Mortgage News Feb 2009

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Mortgage Rates Likely Headed to 4.5%: Pimco's Gross
Government action to shore up the economy and improve the housing climate probably will send mortgage rates to 4.5 percent, Bill Gross, co-CEO at the Pimco bond fund, said Monday. (Mon, 09 Feb 2009 19:03:33 GMT)

Riding Out the Recession
There might be some relief if a tax lien on your house is preventing you from refinancing your mortgage or selling your home. (Mon, 09 Feb 2009 19:24:02 GMT)

The Republicans’ no-bang mortgage plan
In the current economic environment, mortgage legislation should be judged by two criteria. First, it should help the macroeconomy. Second, it should not damage the market that it is intended to assist. (Mon, 09 Feb 2009 19:45:44 GMT)

France to loan Peugeot, Renault 3 bln euros each
*Renault, PSA Peugeot Citroen to get 3 bln euro loan each (Mon, 09 Feb 2009 19:50:53 GMT)

Fannie, Freddie lag on foreclosure aid-regulator
LAS VEGAS, Feb 9 (Reuters) - Fannie Mae and Freddie Mac are reaching fewer troubled borrowers who are facing foreclosure than policy-makers had hoped of the mortgage-finance companies' marquis refinancing program, the companies' regulator said on Monday. (Mon, 09 Feb 2009 20:17:13 GMT)

(AFX UK Focus) 2009-02-09 20:14 Fannie, Freddie lag on foreclosure aid-regulator
LAS VEGAS, Feb 9 (Reuters) - Fannie Mae and Freddie Mac are reaching fewer troubled borrowers who are facing foreclosure than policy-makers had hoped of the mortgage-finance companies' marquis refinancing program, the companies' regulator said on Monday. "The returns are not as rapid as we expected," said James Lockhart, director of the Federal Housing Finance Agency. In November, Lockhart ... (Mon, 09 Feb 2009 20:33:42 GMT)

(AFX UK Focus) 2009-02-09 20:14 Fannie, Freddie lag on foreclosure aid-regulator
LAS VEGAS, Feb 9 (Reuters) - Fannie Mae and Freddie Mac are reaching fewer troubled borrowers who are facing foreclosure than policy-makers had hoped of the mortgage-finance companies' marquis refinancing program, the companies' regulator said on Monday. "The returns are not as rapid as we expected," said James Lockhart, director of the Federal Housing Finance Agency. In November, Lockhart ... (Mon, 09 Feb 2009 20:34:02 GMT)

Housing group to protest at executives' homes
A non-profit housing advocacy group said Monday it will protest at the homes of those it calls "financial predators" — investors and banking executives it says are balking at helping struggling homeowners refinance their mortgages. (Mon, 09 Feb 2009 20:38:27 GMT)

Countrywide settles subprime suit for $6M
Countrywide Financial Corp. will pay $6 million as part of a settlement with the state stemming from litigation over its home loan practices. (Mon, 09 Feb 2009 20:42:19 GMT)

One in eight lenders may fail, RBS says
More than 1,000 U.S. banks, or one in eight lenders, may fail in the next three to five years as commercial loan losses rise, compounding problems from record mortgage delinquencies and soaring home equity loan defaults, RBC Capital Markets said on Monday. (Mon, 09 Feb 2009 20:53:45 GMT)

Enhanced VA mortgage options now available for Veterans
There are now potential benefit to those veterans in financial distress. Veterans with conventional home loans now have new options for refinancing to a Department of Veterans Affairs (VA) guaranteed home loan. These new options are available as a result of the Veterans’ (Mon, 09 Feb 2009 21:00:15 GMT)

JPMorgan Doubles Prime-Jumbo Mortgage Loss Projection (Update2)
Feb. 9 (Bloomberg) -- JPMorgan Chase & Co. analysts almost doubled their projections for losses on some prime-jumbo mortgages underlying securities, created at the start of the U.S. housing slump, because of soaring defaults. (Mon, 09 Feb 2009 21:00:15 GMT)

CORRECTION - One in eight lenders may fail, RBC says
More than 1,000 U.S. banks, or one in eight lenders, may fail in the next three to five years as commercial loan losses rise, compounding problems from record mortgage delinquencies and soaring home equity loan defaults, RBC Capital Markets said on Monday. (Mon, 09 Feb 2009 21:28:32 GMT)

One in eight lenders may fail, RBC says
More than 1,000 U.S. banks, or one in eight lenders, may fail in the next three to five years as commercial loan losses rise, compounding problems from record mortgage delinquencies and soaring home equity loan defaults, RBC Capital Markets said on Monday. (Mon, 09 Feb 2009 21:32:03 GMT)

Securing A Home Loan Can Be Tough
CHARLESTON, SC (WCSC) - This downtown house was built during the seventeen and eightheen hundreds. Domocile Real Estate and the developer, Renew Urban, have spent the last two years restoring it. They kept a Southern charm on the outside while adding a modern look on the inside. (Mon, 09 Feb 2009 21:50:38 GMT)

Refinancing home loan in Florida takes more than good credit
To rework your home mortgage, more than good credit required When mortgage interest rates fell to their lowest point in four decades, a flood of borrowers asked their lenders to refinance their home loans. (Mon, 09 Feb 2009 21:56:02 GMT)

AllRegs Course Meets Illinois and Oklahoma Loan Originator Continuing Education Requirements
AllRegs , the leading information management provider for the mortgage lending industry, and the official training provider for the National Association of Mortgage Brokers (NAMB ), is pleased to announce that its course, entitled Essentials of Mortgage Lending, meets loan originator continuing education requirements for the states of Illinois and Oklahoma . The self-study online course ... (Mon, 09 Feb 2009 22:18:12 GMT)

Kurt W. Heintz, former Grand Blanc Township real estate broker, pleads guilty in mortgage scam
GRAND BLANC TOWNSHIP, Michigan -- A former Grand Blanc Township real estate broker faces up to 30 years in prison and a $1 million fine after pleading guilty to what authorities said was his role in a massive mortgage scam.... (Mon, 09 Feb 2009 22:20:04 GMT)

JPMorgan Analysts Double Jumbo-Mortgage Loss Forecast (Update3)
Feb. 9 (Bloomberg) -- JPMorgan Chase & Co. analysts almost doubled their projections for losses on some prime-jumbo mortgages underlying securities, created at the start of the U.S. housing slump, because of soaring defaults. (Mon, 09 Feb 2009 22:26:10 GMT)

UPDATE 2-Fannie, Freddie to revise, boost foreclosure plans
LAS VEGAS/WASHINGTON, Feb 9 (Reuters) - Fannie Mae and Freddie Mac, the largest providers of U.S. home mortgage money, will likely revise foreclosure prevention efforts after the companies' main refinancing program reached fewer borrowers than policy-makers had hoped, their regulator said on Monday. (Mon, 09 Feb 2009 22:33:18 GMT)

Riverbottoms mortgage fraud: Realtor's license revoked
The Utah Real Estate Commission has levied a fine and revoked the license of a Realtor who admitted involvement in a mortgage fraud scheme in the Provo Riverbottoms Neighborhood. (Mon, 09 Feb 2009 22:36:24 GMT)

Mortgage Rates Moving Higher
After falling for nearly three straight months, interest rates on 30-year fixed rate mortgages (FRMs) inched upwards for the third week in a row this past week. (Mon, 09 Feb 2009 23:13:02 GMT)

Title agent sentenced in mortgage scam
Title agent Evelyn Rivera, owner of Asset Title LLC in West Palm Beach, was sentenced on Friday to five years in federal prison for her role in a mortgage scam. (Mon, 09 Feb 2009 23:29:57 GMT)

Mortgage-Modification Plan Details to Be Announced Soon
A Treasury spokesperson said details on a mortgage-modification plan will be announced soon. (Tue, 10 Feb 2009 00:45:45 GMT)

Survey: TBBJ readers want a break on mortgage payments
Readers favored a national mortgage holiday for one year. (Tue, 10 Feb 2009 01:40:24 GMT)

Bank will pay employees of mortgage company
Flowood, MS (WLBT) - One week after learning Realty Mortgage Corporation was folding, its employees were told they would not be paid for their final two weeks of work. Bank of America decided to freeze RMC's line of credit, therefore forcing the company to shut down. (Tue, 10 Feb 2009 01:50:00 GMT)

Florida ranks high for mortgage fraud
Florida ranked third in the nation in the amount of mortgage fraud in the last quarter of 2008, according to a new report by MortgageDaily.com. (Tue, 10 Feb 2009 02:22:12 GMT)

Gainesville woman banned from mortgage biz
The Georgia Department of Banking and Finance reported Monday a consent order with Betty Ann Duff of Gainesville, Ga., barring her from the mortgage business for alleged violations of the Georgia Residential Mortgage Act. (Tue, 10 Feb 2009 03:39:58 GMT)

Incentives to Buy a Home
(ABC 6 NEWS) - In a time when we're hearing a lot about the struggling housing market, Austin and Mower County say their home loan program is soaring. (Tue, 10 Feb 2009 05:20:42 GMT)

Interest rates low; is it time to refinance?
Spurred on by 37-year-low mortgage rates, folks in Bozeman are briskly stepping up to refinance homes. (Tue, 10 Feb 2009 05:44:35 GMT)

Enhanced VA mortgage options now available for Veterans
There are now potential benefit to those veterans in financial distress. Veterans with conventional home loans now have new options for refinancing to a Department of Veterans Affairs (VA) guaranteed home loan. These new options are available as a result of the Veterans’ (Tue, 10 Feb 2009 07:04:33 GMT)

Photo Release: SCB offers 'Love Home Package' to celebrate Valentine's Day
To celebrate Valentine's Day, Siam Commercial Bank is launching a sweet 'Love Home Package' campaign, featuring 6-month interest free home loans, along with a 'Special Love Package' promotion featurin (Tue, 10 Feb 2009 08:03:53 GMT)

Rakbank to focus on Abu Dhabi mortgage market in 2009
Rakbank to focus on Abu Dhabi mortgage market in 2009 (Tue, 10 Feb 2009 09:21:29 GMT)

Title company owner sentenced for mortgage fraud
Authorities say the owner of a West Palm Beach real estate title company has been sentenced to five years in prison for her part in a a mortgage fraud scheme. (Tue, 10 Feb 2009 09:31:17 GMT)

BOE: UK Average 2-Year Fixed Mortgage Rate Drops To 5-1/2-Year Low
LONDON -(Dow Jones)- The average monthly interest rate at U.K. lenders on a two-year fixed-rate mortgage for 75% of the value of the property on which it is secured fell to its lowest level for five and a half years in January, Bank of England data showed Tuesday. (Tue, 10 Feb 2009 10:18:47 GMT)

Your home loan and tax-saving
Get Ahead home loan expert Harsh Roongta on tax benefits fo availing a home loan. (Tue, 10 Feb 2009 10:25:48 GMT)

Nigeria: Expert Advocates Subsidised Mortgage Lending Rates
Abuja — A real estate expert, Mr Fortune Ebie, has called on the Federal Government to subsidise interest rates on mortgage loans to ensure mass housing. (Tue, 10 Feb 2009 10:42:00 GMT)

New mortgage deals may have hidden costs
The cost of fixed mortgage deals is falling as lenders pass on interest rate cuts but borrowers are being urged to check the small-print. Some banks are only offering a cheap fixed rate for one year, after which borrowers are switched to a tracker rate at a high premium over base rate. (Tue, 10 Feb 2009 11:43:31 GMT)

PosSol enhances mortgage club proposition
Positive Solutions is enhancing its mortgage club proposition by launching three initiatives. ... (Tue, 10 Feb 2009 11:44:49 GMT)

Low rates provide the means to pay down home loans
Borrowers who have seen their mortgage rate fall sharply in recent months are being urged to make additional capital repayments to their loan, rather than pocket the difference from lower monthly bills. (Tue, 10 Feb 2009 11:47:27 GMT)

Yorkshire Building Society unveils new mortgage range
UK-based Yorkshire Building Society has launched a new range of mortgage products which start at 3.99%. (Tue, 10 Feb 2009 11:50:04 GMT)

Home buying bonus in the stimulus bill
If you're thinking of buying a home, there could be a big bonus for you in the economic stimulus bill that's now before Congress. (Tue, 10 Feb 2009 12:10:00 GMT)

Residential Finance Corp. Names Finance and Banking Industry Veteran Darren Fleishman as CFO
COLUMBUS, Ohio----Residential Finance Corporation , a nationwide mortgage lender specializing in FHA refinance, today announced the appointment of Darren S. Fleishman to the newly-created position of Chief Financial Officer. (Tue, 10 Feb 2009 13:00:00 GMT)

Citizens announces home energy loan program
Citizens Financial Group, Inc. announced the launch of Energy$ense, an initiative to help local nonprofits and its Citizens Bank customers in Delaware and other states address heat, utility and other energy costs. (Tue, 10 Feb 2009 14:07:38 GMT)

Dodd's poll numbers slip amid mortgage controvery
Senate Banking Committee Chairman Christopher Dodd, whose two mortgages through Countrywide Financial Corp.'s VIP program are being investigated by a Senate ethics panel, has received his first negative job approval rating from the Quinnipiac University poll. (Tue, 10 Feb 2009 14:35:45 GMT)

Low rates mean high demand for home refinance
While area bankers are busy trying to refinance mortgages to take advantage of historically low interest rates, consumer protection groups are warning people to shop around and read the fine print. (Tue, 10 Feb 2009 16:12:56 GMT)

Home Tax Credit Hopes
This will help people of all income levels [" The $15,000 Home Buying Tax Credit: 6 Things to Know "]. (Tue, 10 Feb 2009 19:09:05 GMT)

The Hindu Business Line : Banks’ educational loan portfolio growing despite slowdown
Kolkata, Feb. 10 The economic recession and downturn in the job markets might not have a significant impact on the educational loan portfolio of banks, according to senior bank officials. Banks are not anticipating any slowdown or build up of non-performing assets in the segment. (Tue, 10 Feb 2009 19:28:29 GMT)

Police raid squatters' Natomas home
Sacramento police real estate fraud detective Mike Wood enters the garage at 3700 Clubside Lane in West Natomas after officer Nick Heuer kicked the door in. The owner of the home moved out more than a year ago, but in early February a middle-aged couple moved in, trespassing on the property. Sacramento police today issued arrest warrants for four people who are suspected of illegally ... (Tue, 10 Feb 2009 20:05:42 GMT)

Commercial, multifamily mortgage originations fall
Commercial and multifamily mortgage loan originations plummeted 80 percent in the fourth quarter of 2008 compared witha year earlier, according to the Mortgage Bankers Association. (Tue, 10 Feb 2009 21:07:42 GMT)

Commercial, multifamily mortgage originations fall
Commercial and multifamily mortgage loan originations plummeted 80 percent in the fourth quarter of 2008 when compared to a year earlier, according to the Mortgage Bankers Association. (Tue, 10 Feb 2009 21:40:34 GMT)

Mortgage-Bond Spreads Hold Near Lowest Since 2007 on Fed Buying
Feb. 10 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac mortgage-backed securities held near the lowest since July 2007 relative to government notes, as the Federal Reserve’s buying pushes spreads lower and investors consider the latest U.S. government efforts to fix the financial system. (Tue, 10 Feb 2009 21:45:10 GMT)

Giveaway offers money for mortgage payments
Shore Mortgage of Birmingham is launching a $100,000 giveaway for what they call the "forgotten homeowners." (Tue, 10 Feb 2009 22:01:39 GMT)

Kansas man sentenced in home loan scheme
A suburban Kansas City man is sentenced to nearly 13 years in prison for a scheme in which he and others fraudulently obtained more than $12 million in home loans. Acting U.S. Attorney Marietta Parker announced Tuesday that David Kostelec was sentenced to 154 months in federal prison and ordered to pay $1.3 million in restitution. The 53-year-old Leawood man pleaded guilty in October, ... (Tue, 10 Feb 2009 22:04:02 GMT)

Three charged in Lansing mortgage fraud case
LANSING | Three people face felony charges after police claim they committed mortgage fraud against an elderly Lansing couple. (Wed, 11 Feb 2009 00:02:56 GMT)

Md. Man Pleads Guilty To $4 Million Mortgage Fraud
A 43-year-old Beltsville man has pleaded guilty to millions of dollars in mortgage fraud tied to properties in Maryland, D.C. and Virginia. (Wed, 11 Feb 2009 01:02:04 GMT)

Rate cuts boost home loan approvals
Home-loan approvals rose in December as consumers warmed to lower interest rates and Government packages aimed at helping people buy houses. (Wed, 11 Feb 2009 01:44:35 GMT)

Students, Home Buyers, Unemployed Are In Line For Stimulus Help
Students, Home Buyers, Unemployed Are In Line For Stimulus Help (Wed, 11 Feb 2009 01:45:26 GMT)

Rate cuts boost home loan approvals
Home-loan approvals rose in December as consumers warmed to lower interest rates and Government packages aimed at helping people buy houses. (Wed, 11 Feb 2009 01:45:43 GMT)

Rate cuts boost home loan approvals
Home-loan approvals rose in December as consumers warmed to lower interest rates and Government packages aimed at helping people buy houses. (Wed, 11 Feb 2009 01:48:01 GMT)

Australia’s Home Loans Climb More-Than-Expected 6.4% (Update1)
Feb. 11 (Bloomberg) -- Australian home-loan approvals rose in December by twice as much as economists forecast as government handouts and the biggest round of interest-rate cuts in almost two decades spurred first-home buyers. (Wed, 11 Feb 2009 01:54:22 GMT)

Australia’s Home Loans Climb More-Than-Expected 6.4% (Update2)
Feb. 11 (Bloomberg) -- Australian home-loan approvals rose in December by the most in almost nine years as government handouts and the biggest round of interest-rate cuts in almost two decades spurred first-home buyers. (Wed, 11 Feb 2009 02:07:37 GMT)

Australia’s Home Loans Climb More-Than-Expected 6.4% (Update2)
Feb. 11 (Bloomberg) -- Australian home-loan approvals rose in December by the most in almost nine years as government handouts and the biggest round of interest-rate cuts in almost two decades spurred first-home buyers. (Wed, 11 Feb 2009 02:11:46 GMT)

Mortgage Fraud Fugitive Arrested In Spain
Authorities said one of three suspects in a $100 million mortgage-fraud scheme has been arrested in Spain. (Wed, 11 Feb 2009 02:44:02 GMT)

Calif. fugitive caught in $100M mortgage fraud
Authorities say one of three suspects in a $100 million mortgage-fraud scheme has been arrested in Spain. Read comments (Wed, 11 Feb 2009 02:44:14 GMT)

Fugitive Caught In 100 Million Mortgage Fraud
SACRAMENTO - Authorities say one of three suspects in a $100 million mortgage-fraud scheme has been arrested in Spain.       Federal prosecutors in Sacramento say Garret Griffith Gililland III is fighting extradition.       Assistant U.S. Attorneys Matt Stegman and Russell Carlberg said Tuesday that the 27-year-old Chico man was caught in October, a month after he was charged and fled. They ... (Wed, 11 Feb 2009 02:56:15 GMT)

California fugitive caught in $100 million mortgage fraud
Authorities say one of three suspects in a $100 million mortgage-fraud scheme has been arrested in Spain. (Wed, 11 Feb 2009 03:26:35 GMT)

Calif. fugitive caught in $100M mortgage fraud
Authorities say one of three suspects in a $100 million mortgage-fraud scheme has been arrested in Spain. Federal prosecutors in Sacramento say Garret Griffith Gililland III is fighting extradition. Assistant U.S. Attorneys Matt Stegman and Russell Carlberg... (Wed, 11 Feb 2009 03:27:07 GMT)

Personal loan: Things you MUST know
1. What is a personal loan? A personal loan can be obtained for any purpose be it for a cruise holiday or a wedding expense. (Wed, 11 Feb 2009 03:55:48 GMT)

Leawood man sentenced in home loan fraud
A federal judge in Kansas City, Kan., this week sentenced a Leawood man to more than 12 years for a scheme to get $12 million in home loans. (Wed, 11 Feb 2009 05:34:13 GMT)

Interest rates low; is it time to refinance?
Spurred on by 37-year-low mortgage rates, folks in Bozeman are briskly stepping up to refinance homes. (Wed, 11 Feb 2009 06:14:35 GMT)

Betting it all on the house
With daily mortgage rates trending downward, mortgage lenders say they're inundated with questions about home refinancing.Tom Kowalchik, mortgage-planning specialist with MNET Mortgage Corp., 805 Estelle Drive, said clients frequently ask whether they should refinance at historically low rates o... (Wed, 11 Feb 2009 06:40:04 GMT)

Giveaway offers money for mortgage payments
Shore Mortgage of Birmingham is launching a $100,000 giveaway for what they call the "forgotten homeowners." (Wed, 11 Feb 2009 08:25:53 GMT)

Shore unveils mortgage payment contest
Shore Mortgage of Birmingham is launching a $100,000 giveaway for what it calls the "forgotten homeowners." Robert Rahal, president of the mortgage company, said the nation's foreclosure crisis has hogged the spotlight. He wants to put it back on the people who go to work, pay their bills and exhibit responsible traits. (Wed, 11 Feb 2009 08:29:23 GMT)

Mortgage lenders say that repossessions are in check
The Council of Mortgage Lenders is confident that its prediction of 45000 possessions last year - originally made in October 2007 - will not be exceeded. (Wed, 11 Feb 2009 08:51:24 GMT)

CIMB EXPECTS MORE ISLAMIC FINANCE MORTGAGE SALES
KUALA LUMPUR, Feb 11 (Bernama) -- CIMB Group expects 30 to 35 percent of its new mortgage sales this year to come through Islamic finance, CIMB Bank’s head of retail banking, Peter England, said today. (Wed, 11 Feb 2009 09:37:48 GMT)

Nigeria: Cumbersome NHF Loan Application Thwarts Home Ownership
Shelter is one of the basic necessities of life. In advanced countries home ownership does not cost a fortune as it does in Nigeria where it exists only in the imagination of majority of citizens who can't afford it. (Wed, 11 Feb 2009 09:50:34 GMT)

’Nightmare’ fire destroys home of developer Kline
Investigators searched for clues Tuesday to what sparked a fire that destroyed the million-dollar home of an Urbandale businessman who last week was slapped with a $4.5 million judgment in a bank fraud case. (Wed, 11 Feb 2009 10:20:05 GMT)

Mortgage gives protection from falling prices
A new mortgage initiative has been launched by Ulster Bank which offers customers protection against falling house prices as uncertainties remain in the housing market. (Wed, 11 Feb 2009 11:47:03 GMT)

Dodd's Poll Numbers Slip Amid Controversy Over Mortgage
Hartford - Senate Banking Chairman Christopher Dodd is off to a rocky start in his attempt to smooth over his mortgage controversy with Connecticut (Wed, 11 Feb 2009 12:00:22 GMT)

U.S. mortgage applications slump to 8-year low
Demand for U.S. mortgage applications tumbled nearly 25 percent last week, with requests for loans to buy homes sinking to an eight-year low, the Mortgage Bankers Association said on Wednesday, as potential buyers hold out for better terms and government help. (Wed, 11 Feb 2009 12:01:54 GMT)

Mortgage application volume fell 24.5% last week: MBA
As interest rates on fixed-rate mortgages drop back toward 5% or slightly higher in the week ended Feb. 6, the volume of mortgage applications falls a seasonally adjusted 24.5% compared with the week before, Mortgage Bankers Association data show. (Wed, 11 Feb 2009 12:29:55 GMT)

U.S. MBA’s Mortgage Applications Index Slid 24.5% Last Week
Feb. 11 (Bloomberg) -- Mortgage applications in the U.S. slid last week to their lowest level since November, led by plummeting demand for refinancing amid tighter credit and a worsening economic outlook. (Wed, 11 Feb 2009 12:41:11 GMT)

UPDATE: Mortgage Application Volume Fell 24.5% Last Week: MBA
CHICAGO (Dow Jones) -- As interest rates charged on fixed-rate mortgages dropped last week, the volume of mortgage applications filed fell a seasonally adjusted 24.5% compared with the week before, the Mortgage Bankers Association said Wednesday. (Wed, 11 Feb 2009 12:48:43 GMT)

Mortgage applications at 8-year low
Falling home prices and expectations that the government will work to lower mortgage rates has kept prospective homebuyers on the sidelines. (Wed, 11 Feb 2009 12:51:49 GMT)

CNN - Mortgage Applications At 8-year Low
Read Full Story For Latest Details.   (Wed, 11 Feb 2009 13:12:13 GMT)

U.S. MBA’s Mortgage Applications Index Slid 24.5% Last Week
Feb. 11 (Bloomberg) -- Mortgage applications in the U.S. slid last week to their lowest level since November, led by plummeting demand for refinancing amid tighter credit and a worsening economic outlook. (Wed, 11 Feb 2009 13:27:49 GMT)

Pimco’s Gross Bought Mortgage Bonds, Sold U.S. Debt in January
Feb. 11 (Bloomberg) -- Bill Gross , manager of Pacific Investment Management Co.’s $136 billion Total Return Fund , bought mortgage-backed bonds in January, bringing the percentage of the fund’s assets in mortgages to the highest in at least a year. (Wed, 11 Feb 2009 14:38:50 GMT)

Md. man pleads guilty to $4 million mortgage fraud
A 43-year-old Beltsville man has pleaded guilty to millions of dollars in mortgage fraud tied to properties in Maryland, D.C. and Virginia. (Wed, 11 Feb 2009 15:04:36 GMT)

UPDATE 1-US mortgage purchase applications drop to 8-year low
NEW YORK, Feb 11 (Reuters) - Demand for U.S. mortgage applications tumbled nearly 25 percent last week and requests for loans to purchase homes sank to an eight-year low as potential buyers held out for better terms and government help, a trade group's survey showed on Wednesday. (Wed, 11 Feb 2009 16:04:59 GMT)

Mortgage demand drops; buyers wait for lower prices
Mortgage applications tumbled nearly 25% last week and requests for loans to buy homes sank to an eight-year low as potential buyers held out for better terms and government help, a trade group's survey showed Wednesday. (Wed, 11 Feb 2009 16:42:08 GMT)

‘Exponential Rise’ in Mortgage Fraud Seen by FBI, U.S. Says
Feb. 11 (Bloomberg) -- The economic crisis has sparked an increase in criminal fraud, including an “exponential rise” in mortgage scams that is straining the FBI’s resources, a leader of the agency said. (Wed, 11 Feb 2009 16:57:41 GMT)

Mortgage applications drop
The volume of applications for U.S. mortgages decreased last week, falling by a seasonally adjusted 24.5 percent, an industry group said.The Market Composite Index, which measures mortgage loan application volume, fell from 795.4 to 600.6 in the week ending Feb. 6, the Mortgage Bankers Association said in a release Wednesday.The Refinance Index also decreased, dropping 30.3 percent to 2,722.7, ... (Wed, 11 Feb 2009 16:59:58 GMT)

Repent! Mortgage bomb is still ticking
Misguided life choices fueled crisis, Saddleback Church adviser says. (Wed, 11 Feb 2009 19:13:31 GMT)

U.S. home-loan applications plunge
WASHINGTON – U.S. mortgage applications last week fell 24.5 percent compared with the week ended Jan. 31 and 23.5 percent compared with a year ago, even as contract interest rates on 15- and 30-year loans continued to decline, the Mortgage Bankers Association reported today. (Wed, 11 Feb 2009 19:16:03 GMT)

Crestwood developer admits mortgage fraud scheme
The owner of a Crestwood development company pleaded guilty a federal bank fraud charge this morning and admitted orchestrating a mortgage fraud scheme that netted him hundreds of thousands of dollars and sent 16 area homes into foreclosure. (Wed, 11 Feb 2009 19:24:01 GMT)

Federal Home Loan Bank of Atlanta to Award More Than $12.4 Million for Housing in Georgia
Federal Home Loan Bank of Atlanta announced today that it will award more than $12.4 million to help finance 1,359 affordable housing units in Georgia. (Wed, 11 Feb 2009 19:46:00 GMT)

'Exponential rise' in mortgage fraud seen by FBI
The economic crisis has sparked an increase in criminal fraud, including an "exponential rise" in mortgage scams that is straining the FBI's resources, a leader of the agency said today. (Wed, 11 Feb 2009 20:05:40 GMT)

Federal regulator urges suspension of home foreclosures
A U.S. regulator encouraged institutions to suspend home foreclosures, as Washington’s debate continued Wednesday about how to save an economy weakened by a moribund housing market. (Wed, 11 Feb 2009 20:34:00 GMT)

Home loan index falls to decade low
The Mortgage Bankers Association said Wednesday applications for new loans dropped last week to the lowest level this decade. (Wed, 11 Feb 2009 20:50:07 GMT)

Fannie to Expand Mortgage Rules for Realty Investors (Update2)
Feb. 11 (Bloomberg) -- Fannie Mae , the mortgage-finance company under U.S. government control, will no longer bar real- estate investors from qualifying for its loans if they already own four properties as it seeks to increase housing demand. (Wed, 11 Feb 2009 20:59:38 GMT)

American Home Mortgage Wins Court Approval of Liquidation Plan
Feb. 11 (Bloomberg) -- American Home Mortgage Investment Corp. won court approval of a bankruptcy plan that prevents borrowers who claim they were duped into bad loans from collecting money from the defunct company. (Wed, 11 Feb 2009 21:12:57 GMT)

California mortgage fraud fugitive caught with $70,000 in shoes
An international fugitive in a $100 million mortgage fraud scheme has been caught at the Canadian border with $1 million in Swiss bank certificates and $70,000 stuffed in his shoes, authorities said Wednesday. (Wed, 11 Feb 2009 21:14:26 GMT)

American Home Mortgage Wins Court Approval of Liquidation Plan
Feb. 11 (Bloomberg) -- American Home Mortgage Investment Corp. won court approval of a bankruptcy plan that prevents borrowers who claim they were duped into bad loans from collecting money from the defunct company. (Wed, 11 Feb 2009 21:34:21 GMT)

Home loan index falls to decade low
The Mortgage Bankers Association said Wednesday applications for new loans dropped last week to the lowest level this decade. (Wed, 11 Feb 2009 22:05:40 GMT)

Home Federal Bancorp, Inc. of Louisiana Reports Net Earnings For the Quarter and Six Months Ended December 31, 2008
SHREVEPORT, La.----Home Federal Bancorp, Inc. of Louisiana , the "mid-tier" holding company of Home Federal Savings and Loan Association, reported net earnings for the second quarter ended December 31, 2008 of $139,000, or basic earnings per share of $.04, a decrease of $12,000, or 7.9%, from the $151,000 in net earnings, reported for the second quarter ended December 31, 2007. (Wed, 11 Feb 2009 22:29:00 GMT)

Fannie to Expand Mortgage Rules for Realty Investors (Update3)
Feb. 11 (Bloomberg) -- Fannie Mae , the mortgage-finance company under U.S. government control, will no longer bar real- estate investors from qualifying for its loans if they already own four properties as it seeks to spur housing demand. (Wed, 11 Feb 2009 23:15:15 GMT)

Mortgage Fraud Suspect Caught With $70G in Boots
Federal authorities say a fugitive in a $100 million mortgage fraud scheme has been caught at the Canadian border with $70,000 stuffed in his shoes. (Thu, 12 Feb 2009 00:27:52 GMT)

Success of Fannie, Freddie Brightens Otherwise Gloomy Mortgage Bankers Confab
Even as multifamily loan originations declined sharply overall, Fannie Mae and Freddie Mac this week both announced they broke records for apartment mortgage lending volume in 2008. The government-sponsored enterprises (GSEs) -- which some say faced... (Thu, 12 Feb 2009 00:53:03 GMT)

Getting a loan still tough going
Even with an economic stimulus package in the works, businesses and home buyers can't get a loan. (Thu, 12 Feb 2009 00:57:04 GMT)

American Home Mortgage liquidation plan confirmed
NEW YORK, Feb 11 (Reuters) - American Home Mortgage Investment Corp , once one of the 10 largest U.S. mortgage providers, won court approval of its liquidation plan, according to published reports. (Thu, 12 Feb 2009 01:39:09 GMT)

Mum Carol Highton welcomes conviction of loan shark Paul Nicholson following the suicide of her son Brian Shields in ...
A MUM whose son killed himself while struggling with crippling debt said loan shark Paul Nicholson’s conviction is “justice”. Carol Highton found her son Brian Shields, 22, hanged on December 3, 2005, in the attic of their Halton Brook home. (Thu, 12 Feb 2009 02:33:06 GMT)

The Right Time to Refinance Your Home?
Are you in financial trouble and want to refinance your home? Even if you're just considering shopping around, Tera Williams has some tips to help you cut through the red tape. She tells us why some mortgage brokers are saying waiting could be worth it. (Thu, 12 Feb 2009 02:45:06 GMT)

Suspect in mortgage fraud seized at Canadian border
A suspect in a nationwide mortgage fraud scheme who fled the country was caught at the Canadian border with $70,000 stuffed in his cowboy boots and nearly $6,000 worth of platinum, authorities said Wednesday. (Thu, 12 Feb 2009 07:57:02 GMT)

Govt banks ignore LIC in special home loan scheme
State-owned banks, which have included free life insurance cover in their special home loan package, have mostly preferred to do business with their life insurance subsidiaries rather than state-owned Life Insurance Corporation of India. (Thu, 12 Feb 2009 08:27:35 GMT)

Govt banks ignore LIC in special home loan scheme
State-owned banks, which have included free life insurance cover in their special home loan package, have mostly preferred to do business with their life insurance subsidiaries rather than state-owned Life Insurance Corporation of India. (Thu, 12 Feb 2009 08:28:48 GMT)

Study: Minorities cut out of prime loan market
African Americans and other minorities have some of the highest home loan rejection rates in the country. (Thu, 12 Feb 2009 09:09:17 GMT)

Mortgage lending at 34-year low
Mortgage lending to house buyers fell last year to its lowest level since 1974, the Council of Mortgage Lenders says. (Thu, 12 Feb 2009 10:08:23 GMT)

Mortgage Lending At 35-Year Low
The number of mortgages taken out by people buying a home fell to its lowest level since 1974 during 2008, the Council of Mortgage Lenders says. (Thu, 12 Feb 2009 10:31:00 GMT)

UK mortgage lending fell 7 pct in Dec, survey says
Lending for house purchases and remortgaging dropped in December as the number of first-time buyers who secured loans fell to a 34-year low, the Council of Mortgage Lenders said Thursday. (Thu, 12 Feb 2009 11:02:00 GMT)

Mortgage lending slumps to 1974 levels
The number of people buying a home fell last year to its lowest level since 1974 as the mortgage drought restricted activity in the property market new figures show. (Thu, 12 Feb 2009 11:12:35 GMT)

When NOT to refinance your home
Low-interest rates are tempting, but refinancing may not be the right answer for you. Here are the questions to ask yourself. (Thu, 12 Feb 2009 11:15:19 GMT)

Lenders drop mortgage brokers
Some big banks have cut back on doing business with mortgage brokers - and if the trend continues, many mortgage brokers could close down. (Thu, 12 Feb 2009 11:21:39 GMT)

What to do when your mortgage is rejected
Don't be surprised if your friendly lender, the one who invites you to sit down and apply for a mortgage, ushers you politely out the door empty-handed after you've chatted a bit. (Thu, 12 Feb 2009 11:44:36 GMT)

Jobs go at mortgage search site
A firm behind a mortgage comparison website goes into administration, blaming the housing downturn. (Thu, 12 Feb 2009 11:48:26 GMT)

Mortgage lending hits 34-year low
Mortgage lending activity last year fell by nearly half to its lowest level since 1974, new figures from the Council of Mortgage Lenders (CML) show. (Thu, 12 Feb 2009 12:58:00 GMT)

Swan puts heat on CBA over home fees
THE Commonwealth Bank has reversed a move to charge interest on the suspended home loan repayments of bushfire victims after Wayne Swan raised the issue with the bank's chief executive, Ralph Norris. (Thu, 12 Feb 2009 13:00:00 GMT)

Victims: Bank shelves home fees
THE Commonwealth Bank has reversed a move to charge interest on the suspended home loan repayments of victims of the Victoria fires. (Thu, 12 Feb 2009 13:01:00 GMT)

Bankrate: Mortgage Rates Reverse Course
Mortgage rates fell sharply from one week ago, with the average 30-year fixed mortgage rate dropping from 5.70 percent to 5.34 percent. According to Bankrate.com's weekly national survey, the average 30-year fixed mortgage has an average of 0.37 discount and origination points. (Thu, 12 Feb 2009 13:16:00 GMT)

Home Federal reports lower second-quarter earnings
Shreveport company is the parent of Home Federal Savings and Loan (Thu, 12 Feb 2009 13:23:04 GMT)

Jobs go at mortgage search site
A firm behind a mortgage comparison website goes into administration, blaming the housing downturn. (Thu, 12 Feb 2009 13:35:34 GMT)

Bankrate: Mortgage Rates Decline Across The Board
Bankrate: Mortgage Rates Decline Across The Board (Thu, 12 Feb 2009 14:09:18 GMT)

Freddie Mac: 30-year Fixed-rate Mortgage Average Falls
Freddie Mac: 30-year Fixed-rate Mortgage Average Falls (Thu, 12 Feb 2009 15:54:20 GMT)

Mortgages: Fixed mortgage rates drop further: Freddie Mac
Average interest for a fixed-rate mortgage drops further, encouraging refinancing, according to Freddie Mac. (Thu, 12 Feb 2009 16:02:59 GMT)

US mortgage rates dip from 2-month high-Freddie Mac
NEW YORK, Feb 12 (Reuters) - U.S. mortgage rates retreated from two-month highs over the past week, with the average 30-year fixed loan dipping 0.09 percentage point to 5.16 percent, home funding company Freddie Mac said on Thursday. (Thu, 12 Feb 2009 16:05:09 GMT)

(AFX UK Focus) 2009-02-12 15:57 US mortgage rates dip from 2-month high-Freddie Mac
NEW YORK, Feb 12 (Reuters) - U.S. mortgage rates retreated from two-month highs over the past week, with the average 30-year fixed loan dipping 0.09 percentage point to 5.16 percent, home funding company Freddie Mac said on Thursday. The rate was 5.72 percent a year ago and just a month ago sank to 4.96 percent, the lowest borrowing rate since Freddie Mac began its weekly survey nearly four ... (Thu, 12 Feb 2009 16:08:09 GMT)

Commercial Mortgage Bond Risk Soars on Stimulus Plan Doubts
Feb. 12 (Bloomberg) -- The cost to protect commercial mortgage bonds from default soared amid concerns that the U.S. government’s stimulus plan may not be enough to turn around the economy. (Thu, 12 Feb 2009 17:29:39 GMT)

Mortgage rates slide
Mortgage rates fell during the past week, pushed lower from the uncertainty stemming from the bank bailout plan unveiled Tuesday. (Thu, 12 Feb 2009 17:35:47 GMT)

Obama eyes home loan subsidies in rescue plan: sources
The Obama administration is hammering out a program to subsidize mortgage payments for troubled homeowners who have gone through a standardized re-appraisal and affordability test, sources familiar with the plan said on Thursday. (Thu, 12 Feb 2009 20:47:16 GMT)

Stocks mixed after report of mortgage subsidies
Stocks turned mixed in late trading, paring sharp losses after a report that the Obama administration is planning to subsidize mortgage payments for troubled homeowners. (Thu, 12 Feb 2009 20:59:35 GMT)

Stocks cut losses on home loan news
Stocks sharply cut losses on Thursday, with the Nasdaq swinging back into positive territory, following a Reuters report that the Obama administration was hammering out a program to subsidize mortgage payments for troubled homeowners. (Thu, 12 Feb 2009 21:00:31 GMT)

NHB steps up scrutiny of home finance firms
National Housing Bank (NHB), the regulator for housing finance companies (HFCs), has initiated a review of the books of the home loan providers under its ambit to assess the extent of real estate funding and the end-use of funds. (Thu, 12 Feb 2009 21:01:27 GMT)

January's Refinancing Boom Slows Down
The refinancing boom of January 2009 is already trailing off. And if you're waiting to refinance your mortgage until rates drop even lower, you may want to reconsider. (Thu, 12 Feb 2009 21:12:34 GMT)

Stocks mixed after report of mortgage subsidies
The stock market has had another stunning comeback after getting some possible good news about mortgages . The Dow Jones industrial average pared sharp losses to finish down about 8 points after a report that the government plans to subsidize mortgage payments for troubled homeowners. (Thu, 12 Feb 2009 21:13:32 GMT)

U.S. Mortgage Market’s $3 Trillion Problem: Chart of the Day
Feb. 12 (Bloomberg) -- U.S. home loans exceeded the total cash available in the country by $3 trillion at their peak, showing the size of the mortgage problem to be fixed, said Michael Shaoul , chief executive officer of Oscar Gruss & Son Inc. (Thu, 12 Feb 2009 21:27:03 GMT)

Crombie REIT announces $39 million mortgage financing
Crombie Real Estate Investment Trust is pleased to report that today it completed $39 million of mortgage financing on 8 properties acquired in a portfolio acquisition in April of 2008. (Thu, 12 Feb 2009 21:30:00 GMT)

Sources: U.S. Eyes Home Loan Subsidies in Rescue Plan
The Obama administration is hammering out a program to subsidize mortgage payments for troubled homeowners who have gone through a standardized re-appraisal and affordability test, sources familiar with the plan said Thursday. (Thu, 12 Feb 2009 21:54:10 GMT)

Mortgage-alteration plan under consideration at White House
A program that would subsidize mortgage payments for troubled homeowners subject to an affordability test is being considered by the Obama administration, according to a media report. (Thu, 12 Feb 2009 22:03:09 GMT)

Stocks rally from sharp losses on report of mortgage plan
Stocks turned mixed in late trading Thursday, paring sharp losses after a report that the Obama administration is planning to subsidize mortgage payments for troubled homeowners. (Thu, 12 Feb 2009 23:13:30 GMT)

Mortgage rates fall in week
WASHINGTON, Feb. 12 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages fell in the week ending Feb. 12, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 12 Feb 2009 23:31:56 GMT)

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