Mortgage News Dec 2008

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NYTCo WantsTo Raise Up To $225 Million From Mortgage Or Sale-Lease Of Times HQ
Last month The New York Times Company board cut the family take-home pay—and increased the flow of money to the company—by cutting dividends. This week, according to the NYT, it's planning to mortgage or even work a sales-lease on the family home: up to $225 million on the 58 percent of the Times Tower owned by the company. (Mon, 08 Dec 2008 13:27:16 GMT)

Refinancing Your Mortgage
We talk to a mortgage expert on the pros and cons of refinancing in today's market (Mon, 08 Dec 2008 13:29:48 GMT)

Report shows rise in mortgage delinquencies
Mortgage loan delinquency rates rose 54 percent during the third quarter compared with the year-ago period as economic conditions worsened in the labor and financial markets, TransUnion.com said in a report released Monday. (Mon, 08 Dec 2008 14:34:12 GMT)

Does it Make Sense to Refinance?
Refinancing a mortgage is currently the most pressing topic for many homeowners. Senior reporter Holden Lewis, who covers mortgages and writes the Mortgage Matters blog, answers the most common questions from readers. (Mon, 08 Dec 2008 15:38:58 GMT)

City Of Carson Shuts Down Home-Loan Program
The popularity of Carson's generous first-time homebuyer program has forced the city to shut it down. The city amended first-time buyer lending standards in April by increasing its maximum loan amount to $150,000. Since July 1, the city has approved 32 loans, most for the maximum amount of $150,000. (Mon, 08 Dec 2008 15:48:04 GMT)

Mortgage delinquencies rise for seventh straight quarter
Mortgage loan delinquency rates rose for the seventh quarter in a row to hit 3.96%, according to a report out on Monday. That's a 12% increase from the second quarter's 3.53% average. (Mon, 08 Dec 2008 16:05:46 GMT)

Closing on Mortgage by Dec. 31 Could Earn Big Deductions
Weak housing prices are a seller's nightmare, but a boon for buyers able to scoop up a bargain. Although most expenses connected with buying a home are not deductible, there's a big exception when it comes to points paid to get a mortgage. Each point is 1 percent of the mortgage amount. So if you... (Mon, 08 Dec 2008 17:45:39 GMT)

Many borrowers re-default after getting mortgage aid
Recent data suggests that many borrowers who received help with mortgage modifications earlier this year tended to re-default on their payments, a top U.S. banking regulator said on Monday. (Mon, 08 Dec 2008 17:50:53 GMT)

AP IMPACT: How mortgage giant Freddie Mac waged a war of influence that co-opted Congress
WASHINGTON - From a hefty lobbying budget to the use of free baseball tickets, Freddie Mac fended off any meaningful regulation in the years before the housing mortgage giant crashed, records obtained by The Associated Press show. (Mon, 08 Dec 2008 18:39:39 GMT)

Official: Re-defaults are high after mortgage modifications
Recent data suggest that many borrowers who received help with mortgage modifications earlier this year have tended to re-default on their payments, a top U.S. banking regulator said Monday. (Mon, 08 Dec 2008 18:46:36 GMT)

Statistics show mortgage modification not a panacea
Reacting to news that over half of borrowers have failed to keep up with their mortgage payments even after the terms of their loans have been modified, Office of Thrift Supervision director John Reich says that focusing on job creation might be a better use of federal dollars. (Mon, 08 Dec 2008 19:06:46 GMT)

Sector Snap: Homebuilders mixed on mortgage report
Shares of major homebuilders were mixed Monday as the broader markets rallied but a report predicted that national mortgage delinquency rates would continue to rise this year and into 2009. (Mon, 08 Dec 2008 19:17:19 GMT)

Facing Foreclosure or an Interest Rate Increase? Learn How to Save Your Home with a Loan Modification
Homeowners facing foreclosure or an interest rate hike with their Adjustable Rate Mortgage may have a little known option to modify their original loan. (Mon, 08 Dec 2008 19:28:00 GMT)

CDE board approves new loan
The Clarksville Department of Electricity approved a resolution today authorizing the Community Communications Authority to secure up to a $7.5 million loan that the utility will use to bring its fiber-optic network in front of every home and fund additional installations. (Mon, 08 Dec 2008 19:42:14 GMT)

Mortgage modifications falling short of goal
Most who received mortgage aid are again in default. Regulators ponder how far federal help should go. More than half of all homeowners who had their loans modified to make the payments more affordable in the first half of the year are already in default again, banking regulators said Monday. (Mon, 08 Dec 2008 20:06:00 GMT)

Govt may restrict home loan rates to 7-8%
The government is pushing state-owned banks to offer interest rates on housing loans up to Rs 20 lakh at pre-2004 levels. This would mean consumers could get home loans at 7 to 8 per cent, 2 or 3 percentage points lower than the current market rate of 9.5 to 10.5 per cent. (Mon, 08 Dec 2008 20:26:32 GMT)

Mortgage Modifications May Irk Investors, Pimco Says (Update1)
Dec. 8 (Bloomberg) -- Mortgage-bond investors generally don’t favor loan-modification programs that treat all borrowers the same, Pacific Investment Management Co.’s Scott Simon said. (Mon, 08 Dec 2008 22:10:20 GMT)

NY Senator Warns About Mortgage Scammers
New York’s Senior Senator is warning you to be careful if you're planning to refinance your home. Senator Chuck Schumer says the drop in mortgage rates means more people may be interested in refinancing, and scammers know it. (Mon, 08 Dec 2008 23:03:09 GMT)

Lower mortgage rate causes a flood of new applications
30-year-fixed rate mortgages of 5.53% causes applications to double at Tampa Bay area Wells Fargo Home Mortgage offices. How do you know if refinancing is right for you? An expert gives a good rule of thumb. (Mon, 08 Dec 2008 23:52:12 GMT)

BNZ cuts home loan rates
The Bank of New Zealand has announced cuts to a range of home loan rates today, following the Reserve Bank's 150 basis points cut to the official cash rate last week. (Tue, 09 Dec 2008 03:33:17 GMT)

Ex-loan officer gets federal prison sentence in mortgage scam
Mortgage fraudster Marty Folwick was sentenced to 63 months in jail for engineering bogus mortgage loans and taking an estimated $880,000 in kickbacks. (Tue, 09 Dec 2008 04:13:37 GMT)

Govt may restrict home loan rates to 7-8%
The government is pushing state-owned banks to offer interest rates on housing loans up to Rs 20 lakh (Rs 2 million) at pre-2004 levels. (Tue, 09 Dec 2008 04:26:50 GMT)

Govt may restrict home loan rates to 7-8%
The government is pushing state-owned banks to offer interest rates on housing loans up to Rs 20 lakh at pre-2004 levels. This would mean consumers could get home loans at 7 to 8 per cent, 2 or 3 percentage points lower than the current market rate of 9.5 to 10.5 per cent. (Tue, 09 Dec 2008 04:56:44 GMT)

Top former Fannie, Freddie execs to testify at mortgage crisis hearing
Lawmakers are poised to trade barbs Tuesday about who deserves most of the blame for the collapse and government takeover of mortgage finance titans Fannie Mae and Freddie Mac. (Tue, 09 Dec 2008 07:43:59 GMT)

Homeowners refinance, but stash their savings
When mortgage rates dropped to the lowest levels in almost a year, Warren Zeger seized the opportunity to slash $720 off his monthly mortgage payment by refinancing his home in Potomac, Md. (Tue, 09 Dec 2008 09:24:54 GMT)

State’s mortgage industry dramatically contracts amid home foreclosure crisis
Tue, Dec 9, 2008 (2 a.m.) Nevada’s housing recession is taking a stunning toll on the state’s mortgage banking and brokerage industry. The state reported a drop of more than 55 percent among mortgage agents, brokers and bankers in the past two years. (Tue, 09 Dec 2008 10:12:26 GMT)

Home loan defaults climb
Home foreclosures are expected to top 30,000 in Clark County this year, compared with 11,509 in 2007, a California-based foreclosure investment firm reported. (Tue, 09 Dec 2008 10:45:01 GMT)

Raise priority home loan limit to Rs 40 lakh: Assocham
In view of high prices of apartments in cities, India Inc on Tuesday asked the RBI to raise the priority sector home loan limit from Rs 20 lakhs to Rs 40 lakh at least in metros- Delhi, Mumbai, Chennai and Kolkata. (Tue, 09 Dec 2008 10:57:01 GMT)

UPDATE:BOE: UK Average 2-Year Fixed Mortgage Rate Drops To 2-Year Low
(Adds Libor, CML statement.) LONDON -(Dow Jones)- The average monthly interest rate at U.K. lenders on a two-year, fixed-rate mortgage for 75% of the value of the property on which it is secured fell to its lowest level for two years in November, Bank of England figures showed Tuesday. (Tue, 09 Dec 2008 11:38:03 GMT)

Mortgage rates down to two-year low
Steep interest cuts helped to push mortgage rates down to their lowest level for two years last month, figures show. The average tracker mortgage rate for a new borrower dropped by 1.2% during the month, while a two-year fixed-rate deal is now at its cheapest level since September 2006. (Tue, 09 Dec 2008 12:18:46 GMT)

Assocham demands hike in priority sector home loan limit
NEW DELHI: In view of high prices of apartments in cities, India Inc on Tuesday asked the RBI to raise the priority sector home loan limit from Rs 20 lakh to Rs 40 lakh at least in metros- Delhi, Mumbai, Chennai and Kolkata. (Tue, 09 Dec 2008 12:18:53 GMT)

Mortgage lenders attack Labour on bank policies
The Council of Mortgage Lenders (CML) has launched an attack against the Government's "conflicting and incoherent" policies toward British banks as home loan lending fell by nearly 60 per cent in October. (Tue, 09 Dec 2008 12:39:11 GMT)

Residential Finance Corp. Deepens Commitment to Service Excellence; Appoints Mortgage Training Expert Julie Dietz
COLUMBUS, Ohio----Residential Finance Corporation , a nationwide mortgage lender specializing in refinance, today announced the appointment of Julie Dietz as Director of Training and Development. (Tue, 09 Dec 2008 13:00:00 GMT)

Govt may restrict home loan rates to 7-8%
The government is pushing state-owned banks to offer interest rates on housing loans up to Rs 20 lakh at pre-2004 levels. This would mean consumers could get home loans at 7 to 8 per cent, 2 or 3 percentage points lower than the current market rate of 9.5 to 10.5 per cent. (Tue, 09 Dec 2008 13:11:52 GMT)

US mortgage lenders ignored warnings of risky loans: report
Executives at failed US mortgage giants Freddie Mac and Fannie Mae ignored warnings for years that they were offering risky loans that posed dangers to their firms, borrowers and the whole industry, the Washington Post reported Wednesday, citing internal documents. (Tue, 09 Dec 2008 15:43:53 GMT)

US mortgage boss denies any blame
US mortgage giant Fannie Mae did not cause the crisis in the housing market, its ex-boss tells a Congressional committee. (Tue, 09 Dec 2008 16:02:33 GMT)

As Mortgage Interest Rates Fall and Borrowers Go Online to Refinance, Are Lenders Ready for the Next Refi Boom?
Mortgage interest rates are falling to near-historic lows, and home affordability is the highest since 2002(1). Consumers are refinancing at a pace not seen since the "refi boom" of 2003 to 2005; and if rates keep falling, the new wave of refis could get even bigger. (Tue, 09 Dec 2008 17:16:00 GMT)

5/3 names mortgage chief
Steven Alonso has been named executive vice president and head of mortgage and consumer lending at Fifth Third Bank downtown. Alonso previously served as founder, chairman and chief executive officer of Oakstreet Mortgage in Indianapolis, and prior to that was president and chief executive officer of Bank One's consumer finance group. He holds a bachelor's degree from Lehigh University and a ... (Tue, 09 Dec 2008 17:18:27 GMT)

Govt may restrict home loan rates to 7-8%
The government is pushing state-owned banks to offer interest rates on housing loans up to Rs 20 lakh at pre-2004 levels. This would mean consumers could get home loans at 7 to 8 per cent, 2 or 3 percentage points lower than the current market rate of 9.5 to 10.5 per cent. (Tue, 09 Dec 2008 18:41:17 GMT)

Govt may restrict home loan rates to 7-8%
The government is pushing state-owned banks to offer interest rates on housing loans up to Rs 20 lakh at pre-2004 levels. This would mean consumers could get home loans at 7 to 8 per cent, 2 or 3 percentage points lower than the current market rate of 9.5 to 10.5 per cent. (Tue, 09 Dec 2008 18:56:22 GMT)

Mortgage woes worsening
A record one in 10 American homeowners with a mortgage were either at least a month behind on their payments or in foreclosure at the end of September as the source of housing-market pressure shifted from risky loans to the deteriorating U.S. economy. (Tue, 09 Dec 2008 19:10:08 GMT)

Govt may restrict home loan rates to 7-8%
The government is pushing state-owned banks to offer interest rates on housing loans up to Rs 20 lakh at pre-2004 levels. This would mean consumers could get home loans at 7 to 8 per cent, 2 or 3 percentage points lower than the current market rate of 9.5 to 10.5 per cent. (Tue, 09 Dec 2008 19:11:18 GMT)

E-mails Show Mortgage Execs Were Warned
Top executives at mortgage finance companies Fannie Mae and Freddie Mac ignored warnings that they were taking on too many risky loans years before the housing market plunged, according to documents released by a House committee. (Tue, 09 Dec 2008 20:30:04 GMT)

Global mortgage insurers eye Indian market as US caught in a tailspin
With the US housing market going into a tailspin, a number of mortgage insurers such as PMI and MGIC, Genworth Financial Mortgage Guaranty India Private Limited are betting on India. (Tue, 09 Dec 2008 21:08:08 GMT)

BMC Mortgage changes name
BMC Mortgage Services Inc. has changed its name to Southwest Bank Mortgage. (Tue, 09 Dec 2008 21:09:39 GMT)

Thousands In Las Vegas Seek Mortgage Workouts
Tens of thousands of homeowners in Las Vegas would love to have their mortgage loans modified to reduce their monthly payments. But despite many programs designed to help lenders and borrowers strike a deal, it's not happening quickly enough to stop the rapid erosion of home prices in Las Vegas. (Tue, 09 Dec 2008 21:12:34 GMT)

Thousands In Las Vegas Seek Mortgage Workouts
Tens of thousands of homeowners in Las Vegas would love to have their mortgage loans modified to reduce their monthly payments. But despite many programs designed to help lenders and borrowers strike a deal, it's not happening quickly enough to stop the rapid erosion of home prices in Las Vegas. (Tue, 09 Dec 2008 21:23:49 GMT)

Mortgage delinquencies rise for seventh straight quarter
Mortgage loan delinquency rates rose for the seventh quarter in a row to hit 3.96%, according to a report out on Monday. That's a 12% increase from the second quarter's 3.53% average. (Tue, 09 Dec 2008 22:28:00 GMT)

E-mails Show Mortgage Execs Were Warned
Top executives at mortgage finance companies Fannie Mae and Freddie Mac ignored warnings that they were taking on too many risky loans years before the housing market plunged, according to documents released by a House committee. (Tue, 09 Dec 2008 23:00:05 GMT)

Plan to aid credit unions hurt by mortgage losses
The $40 billion will help institutions that had mortgage losses. Federal regulators said Tuesday that they were making more than $40 billion available to support several credit unions that suffered losses from mortgage securities, and would provide an additional $2 billion to help struggling homeowners. (Tue, 09 Dec 2008 23:33:44 GMT)

Home loan approvals rise
Home-loan approvals gained in October, snapping eight months of declines, as consumers warmed to lower interest rates. (Wed, 10 Dec 2008 00:56:06 GMT)

Refinancing could mean big savings
CHARLOTTE – Before Thanksgiving, interest rates made their largest single day drop ever, allowing many people to reduce their mortgage rates by 1 percent or more. (Wed, 10 Dec 2008 00:58:19 GMT)

Australia’s Loan Approvals Rise on Interest-Rate Cuts (Update1)
Dec. 10 (Bloomberg) -- Australian home-loan approvals increased in October for the first time in nine months after the central bank slashed borrowing costs to encourage property buyers back into the market. (Wed, 10 Dec 2008 01:02:46 GMT)

Loan approvals rise on interest rate cuts
Australian home-loan approvals increased in October for the first time in nine months after the central bank slashed borrowing costs to encourage property buyers back into the market. The number of l (Wed, 10 Dec 2008 01:07:46 GMT)

Some owners may intentionally fall behind on mortgage
Economists, lenders and other housing experts are concerned that programs to bail out troubled homeowners might have an unintended consequence: encouraging people to miss mortgage payments so they can qualify for a handful of programs that ease loan terms. (Wed, 10 Dec 2008 02:15:09 GMT)

Australian Consumer Confidence Jumps, Home-Loan Approvals Rise
Dec. 10 (Bloomberg) -- Australian home-loan approvals gained for the first time in nine months and consumer confidence surged, suggesting the most aggressive interest-rate cuts since 1991 may revive the slowing economy. (Wed, 10 Dec 2008 02:24:13 GMT)

Australian Consumer Confidence Jumps, Home-Loan Approvals Rise
Dec. 10 (Bloomberg) -- Australian home-loan approvals gained for the first time in nine months and consumer confidence surged, suggesting the most aggressive interest-rate cuts since 1991 may revive the slowing economy. (Wed, 10 Dec 2008 02:28:46 GMT)

Credit unions get $40 billion to aid mortgage losses
Federal regulators said Tuesday that they are making more than $40 billion available to support several credit unions that suffered losses from mortgage securities, and will provide another $2 billion to help struggling homeowners. (Wed, 10 Dec 2008 03:56:26 GMT)

Refinancing mortgages in demand
MANATEE — Local mortgage brokers said a recent, dramatic drop in mortgage rates has stirred more interest in refinancing, but some said it hasn’t been the wave they were expecting. (Wed, 10 Dec 2008 05:09:43 GMT)

Refinancing mortgages in demand
MANATEE — Local mortgage brokers said a recent, dramatic drop in mortgage rates has stirred more interest in refinancing, but some said it hasn’t been the wave they were expecting. (Wed, 10 Dec 2008 05:10:43 GMT)

Home loan approvals rise
Home-loan approvals gained in October, snapping eight months of declines, as consumers warmed to lower interest rates. (Wed, 10 Dec 2008 05:58:00 GMT)

Some may fall behind on mortgage on purpose
Are homeowners purposely falling behind on their mortgage payments to qualify for cheaper home loans? (Wed, 10 Dec 2008 09:13:13 GMT)

Mortgage chieftains hit by lawmakers
Members of a House watchdog panel verbally whipped four former chief executive officers of Fannie Mae and Freddie Mac Tuesday, plumbing documents to show they ignored warnings that investments in risky home mortgage loans could lead to financial disaster. (Wed, 10 Dec 2008 10:49:28 GMT)

Farm Service Agency offers disaster loan assistance
JAMESTOWN -- The weather took its toll on farmers in Erie and Cattaraugus counties this year. To help them out, the federal Farm Service Agency, formerly the Farmers Home Administration, is offering disaster loan assistance for losses caused by drought, flooding or hail since May 1. (Wed, 10 Dec 2008 11:40:27 GMT)

Mortgage Troubles Are Moving Downtown
Like others who got caught up in the recent commercial real estate frenzy, Joseph Moinian, the owner of 20 million square feet of office towers, apartment buildings and hotels throughout the country, sought to take advantage of the huge run-up in values as banks feverishly competed to make loans with exceedingly generous terms. (Wed, 10 Dec 2008 12:18:40 GMT)

Ex-Officer Faults Mortgage Giants for ‘Orgy’ of Nonprime Loans
Fannie Mae and Freddie Mac engaged in “an orgy of junk mortgage development” that turned the two mortgage-finance giants into vast repositories of subprime and similarly risky loans, a former Fannie executive testified on Tuesday. (Wed, 10 Dec 2008 12:19:00 GMT)

UPDATE: Mortgage Applications Fell 7.1% Last Week: MBA
CHICAGO (Dow Jones) -- Interest rates charged on fixed-rate mortgages dropped further last week, helping keep the volume of applicants seeking to refinance their mortgages near highs reported for Thanksgiving week, the Mortgage Bankers Association said Wednesday. (Wed, 10 Dec 2008 12:24:02 GMT)

Mortgage applications fell 7.1% last week: MBA
A further drop in interest rates charged on fixed-rate mortgages last week helps keep the volume of applicants seeking to refinance their mortgages near highs reported for Thanksgiving week, the Mortgage Bankers Association says. (Wed, 10 Dec 2008 12:51:46 GMT)

Mortgage Application Volume Falls
(RTTNews) - Mortgage application volume slipped last week, stabilizing after activity nearly doubled in previous week. Low rates rates had sparked a tripling of refinancing activity two weeks ago, and last week saw that pull-back from that surge. (Wed, 10 Dec 2008 12:53:52 GMT)

Mortgage Application Volume Dips After Recent Surge
(RTTNews) - Mortgage application volume slipped last week, stabilizing after activity nearly doubled in previous week. Low rates had sparked a tripling of refinancing activity two weeks ago, and last week saw that pull-back from that surge. (Wed, 10 Dec 2008 13:08:18 GMT)

U.S. MBA’s Mortgage Applications Index Fell 7.1% Last Week
Dec. 10 (Bloomberg) -- Mortgage applications in the U.S. dropped last week as fewer Americans sought to purchase a home even as mortgage rates fell. The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan fell 7.1 percent to 796.8 from the prior week’s eight-month high of 857.7. The group’s refinance index slipped 0.9 percent, while the purchase index ... (Wed, 10 Dec 2008 13:09:07 GMT)

U.S. MBA’s Mortgage Applications Index Fell 7.1% Last Week
Dec. 10 (Bloomberg) -- Mortgage applications in the U.S. dropped last week as fewer Americans sought to purchase a home even as mortgage rates fell. The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan fell 7.1 percent to 796.8 from the prior week’s eight-month high of 857.7. The group’s refinance index slipped 0.9 percent, while the purchase index ... (Wed, 10 Dec 2008 13:35:17 GMT)

Mortgage ranges still shrinking
The number of mortgage deals continues to shrink as lenders ration their home loans in favour of people who can put down larger deposits. (Wed, 10 Dec 2008 13:56:17 GMT)

Mortgage applications down 7.1 percent
Mortgage application volume dipped last week after soaring a week earlier, according to the Mortgage Bankers Association's weekly report. (Wed, 10 Dec 2008 15:07:46 GMT)

Mortgage applications drop in week
The volume of applications for U.S. mortgages decreased last week, falling by a seasonally adjusted 7.1 percent, an industry group said.The Market Composite Index, which measures mortgage loan application volume, fell from 857.7 to 796.8 in the week ending Dec. 5, the Mortgage Bankers Association said in a release Wednesday.The Refinance Index also fell 17.4 percent to 298.1, the MBA said.The ... (Wed, 10 Dec 2008 16:07:26 GMT)

Refinancing applications boost home-loan volume
73.7 PERCENT of home-loan applications last week were filed by homeowners seeking to refinance, up from 69.1 percent the week before, the MBA found. (Wed, 10 Dec 2008 17:51:06 GMT)

Darling Seeks U.K. Bank Support for Mortgage Rescue Plan
Dec. 10 (Bloomberg) -- Chancellor of the Exchequer Alistair Darling will seek the backing of Britain’s biggest banks tomorrow for a 1 billion pound ($1.5 billion) mortgage program aimed at preventing home repossessions. (Wed, 10 Dec 2008 18:18:25 GMT)

Loan rates
The banker averred that there was barely any room for reducing home loan rates further. While they are presently earning around 10 to 10.25 per cent interest on floating rate home loans, they are paying out 9.5 per cent interest on term deposits. (Wed, 10 Dec 2008 18:40:05 GMT)

Mortgage applications down after surge
Mortgage applications fell last week, edging down after a surge in the week prior when the Federal Reserve's purchase of debt pushed down interest rates. That enticed many homeowners to refinance. (Wed, 10 Dec 2008 19:35:26 GMT)

Fannie, Freddie May Waive Appraisals for Mortgage Refinancings
Dec. 10 (Bloomberg) -- Fannie Mae and Freddie Mac , the mortgage-finance companies seized by the U.S. government, are considering waiving a requirement for new appraisals on refinanced loans, their regulator said. (Wed, 10 Dec 2008 20:09:06 GMT)

Mortgage rescue details announced
Details of the government's new homeowner mortgage support scheme are announced by the Treasury. (Wed, 10 Dec 2008 20:58:03 GMT)

Banks to finalise home loan package today
In an effort to boost credit flow to the housing sector, public sector banks are going to finalise the new interest rate regime for home loans up to Rs 20 lakh tomorrow. (Wed, 10 Dec 2008 21:00:32 GMT)

Refinancing? Avoid Scams, Says Senator
Interest rates for home mortgages in New York City have dropped recently, inspiring many homeowners to refinance their homes. But before they make the move, New York Senator Charles Schumer warns them to watch out for refinancing scams. (Wed, 10 Dec 2008 21:45:56 GMT)

Golden time to buy a home
CORNELIUS, NC (WBTV) - Real estate experts say this could be the golden age for home-buyers. Right now, the federal interest rate on a 30-year loan is 5.5 percent and there is talk that it could be lowered to 4.5 percent. Prices on many homes are falling, too. (Wed, 10 Dec 2008 22:57:01 GMT)

Md. Woman Pleads Guilty to Mortgage Fraud Scheme
The sister of a man at the center of a major prosecution of alleged mortgage fraud in Maryland pleaded guilty today and agreed to cooperate against her brother and other defendants in the case. (Wed, 10 Dec 2008 23:06:01 GMT)

Mortgage fraud is booming business for prosecutors
Investigations into the collapse of financial titans such as Lehman Brothers, Bear Stearns and Washington Mutual have attracted most of the attention in the ongoing unraveling of the nation's mortgage-backed security mess. Lost in the headlines are... (Wed, 10 Dec 2008 23:06:14 GMT)

Md. Woman Pleads Guilty to Mortgage Fraud Scheme
The sister of a man at the center of a major prosecution of alleged mortgage fraud in Maryland pleaded guilty today and agreed to cooperate against her brother and other defendants in the case. (Wed, 10 Dec 2008 23:20:45 GMT)

Regulator: mortgage rates could drop to 4 percent
Government efforts to provide easier credit to consumers and jump-start flagging home sales could push mortgage rates "well below 4 percent," a federal regulator said Wednesday. James Lockhart, whose agency oversees government-controlled mortgage giants... (Wed, 10 Dec 2008 23:35:57 GMT)

Economy - Wednesday
Home loan applications fell 7.1% last week after more than doubling in the prior week, when mortgage rates plunged in the wake of the Fed's plan to buy $600 bil in various mortgage-related securities. Refinancing activity remained hot, edging down 0.9% after tripling in the prior week. Applications for loans to buy a home fell 17.4%, erasing about half of the prior week's gains. (Wed, 10 Dec 2008 23:42:44 GMT)

Regulator: mortgage rates could drop to 4 percent
WASHINGTON -- Government efforts to provide easier credit to consumers and jump-start flagging home sales could push mortgage rates "well below 4 percent," a federal regulator said Wednesday. (Thu, 11 Dec 2008 00:14:27 GMT)

O.C. mortgage rates return to historic low, 4.875%
Mortgage rates in Orange County drop to 2003 levels, which were the lowest in 30 to 40 years. (Thu, 11 Dec 2008 00:48:41 GMT)

Mortgage fraud is booming business for prosecutors
SACRAMENTO, Calif. -- Investigations into the collapse of financial titans such as Lehman Brothers, Bear Stearns and Washington Mutual have attracted most of the attention in the ongoing unraveling of the nation's mortgage-backed security mess. (Thu, 11 Dec 2008 01:17:29 GMT)

Mortgage fraud is booming business for prosecutors
Investigations into the collapse of financial titans such as Lehman Brothers, Bear Stearns and Washington Mutual have attracted most of the attention in the ongoing unraveling of the nation's mortgage-backed security mess. Lost in the headlines are prosecutions proceeding quietly on the local level against smaller players. (Thu, 11 Dec 2008 04:54:29 GMT)

Banks to finalise home loan package today
In an effort to boost credit flow to the housing sector, public sector banks are going to finalise the new interest rate regime for home loans up to Rs 20 lakh tomorrow. (Thu, 11 Dec 2008 05:00:00 GMT)

Mortgage Rates May Dip Below 4%, Official Says
Government efforts to provide easier credit to consumers and help housing finance companies could push mortgage rates "well below 4 percent," a federal regulator said Wednesday. (Thu, 11 Dec 2008 05:01:31 GMT)

Banks set to finalise home loan package
In an effort to boost credit flow to the housing sector, public sector banks are going to finalise the new interest rate regime for home loans up to Rs 20 lakh (Rs 2 million) on Thursday. (Thu, 11 Dec 2008 05:42:00 GMT)

U.S. regulator sees mortgage rate below 4%
Government efforts to provide easier credit to consumers and jump-start flagging home sales could push mortgage rates "well below 4 percent," a federal regulator said Wednesday. James Lockhart, whose agency oversees government-controlled mortgage giants... (Thu, 11 Dec 2008 08:38:56 GMT)

Business boom for mortgage-fraud prosecutors
Investigations into the collapse of financial titans such as Lehman Bros., Bear Stearns and Washington Mutual have attracted most of the attention in the continuing unraveling of the nation's mortgage-backed security mess. Lost in the headlines are... (Thu, 11 Dec 2008 08:39:06 GMT)

HK mortgage corp seeks to free up liquidity for banks
HONG KONG, Dec 11 (Reuters) - Hong Kong's central bank said on Thursday the government-backed Hong Kong Mortgage Corp. would purchase more mortgages from banks to boost liquidity and keep credit flowing to the mortgage market. (Thu, 11 Dec 2008 10:37:18 GMT)

Biweekly mortgage often poor option
Generally, there is no need for a specialty type of financing such as a biweekly mortgage payment plan. (Thu, 11 Dec 2008 11:00:00 GMT)

Mortgage rates fall again, refis increase
Mortgage rates declined for the sixth week in a row, according to Bankrate's weekly survey. (Thu, 11 Dec 2008 11:00:00 GMT)

P.E.I. defends putting mortgage information online
If you hold a mortgage on Prince Edward Island, the province is publishing information about that mortgage online, and is in the process of defending its right to do so. (Thu, 11 Dec 2008 11:48:36 GMT)

Mortgage rates fall again, refis rise
The benchmark 30-year fixed-rate mortgage fell 12 basis points, to 5.8 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.35 discount and origination points. (Thu, 11 Dec 2008 11:53:35 GMT)

Expert: Don Taylor, Ph.D., CFA, CFP
Dear Dr. Don, My spouse and I have been offered a refinancing at a fixed 5.75 percent on a 20-year mortgage with biweekly payments each month (one payment to interest, one payment to principal each month). However, there is no cash out, as this option is unavailable. (Thu, 11 Dec 2008 11:54:05 GMT)

Banks to finalise home loan package today
In an effort to boost credit flow to the housing sector, public sector banks are going to finalise the new interest rate regime for home loans up to Rs 20 lakh tomorrow. (Thu, 11 Dec 2008 12:59:35 GMT)

PSU banks may cut home loan rates
Public sector banks are likely to announce 50-100 basis point reduction in interest rate on home loans up to Rs 20 lakh. The government is considering an interest subvention for loans below Rs 5 lakh. (Thu, 11 Dec 2008 15:11:06 GMT)

Capmark Finance Inc. Originates $2.1 Million to Refinance Griffin Auto Park in Dallas CBD
Capmark Finance, Inc. has originated a $2,100,000 loan to refinance Griffin Auto Park for a local ownership group. The six-story, 539-space parking garage is located in the southeast section of downtown Dallas known as the Government District. (Thu, 11 Dec 2008 16:05:00 GMT)

Regulator: mortgage rates could slip below 4%
Government efforts to provide easier credit to consumers and jump-start flagging home sales could push mortgage rates "well below 4%," a federal regulator says. (Thu, 11 Dec 2008 16:16:18 GMT)

Mortgage modifications may be option if facing foreclosure
Foreclosure — the word sends chills and worries through the air as many homeowners are juggling rising household expenses, including the mortgage payment, with a downturn in the economy. (Thu, 11 Dec 2008 16:24:19 GMT)

Mortgage rates hit 41/2 year low
Mortgage rates fell again this week, following the government's efforts to assist the troubled housing market. (Thu, 11 Dec 2008 16:35:46 GMT)

The pros and cons of refinancing your mortgage now
Here's what to look for and what to expect if you are considering refinancing the mortgage on your home. (Thu, 11 Dec 2008 17:29:17 GMT)

Fixed mortgage rates drop in week
WASHINGTON, Dec. 11 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages fell modestly during the week, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 11 Dec 2008 17:34:20 GMT)

Former Kentucky player accused of mortgage fraud
Former Kentucky basketball player Dirk Minniefield has been charged in an alleged $10 million mortgage scheme in the Houston area. (Thu, 11 Dec 2008 18:00:19 GMT)

Banks to finalise home loan package today
In an effort to boost credit flow to the housing sector, public sector banks are going to finalise the new interest rate regime for home loans up to Rs 20 lakh tomorrow. (Thu, 11 Dec 2008 19:29:55 GMT)

Home loans cheaper
COMMENT ON THIS ! Your Views! Public-sector banks are set to bring down their home-loan interest rates to 7.5 per cent for loans of up to Rs 5 lakh and 8.5 per cent for loans between Rs 5 lakh and Rs 20 lakh. (Thu, 11 Dec 2008 19:40:47 GMT)

Suffolk mortgage fraud crackdown
An ongoing probe into the home mortgage business by the Suffolk district attorney's office led to the indictment Thursday of a West Islip man charged with scheming to defraud lenders out of approximately $2.5 million between 2006 and 2007. (Thu, 11 Dec 2008 20:05:48 GMT)

BlackRock’s Fink Proposes Mortgage Purchases to Obama’s Team
Dec. 11 (Bloomberg) -- BlackRock Inc . Chief Executive Officer Laurence Fink is proposing to President-elect Barack Obama that the U.S. Treasury buy mortgage assets to increase demand for housing and stabilize the credit markets. (Thu, 11 Dec 2008 20:33:06 GMT)

Smarter home loan management
It is not the end of financial crisis management with just the banks lowering their interest rates for home loans. Harsh Roongta explains how one can go about ironing out the wrinkles in the home finance kitty. (Thu, 11 Dec 2008 20:34:13 GMT)

Banks want subsidy to cut home loan rates
Public sector banks are likely to announce a 50 to 100 basis point cut in interest rates on home loans up to Rs 20 lakh. The government is also considering an interest subvention for loans below Rs 5 lakh. (Thu, 11 Dec 2008 21:10:16 GMT)

PSU banks' home loan rate cut brings cheer to buyers
That brings the dream of a home closer to reality for many. (Thu, 11 Dec 2008 22:36:36 GMT)

Ex-Kentucky player charged in mortgage scheme
HOUSTON (AP) -- Former Kentucky basketball player Dirk Minniefield has been charged in an alleged $10 million mortgage scheme in the Houston area. (Thu, 11 Dec 2008 22:43:20 GMT)

BlackRock’s Fink Proposes Mortgage Purchases to Obama (Update1)
Dec. 11 (Bloomberg) -- BlackRock Inc . Chief Executive Officer Laurence Fink is proposing to President-elect Barack Obama that the U.S. Treasury buy mortgage assets to increase demand for housing and stabilize credit markets. (Thu, 11 Dec 2008 22:44:12 GMT)

Mortgage Refinance Online
There are many different reasons people choose to refinance their mortgages. These reasons range from a desire to get lower mortgage payments, to draw money from their equity to use for home improvements or to consolidate debt, to gain flexibility, or to change from a variable rate to a fixed rate. (Thu, 11 Dec 2008 23:31:39 GMT)

Realty Q&A: Getting nowhere on mortgage modification? Hire a fixer
The holder of my mortgage went bankrupt, leaving only the "servicing/debt collection arm" to deal with. I have a negative amortization loan and need to try and reconfigure. I am getting nowhere with the servicing arm. Can you point to some suggestions? (Fri, 12 Dec 2008 00:51:56 GMT)

New options for home buyers without a loan
To entice home buyers to move in and start helping with payments, more sellers are turning to an option for lease. (Fri, 12 Dec 2008 01:23:35 GMT)

Audit critical of mortgage regulation
State lawmakers are criticizing Nevada's Division of Mortgage Lending after getting an audit that says the agency failed to adequately regulate mortgage companies. The division failed to examine all mortgage companies annually as required and to collect about... (Fri, 12 Dec 2008 02:05:47 GMT)

Banks want subsidy to cut home loan rates
Public sector banks are likely to announce a 50 to 100 basis point cut in interest rates on home loans up to Rs 20 lakh. The government is also considering an interest subvention for loans below Rs 5 lakh. (Fri, 12 Dec 2008 02:25:23 GMT)

350,000 saved from mortgage stress - HIA
A GENEROUS round of interest rate cuts from the Reserve Bank since September has saved 350,000 households from mortgage stress, the nation's peak home building group says. (Fri, 12 Dec 2008 02:45:00 GMT)

Mortgage stress down with rate cuts: HIA
A generous round of interest rate cuts from the RBA since September has saved 350,000 households from mortgage stress, the Housing Industry Association says. (Fri, 12 Dec 2008 03:07:21 GMT)

Rate cuts ease mortgage stress
A generous round of interest rate cuts since September has saved 350,000 households from mortgage stress, the HIA says. (Fri, 12 Dec 2008 03:37:21 GMT)

Central Figure's Sister Pleads Guilty, Will Aid Mortgage Fraud Prosecutors
The sister of a man at the center of a major prosecution of alleged mortgage fraud in Maryland pleaded guilty yesterday and agreed to cooperate against her brother and other defendants in the case. (Fri, 12 Dec 2008 03:58:05 GMT)

The fine points of refinancing
A recent abrupt drop in mortgage rates is offering a good opportunity for some homeowners to refinance - but lots of consumers will find that they don't qualify for new... (Fri, 12 Dec 2008 05:17:05 GMT)

Local mortgage refinance bids soar
The allure of low interest rates has spurred a surge in mortgage refinancing applications at local banks in the past two weeks. (Fri, 12 Dec 2008 07:13:07 GMT)

Mortgage modifications may be option if facing foreclosure
Foreclosure — the word sends chills and worries through the air as many homeowners are juggling rising household expenses, including the mortgage payment, with a downturn in the economy. (Fri, 12 Dec 2008 07:24:19 GMT)

Mortgage rates fall for sixth straight week
The average 30-year fixed home loan rate falls to 5.47%, a four-year low, in a sign that the government's efforts to break up the credit market logjam are working. Mortgage rates are down for a sixth straight week, a sign that the government's latest efforts to break up the credit market logjam are working. (Fri, 12 Dec 2008 07:34:13 GMT)

Enhancement of the Mortgage Insurance Programme and the Revolving Credit Facility
The Hong Kong Mortgage Corporation Limited (HKMC) is pleased to announce today (11 December 2008): (a)an enhancement of the Mortgage Insurance Programme (MIP) by lowering the threshold above which ins (Fri, 12 Dec 2008 07:41:10 GMT)

Home Front: Beware of mortgage rescue solicitors
You would think people with mortgage problems have enough trouble. But rogues in real estate always find new ways to inflict more. Last year it was foreclosure rescue schemes that robbed desperate people of their homes. Now, it's loan-modification firms taking cash advances from struggling borrowers and disappearing. Home Front has heard countless stories from struggling borrowers of phone ... (Fri, 12 Dec 2008 08:08:45 GMT)

30-Year Mortgage Rate Hits Its Lowest Level in 4 Years
The average interest on a 30-year, fixed-rate mortgage dropped to 5.47 percent this week -- its lowest point in more than four years, according to a Freddie Mac survey. (Fri, 12 Dec 2008 08:37:50 GMT)

Carefully navigate home loans
With the mortgage market recoiling from the troubled housing market, rules of the mortgage game have changed, presenting opportunities for new homeowners and refinancing. Staff Writer Trevor Stokes spoke with Lary Cowart, assistant professor of real estate at the University of Alabama at Birmingham, about the perils and potentials of the housing... (Fri, 12 Dec 2008 09:32:55 GMT)

Should You Refinance Your Mortgage Now?
(Fri, 12 Dec 2008 10:56:33 GMT)

A Mortgage Broker In Amish Country
When the Amish of Lancaster, Pa., need to buy a farm, they turn to one local banker for credit. Bill O'Brien says he has never lost money on an Amish deal. Amid the national mortgage crisis, his Hometowne Heritage Bank is having its best year yet. (Fri, 12 Dec 2008 11:21:58 GMT)

Banks want subsidy to cut home loan rates
Public sector banks are likely to announce a 50 to 100 basis point cut in interest rates on home loans up to Rs 20 lakh. The government is also considering an interest subvention for loans below Rs 5 lakh. (Fri, 12 Dec 2008 12:57:30 GMT)

Former Kentucky player accused of mortgage fraud
Former Kentucky basketball player Dirk Minniefield has been charged in an alleged $10 million mortgage scheme in the Houston area. The 47-year-old former NBA player was arrested Tuesday at his home by FBI agents after a federal indictment was unsealed. He and three others each face one count of conspiracy to commit wire fraud and eight counts of wire fraud. (Fri, 12 Dec 2008 13:05:15 GMT)

Should You Refinance Your Mortgage Now?
Applications for mortgage refinancing tripled in early December on news that the U.S. Federal Reserve will buy up to $600 billion of mortgage debt. BusinessWeek personal finance editor Lauren Young spoke with mortgage guru Keith Gumbinger, of HSH Associates, a financial publisher, about the refinancing climate. (Fri, 12 Dec 2008 13:08:45 GMT)

General Growth Refinances Some Mortgage Debt
General Growth Refinances Some Mortgage Debt (Fri, 12 Dec 2008 15:23:08 GMT)

30-Year Mortgage Rate Hits Its Lowest Level in 4 Years
The average interest on a 30-year, fixed-rate mortgage dropped to 5.47 percent this week -- its lowest point in more than four years, according to a Freddie Mac survey. (Fri, 12 Dec 2008 15:36:28 GMT)

Obama Team Interest Encourages Treasury Mortgage Plan
Dec. 12 (Bloomberg) -- President-elect Barack Obama’s economic team is expressing interest in a U.S. Treasury plan to spur homebuying through new securities aimed at driving down mortgage rates. (Fri, 12 Dec 2008 15:43:57 GMT)

Obama Team Interest Encourages Treasury Mortgage Plan
Dec. 12 (Bloomberg) -- President-elect Barack Obama’s economic team is expressing interest in a U.S. Treasury plan to spur homebuying through new securities aimed at driving down mortgage rates. (Fri, 12 Dec 2008 15:43:57 GMT)

Lenders seek only those with excellent credit for refinancing deals
CHARLESTON, W.Va. -- Thinking about refinancing your home at one of those unbelievably low mortgage rates. A local real estate agent says your credit had better be impeccable.Dean Dawson, president of the Kanawha Valley Realtors Association, says the major... (Fri, 12 Dec 2008 15:49:47 GMT)

Creating A Tax-Deductible Canadian Mortgage
Find out how to get a tax benefit from your mortgage like your neighbours to the south. (Fri, 12 Dec 2008 18:05:13 GMT)

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