Mortgage News Feb 2009

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State to offer loans for home repairs
The Tennessee Housing Development Agency announced a new affordable loan program to help homeowners make home repairs. (Tue, 17 Feb 2009 21:41:41 GMT)

Mortgage broker gets prison for fraud
A Mason mortgage broker was sentenced to more than four years in prison Tuesday for frauds involving real estate deals valued at $2.3 million. James Mahoney, 57, also must pay $646,000 in restitution to the banks that were victims of the fraud. Federal prosecutors say Mahoney used a fraudulent document to keep $730,000 from the sale of his Middletown house in 2001 instead of paying off his ... (Tue, 17 Feb 2009 21:59:19 GMT)

Mortgage broker gets prison for fraud
A Mason mortgage broker was sentenced to more than four years in prison Tuesday for frauds involving real estate deals valued at $2.3 million. James Mahoney, 57, also must pay $646,000 in restitution to the banks that were victims of the fraud. Federal prosecutors say Mahoney used a fraudulent document to keep $730,000 from the sale of his Middletown house in 2001 instead of paying off his ... (Tue, 17 Feb 2009 22:04:59 GMT)

A plan for home owners: Can't refinance? Government should help
By providing special mortgage insurance, the government could help people who otherwise don't have enough home equity to refinance. (Tue, 17 Feb 2009 22:26:24 GMT)

What Happened to HUD’s Plan to Allow Seniors to Buy New Homes with Reverse Mortgage?
Feb. 17, 2009 – One of the bright spots about 2009 for senior citizens was to be a new provision in the reverse mortgage regulations at Housing and Urban Development that would allow seniors to use this unique program to actually buy a new home and not have payments. (Tue, 17 Feb 2009 23:47:17 GMT)

What to do if your mortgage is rejected
The sudden chill isn't personal. (Tue, 17 Feb 2009 23:56:41 GMT)

Barclays shuts Equifirst US mortgage lender
Barclays Capital has put up the shutters on its US mortgage lending business because of “market conditions” less than two years after buying it. The decision to close Equifirst is embarrassing for Barclays , which bought the business from Alabama-based Regions Financial in a belated effort to break into the US mortgage market. (Tue, 17 Feb 2009 23:59:28 GMT)

South Korea to expand reverse mortgage scheme
SEOUL, Feb 18 (Reuters) - South Korea said on Wednesday it would expand the reverse mortgage scheme, which allows older citizens to borrow against the value of their homes while living in them, in an effort to avert a recession. (Wed, 18 Feb 2009 00:32:37 GMT)

SBI, HDFC in war of words over home loan rate
State Bank of India’s (SBI’s) decision to freeze home loan interest rates at 8 per cent for a year has stirred a controversy with the country’s largest mortgage player HDFC today terming the move as a “gimmick”. (Wed, 18 Feb 2009 02:26:06 GMT)

PNC announces moratorium on mortgage foreclosures
The PNC Financial Services Group Inc. has announced a moratorium on new and pending mortgage foreclosures. PNC's moratorium on the start of foreclosures on mortgage loans owned and serviced by PNC and (Wed, 18 Feb 2009 02:31:15 GMT)

New Mortgage Plan to Focus on Lowering Payments
When President Obama announces his $50 billion foreclosure prevention program in Arizona today, it will represent one of the most ambitious efforts yet to turn around the worst housing crisis in decades. (Wed, 18 Feb 2009 03:43:56 GMT)

SBI, HDFC in war of words over home loan rate
State Bank of India’s (SBI’s) decision to freeze home loan interest rates at 8 per cent for a year has stirred a controversy with the country’s largest mortgage player HDFC today terming the move as a “gimmick”. (Wed, 18 Feb 2009 03:52:21 GMT)

Home loans: SBI, HDFC in war of words
State Bank of India's decision to freeze home loan interest rates at 8 per cent for a year has stirred a controversy with the country's largest mortgage player HDFC on Tuesday terming the move as a 'gimmick'. SBI executives retorted by saying that the package was not a 'teaser rate', as HDFC chairman Deepak Parekh described the move. (Wed, 18 Feb 2009 03:52:29 GMT)

SBI, HDFC in war of words over home loan rate
State Bank of India’s (SBI’s) decision to freeze home loan interest rates at 8 per cent for a year has stirred a controversy with the country’s largest mortgage player HDFC today terming the move as a “gimmick”. (Wed, 18 Feb 2009 03:53:38 GMT)

SBI, HDFC in war of words over home loan rate
State Bank of India’s (SBI’s) decision to freeze home loan interest rates at 8 per cent for a year has stirred a controversy with the country’s largest mortgage player HDFC today terming the move as a “gimmick”. (Wed, 18 Feb 2009 03:55:32 GMT)

Obama Housing Plan to Cut Mortgage Payments, Stem Foreclosures
Feb. 18 (Bloomberg) -- U.S. President Barack Obama will today outline an estimated $50 billion plan to stem a surge in home foreclosures that will subsidize cuts in mortgage payments for millions of struggling borrowers. (Wed, 18 Feb 2009 05:01:06 GMT)

PNC, Citizens suspend mortgage foreclosures
PNC Financial Services Group Inc. and Citizens Bank on Tuesday placed moratoriums on new and pending home foreclosures, the first big Pittsburgh-area banks to aid mortgage holders struggling to make payments during the recession. (Wed, 18 Feb 2009 05:09:42 GMT)

Obama to unveil mortgage plan
PRESIDENT Barack Obama will unveil a plan overnight to cut mortgage payments for millions facing foreclosure in a multi-billion-dollar effort to slow a key driver of the US financial meltdown. (Wed, 18 Feb 2009 06:35:00 GMT)

US: Obama To Unveil Mortgage Foreclosure Plan
PHOENIX, AZ: US President Barack Obama will Wednesday unveil a plan to cut mortgage payments for millions facing foreclosure in a multi-billion-dollar effort to slow a key driver of the US financial meltdown. (Wed, 18 Feb 2009 06:57:53 GMT)

Barclays closes EquiFirst mortgage
Since buying EquiFirst in 2007 from Regions Financial Corp. for $76 million, the British bank has been slashing positions amid the downturn in the mortgage business. (Wed, 18 Feb 2009 07:31:27 GMT)

Obama to unveil mortgage plan
BARACK Obama is set to unveil a plan to cut mortgage payments for millions facing foreclosure in a multibillion-dollar effort to slow the US financial meltdown. (Wed, 18 Feb 2009 07:50:00 GMT)

ISAAC HAYES' FORECLOSED HOME UP FOR AUCTION: Late singer's estate in default on a $1.1 million loan.
*The home of late R&B legend Isaac Hayes has been foreclosed and will be auctioned to the highest bidder next month, according to a notice in Monday's Memphis Daily News. (Wed, 18 Feb 2009 08:05:38 GMT)

Selling Your Home For Less Than The Loan
Homeowners often find themselves in the unenviable position of owing more on the balance of a mortgage than the home is worth. This often occurs as result of a combination of events, which often include factors that are beyond a homeowner's control. (Wed, 18 Feb 2009 09:13:29 GMT)

Banks seek relaxation in home loan risk-weight from RBI
Ahead of Reserve Bank's quarterly policy review, Indian banks asked the apex bank to relax risk-weight norms on home loans upto Rs 20-lakh to reduce their burden. (Wed, 18 Feb 2009 10:53:16 GMT)

Refinance may be worth paying penalty
In some cases, it makes sense to refinance even if you have to pay a mortgage prepayment penalty. (Wed, 18 Feb 2009 11:00:00 GMT)

Bhatt says home loan rate cut won’t affect margins
State Bank of India’s chairman OP Bhatt has sought to reassure analysts that the bank margins would remain unaffected by its decision to cut home loan rates to 8%. (Wed, 18 Feb 2009 11:04:15 GMT)

New mortgage lending down 30% in 2008
New research has found that mortgage lending in the final quarter of last year was down 50% compared to the same time last year. The figures also show that the number of new mortgages issued during the last three months of 2008 fell by one third compared to the period July to September. (Wed, 18 Feb 2009 12:02:31 GMT)

Week-to-week mortgage applications up 45.7%, MBA says
Mortgage applications filed last week rise a seasonally adjusted 45.7% compared with the week before, reflecting a spike in refinancings as interest rates fell, Mortgage Bankers Association data show. (Wed, 18 Feb 2009 12:02:38 GMT)

Mortgage refinancing is up for some
"I receive calls all hours of the day," says mortgage loan officer Maureen Carrington of Silver Spring. Loading... (Wed, 18 Feb 2009 12:17:26 GMT)

MBA: Mortgage applications surge
The Mortgage Bankers Association says demand for refinancing jumped last week as fixed mortgage rates dropped below 5%, a key level. (Wed, 18 Feb 2009 12:38:06 GMT)

Obama to unveil mortgage foreclosure plan
President Barack Obama will Wednesday unveil a plan to cut mortgage payments for millions facing foreclosure in a multi-billion-dollar effort to slow a key driver of the US financial meltdown. (Wed, 18 Feb 2009 12:42:44 GMT)

Obama to unveil mortgage foreclosure plan
President Barack Obama will Wednesday unveil a plan to cut mortgage payments for millions facing foreclosure in a multi-billion-dollar effort to slow a key driver of the US financial meltdown. (Wed, 18 Feb 2009 12:42:44 GMT)

U.S. MBA’s Mortgage Applications Index Jumped 46% Last Week
Feb. 18 (Bloomberg) -- Mortgage applications in the U.S. rebounded last week from a three-month low, led by a surge in refinancing as borrowing rates dropped. (Wed, 18 Feb 2009 12:56:21 GMT)

Federal Home Loan Bank awards Minnesota nonprofits $6.3 million to help homebuyers
ROCHESTER, Minn. (AP) — The Federal Home Loan Bank of Des Moines has awarded $6.3 million in grants to Minnesota nonprofit groups to help people buy and repair foreclosed homes. (Wed, 18 Feb 2009 13:18:29 GMT)

Loan shark's cash is handed back
LOAN shark's £35,000 profits to be given to struggling families in his home town (Wed, 18 Feb 2009 13:23:30 GMT)

Obama Housing Plan to Cut Mortgage Payments, Stem Foreclosures
Feb. 18 (Bloomberg) -- President Barack Obama will today outline an estimated $50 billion plan to stem a surge in home foreclosures that will subsidize cuts in mortgage payments for millions of struggling borrowers. (Wed, 18 Feb 2009 13:29:29 GMT)

Mortgage Applications Soar Over 45 Percent
(RTTNews) - Industry data released on Wednesday showed that mortgage application volume soared over 45 percent last week, as the refinance index jumped nearly 65 percent and interest rates declined across the board. (Wed, 18 Feb 2009 13:39:38 GMT)

Stock futures add gains after home loan aid plan
Stock index futures added to gains on Wednesday after the Obama administration released a plan aimed at stemming home foreclosures. (Wed, 18 Feb 2009 14:23:40 GMT)

Obama unveils $75-billion mortgage relief plan
U.S. President Barack Obama announced a US$75-billion plan Wednesday to help Americans facing imminent foreclosure or those who need to refinance their mortgage. (Wed, 18 Feb 2009 14:48:30 GMT)

US STOCKS-Futures add gains after home loan aid plan
NEW YORK (Reuters) - U.S. stock index futures added to gains Wednesday after the Obama administration released a plan aimed at stemming home foreclosures. (Wed, 18 Feb 2009 15:07:54 GMT)

Obama says mortgage program to help up to nine million
President Barack Obama Wednesday revealed a mortgage foreclosure plan targeting up to nine million people, including a 75 billion dollar bid to help at-risk homeowners stuck in a negative equity trap. (Wed, 18 Feb 2009 15:16:56 GMT)

Obama unveils $75 billion mortgage relief plan
President Barack Obama rolled out a bold $75 billion, three-part plan Wednesday to halt the soaring rate of mortgage foreclosures nationwide, one that seeks to encourage refinancing of homes now worth less than their mortgages and provides incentives for lenders to lower the debt load on struggling homeowners. The Homeowner Stability Initiative, which Obama unveiled in Phoenix, seeks to address ... (Wed, 18 Feb 2009 15:29:40 GMT)

Obama unveils $75 billion mortgage relief plan
Initiative is designed to help up to 5 million borrowers refinance, and provides incentive payments to mortgage lenders (Wed, 18 Feb 2009 15:32:02 GMT)

Federal Home Loan Bank of Atlanta to Award $1.5 Million for Affordable Housing in Maryland
Federal Home Loan Bank of Atlanta announced today that it will award $1.5 million to help developers fund 178 affordable housing units in Maryland. (Wed, 18 Feb 2009 16:34:00 GMT)

Stocks climb as mortgage relief plan unveiled
Stocks are modestly higher as President Barack Obama releases details of his $75 billion mortgage relief plan. (Wed, 18 Feb 2009 17:00:03 GMT)

Stocks climb as mortgage relief plan unveiled
Stocks are modestly higher as President Barack Obama releases details of his $75 billion mortgage relief plan. The plan is designed to help stabilize the housing market and reduce foreclosures. (Wed, 18 Feb 2009 17:00:03 GMT)

Refinancings cause surge in mortgage applications
Mortgage applications surged last week as a growing number of homeowners took advance of lower interest rates to refinance their home loans. (Wed, 18 Feb 2009 18:35:02 GMT)

Pres. Obama Unveils $75 Billion Mortgage Relief Plan
The initiative is designed to help up to five million borrowers refinance, and provides incentive payments to mortgage lenders in an effort to help up to four million borrowers on the verge of foreclosure. (Wed, 18 Feb 2009 18:57:29 GMT)

Obama unveils $75 billion mortgage relief plan
MESA - President Barack Obama confronted head-on a key source of economic anxiety for millions of Americans - the foreclosure crisis - promising mortgage refinancing options for those struggling to keep up with payments and relief for unemployed workers worried about losing their homes. (Wed, 18 Feb 2009 19:14:52 GMT)

Obama unveils $75 billion mortgage relief plan
MESA, Ariz. - President Barack Obama confronted the foreclosure crisis head-on Wednesday, promising mortgage refinancing options for those struggling to keep up with payments and relief for unemployed workers worried about losing their homes. (Wed, 18 Feb 2009 19:38:26 GMT)

What's Behind the Refinance Rollercoaster?
Homeowners rushed to refinance their mortgages last week, according to data from the Mortgage Bankers Association. But last week's 64% increase in refinance activity came on the heels of a 30% decline just the week before. What's behind this refinancing rollercoaster? (Wed, 18 Feb 2009 20:23:23 GMT)

Refinancings cause surge in mortgage applications
Mortgage applications surged last week as a growing number of homeowners took advantage of lower interest rates to refinance their home loans. (Wed, 18 Feb 2009 20:50:59 GMT)

Obama mortgage aid targets responsible homeowners
The White House will use $75 billion to subsidize the loan payments of distressed mortgage-holders. (Wed, 18 Feb 2009 20:57:40 GMT)

(AFX UK Focus) 2009-02-18 20:43 UPDATE 1-FACTBOX-Obama housing plan seeks mortgage payment cuts
(Adds details on funding, terms for refinancing) Feb 18 (Reuters) - The Obama administration's housing rescue plan unveiled on Wednesday commits up to $275 billion in funds to help reduce mortgage payments for up to 9 million families and arrest the devastating fall in U.S. home prices. Following are some elements of the plan: (Wed, 18 Feb 2009 21:06:36 GMT)

Mortgage applications climb in latest survey
Mortgage applications jumped last week, as fixed mortgage rates fell below 5 percent and encouraged homeowners to refinance their loans. (Wed, 18 Feb 2009 21:09:25 GMT)

(AFX UK Focus) 2009-02-18 20:43 UPDATE 1-FACTBOX-Obama housing plan seeks mortgage payment cuts
(Adds details on funding, terms for refinancing) Feb 18 (Reuters) - The Obama administration's housing rescue plan unveiled on Wednesday commits up to $275 billion in funds to help reduce mortgage payments for up to 9 million families and arrest the devastating fall in U.S. home prices. Following are some elements of the plan: (Wed, 18 Feb 2009 21:09:40 GMT)

Analysis: Obama offers carrots for mortgage firms
The same mortgage lenders that candidate Barack Obama accused last year of causing the housing mess would get a windfall from President Obama's government under his foreclosure rescue program. (Wed, 18 Feb 2009 22:29:29 GMT)

Kiwibank Cuts Home Loan Variable Rate – Again
Kiwibank has cut half a percent of its variable home loan rate, bringing it down to an historic low of 5.99%. (Wed, 18 Feb 2009 22:32:30 GMT)

Kiwibank cuts floating home loan rate to 5.99pc
Kiwibank has cut half a per cent off its variable home loan rate, bringing it down to an historic low of 5.99 per cent, the bank says. (Wed, 18 Feb 2009 22:49:17 GMT)

Homeowner mortgage bail out, is it enough?
The $75 billion plan allows qualifying homeowners to refinance or re-modify their mortgage loans. The President says 7 to 9 million families will be able to avoid foreclosure. (Wed, 18 Feb 2009 23:40:43 GMT)

Minister pleads guilty to mortgage loan fraud in purchase of Maryville home
A metro-east minister pleaded guilty to federal charges of mortgage loan fraud on Wednesday after a prosecutor said he lied and made fraudulent transactions to get a loan on a home in an exclusive Maryville neighborhood. (Wed, 18 Feb 2009 23:50:11 GMT)

Obama Pledges $275 Billion to Cut Mortgage Payments (Update1)
Feb. 18 (Bloomberg) -- U.S. President Barack Obama pledged $275 billion to a program that includes cutting mortgage payments for as many as 9 million struggling homeowners and expanding the role of Fannie Mae and Freddie Mac in curbing foreclosures. (Wed, 18 Feb 2009 23:52:35 GMT)

Obama Pledges $275 Billion to Cut Mortgage Payments (Update1)
Feb. 18 (Bloomberg) -- U.S. President Barack Obama pledged $275 billion to a program that includes cutting mortgage payments for as many as 9 million struggling homeowners and expanding the role of Fannie Mae and Freddie Mac in curbing foreclosures. (Wed, 18 Feb 2009 23:53:24 GMT)

How the Obama mortgage plan will affect borrowers
Some homeowners who are underwater on their mortgages and those stuck in high-cost subprime loans could soon be eligible for a lower mortgage rate, according to an Obama administration plan announced on Wednesday. (Thu, 19 Feb 2009 00:02:57 GMT)

Questions and answers about Obama's mortgage rescue plan
"In the end, all of us are paying a price for this home mortgage crisis," President Obama said during a speech in Mesa, Ariz. "And all of us will pay an even steeper price if we allow this crisis to deepen - a crisis which is unraveling homeownership, the middle class and the American dream itself." (Thu, 19 Feb 2009 01:03:05 GMT)

Kiwibank cuts home loan rate to 5.99 percent
19 February 2009 Kiwibank has cut its variable home loan mortgage rate again, saying it is getting in before an expected further cut by the Reserve Bank next month. (Thu, 19 Feb 2009 01:08:19 GMT)

Kiwibank cuts home loan rate to 5.99 percent
19 February 2009 Kiwibank has cut its variable home loan mortgage rate again, saying it is getting in before an expected further cut by the Reserve Bank next month. (Thu, 19 Feb 2009 01:10:58 GMT)

Kiwibank cuts variable home loan mortgage again
Kiwibank has cut its variable home loan mortgage rate again, saying it is getting in before an expected further cut by the Reserve Bank next month. The bank's variable loan rate has almost halved in the past five months, falling from a high of 10.2 percent to a historic low today of 5.99 percent. (Thu, 19 Feb 2009 02:26:08 GMT)

Obama to unveil 75-billion-dollar mortgage relief plan
U.S. President Barack Obama is to reveal a 75-billion-dollar mortgage relief plan Wednesday in an effort to prevent Americans from losing their homes. "We will help between seven and nine million families restructure or refinance their mortgages so they can avoid foreclosure," Obama said in an advance copy of remarks he will make at an event in Phoenix, Arizona. "We are not just helping ... (Thu, 19 Feb 2009 02:37:09 GMT)

Fed alert: Obama's home loan plan looking shaky
President Obama's $US275 billion home loan plan has won a better reception than last week's banking bailout announcement, but that's not saying much, writes Glenn Dyer . (Thu, 19 Feb 2009 02:46:18 GMT)

Obama: Mortgage relief plan could help save thousands of local homeowners from foreclosure
MISHAWAKA — President Obama says it will help at least nine million Americans stay in their homes. But which local homeowners can count on the federal government's new mortgage relief plan to help rescue them? (Thu, 19 Feb 2009 03:52:30 GMT)

Details of the Obama mortgage plan
The plan would allow mortgage financing companies Fannie Mae and Freddie Mac, both taken over by the government last year, to refinance mortgages they own or have guaranteed even if more is owed on a home than the home is worth. (Thu, 19 Feb 2009 05:14:09 GMT)

Mortgage applications rise as fixed rates fall below 5%
WASHINGTON -- Mortgage applications jumped last week, as fixed mortgage rates fell below 5 percent and encouraged home-owners to refinance their loans. (Thu, 19 Feb 2009 05:15:03 GMT)

Industries open door to Obama mortgage plan
President Obama's plan to help struggling homeowners stave off foreclosure or refinance their mortgages was greeted with interest by people in New Hampshire's housing and banking industries yesterday - though they noted that the state had not been hit as hard as other parts of the country by the mortgage crisis. (Thu, 19 Feb 2009 06:20:47 GMT)

Obama's mortgage plan up against fast-rising defaults
Refinancing and loan workouts are at the core of the fix. Some wonder whether it will be bold or swift enough to stabilize the market. The housing plan unveiled by President Obama on Wednesday goes further than any previous effort to break the vicious cycle of declining home values, rising mortgage defaults and frozen credit that triggered the country's worst recession since the 1930s. (Thu, 19 Feb 2009 06:27:14 GMT)

Mortgage incentives to help homeowners
EL PASO -- President Barack Obama's $75 billion mortgage rescue plan may provide some help to El Pasoans struggling to make mortgage payments or who have been unable to refinance high-interest loans, some in the El Paso mortgage industry said. (Thu, 19 Feb 2009 07:11:56 GMT)

Mortgage applications climb in new survey
WASHINGTON Mortgage applications jumped last week as fixed mortgage rates fell below 5 percent and encouraged homeowners to refinance their loans. The Mortgage Bankers Association said yesterday that its weekly application index rose 45.7 percent for the week that ended Feb. 13. The index came in at 875.3, up from 600.6 a week earlier. On an unadjusted basis, the index increased 47.7 percent ... (Thu, 19 Feb 2009 08:37:55 GMT)

UK mortgage lending at 8-year low, survey says
Mortgage lending in Britain fell 8 percent in January from December, reaching the lowest monthly total in nearly eight years, the Council of Mortgage Lenders said Thursday. (Thu, 19 Feb 2009 09:55:27 GMT)

Mortgage Lending Slumps By 50%
Mortgage lending slumped to £12.4bn during January - that is 52% below the total for the same month of 2008, the Council of Mortgage Lenders says. (Thu, 19 Feb 2009 10:02:00 GMT)

$75 billion mortgage relief plan unveiled
MESA, Ariz. President Barack Obama confronted the foreclosure crisis head-on Wednesday, promising mortgage refinancing options for those struggling to keep up with payments and relief for unemployed workers worried about losing their homes. (Thu, 19 Feb 2009 10:11:38 GMT)

Mortgage lending down 52 percent year to year
Gross mortgage lending fell 52 percent on the year in January to its lowest monthly total since April 2001, the Council of Mortgage Lenders said on Thursday. (Thu, 19 Feb 2009 10:25:00 GMT)

Mortgage Lending Is Halved In A Year
Mortgage lending slumped to £12.4bn during January - that is 52% below the same time last year. (Thu, 19 Feb 2009 11:51:00 GMT)

Good time to refinance your mortgage, but know your options
Mortgage rates have plummeted recently and homeowners are finding that refinancing makes sense. In today's economic environment, if homeowners can take advantage of lower interest rates and reduce their monthly payments, the question is why not? People shouldn't just rush out and refinance, but in certain situations it does make sense. (Thu, 19 Feb 2009 12:12:54 GMT)

Mortgage rescue relies on incentives
President Obama's new effort to use Wall Street rescue money to halt the soaring rate of mortgage foreclosures nationwide encourages refinancing of homes that are now worth less than their mortgages and provides incentives for lenders to lower the debt load on struggling homeowners. (Thu, 19 Feb 2009 12:38:19 GMT)

News roundup: Sizing up the mortgage rescue plan
Good morning. It's Thursday. Housing crisis: President Obama's mortgage plan fronted most newspapers. The Indianapolis Star, right, and many others tried to gauge the impact on the local market. Noting that foreclosure proceedings began last year on one in 36 properties in the city, the Star offers a Q-and-A on who will benefit from the plan. The Arizona Republic fills its front page with the ... (Thu, 19 Feb 2009 12:57:25 GMT)

Obama Sets $75 Billion Mortgage Rescue Plan
President Barack Obama on Feb. 18 announced a plan to stabilize the faltering housing market by allowing up to 9 million families to refinance or restructure at-risk mortgages through a $75 billion "homeowner stability initiative" and other incentives to keep homes out of foreclosure. (Thu, 19 Feb 2009 13:08:41 GMT)

Refinancings cause surge in mortgage applications
Mortgage applications surged last week as a growing number of homeowners took advantage of lower interest rates to refinance their home loans. (Thu, 19 Feb 2009 14:33:22 GMT)

Three Ways To Take Advantage of Obama's Mortgage Plan
If you're stuck with a mortgage that's wrecking your finances, here's what you should do between now and March 4. (Thu, 19 Feb 2009 15:00:40 GMT)

Freddie Mac: Benchmark Mortgage Average Down From Last Week
Freddie Mac: Benchmark Mortgage Average Down From Last Week (Thu, 19 Feb 2009 15:28:46 GMT)

45% Oppose Government Mortgage Help for Troubled Homeowners
Forty-five percent (45%) of Americans oppose the federal government subsidizing mortgage payments for financially troubled homeowners, according to a new Rasmussen Reports national telephone survey. (Thu, 19 Feb 2009 15:32:12 GMT)

Mortgages: Weak economy puts more downward pressure on mortgage rates
Mortgage rates fell this week, as the economy continued to show signs of slowing, Freddie Mac’s chief economist said on Thursday. (Thu, 19 Feb 2009 16:17:38 GMT)

Mortgage rates hold steady
Mortgage rates held steady over the past week, as homeowners got a boost from the stimulus bill and President Obama unveiled a foreclosure-prevention plan on Wednesday. (Thu, 19 Feb 2009 16:23:11 GMT)

How to Tell if Refinancing Is Right for You
With mortgage activity up 45.7% in the last week according to the Mortgage Banker’s Association, it seems that everyone is rushing to refinance their homes. But how do you know if refinancing is right for you? (Thu, 19 Feb 2009 16:27:26 GMT)

Mortgage Bankers Association says refinancing applications surge
Mortgage applications rose last week as lower interest rates caused homeowners to seek to refinance their home loans. (Thu, 19 Feb 2009 17:02:22 GMT)

Details of the Obama mortgage plan
The plan would allow mortgage financing companies Fannie Mae and Freddie Mac, both taken over by the government last year, to refinance mortgages they own or have guaranteed even if more is owed on a home than the home is worth. (Thu, 19 Feb 2009 17:21:21 GMT)

Mortgage Rates in U.S. Fall for Second Week to 5.04% (Update1)
Feb. 19 (Bloomberg) -- The average U.S. rate on a 30-year fixed mortgage fell this week as President Barack Obama signed an economic stimulus measure into law and pledged $275 billion to reduce foreclosures. (Thu, 19 Feb 2009 17:26:39 GMT)

U.S. mortgage rates fall in week
WASHINGTON, Feb. 19 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages fell in the week ending Feb. 19, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 19 Feb 2009 18:45:06 GMT)

Who Gets Mortgage Help Under Obama's Plan?
by M. Gwertzman, BankingMyWayPresident Obama unveiled his $275 billion plan to provide mortgage relief to homeowners yesterday, but there are still many details to be announced. The full plan - called the Homeowner Affordability and Stability Plan - will be released on March 4th, but until then, homeowners who think they might benefit should examine their own finances and situation to make sure ... (Thu, 19 Feb 2009 20:46:01 GMT)

Six indicted in $10 million mortgage fraud scheme
A federal grand jury has indicted six people, including a Chicago gang leader, in a $10 million mortgage fraud scheme involving eight properties, seven on the South Side, officials announced today. The gang leader, Deangelo McMahan, who previously has faced federal drug charges, was the subject of a 2005 Chicago Tribune article, part of a larger series on the effects of mortgage fraud on ... (Thu, 19 Feb 2009 21:11:00 GMT)

Obama Is High in Polls, But Issues Like Mortgage and Auto Crises Help Republicans
Reading the polls on Obama, alternative energy, mortgage stimulus and auto bailouts. (Thu, 19 Feb 2009 21:11:43 GMT)

Wisconsin reaches settlement with mortgage giant
The Wisconsin Department of Justice has reached a huge settlement with mortgage giant Countrywide Financial Corp. over questionable marketing practices. (Thu, 19 Feb 2009 21:31:18 GMT)

Refinancings cause surge in mortgage applications
Mortgage applications surged last week as a growing number of homeowners took advantage of lower interest rates to refinance their home loans. (Thu, 19 Feb 2009 21:35:33 GMT)

Time to Refinance?
Is now the time to refinance your home mortgage? Experts weigh in. (Thu, 19 Feb 2009 22:10:48 GMT)

Fed Assets Rise to $1.92 Trillion After Mortgage Bond Purchases
Feb. 19 (Bloomberg) -- The Federal Reserve’s loans, securities and other assets expanded by 3.9 percent to $1.92 trillion over the past week as the central bank completed some of its planned $500 billion in purchases of mortgage bonds. (Thu, 19 Feb 2009 22:41:08 GMT)

Debate rages on mortgage plan
Debate over the mortgage bailout swept the city, the airwaves and the Internet on Thursday, with New Yorkers divided on whether it's a necessary lifeline or a foolhardy handout. It seems like everyone has an opinion. (Fri, 20 Feb 2009 03:58:59 GMT)

The case against the mortgage bailout
CNBC editor Rick Santelli let it rip on-air Thursday, leading a "mob" of Chicago traders in a mini-revolt against the government's mortgage bailout plan. (Fri, 20 Feb 2009 04:10:04 GMT)

The case for the mortgage bailout
As much as I'd like to join in the mortgage bailout outrage and support letting the marketplace sort out this mess, I can't. It's not about morals or politics, but hard economic facts. (Fri, 20 Feb 2009 04:10:14 GMT)

Obama threads a mortgage needle
In office 30 days and President Obama has already devised a stimulus package, a bank bailout, and now a mortgage rescue. Like Franklin D. Roosevelt, he has put government's shoulder into a falling economy. But also like FDR, he says he would end any program that doesn't work. For his mortgage scheme, he may want to keep his hand on the plug. (Fri, 20 Feb 2009 08:00:00 GMT)

Crystal awards CDBG funding for home improvement loans, senior transport
Senior transportation and home improvement loan programs will benefit from this year's round of Community Development Block Grant funding in Crystal. (Fri, 20 Feb 2009 08:03:06 GMT)

Mortgage rates go lower
Rates on 30-year-fixed mortgages fell this week, Freddie Mac said Thursday. The average rate on a 30-year fixed mortgage dropped to 5.04 percent this week from 5.16 percent last week. For a 15-year fixed-rate mortgage, the average rate this week was 4.68... (Fri, 20 Feb 2009 08:48:17 GMT)

Even drug dealer had a piece of the mortgage business
Even though he was convicted of drug dealing, DeAngelo McMahan managed to get a state license to submit mortgage applications to banks. (Fri, 20 Feb 2009 10:08:11 GMT)

Ask AP: Mortgage help, troops in Afghanistan
You're struggling to make ends meet, but each month you manage to scrape together your mortgage payment, if just barely. Are there any programs out there that might help you lower your payments to something a little more affordable? (Fri, 20 Feb 2009 11:02:51 GMT)

Ask AP: Mortgage help, troops in Afghanistan
You're struggling to make ends meet, but each month you manage to scrape together your mortgage payment, if just barely. Are there any programs out there that might help you lower your payments to something a little more affordable? That's one of the questions in this edition of "Ask AP," a weekly Q&A column where AP journalists respond to readers' questions about the news. If you have your own ... (Fri, 20 Feb 2009 11:08:44 GMT)

Top 10 tips to help you find a mortgage
Mortgage lending is down 52 percent compared to January 2008, but that does not mean you can't still find a good deal. (Fri, 20 Feb 2009 11:20:00 GMT)

INSIDE $10M MORTGAGE SCAM
A team of fraudsters ran a shocking $10 million mortgage scam by persuading felons and housing-project residents to buy dozens of New York properties they couldn't afford - taking advantage of the reckless national lending practices that are now... (Fri, 20 Feb 2009 11:30:18 GMT)

Feds: 4 NYers ran $10M subprime mortgage scam
Four New Yorkers have been charged in a $10 million subprime mortgage scam that relied on ex-convicts and residents from a public housing project pretending to be home buyers. (Fri, 20 Feb 2009 12:29:00 GMT)

PM 'raised false mortgage hopes'
The Tories accuse Gordon Brown of raising false hopes over a scheme to help people struggling with mortgage payments. (Fri, 20 Feb 2009 12:36:52 GMT)

Hartford, Principal Face Commercial Mortgage Losses (Update1)
Insurers will need to write down the value of commercial mortgage-backed investments after Moody’s Investors Service downgraded more than 1,200 securities, UBS’s Andrew Kligerman said in a note to investors today. (Fri, 20 Feb 2009 15:08:56 GMT)

Financing gets added emphasis at home show
WEST BEND - The busiest vendors at the 2009 West Bend Home Building and Remodeling Show this weekend might have nothing to do with swinging a hammer but do know their way around a loan. (Fri, 20 Feb 2009 16:00:02 GMT)

Mortgage Rates Drop to Nearly 5%
Thirty-year fixed mortgage rates are moving back toward their record lows. (Fri, 20 Feb 2009 17:26:49 GMT)

Refi Nation: Digging Out of the Mortgage Mess
Wednesday’s Recovery and Reinvestment act promises $787 billion to American homeowners and homebuyers, offering much-needed protection against imminent foreclosure. This news came as a huge relief to many Americans with homes underwater struggling to make their mortgage payments, but the enormity of the situation begs the question, how did we get into such mess in the first place? (Fri, 20 Feb 2009 18:12:46 GMT)

Personal Finance Daily: Mortgage lenders get tough, sometimes beyond reason
You know what they say about the pendulum swinging: It always goes too far in one direction or the other before retracing its path. We may be seeing that in the mortgage market these days, where lenders have grown so cautious -- after handing out exotic loans like breath mints -- that their decisions leave you wondering whether they want to be in the lending business at all. ... (Fri, 20 Feb 2009 18:47:28 GMT)

(AFX UK Focus) 2009-02-20 18:24 US GOVTS: Treasury Mortgage Plan Eliminates Mortgage Insurance
Washington, February 20 - The Obama Administration's plan to make it easier for up to 5 mln homeowners to refinance their homes will eliminate a mortgage insurance requirement for certain loans, according to an outline of the program provided by the Federal Housing Finance Agency (FHFA). (Fri, 20 Feb 2009 18:50:59 GMT)

Task force targets Md.'s high mortgage fraud areas
A statewide mortgage fraud task force is focusing on Montgomery and Prince George's counties and the Baltimore area, where Maryland's highest concentrations of mortgage-related crimes occur. (Fri, 20 Feb 2009 20:11:04 GMT)

Mortgage Plan Aids Liars, Misaligns Incentives, Amherst Says
Feb. 20 (Bloomberg) -- The Obama administration’s mortgage- modification plan offers the most aid to homeowners who “really stretched to buy their house and lied the most about their income,” Amherst Securities Group LP analysts said. (Fri, 20 Feb 2009 20:56:40 GMT)

Capitol Report: Mortgage investors may sue on modified loans
The White House plan to help millions avoid foreclosure was greeted with generally positive reaction by homeowners and mortgage servicers but many private mortgage investors are less impressed, and many are preparing to file lawsuits against the banks that service the mortgages. (Fri, 20 Feb 2009 21:02:28 GMT)

It's a PITI -- Why Obama's Mortgage Plan Doesn't Work
The White House's mortgage-rescue plan misses some critical elements. (Fri, 20 Feb 2009 21:27:36 GMT)

Hartford, Principal Face Commercial Mortgage Losses (Update2)
Insurers will need to write down the value of commercial mortgage-backed investments after Moody’s Investors Service downgraded more than 1,200 securities, UBS’s Andrew Kligerman said in a note to investors today. (Fri, 20 Feb 2009 21:46:45 GMT)

Life insurers fall on commerical mortgage concerns
Hartford Financial leads a decline among life insurers on concern about the sector's exposure to losses in the commercial mortgage and real estate markets. (Fri, 20 Feb 2009 21:47:38 GMT)

Federal Home Loan Bank of Indianapolis Announces 2008 Fourth Quarter Dividend
INDIANAPOLIS, Feb. 20, 2009 -- On February 20, 2009, the Board of Directors of the Federal Home Loan Bank of Indianapolis declared dividends on B-1 and B-2 stock at annualized rates of 4.00% and 3.20%, respectively. (Fri, 20 Feb 2009 22:02:34 GMT)

Homeowners Refinancing Their Mortgages
Amid the doom and gloom of daily economic news there is a silver lining. People are taking advantage of mortgage rates near record lows. (Fri, 20 Feb 2009 22:37:32 GMT)

Obama mortgage plan too low for Bay Area
SAN FRANCISCO, Feb. 20 (UPI) -- Housing experts in the San Francisco Bay Area doubt the plan to prop up the mortgage market will be enough to help many homeowners in the region. (Fri, 20 Feb 2009 23:45:22 GMT)

In a Bust, a Refinancing Boom
It is unusual to have a mortgage refinancing boom in the middle of a foreclosure crisis. In the 1930s, the last time we had a foreclosure crisis comparable to this one, lenders were so spooked that there was almost no refinancing. That changed only after the 1933 creation of the Home Owners Loan Corp., a New Deal agency that refinanced many borrowers at the government's risk. (Sat, 21 Feb 2009 01:30:18 GMT)

Mortgage Plan Aids Liars About Income, Amherst Says (Update2)
Feb. 20 (Bloomberg) -- The Obama administration’s mortgage- modification plan offers the most aid to homeowners who “really stretched to buy their house and lied the most about their income,” Amherst Securities Group LP analysts said. (Sat, 21 Feb 2009 02:30:53 GMT)

More Muscle Against Mortgage Fraud
Maryland U.S. Attorney Rod J. Rosenstein yesterday announced the formation of a task force linking federal, state and local agencies in the fight against mortgage fraud, a group whose goals will include seizing assets from scam artists and paying restitution to victims. (Sat, 21 Feb 2009 05:00:00 GMT)

Pay off outstanding lien before you refinance
Q: Two of us jointly own our home, and want to refinance to get a lower interest rate. One does not have a good credit score and has a lien on the title for an old debt that is being repaid on schedule. The other owner has a good credit score. We are willing to sign a quitclaim deed and have the owner with good credit score take on the mortgage. Can we do this, and if so, how? You might be able ... (Sat, 21 Feb 2009 05:02:58 GMT)

Crystal awards CDBG funding for home improvement loans, senior transport
Senior transportation and home improvement loan programs will benefit from this year's round of Community Development Block Grant funding in Crystal. (Sat, 21 Feb 2009 08:05:01 GMT)

USDA Rural Development reduces direct home loan interest rate
MIDDLETOWN - The U.S. Department of Agriculture Rural Development agency is reducing its interest rate on direct home loans to four percent. The change is effective on March 1. (Sat, 21 Feb 2009 12:11:08 GMT)

Mortgage bailout criticized locally
President Barack Obama’s $275 billion mortgage bailout plan might help some local mortgagees facing foreclosure, but a local economist and a local homeowner say it’s a bad plan that rewards bad behavior. (Sat, 21 Feb 2009 12:55:27 GMT)

Housing Plan Bails Out Mortgage Insurers
If Obama's program is put into action, many feared losses won't materialize. (Sat, 21 Feb 2009 17:19:25 GMT)

The Hindu Business Line : More banks reviewing auto loan rates
New Delhi, Feb 21 State Bank of India’s limited period offer of lower auto loan rates is likely to force other banks to review their lending rates. Among the private sector banks, Kotak Mahindra was quick to join with an immediate rate cut. (Sat, 21 Feb 2009 18:26:40 GMT)

Appeal to be heard in Miss. mortgage flipping case
A New Orleans appeals court is scheduled to hear arguments in March from three people convicted in a mortgage fraud scheme in Mississippi. (Sat, 21 Feb 2009 19:44:23 GMT)

Woman sentenced to prison in mortgage scam
Associated Press - February 21, 2009 4:25 PM ET SAN ANTONIO (AP) - A San Antonio woman convicted with her husband of bilking mortgage lenders out of $1.67 million has been sentenced to more... (Sat, 21 Feb 2009 21:31:02 GMT)

Appeal to be heard in Miss. mortgage flipping case
JACKSON, Miss. (AP) - A New Orleans appeals court is scheduled to hear arguments in March from three defendants convicted in a mortgage fraud scheme in Mississippi. (Sat, 21 Feb 2009 21:40:02 GMT)

Builder promotes mortgage protection
If you lose your job and can't pay your mortgage and own a Lennar home, you may still be able to get your mortgage paid, the company says. (Sat, 21 Feb 2009 21:57:10 GMT)

Howard govt to blame for home loan pain: Swan
Federal Treasurer Wayne Swan says people with fixed home loan interest rates should blame the previous government for their higher rate of repayments. (Sat, 21 Feb 2009 23:06:00 GMT)

The 100 per cent mortgage set to be outlawed
The era of the 100 per cent mortgage could be at an end after Gordon Brown announced plans to ban the risky loans as part of a major review of banking practices. (Sun, 22 Feb 2009 00:07:09 GMT)

One blot on your credit record and you can forget about a mortgage
Borrowers with a chequered credit history were never top of a mortgage lender’s favourites list, but the recession could leave them facing a 10-year sentence of being entirely ineligible for a home loan. (Sun, 22 Feb 2009 00:13:22 GMT)

State Revokes Westport Mortgage Company’s License
A Westport mortgage broker has had its license revoked by the state Banking Department and ordered to pay a $30,000 fine. The state Banking Department said the firm Michael Schulman, doing business as New England Financial, was at 191 Post Road West, Westport (above). (Sun, 22 Feb 2009 00:16:07 GMT)

San Antonio woman sentenced to prison in mortgage scam
A San Antonio woman convicted with her husband of bilking mortgage lenders out of $1.67 million has been sentenced to more than six years in prison. (Sun, 22 Feb 2009 02:15:24 GMT)

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