48:50 GMT)

Government Unveils New Mortgage Disclosure Rules
var nopreviewimage = "1"; if (nopreviewimage == ""){ document.write(' '); document.write(' '); document.write(' '); } New rules are in the works to help homeowners better understand mortgage terms. The Department of Housing and Urban Development is revising disclosure forms that people receive when they refinance a loan or buy a new house. (Thu, 13 Nov 2008 03:11:26 GMT)

US shifts rescue away from buying toxic mortgage assets
US authorities shifted the focus of a massive financial rescue plan, scrapping plans to buy up toxic mortgage assets and calling for help in restoring credit outside the banking sector. (Thu, 13 Nov 2008 03:12:50 GMT)

Bid to expand home loan help
The government is considering letting more borrowers qualify for a $300 billion program designed to let troubled homeowners swap risky loans for more affordable ones. (Thu, 13 Nov 2008 03:36:08 GMT)

CBS 6 Answers Team responds to your questions!
Thanks to everyone who logged on to our first-ever CBS 6 Answers Team live web chat! Our team of local finance, mortgage, credit and job experts were happy to help answer your questions. Stay tuned for more from our Answers Team in the coming weeks. (Thu, 13 Nov 2008 04:44:40 GMT)

Cambria eyes tax hike to pay for loan
$6 million loan that is needed to cover bills and payroll until the end of the year. On Friday, the commissioners asked the county court to approve the $6 million loan to “fund unfunded debt,” stemming from county tax dollars being used to pay bills at Laurel Crest, the county nursing home. (Thu, 13 Nov 2008 05:14:06 GMT)

Federal Home Loan Bank of Pittsburgh reports increase
The Federal Home Loan Bank of Pittsburgh said quarterly net income jumped 51 percent to almost $97 million, or $2.43 a share. (Thu, 13 Nov 2008 05:16:19 GMT)

New bailout focus: how to fight foreclosures
First came Wall Street. Now Washington is turning more of its attention to Main Street, as the federal government moves to try and rescue more mortgage holders in financial trouble. (Thu, 13 Nov 2008 08:00:00 GMT)

Home loan woes ease
Foreclosure filings dropped dramatically throughout the Northern San Joaquin Valley in October, as lenders reportedly have become more willing to give homeowners breaks on their mortgage payments. (Thu, 13 Nov 2008 10:41:01 GMT)

HUD updates its loan process
The Department of Housing and Urban Development yesterday announced reforms to help consumers find low-cost home loans and avoid excessive fees. In updating the Real Estate Settlement Procedures Act, HUD will require lenders and mortgage brokers to provide consumers with a good-faith estimate that discloses key loan terms and closing costs. (Thu, 13 Nov 2008 11:09:57 GMT)

City Council votes to refinance Del Mar Shores School mortgage
DEL MAR – To save money on interest and buy more time for a fundraising drive, Del Mar city leaders have decided to refinance the mortgage on a surplus school site that will become the city's newest public park. (Thu, 13 Nov 2008 11:28:20 GMT)

Mortgage applications rise as interest rates drop: MBA
U.S. mortgage applications rose last week, recovering from an almost 8-year low, as potential borrowers took advantage of a sharp drop in interest rates, an industry group said on Thursday. (Thu, 13 Nov 2008 12:04:13 GMT)

Mortgage applications up 11.9% last week as rates fall: MBA
With consumers taking advantage of lower mortgage rates, mortgage applications filed last week rise a seasonally adjusted 11.9% from the prior week, Mortgage Bankers Association data show. (Thu, 13 Nov 2008 12:12:49 GMT)

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