Mortgage News Jan 2009

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UAW Will End Chrysler Jobs Bank on Jan. 26 to Meet Loan Terms
Jan. 23 (Bloomberg) -- The United Auto Workers union will end the so-called jobs bank for Chrysler LLC on Jan. 26 as a condition of the $4 billion U.S. loan made to the carmaker. (Fri, 23 Jan 2009 21:03:24 GMT)

Is refinancing your mortgage worth the cost?
Teresa Dixon Murray writes this column in The Plain Dealer on Saturdays. To reach her:moneymatters@plaind.com or 216-999-5263. She cannot assist everyone who contacts her. Previous columns onlineMONEY MATTERSA weekly column about personal finance Q: With mortgage rates dropping so much,... (Fri, 23 Jan 2009 21:38:54 GMT)

Homebanc to add to mortgage operation
A bank announcing plans to hire 15 to 25 loan officers for its home mortgage operation would have gone unnoticed a few years ago, but times have radically changed. (Fri, 23 Jan 2009 21:50:36 GMT)

UAW to End Chrysler Jobs Bank Jan. 26 Under U.S. Loan (Update2)
Jan. 23 (Bloomberg) -- The United Auto Workers union will end the so-called jobs bank for Chrysler LLC on Jan. 26 as a condition of the $4 billion U.S. loan made to the carmaker. (Fri, 23 Jan 2009 22:33:25 GMT)

UAW to End Chrysler Jobs Bank Jan. 26 Under U.S. Loan (Update2)
Jan. 23 (Bloomberg) -- The United Auto Workers union will end the so-called jobs bank for Chrysler LLC on Jan. 26 as a condition of the $4 billion U.S. loan made to the carmaker. (Fri, 23 Jan 2009 22:41:17 GMT)

Fidelity Bank hires 55 workers from defunct mortgage lender
Fidelity Bank has hired 55 employees of the former Sunshine Mortgage, which abruptly shut down this month. The Atlanta-based community bank leveraged Troubled Asset Relief Program funds to make the hires and expand its mortgage lending, President H. Palmer Proctor said. Fidelity absorbed Sunshine's former Buckhead and Alpharetta employees and their pending loans. (Fri, 23 Jan 2009 22:45:12 GMT)

It's tough, but still possible, to refinance
Homeowners with financial trouble wanting to refinance their mortgages to better rates may be pleased to know there are still options out there for them. There are strategies available to help overcome challenges such as inadequate income, excessive debt, negative equity or poor credit. (Sat, 24 Jan 2009 03:25:35 GMT)

Mortgage rates at record lows
Mortgage rates are at record lows. Many homeowners are taking advantage of it to lower their payments or pull some money out. (Sat, 24 Jan 2009 04:55:12 GMT)

Lenders tighten up on refinancing
The number of U.S. homeowners seeking to refinance their homes has reached its highest level in five years, analysts say.The New York Times reported Friday that, at the same time, banks have tightened their lending requirements.Refinancing is a very difficult proposition right now, said Mike Stoffer, president of Stoffer Mortgage in North Canton, Ohio. The loss of equity and tighter credit ... (Sat, 24 Jan 2009 05:14:43 GMT)

UAW to end Chrysler jobs bank Monday under U.S. loan
The United Auto Workers will end the controversial, so-called jobs bank at Chrysler on Monday as a condition of the $4 billion federal loan. (Sat, 24 Jan 2009 06:14:17 GMT)

Resorts casino defaults on mortgage, faces foreclosure
ATLANTIC CITY - Resorts Atlantic City, the fading grande dame of Boardwalk casinos, has defaulted on its mortgage and is facing foreclosure by its chief lender. (Sat, 24 Jan 2009 07:30:52 GMT)

Falling mortgage rates foster refinancing
Mortgage rates slipped below 5 percent this month, a watershed period whose timing couldn't be better for qualified consumers who are strapped for cash. (Sat, 24 Jan 2009 07:48:57 GMT)

South Florida dominates Top 10 troubled mortgage market lists
South Florida cities dominate the top 10 list of the nation's hardest hit mortgage markets, a new study finds. (Sat, 24 Jan 2009 08:11:28 GMT)

Small banks see rise in mortgage business
Matthew Stubbs said the mortgage choice was easy when he bought his Seattle dream home: Pay less than 6 percent to locally based HomeStreet Bank, or a percentage point higher and $3,400 extra in fees to Wells Fargo & Co. (Sat, 24 Jan 2009 08:14:28 GMT)

Asia banks brace for loan loss fallout
Fears are rising that Asia’s banks face escalating loan losses and a fall in profitability as economies in the region struggle to come to grips with the rapid slowdown in global trade. (Sat, 24 Jan 2009 10:25:37 GMT)

Many applying to refinance, but few are chosen
Mortgage rates are near historic lows, drawing a flurry of home refinance applications. But cautious lenders and a maze of fees mean few closings. (Sat, 24 Jan 2009 10:25:55 GMT)

Big mortgage buyers reappraise the appraisal process
Home appraisals are a key element in the closing of residential sales transactions. The appraisal report can determine whether the buyer can obtain the needed mortgage to finance the purchase of a home. (Sat, 24 Jan 2009 12:49:03 GMT)

Refinancing may not be worth it
If you are paying close to 6 percent interest or more on your mortgage, the recent drop in rates could warrant consideration of refinancing your loan. (Sat, 24 Jan 2009 13:38:45 GMT)

Ex-mortgage manager pleads guilty to fraud
Steven Gordon, a former managing director of Coral Gables-based Bayview Financial, pleaded guilty in Miami federal court Friday to one count of wire fraud in a scheme to inflate the value of mortgage loans to increase his commissions. (Sat, 24 Jan 2009 13:39:47 GMT)

Arvest 2008 mortgage results defy national trends
Tulsa, OK., (January 13. 2009)—Arvest Bank today released results of its mortgage lending and servicing activities in 2008. For the sixth consecutive year, the bank originated more than $1 billion in new mortgage loans. (Sat, 24 Jan 2009 16:29:26 GMT)

Wizard conjures new mortgage life
Licensees of fraud-hit home-loan network Wizard are set to relaunch the business as a nationwide mortgage broker under a new brand. (Sat, 24 Jan 2009 19:05:09 GMT)

Dewan Housing front runner for IDBI Home Finance
Dewan Housing Finance is likely to bag IDBI Home Finance, the wholly-owned housing finance subsidiary of state-run IDBI Bank. The deal size is estimated at over Rs 300 crore, sources close to the development said. (Sat, 24 Jan 2009 21:09:22 GMT)

Bank writes off loan of resident who lost job
Source ::: The Peninsula./ By MOBIN PANDIT DOHA: A commercial bank here has waived a loan of QR48,000 on humanitarian grounds which was given away to an Indian who lost his job recently in a cost-cutting retrenchment drive by his employers. (Sun, 25 Jan 2009 00:02:54 GMT)

Low Mortgage Rates: 7 Things You Need to Know to Refinance
Mortgage rates have declined sharply in recent months. Here's how to take advantage. (Sun, 25 Jan 2009 00:20:19 GMT)

Congress may make $7,500 home buyer tax credit more attractive
Few consumers have tried to claim the credit because it had to be repaid over 15 years. But there's a good chance that they could be relieved of the repayment requirement. Should you give the $7,500 home buyer tax credit a second look? Now that Congress may be on the verge of transforming it into a true tax credit -- one that never has to be paid back -- you just might want to do so. (Sun, 25 Jan 2009 02:50:01 GMT)

Scout Out Home Deals
For prospective home buyers, it's hard to ignore the sales pitch: Home values nationwide have fallen on average some 20%, while mortgage rates recently plumbed record lows below 5%. (Sun, 25 Jan 2009 04:13:48 GMT)

Kokosinska Named Senior Loan Officer At NE Moves Mortgage
Eva S. Kokosinska recently joined NE Moves Mortgage as a senior loan officer. Reporting directly to Gary Teixeira, regional vice president, Kokosinska is now responsible for overseeing the origination of loans in the Coldwell Banker Residential Brokerage office in Worcester. (Sun, 25 Jan 2009 04:51:25 GMT)

Dewan Housing front runner for IDBI Home Finance
Dewan Housing Finance is likely to bag IDBI Home Finance, the wholly-owned housing finance subsidiary of state-run IDBI Bank. The deal size is estimated at over Rs 300 crore, sources close to the development said. (Sun, 25 Jan 2009 04:55:58 GMT)

Could Mortgage Preapproval Hurt Your Credit Score?
Q If we get preapproved for a home loan and do not find a house right away -- or decide not to buy -- what happens to our credit score? (Sun, 25 Jan 2009 05:00:00 GMT)

Following five crucial steps can guarantee a successful refinance
Perhaps you are among the millions planning to swap your old mortgage for something better. A refinance allows you to take out a new loan that pays off your current mortgage. It’s important to look beyond the immediate monthly savings. Consider how much interest you’ll pay with a new loan in total, compared to what you’ve already paid with your old loan. (Sun, 25 Jan 2009 05:18:56 GMT)

To refinance or not to refinance. THAT is the question.
Homeowners are saving hundreds of dollars a month by refinancing their mortgage loans at interest rates near record lows. Some are pumping the extra money into savings, using it to bolster spending or making home improvements. A Midlothian couple may splurge on a trip to Disney World for their three children, now that they have $400 more a month. (Sun, 25 Jan 2009 05:21:07 GMT)

Don't refinance your home without the facts
1/83/8 If you are paying close to 6 percent interest or more on your mortgage, the recent drop in rates could warrant consideration of refinancing your loan. Mortgage rates are at historical lows, with some borrowers locking in rates as low as 4.39 percent. The average for a 30-year fixed rate mortgage has been as low as 4.96 percent this month, according to Freddie Mac, the lowest rate ... (Sun, 25 Jan 2009 05:22:30 GMT)

Refinancing can be helpful if all factors are considered
JONESBORO — Homeowners need to consider several factors before refinancing a home mortgage. People refinance for a variety of reasons. Refinancing your current mortgage can improve personal financial stability and cash flow. (Sun, 25 Jan 2009 06:09:01 GMT)

Holiday Inn up for sale after mortgage default, company working to get back on track, spokesman says
    The new owners of the current Holiday Inn of Midland have defaulted on a $10.55 million mortgage payment owed to an Illinois bank. But a spokesman for the company says negotiations are under way with the bank and the company intends to renovate the hotel as planned. (Sun, 25 Jan 2009 07:55:01 GMT)

Walking away: The wide and lasting impact of quitting a mortgage
n Quitting a mortgage can have a wide, serious and lasting impact (Sun, 25 Jan 2009 08:07:13 GMT)

30-year mortgage rate tops 5% after run of lows
Rates on 30-year mortgages rose above 5 percent last week, ending a five-week run at record low levels, Freddie Mac reported Thursday. Mortgage rates have been in decline since the Federal Reserve said in late November that it would buy up to $500 billion in... (Sun, 25 Jan 2009 08:47:37 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, 25 Jan 2009 09:12:30 GMT)

Refinancing volume is up
With interest rates on fixed-mortgage loans for prime borrowers below 5 percent for weeks — the lowest since new episodes of “Leave it to Beaver” — people want to refinance. (Sun, 25 Jan 2009 09:30:37 GMT)

Refinancing popular, but not so easy to get
Falling interest rates have homeowners thinking about mortgage refinancing, but falling home values are blocking the path for some. (Sun, 25 Jan 2009 10:14:02 GMT)

Refinancing your mortgage
COEUR d'ALENE -- After reaching all-time recorded lows earlier this month, mortgage rates may have hit the bottom. While across the nation, the historic rates have inspired a refinancing spree, local data indicates that mortgage refinancing isn't much changed from this time last year. (Sun, 25 Jan 2009 10:21:32 GMT)

Home buyers may get true tax credit
Should you give the U.S. government's $7,500 home-buyer tax credit a second look? Now that Congress appears the verge of transforming the tax break into a true credit... (Sun, 25 Jan 2009 13:01:55 GMT)

Climbing default rate hits home for mortgage market
THE default rate for mortgages recently insured by the US Federal Housing Administration has been climbing, an alarming trend for an agency playing a vastly expanded role in the mortgage market and backing roughly a quarter of all loans made last year. (Sun, 25 Jan 2009 13:05:32 GMT)

Adjusting mortgage payments might free up your budget
In the last year you have: a. been laid off or had your hours at work reduced. b. had to care for a new set of triplets at home. c. developed a medical condition that is expensive to treat. In other words, your finances have become somewhat strained. You've fallen behind in your mortgage payments, or you anticipate having a tough time making those payments. What do you do? Consider a ... (Sun, 25 Jan 2009 14:18:11 GMT)

Entrepreneurs: How do you pay the mortgage?
QWhen starting your own business, where or how do you get the money not necessarily to pay a salary, but to take care of necessities and bills such as your mortgage? (Sun, 25 Jan 2009 17:44:13 GMT)

Arvest 2008 mortgage results defy national trends
Tulsa, OK., (January 13. 2009)—Arvest Bank today released results of its mortgage lending and servicing activities in 2008. For the sixth consecutive year, the bank originated more than $1 billion in new mortgage loans. (Sun, 25 Jan 2009 21:14:25 GMT)

Time to take advantage of lower mortgage rates
One upside to these hard times is the fact that mortgage rates are at near-historic lows. Here's how to take advantage, who might benefit most, but why it's still tough... (Sun, 25 Jan 2009 21:24:30 GMT)

U.S. weighs strategies to stem home foreclosures
The Obama administration hopes to promote refinancing without rewarding those who were irresponsible. The Obama administration is promising an aggressive fight against the rising tide of home foreclosures, but officials have yet to decide what strategy -- or combination of strategies -- they will use. (Sun, 25 Jan 2009 21:34:08 GMT)

Climbing default rate hits home for mortgage market
THE default rate for mortgages recently insured by the US Federal Housing Administration has been climbing, an alarming trend for an agency playing a vastly expanded role in the mortgage market and backing roughly a quarter of all loans made last year. (Sun, 25 Jan 2009 21:47:46 GMT)

Pay off mortgage with money destined for 401(k)? It depends
Question: I am 68 and work full time. I contribute the maximum to a 401(k). My income is more than $2,000 per week, and the only bill I have is a house payment. I have a mortgage payment of $1,100 per month with a balance of $120,000 at 5.25 percent. Would I be better off paying off the mortgage or continuing to invest the maximum into my 401(k)? (Sun, 25 Jan 2009 22:15:47 GMT)

Two cities woo mortgage lender
Residential Finance Corp. has had an increase in mortgage business in recent years and is seeking more space by moving to the Water's Edge project in the New Albany Business Park. New Albany is rolling out the red carpet to attract the mortgage lender, and Ohio is considering a tax incentive. But Columbus has offered Residential Finance incentives to stay, including a 50 percent income-tax ... (Sun, 25 Jan 2009 22:37:42 GMT)

Irish mortgage lender faces cuts in wake of RBS losses
Fears were growing for hundreds of jobs at an Irish financial institution yesterday as bank chiefs review global operations. Leading mortgage lender First Active is expected to be a victim of Royal Bank of Scotland's restructuring programme, which could axe up to 10,000 jobs worldwide. (Mon, 26 Jan 2009 00:15:05 GMT)

Green shoots of competition in the mortgage market
The early signs of a price war are finally beginning to emerge in Britain's struggling mortgage market, as several of the country's largest lenders have begun to introduce new and competitive deals over the past few days. (Mon, 26 Jan 2009 00:18:15 GMT)

Growing fight over mortgage terms
Most congressional Democrats say the quickest way to save homeowners like Troy Butler of Saginaw, Mich., is to let them declare bankruptcy and allow judges to dictate new mortgage terms. (Mon, 26 Jan 2009 03:05:05 GMT)

Residential mortgage lenders believe recovery may come by year-end
Trouble within the banking industry has made business far more difficult for residential mortgage lenders, as tighter restrictions have a stranglehold on the housing industry. (Mon, 26 Jan 2009 05:10:57 GMT)

U.S. weighs strategies to stem home foreclosures
The Obama administration has vowed action, but it faces a challenge in crafting a plan that promotes refinancings without unfairly benefiting irresponsible borrowers or lenders. The Obama administration is promising an aggressive fight against the rising tide of home foreclosures, but officials have yet to decide what strategy -- or combination of strategies -- they will use. ... (Mon, 26 Jan 2009 05:47:41 GMT)

Bill lets judges reset mortgage terms in court
WASHINGTON — Most congressional Democrats say the quickest way to save homeowners like Troy Butler of Saginaw, Mich., is to let them declare bankruptcy and allow judges to dictate new mortgage terms. (Mon, 26 Jan 2009 06:21:16 GMT)

Americas Watchdog Warns All US Homeowners To Not Finance Or Refinance Their Home Without Using The Mortgage Inspection ...
Is it wise to refinance or finance a home without a mortgage document inspection form an expert? (Mon, 26 Jan 2009 07:01:00 GMT)

Daughters inherit reverse mortgage's debt
Sisters Pat Clawson and Jan Jarvie stand in front of their mother's home in Stevensville. The family has been trying to sell the house for two years to pay back money their mother borrowed against it using a reverse mortgage. (Mon, 26 Jan 2009 07:02:25 GMT)

Asia banks brace for loan loss fallout
Fears are rising that Asia’s banks face escalating loan losses and a fall in profitability as economies in the region struggle to come to grips with the rapid slowdown in global trade. (Mon, 26 Jan 2009 08:28:41 GMT)

Mortgage lender has two suitors
The home-refinancing boom has prompted a growing financial-services company to move from the Arena District to New Albany, taking 175 employees in tow. (Mon, 26 Jan 2009 09:16:40 GMT)

Low rates spark loan refinances
Lower interest rates were intended to aid homebuyers. Although interest rates on mortgages were driven down to spark more home buying, they've caused an explosion in loan refinancing instead. (Mon, 26 Jan 2009 09:22:36 GMT)

U.K. Mortgage Approvals Reaches 22.1K, Decline 47% From a Year Earlier
U.K. December BBA mortgage approvals reached 22.1k, a rise from November's 17.3k reading but still down 47% y/y. Meanwhile, net mortgage lending reached GBP 2.9 bln, down from 3.2 bln in November (revised from 2.9k). Overall, BBA data highlight the dire state of the U.K. housing and mortgage market. (Mon, 26 Jan 2009 09:42:34 GMT)

UK net mortgage lending up 2.9 bln stg in Dec-BBA
LONDON, Jan 26 (Reuters) - British net mortgage lending rose by 2.9 billion pounds in December, down from the 3.2 billion pound increase in the previous month, industry figures showed on Monday. (Mon, 26 Jan 2009 09:48:16 GMT)

UK BBA Mortgage Approvals Increase in December
(RTTNews) - The number of mortgage approvals in the UK for house purchase increased 22,051 in December, higher than 17,339 recorded in November, the British Bankers' Association or BBA said Monday. (Mon, 26 Jan 2009 10:17:00 GMT)

Refinancing your mortgage
COEUR d'ALENE -- After reaching all-time recorded lows earlier this month, mortgage rates may have hit the bottom. While across the nation, the historic rates have inspired a refinancing spree, local data indicates that mortgage refinancing isn't much changed from this time last year. (Mon, 26 Jan 2009 10:34:59 GMT)

Portsmouth tie up deal for Mullins and loan Pele
Portsmouth have signed Hayden Mullins from West Ham on a three-and-a-half-year deal and Portuguese midfielder Pele on loan from Porto until the end of the season. (Mon, 26 Jan 2009 10:46:39 GMT)

Is it time to refinance your home?
Interest rates have fluctuated between 4.75 percent and 6.25 percent, and are causing a lot of people to consider refinancing their home mortgage. But when is a good time to renegotiate your mortgage? (Mon, 26 Jan 2009 11:13:43 GMT)

U.K. Mortgage Approvals Down 47% in 2008, Growth Outlook Remains Bleak
Mortgage approvals in the U.K. rose to 22,051 from a revised reading of 17,339 in November however, the reading is still down 47% from a year earlier, and borrowing activity is likely to remain subdued throughout the first half of the year as credit conditions remain far from normal. (Mon, 26 Jan 2009 11:17:44 GMT)

Libel trial begins over mortgage scam charges
A libel trial scheduled to begin Monday is the latest chapter in a Texas-sized legal battle between a mortgage-servicing firm and a wealthy family that has raged for years. (Mon, 26 Jan 2009 11:20:04 GMT)

Buying a home at auction - what to know to get a good deal
There are a lot of good deals for those looking to buy a home, and some of the cheapest homes can be found at auctions. Here's what you need to... (Mon, 26 Jan 2009 12:24:30 GMT)

Ahead of the Bell: Mortgage Cramdowns
Mortgage cramdown legislation, if passed, would likely lead to rising losses for home equity and credit card lenders, while also reducing housing affordability, Friedman, Billings, Ramsey & Co. analyst Paul Miller wrote in a research note Sunday. (Mon, 26 Jan 2009 12:58:29 GMT)

Answer Desk: Mortgage credit scorecard
Mortgage lenders have gotten a lot more tight-fisted in the current credit meltdown.  So just how low can your credit score be – and still get approved? The Answer Desk. (Mon, 26 Jan 2009 13:05:04 GMT)

Water park gets mortgage extension
Great Wolf Resorts Inc. has negotiated a 10-month extension of the mortgage on its indoor water park in Mason with a $15 million guarantee and cross-collateralization on the company's new Grapevine, Texas, resort. (Mon, 26 Jan 2009 15:39:17 GMT)

Home equity loans: What are the costs?
A home-equity loan can be a good tool for savvy homeowners looking for a convenient way to borrow money. (Mon, 26 Jan 2009 16:43:18 GMT)

Great Wolf shares jump on mortgage extension
Shares of Great Wolf Resorts Inc. jumped Monday after the operator of indoor waterpark resorts announced that its lenders have agreed to extend a mortgage loan through November, removing a key concern of investors. (Mon, 26 Jan 2009 17:21:31 GMT)

Great Wolf shares jump on mortgage extension
NEW YORK — Shares of Wisconsin-based Great Wolf Resorts Inc. jumped today after the operator of indoor waterpark resorts announced that its lenders have agreed to extend a mortgage loan through November, removing a key concern of investors. (Mon, 26 Jan 2009 17:56:34 GMT)

Real Madrid star Javier Saviola to join Portsmouth on loan
Javier Saviola will become Portsmouth's third signing in 24 hours by completing a loan move from Real Madrid. (Mon, 26 Jan 2009 18:27:48 GMT)

U.K. Mortgage Rates Fell on Bailout, Moneyfacts Says (Update1)
Jan. 26 (Bloomberg) -- U.K. fixed mortgage rates eased in the week after Prime Minister Gordon Brown announced a second bank rescue in three months, though not enough to match Bank of England rate reductions, data published by Moneyfacts show. (Mon, 26 Jan 2009 18:45:51 GMT)

Great Wolf get extension on mortgage loan
Officials with Great Wolf Lodge announced they have negotiated a 10-month extension on the company's $76.8 million mortgage loan on its Mason property. (Mon, 26 Jan 2009 18:48:55 GMT)

Great Wolf get extension on mortgage loan
Officials with Great Wolf Lodge announced they have negotiated a 10-month extension on the company's $76.8 million mortgage loan on its Mason property. (Mon, 26 Jan 2009 18:52:02 GMT)

Shares of Great Wolf Resorts rise on mortgage extension
Shares of Madison-based Great Wolf Resorts Inc. rose 7.6 percent Monday after the indoor water park resort company announced that its lenders have agreed to extend a mortgage loan through November, removing a key concern of investors. Great Wolf shares gained 17 cents to $2.39 on Monday. During the past 52 weeks, the stock has fallen from a high of $8.88 last January to a low of 61 cents in ... (Mon, 26 Jan 2009 18:54:20 GMT)

Wells Fargo expands mortgage modification program
Wells Fargo & Co. said Monday it extended its mortgage modification program to customers of Wachovia Corp., which it purchased Dec. 31. (Mon, 26 Jan 2009 19:10:33 GMT)

Arvest 2008 mortgage results defy national trends
Tulsa, OK., (January 13. 2009)—Arvest Bank today released results of its mortgage lending and servicing activities in 2008. For the sixth consecutive year, the bank originated more than $1 billion in new mortgage loans. (Mon, 26 Jan 2009 19:44:27 GMT)

Analyst says mortgage giant Fannie Mae could need $10 billion in government assistance
Mortgage finance company Fannie Mae is likely to need a $10 billion cash infusion from the government as conditions in the U.S. housing market (Mon, 26 Jan 2009 19:55:55 GMT)

Top Yahoo Exec Asks Company for a Loan [Perks]
It's hard to think of a worse time to get into the home-loan business. But, according to upset finance staffers, Yahoo backed a senior executive's mortgage to move into a neighborhood of $3 million... (Mon, 26 Jan 2009 20:06:57 GMT)

Crisis hits home, auto, personal loan portfolios of foreign banks in India
The deepening financial crisis and ballooning losses at global banks have forced major foreign banks in India to either stop or significantly reduce the amount of various loans including home, personal and car loans given to retail customers. (Mon, 26 Jan 2009 20:13:49 GMT)

Heritage Oaks Bancorp Earns $1.6 Million in 2008; Includes $12.2 Million Loan Loss Provision for 2008
PASO ROBLES, Calif., Jan. 26, 2009 -- Heritage Oaks Bancorp , the parent company of Heritage Oaks Bank, today reported that following a $6.0 million provision for loan losses, it had a net loss of $1.3 million, or $0.16 per diluted share, for the fourth quarter of 2008, compared to net income of $2.0 million, or $0.25 per diluted share, in the fourth quarter a year ago. (Mon, 26 Jan 2009 21:00:00 GMT)

Lower interest rates cause loan refinancing boom
Associated Press - January 26, 2009 4:45 PM ET TULSA, Okla. (AP) - Though interest rates on mortgages were driven down to spark more home buying the lower rates are also causing an explosion in... (Mon, 26 Jan 2009 21:55:06 GMT)

Support for prime UK mortgage bonds
A collapse in UK house prices of 30 per cent from peak to trough would not lead to any downgrades of the most senior, top-rated mortgage-backed bonds, according to Fitch Ratings. (Mon, 26 Jan 2009 22:10:25 GMT)

Fremont Bank boosts home loan effort
Fremont Bank said Monday that it has beefed up its mortgage-related personnel in some Bay Area branches to meet demand. (Mon, 26 Jan 2009 22:51:43 GMT)

Mortgage lending hits six-year low
Total mortgage lending fell by 30% in 2008 to a six-year low of £256bn, as the credit crunch caused banks and building societies to scale back on new loans, figures from the Council of Mortgage Lenders (CML) showed today. The value of new mortgages taken out fell steadily month-on-month throughout the year, with falls continuing into December when gross lending was down 11% on November's ... (Mon, 26 Jan 2009 23:23:42 GMT)

Asia banks brace for loan loss fallout
Fears are rising that Asia’s banks face escalating loan losses and a fall in profitability as economies in the region struggle to come to grips with the rapid slowdown in global trade. (Mon, 26 Jan 2009 23:28:24 GMT)

Getting a mortgage modification is more complicated than you think
If you’re struggling to make your mortgage payments you may be hoping you can get a loan modification. It’s basically a better deal from a lender, but in order to get it you first have to be qualified. (Tue, 27 Jan 2009 01:27:32 GMT)

Real Madrid star Javier Saviola to join Portsmouth on loan
JAN 27 - Argentine international Javier Saviola is set to join Portsmouth on loan. Saviola has snubbed offers from Newcastle and Everton after being persuaded by boss Tony Adams to help out the south coast club in their relegation fight. The 27-year-old will watch Portsmouth's Premier League home game with Aston Villa from the Fratton Park stands before sealing a six-month deal. (Tue, 27 Jan 2009 03:21:05 GMT)

Home sales rise in December as buyers grab at bargain prices
Existing-home sales showed unexpected improvement in December, driven by much-reduced prices in the West and lower interest rates. (Tue, 27 Jan 2009 04:24:32 GMT)

Finding A Good Mortgage Broker Is Getting Easier
Jude Sandvall sells real estate; and buys it. But he says he was in over his head. He's lost five to foreclosure. He says he was simply talked into mortgages he really couldn't afford by a man the state says was engaged in mortgage fraud. So how do you protect yourself from a bad mortgage broker? Alan Gionet answers the Good Question. (Tue, 27 Jan 2009 04:39:51 GMT)

Goodhart, Crockett Say Central Banks Should Set Mortgage Rules
Jan. 27 (Bloomberg) -- Central banks should require mortgage lenders to set a minimum size for loan deposits as part of a package of measures to contain asset bubbles and prevent future financial crises, former policy makers said. (Tue, 27 Jan 2009 06:38:15 GMT)

Goodhart, Crockett Say Central Banks Should Set Mortgage Rules
Jan. 27 (Bloomberg) -- Central banks should require mortgage lenders to set a minimum size for loan deposits as part of a package of measures to contain asset bubbles and prevent future financial crises, former policy makers said. (Tue, 27 Jan 2009 06:52:39 GMT)

Homeowners Warned of Mortgage and Foreclosure Scams
Officials today alerted homeowners facing foreclosure to be on guard for scam artists offering to renegotiate loans for a fee. In California, it is illegal to charge homeowners an upfront payment when renegotiating a mortgage unless the company meets license and registration requirements set by the Department of Real Estate. (Tue, 27 Jan 2009 07:09:34 GMT)

Daughters inherit reverse mortgage's debt
Sisters Pat Clawson and Jan Jarvie stand in front of their mother's home in Stevensville. The family has been trying to sell the house for two years to pay back money their mother borrowed against it using a reverse mortgage. (Tue, 27 Jan 2009 07:47:53 GMT)

Small banks may be ticket to a home loan
Matthew Stubbs said the mortgage choice was easy when he bought his Seattle dream home: Pay less than 6 percent to locally based HomeStreet Bank, or a percentage point higher and $3,400 extra in fees to Wells Fargo & Co. (Tue, 27 Jan 2009 08:10:04 GMT)

Treasured painting finds fitting home at veterans center in Milford
treasured painting honoring Delaware's soldiers of the past now hangs in the state home of heroes. (Tue, 27 Jan 2009 08:51:33 GMT)

Mortgage experts watch for mortgage rates to drop again
President Obama and his staff spent the weekend working on a new economic stimulus plan that they hope to have pass next month. (Tue, 27 Jan 2009 10:45:58 GMT)

Low rates spark loan refinances
Lower interest rates were intended to aid homebuyers. Although interest rates on mortgages were driven down to spark more home buying, they've caused an explosion in loan refinancing instead. (Tue, 27 Jan 2009 11:19:05 GMT)

Real estate investor and title company worker to be tried on mortgage scam charges
A Jackson real estate investor and a former title company worker from Grand Rapids are heading to trial in an alleged mortgage scam. Late Friday, Jackson County District Judge Joseph Filip found probable cause in six felony counts against Angelo Williams and three against Teresa Wilson. (Tue, 27 Jan 2009 11:51:00 GMT)

Mortgage activity, value fall in region
Driven by slipping housing sales as well as reduced home refinancing and lower commercial financing, mortgage activity fell sharply across northwest Ohio and southeast Michigan in 2008. The number of mortgages recorded last year dropped by a third in Lucas County, 40 percent in Monroe County, 23 percent in Wood County, and 18 percent in Fulton County. The value of mortgages, which in part ... (Tue, 27 Jan 2009 12:25:33 GMT)

Great Wolf shares jump on mortgage extension
NEW YORK Shares of Wisconsin-based Great Wolf Resorts Inc. jumped Monday after the operator of indoor waterpark resorts announced that its lenders have agreed to extend a mortgage loan through November, removing a key concern of investors. (Tue, 27 Jan 2009 12:59:54 GMT)

LendingTree Network Lenders Can Now Work With Reverse Mortgage Customers
LendingTree and GetSmart.com Network lenders can now start working with consumers looking for a reverse mortgage. (Tue, 27 Jan 2009 13:30:00 GMT)

Mortgage stress to grow
Survey finds rising joblessness will push even more families into mortgage stress this year. (Tue, 27 Jan 2009 13:36:02 GMT)

Job losses 'will add to mortgage pressure'
RISING joblessness will push even more families into mortgage stress this year than the decade-high interest rates of last year, a survey finds. (Tue, 27 Jan 2009 14:18:38 GMT)

Refinance Basics: What You Need to Know
var nopreviewimage = "1"; if (nopreviewimage == ""){ document.write(' '); document.write(' '); document.write(' '); } It's what tons of homeowners have been doing recently, but what's behind the "refi craze," and how do you know if refinancing is right for you?  Sam Royer, from Homesource Mortgage Services, stopped by 69 News at Sunrise Monday to break it down to basics.  [ SEGMENT ... (Tue, 27 Jan 2009 14:43:39 GMT)

Shares of Great Wolf Resorts rise on mortgage extension
Shares of Madison-based Great Wolf Resorts Inc. rose Monday after the operator of indoor water park resorts announced that its lenders have agreed to extend a mortgage loan through November, removing a key concern of investors. (Tue, 27 Jan 2009 14:57:02 GMT)

Mortgage rates the lowest for five years
Banks are cutting their mortgage rates to the lowest levels in five years in response to the Reserve Bank's official cash rate review tomorrow - and property investors will be making the most of it. (Tue, 27 Jan 2009 15:23:21 GMT)

Lower Property Values Take Toll on Commercial Mortgage Debt
Jan. 27 (Bloomberg) -- Some top-rated commercial mortgage bonds may face ratings downgrades in 2009 as borrowers miss payments and property valuations fall, according to analysts at JPMorgan Chase & Co. (Tue, 27 Jan 2009 16:15:16 GMT)

BankRI to use TARP funds for home-equity loans
PROVIDENCE – Bank Rhode Island says it is using the $30 million infusion it received last month from the U.S. Treasury Department to launch a new, “aggressively priced” home-equity loan program. (Tue, 27 Jan 2009 16:33:02 GMT)

Great Wolf receives extension on mortgage loan
MASON — Officials with Great Wolf Lodge announced they have negotiated a 10-month extension on the company's $76.8 million mortgage loan on its Mason property. (Tue, 27 Jan 2009 16:57:57 GMT)

California Mortgage Default Filings Drop
A real estate tracking firm said Tuesday that lenders filed just over 75,000 mortgage default notices against California homeowners last quarter, the lowest quarterly number in more than a year. (Tue, 27 Jan 2009 18:52:37 GMT)

Chief Information Officer Named at the Federal Home Loan Bank of San Francisco
SAN FRANCISCO----The Board of Directors of the Federal Home Loan Bank of San Francisco has appointed Ned Moran as Senior Vice President and Chief Information Officer. (Tue, 27 Jan 2009 18:54:00 GMT)

California mortgage default filings dropped last quarter
A real estate tracking firm says lenders filed just over 75,000 mortgage default notices against California homeowners last quarter, the lowest quarterly number in more than a year. (Tue, 27 Jan 2009 18:58:51 GMT)

Wells Fargo Says Soaring Mortgage Demand, Costs Slow Rate Drop
Jan. 27 (Bloomberg) -- Wells Fargo & Co., the second-biggest U.S. home lender, hasn’t reduced interest rates faster because of soaring mortgage demand and the rising cost of making loans, said the co-head of the bank’s home-loan unit. (Tue, 27 Jan 2009 19:16:44 GMT)

California mortgage default filings drop
Lenders filed 75,230 mortgage default notices against California homeowners during the fourth quarter of 2008, the lowest quarterly number in more than a year, a real estate reporting firm said Tuesday. The decline was likely due to delays caused by new state... (Tue, 27 Jan 2009 19:20:58 GMT)

Wells Fargo Says Mortgage Demand Slows Fall in Rates (Update1)
Jan. 27 (Bloomberg) -- Wells Fargo & Co., the second-biggest U.S. home lender, has been prevented from lowering mortgage rates faster because it can’t keep up with demand and the costs of making home loans are rising, an executive said. (Tue, 27 Jan 2009 19:57:18 GMT)

Homeowners take advantage of falling rates
SALISBURY -- With interest rates continuing to fall, many homeowners have a golden opportunity to refinance and lower their interest rates. In some cases, homeowners have enough equity in their home to cut years off their mortgage. (Tue, 27 Jan 2009 20:14:54 GMT)

Georgia has lowest mortgage rate
Georgia had the lowest average mortgage rate for the week ending Jan. 25, according to real estate Web site Zillow.com. (Tue, 27 Jan 2009 20:20:39 GMT)

California Home Prices Fell 42% as Slump Worsened (Update1)
Jan. 27 (Bloomberg) -- California home prices plunged 42 percent last month as the U.S. housing slump deepened and foreclosures hit record levels. The median price for a single-family home in the most populous U.S. state dropped to $281,100 from $480,820 a year earlier, the Los Angeles-based California Association of Realtors said today in a statement. (Tue, 27 Jan 2009 20:47:35 GMT)

More Headlines
What type of job are you looking for? Upside down in your mortgage and thinking of refinancing? Use our mortgage calculator. (Tue, 27 Jan 2009 21:01:14 GMT)

Bernanke-loan relief aimed at bailout collateral
WASHINGTON, Jan 27 (Reuters) - Federal Reserve Chairman Ben Bernanke told a senior lawmaker on Tuesday a Fed foreclosure relief plan will be extended to home loan assets the Fed controls through its bailouts of financial firms. (Tue, 27 Jan 2009 21:01:57 GMT)

(AFX UK Focus) 2009-01-27 20:57 Bernanke-loan relief aimed at bailout collateral
WASHINGTON, Jan 27 (Reuters) - Federal Reserve Chairman Ben Bernanke told a senior lawmaker on Tuesday a Fed foreclosure relief plan will be extended to home loan assets the Fed controls through its bailouts of financial firms. The policy, which will allow reductions in principal for some mortgages, will apply to home loans that serve as collateral in rescue packages for investment bank Bear ... (Tue, 27 Jan 2009 21:04:00 GMT)

State Street, Invesco Start ETFs for Mortgage-Backed Bonds
Jan. 27 (Bloomberg) -- State Street Corp ., the second- biggest manager of exchange-traded funds, started an ETF giving investors a chance to buy mortgage-backed bonds. (Tue, 27 Jan 2009 21:31:09 GMT)

Mortgage rates the lowest for five years
Banks are cutting their mortgage rates to the lowest levels in five years in response to the Reserve Bank's official cash rate review tomorrow - and property investors will be making the most of it. (Tue, 27 Jan 2009 21:52:34 GMT)

Banks make mortgages harder
By MARCELLA KREITER CHICAGO, Jan. 27 (UPI) -- At least two U.S. banks Tuesday tightened mortgage rules, making it virtually impossible for anyone with a second mortgage to refinance, a broker said. (Tue, 27 Jan 2009 22:15:22 GMT)

Job losses 'will add to mortgage pressure'
RISING joblessness will push even more families into mortgage stress this year than the decade-high interest rates of last year, a survey finds. (Tue, 27 Jan 2009 22:32:40 GMT)

Banks make refinancing harder
By MARCELLA KREITER CHICAGO, Jan. 27 (UPI) -- At least two U.S. banks have tightened mortgage rules, making it virtually impossible for anyone with a second mortgage to refinance, a broker said Tuesday. (Tue, 27 Jan 2009 22:45:23 GMT)

Wells Fargo Says Mortgage Demand Slows Fall in Rates (Update1)
Jan. 27 (Bloomberg) -- Wells Fargo & Co., the second-biggest U.S. home lender, has been prevented from lowering mortgage rates faster because it can’t keep up with demand and the costs of making home loans are rising, an executive said. (Tue, 27 Jan 2009 22:47:30 GMT)

Ohio attorney general sues Westlake-based mortgage broker
WESTLAKE -- The Ohio Attorney General's Office filed a lawsuit Tuesday against a Westlake-based mortgage broker it claims did not give clients adequate information about loans they applied for and did not properly store consumer information. The suit is against... (Tue, 27 Jan 2009 23:08:54 GMT)

Banks make refinancing harder
At least two U.S. banks have tightened mortgage rules, making it virtually impossible for anyone with a second mortgage to refinance, a broker said Tuesday.JP Morgan Chase and Harris Bank in Chicago lowered their complete loan to value ratios to 70 percent regardless of credit score, making it virtually impossible for anyone with a second mortgage to refinance without closing that line of ... (Tue, 27 Jan 2009 23:59:13 GMT)

Mortgage defaults fall in San Joaquin County (1:07 p.m.)
The number of mortgage default notices filed against San Joaquin County homeowners fell last quarter by one-third from the fourth quarter of 2007, and most areas of the state also saw declines of varying degrees, the real estate information service... (Wed, 28 Jan 2009 00:24:46 GMT)

Court mortgage-modification bill passes House committee
A key House of Representatives committee approves legislation that would give bankruptcy judges the authority to eliminate some mortgage debt in order to help reduce foreclosures. (Wed, 28 Jan 2009 00:51:54 GMT)

Mortgage refinance could be money in the bank
Mortgage rates are falling as fast as the snow during wintertime in northern Michigan. So if you own and home and plan on staying in your home for a while, refinancing your mortgage might make sense. (Wed, 28 Jan 2009 03:45:09 GMT)

California Mortgage Defaults Drop In Fourth Quarter
The number of mortgage default notices issued in California in the fourth quarter fell to its lowest level in more than a year and dropped 20.2 percent from the prior quarter and 7.7 percent from a year earlier, a report released on Tuesday by MDA DataQuick said. (Wed, 28 Jan 2009 04:21:06 GMT)

Home loan queries
Have a query regarding your home loan? Maybe we can help. Drop us a line and our expert, Harsh Roongta, will answer it. (Wed, 28 Jan 2009 04:55:24 GMT)

Armored Home Savers Leads The Way In Loan Modification Services
The California Department of Real Estate Has Just Granted Armored Home Savers An Advance Fee Agreement License for Loan Modification Services. (Wed, 28 Jan 2009 07:01:00 GMT)

Even with the finest credit, refinancing may be difficult
The average interest rate for a 30-year mortgage dipped below 5 percent last week, a level not seen since the Eisenhower administration. Not surprisingly, homeowners are scrambling to commemorate this historic event by refinancing their mortgages. (Wed, 28 Jan 2009 08:18:01 GMT)

MORTGAGE INSURANCE
Private mortgage insurers face a tougher future in the Canadian market after an intense lobbying campaign failed to persuade Ottawa to fully guarantee their home insurance policies.Canada's two remaining private insurers, Genworth Financial Inc. and American International Group Inc., had pushed for the government to raise guarantees of their mortgage insurance policies to 100 per cent from the ... (Wed, 28 Jan 2009 08:59:23 GMT)

Home Loan Program Benefits Rural Families
Though the country is in the midst of a financial crisis, it's still possible to buy a house with no money down. Relatively small but growing numbers of Americans are turning to an obscure home loan program backed by the U.S. Department of Agriculture. (Wed, 28 Jan 2009 10:21:48 GMT)

Loan Program Benefits Low-Income, Rural Families
Even though the country is in the midst of a financial crisis, it's still possible to buy a house with no money down. A relatively small but growing number of Americans are turning to an obscure home loan program backed by the U.S. Department of Agriculture. Rene Gutel reports for member station KJZZ in Phoenix. (Wed, 28 Jan 2009 10:23:19 GMT)

Home Loan Program Benefits Rural Families
Though the country is in the midst of a financial crisis, it's still possible to buy a house with no money down. Relatively small but growing numbers of Americans are turning to an obscure home loan program backed by the U.S. Department of Agriculture. (Wed, 28 Jan 2009 10:24:29 GMT)

Federal Home Loan Bank of San Francisco names Ned Moran CIO
The Board of Directors of the Federal Home Loan Bank of San Francisco has appointed Ned Moran as Senior Vice President and Chief Information Officer. (Wed, 28 Jan 2009 11:19:07 GMT)

USDA Rural Development reducing home loan interest rate
MIDDLETOWN – The U.S. Department of Agriculture Rural Development agency is reducing its interest rate on direct home loans to 4.375 percent. The change is effective on February 1st. (Wed, 28 Jan 2009 11:45:11 GMT)

US MBA Mortgage Survey Snapshot
WASHINGTON (Dow Jones)--Following is data from the Mortgage Bankers Association of America's weekly mortgage application survey, released Wednesday. (Wed, 28 Jan 2009 12:02:41 GMT)

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