Mortgage News Nov 2008

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The Economics and Ethics of Mortgage Default
Noel Sheppard is mad at Kathleen Pender for educating consumers about their financial options. Pender's article is headlined "Are you an idiot to keep paying your mortgage?", and, yes, Joe, it does lay out a pretty strong argument in favor of going into arrears on your mortgage, in the hope and expectation that the loan will be restructured once you're 90 days delinquent. (Tue, 18 Nov 2008 05:51:44 GMT)

Mortgage broker gets prison in fraud
A Phoenix mortgage broker was sentenced to 3 1/2 years in prison for bilking seniors. (Tue, 18 Nov 2008 07:23:00 GMT)

UK Oct. retail prices excld. Mortgage interest payments up 4.7% on year, consensus 5.2%
(RTTNews) - UK Oct. retail prices excld. Mortgage interest payments up 4.7% on year, consensus 5.2% (Tue, 18 Nov 2008 09:49:24 GMT)

Dubai Vulnerable to Lower Oil Prices, Citigroup Says (Update1)
Nov. 18 (Bloomberg) -- Dubai, the second largest of the seven sheikhdoms in the United Arab Emirates, is the most vulnerable place in the Gulf to lower oil prices as real estate prices and debt refinancing pose ``real risks,'' Citigroup Inc. said. (Tue, 18 Nov 2008 10:30:14 GMT)

Dubai Vulnerable to Lower Oil Prices, Citigroup Says (Update1)
Nov. 18 (Bloomberg) -- Dubai, the second largest of the seven sheikhdoms in the United Arab Emirates, is the most vulnerable place in the Gulf to lower oil prices as real estate prices and debt refinancing pose ``real risks,'' Citigroup Inc. said. (Tue, 18 Nov 2008 10:32:45 GMT)

Long term measures to help HDB mortgage defaulters is best solution
SINGAPORE : The Housing and Development Board (HDB) will continue to keep tabs on flat owners who default on their HDB mortgage payments. (Tue, 18 Nov 2008 10:45:38 GMT)

FSA bans director Peter King and his firm New Forest Mortgage Company Ltd
The Financial Services Authority (FSA) has banned Peter King and his firm New Forest Mortgage Company Ltd for knowingly submitting applications for fraudulent life assurance policies. (Tue, 18 Nov 2008 11:06:20 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 11:15:39 GMT)

Bank Bond Risk at One-Month High as TARP Hurts Mortgage Assets
Nov. 18 (Bloomberg) -- The cost of protecting bank bonds from default rose to the highest in almost a month as prices of mortgage-linked securities tumble following Treasury Secretary Henry Paulson's changes to the Troubled Asset Relief Program. (Tue, 18 Nov 2008 11:23:53 GMT)

A quitclaim is a better idea for deed
Dear Bruce: I really enjoy your column. I am in the middle of a divorce. My wife has left the home and so far we have agreed that I will keep the home. Is there a way to remove her name from the mortgage without refinancing? I have a very favorable rate and with the way things are right now with our economy, I don't know if I could get that good of a rate much less a new mortgage. (Tue, 18 Nov 2008 11:50:37 GMT)

An endangered jaguar makes Arizona his new home
On loan from Mexico, the young male cat will call the Phoenix Zoo home for at least the next year before returning to a zoo in Mexico. (Tue, 18 Nov 2008 12:05:17 GMT)

Fraudulent mortgage broker banned
A mortgage broker who tried to defraud insurance firms of more than £250,000 has been banned by the Financial Services Authority. (Tue, 18 Nov 2008 12:11:40 GMT)

Moody's says alt-A mortgage delinquencies rise
Credit ratings agency Moody's Investors Services said late Monday that serious delinquencies on alt-A mortgages originated in 2006 and 2007 has increased sharply over the past six months. (Tue, 18 Nov 2008 13:08:44 GMT)

Thorpe enters the mortgage game
OLYMPIAN Ian Thorpe has become a mortgage broker with a business that makes banks bid for business. (Tue, 18 Nov 2008 16:59:00 GMT)

Long—term measures to help HDB mortgage defaulters is best solution
SINGAPORE : The Housing and Development Board (HDB) will continue to keep tabs on flat owners who default on their HDB mortgage payments. (Tue, 18 Nov 2008 17:25:50 GMT)

Paulson says bailout not for mortgage guarantees
Treasury Secretary Henry Paulson expressed fresh reservations Tuesday about tapping a $700 billion bailout pool to provide mortgage guarantees to help stem soaring home foreclosures. (Tue, 18 Nov 2008 17:58:09 GMT)

Two men accused of Sikeston mortgage fraud plead not guilty in federal court
Two men accused of scamming mortgage lenders for almost $500,000 pleaded not guilty Tuesday to federal fraud charges.Robert P. Wrolstad and Russell T. McBride entered the pleas in separate appearances before U.S. Magistrate Judge Lewis Blanton in Cape Girardeau. (Tue, 18 Nov 2008 18:10:16 GMT)

Suthers cracks down on mortgage ads
Three Colorado mortgage brokers have reached settlements with state Attorney General John Suthers to end what Suthers called the “deceptive use of teaser rates in mortgage-loan advertisements” in Denver newspapers. (Tue, 18 Nov 2008 18:31:14 GMT)

Personal data of Gilbert residents found in model home
Boxes containing loan applications, Social Security numbers and bank account information for residents of a Gilbert neighborhood were discovered in a ransacked model home abandoned by a bankrupt developer. (Tue, 18 Nov 2008 18:43:49 GMT)

No deposit home loan on way out
The "no deposit" home loan is about to become a thing of the past. (Tue, 18 Nov 2008 19:02:50 GMT)

Suthers cracks down on mortgage fraud
Colorado Attorney General John Suthers today said he has reached settlements with three mortgage companies as part of a crackdown on false advertising that he launched about two years ago. (Tue, 18 Nov 2008 19:37:39 GMT)

Federal Home Loan Bank of Boston Declares Dividend
The board of directors of the Federal Home Loan Bank of Boston declared a quarterly dividend rate with an equivalent annual yield of 2.50 percent. The dividend, based on average stock outstanding for the third quarter, will be paid on December 2, 2008. (Tue, 18 Nov 2008 19:41:00 GMT)

Paulson considering home loan aid
The Bush administration has not ruled out using money from a $700bn bail-out fund to back home loan modifications, Hank Paulson said on Tuesday. The US Treasury secretary came under intense pressure from Democrats in Congress to take this step. (Tue, 18 Nov 2008 19:50:38 GMT)

Illinois AG Madigan sues mortgage rescue firms
Illinois Attorney General Lisa Madigan is warning struggling homeowners about mortgage rescue companies. Madigan on Tuesday announced that she's filed seven new lawsuits against businesses she says offered false hope to homeowners trying to keep their homes. (Tue, 18 Nov 2008 20:12:31 GMT)

HSBC closing wholesale mortgage business, cutting 225 jobs in Depew
HSBC Mortgage Corp. is shutting down its wholesale and correspondent lending division, cutting 225 local jobs as it shifts its focus to direct lending to consumers instead of through brokers. (Tue, 18 Nov 2008 20:18:05 GMT)

Attorney Gen. Madigan Sues Mortgage Rescue Firms
Illinois Attorney General Lisa Madigan is warning struggling homeowners about mortgage rescue companies. Madigan on Tuesday announced that she's filed seven new lawsuits against businesses she says offered false hope to homeowners trying to keep their homes. (Tue, 18 Nov 2008 20:50:35 GMT)

Cutbacks Announced at HSBC Mortgage Corporation
More bad news for the Western New York economy with the announcement Tuesday of layoffs in the local mortgage industry. HSBC Mortgage Corporation (USA) gave 225 employees 60 days notice that their positions are being eliminated. (Tue, 18 Nov 2008 22:22:12 GMT)

AG Madigan sues mortgage rescue firms
Struggling homeowners should be warned about mortgage rescue companies, according to Attorney General Lisa Madigan. (Tue, 18 Nov 2008 22:22:22 GMT)

Home energy improvement loan rate drops
The interest rate for the Warm and Weatherized Loan Program has dropped one percentage point since the program was first announced in September, state officials said today. The five-year fixed interest rate on program loans is now 2.75 percent. (Tue, 18 Nov 2008 22:56:10 GMT)

Mortgage broker sentenced to year's home confinement
AFreehold mortgage broker was sentenced to 12 months of home confinement as part of a five-year term of probation on Nov. 13 for his guilty plea to a charge of bank fraud for submitting fraudulent documents in support of a $367,500 residential mortgage loan application, U.S. Attorney Christopher J. Christie announced. (Wed, 19 Nov 2008 01:32:32 GMT)

Save on Your Home Mortgage
AMARILLO -- The housing market has crashed around the rest of the country. But here in Amarillo, the market's great. We're considered the fourth best real estate market in the nation. And you can get an even better deal by saving on your mortgage. We have some Smart Money tips. (Wed, 19 Nov 2008 04:17:27 GMT)

Don't Quake Over Credit Shocks
These shocks cycle through history. Find out what you need to know to avoid the alarm bells. (Wed, 19 Nov 2008 04:24:21 GMT)

Two on trial in fraudulent-mortgage scheme
A man described as the architect of a local mortgage-fraud scheme and an appraiser who worked with him began answering to charges yesterday that their greed led families into financial ruin. (Wed, 19 Nov 2008 08:54:02 GMT)

John Paulson Buys Mortgage Bonds as Hedge Fund Losses Widen
Nov. 19 (Bloomberg) -- Money manager John Paulson has started buying beaten-up mortgage bonds as hedge funds stumbled for a fifth straight month. (Wed, 19 Nov 2008 09:26:28 GMT)

Ohio revokes licenses of mortgage firm, brokers
COLUMBUS — The Ohio Department of Commerce Division of Financial Institutions has revoked the mortgage licenses of a Findlay company and two mortgage brokers in Toledo. The mortgage license of National Freedom Mortgage LLC was revoked by the department for failing to maintain its bond, while the licenses of Delise S. Simmons and Sean M. Simmons, both of 914 Lincoln Ave., Apt. 2, were both ... (Wed, 19 Nov 2008 10:59:33 GMT)

Mortgage tax funds earmarked
County lawmakers approve distribution of revenue to municipalities TROY ? The Rensselaer County Legislature recently approved the distribution of mortgage tax revenues collected from April to October this year.Lawmakers voted at their Nov. 12 meeting to distribute revenues from the seven months of mortgage filings, Legislature Chairman Neil J. Kelleher announced. Municipalities rely on the ... (Wed, 19 Nov 2008 12:12:47 GMT)

UPDATE: Mortgage Applications Fell 6.2% Last Week: MBA
CHICAGO (Dow Jones) -- Mortgage applications fell a seasonally adjusted 6.2% last week from the prior week, as lower interest rates on fixed-rate mortgages failed to stir prospective homebuyers to action, the Mortgage Bankers Association reported on Wednesday. (Wed, 19 Nov 2008 12:32:03 GMT)

(AFX UK Focus) 2008-11-19 12:15 US mortgage purchase applications near 8-yr low-MBA
NEW YORK, Nov 19 (Reuters) - Applications for U.S. home mortgages declined last week, with loans for purchases of single-family homes falling to their lowest level in nearly eight years, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage application activity fell 6.2 percent to 398.6 in the week ended Nov. 14. The index ... (Wed, 19 Nov 2008 12:38:48 GMT)

U.S. mortgage applications near eight-year low
NEW YORK — Applications for U.S. home mortgages declined last week, with loans for purchases of single-family homes falling to their lowest level in nearly eight years, an industry group said on Wednesday. (Wed, 19 Nov 2008 12:39:37 GMT)

(AFX UK Focus) 2008-11-19 12:15 US mortgage purchase applications near 8-yr low-MBA
NEW YORK, Nov 19 (Reuters) - Applications for U.S. home mortgages declined last week, with loans for purchases of single-family homes falling to their lowest level in nearly eight years, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage application activity fell 6.2 percent to 398.6 in the week ended Nov. 14. The index ... (Wed, 19 Nov 2008 12:39:39 GMT)

U.S. MBA’s Mortgage Applications Index Decreased 6.2% Last Week
Nov. 19 (Bloomberg) -- Mortgage applications in the U.S. dropped last week as demand for home-purchase financing slumped to an almost eight-year low. The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan fell 6.2 percent to 398.6 for the week ended Nov. 14, from 425 the prior week. (Wed, 19 Nov 2008 12:50:11 GMT)

U.S. mortgage applications near eight-year low
Mortgage Bankers Association's seasonally adjusted composite index of mortgage application activity falls 6.2 per cent (Wed, 19 Nov 2008 12:51:29 GMT)

Mortgage applications fell 6.2% last week: MBA
Mortgage applications fall a seasonally adjusted 6.2% on a week-to-week basis as lower interest rates on fixed-rate mortgages fail to stir prospective homebuyers to action, the Mortgage Bankers Association says. (Wed, 19 Nov 2008 12:57:49 GMT)

U.S. MBA’s Mortgage Applications Index Decreased 6.2% Last Week
Nov. 19 (Bloomberg) -- Mortgage applications in the U.S. dropped last week as demand for home-purchase financing slumped to an almost eight-year low. The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan fell 6.2 percent to 398.6 for the week ended Nov. 14, from 425 the prior week. (Wed, 19 Nov 2008 13:12:19 GMT)

Mortgage Applications Down 6.2 Percent; Near 8-Year Low
(RTTNews) - Industry data released on Wednesday showed that mortgage application volume fell last week, bringing applications back down to a near 8-year low. Applications fell over 6 percent from the previous week, and they were down over 41 percent when compared to last year. (Wed, 19 Nov 2008 13:47:27 GMT)

Goodman, Top UBS Bond Analyst, Joins Mortgage-Focused Amherst
Nov. 19 (Bloomberg) -- Laurie Goodman , UBS AG's top-ranked head of fixed-income research who specializes in mortgage bonds, will join Amherst Holdings LLC, the Austin, Texas-based securities firm focused on home-loan assets. (Wed, 19 Nov 2008 13:53:40 GMT)

iEmergent Announces 2009-2013 Mortgage Volume Forecasts
DES MOINES, Iowa----iEmergent, a Des Moines, Iowa-based market research, forecasting and advisory services firm for the financial services, mortgage and real estate industries, issued its Mortgage Volume Forecasts for 2009 – 2013, including its Market Behavior Metrics tables, in order to provide lenders details on the size, density and speed of growth of mortgage lending opportunities. (Wed, 19 Nov 2008 14:00:00 GMT)

U.S. MBA’s Mortgage Applications Index Decreased 6.2% Last Week
Nov. 19 (Bloomberg) -- Mortgage applications in the U.S. dropped last week as demand for home-purchase financing slumped to an almost eight-year low. The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan fell 6.2 percent to 398.6 for the week ended Nov. 14, from 425 the prior week. (Wed, 19 Nov 2008 14:28:55 GMT)

Mortgage application volume falls 6.2 pct
Mortgage application volume fell 6.2 percent during the week ended Nov. 14, according to the Mortgage Bankers Association's weekly application survey. (Wed, 19 Nov 2008 14:59:27 GMT)

Financial Stocks: Insurers slump on concern about commercial mortgage exposure
Shares of the some of the nation's top life insurers post losses again, including a 29% drop in Hartford Financial, on concerns about their exposure to commercial mortgage-backed securities. (Wed, 19 Nov 2008 15:57:39 GMT)

HSBC Mortgage laying off 225 at Buffalo-area site
HSBC Mortgage Corp. is laying off 225 workers at its Buffalo-area headquarters as it shifts away from brokers toward direct lending to consumers. (Wed, 19 Nov 2008 17:02:26 GMT)

Commercial-Mortgage Bond Risk Rises After Loan Delinquencies
Nov. 19 (Bloomberg) -- The cost to protect against default on top-rated commercial-mortgage bonds increased to a record, a day after delinquencies on two loans heightened concern that the debt may cause losses. (Wed, 19 Nov 2008 17:54:04 GMT)

Mortgage rescue or rip off?
If mortgage lending was the Wild West during the boom years, foreclosure-prevention counseling is the lucrative new frontier of the bust. (Wed, 19 Nov 2008 18:24:56 GMT)

Economy flashes signs of weakness in prices, housing
Consumer prices and new home construction plummeted at record rates in October, and new mortgage applications fell in the most recent week, government and industry groups reported Wednesday. (Wed, 19 Nov 2008 18:33:51 GMT)

Home-loan applications at slowest since 2000
APPLICATIONS TO REFINANCE accounted for 49.9% of home mortgage filings last week, up from 45.1% in the week ended Nov. 7 and 42.9% of applications in the week ended Oct. 31 the MBA found. (Wed, 19 Nov 2008 18:39:43 GMT)

Mortgage applications drop in week
The volume of applications for U.S. mortgages decreased last week, falling by a seasonally adjusted 6.2 percent, an industry group said.The Market Composite Index, which measures mortgage loan application volume, fell 6.2 percent from 425 to 398.6 in the week ending Nov. 14, the Mortgage Bankers Association said in a release Wednesday.The Refinance Index increased, however, up 2.6 percent to ... (Wed, 19 Nov 2008 19:44:46 GMT)

MetLife Provides Information Regarding Its Commercial Mortgage-Backed Securities Holdings and Commercial Mortgage ...
NEW YORK----MetLife, Inc. today issued the following information about its commercial mortgage-backed securities and commercial mortgage whole loans as of September 30, 2008. The company is providing this information in light of the increasing volatility in the CMBS indices , which is due to a number of factors, including two commercial mortgages within CMBX 5 that have been reported as likely ... (Wed, 19 Nov 2008 20:32:00 GMT)

Federal Home Loan Bank of Indianapolis Announces Results of Michigan Member Board of Director Election
INDIANAPOLIS, Nov. 19, 2008 -- The Federal Home Loan Bank of Indianapolis announced today the certified results of the Michigan election of a member director to its Board of Directors for a two-year term beginning January 1, 2009, and ending December 31, 2010. (Wed, 19 Nov 2008 20:34:31 GMT)

Commercial-Mortgage Bond Risk Rises After Loan Delinquencies
Nov. 19 (Bloomberg) -- The cost to protect top-rated commercial-mortgage bonds against default rose to a record, a day after two bad loans boosted concern the debt will cause losses. (Wed, 19 Nov 2008 20:40:45 GMT)

U.S. tries new tack on mortgage program
The Bush administration said Wednesday that it was changing its nearly-moribund mortgage rescue plan in an effort to spark more lenders and homeowners to participate. (Wed, 19 Nov 2008 20:41:00 GMT)

Commercial mortgage securities latest to show distress
Risk premiums on commercial mortgage-backed securities have spiked in the past week, making this corner of the debt market the latest to show signs of mounting distress. (Wed, 19 Nov 2008 21:04:31 GMT)

Commercial mortgage securities latest to show distress
Risk premiums on commercial mortgage-backed securities have spiked in the past week, making this corner of the debt market the latest to show signs of mounting distress. (Wed, 19 Nov 2008 21:27:49 GMT)

U.S. tries new tack on mortgage program
The Bush administration said Wednesday that it was changing its nearly-moribund mortgage rescue plan in an effort to spark more lenders and homeowners to participate. (Wed, 19 Nov 2008 22:04:00 GMT)

Westpac cuts home loan interest rates
Westpac has cut its floating and most fixed interest rates for home loans by 0.75%. The reduction is applies to base business banking rates and credit card interest rates. (Wed, 19 Nov 2008 22:17:15 GMT)

Commercial-Mortgage Bond Risk Rises After Loan Delinquencies
Nov. 19 (Bloomberg) -- The cost to protect top-rated commercial-mortgage bonds against default rose to a record, a day after two bad loans boosted concern the debt will cause losses. (Wed, 19 Nov 2008 22:38:43 GMT)

NYC authorities charge 16 in mortgage fraud scheme
Sixteen people -- including drug smugglers, real estate appraisers and a bank employee -- hatched two multimillion-dollar mortgage fraud schemes involving overvalued suburban homes that were sometimes used as stash houses, authorities said. (Wed, 19 Nov 2008 23:06:20 GMT)

Mortgage application volume falls 6.2 pct
Mortgage application volume fell 6.2 percent during the week ended Nov. 14, according to the Mortgage Bankers Association's weekly application survey. The trade group's application index slipped to 398.6 during the week, down from 425 a week earlier. Refinance volume decreased 2.6 percent, while purchase volume declined 12.6 percent during the week. Refinance volume accounted for 49.9 ... (Wed, 19 Nov 2008 23:22:14 GMT)

MetLife says commercial mortgage portfolio safe
U.S. life insurer MetLife Inc disclosed information about its commercial mortgage portfolio on Wednesday in an effort to soothe investors that have become increasingly skittish about investments by insurers in commercial property debt. (Wed, 19 Nov 2008 23:43:14 GMT)

Conference puts focus on foreclosure amid calls for feds to refinance mortgages
In the last three months, the meltdown of Wall Street institutions and Congress’ $700 billion bank bailout package have knocked the subprime mortgage and foreclosure crisis off the front pages of newspapers nationwide. (Wed, 19 Nov 2008 23:44:16 GMT)

Mortgage applications near 8-year low, although rates slip
Applications for home mortgages declined last week, with loans for purchases of single-family homes falling to their lowest level in nearly eight years, an industry group said Wednesday. (Thu, 20 Nov 2008 00:26:09 GMT)

Feds accuse 16 in LI mortgage fraud schemes
Mortgage fraud and cocaine - not a typical crime combination. (Thu, 20 Nov 2008 03:51:01 GMT)

Kiwibank Cuts Home Loan Interest Rates
Kiwibank has today cut its variable home loan rate to 7.95% to stay significantly less than the big Australian-owned banks. (Thu, 20 Nov 2008 04:16:55 GMT)

IndyMac borrowers can get mortgage counseling
The FDIC-operated lender will offer walk-in sessions on mortgage workouts the next two Saturdays. IndyMac Federal Bank, which has had trouble getting distressed borrowers to contact it about reworking the terms of their mortgages, is hoping they'll be more willing to talk over their options in person with loan counselors from nonprofit agencies. (Thu, 20 Nov 2008 06:33:34 GMT)

Loan modifications require mortgage broker license
Only licensed mortgage brokers may provide home loan modifications in Colorado under the new Mortgage Broker Licensing Law, the Colorado Division of Real Estate reminded consumers on Wednesday. (Thu, 20 Nov 2008 07:22:50 GMT)

Home loan aid program expands
The government will let more borrowers qualify for a new $300 billion program that lets troubled home owners swap risky loans for more affordable ones, a Bush administration official said Wednesday. (Thu, 20 Nov 2008 07:30:15 GMT)

UK mortgage lending down 44 pct from a year ago
Mortgage lending in Britain was down 44 percent in October compared to a year ago, further evidence the economic downturn is hurting an already weak property market, the Council of Mortgage Lenders said Thursday. (Thu, 20 Nov 2008 10:04:29 GMT)

October mortgage lending picks up
Mortgage lending rose by nearly 7% between September and October, figures from the Council of Mortgage Lenders show. (Thu, 20 Nov 2008 10:05:59 GMT)

UK mortgage lending down 44 pct from a year ago
Mortgage lending in Britain was down 44 percent in October compared to a year ago, further evidence the economic downturn is hurting an already weak property market, the Council of Mortgage Lenders said Thursday. Gross lending last month totaled 18.7 billion... (Thu, 20 Nov 2008 10:30:57 GMT)

Mortgage lending rises 7 percent in October
Mortgage lending rose for the first time since July in October, up 7 percent from the month before, but is still 44 percent lower than the same time last year, the Council of Mortgage Lenders said on Thursday. (Thu, 20 Nov 2008 10:55:00 GMT)

Jumbo mortgage deadline looms
Some mortgage borrowers are about to get squeezed by the shrinking of something called the jumbo conforming limit. (Thu, 20 Nov 2008 11:00:00 GMT)

Mortgage Lending Rises In October
Mortgage lending rose by 7% in October, according to latest figures released today. (Thu, 20 Nov 2008 11:17:00 GMT)

Mortgage lending shows small improvement
Gross mortgage lending rose 7% in October from the month before, but that's still a massive 44% lower than at this time last year. (Thu, 20 Nov 2008 11:42:00 GMT)

Lake Zurich may refinace $16 million in TIF debt
Much like refinancing a mortgage on a house, Lake Zurich village officials are hoping to refinance about $16 million of tax-increment financing debt. (Thu, 20 Nov 2008 12:00:33 GMT)

Mortgage lifeline for borrowers
You may have seen headlines about the latest public and private efforts to help financially distressed homeowners cope with their mortgage payments. But you might not have caught key details that could have personal impact on you or people you know –– now or in the recession months ahead. (Thu, 20 Nov 2008 14:02:56 GMT)

(AFX UK Focus) 2008-11-20 13:58 FDIC home loan plan may get TARP funds soon - Bair
BALTIMORE, Nov 20 (Reuters) - The chairman of the Federal Deposit Insurance Corp said she expects the agency will be able to get funds from the $700 billion bailout fund to launch its proposed home loan modification program "very quickly." Chairman Sheila Bair has proposed preventing about 1.5 million foreclosures under a plan that would reward participating lenders by sharing the cost of ... (Thu, 20 Nov 2008 14:07:43 GMT)

UK mortgage lending down 44 pct from a year ago
Mortgage lending in Britain was down 44 percent in October compared to a year ago, further evidence the economic downturn is hurting an already weak property market, the Council of Mortgage Lenders said Thursday. (Thu, 20 Nov 2008 14:51:15 GMT)

Northern Rock Mortgage-Backed Bond Risk Jumps on Rule Breach
Nov. 20 (Bloomberg) -- The cost of protecting Northern Rock Plc’s mortgage-backed bonds from default jumped after the U.K. lender breached terms governing the debt, delaying repayments to some noteholders. (Thu, 20 Nov 2008 15:13:57 GMT)

Mortgage rates drop for third week
Mortgage rates dropped for a third straight week, reflecting the impact the weakening economy is having on financial markets. (Thu, 20 Nov 2008 15:52:17 GMT)

Mortgage rates fall for 3rd straight week
WASHINGTON, Nov. 20 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages fell for the third consecutive week, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 20 Nov 2008 16:20:14 GMT)

Mortgages: Mortgage rates drop again: Freddie Mac
Mortgage rates fell this week, reflecting continued concerns about a slowing economy, Freddie Mac’s chief economist said on Thursday. (Thu, 20 Nov 2008 16:27:41 GMT)

Bayern interested in loan deal for Donovan
Bayern Munich is hoping to sign United States forward Landon Donovan on a loan deal similar to the one David Beckham has reached with AC Milan, and possibly longer. (Thu, 20 Nov 2008 16:40:25 GMT)

For-profit mortgage modification: Rescue of rip off?
If mortgage lending was the Wild West during the boom years, foreclosure-prevention counseling is the lucrative new frontier of the bust. (Thu, 20 Nov 2008 17:10:00 GMT)

A look at economic developments around the world
A look at economic developments and stock market activity around the world Thursday: ------ LONDON -- Mortgage lending in Britain was down 44 percent in October compared with a year ago, the Council of Mortgage Lenders said. (Thu, 20 Nov 2008 17:37:58 GMT)

Capmark Finance Originates $23,425,000 for Refinance of Autumn Chase Apartments
Capmark Finance Inc. originated $23,425,000 in floating-rate debt through its Freddie Mac Capped ARM program for the refinance of Autumn Chase Apartments, a multifamily property in Ellington, Conn. (Thu, 20 Nov 2008 18:50:00 GMT)

Commercial mortgage delinquencies to double in 2009, Fitch says
SAN FRANCISCO (MarketWatch) - Commercial mortgage delinquencies will double next year amid a recession and rising unemployment, Fitch Ratings said on Thursday. (Thu, 20 Nov 2008 18:57:29 GMT)

Mortgage rates down - 3rd straight week
Mortgage rates fell for the third week in a row amid reports of record-high job losses, weak retail sales and a home-construction market in a deep slump. (Thu, 20 Nov 2008 19:54:56 GMT)

Mortgage Rates, Demand Continue Decline
Mortgage rates and demand slipped in the last two weeks amid continued economic and financial tumult. (Thu, 20 Nov 2008 20:26:28 GMT)

Regions Program Helps Keep Residential Mortgage Foreclosures Low
BIRMINGHAM, Ala.----Regions Financial Corporation today announced that it has reached out to over 103,000 residential first mortgage and home equity customers in the first year of its program to help customers avoid hardship. (Thu, 20 Nov 2008 20:58:00 GMT)

Australia's FirstMac Launches 1-Year Low Fixed Rate Mortgage
SYDNEY -(Dow Jones)- Tentative signs the Australian government's investment in the securitization market is helping improve competition in the mortgage sector are beginning to emerge. (Fri, 21 Nov 2008 01:31:57 GMT)

Credit Markets Decline, Led by Commercial-Mortgage Securities
Nov. 20 (Bloomberg) -- Yields on top-rated commercial- mortgage securities climbed the most ever above benchmark rates, leading a deterioration in credit markets on concern that the recession and financial crisis is deepening. (Fri, 21 Nov 2008 01:53:46 GMT)

Drug dealing tied to mortgage scam
NEW YORK, Nov. 20 (UPI) -- Federal prosecutors in New York say two men involved in a mortgage fraud scheme used some of the houses they acquired for cocaine distribution. (Fri, 21 Nov 2008 02:29:58 GMT)

ANZ cuts fixed home loan rates
ANZ Bank has matched National Australia Bank’s and Commonwealth Bank’s cut to interest rates on fixed home loans, lowering the rates by up to 100 basis points. ANZ has dropped the interest rate on on (Fri, 21 Nov 2008 02:57:44 GMT)

Court Clerk Charged in Mortgage Scheme
The chief deputy county clerk for Brooklyn Supreme Court has been charged with facilitating a $1.4 million mortgage scam in which the conspirators allegedly used fake identification to sell houses they did not own. According to Queens prosecutors, John D'Emic represented either a fake buyer or a fake seller in each of three fraudulent transactions, receiving $1,800 in each case. D'Emic, a ... (Fri, 21 Nov 2008 03:08:35 GMT)

BASIS POINT-CapitaCommercial mandates $379 mln loan
HONG KONG, Nov 21 (Reuters Basis Point) - Singapore's CapitaCommercial Trust (CCT) has verbally mandated four banks to handle a S$580 million ($379 million) three-year bullet refinancing, banking sources said. (Fri, 21 Nov 2008 06:55:24 GMT)

Mortgage rates tumble again as markets continue to suffer
WASHINGTON – Mortgage rates dropped for a third straight week, reflecting the impact the weakening economy is having on financial markets. (Fri, 21 Nov 2008 08:39:59 GMT)

1-in-5 property sales because owners can't afford mortgage as 130 families a day have homes seized
One in five homes on the market is being sold because the owner can no longer afford mortgage payments. (Fri, 21 Nov 2008 09:40:34 GMT)

Do math before merging HELOC, mortgage
In some situations, it makes sense to combine a mortgage loan with a home equity line of credit. (Fri, 21 Nov 2008 11:00:00 GMT)

Mortgage rates fall for third week in a row
Mortgage rates dropped for a third straight week, Freddie Mac reported in its nationwide survey. Rates on 30-year, fixed-rate mortgages fell to 6.04 percent this week from 6.14 percent last week. It marked a sharp decline since rates hit a recent high of 6.46 percent during the week of Oct. 16. (Fri, 21 Nov 2008 11:09:27 GMT)

PRESS RELEASE: Fitch: Kazakh Mortgage Backed Securities Down
Fitch Ratings-London-21 November 2008: Fitch Ratings has today downgraded the class A notes of Kazakh Mortgage Backed Securities 2007-I B.V. (Kazakh MBS) to 'BBB+' from 'A-'(A minus) and revised its rating Outlook on the notes to Negative from Stable. (Fri, 21 Nov 2008 11:31:23 GMT)

Expert: Don Taylor, Ph.D., CFA, CFP
Dear Dr. Don, My husband and I are considering refinancing our 30-year mortgage. We also have a 10-year-fixed home equity line of credit. If we decide to refinance, can I combine our 30-year mortgage and our HELOC into one loan? (Fri, 21 Nov 2008 11:53:05 GMT)

Mortgage rates continue to fall
Mortgage rates dropped for a third straight week, reflecting the impact the weakening economy is having on financial markets. Rates on 30-year, fixed-rate mortgages averaged 6.04 percent this week, down from 6.14 percent last week, Freddie Mac reported. For 15-year, fixed loans, rates dropped to 5.73 percent from 5.81 percent. Rates on five-year, adjustable-rate mortgages fell to 5.87 percent ... (Fri, 21 Nov 2008 12:04:24 GMT)

'Help' Can Be Costly
The implosion of the subprime mortgage market has been a boon to loan-modification consultants who promise to help borrowers refinance and get back on the road to financial stability. (Fri, 21 Nov 2008 13:08:43 GMT)

FHA-Backed Loans: The New Subprime
As if they haven't done enough damage. Thousands of subprime mortgage lenders and brokers -- many of them the very sorts of firms that helped create the current financial crisis -- are going strong. Their new strategy: taking advantage of a long-standing federal program designed to encourage homeownership by insuring mortgages for buyers of modest means. (Fri, 21 Nov 2008 13:08:43 GMT)

AngloGold Rallies After Refinancing Convertible With Loan
AngloGold Rallies After Refinancing Convertible With Loan (Fri, 21 Nov 2008 14:11:38 GMT)

Mortgage finance company Freddie Mac receives delisting notice from New York Stock Exchange
WASHINGTON (AP) - Mortgage finance company Freddie Mac said Friday it received a noticed that it may lose its listing on the New York Stock Exchange because its share price has been under $1 for more than 30 days. (Fri, 21 Nov 2008 15:39:57 GMT)

Moody's downgrades GMAC and mortgage arm
Moody's Investor Service downgraded the senior unsecured debt of GMAC LLC Friday, along with the debt of its mortgage business, Residential Capital LLC, following GMAC's launch of debt exchange offerings totaling $38 billion. (Fri, 21 Nov 2008 15:52:31 GMT)

Licking County man sent to prison for mortgage scam
NEWARK, Ohio -- A Licking County man was sentenced this morning to four and a half years in prison for running a large-scale mortgage scam. (Fri, 21 Nov 2008 16:37:41 GMT)

Poland Secures $12.6 Billion Loan Facility From ECB
Poland Secures $12.6 Billion Loan Facility From ECB (Fri, 21 Nov 2008 17:11:38 GMT)

Columbia Bank is an Approved FHA Mortgage Lender
Columbia Bank today announced that it has begun accepting applications for Federal Housing Administration Residential Mortgage Loans within New Jersey. (Fri, 21 Nov 2008 19:39:00 GMT)

Commercial-Mortgage-Securities Holders Blame Paulson (Update1)
Nov. 21 (Bloomberg) -- Top-rated commercial-mortgage bonds tumbled 24 percent in November, almost triple the worst month ever, as Treasury Secretary Henry Paulson reversed a decision to buy mortgage assets to help stabilize the credit markets. (Fri, 21 Nov 2008 20:27:43 GMT)

Former Intermountain Mortgage Co. employee admits bank fraud
The former chief financial officer and bookkeeper of Intermountain Mortgage Co. Friday admitted she â€Å"cooked the booksâ€â-¢Ã¢â‚¬â-¢ to try to save the failing company. (Fri, 21 Nov 2008 20:34:42 GMT)

Wells Fargo cutting mortgage jobs in Irvine
Web site reports 80-90% of wholesales mortgage jobs to be cut. (Fri, 21 Nov 2008 20:55:06 GMT)

Commercial-Mortgage-Securities Holders Blame Paulson (Update1)
Nov. 21 (Bloomberg) -- Top-rated commercial-mortgage bonds tumbled 24 percent in November, almost triple the worst month ever, as Treasury Secretary Henry Paulson reversed a decision to buy mortgage assets to help stabilize the credit markets. (Fri, 21 Nov 2008 21:20:55 GMT)

One Family's Struggle to Pay Their Mortgage
One family's struggle to make ends meet. (Fri, 21 Nov 2008 21:32:02 GMT)

One in 25 miss mortgage payments
Easy credit, financial ignorance and misleading advertising have contributed to one in 25 mortgage-holders missing a payment to their bank or building society - equivalent to 770,000 people, according to a survey released this week. (Fri, 21 Nov 2008 21:50:22 GMT)

Mortgage arrears alarm could be false
Missed mortgage payments hit the headlines this week when a survey suggested that one in 25 borrowers had missed a payment to their bank or building society: equivalent to 770,000 people. (Fri, 21 Nov 2008 21:50:33 GMT)

Top-Rated Commercial-Mortgage Bond Spreads Tighten by Record
Nov. 21 (Bloomberg) -- Yields on top-rated commercial- mortgage securities fell the most ever relative to benchmark rates, as investors were attracted by a jump in the spreads after the U.S. abandoned plans to buy devalued mortgage assets. (Fri, 21 Nov 2008 22:53:53 GMT)

Buy-to-let boom turns to nightmare as mortgage defaults soar by 50%
Soaring numbers of buy-to-let investors have not paid a penny of their mortgage and face losing their property, official figures revealed today. (Fri, 21 Nov 2008 23:28:48 GMT)

Family gets bank loan to buy home once owned by Boseman
A Brunswick County couple will receive a loan to buy a mobile home owned by state Sen. Julia Boseman, the couple's daughter said Friday.Javier and Maria Castillo, owner of the Winnabow home at 2096 Old Mill Creek Road, were told by the mortgage holder, RBC Bank, that they would receive a loan, said their daughter, Perla Castillo. (Sat, 22 Nov 2008 00:13:32 GMT)

Seeking a jumbo conforming home loan? Act fast
Some mortgage borrowers are about to get squeezed by the shrinking of something called the jumbo conforming limit. (Sat, 22 Nov 2008 02:21:34 GMT)

Mortgage-fraud scheme alleged in court documents
A Carl Junction man is among a half-dozen people named in a 55-count federal indictment charging mortgage fraud. (Sat, 22 Nov 2008 03:33:03 GMT)

Springfield: Mortgage Rescue Fraud
SPRINGFIELD - A family falls victim to a scam sweeping across the nation. So-called mortgage "rescue” companies are preying on homeowners that are facing foreclosure. Instead of giving them help, the companies are taking people's money, and then disappearing. (Sat, 22 Nov 2008 04:26:58 GMT)

Don't cling to a home you can't afford
Dear Edith: When I was divorced, the house was deeded to me. My husband wanted me to sign off on a deed in lieu of foreclosure but I refused. I was given two years to either refinance or assume the current mortgage. Otherwise I must deed the house back to the bank. (Sat, 22 Nov 2008 05:08:54 GMT)

Reverse mortgages receive higher limits
Many older homeowners got some long awaited good news recently when the Department of Housing and Urban Development approved higher lending limits for reverse mortgages.Now a home equity conversion mortgage, or HECM, can be federally insured up to $417,000.Brien J. Brandenburg, a reverse mortgage specialist for Wells Fargo Home Mortgage, said that some of his clients have been waiting at least ... (Sat, 22 Nov 2008 06:02:32 GMT)

Suddenly, Stricter Appraisals
Mortgage lenders determined to stave off additional losses are demanding more thorough home appraisals and carefully reviewing valuation figures. (Sat, 22 Nov 2008 06:25:10 GMT)

Kenneth Harney: Mortgage help is gearing up, but are plans shortsighted?
WASHINGTON — You may have seen headlines about the latest public and private efforts to help financially distressed homeowners cope with their mortgage payments. But you might not have caught key details that could have personal impact on you or people you know — now or in the recession months ahead. (Sat, 22 Nov 2008 07:27:48 GMT)

6 indicted in mortgage fraud scheme
SPRINGFIELD, Mo. (AP) - Six people from the Springfield area are named in a 55-count federal indictment charging mortgage fraud. (Sat, 22 Nov 2008 07:32:41 GMT)

Six people indicted in mortgage fraud scams
Several mortgage brokers were among six area residents indicted this week by a federal grand jury for participating in several related mortgage fraud schemes in Christian and Greene Counties, according to John F. (Sat, 22 Nov 2008 09:41:38 GMT)

Harvard re-elected to Federal Home Loan Bank board
Shore Bank announces that Scott C. Harvard has been re-elected to the Federal Home Loan Bank of Atlanta's (FHLBank Atlanta) Board of Directors. (Sat, 22 Nov 2008 09:43:22 GMT)

"Loan-modification" programs are gearing up to help strapped homeowners
One of the most ambitious mass-market "home-loan modification" programs is scheduled to start nationwide Dec. 15 and aims to help thousands of borrowers who are seriously behind on payments and are slipping fast toward foreclosure. (Sat, 22 Nov 2008 10:11:41 GMT)

Pros and cons of home-equity loans
A once-easy source of money for homeowners is now being cut back or frozen by lenders. Here are some pros and cons to taking out all you can from your home-equity loan now and putting it in a safe place in case you need it later. (Sat, 22 Nov 2008 10:12:11 GMT)

Tighter credit limits hamper mortgage chances
Credit-card companies are reducing credit limits on some borrowers. For some people, that may cause a drag on their credit score, making it harder to get a mortgage. (Sat, 22 Nov 2008 10:13:51 GMT)

Council to consider request for home improvement loan
NILES - The Niles City Council appears to have a substantial agenda in store for their session scheduled for Monday evening. Items on the agenda to be reviewed, considered and/or approved by the City Council Monday night include: (Sat, 22 Nov 2008 11:38:06 GMT)

Wahiawa school fighting foreclosure
The head of a small private school in Wahiawa vowed yesterday to keep the campus open despite a court action seeking to foreclose on the property because of alleged late mortgage payments. (Sat, 22 Nov 2008 11:40:48 GMT)

Mortgage Professor Says Hard-Money Lenders' Day Has Come
As in all disasters, there are people who will profit from the financial crisis. (Sat, 22 Nov 2008 12:20:50 GMT)

Suddenly, Stricter Appraisals
Mortgage lenders determined to stave off additional losses are demanding more thorough home appraisals and carefully reviewing valuation figures. (Sat, 22 Nov 2008 16:03:03 GMT)

3 Indicted in Mortgage Fraud Scheme
Three Henderson County people have been indicted for operating a mortgage scheme through their real estate businesses that defrauded the government and cost taxpayers millions of dollars. (Sat, 22 Nov 2008 18:03:57 GMT)

FDIC Seizes Three Banks, Expanding Its Mortgage Modification Program
Federal regulators seized three banks last night, including Downey Savings and Loan Association, a large California mortgage lender, expanding what is by far the most expensive crop of bank failures in modern American history and indicating that the pace of failures is increasing. (Sat, 22 Nov 2008 19:43:01 GMT)

Lenders, homeowners reach out to solve mortgage troubles
For Darrell Logan, 2008 has been the most difficult year of his life. An unyielding series of financial setbacks have culminated in the Queen Creek homeowner, along with his wife, Donnique, and their four children, falling behind on their mortgage and hoping that their lender, Washington Mutual, will give them a break and not rush them into foreclosure. (Sun, 23 Nov 2008 01:03:16 GMT)

EICAP Families Will be Home For the Holidays
The program helps families that wouldn't normally be able to afford a home, or qualify for a loan get into a home buy building it themselves. (Sun, 23 Nov 2008 02:28:28 GMT)

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