Mortgage News Nov 2008

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(AFX UK Focus) 2008-11-13 12:15 US mortgage applications rise as interest rates drop-MBA
NEW YORK, Nov 13 (Reuters) - 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. The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Nov. 7 increased ... (Thu, 13 Nov 2008 12:38:41 GMT)

U.S. MBA's Mortgage Applications Index Increased 12% Last Week
Nov. 13 (Bloomberg) -- Mortgage applications in the U.S. climbed last week from an almost eight-year low as homeowners took advantage of lower interest rates to refinance loans. (Thu, 13 Nov 2008 12:50:15 GMT)

UPDATE: Mortgage Applications Up 11.9% Last Week As Rates Fall: MBA
CHICAGO (Dow Jones) -- Consumers took advantage of lower mortgage rates last week, with the pace of mortgage applications filed rising a seasonally adjusted 11.9% compared with the prior week, the Mortgage Bankers Association said Thursday. (Thu, 13 Nov 2008 13:16:47 GMT)

Mortgage Applications Up 12 Percent Last Week
(RTTNews) - Industry data released on Thursday showed that mortgage application volume rose last week, lifting applications off of an 8-year low. Applications increased nearly 12 percent from the previous week, although they were still down 40 percent when compared to last year. (Thu, 13 Nov 2008 14:02:52 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 14:12:22 GMT)

Conn. mortgage program helps fewer than expected
Connecticut officials say a program created last year to refinance subprime mortgages for financially troubled homeowners is not helping as many people as expected. (Thu, 13 Nov 2008 16:40:04 GMT)

Mortgage Putbacks Are Back, with GSEs Doing the Putting
Mortgage originators are facing a new wave of forced loan repurchases as the government-sponsored enterprises step up reviews for underwriting problems. (Thu, 13 Nov 2008 17:17:52 GMT)

U.S. mortgage rates fall for second week
WASHINGTON, Nov. 13 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages declined slightly in the last week, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 13 Nov 2008 17:49:58 GMT)

Mortgage rates down for 2nd week
Mortgage rates fell for the second week in a row, finance firm Freddie Mac said Thursday, as the weakening economy resulted in the slowest pace of home purchase applications in nearly eight years. (Thu, 13 Nov 2008 18:09:56 GMT)

Mortgage rates drop for second week
Mortgage rates dropped for a second straight week, reflecting the impact the weakening economy is having on financial markets. (Thu, 13 Nov 2008 18:33:57 GMT)

Mortgage rates drop for second week
Mortgage rates dropped for a second straight week, reflecting the impact the weakening economy is having on financial markets. Freddie Mac, the mortgage giant, reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.14 percent this week, down... (Thu, 13 Nov 2008 19:00:37 GMT)

Mortgage rates drop for second week
WASHINGTON -- Mortgage rates dropped for a second straight week, reflecting the impact the weakening economy is having on financial markets. (Thu, 13 Nov 2008 19:40:50 GMT)

Va. Businessman Pleads Guilty to $33M Mortgage Fraud
A prominent Northern Virginia businessman pleaded guilty today in a case that prosecutors are calling one of the largest in a wave of nationwide mortgage frauds triggered by the decline in the housing market. (Thu, 13 Nov 2008 19:45:22 GMT)

Are Loan Modifications the Answer to Our Problems?
Big push on loan modifications could stabilize housing--or destroy more capital. (Thu, 13 Nov 2008 20:00:00 GMT)

Eased inflation not to lower housing loan rates: Parekh
Prospective home loan buyers could be in for disappointment if they thought banks now have further scope for reducing interest rates as inflation surprisingly has come down to single digit. (Thu, 13 Nov 2008 21:39:24 GMT)

Lenders criticize gov't mortgage aid program
Hundreds of lenders told federal housing officials Thursday that a $300 billion mortgage aid program requires too many losses for consumers and lenders to realistically help 400,000 Americans avoid foreclosure. (Thu, 13 Nov 2008 22:08:26 GMT)

Lenders criticize gov't mortgage aid program
Hundreds of lenders told federal housing officials Thursday that a $300 billion mortgage aid program requires too many losses for consumers and lenders to realistically help 400,000 Americans avoid foreclosure. "This program is extremely difficult and complex... (Thu, 13 Nov 2008 22:30:48 GMT)

Mortgage Bonds Tumble for Second Day After U.S. Scraps Buying
Nov. 13 (Bloomberg) -- Mortgage bonds tumbled for a second day after Treasury Secretary Henry Paulson scrapped plans to buy devalued mortgage assets, credit-default-swap indexes suggest. (Thu, 13 Nov 2008 22:38:47 GMT)

Virginia man pleads guilty to mortgage fraud
ALEXANDRIA, Va. (AP) - A well-known northern Virginia businessman has pleaded guilty to conspiracy to commit money laundering in connection with a mortgage fraud scheme. (Thu, 13 Nov 2008 23:48:33 GMT)

GSE chief says mortgage aid plan should be model
U.S. mortgage finance companies should soon adopt a foreclosure prevention plan developed by Fannie Mae and Freddie Mac to ease loan terms for troubled borrowers, the companies' overseer said on Thursday. (Thu, 13 Nov 2008 23:51:00 GMT)

GSE chief says mortgage aid plan should be model
WASHINGTON (Reuters) - U.S. mortgage finance companies should soon adopt a foreclosure prevention plan developed by Fannie Mae and Freddie Mac to ease loan terms for troubled borrowers, the companies' overseer said on Thursday. (Fri, 14 Nov 2008 00:08:49 GMT)

Chinese Banks Relax Mortgage Lending Approvals, Standard Says
Nov. 14 (Bloomberg) -- Chinese banks relaxed requirements for mortgage lending approvals as the government seeks to stabilize the country’s property market, the Standard reported today, citing people it didn’t identify. (Fri, 14 Nov 2008 00:11:46 GMT)

Virginia man pleads guilty to mortgage fraud
In U.S. District Court Thursday, 47-year-old Vijay K. Taneja of Fairfax admitted that through his company, Financial Mortgage Inc., he defrauded banks of at least $33 million by creating fake mortgage loans and selling the same loans to several investors. (Fri, 14 Nov 2008 01:37:59 GMT)

PMI Launches Online Mortgage Options Assessment Tool
Tool Homeowners Organize and Calculate Finances before Meeting Lenders. Mortgage insurer PMI Mortgage Insurance Co. (Walnut Creek, Calif.), has rolled out a new tool for homeowners facing potential foreclosure on their home. (Fri, 14 Nov 2008 02:50:05 GMT)

Can You get a Loan for Your Dream Home?
It's reality. The days of easy home loans are long over. Zero percent down is a thing of the past and good credit scores are become increasingly important. (Fri, 14 Nov 2008 04:22:33 GMT)

Mortgage Reform Bills to be Introduced in PA
var nopreviewimage = "1"; if (nopreviewimage == ""){ document.write(' '); document.write(' '); document.write(' '); } Lawmakers from Berks and Lancaster counties are taking aim at mortgage reform. Berks Representative David Kessler and Lancaster Senator Michael Brubaker are introducing two bills in the House and Senate. One bill would prevent mortgage brokers from withholding information ... (Fri, 14 Nov 2008 04:56:14 GMT)

Mortgage Rates Drop
Mortgage rates dropped for a second straight week, reflecting the impact the weakening economy is having on financial markets. Freddie Mac, the mortgage giant, reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.14 percent this week, down from 6.20 percent last week. For 15-year, fixed-rate mortgages, which are popular with... (Fri, 14 Nov 2008 05:07:11 GMT)

Refinancing available to vets with subprime loans
Veterans with conventional home loans now have new options for refinancing to a loan guaranteed by the Department of Veterans Affairs, according to a news release. These new options are available as a result of the Veterans’ Benefits Improvement Act of 2008, which President Bush signed into law on Oct. 10. (Fri, 14 Nov 2008 05:55:32 GMT)

Pushing for relief on home loan rate
Some say way to jump-start economy is to solve housing crisis first (Fri, 14 Nov 2008 06:20:02 GMT)

Mortgage rates fall for 2nd week in row
WASHINGTON — Mortgage rates dropped for a second straight week, reflecting the impact the weakening economy is having on financial markets. Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.14 percent this week, down from 6.20 percent last week. (Fri, 14 Nov 2008 06:33:39 GMT)

Nonprofit offers home loan program to Valley purchasers
Lenders say a program that offers FHA home buyers a first and second loan and requires no down payment could be an alternative to the Nehemiah, a popular financing plan that was eliminated in the San Joaquin Valley. Read comments (Fri, 14 Nov 2008 06:43:35 GMT)

Mortgage rates drop for 2nd straight week
Mortgage rates drop for 2nd straight week Mortgage rates dropped for a second straight week, reflecting the impact the weakening economy is having on financial markets. Freddie Mac, the mortgage giant, reported Thursday that rates on 30-year, fixed-rate... (Fri, 14 Nov 2008 08:34:56 GMT)

ASIA G3 BOND OUTLOOK: China's Loan Market Likely To Pick Up
SINGAPORE -(Dow Jones)- After a sharp fall in volume so far this year, China's syndicated loan market could start to revive thanks to the abolition of credit quotas and the easy monetary policy recently adopted by the Chinese authorities. (Fri, 14 Nov 2008 10:01:56 GMT)

ASIA G3 BOND OUTLOOK: China's Loan Market Likely To Pick Up
SINGAPORE -(Dow Jones)- After a sharp fall in volume so far this year, China's syndicated loan market could start to revive thanks to the abolition of credit quotas and the easy monetary policy recently adopted by the Chinese authorities. (Fri, 14 Nov 2008 10:01:56 GMT)

NI mortgage arrears almost double
The number of mortgage arrears issued in Northern Ireland almost doubles from the same period last year. (Fri, 14 Nov 2008 10:51:19 GMT)

Great Wolf faces slow go on extending $76M mortgage
Great Wolf Lodge, the indoor water park and conference center near Kings Island, is having difficulty negotiating an extension of its $76.8 million mortgage, which expires Nov. 30. (Fri, 14 Nov 2008 10:59:01 GMT)

Business briefs
Mortgage applications in the U.S. climbed last week from an almost eight-year low as homeowners took advantage of lower interest rate to refinance loans. (Fri, 14 Nov 2008 11:02:53 GMT)

NI mortgage arrears almost double
The number of mortgage arrears issued in Northern Ireland between July and September almost doubles from the same period last year. (Fri, 14 Nov 2008 11:03:48 GMT)

Mortgage rates drop again to 6.14 percent
Mortgage rates dropped for a second straight week, Freddie Mac reported in its nationwide survey. Rates on 30-year fixed-rate mortgages fell to 6.14 percent from 6.20 percent last week. It marked a sharp decline since rates hit a high of 6.46 percent two weeks ago. (Fri, 14 Nov 2008 11:09:21 GMT)

Expert: Don Taylor, Ph.D., CFA, CFP
Dear Dr. Don, I have an 80/20 mortgage and I'm 2½ years into the loans. In July 2009, my rate will start adjusting. Can I refinance now or do I have to wait until July? Is there any help out there to get me out of the 80/20 situation that I was forced into? (Fri, 14 Nov 2008 11:53:15 GMT)

FDIC Wants To Rework Mortgage Loans
The Federal Deposit Insurance Corp. is proposing a plan to offer incentives to companies that reduce monthly mortgage payments for troubled homeowners. FDIC Chairwoman Sheila Bair wants to use a chunk of the government's $700 billion bailout fund to rework mortgage loans. (Fri, 14 Nov 2008 11:58:41 GMT)

FDIC lays out broad home loan modification plan
The federal agency that insures most U.S. bank deposits unveiled a plan to prevent about 1.5 million home mortgage foreclosures by promising to share any losses with mortgage companies that agree to refinance certain home loans. (Fri, 14 Nov 2008 15:58:18 GMT)

Virginia man pleads guilty to mortgage fraud
A northern Virginia businessman has pleaded guilty to conspiracy to commit money laundering in connection with a mortgage fraud scheme. (Fri, 14 Nov 2008 16:10:56 GMT)

U.S. mortgage finance Freddie Mac seeks gov't aid after US$25.3B loss
WASHINGTON - U.S. mortgage finance giant Freddie Mac is asking for an initial injection of US$13.8 billion in government aid after posting a massive quarterly loss. (Fri, 14 Nov 2008 16:36:00 GMT)

(AFX UK Focus) 2008-11-14 16:14 UPDATE 1-FDIC lays out broad home loan modification plan
By Karey Wutkowski (Fri, 14 Nov 2008 16:38:30 GMT)

Man Pleads to Mortgage Fraud
A well-known northern Virginia businessman has pleaded guilty to conspiracy to commit money laundering in connection with a mortgage fraud scheme. (Fri, 14 Nov 2008 16:48:38 GMT)

Government to Speed Cash to Mortgage Giant After Massive Losses
The government is expected to inject $14 billion into Freddie Mac, the mortgage finance company under federal control, after it reported today that it lost $25 billion from July through September. (Fri, 14 Nov 2008 17:07:59 GMT)

White House reviewing FDIC mortgage plan
The White House on Friday said it was carefully reviewing a plan by the Federal Deposit Insurance Corp to prevent foreclosures by sharing any losses with mortgage companies that agree to refinance certain home loans. (Fri, 14 Nov 2008 19:05:00 GMT)

Reverse Mortgage Rules Change to Allow Senior Citizens to Buy a New Home
Nov. 14, 2008 - Starting January 1, 2009, FHA will begin to insure reverse mortgage loans for purchases. What does this mean? Senior borrowers age 62 and over can now purchase a home using a reverse mortgage rather than a traditional forward mortgage. (Fri, 14 Nov 2008 19:25:34 GMT)

(AFX UK Focus) 2008-11-14 19:10 White House reviewing FDIC mortgage plan
WASHINGTON, Nov 14 (Reuters) - The White House on Friday said it was carefully reviewing a plan by the Federal Deposit Insurance Corp to prevent foreclosures by sharing any losses with mortgage companies that agree to refinance certain home loans. "The FDIC has developed a proposal that the administration continues to review," White House spokesman Tony Fratto said. "As we review proposals we're ... (Fri, 14 Nov 2008 19:38:12 GMT)

(AFX UK Focus) 2008-11-14 19:10 White House reviewing FDIC mortgage plan
WASHINGTON, Nov 14 (Reuters) - The White House on Friday said it was carefully reviewing a plan by the Federal Deposit Insurance Corp to prevent foreclosures by sharing any losses with mortgage companies that agree to refinance certain home loans. "The FDIC has developed a proposal that the administration continues to review," White House spokesman Tony Fratto said. "As we review proposals we're ... (Fri, 14 Nov 2008 19:38:32 GMT)

(AFX UK Focus) 2008-11-14 19:10 White House reviewing FDIC mortgage plan
WASHINGTON, Nov 14 (Reuters) - The White House on Friday said it was carefully reviewing a plan by the Federal Deposit Insurance Corp to prevent foreclosures by sharing any losses with mortgage companies that agree to refinance certain home loans. "The FDIC has developed a proposal that the administration continues to review," White House spokesman Tony Fratto said. "As we review proposals we're ... (Fri, 14 Nov 2008 19:39:02 GMT)

UniCredit swells ranks of mortgage-backed bonds
UniCredit , the Italian bank, has created a €24bn ($30.4bn) mortgage-backed bond, one of the largest ever such deals, which it could use to swap for funding from the European Central Bank or just to ease the pressure on its capital base. (Fri, 14 Nov 2008 19:45:31 GMT)

Former Freehold mortgage broker sentenced in fraud case
A former Freehold mortgage broker was sentenced to a year's home confinement and five years probation for submitting fraudulent documents in support of a $367,500 loan application. (Fri, 14 Nov 2008 20:14:48 GMT)

Mortgage Modification Legal Network Announces a Free One-Hour Seminar on How to Modify Your Existing Home Loan
On Thursday, November 20 at 7:00 PM, The Mortgage Modification Legal Network will hold a seminar on (Fri, 14 Nov 2008 22:45:54 GMT)

Federal Home Loan Bank of Atlanta Announces Third Quarter 2008 Operating Highlights
Federal Home Loan Bank of Atlanta today released the results for the quarter ended Sept. 30, 2008. (Fri, 14 Nov 2008 23:23:00 GMT)

Federal Home Loan Bank of San Francisco Announces 2008 Board of Directors Election Results
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco today announced the election of one director to a new term on its board. The Bank’s California members have elected incumbent director Timothy R. (Fri, 14 Nov 2008 23:26:00 GMT)

Federal Home Loan Bank of San Francisco Announces 2008 Board of Directors Election Results
The Federal Home Loan Bank of San Francisco today announced the election of one director to a new (Fri, 14 Nov 2008 23:31:23 GMT)

Mortgage money mess
Nearly three months after Hurricane Gustav, homeowners have made repairs and received checks from their insurance companies. But, there's another player here: The mortgage companies must endorse those insurance checks before the homeowner ever sees the money. (Sat, 15 Nov 2008 01:15:58 GMT)

Mortgage rates drop for second week
WASHINGTON | Mortgage rates dropped for a second straight week, reflecting the impact the weakening economy is having on financial markets. (Sat, 15 Nov 2008 01:50:33 GMT)

A Good Place to Start -- but Not to Stop -- Shopping for a Mortgage
My first impression of the Web site Mortgage Marvel was that it was a multi-lender mortgage shopping site, the fourth new one that I have reviewed this year. When viewed this way, it has problems. (Sat, 15 Nov 2008 02:13:19 GMT)

Adult children moving back home with parents
Extended families sharing a home was once an American tradition. Now with rising foreclosures and layoffs, it's a necessity. But there is a silver lining. Donald Garcia, 35, and his wife, Augustine, were living in a Burbank apartment when Augustine's mother approached them for help. She had refinanced her three-bedroom Tujunga home a year and a half earlier with an interest-only loan, and ... (Sat, 15 Nov 2008 02:27:01 GMT)

Which Mortgage Plan is Better?
The mortgage meltdown has been the key catalyst in the economic downturn and now there are dueling plans for how to fix it. One of the plans is from the Treasury Department, the other one is from the FDIC. Which one is best? Fox 10's Miriam Garcia gets some answers...... (Sat, 15 Nov 2008 05:50:47 GMT)

Backgrounder: Subprime mortgage crisis
In the United States, loans are classified into prime and subprime loans according to the borrowers' credit. The interest rate of subprime mortgage is higher than that of prime mortgage as subprime mortgages have a much higher rate of default. The reason for the subprime mortgage crisis was the bursting of the housing bubble. The creation of the bubble was directly linked to the consumption ... (Sat, 15 Nov 2008 06:13:46 GMT)

Indian American pleads guilty to $33 mn mortgage fraud
Indian American Vijay K Taneja, popular in the community for his mega Bollywood shows in the US, has pleaded guilty to a massive $33 million mortgage fraud, the Federal Bureau of Investigation (FBI) has said. (Sat, 15 Nov 2008 06:27:52 GMT)

Freshstartloansonline Positioned to Take Advantage of Recent Mortgage Rate Decrease by Offering Consumers of all ...
Offering a competitive edge to consumers wanting to take advantage of the recent cuts to mortgage rates, www.freshstartloansonline.com presents ability for users to work with one of their more than 2000 licensed broker affiliates. (Sat, 15 Nov 2008 07:01:00 GMT)

Carmel set to lower mortgage tax estimates, raise tax rate
CARMEL - At the insistence of the town's financial consultant, Carmel officials are set to lower estimates of mortgage tax revenue for 2009 and raise a proposed tax rate. (Sat, 15 Nov 2008 07:33:54 GMT)

Economically stable S.D. can skirt mortgage relief
As the U.S. housing market remains mired in deep and ongoing troubles, South Dakota is bucking the malaise with one of the lowest mortgage foreclosure rates in the nation. In October, the Mount Rushmore state ranked 47th in the nation for mortgage foreclosures, according to RealtyTraK. The California-based company reported this week the number of foreclosures nationwide rose 25 percent in ... (Sat, 15 Nov 2008 08:09:59 GMT)

Barnet sign Arsenal youngster on loan
Barnet have signed Arsenal right back, Abu Ogogo on a month's loan as cover for the injured Joe Devera. Ogogo, who is 19, was on the Arsenal bench earlier this week for the Carling Cup match against Wigan . He will make his debut at home to Notts County today. (Sat, 15 Nov 2008 09:06:43 GMT)

BMO slashes mortgage rate
There were preliminary indications yesterday that residential mortgage rates could be drifting lower after Bank of Montreal announced a "special" offer of 5.25 per cent on its benchmark five-year, fixed-rate home loan. (Sat, 15 Nov 2008 09:34:37 GMT)

Mortgage relief plan will help, local expert says
Friday's proposal by the Federal Deposit Insurance Corp. to put $24 billion toward helping 1.5 million at-risk U.S. households avoid foreclosure got the attention of Jim Fitzgerald, mortgage broker and owner of Nevada Loan Source in Carson City. (Sat, 15 Nov 2008 09:44:21 GMT)

Indian American pleads guilty to $33 mn mortgage fraud
COMMENT ON THIS ! Your Views! Indian American Vijay K Taneja, popular in the community for his mega Bollywood shows in the US, has pleaded guilty to a massive $33 million mortgage fraud, the Federal Bureau of Investigation (FBI) has said. (Sat, 15 Nov 2008 10:07:13 GMT)

Shelter Mortgage partners with Americana
Shelter Mortgage recently opened its doors in Las Vegas through a partnership with Prudential Americana Group, one of the state's largest real estate companies. (Sat, 15 Nov 2008 10:39:35 GMT)

Pakistan secures IMF loan of at least $7.6bln: govt
Pakistan announced on Saturday it will receive a loan of at least 7.6 billion dollars from the International Monetary Fund, the Fund's first rescue in Asia since the global financial crisis began. (Sat, 15 Nov 2008 12:34:13 GMT)

Pakistan secures IMF loan of at least 7.6 billion dollars
Pakistan announced Saturday it will receive a loan of at least 7.6 billion dollars from the International Monetary Fund, the Fund's first rescue in Asia since the global financial crisis began. (Sat, 15 Nov 2008 19:40:32 GMT)

Indian American pleads guilty to $33 mn mortgage fraud
NEW YORK: Indian American Vijay K. Taneja, popular in the community for his mega Bollywood shows in the US, has pleaded guilty to a massive $33 million mortgage fraud, the Federal Bureau of Investigation (FBI) has said. (Sat, 15 Nov 2008 20:43:49 GMT)

Indian American pleads guilty to $33 mn mortgage fraud
Indian American Vijay K Taneja has pleaded guilty to a massive $33 million mortgage fraud, the FBI has said. (Sat, 15 Nov 2008 20:50:53 GMT)

Gary Umholtz joins RPM Mortgage
Gary Umholtz, longtime Sonoma loan consultant, has joined RPM Mortgage in their Sonoma Office at 827 Broadway. Umholtz is a senior loan consultant who has earned numerous awards for superior performance, volume and most importantly, customer satisfaction. (Sat, 15 Nov 2008 21:23:21 GMT)

Look before you book: don't just say yes to the first nice mortgage you meet
Falling house prices and rising unemployment will be causing concern among some homeowners as the clock ticks down to the end of their current mortgage deals. The difference in their monthly repayments, the thinking goes, could also be the difference in whether or not they keep their houses. At the same time, they will be watching the sharp falls in the base rate and wondering how cheap their ... (Sun, 16 Nov 2008 00:20:35 GMT)

Mortgage 'Reform' Is Just a Small Step Forward
Department of Housing and Urban Development Secretary Steve Preston recently announced what he said was a "mammoth leap forward for the consumer." (Sun, 16 Nov 2008 00:23:07 GMT)

It's bad idea to use credit card to pay mortgage
Dear Debt Adviser, I have a mortgage of $213,000 on a home valued at $276,000. My credit score is 713. (Sun, 16 Nov 2008 05:14:55 GMT)

Mitch Schnurman: Mortgage bailout is good for everybody
There are sound reasons to support helping strapped homeowners. (Sun, 16 Nov 2008 06:06:15 GMT)

Mortgage rule reforms a help for homebuyers
Prospective homebuyers would get a simpler way to understand often-confusing mortgage terms under new rules issued last week by the federal government. The Department of Housing and Urban Development overhauled a 1974 law requiring lenders to give a so-called good faith estimate of mortgage costs, including lenders' payments to mortgage brokers. (Sun, 16 Nov 2008 06:52:57 GMT)

NAMP Predicts Mortgage Loan Modifications Will Sky Rocket
With many mortgage lenders and banks nationwide feeling pressure to help home owners stay in the their homes Loan Modifications are becoming more and more popular. Over the last several months lenders are pressed to offer Loan Modifications as way to help suffering borrowers prevent losing their homes. NAMP in partnership with Mortgage University has created a quick and cost-effective solution ... (Sun, 16 Nov 2008 07:01:00 GMT)

Get right side up by modifying home loan
Question: I read your column last Sunday where you said home values will probably fall another 5 percent to 10 percent next year. That's bad news to us since our home value is already less than our total mortgage balance. We bought our home two years ago with a zero-down loan. (Sun, 16 Nov 2008 08:04:53 GMT)

Housing industry seeks U.S. mortgage subsidies
What will it take to get consumers off the sidelines to buy more houses and help stimulate the economy? How about a mortgage at 2.99 percent fixed rate for 30 years for anyone who purchases a home before July 1? Or how about a nonrepayable federal tax credit... (Sun, 16 Nov 2008 08:23:11 GMT)

Mortgage rates drop for second week
Mortgage rates dropped for a second straight week, reflecting the impact the weakening economy is having on financial markets. Freddie Mac reported Thursday that rates on 30-year fixed-rate mortgages averaged 6.14 percent last week, down from 6.2 percent the... (Sun, 16 Nov 2008 08:23:31 GMT)

Mortgage Assistance 101
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. (Sun, 16 Nov 2008 08:24:17 GMT)

Are you an idiot to keep paying your mortgage?
Should you keep paying your mortgage? If you have significant equity in your home, absolutely. If you don't, it's getting harder to answer that question, especially when our government keeps giving people who owe more than their homes are worth so many... (Sun, 16 Nov 2008 08:34:56 GMT)

How about a mortgage at a 2.99% fixed rate?
What will it take to get consumers off the sidelines to buy more houses and help stimulate the economy? How about a mortgage at a 2.99 percent fixed rate for 30 years for anyone who purchases a home before next July 1? Or how about a non-repayable federal tax credit of 10 percent of the home price up to $22,000? (Sun, 16 Nov 2008 09:25:40 GMT)

Woman pleads guilty to fraud in mortgage case
BILLINGS (AP) — A former bookkeeper and chief financial officer of a mortgage company pleaded guilty Friday to bank fraud. (Sun, 16 Nov 2008 11:06:04 GMT)

An alternate financial rescue plan
Two investment managers propose refinancing the $1.1 trillion in securitized loans without using any taxpayer money. (Sun, 16 Nov 2008 11:26:24 GMT)

Mortgage assistance plan revised after slow start
While some components of Gov. Jon S. Corzine's economic recovery plan have moved through the Legislature quickly in the last month, measures to address the state's growing number of mortgage foreclosures has gotten off to a slower start. (Sun, 16 Nov 2008 12:02:38 GMT)

Mortgage rates drop again
WASHINGTON, D.C. (AP) - Mortgage rates dropped for a second consecutive week, reflecting the impact the weakening economy is having on financial markets. (Sun, 16 Nov 2008 12:37:28 GMT)

Frustrated Cureton considers loan
Striker Jamie Cureton says he may go out on loan to find first-team football after sitting out much of Norwich's season on the bench. (Sun, 16 Nov 2008 15:55:56 GMT)

Mortgage rates drop for second week
WASHINGTON (AP) — Mortgage rates dropped for a second straight week, reflecting the impact the weakening economy is having on financial markets. (Sun, 16 Nov 2008 16:13:58 GMT)

Are you an idiot to keep paying your mortgage?
Should you keep paying your mortgage? If you have significant equity in your home, absolutely. If you don't, it's getting harder to answer that question, especially when our government keeps giving people who owe more than their homes are worth so many... (Sun, 16 Nov 2008 16:58:22 GMT)

Street of risk and loss
It produced easy money for specula-tors and mortgage brokers and short-lived happiness for families who bought houses they couldn't afford to keep. Few streets in the county have witnessed as dramatic a turnaround as Little Lake. (Sun, 16 Nov 2008 20:14:45 GMT)

Government seeks N.Rock loan delay
LONDON (Reuters) - Northern Rock could delay repaying its 11.5 billion pounds government loan, under plans put forward by Chancellor Alistair Darling, reports The Sunday Times. (Sun, 16 Nov 2008 21:10:59 GMT)

Gary Umholtz joins RPM Mortgage
Gary Umholtz, longtime Sonoma loan consultant, has joined RPM Mortgage in their Sonoma Office at 827 Broadway. Umholtz is a senior loan consultant who has earned numerous awards for superior performance, volume and most importantly, customer satisfaction. (Mon, 17 Nov 2008 01:38:14 GMT)

Government seeks N.Rock loan delay
LONDON (Reuters) - Northern Rock could delay repaying its 11.5 billion pounds government loan, under plans put forward by Chancellor Alistair Darling, reports The Sunday Times. (Mon, 17 Nov 2008 01:55:59 GMT)

Rating the loan process
Fewer people are qualifying for home loans these days, and those who do often face more paperwork and longer processing times than before. (Mon, 17 Nov 2008 02:27:07 GMT)

The Littlest Victims Of the Mortgage Crisis
The long arm of the global financial crisis reached down into Morena Parada's preschool classroom, where a little girl named Joeli Arias-Lopez painted bright green and orange splotches on an oversize easel and pronounced it a house. (Mon, 17 Nov 2008 05:04:47 GMT)

Mortgage refinancings led to liens, three lawsuits allege
A Sunny Isles Beach real estate attorney and his business partner are facing three lawsuits that allege they offered to refinance mortgages for clients, but never paid off the original mortgages or recorded new ones. (Mon, 17 Nov 2008 05:40:56 GMT)

Europe, Asia Refinance Risk Bigger Than in U.S., Barclays Says
Nov. 17 (Bloomberg) -- Refinancing risk in Europe and Asia exceeds the U.S. in 2009 because more than twice the amount of debt will mature in the two regions than in the world's biggest economy, analysts at Barclays Capital said. (Mon, 17 Nov 2008 06:12:53 GMT)

Europe, Asia Refinance Risk Bigger Than in U.S., Barclays Says
Nov. 17 (Bloomberg) -- Refinancing risk in Europe and Asia exceeds the U.S. in 2009 because more than twice the amount of debt will mature in the two regions than in the world's biggest economy, analysts at Barclays Capital said. (Mon, 17 Nov 2008 06:15:44 GMT)

Americas Watchdog Wants To Talk With Countrywide and Washington Mutual Employees About Loan Serving Practices
Americas Watchdog and its National Mortgage Complaint Center enlarging the scope of its national investigation of the loan servicing practices of Washington Mutual, Countrywide Home Loans and other mortgage loan servicers, that might be engaged in anti consumer practices in their mortgage loan servicing. (Mon, 17 Nov 2008 07:05:00 GMT)

U.S. Bank sues former Central States Mortgage CEO
U.S. Bank is seeking $2.7 million in a lawsuit against former Central States Mortgage chief executive officer Dick Jungen and a separate Wauwatosa mortgage firm he leads. (Mon, 17 Nov 2008 08:04:14 GMT)

Home loan ratios in the UAE strongly impacted by global liquidity squeeze
As money markets become tighter due to the global liquidity squeeze, UAE banks and lending institutions have begun toughening their lending criteria, forcing developers to look at offering flexible financing schemes, says a Dubai-based mortgage expert. (Mon, 17 Nov 2008 08:57:38 GMT)

NM Mortgage Finance Authority expands role during housing crisis
The housing market has changed, and so has the role of the New Mexico Mortgage Finance Authority. (Mon, 17 Nov 2008 09:32:41 GMT)

Anti-mortgage fraud law jams up Realtors
Some real estate agents are refusing to take listings from homeowners who are behind in their mortgage payments and trying to avoid foreclosure because of a state law that was intended to protect consumers from predatory mortgage lenders. (Mon, 17 Nov 2008 09:43:53 GMT)

Postal Service investigates boss's VIP mortgage
WASHINGTON (AP) - The Postal Service is investigating whether the nation's postmaster general improperly received a sweetheart deal on a mortgage from Countrywide Financial. (Mon, 17 Nov 2008 10:18:40 GMT)

Postal Service investigates boss's VIP mortgage
Associated Press - November 17, 2008 5:13 AM ET WASHINGTON (AP) - The Postal Service is investigating whether the nation's postmaster general improperly received a sweetheart deal on a mortgage... (Mon, 17 Nov 2008 10:20:38 GMT)

Postal Service investigates boss's VIP mortgage
The Postal Service is investigating whether the nation's postmaster general improperly received a sweetheart deal on a mortgage from Countrywide Financial Corp., the chairman of the service's governing board said. (Mon, 17 Nov 2008 10:42:26 GMT)

Mortgage business interest by small banks a good omen
While some saw the housing bubble growing to unsustainable heights, no one could have predicted that the only regional bank based in Memphis, First Tennessee, would not only slide like it has, but eventually sell its mortgage business. (Mon, 17 Nov 2008 11:33:52 GMT)

Renasant Bank building mortgage operation with addition of new V.P., loan officers
Renasant Bank is building its mortgage banking operation in Memphis with the addition of a vice president-level executive and more than doubling the number of loan officers. (Mon, 17 Nov 2008 11:34:22 GMT)

Mortgage broker sentenced in loan fraud
A former Freehold mortgage broker was sentenced to a year of home confinement and five years' probation for submitting fraudulent documents in support of a $367,500 loan application. (Mon, 17 Nov 2008 11:45:27 GMT)

Mortgage aid bill moving forward
While some components of Gov. Corzine's economic recovery plan have moved through the Legislature quickly in the past month, measures to address the state's growing number of mortgage foreclosures are off to a slower start. (Mon, 17 Nov 2008 11:46:07 GMT)

Mortgage broker sentenced in loan fraud
A former Freehold mortgage broker was sentenced to a year of home confinement and five years' probation for submitting fraudulent documents in support of a $367,500 loan application. (Mon, 17 Nov 2008 11:47:27 GMT)

Nigeria: Tension in Yobe Over N1.7 Billion Loan to Workers
The whole brouhaha is about a whopping N1.7 billion loan which the Yobe State chapter of the Nigeria Labour Congress (NLC), secured for its members from the Guaranty Trust Bank (GTB), but the state Governor Senator Mamman Ali, came out publicly and dissociated himself from it, claiming that the whole package was shrouded in secrecy and a breach of bureaucracy on the part of labour. (Mon, 17 Nov 2008 12:26:51 GMT)

Facing Crisis, Congress Makes Sense
Most Congressional hearings are big on windy speeches and short on actual substance. And according to The New York Times’s Joe Nocera, hearings on mortgage modifications and hedge funds could have been just more of the same. (Mon, 17 Nov 2008 13:07:05 GMT)

Govt makes Residential Mortgage Backed Securities investments
The Federal Government has made its first investments in Residential Mortgage Backed Securities as part of an $8 billion promise. (Mon, 17 Nov 2008 13:23:00 GMT)

Postal Service investigates boss's VIP mortgage
The Postal Service is investigating whether the nation's postmaster general improperly received a sweetheart deal on a mortgage. (Mon, 17 Nov 2008 13:39:08 GMT)

Ukrainian President Urges Central Bank to Refinance Lenders
Nov. 17 (Bloomberg) -- Ukrainian President Viktor Yushchenko urged the central bank to boost industrial production and economic growth by refinancing lenders. (Mon, 17 Nov 2008 13:57:08 GMT)

Govt makes Residential Mortgage Backed Securities investments
The Federal Government has made its first investments in Residential Mortgage Backed Securities as part of an $8 billion promise. (Mon, 17 Nov 2008 14:30:40 GMT)

Mortgage rates drop for second week
WASHINGTON (AP) — Mortgage rates dropped for a second straight week, reflecting the impact the weakening economy is having on financial markets. (Mon, 17 Nov 2008 15:56:47 GMT)

Stonegate Mortgage Corporation Hires Cori Drudge as Loan Originator
Stonegate Mortgage Corporation is pleased to announce the hiring of Cori Drudge as a Loan Originator for their Fishers, Indiana office. (Mon, 17 Nov 2008 16:47:00 GMT)

Maine reports home foreclosures increase in 2Q
Data analyzed by the state show a slight increase in home foreclosures in Maine during the second quarter, but officials say the number of foreclosures remains relatively small and poses no threat to the stability of state-chartered banks and credit unions. (Mon, 17 Nov 2008 19:22:59 GMT)

Broker sentenced for swindling senior citizens
A Phoenix mortgage broker accused of swindling four senior citizens in a home mortgage scam has been sentenced to three and a-half years in prison. Rick Thomas McCullough, 36, also was placed on seven years probation and ordered to pay restitution of $343,811. (Mon, 17 Nov 2008 19:38:17 GMT)

Phoenix man faces prison for stealing cash from seniors
Arizona Attorney General Terry Goddard announced Monday that a Phoenix mortgage broker has been sentenced to prison for operating a residential mortgage scam. (Mon, 17 Nov 2008 19:51:07 GMT)

Federal Home Loan Bank of Atlanta posts loss
Federal Home Loan Bank of Atlanta went into the red for the third quarter, hurt mostly by a reserve for a credit loss related to Lehman Brothers. (Mon, 17 Nov 2008 20:01:22 GMT)

Man Gets Prison In Mortgage Scam
A Phoenix mortgage broker is sentenced to 3 1/2 years in prison for defrauding four Valley seniors of more than $400,000, the county attorney general's office says. (Mon, 17 Nov 2008 20:08:29 GMT)

Jury selection begins in mortgage-fraud trial
Jury selection begins in mortgage-fraud trial (Mon, 17 Nov 2008 20:17:09 GMT)

Ex-mortgage broker sentenced to prison
A former Phoenix mortgage broker was sentenced to 42 months in federal prison for bilking four senior citizens out of more than $400,000 in a residential mortgage loan operation scam. (Mon, 17 Nov 2008 20:48:15 GMT)

Citigroup's Pandit Targets 52,000 Job Cuts as Loan Losses Grow
Nov. 17 (Bloomberg) -- Citigroup Inc. Chief Executive Officer Vikram Pandit said the bank will eliminate 52,000 jobs over the next year, twice the target announced last month, as loan losses surge and the economy shrinks. (Mon, 17 Nov 2008 21:12:42 GMT)

Fannie, Freddie, home loan banks control $6.8T
Federal housing finance agencies hold or guarantee $6.8 trillion in debt — the equivalent to more than half of the government's total debt. (Mon, 17 Nov 2008 21:16:33 GMT)

Fannie, Freddie, home loan banks control $6.8T
Federal housing finance agencies hold or guarantee $6.8 trillion in debt _ the equivalent to more than half of the government's total debt. Fannie Mae, Freddie Mac and the 12-member Federal Home Loan Bank system control $6.8 trillion in debt, the Federal... (Mon, 17 Nov 2008 21:45:54 GMT)

Paulson hedge fund buys into mortgage securities
John Paulson, the hedge fund manager who was called before Congress last week to discuss the big profits he made by foreseeing the collapse of the subprime mortgage market, has started to buy securities backed by residential mortgages. (Mon, 17 Nov 2008 23:44:16 GMT)

Fannie, Freddie, home loan banks control $6.8T
Federal housing finance agencies hold or guarantee $6.8 trillion in debt - the equivalent to more than half of the government's total debt. Fannie Mae, Freddie Mac and the 12-member Federal Home Loan Bank system control $6.8 trillion in debt, the Federal Housing Finance Agency said Monday in a report. The entire national debt is $10.6 trillion. The FHFA was created over the summer shortly ... (Tue, 18 Nov 2008 00:21:47 GMT)

HUD issues new mortgage rules to help consumers shup for lower-cost home loans
For the first time in more than 30 years, the U.S. Department of Housing and Urban Development on Wednesday issued long-anticipated mortgage reforms that will help consumers to shop for the lowest cost mortgage and avoid costly and potentially harmful loan offers. (Tue, 18 Nov 2008 00:39:10 GMT)

Mortgage Choice profits hit by housing market slump
Housing finance broker Mortgage Choice says profit in fiscal 2009 is likely to fall by up to 45 per cent on the previous year, in line with analysts’ forecasts. Managing director Paul Lahiff said Mor (Tue, 18 Nov 2008 00:42:36 GMT)

Mortgage Broker gets 3.5 years in fraud
Phoenix mortgage broker Rick Thomas McCullough was sentenced to three-and-a-half years in prison after pleading guilty to securities fraud related to a scam bilking four seniors out of more than $400,000. (Tue, 18 Nov 2008 01:56:22 GMT)

Gary Umholtz joins RPM Mortgage
Gary Umholtz, longtime Sonoma loan consultant, has joined RPM Mortgage in their Sonoma Office at 827 Broadway. Umholtz is a senior loan consultant who has earned numerous awards for superior performance, volume and most importantly, customer satisfaction. (Tue, 18 Nov 2008 02:38:17 GMT)

Thorpe promotes online loan service
Former Olympic swimmer Ian Thorpe is behind a novel way to help Australians find the best home loan. Mr Thorpe is the brand ambassador and a shareholder for a new online home loan service - www.ziggybid.com.au. (Tue, 18 Nov 2008 02:59:56 GMT)

Thorpedo behind new online home loan finder
Former Olympic swimmer Ian Thorpe is behind a novel way to help Australians find the best home loan. Mr Thorpe is the brand ambassador and a shareholder for a new online home loan service - www.ziggy (Tue, 18 Nov 2008 03:27:35 GMT)

Save on Your Mortgage
AMARILLO -- Interest rates, subprime loans, mortgage insurance -- maneuvering the world of home mortgage's can be tough. In Tuesday night's Smart Money, we have the four best tips to save yourself some cash on your mortgage and pay off your home faster. (Tue, 18 Nov 2008 04:34:19 GMT)

Real estate professionals say now is time to get a home in TH
It may be tougher to get a loan, but now is a great time to buy a home in Terre Haute, according to local real estate professionals.Around 100 people gathered Monday night for a public forum sponsored by the Terre Haute Area Association of Realtors at the Idle Creek banquet center. (Tue, 18 Nov 2008 04:40:56 GMT)

Delray Beach man facilitated $5 million in fraudulent mortgage loans, prosecutor tells jury
Delray man on trial for facilitating $5 million in fraudulent loans A Delray Beach man on trial for mortgage fraud used his position as a real estate closing agent to help others land more than $5 million in fraudulent loans, a federal prosecutor told jurors Monday in Fort Lauderdale federal court. (Tue, 18 Nov 2008 05:03:38 GMT)

Delray Beach man facilitated $5 million in fraudulent mortgage loans, prosecutor tells jury
A Delray Beach man on trial for mortgage fraud used his position as a real estate closing agent to help others land more than $5 million in fraudulent loans, a federal prosecutor told jurors Monday in Fort Lauderdale federal court. (Tue, 18 Nov 2008 05:04:38 GMT)

Who Owns Your Loan? It's Time To Find Out
Natalie Fuentes was about to lose her foreclosure battle when her lender said it would work out a loan modification so she could stay in her home of 13 years. (Tue, 18 Nov 2008 05:10:37 GMT)

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