Mortgage News Dec 2008

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Mortgage rates fall; unemployment data still weak
WASHINGTON (AP) — Mortgage rates are falling as this week’s dramatic action by the Federal Reserve provides a boost to the dismal housing market, but the nation’s unemployment rolls are stuck at historically high levels amid a deepening recession. (Sat, 20 Dec 2008 14:40:02 GMT)

Thinking about mortgage modification' Pick up the phone.
Homeowners who can't afford their mortgage payments can get a better deal from their lender. But the process is complicated and potentially onerous, and concessions are offered only to borrowers who earn neither too much nor too little income to meet the lender's guidelines. (Sat, 20 Dec 2008 15:14:05 GMT)

HDFC cuts home loan rate by 0.5%
MUMBAI: Finally, there's good news for existing home loan customers. Home finance major HDFC on Friday cut home loan rates by 50 basis points for all its existing floating rate customers. (Sat, 20 Dec 2008 15:55:07 GMT)

The spectre of a 100pc mortgage
Jessie Hume and Barry Williams have put marriage and children on hold as they attempt to ride out the recession and stay on top of the 100% mortgage they signed up for 14 months ago. (Sat, 20 Dec 2008 16:18:39 GMT)

Mortgage Morass
Spare the homeowner, spoil the pension plan. (Sat, 20 Dec 2008 17:16:45 GMT)

Low Mortgage Rates May Mean Time To Refinance
If the interest rate on your current home mortgage is above 6.00 percent then you might be able to save thousands of dollars by refinancing your mortgage. That's because we are hitting record lows in home mortgage interest rates. (Sat, 20 Dec 2008 23:34:59 GMT)

Low Mortgage Rates May Mean Time To Refinance
If the interest rate on your current home mortgage is above 6.00 percent then you might be able to save thousands of dollars by refinancing your mortgage. That's because we are hitting record lows in home mortgage interest rates. (Sat, 20 Dec 2008 23:34:59 GMT)

Low Mortgage Rates May Mean Time To Refinance
If the interest rate on your current home mortgage is above 6.00 percent then you might be able to save thousands of dollars by refinancing your mortgage. That's because we are hitting record lows in home mortgage interest rates. (Sat, 20 Dec 2008 23:34:59 GMT)

Low Mortgage Rates May Mean Time To Refinance
If the interest rate on your current home mortgage is above 6.00 percent then you might be able to save thousands of dollars by refinancing your mortgage. That's because we are hitting record lows in home mortgage interest rates. (Sat, 20 Dec 2008 23:34:59 GMT)

Rate drop driving mortgage revisions
There's a bright spot amid all the gloomy economic news: Falling mortgage rates mean homeowners can save up to hundreds of dollars a month by refinancing. Local residents are heading to their mortgage brokers in hopes of snagging a great rate, and some banks say they've seen their refinancing applications double in recent weeks. "We are actually, truly reaching all-time lows," said Drew Johnson, ... (Sun, 21 Dec 2008 03:56:23 GMT)

Some just walk away from mortgage
Diane Shackle found it gut-wrenching to walk away from a mortgage she took out in times that were better for both her and the U.S. economy. But the reality was undeniable: While she was keeping up with the monthly payments, she said she could no longer afford to buy food for herself or even kitty litter for her two cats. So the 44-year-old waitress walked away from her two-bedroom condo in ... (Sun, 21 Dec 2008 05:03:09 GMT)

Is now the time to refinance your mortgage?
(By Alan Zibel, Associated Press) With mortgage rates sinking to the lowest level since the early 1960s, homeowners around the country are giving themselves an early holiday present: a refinanced mortgage with lower monthly payments. Should you join them? The answer depends mainly on what rate you have now and whether you're planning to move anytime soon. Experts advise taking a careful look at ... (Sun, 21 Dec 2008 05:04:03 GMT)

Low rates prompt rush to refinance
Jeff and Anita Miller of Forest Acres are among Midlands residents refinancing their home after mortgage rates fell to their lowest level since the 1960s. The Millers, a surgeon and nurse, plan to use the reduction of $300 per month to pay off student loans and build savings. “It’s a no-brainer,” Jeff Miller said of taking advantage of the drop. Bankers say home refinancing is booming after ... (Sun, 21 Dec 2008 05:15:00 GMT)

Interest rate drop driving mortgage revisions
There's a bright spot amid all the gloomy economic news: Falling mortgage rates mean homeowners can save up to hundreds of dollars a month by refinancing. (Sun, 21 Dec 2008 05:16:44 GMT)

Q and A: With mortgage rates so low, should you refinance?
WASHINGTON — With mortgage rates sinking to the lowest level since the early 1960s, homeowners around the country are giving themselves an early holiday present: a refinanced mortgage with lower monthly payments. (Sun, 21 Dec 2008 07:21:26 GMT)

A Distressing Idea: Faking a Need for Mortgage Relief
Q My family as well as several others in our neighborhood now owe more on our mortgages than our homes are worth. At a recent party I heard some of our friends talking about the new federal mortgage-relief programs and how they were planning to get their monthly payments reduced. No one has lost a... (Sun, 21 Dec 2008 07:35:27 GMT)

Low interest rates spark refinancing rush
Tony Jabon had an e-mail in to his mortgage broker by 10 a.m. The 35-year-old environmental consultant in Charlotte, N.C., had heard about the Federal Reserve's decision to cut its key interest rate to nearly zero and wanted to refinance to something lower than 5.5 percent. (Sun, 21 Dec 2008 08:09:50 GMT)

More lenders allow 'early workout' loan alterations
Homeowners in financial trouble no longer need to miss two to three months of payments before their mortgage companies can modify their unaffordable loan terms. Here's some good news for homeowners facing tough financial times: You no longer have to miss two to three months of payments before your mortgage firm can modify your unaffordable loan terms. (Sun, 21 Dec 2008 08:18:58 GMT)

Switching mortgage brokers to get lower rate
Q: I recently purchased a new home. Before I wrote an offer, I contacted three mortgage brokers to get a loan. After meeting with the brokers, I chose broker A, went through the application process and was approved for the loan. I signed a lock-in agreement... (Sun, 21 Dec 2008 08:32:08 GMT)

Thirty-year fixed mortgage rates at 37-year low
Rates on 30-year fixed mortgages dropped last week to their lowest levels in at least 37 years, as the Federal Reserve pledged to pour money into the mortgage market in an effort to spur the moribund U.S. housing market. Freddie Mac reported Thursday that... (Sun, 21 Dec 2008 08:32:37 GMT)

Consumer loan rates
Springfield financial institutions quoted the following rates Friday for home equity, auto and boat loans. The home equity rate is based on a $10,000 loan or line of credit with applicable points included. Rates are variable unless otherwise noted. Additional fees are not included. The auto loan rate is based on a 48-month contract for a new car. The boat rate is based on a loan for a new boat. (Sun, 21 Dec 2008 09:12:27 GMT)

Walking away from a mortgage no longer considered unthinkable act
Diane Shackle found it gut-wrenching to walk away from a mortgage she took out in times that were better for both her and the U.S. economy. (Sun, 21 Dec 2008 10:47:09 GMT)

State sues company, alleging mortgage-rescue scam
The flier's claim seemed too good to be true: "Regardless of your present mortgage or loan situation, we will be able to assist you by arranging a repayment plan to bring your loan current." (Sun, 21 Dec 2008 11:04:12 GMT)

Don't skip mortgage payments
Q: Like other overburdened mortgage-payers, my loan conditions stink but I keep up with them. I always thought the mortgage was the No. 1 bill to pay on time. This is probably an obsolete mentality. By stretching to pay my mortgage, I am starting to defer some important maintenance and am racking up credit-card debts. It certainly does cross my mind that I should skip a few payments and see ... (Sun, 21 Dec 2008 11:04:21 GMT)

Falling behind on mortgage may help
Are homeowners purposely falling behind on their mortgage payments to qualify for cheaper home loans? (Sun, 21 Dec 2008 11:41:19 GMT)

Dream of home awaits a loan
This is the first of a two-part series examining the economy's impact on affordable housing in N.J.By the late evening on April 9, Louis Figueroa and his family had nabbed what they figured was the last and most unpredictable requisite to owning their first home. (Sun, 21 Dec 2008 11:46:03 GMT)

Refinancing soars in Sonoma County as rates plummet
When mortgage rates dipped to historic lows last week, Brad Kahn was waiting to pounce.The 52-year-old salesman for Wine Country Radio used to be content paying 5.75 percent interest on his Rohnert Park home loan -- until he watched with envy as rates tumbled below 5 percent. (Sun, 21 Dec 2008 14:18:21 GMT)

Should you be refinancing now?
With mortgage rates sinking to the lowest level since the early 1960s, homeowners around the country are giving themselves an early holiday present: a refinanced mortgage with lower monthly payments. (Sun, 21 Dec 2008 15:32:20 GMT)

The Hindu Business Line : Reduction in rates will boost home loan demand: LIC Housing
We have set a target of disbursing Rs 10,000 crore this fiscal, 40 per cent higher than last year. Mumbai, Dec. 21 Heeding the Government advice, public sector banks had cut home loan rates last week. Following this, leading housing finance companies announced similar rate cuts by the week-end. (Sun, 21 Dec 2008 18:23:08 GMT)

NHB to lend at 8% to home loan companies
The Rs 4,000-crore refinance package from the National Housing Bank (NHB) to housing finance companies (HFCs) will be available at 8 per cent interest. (Sun, 21 Dec 2008 18:44:16 GMT)

Bank plea for home loan sop
New Delhi, Dec. 21: Public sector banks are seeking an interest subsidy for home loans to the economically weaker sections. (Sun, 21 Dec 2008 21:31:03 GMT)

Repossession threat to couple who never missed a mortgage payment
A couple have been threatened with repossession even though they have never missed a mortgage payment. Peter and Marian Addyman say NatWest gave them a week to repay £226,000 or face losing their home. (Mon, 22 Dec 2008 01:22:31 GMT)

Mortgage Help Scams:Changing the Terms
Super low interest rates are encouraging many homeowners to refinance, but they are also inviting con-artists to take advantage of them, according to the Alabama Banking Department. (Mon, 22 Dec 2008 03:51:48 GMT)

Views Diverge on How To Recast Fannie, Freddie
Policymakers are looking to revamp the nation's home loan system next year after the collapse of U.S. housing and mortgage markets spurred the current economic crisis. (Mon, 22 Dec 2008 04:51:15 GMT)

Interest rate cuts lead to surge in mortgage refinancing
The Fed have slashed interest rates in the past month to spur home sales. But instead, the cuts sparked a refinance boom that local lenders hope will re-energize consumer spending. (Mon, 22 Dec 2008 05:57:10 GMT)

Wait-and-see approach taken as commercial mortgage-backed securities market gets hit hard
To say the market for commercial mortgage-backed securities continues to get pummeled is an understatement. (Mon, 22 Dec 2008 06:06:23 GMT)

Walking away from mortgage is last resort but may be best option
By DAVE CARPENTER CHICAGO — Diane Shackle found it gut-wrenching to walk away from a mortgage she took out in times that were better for both her and the U.S. economy. But the reality was undeniable: While she was keeping up with the monthly payments, she said she could no longer afford to buy food for herself or even kitty litter for her two cats. So the 44-year-old cocktail waitress walked ... (Mon, 22 Dec 2008 06:08:46 GMT)

The economic crunch: Lowered interest rates spur refinancing here
When the Federal Reserve lowered interest rates last week, with some brokers quoting rates at around 4.5 percent, the phones at local mortgage houses started ringing. (Mon, 22 Dec 2008 06:12:34 GMT)

Hawaii experiencing a refinance boom
Hawaii Kai (KHNL) - The housing market is falling fast from fore closures, and many island residents are reeling from the recession. But now some Hawaii homeowners are scrambling to refinance their mortgages. A move that could save hundreds, even thousands of dollars a month. (Mon, 22 Dec 2008 07:30:31 GMT)

Rakbank launches mortgage finance for Aldar and Sorouh properties in Abu Dhabi
Prospective homeowners looking to buy their dream home in the capital city of Abu Dhabi have a wider choice in mortgage finance today, with Rakbank's announcement of mortgage finance services for a large number of existing and upcoming properties in the city. (Mon, 22 Dec 2008 10:13:57 GMT)

Views Diverge on How To Recast Fannie, Freddie
Policymakers are looking to revamp the nation's home loan system next year after the collapse of U.S. housing and mortgage markets spurred the current economic crisis. (Mon, 22 Dec 2008 10:22:59 GMT)

Repossession threat to couple who never missed a mortgage payment
A couple have been threatened with repossession even though they have never missed a mortgage payment. Peter and Marian Addyman say NatWest gave them a week to repay £226,000 or face losing their home. (Mon, 22 Dec 2008 10:33:16 GMT)

Government speeds up mortgage support
In the pre-Budget report the chancellor, Alistair Darling, announced that the length of time eligible people would have to wait for help with mortgage interest payments would be cut from 39 weeks to 13. (Mon, 22 Dec 2008 10:42:24 GMT)

Reverse mortgage not always best choice
Many questions need to be answered before an elderly family member signs up for a reverse mortgage. (Mon, 22 Dec 2008 11:00:00 GMT)

Why It's Vital To Overpay Your Mortgage Now
Why overpaying your mortgage now could lead to a better deal next time you remortgage. (Mon, 22 Dec 2008 11:34:24 GMT)

Your Complete Guide to Refinancing
Don't pay inflated mortgage closing costs or junk fees that steal your savings. (Mon, 22 Dec 2008 11:55:30 GMT)

FC allowed using maternity capital to pay off mortgage credits
MOSCOW, December 22 (Itar-Tass) -- The Federation Council - the Upper House, has allowed using funds of the maternity capital, assigned to mothers for birth of a second child, to pay off mortgage credits, says an amended bill "On additional measures on state support to families that raise children." (Mon, 22 Dec 2008 11:57:31 GMT)

Mortgage walkers :Walking away from a mortgage no longer unthinkable.
CHICAGO -- Diane Shackle found it gut-wrenching to walk away from a mortgage she took out in times that were better for both her and the U.S. economy. (Mon, 22 Dec 2008 12:02:05 GMT)

Croydon mortgage rescue plan used nationwide
A Croydon Council scheme helping local people struggling with mortgage payments has been adopted by the government to use nationwide. (Mon, 22 Dec 2008 12:08:27 GMT)

Diverse loan book
Strong risk management systems, a diversified loan portfolio and an impeccable track record make HDFC a safe bet. (Mon, 22 Dec 2008 12:46:55 GMT)

A Distressing Idea: Faking a Need for Mortgage Relief
Q My family as well as several others in our neighborhood now owe more on our mortgages than our homes are worth. At a recent party I heard some of our friends talking about the new federal mortgage-relief programs and how they were planning to get their monthly payments reduced. No one has lost a... (Mon, 22 Dec 2008 15:47:46 GMT)

Mortgage re-defaults rising, no sign of slowing
The rate of U.S. home mortgage borrowers defaulting after their loans are modified is rising and shows no signs of leveling off, U.S. banking regulators said on Monday. (Mon, 22 Dec 2008 16:02:30 GMT)

Mortgage re-defaults rising with no sign of slowing
The rate of home mortgage borrowers defaulting after their loans are modified is rising and shows no signs of leveling off, U.S. banking regulators said on Monday. (Mon, 22 Dec 2008 16:26:14 GMT)

Mortgage help: more to benefit from quicker payments
People who lost their jobs recently and face problems meeting their mortgage repayments are to receive state benefits more quickly the Government has announced. (Mon, 22 Dec 2008 17:11:30 GMT)

Tax lien may not block sale, refinancing
Financially distressed people should know there are ways to avoid having a tax lien on their property block them from refinancing or selling their homes, says the Internal Revenue Service. (Mon, 22 Dec 2008 17:39:20 GMT)

Mortgage rates make for buyer’s market
Prospective home buyers are beginning to realize that opportunity in the form of falling mortgage rates is knocking on their doors. While the overall economy continues to sputter — though not as much locally as nationally — interest rates have dropped and will likely continue to do so. (Mon, 22 Dec 2008 17:48:00 GMT)

Mortgage re-defaults rise with no sign of slowing
The rate of home mortgage borrowers defaulting after their loans are modified is rising and may worsen as the economy deteriorates, U.S. banking regulators said on Monday. (Mon, 22 Dec 2008 18:08:12 GMT)

George Bush's Bully Bridge Loan
The Nation -- When President George Bush announced $17.4 billion for General Motors and Chrysler, it wasn't so much of a bridge loan, it was more like bully tactics. The Bush bucks come with all sorts of ties, most of them around the UAW's neck. (Mon, 22 Dec 2008 18:55:53 GMT)

Guilty plea in mortgage fraud scheme
A Sacramento man has pleaded guilty in connection with a multimillion-dollar mortgage fraud scheme covering multiple properties in the area. Derek Davis, 62, also known as Terry McCullough, pleaded guilty to fraud charges in U.S. District Court, the U.S. attorney's office said. Davis and Dino Rosetti were indicted in October on charges of defrauding mortgage lenders by arranging for various ... (Mon, 22 Dec 2008 19:09:26 GMT)

Mortgage activity surges at US banks
US banks are having trouble handling a surge of mortgage applications spurred by dramatically lower interest rates, after record loan defaults and thousands of job cuts have stretched mortgage industry resources to the limit. (Mon, 22 Dec 2008 19:46:32 GMT)

Go for floating-rate home loan
Opting for or converting to a fixed rate loan when the interest rates are showing signs of easing don't look a great idea. (Mon, 22 Dec 2008 20:04:35 GMT)

Go for floating-rate home loan
MUMBAI: Home loan customers are finally heaving a sigh of relief. They have been waiting for interest rates to soften. Many of them have been planning to switch over to a fixed rate regime from floating one. That would ensure peace of mind in the time of uncertainties, they hope. (Mon, 22 Dec 2008 20:39:58 GMT)

Agents get lifetime ban for mortgage fraud
Three real estate agents engaged in mortgage fraud have been banned from the business for life. (Mon, 22 Dec 2008 20:53:39 GMT)

RBS case highlights repossession threat even when mortgage repayments have been paid
Homeowners who have not missed a single mortgage payment could still be threatened with repossession by lenders who use an emergency clause to demand that the entire loan is repaid at short notice. (Mon, 22 Dec 2008 23:08:03 GMT)

Mortgage companies get death records to prevent Day of the Jackal fraud
Death records are being released to mortgage companies to help prevent 'Day Of The Jackal'style identity fraud. (Tue, 23 Dec 2008 00:22:25 GMT)

Mortgage Rates Falling Again
It seems right now is a great time to refinance your house or even buy one. Mortgage rates are at an all time low with some Springfield banks reporting lower than 5-percent interest rates. (Tue, 23 Dec 2008 01:47:50 GMT)

Go for floating-rate home loan
MUMBAI: Home loan customers are finally heaving a sigh of relief. They have been waiting for interest rates to soften. Many of them have been planning to switch over to a fixed rate regime from floating one. That would ensure peace of mind in the time of uncertainties, they hope. (Tue, 23 Dec 2008 01:55:12 GMT)

CAL HFA to freeze loan funding
CAL HFA will freeze loan funding until the state budget is resolved. (Tue, 23 Dec 2008 02:23:52 GMT)

Diverse loan book
Strong risk management systems, a diversified loan portfolio and an impeccable track record make HDFC a safe bet. (Tue, 23 Dec 2008 04:51:29 GMT)

'Short Selling' a Way Out of Mortgage
DENVER - Behind on your mortgage? Upside-down on your home? There may be a way out, it's called "short selling" and the already common process is gaining popularity in Colorado. (Tue, 23 Dec 2008 05:02:29 GMT)

Bank lets 500 customers skip a mortgage payment
(By Tali Arbel, Associated Press) One bank is playing Santa for 500 lucky homeowners in this season of foreclosures and sinking home values – a gesture paid in part by employees forgoing their annual office party. ING Direct forgave $861,513.25 in January mortgage payments – or an average of $1,700 per household — for the 500 customers who won the online bank's essay contest. ING Direct ... (Tue, 23 Dec 2008 05:03:13 GMT)

Owners rush to banks to refinance
COLUMBIA -- Jeff and Anita Miller of Columbia are among Midlands residents refinancing their home after mortgage rates fell to their lowest level since the 1960s. (Tue, 23 Dec 2008 05:55:54 GMT)

Project eases mortgage woes
When Linda Johnson saw her mortgage rate ballooning to unmanageable levels, she knew she needed help to hold on to her home. (Tue, 23 Dec 2008 06:16:46 GMT)

Hawaii Mortgage Industry Sees Opportunity
Christmas comes early for the Hawaii mortgage industry. (Tue, 23 Dec 2008 06:39:00 GMT)

Squeezing dollars out of a mortgage
Interests rates fluctuating between 4 percent and 6 percent have sent homeowners rushing to refinance as the country copes with a continuing housing crisis. (Tue, 23 Dec 2008 07:17:33 GMT)

ING Direct gives gift to 500 lucky homeowners: no January mortgage payment
One bank is playing Santa for 500 lucky homeowners in this season of foreclosures and sinking home values — no mortgage payment next... (Tue, 23 Dec 2008 08:25:59 GMT)

Hungary Rail Strike Suspended as Christmas Travelers Head Home
Dec. 23 (Bloomberg) -- Hungarian rail workers suspended their nine day-old strike over pay demands, allowing passengers to head home for Christmas during one of the busiest travel times of the year. (Tue, 23 Dec 2008 08:26:05 GMT)

Mortgage lending 'shrinks again'
UK mortgage lending by the major banks has fallen sharply with approvals for house purchases 60% lower than a year ago. (Tue, 23 Dec 2008 09:47:42 GMT)

Mortgage lending 'shrinks again'
UK mortgage lending by the major banks has fallen sharply with approvals for house purchases 60% lower than a year ago. (Tue, 23 Dec 2008 09:48:39 GMT)

U.K. economy shrinks most since 1990
Home-loan approvals plunged 61 percent to 17,773 in November from a year earlier, the British Bankers' Association said. (Tue, 23 Dec 2008 10:39:55 GMT)

Check terms of loan before refinancing
Don't forget to check the terms of your mortgage before refinancing to a new loan. (Tue, 23 Dec 2008 11:00:00 GMT)

UK mortgage approvals fell to record low in Nov.
British mortgage approvals fell to their lowest level since at least 1997 in November as buyers were deterred by falling house prices and fears that the economic slowdown will hit their budgets, the British Bankers' Association (BBA) said Tuesday. (Tue, 23 Dec 2008 11:15:01 GMT)

New mortgage aid asked
The mortgage-industry effort to stem foreclosures aims to double the number of borrowers getting help next year, as Democrats call for using taxpayer money to address the crisis. (Tue, 23 Dec 2008 11:18:03 GMT)

Mortgage Rates Go Down, Refinancing Goes Up
Rates on 30-year, fixed mortgages have dropped to 5.29 percent, triggering a surge in applications for refinancing. So far, it has not turned into a wave of home buying, but it might help spur sales next year. (Tue, 23 Dec 2008 11:23:39 GMT)

IndyMac's Model For Mass Mortgage Refinancing
California has lost more homes to foreclosure this year than any other state. Given the scale of the housing crisis, a lot of people are talking about a mass loan refinancing program. It could be modeled along the lines of the pilot program federal regulators are running for IndyMac, the ill-fated bank based in Pasadena. (Tue, 23 Dec 2008 11:23:59 GMT)

Air Canada secures loan
Air Canada said yesterday that it has signed a deal for a five-year loan for US$78 million with Calyon New York Branch and Norddeutsche Landesbank Girozentrale. (Tue, 23 Dec 2008 11:57:49 GMT)

Mortgage companies are hopping with rates at historic lows; But without credit, equity, there’s no loan
Mortgage brokers and underwriters in Central Oregon are seeing an uptick in mortgage applications due to falling interest rates, but the increase isn’t necessarily leading to more new loans because some homeowners don’t have enough equity or first-time borrowers don’t have high enough credit scores. (Tue, 23 Dec 2008 12:14:07 GMT)

Tax lien may not block sale, refinancing
Financially distressed people should know there are ways to avoid having a tax lien on their property block them from refinancing or selling their homes, says the Internal Revenue Service. (Tue, 23 Dec 2008 12:48:19 GMT)

Mortgage lending falls 60%
Mortgage approvals for house purchases in fell by 60% to 17,773 in November from the previous year, figures from the British Bankers' Association (BBA) showed Tuesday. (Tue, 23 Dec 2008 13:01:00 GMT)

UK mortgage approvals hit record low
British mortgage approvals fell to their lowest level since at least 1997 in November, the British Bankers' Association (BBA) said. (Tue, 23 Dec 2008 13:10:56 GMT)

Pa. imposing tougher mortgage industry regulations
Pennsylvania's banking regulators are imposing tougher rules for the mortgage industry to better protect homebuyers from the prospect of foreclosure. (Tue, 23 Dec 2008 14:41:25 GMT)

Should You Refinance
As the Holiday Season quickly approaches, the media is busy broadcasting lower mortgage rates and a refinancing boom. Is this really true? Are the lenders and bank really out there refinancing loans? (Tue, 23 Dec 2008 15:07:18 GMT)

Wanted: Richmond Mortgage Professionals
With interest rates declining, millions of Americans are working to refinance their homes creating high demand for mortgage professionals in the area. In fact, despite rising national unemployment and job losses in recent months, Adecco USA currently has demand for more than 250 mortgage professionals in the Richmond market for great positions they need talent for today. (Tue, 23 Dec 2008 15:45:00 GMT)

Existing home sales fell in November
WASHINGTON, Dec. 23 (UPI) -- Existing home sales fell by a seasonally adjusted 8.6 percent in November, the National Association of Realtors said Tuesday. (Tue, 23 Dec 2008 15:49:20 GMT)

B of A Mulls Mortgage Hires with Surge in Volume Likely
The government's bold moves to lower mortgage rates and a spike in applications in recent weeks have Bank of America Corp. thinking seriously about bringing in reinforcements. (Tue, 23 Dec 2008 17:38:25 GMT)

Mortgage Loans For A Fort Lauderdale Home Purchase
Want to settle down in Fort Lauderdale in a stylish and elegant home, but you can't afford the price tag? Then you might want to consider getting a mortgage loan to give you all the funds you need to get your dream home under your name in Fort Lauderdale real estate . (Tue, 23 Dec 2008 17:48:03 GMT)

Mortgage Lessons From 'It's a Wonderful Life'
What the classic holiday movie "It's a Wonderful Life" can teach us about the mortgage industry meltdown. (Tue, 23 Dec 2008 18:02:35 GMT)

Arizona mortgage rates dip below 5 percent
Average rates for a 30-year fixed-rate mortgage dipped below 5 percent in Arizona this month, according to Zillow.com. (Tue, 23 Dec 2008 18:36:38 GMT)

UK mortgage approvals hit record low
British mortgage approvals fell to their lowest level since at least 1997 in November, the British Bankers' Association (BBA) said. (Tue, 23 Dec 2008 19:02:48 GMT)

MuniMae sells its mortgage lending business
Municipal Mortgage and Equity LLC, better known as MuniMae, has sold its business of loaning mortgages to developers for $70 million. (Tue, 23 Dec 2008 19:28:20 GMT)

Federal Home Loan Bank of Chicago Announces 2009 Board of Directors
The Federal Home Loan Bank of Chicago has finalized results for the election of seven new independent directors. (Tue, 23 Dec 2008 19:39:00 GMT)

Tougher Rules Imposed On Mortgage Industry
Pennsylvania's banking regulators are imposing tougher rules on the mortgage industry to better protect homeowners. Beginning in March, lenders and brokers will have to make sure consumers can afford to repay and clearly understand the terms of the loans. (Tue, 23 Dec 2008 19:51:46 GMT)

Mexico's Infonavit Sells MXN2.16 Billion In Mortgage Bonds
MEXICO CITY -(Dow Jones)- Mexico's federal housing fund Infonavit said Tuesday it has made its last issuance of mortgage-backed securities for this year, placing 2.16 billion pesos ($162.4 million) in mortgage bonds on the local market. (Tue, 23 Dec 2008 20:37:54 GMT)

Mexico's Infonavit Sells MXN2.16 Billion In Mortgage Bonds
MEXICO CITY -(Dow Jones)- Mexico's federal housing fund Infonavit said Tuesday it has made its last issuance of mortgage-backed securities for this year, placing 2.16 billion pesos ($162.4 million) in mortgage bonds on the local market. (Tue, 23 Dec 2008 20:37:54 GMT)

2008 In Review: Mortgage Crisis Forever Changes Wall Street
The subprime mortgage crisis led to a series of stunning financial closures and merges, as the United States faced its most serious economic crisis since the Great Depression. (Tue, 23 Dec 2008 20:43:42 GMT)

Home sales drop 23 percent in Midwest in November
Existing home sales in the Midwest tumbled 23 percent in November compared with a year ago as accelerated job losses, Wall Street weakness and dwindling consumer confidence forced more people out of the housing market, the National Association of Realtors said Tuesday. (Tue, 23 Dec 2008 21:06:08 GMT)

Why Is It So Difficult To Refinance My Home?
Many people have contacted NBC 4 wondering why it’s so difficult to refinance their home.  (Tue, 23 Dec 2008 21:10:46 GMT)

Adecco to hire 200 mortgage professionals in Arizona
Adecco S.A., one of the world’s largest staffing agencies, is looking to fill more than 200 mortgage positions in Phoenix to keep up with demand from local banks flush with refinancing applications. (Tue, 23 Dec 2008 21:55:59 GMT)

Langford says agreement reached to end dispute over lawsuit against mortgage lenders
Birmingham Mayor Larry Langford has reached an agreement with lawyers who filed a lawsuit against mortgage lenders to drop the litigation and file a new lawsuit. But council President Carole Smitherman said the council would have to approve of the move. (Tue, 23 Dec 2008 22:53:25 GMT)

How to Uncover the Lowest Mortgage Rates
You can save a lot of money over the life of your loan if you refinance now or lock in a low rate on a new mortgage. (Tue, 23 Dec 2008 23:06:32 GMT)

Home Sales Slump To Long-Time Lows; Inventory Still High
Home resales and prices fell at a record pace last month while new-home sales sank to a near 18-year low as tight credit, job losses and weak consumer confidence discouraged potential buyers. (Wed, 24 Dec 2008 00:00:02 GMT)

California home loan program suspened
State budget stalemate forces agency that helps first-time home buyers to shut down for now (Wed, 24 Dec 2008 00:18:41 GMT)

(AFX UK Focus) 2008-12-24 00:01 UPDATE 1-Commonwealth Bank to buy A$4 bln Wizard home loans
SYDNEY, Dec 24 (Reuters) - Commonwealth Bank of Australia Ltd (CBA), will buy up to A$4 billion ($2.7 billion) of mortgages from local finance firm Wizard, CBA said on Wednesday, further boosting its market share in a consolidating Australian home loan market. (Wed, 24 Dec 2008 00:29:41 GMT)

(AFX UK Focus) 2008-12-24 00:01 UPDATE 1-Commonwealth Bank to buy A$4 bln Wizard home loans
SYDNEY, Dec 24 (Reuters) - Commonwealth Bank of Australia Ltd (CBA), will buy up to A$4 billion ($2.7 billion) of mortgages from local finance firm Wizard, CBA said on Wednesday, further boosting its market share in a consolidating Australian home loan market. (Wed, 24 Dec 2008 00:30:11 GMT)

Interest rates are down, so should you refinance?
KUSA - As interest rates fall to historic lows, mortgage brokers are seeing a surge in the number of people who want to refinance. (Wed, 24 Dec 2008 00:51:25 GMT)

Rules Set for Mortgage Loan Appraisals
Fannie Mae and Freddie Mac have agreed to improve the reliability of appraisals on mortgage loans bought by the two financing companies. (Wed, 24 Dec 2008 01:27:22 GMT)

Ready to refinance?
With the federal government lowering interests rates...mortgage rates are also dropping to record lows. Many are tempted to purchase a home or perhaps refinance one. (Wed, 24 Dec 2008 01:41:18 GMT)

Barely a King of a Castle with Mortgage Refinancing
It is not impossible to buy a house while being bankrupt, but it is not easy at all. There are procedures to go through, depending on your situation. If it is really bad, might as well stop dreaming and start working for that promotion. (Wed, 24 Dec 2008 02:01:46 GMT)

Beware of faulty mortgage rate quotes
With mortgage rates at historic lows '” 4.75 percent from several lenders in mid-December '” a new legal settlement from the Federal Trade Commission offers a cautionary note for consumers, especially if they are minorities: Watch out. The rates and fees you're quoted could violate federal law. (Wed, 24 Dec 2008 03:46:19 GMT)

The interest paid on home loans, up to a maximum of Rs 1.5 lakh annually , is allowed to be deducted from the income ...
The government is unlikely to extend further tax benefits for home loan seekers as the proposal has not found favour with the committee of secretaries charged with drawing up the package, a government official familiar with the deliberations told ET. (Wed, 24 Dec 2008 03:49:15 GMT)

Local homeowners take advantage of holiday sale on mortgage rates
BLOOMINGTON -- Some homeowners took advantage of a holiday sale on mortgage rates last week. The 30-year fixed-rate mortgage averaged 5.19 percent with an average .7 points for the week ending Thursday, according to Freddie Mac. The rate had not been lower since the mortgage company began its survey in 1971. (Wed, 24 Dec 2008 04:16:19 GMT)

Japan Stocks Drop on U.S. Home Slump; Toyota Falls on Outlook
Dec. 24 (Bloomberg) -- Japan’s stocks fell the most in almost two weeks as U.S. home prices sank at the fastest rate in decades and local manufacturers’ confidence dropped by a record. (Wed, 24 Dec 2008 05:11:14 GMT)

Mortgage rates sink below magic number
A t the end of a dismal year for the financial industry, lower mortgage rates are providing a gift for lending institutions. As rates dropped this month, mortgage lenders say they've already seen a big increase in customers looking to refinance. "Really over the last couple of weeks, we've seen a surge of activity," said Blake Wilson, president and chief financial officer of ... (Wed, 24 Dec 2008 05:24:16 GMT)

Wintrust acquires Professional Mortgage Partners
Wintrust Financial Corp. Tuesday announced the acquisition of Professional Mortgage Partners of Downers Grove. (Wed, 24 Dec 2008 06:41:01 GMT)

Loan modification firms causing more problems for homeowners
Lee Monson, above, said she and her husband, Rich, paid a San Diego-based loan modification company almost $3,000 in June to keep from losing their Parker home to foreclosure. Their home now is in foreclosure and she has turned for help to the Colorado Division of Real Estate, which is in the midst of a major investigation of loan modification outfits. (Wed, 24 Dec 2008 07:18:36 GMT)

Refinancing soars again: Should you cash in, too?
Mortgage-interest rates skirting 5 percent are creating a home-loan-refinancing frenzy the likes of which Central Florida mortgage brokers have not seen for five years. (Wed, 24 Dec 2008 09:16:35 GMT)

Mortgage rates are a holiday treat
No one asks Santa for a new mortgage for Christmas, but with rates at historic lows, it may be just what some people are shopping for this holiday. (Wed, 24 Dec 2008 10:13:19 GMT)

Mortgage approvals at lowest level since 1997 as banks conserve funds
the housing market is unlikely to get any respite soon from lending-weary banks, figures released yesterday suggest. Mortgage approvals fell to the lowest since at least 1997 in November, according to statistics from the British Banking Association (BBA). (Wed, 24 Dec 2008 10:38:04 GMT)

No action yet from probe of Beazer
(By Peter St. Onge, pstonge@charlotteobserver.com) This summer, after years of financial struggles and missed mortgage payments and subsequent refinancing, Lea and Mark Tingley finally felt a few paces ahead of foreclosure's pursuit. Then the dog got sick. It was their daughter's dog, a Maltese named Gabanna, and the ensuing bill from the veterinarian about equaled their $870 mortgage payment. ... (Wed, 24 Dec 2008 11:18:03 GMT)

Wintrust Mortgage acquires mortgage banking assets of Professional Mortgage
Wintrust Financial Corporation has announced the acquisition of certain assets and the assumption of certain liabilities of the mortgage banking business of Professional Mortgage Partners of Downers Grove, Illinois. (Wed, 24 Dec 2008 11:31:22 GMT)

Week-to-week mortgage applications skyrocket 48%: MBA
Mortgage applications leap higher as homeowners seeking to refinance and first-time buyers ready to take the plunge rush to lock in lower interest rates, Mortgage Bankers Association data show. (Wed, 24 Dec 2008 12:21:46 GMT)

Mortgage applications hit almost 5-year high: MBA
U.S. mortgage applications surged to the highest level in over five years in the latest week, as potential borrowers came out in droves to refinance as government interventions helped push interest rates down to record lows, data from an industry group showed on Wednesday. (Wed, 24 Dec 2008 12:59:33 GMT)

Mortgage applications soar as rates fall
Near record low mortgage rates sent mortgage applications shooting higher last week, especially for refinances, according to an industry report. (Wed, 24 Dec 2008 13:05:26 GMT)

Refinancing soars again: Should you cash in, too?
Mortgage-interest rates skirting 5 percent are creating a home-loan-refinancing frenzy the likes of which Central Florida mortgage brokers have not seen for five years. (Wed, 24 Dec 2008 13:08:48 GMT)

MBA: Mortgage Applications Hit Almost 5-Year High
U.S. mortgage applications surged to the highest level in over five years in the latest week, as potential borrowers came out in droves to refinance as government interventions helped push interest rates down to record lows, data from an industry group showed on Wednesday. (Wed, 24 Dec 2008 13:23:08 GMT)

Mortgage rates dropping: Time to refinance?
This year's holiday season is likely to be a little cheerier at Kevin Coughlin's home. Coughlin refinanced the adjustable-rate mortgage on his Shorewood, Minn., house this month into a 30-year fixed-rate mortgage that's going to save him $200 a month. (Wed, 24 Dec 2008 13:37:01 GMT)

U.S. MBA’s Mortgage Applications Index Jumped 48% Last Week
Dec. 24 (Bloomberg) -- Mortgage applications in the U.S. jumped 48 percent last week as the lowest borrowing costs in five years promoted a surge in refinancing. (Wed, 24 Dec 2008 14:02:52 GMT)

Mortgage Applications Jump To 5-Year High
(RTTNews) - The volume of mortgage applications jumped to its highest level in over 5 years last week, as low rates continued to encourage homeowners to refinance. (Wed, 24 Dec 2008 14:23:40 GMT)

Mortgage applications hit almost 5-year high: MBA
Mortgage applications surged to the highest level in over five years in the latest week, as potential borrowers came out in droves to refinance as government interventions helped push interest rates down to record lows, data from an industry group showed on Wednesday. (Wed, 24 Dec 2008 14:25:49 GMT)

Mortgage applications hit almost 5-year high: MBA
Mortgage applications surged to the highest level in over five years in the latest week, as potential borrowers came out in droves to refinance as government interventions helped push interest rates down to record lows, data from an industry group showed on Wednesday. (Wed, 24 Dec 2008 14:28:36 GMT)

California home loan program suspended
State budget stalemate forces agency that helps first-time home buyers to shut down for now (Wed, 24 Dec 2008 14:37:27 GMT)

State Auto joins Federal Home Loan Bank
State Automobile Mutual Insurance Co. has become the latest insurer to join the Federal Home Loan Bank of Cincinnati in an effort to find quicker, cheaper access to capital. (Wed, 24 Dec 2008 14:44:02 GMT)

McGinn: A 4.5 Percent Mortgage for Christmas?
The best present any homeowner could hope for: a 4.5 percent mortgage. (Wed, 24 Dec 2008 15:51:47 GMT)

Mortgage applications hit 5-year high: MBA
U.S. mortgage applications surged to five-year highs as potential borrowers sought to refinance with interest rates down to record lows, an industry group said on Wednesday. (Wed, 24 Dec 2008 15:51:52 GMT)

Mortgage applications highest since mid-2003
Mortgage applications spiked last week to their highest level in more than five years, as borrowers took advantage of rates that fell to near-record lows after the government pledged to funnel money into the mortgage market. (Wed, 24 Dec 2008 15:55:42 GMT)

Mortgage applications surge to 5-year high as borrowers rush to refinance at lower rates
WASHINGTON - Mortgage applications spiked last week to their highest level in more than five years, as borrowers took advantage of rates that fell to near-record lows after the government pledged to funnel money into the mortgage market. (Wed, 24 Dec 2008 16:02:06 GMT)

Mortgage applications highest since mid-2003
WASHINGTON -- Research released today showed mortgage applications spiked last week to their highest level in more than five years, as borrowers took advantage of rates near record lows after the government pledged to funnel money into the mortgage market. (Wed, 24 Dec 2008 16:03:46 GMT)

Home prices may rise on mortgage refinancing boom
Veteran banking analyst Richard Bove said he expects housing prices in the United States to stabilize and/or rise after a likely boom in mortgage refinance, as mortgage rates fall and loan applications increase. (Wed, 24 Dec 2008 16:05:24 GMT)

Japan Stocks Drop on U.S. Home Slump; Toyota Falls on Outlook
Dec. 24 (Bloomberg) -- Japan’s stocks fell the most in almost two weeks as U.S. home prices sank at the fastest rate in decades and local manufacturers’ confidence dropped by a record. (Wed, 24 Dec 2008 16:37:10 GMT)

Mortgage Rates Fall to New Low
Mortgage rates continued tumbling, as Freddie Mac reported today that interest on 30-year loans averaged 5.14 percent this week, the lowest point since it began tracking in 1971. (Wed, 24 Dec 2008 17:09:28 GMT)

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