Mortgage News Dec 2008
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Low rates drive mortgage applications up 48%
Mortgage applications surged to the highest level in more than five years in the latest week, as potential borrowers came out to refinance at interest rates near record lows. (Wed, 24 Dec 2008 18:23:27 GMT)
Mortgage rates fall to new record low
Rates on 30-year fixed-rate mortgages fell to a record low for the second straight week, causing refinancing applications to surge to the highest level in more than five years, a month after the Federal Reserve pledged to channel billions to prop up the sinking U.S. housing market. (Wed, 24 Dec 2008 20:24:45 GMT)
Jumbo Mortgage Shoppers Get Little Relief From Rates (Update2)
Dec. 24 (Bloomberg) -- Jumbo mortgage shoppers in the most expensive U.S. housing markets such as New York and San Francisco aren’t getting much relief from lower borrowing costs. (Wed, 24 Dec 2008 20:47:44 GMT)
Mortgage rates fall to new record low, spurring applications
Low mortgage rates are spawning a boom in refinancing. (Wed, 24 Dec 2008 20:57:56 GMT)
Mortgage rates fall to new record low, spurring applications
WASHINGTON (AP) - Low mortgage rates are spawning a boom in refinancing. The average for 30-year fixed-rate mortgages has dropped to a record low for a second straight week, at 5.14 percent. (Wed, 24 Dec 2008 20:58:10 GMT)
Mortgage rates fall to new record low, spurring applications
Associated Press - December 24, 2008 3:43 PM ET WASHINGTON (AP) - Low mortgage rates are spawning a boom in refinancing. The average for 30-year fixed-rate mortgages has dropped to a... (Wed, 24 Dec 2008 20:58:26 GMT)
Once Trusted Mortgage Pioneers, Now Pariahs
Herbert Sandler and his wise, Marion, were long viewed as the mortgage industry?s model citizens, but have been swept into the maelstrom surrounding who is to blame for the housing bust. (Thu, 25 Dec 2008 02:12:22 GMT)
Holiday Home Loan Rates
It`s a Christmas present to homeowners and those considering buying a place of their own...historically low interest rates for home loans. "If anyone needs to buy a home or sell a home, god there`s no better time to do it then now," says Jan Hoge, a broker for Alliance Real Estate. (Thu, 25 Dec 2008 02:25:32 GMT)
Once trusted mortgage pioneers, now pariahs
Herbert Sandler and his wife, Marion, were long viewed as the mortgage industry's model citizens, but have been swept into the maelstrom surrounding who is to blame for the housing bust. (Thu, 25 Dec 2008 03:28:06 GMT)
Mortgage rates fall to record low
Refi applications surge as mortgage rates fall again Rates on 30-year fixed-rate mortgages fell to a record low for the second straight week, causing refinancing applications to jump to the highest level in more than five years, a month after the Federal... (Thu, 25 Dec 2008 04:06:27 GMT)
PSC seeks bank loan repayment extension
Powerchip Semiconductor Corporation (PSC) has announced via a filing with the Taiwan Stock Exchange (TSE) that the company has submitted a proposal to Taiwan's Ministry of Economic Affairs (MOEA), requesting a further extension on bank loan repayments to help overcome the current financial crisis. (Thu, 25 Dec 2008 04:43:31 GMT)
Once Trusted Mortgage Pioneers, Now Pariahs
Herbert and Marion Sandler were long viewed as the mortgage industry?s model citizens, but have been swept into the maelstrom surrounding who is to blame. (Thu, 25 Dec 2008 06:05:13 GMT)
Mortgage requests reach five-year high; 80% seek refinancing
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. (Thu, 25 Dec 2008 06:15:42 GMT)
Jobless Philippine workers return home to an uncertain future
Americans were already defaulting on home payments when Gertrudes Capili mortgaged her modest farm near Manila to help send her two granddaughters to Taiwan. (Thu, 25 Dec 2008 07:16:49 GMT)
Mortgage rates fall; refinance calls boom
WASHINGTON — Rates on 30-year fixed-rate mortgages fell to a record low for the second straight week, causing refinancing applications to surge to the highest level in more than five years, a month after the Federal Reserve pledged to channel billions to prop up the sinking U.S. housing market. (Thu, 25 Dec 2008 07:24:36 GMT)
Drop in 30-year mortgage rates fuels new round of refinancing?
Associated Press WASHINGTON — Rates on 30-year fixed-rate mortgages fell to a record low for the second straight week, causing refinancing applications to surge to the highest level in more than five years, a month after the Federal Reserve pledged to channel billions to prop up the sinking U.S. housing market. (Thu, 25 Dec 2008 08:35:22 GMT)
Mortgage rates fall to record low
Refi applications surge as mortgage rates fall again Rates on 30-year fixed-rate mortgages fell to a record low for the second straight week, causing refinancing applications to jump to the highest level in more than five years, a month after the Federal... (Thu, 25 Dec 2008 08:52:52 GMT)
Turkey's Koc-mandates banks to secure $700 mln loan
ISTANBUL, Dec 25 (Reuters) - Turkish finance-to-energy conglomerate Koc Holding said on Thursday it had signed a mandate letter with a consortium of banks and lenders to secure a loan of $700 million. (Thu, 25 Dec 2008 09:30:31 GMT)
(AFX UK Focus) 2008-12-25 09:45 Turkey's Koc-mandates banks to secure $700 mln loan
ISTANBUL, Dec 25 (Reuters) - Turkish finance-to-energy conglomerate Koc Holding said on Thursday it had signed a mandate letter with a consortium of banks and lenders to secure a loan of $700 million. Turkish companies, which borrowed heavily in foreign currency to avoid high interest rates at home, are facing tougher credit conditions in trying to roll over loans. Data from the Central Bank ... (Thu, 25 Dec 2008 10:14:58 GMT)
Mortgage refis surge
Mortgage rates went up this week from near-record lows, as brokers scrambled to keep up with applications. (Thu, 25 Dec 2008 11:00:00 GMT)
Mortgage refis surge
Mortgage rates went up this week from near-record lows as brokers and bankers scrambled to keep up with an influx of applications. (Thu, 25 Dec 2008 11:53:05 GMT)
Area lenders report increase in mortgage refinancing
Steve Hartman purchased his first home this month. Four days later, he refinanced the mortgage. (Thu, 25 Dec 2008 20:01:22 GMT)
LICHFs reverse mortgage soon; awaits nod on insurance tie-up
State-run home finance company LIC Housing Finance is awaiting the National Housing Bank's tie-up with insurance companies before launching its reverse mortgage scheme for senior citizens. (Thu, 25 Dec 2008 21:33:21 GMT)
Diverse loan book
Strong risk management systems, a diversified loan portfolio and an impeccable track record make HDFC a safe bet. (Fri, 26 Dec 2008 02:40:02 GMT)
Heads up: Mortgage rates down again
Rates on 30-year fixed-rate mortgages fell to a record low for the second straight week, averaging 5.14 percent, down from 5.19 percent last week. The rate was the lowest since Freddie Mac’s weekly mortgage rate survey began in April 1971 and represented the eighth straight week of declines. The average rate on a 15-year fixed-rate mortgage dropped from 4.92 to 4.91 percent, and rates on ... (Fri, 26 Dec 2008 04:22:26 GMT)
Middlesbrough keeper Turnbull: Lower league loan helped me
Middlesbrough goalkeeper Ross Turnbull admits playing away on-loan was the making of him. read more (Fri, 26 Dec 2008 04:40:41 GMT)
Lenders report boom in mortgage refinancing
Steve Hartman purchased his first home this month. Four days later, he refinanced the mortgage. Even as a just-released report showed Springfield-area home sales down nearly 36 percent in November compared to a year earlier, lenders report a boom in refinancing thanks to the lowest interest rates in decades. (Fri, 26 Dec 2008 05:16:42 GMT)
To refinance or not to refinance? That is the question
With mortgage interest rates dipping below 5 percent recently, homeowners should be clamoring to refinance with some of the cheapest home loans in generations. Or should they? (Fri, 26 Dec 2008 05:17:48 GMT)
Mortgage applications highest since mid-2003
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. (Fri, 26 Dec 2008 06:22:45 GMT)
Home Front: Advice to walk away from loan draws fire
No apologies, says Ruben Ramos, owner of a Marysville real estate office. "If people don't think it's a reality, they better wake up." Ramos got attention in real estate circles this week after explaining in Sunday's Bee how he encourages troubled borrowers to walk away from their homes. His comments – during a real estate round table with three other panelists – went off like a bomb in ... (Fri, 26 Dec 2008 08:07:42 GMT)
As interest rates fall, more people refinance homes
RACINE COUNTY — Until recently, with the housing market in a deep freeze, a mortgage broker’s job was slow at best. (Fri, 26 Dec 2008 08:19:54 GMT)
Drop in 30-year mortgage rates fuels new round of refinancing?
Associated Press WASHINGTON — Rates on 30-year fixed-rate mortgages fell to a record low for the second straight week, causing refinancing applications to surge to the highest level in more than five years, a month after the Federal Reserve pledged to channel billions to prop up the sinking U.S. housing market. (Fri, 26 Dec 2008 08:35:22 GMT)
Falkirk loan keeper Flinders considers his future
Falkirk stopper Scott Flinders is on loan to the Bairns from Crystal Palace, but the agreement comes to an end after Falkirk’s home meeting with Kilmarnock on January 3. read more (Fri, 26 Dec 2008 08:51:26 GMT)
Simply Money: Mortgage twist too good to be true
Question: Someone told me you can tell your mortgage company to pay the principal first out of your monthly payment rather than the interest, saving you money over the long haul. Seems absurd to me, but is there any truth to this? (Fri, 26 Dec 2008 10:32:21 GMT)
Mortgage applications up 48 percent as interest rates dip
As interest rates tumble, a growing number of Americans are applying for new home loans and refinancing their existing ones. (Fri, 26 Dec 2008 11:15:04 GMT)
How can I avoid a refinancing rip-off?
EDITOR'S NOTE: Refinancing activity is soaring, so Bankrate asked personal finance columnist Dr. Don Taylor to answer some of our readers' most pressing questions about getting a new mortgage. (Fri, 26 Dec 2008 11:53:05 GMT)
Jumbo Mortgage Shoppers Get Little Relief From Rates (Update2)
Dec. 24 (Bloomberg) -- Jumbo mortgage shoppers in the most expensive U.S. housing markets such as New York and San Francisco aren’t getting much relief from lower borrowing costs. (Fri, 26 Dec 2008 12:45:16 GMT)
GRUH Finanace cuts home loan rates
In the wake of cut in rates and the resultant impact on its borrowing costs, GRUH Finance (GRUH), a subsidiary of HDFC, has reduced its prime lending rate (PLR) by 50 basis points effective from January 1, 2009. The change in PLR would impact all the existing loan customers of the company. (Fri, 26 Dec 2008 12:56:33 GMT)
Refinance your Home Loan and Get Extra Cash
When you decide to refinance a mortgage you’ll be canceling a previous loan with the money amount obtained from a second loan. (Fri, 26 Dec 2008 14:03:38 GMT)
Mortgage advisory firms criticized
WASHINGTON, Dec. 26 (UPI) -- Profiteering mortgage consulting businesses have raised concerns among consumer advocates and U.S. bankers who say their services are often free. (Fri, 26 Dec 2008 15:04:20 GMT)
Real Estate Weekly: Why mortgage modifications so often fail to help borrowers
Hope Now, an alliance of mortgage servicers, counselors and investors, said this week that the mortgage industry completed nearly 950,000 mortgage modifications in 2008. (Fri, 26 Dec 2008 15:36:51 GMT)
State pushing tough law to combat mortgage fraud
After months of stinging criticism for letting crooks and con artists prey on Florida borrowers, regulators have proposed sweeping changes in state law that would make Florida one of the most tightly regulated mortgage markets in the country. (Fri, 26 Dec 2008 16:50:46 GMT)
Mortgage applications highest since ’03
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. (Fri, 26 Dec 2008 18:02:07 GMT)
Commercial-Mortgage Bonds Lead Improving Debt Markets (Update1)
Dec. 26 (Bloomberg) -- Commercial-mortgage bonds are outperforming investment-grade company debt and Fannie Mae corporate notes this month, all among the top debt categories rewarding investors who bought or held on to devalued securities. (Fri, 26 Dec 2008 18:25:12 GMT)
GRUH Finanace cuts home loan rates
In the wake of cut in rates and the resultant impact on its borrowing costs, GRUH Finance (GRUH), a subsidiary of HDFC, has reduced its prime lending rate (PLR) by 50 basis points effective from January 1, 2009. The change in PLR would impact all the existing loan customers of the company. (Fri, 26 Dec 2008 20:47:20 GMT)
Prop for select home loans
New Delhi, Dec. 26: The government today offered home buyers from the weaker sections of society a 5 per cent interest subsidy on loans up to Rs 1 lakh taken during the Eleventh Plan (2007-12). (Fri, 26 Dec 2008 21:00:28 GMT)
Demand Transparency on Mortgage Rates and Fees
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 members of minority groups: Watch out. The rates and fees you're quoted could violate federal law. (Fri, 26 Dec 2008 21:33:03 GMT)
Home refinancing surges on lower rates
Rates on 30-year fixed rate mortgages have fallen to a record low for the second straight week, causing home refinancing applications to surge in Central Florida. (Fri, 26 Dec 2008 23:36:50 GMT)
Mortgage rate drop helping in Nevada
‘Twas the day after Christmas and for some Nevada residents, rate drops mean change may come - and not just in presidents. Interest rates for 30-year fixed mortgages dropped nationally for the eighth week to reach 5.14 percent, the lowest on record since Freddie Mac (the Federal Home Loan Mortgage Corp.) began a weekly rate survey in 1971. So loans are being written. (Sat, 27 Dec 2008 00:00:13 GMT)
Lower Mortgage Rates Cause Increase In Refinancing
Thirty-year fixed rate mortgages are creating a sudden boom in refinancing. (Sat, 27 Dec 2008 01:09:56 GMT)
Discretionary mortgage rates and fees could violate federal law
In a legal settlement with Gateway Funding Diversified Mortgage Services, the FTC alleged that minority refinancers and home buyers were charged more than similar white applicants. With mortgage rates at historic lows -- 4.75% 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 ... (Sat, 27 Dec 2008 01:54:16 GMT)
Gilbert woman pins hopes on home giveaway
Nothing about the stucco and red tile roof of the suburban Gilbert home with neat, personal touches like wall art doubling as light fixtures screams foreclosure. Yet that’s the predicament Heather Gray finds herself in due to personal circumstances. (Sat, 27 Dec 2008 02:43:00 GMT)
GRUH Finanace cuts home loan rates
In the wake of cut in rates and the resultant impact on its borrowing costs, GRUH Finance (GRUH), a subsidiary of HDFC, has reduced its prime lending rate (PLR) by 50 basis points effective from January 1, 2009. The change in PLR would impact all the existing loan customers of the company. (Sat, 27 Dec 2008 03:17:23 GMT)
Hang on a bit longer for refinancing
When Roland Leger bought his house three years ago, he managed to avoid getting caught up in an adjustable-rate mortgage that is set to increase within the next year or two - the kind of loan that is trapping many people these days with interest rates higher than they can afford. (Sat, 27 Dec 2008 03:33:37 GMT)
GRUH Finanace cuts home loan rates
In the wake of cut in rates and the resultant impact on its borrowing costs, GRUH Finance (GRUH), a subsidiary of HDFC, has reduced its prime lending rate (PLR) by 50 basis points effective from January 1, 2009. The change in PLR would impact all the existing loan customers of the company. (Sat, 27 Dec 2008 04:02:21 GMT)
Govt to further subsidise home loans to urban poor
The government today announced a scheme to provide interest subsidy of 5 percentage points for home loans up to Rs 1 lakh taken by the urban poor. This will mean that the urban poor will pay only 3.5 per cent interest on such loans. (Sat, 27 Dec 2008 04:45:12 GMT)
Buyer found for IndyMac, according to mortgage Web site
Private equity firm Dune Capital Management has emerged as the likely buyer for IndyMac Federal Bank, according to information reported Friday on the Mortgage Lender Implode-O-Meter Web site. (Sat, 27 Dec 2008 04:55:34 GMT)
With mortgage rates dropping, is it time to refinance?
MINNEAPOLIS -- This year's holiday season is likely to be a little cheerier at Kevin Coughlin's home. (Sat, 27 Dec 2008 05:23:45 GMT)
Low mortgage rates a gift for homeowners
Maybe the best present isn’t delivered via the chimney by a fat man in a red suit after all. Now that Christmas is over, how about significant monthly savings by refinancing your home? According to the Mortgage Bankers Association, 30-year fixed-rate mortgages hit their lowest since they began tracking this information in June 2003. As a result, application volume increased 50 percent for the ... (Sat, 27 Dec 2008 06:11:17 GMT)
Loose Change: Smaller mortgage lenders see opportunity
As many of the biggest U.S. banks continue to pare back their mortgage lending, some smaller financial institutions see global financial turmoil as an opportunity to pick up market share. (Sat, 27 Dec 2008 06:12:47 GMT)
MORTGAGE THAW DOESN'T CHEER 'JUMBO' BUYERS
The good news is that mortgages are available at the cheapest rates in years - but not for the pricier dwellings on the market around here. An average 30-year, fixed-rate mortgage of 5.14 percent is sparking a surge in mortgage applications... (Sat, 27 Dec 2008 06:35:14 GMT)
State proposes tough new rules for mortgage brokers
After months of stinging criticism for letting crooks and con artists prey on Florida borrowers, regulators have proposed sweeping changes in state law that would make Florida one of the most tightly regulated mortgage markets in the country. (Sat, 27 Dec 2008 08:21:17 GMT)
State proposes tough new rules for mortgage brokers
After months of stinging criticism for letting crooks and con artists prey on Florida borrowers, regulators have proposed sweeping changes in state law that would make Florida one of the most tightly regulated mortgage markets in the country. (Sat, 27 Dec 2008 08:25:42 GMT)
As interest rates fall, more people refinance homes
RACINE COUNTY — Until recently, with the housing market in a deep freeze, a mortgage broker’s job was slow at best. (Sat, 27 Dec 2008 08:32:45 GMT)
Q: After the way credit markets became frozen, is it any easier for potential homeowners to get a mortgage?
A: Possibly, based on mortgage company Freddie Mac's weekly report, which showed the average rate on 30-year fixed-rate loans fell to a record low of 5.14 percent. And more homeowners are looking to refinance, with those applications surging to the highest level in more than five years, according to the Mortgage Bankers Association. (Sat, 27 Dec 2008 09:58:08 GMT)
Beware of discriminatory pricing when refinancing
Under federal civil-rights laws, mortgage companies can set prices using specific underwriting factors related to the statistical probability of nonpayment, but under no circumstances can they charge applicants based on race, ethnicity, religion, age, sex or physical disability. (Sat, 27 Dec 2008 10:11:41 GMT)
Refinancing may be a waiting game
With house values dropping, experts say that if you can hold on until the market turns around, you may still be able to get better mortgage rates. (Sat, 27 Dec 2008 10:11:50 GMT)
No place like home
Zelda Gallegos considers herself blessed to have reached two milestones in her life thus far: owning her own home and being mortgage-free. (Sat, 27 Dec 2008 11:05:01 GMT)
Tempting as it seems right now, refinancing not for all
Ever since the Federal Reserve lowered its lending rate earlier this month, refinancing has been on the mind of many homeowners. (Sat, 27 Dec 2008 12:06:54 GMT)
Local Mortgage Brokers See Spike in Business
The one positive aspect of the current economic turmoil seems to be mortgage interest rates. And the more they drop the more phone calls local mortgage industry experts get. (Sat, 27 Dec 2008 12:22:27 GMT)
All Sport... Barcham extends Gills loan spell
Forward Andy Barcham is set to stay at Gillingham for the rest of the season after the two clubs agreed a new loan deal. Barcham's current spell ran out after the Boxing Day defeat at Dagenham but now the 22-year-old will stay at Priestfield until the end of the current campaign. (Sat, 27 Dec 2008 12:48:13 GMT)
Frozen home equity loan hurts family
Jim and Cindy Ranallo are determined to give their two sons one thing they don't have: a four-year college degree. (Sat, 27 Dec 2008 12:51:12 GMT)
Govt to further subsidise home loans to urban poor
The government today announced a scheme to provide interest subsidy of 5 percentage points for home loans up to Rs 1 lakh taken by the urban poor. This will mean that the urban poor will pay only 3.5 per cent interest on such loans. (Sat, 27 Dec 2008 13:00:17 GMT)
Mortgage rates fall to new record low
WASHINGTON — Rates on 30-year fixed-rate mortgages fell to a record low for the second straight week, causing refinancing applications to surge to the highest level in more than five years, a month after the Federal Reserve pledged to channel billions to prop up the sinking U. (Sat, 27 Dec 2008 14:42:11 GMT)
Diverse loan book
Strong risk management systems, a diversified loan portfolio and an impeccable track record make HDFC a safe bet. (Sat, 27 Dec 2008 15:09:34 GMT)
Manage Your Refinance Mortgage Loan Sans the Stress
There are a thousand and one reasons for getting a refinance loan. One is to pay off debts or to relocate to a new house in another state. Many acquire a refinance mortgage to pay for their child’s college education. (Sat, 27 Dec 2008 18:18:22 GMT)
Govt to further subsidise home loans to urban poor
The government today announced a scheme to provide interest subsidy of 5 percentage points for home loans up to Rs 1 lakh taken by the urban poor. This will mean that the urban poor will pay only 3.5 per cent interest on such loans. (Sat, 27 Dec 2008 19:15:26 GMT)
A Mortgage Paper Trail Often Leads to Nowhere
With home prices in free fall and mortgage delinquencies mounting, pressure to modify troubled loans is ratcheting up. (Sat, 27 Dec 2008 20:30:03 GMT)
FBI setting up NJ mortgage fraud task force
The FBI’s Newark Division is creating a task force to deal with a surge in mortgage fraud complaints during the last several months, the division’s highest-ranking agent says. (Sat, 27 Dec 2008 20:32:33 GMT)
Repossessions will rise by 67%, says Council of Mortgage Lenders
The number of people who lose their homes because they can no longer pay the mortgage is expected to rise by 67% by the end of next year. The Council of Mortgage Lenders (CML) said today that repossessions will rise from 45,000 this year to 75,000 by the end of 2009. It also said the number of homeowners falling more than three months behind with their mortgage repayments will more ... (Sat, 27 Dec 2008 20:56:30 GMT)
Chat Plus: Should I Refinance at 4.75?
Real estate editor Maryann Haggerty and writer Elizabeth Razzi respond to a question adapted from a recent online chat. (Sat, 27 Dec 2008 22:24:26 GMT)
After 'sober home' deaths, state panel weighs regulation
Not long after two men died last month at a Hempstead Village "sober home," New York's top substance abuse official contacted the leader of Oxford House, the nation's largest administrator of group housing for recovering addicts. (Sun, 28 Dec 2008 02:35:48 GMT)
Lenders report boom in refinancing
SPRINGFIELD (GHNS) — Steve Hartman purchased his first home this month. Four days later, he refinanced the mortgage. (Sun, 28 Dec 2008 02:57:02 GMT)
Rental rates increasing due to lack of mortgage funding
Dubai: It is too premature to remove rent caps as rental rates are actually increasing due to a lack of mortgage facilities, analysts say. "I think there's some conflict with the information as to how much rents are falling. (Sun, 28 Dec 2008 04:06:22 GMT)
Newsmakers: Family in new home feeling 'human again'
LUMBERTON — On a recent Wednesday evening, Sandra Locklear stood in her new kitchen preparing supper as her husband sat at the table. It was a far cry from a few months ago when she was forced to cook on a hot plate in a cramped storage shed near the vacant lot where her home once stood. (Sun, 28 Dec 2008 05:13:08 GMT)
Walking away from a mortgage no longer unthinkable
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, 28 Dec 2008 05:21:11 GMT)
Tough rules for mortgage brokers?
After months of stinging criticism for letting crooks and con artists prey on Florida borrowers, regulators have proposed sweeping changes in state law that would make Florida one of the most tightly regulated mortgage markets in the country. (Sun, 28 Dec 2008 05:24:43 GMT)
Area mortgage lenders getting crushed by refi applications
By BARRY SHLACHTER Some mortgage lenders, having laid off support staff during the past year’s meltdown, are finding themselves deluged with refinancing requests as rates fall below 5 percent. And the lenders have fewer back-office workers to handle all the paperwork. At Bank of America’s Countrywide unit, 300 employees who had been dedicated to home-equity lines of credit have been shifted to ... (Sun, 28 Dec 2008 06:31:21 GMT)
Low rates fueling the rush to refinance
Recent interest rates for refinancing a mortgage have hovered between 4.75 percent and 5.25 percent for a 30-year fixed-rate loan if the borrower has good credit and at least 10 percent equity in the property, said Owen Raun of RMC Vanguard Mortgage Corp. in Houston. (Sun, 28 Dec 2008 06:38:36 GMT)
Low rates fueling the rush to refinance
Recent interest rates for refinancing a mortgage have hovered between 4.75 percent and 5.25 percent for a 30-year fixed-rate loan if the borrower has good credit and at least 10 percent equity in the property, said Owen Raun of RMC Vanguard Mortgage Corp. in Houston. (Sun, 28 Dec 2008 06:46:23 GMT)
Mortgage applications rise as rates fall
Tim Kauffman said he has been considering refinancing his home on the south side of Lafayette for awhile. (Sun, 28 Dec 2008 07:06:52 GMT)
For some, refinancing won't work
When Roland Leger bought his house three years ago, he avoided an adjustable-rate mortgage set to increase within the next year or two -- the kind of loan that is trapping many people these days with interest rates higher than they can afford. (Sun, 28 Dec 2008 07:07:03 GMT)
Discretionary mortgage rates and fees could violate federal law
In a legal settlement with Gateway Funding Diversified Mortgage Services, the FTC alleged that minority refinancers and home buyers were charged more than similar white applicants. With mortgage rates at historic lows -- 4.75% 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 ... (Sun, 28 Dec 2008 07:48:43 GMT)
Mortgage applications hit 5-year high
WASHINGTON – Mortgage applications spiked the week of Dec. 15 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. (Sun, 28 Dec 2008 08:19:21 GMT)
Resolutions could make home-buying process go more smoothly
A s we get ready to say goodbye to 2008, it's worth looking back at the year that was for home buyers, sellers and owners. (Sun, 28 Dec 2008 08:31:18 GMT)
As interest rates fall, more people refinance homes
RACINE COUNTY — Until recently, with the housing market in a deep freeze, a mortgage broker’s job was slow at best. (Sun, 28 Dec 2008 08:33:26 GMT)
Mortgage rates hit another record low
Rates on 30-year fixed-rate mortgages fell to a record low for the second straight week, causing refinancing applications to surge to the highest level in more than five years, a month after the Federal Reserve pledged to channel billions to prop up the... (Sun, 28 Dec 2008 08:34:18 GMT)
Utah home developments stop in their tracts
Roland "Rollie" Walker, the owner of southern Utah's largest incomplete subdivision, is being forced to sell the trees to keep his project afloat. Creditors are posting foreclosure notices on his land, and banks are refusing to loan him money. Walker's Elim... (Sun, 28 Dec 2008 08:35:00 GMT)
At Washington Mutual, a relentless urge to approve any loan
Getting the job done meant lending money to nearly anyone who asked for it. That drive was behind the bank's meteoric rise and its precipitous collapse this year in the biggest bank failure in American history. (Sun, 28 Dec 2008 08:41:35 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, 28 Dec 2008 09:12:30 GMT)
Boutell: Challenged borrowers have refinance options
This refinance boom presents a special set of challenges that we did not experience in the last boom in 2003. (Sun, 28 Dec 2008 09:45:06 GMT)
Peter Boutell: Challenged borrowers have refinance options
This refinance boom presents a special set of challenges that we did not experience in the last boom in 2003. (Sun, 28 Dec 2008 09:45:26 GMT)
Lack Of Loans, Fear Of 'Den Of Drugs' Chases Away Historic Home's Savior
New London - The Branford builder who painted himself as prospective savior for a historic home on Franklin Street now says he can't put (Sun, 28 Dec 2008 11:49:41 GMT)
USDA PROGRAM HELPS HOMEOWNERS
Tightened lending standards are leaving real estate agents scrambling for new ways to move cash-strapped buyers into homes. One increasingly popular option: an obscure home-loan (Sun, 28 Dec 2008 11:53:17 GMT)
Will Low Mortgage Rates Make A Difference?
On Dec. 16, the Fed dropped its benchmark interest rate to almost zero. What does the resulting dip in mortgage rates mean for individual consumers and the economy as a whole? (Sun, 28 Dec 2008 14:38:09 GMT)
Will Low Mortgage Rates Make A Difference?
On Dec. 16, the Fed dropped its benchmark interest rate to almost zero. What does the resulting dip in mortgage rates mean for individual consumers and the economy as a whole? (Sun, 28 Dec 2008 14:39:19 GMT)
SF Man Admits Lying To Get Mortgage
SF Man admits lying to get mortgage (Sun, 28 Dec 2008 15:16:08 GMT)
Sioux Falls man lied to get $148K mortgage
SIOUX FALLS, S.D. - A 31-year-old Sioux Falls man has acknowledged using false information to apply for a $148,000 mortgage. (Sun, 28 Dec 2008 16:20:19 GMT)
No place like home
Zelda Gallegos considers herself blessed to have reached two milestones in her life thus far: owning her own home and being mortgage-free. (Sun, 28 Dec 2008 17:04:31 GMT)
8% interest rate freeze on Rs 7.5L loan?
NEW DELHI: Union housing ministry has recommended to the PMO that the interest rate be maintained at 8% for home loans up to Rs 7.5 lakh taken for houses of 400-1,000 sq ft. (Sun, 28 Dec 2008 19:56:33 GMT)
Real Estate: Four refinancing strategies for today's low-interest-rate climate
Lured by low mortgage rates, many homeowners have been rushing to refinance. Interest is gaining for good reason: Eligible borrowers can lock in rates that haven’t been this attractive in decades. (Sun, 28 Dec 2008 20:51:46 GMT)
Bernanke Stirs Pot On Home Loan Help
The government needs to move much more aggressively to help people avoid losing their homes to foreclosure, Federal Reserve Chairman Ben S. Bernanke said yesterday, trying to boost efforts that had stalled in recent weeks. (Sun, 28 Dec 2008 21:39:59 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. (Sun, 28 Dec 2008 21:49:13 GMT)
Mizin mortgage accord signed
DUBAI: Real estate development firm Mizin and RakBank have signed a mortgage agreement. (Sun, 28 Dec 2008 22:17:39 GMT)
A Mortgage Paper Trail Often Leads to Nowhere
With home prices in free fall and mortgage delinquencies mounting, pressure to modify troubled loans is ratcheting up. (Sun, 28 Dec 2008 23:05:18 GMT)
FALLBROOK: Students, parents ask for help in attempt to bring 'Big Red' home
FALLBROOK ---- Big Red is stranded, and the Fallbrook High School marching band is desperate to bring it home. (Mon, 29 Dec 2008 00:49:52 GMT)
State-run banks offer special rate on some home loans
MUMBAI: Public sector banks on Monday announced that home loans up to Rs five lakh would be given at a maximum interest rate of 8.5%, while those between Rs 5-20 lakh would be offered at 9.25%. ( (Mon, 29 Dec 2008 00:55:07 GMT)
How one family's mortgage is linked to meltdown
Cynthia Goldrick's daughter is in and out of the hospital for brain surgery, her mother has Stage 4 lung cancer and her father has moved into a home for the elderly. (Mon, 29 Dec 2008 01:01:18 GMT)
Should You Refinance Your Mortgage?
Mortgage rates have fallen quite a bit in recent months, so a common question is whether or not you should consider refinancing. The benefits are easy to understand. The lower... (Mon, 29 Dec 2008 01:26:12 GMT)
Stem Cell Sciences gets STG200,000 loan
Biotech Stem Cell Sciences, which is listed in Australia and the UK, said that it had received a STG200,000 ($A426,348) loan to use for working capital. (Mon, 29 Dec 2008 01:58:19 GMT)
City of Mosinee notifies residents of USDA home loan programs
MOSINEE The city is notifying residents of home loan programs available through the U.S. Department of Agriculture. (Mon, 29 Dec 2008 02:34:45 GMT)
Four refinancing strategies for today's low-interest-rate climate
Four refinancing strategies for today's low-interest-rate climate (Mon, 29 Dec 2008 03:15:24 GMT)
How one family's mortgage is linked to meltdown
Cynthia Goldrick's daughter is in and out of the hospital for brain surgery, her mother has Stage 4 lung cancer and her father has moved into a home for the elderly. (Mon, 29 Dec 2008 05:16:05 GMT)
Job loss pushed troubled borrower toward grant that saved her home
Purity Snelling figured she’d done everything by the book – took out a fixed-rate loan for her first home, bought within her means and paid the mortgage on time. (Mon, 29 Dec 2008 05:17:18 GMT)
Short Refinancing Helps Keep Struggling Homeowners Afloat
Short Refinancing is a new tool being used by bankers and real estate professionals to help homeowners avoid foreclosure and stay in their homes, but most don't know what it is, or how to use it. This is where professionals like Joel Broyles and his company, WayForward Realty, come into play. (Mon, 29 Dec 2008 07:01:00 GMT)
Sevilla willing to send De Mul on-loan to Belgium
Sevilla are willing to send winger Tom de Mul on-loan to Belgium. The former Ajax midfielder has struggled to make an impact at Sevilla, but club chiefs are reluctant to sell him outright. read more (Mon, 29 Dec 2008 07:06:36 GMT)
Mizin partners with RAKBANK to provide special mortgage offering to existing Remraam customers
Mizin, the real-estate development arm of Tatweer, announced today an alliance with RAKBANK to provide an exclusive mortgage deal on Mizin's Remraam community that will ease the financial prioritization of the development's existing non-mortgaged customers. (Mon, 29 Dec 2008 07:28:57 GMT)
Short Refinancing Helps Keep Struggling Homeowners Afloat
Short Refinancing is a new tool being used by bankers and real estate professionals to help homeowners avoid foreclosure and stay in their homes, but most don't know what it is, or how to use it. This is where professionals like Joel Broyles and his company, WayForward Realty, come into play. (PRWeb Dec 29, 2008) Read the full story at http://www.prweb.com/releases/2008/12/prweb1773894.htm (Mon, 29 Dec 2008 08:11:25 GMT)
Rwanda: SFAR to Implement New Policy on Government Loan Scheme
Kigali — The Students Financing Agency of Rwanda (SFAR) will from the beginning of next year put into force a new policy on the Government loan scheme for students aimed at streamlining the process of loan application, cost sharing and loan recovery. (Mon, 29 Dec 2008 08:22:29 GMT)
RakBank offers mortgage deal with Mizin
RakBank and Real estate development firm Mizin have signed an agreement to provide an exclusive mortgage deal on Mizin's Remraam community. (Mon, 29 Dec 2008 08:28:57 GMT)
ICICI to cut home, auto loan rates
The extent of the rate cut is being calibrated and would be announced soon. ICICI had earlier this month reduced home loan rates for new customers by up to 1.5 percentage point. There are indications that the fresh cut in interest rates would benefit both existing and new customers. (Mon, 29 Dec 2008 09:11:51 GMT)
Once Trusted Mortgage Pioneers, Now Pariahs
Herbert and Marion Sandler were long viewed as the mortgage industrys model citizens, but have been swept into the maelstrom surrounding who is to blame. (Mon, 29 Dec 2008 09:39:32 GMT)
Hong Kong's New Mortgage Loans Fall for Fourth Month (Update1)
Dec. 29 (Bloomberg) -- Hong Kong mortgage loans fell for a fourth month in November as banks tightened lending amid the economic slowdown and as property prices slumped. (Mon, 29 Dec 2008 10:21:49 GMT)
Home loan repayments 'a priority'
UK homeowners are no longer spending by cashing in on the value of their homes, official figures confirm. (Mon, 29 Dec 2008 10:48:59 GMT)
Fury over firm’s 189% loan rate
A LOAN company that charges interest rates of 189% has been accused of exploiting the poorest of the poor. Now calls are increasing for legislation to be introduced to cap the interest loan firms can charge at around 20%. (Mon, 29 Dec 2008 11:05:15 GMT)
Walking out on mortgage no longer unthinkable
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, 29 Dec 2008 12:10:08 GMT)
Canisius expands area of home-buying effort
Canisius College -- which has invested tens of millions of dollars into its campus in recent years -- has expanded its home ownership program to encourage more of its employees to buy homes in Buffalo. (Mon, 29 Dec 2008 12:49:01 GMT)
John Mason, Chief Investment Officer and Treasurer, ING Bank, fsb, Named as a Director of the Federal Home Loan Bank ...
PITTSBURGH----The Board of Directors of the Federal Home Loan Bank of Pittsburgh has appointed John Mason, an officer of ING Bank, fsb , as a member of the Bank’s Board. The Board took the action on December 19, 2008. (Mon, 29 Dec 2008 14:37:00 GMT)
Hong Kong's mortgage loans fall sharply in November
Hong Kong's housing market took a harsh hit in November from the economic downturn with its new residential mortgage lending drawn down in November plunging 28.4 percent to 8.1 billion HK dollars (1.05 billion U.S. dollars), revealed the Monetary Authority's latest monthly survey. New mortgage approvals were also down by 37.9 percent year on year to 8.5 billion HK dollars (1.1 billion U.S. ... (Mon, 29 Dec 2008 14:37:45 GMT)
Temp agency seeking mortgage pros for 250 Richmond-area jobs
The news isn’t all bad for mortgage-industry professionals. Adecco USA, a professional staffing agency, says it is looking for more than 250 mortgage professionals in the Richmond area to fill temporary positions for clients. (Mon, 29 Dec 2008 15:58:38 GMT)
Mortgage lender fights to keep rural designation
A loan officer has made it his mission to slow the growing home vacancies by working to keep Rural Development mortgage loan guarantees available in the Southwest Valley. At stake is lenders' ability to offer no-down-payment loans to moderate- and low-income people. (Mon, 29 Dec 2008 16:10:35 GMT)
After her fiancé left her, Heather Gray said she couldn’t keep up with her mortgage and utility bills. Now, she's ...
After her fiancé left her, Heather Gray said she couldn’t keep up with her mortgage and utility bills. The couple had purchased a 2,200 square foot, four bedroom, three-bath home in Gilbert, and the home was in Gray's name. (Mon, 29 Dec 2008 16:28:00 GMT)
New Mortgage Loan Applications Double in December 2008; 7 of 10 Loans are Purchase Transactions, Not Refinancings
According to loans originated in December 2008 by Rodney Anderson, the country's fourth highest producing originator of mortgage loans and the highest producing originator of FHA and VA loans, new mortgage activity doubled when compared to loan activity from December 2007. (Mon, 29 Dec 2008 16:41:00 GMT)
How one family's mortgage is linked to meltdown
HAMPTON BAYS, New York (Reuters) - Cynthia Goldrick's daughter is in and out of the hospital for brain surgery, her mother has Stage 4 lung cancer and her father has moved into a home for the elderly. (Mon, 29 Dec 2008 16:53:13 GMT)
(AFX UK Focus) 2008-12-29 17:05 MOVES-Freddie Mac, Federal Home Loan Bank
Dec 29 (Reuters) - The following financial services industry appointments were announced on Monday. To inform us of other job changes, please e-mail moves@thomsonreuters.com. (Mon, 29 Dec 2008 17:31:39 GMT)
Lenders report boom in refinancing
SPRINGFIELD (GHNS) — Steve Hartman purchased his first home this month. Four days later, he refinanced the mortgage. (Mon, 29 Dec 2008 17:42:03 GMT)
Oregon fines mortgage company employees
The Oregon Department of Consumer and Business Services ordered three former mortgage company principals to stop all unlawful activity in Oregon. (Mon, 29 Dec 2008 17:51:13 GMT)
Ralph R. Roberts Reveals the Top Five Myths About Loan Modification
DETROIT----Ralph R. Roberts, consumer advocate and spokesperson for Federal Loan Modification Law Center, today released a list dispelling the top five myths about loan modification. (Mon, 29 Dec 2008 18:29:00 GMT)
MORTGAGE RATES CAN STILL FALL
US mortgage rates, already the lowest since Freddie Mac started tracking them in 1971, have plenty of room to fall, if history is any guide. Bloomberg data show the average 30-year fixed-rate mortgage is still relatively costly compared with the... (Mon, 29 Dec 2008 19:38:04 GMT)
Loan rangers should hold their horses
Just two months ago, fixed home loan rates went to up to 14 per cent — the same rate HDFC was charging a decade ago in 1998, when there were only fixed rates. (Mon, 29 Dec 2008 20:12:53 GMT)
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