Mortgage News Apr 2009

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Refinancers Make Home Appraisers Very Busy
Mortgage interest rates are reaching historic lows. A surge of homeowners are refinancing, hoping to take advantage of the rates. (Wed, 01 Apr 2009 00:25:21 GMT)

FSA bans mortgage broker for fraud
The UKs Financial Services Authority has banned Walthamstow-based mortgage adviser Ashfaq Ahmed for submitting mortgage applications on his own behalf that were based on false and misleading information about his income. (Wed, 01 Apr 2009 00:31:59 GMT)

Iowans Rush To Refinance
The rate for a 30-year fixed mortgage is as low as 4.5 percent and its forcing a rush to refinance. (Wed, 01 Apr 2009 01:31:08 GMT)

Loan program available for first time home buyers in New Mexico
First-time homebuyers can find new financial assistance from the state and federal government. (Wed, 01 Apr 2009 02:43:14 GMT)

Obama's plan won't help many in foreclosure
President Barack Obama’s plan to help millions of at-risk homeowners afford their mortgage payments and to stabilize the housing market has two major elements. The Home Affordable Refinance Program allows borrowers who have loans involving Fannie Mae or Freddie Mac to refinance their loans ... (Wed, 01 Apr 2009 03:24:05 GMT)

State sets new mortgage rules
Lenders must document borrower's ability to repay loan. New mortgage rules have been finalized in Pennsylvania as state officials try to prevent a repeat of some of the risky lending practices that led to the foreclosure crisis. (Wed, 01 Apr 2009 04:03:39 GMT)

Citi cuts home loan rates
The bank, which had announced a similar cut in January, will see its mortgage prime rate fall to 13.75 per cent from April 1. In a statement, the bank said that the benefit will be available to all its existing customers on floating rate loans. A bank spokesperson said that, depending on loan tenure and amount as well as the customer's relationship with the bank, he could get a loan at up to 50 ... (Wed, 01 Apr 2009 04:56:12 GMT)

LoanModificationForFree.com Creates Free Online Loan Modification Course to Help Homeowners Lower Their Mortgage ...
A free "do-it-yourself" (DIY) loan modification program will be available at LoanModificationForFree.com for anyone including distressed homeowners and U.S. military service men and women seeking to modify their loan and take advantage of the Obama Administration's "Making Home Affordable" program. (Wed, 01 Apr 2009 07:01:00 GMT)

Mortgage Choice chief resigns
Mortgage Choice chief executive Paul Lahiff has resigned after six years in the role, but the company says the search for a new head will not affect operations. (Wed, 01 Apr 2009 07:13:50 GMT)

Should you refinance your mortgage?
With interest rates low, Canadians are thinking about refinancing their mortgages. Here's how to tell if it's worth it. I know I'm an optimist, but I can't help thinking that there is a silver lining around this cloud of bad news. (Wed, 01 Apr 2009 07:32:54 GMT)

Jury gets mortgage fraud case
Charlotte real estate lawyer Victoria Sprouse ran a “one-stop mortgage fraud shop,” a federal prosecutor told jurors in closing arguments Tuesday. (Wed, 01 Apr 2009 10:49:22 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, 01 Apr 2009 11:04:29 GMT)

U.S. mortgage applications climb, rates at fresh low
U.S. mortgage rates set fresh record lows last week, fostering demand for refinancing that drove home loan applications to the highest level since mid-January, data from the Mortgage Bankers Association showed on Wednesday. (Wed, 01 Apr 2009 11:09:44 GMT)

Week-to-week mortgage applications rise 3%, MBA data show
The volume of mortgage applications filed in the week ended March 27 tick up a seasonally adjusted 3% from the week before, as mortgage rates nudge lower, the Mortgage Bankers Association's latest data show. (Wed, 01 Apr 2009 11:17:50 GMT)

Britons reduce mortgage debt at highest rate since records began in 1970
Britons reduced their mortgage debt by a record £8 billion during the final quarter of the year, figures showed today. (Wed, 01 Apr 2009 11:27:05 GMT)

UPDATE: Week-To-Week Mortgage Applications Rise 3%, MBA Data Show
CHICAGO (Dow Jones) -- The volume of mortgage applications filed last week ticked up a seasonally adjusted 3% from the week before, as mortgage rates continued to fall, the Mortgage Bankers Association said on Wednesday. (Wed, 01 Apr 2009 11:28:34 GMT)

Is It Time to Buy a Home
A re you ready to buy a home, or refinance? Those are some big question a lot of us are asking right now, with home prices and mortgages rates on the decline. Seattle Metropolitan Magazine is helping provide some answers in its April issue. If you're looking for a good interest rate, consider this. The credit market is so tight, you'll need more documentation than usual to get a loan, and a ... (Wed, 01 Apr 2009 12:04:39 GMT)

U.S. MBA’s Mortgage Applications Index Rose 3 Percent Last Week
April 1 (Bloomberg) -- Mortgage applications in the U.S. rose for a fourth consecutive week as a decline in borrowing costs prompted more refinancing. (Wed, 01 Apr 2009 12:12:10 GMT)

Mortgage Applications Up 3 Percent
(RTTNews) - Industry data released on Wednesday showed that mortgage application volume rose 3 percent last week. It further showed a 3.7 percent increase in refinancing activity. (Wed, 01 Apr 2009 13:12:15 GMT)

Saizen REIT still has S$123m of loans to refinance by end of year
SINGAPORE : The recent credit crunch has hit real estate investment trusts (REITs), making it difficult for them to refinance loans. (Wed, 01 Apr 2009 13:45:15 GMT)

New Tax Laws Provide Incentives for Home Buyers
Did you buy a home last year? Are you planning to buy one now that interest rates are so low? Are you a first-time buyer? Did you buy in the District? (Wed, 01 Apr 2009 14:30:29 GMT)

U.S. mortgage applications climb, rates at fresh low
NEW YORK (Reuters) - U.S. mortgage rates set fresh record lows last week, fostering demand for refinancing that drove home loan applications to the highest level since mid-January, data from the Mortgage Bankers Association showed on Wednesday. (Wed, 01 Apr 2009 14:44:34 GMT)

Mortgage applications up as refinancing increases
Mortgage applications continued to rise last week, as low interest rates encouraged borrowers to refinance their home loans. (Wed, 01 Apr 2009 14:58:01 GMT)

U.S. urges requirement to keep mortgage records
The U.S. Justice Department urged Congress on Wednesday to require mortgage companies to retain records for 10 years to make it easier to prosecute fraud. (Wed, 01 Apr 2009 15:50:09 GMT)

Top mortgage lender to close down
Thornburg Mortgage plans to file for Chapter 11 bankruptcy and go out of business. (Wed, 01 Apr 2009 15:53:07 GMT)

Mortgage activity robust with low rates
WASHINGTON, April 1 (UPI) -- The Mortgage Bankers Association said U.S. mortgage activity remained robust as interest rates have dropped to record lows. (Wed, 01 Apr 2009 17:16:56 GMT)

Thornburg Mortgage Plans Bankruptcy Liquidation
Thornburg Mortgage , a specialist in jumbo home loans, said Wednesday that it planned to file for Chapter 11 bankruptcy protection and go out of business, making it one of the largest casualties of the nation’s housing slump and credit crisis. (Wed, 01 Apr 2009 17:19:02 GMT)

Refinancing on the increase as rates drop
Home refinancing activity jumped last week as more stressed homeowners took advantage of falling interest rates, according to the Mortgage Bankers Association’s latest mortgage application survey. (Wed, 01 Apr 2009 18:06:41 GMT)

Mortgage activity robust with low rates
The Mortgage Bankers Association said U.S. mortgage activity remained robust as interest rates have dropped to record lows.The Market Composite Index, which measures mortgage loan application volume, rose from 1,159.4 to a week ago to 1,194.4 in the week ending March 27, a 3 percent increase, the MBA said.The Refinance Index also increased, up 3.7 percent to 6,600.1, the MBA said.The average ... (Wed, 01 Apr 2009 18:15:50 GMT)

Call A Mortgage Specialist Night
Mortgage rates are at historic lows. So it's a great time to buy a house or refinance, right? Maybe. But getting those 'below five percent' rates you hear about rates isn't always easy. Wednesday starting at 5 p.m. Contact 2 is sponsoring "Call a Mortgage Specialist" night. Our call for action help center will be staffed with Saint Louis mortgage bankers who can answer your mortgage and ... (Wed, 01 Apr 2009 18:37:35 GMT)

Thornburg Mortgage plans to file for Chapter 11
Thornburg Mortgage Inc. says it expects to file for Chapter 11 bankruptcy protection and sell or liquidate its remaining assets, then go out of business. (Wed, 01 Apr 2009 18:49:34 GMT)

Sales Calls and Refinancing
Refinancers, you're a hot commodity. Your loan application could trigger unsolicited sales pitches -- with requests for sensitive information - -from businesses you've never heard of. A colleague at The Post just told me about the unsettling phone call she received last week, a day after applying for a mortgage refinance with her current lender, Citibank. She and her husband have lots of equity ... (Wed, 01 Apr 2009 19:01:58 GMT)

Mortgage rates hit new lows
Driven by a whirlwind of refinancing and decades-low rates, mortgage activity was up about 3 percent based on the Mortgage Bankers Association survey for the week ended March 27. (Wed, 01 Apr 2009 19:14:54 GMT)

Fed takes mortgage act to movie theaters
Superheroes aren't the only ones saving the day in movie theaters. This month, the Federal Reserve aims to help struggling homeowners by placing advertisements in theaters telling people how to avoid mortgage scams. (Wed, 01 Apr 2009 19:24:26 GMT)

Federal Home Loan Bank of Atlanta Announces the Opening of Its 2009 First-time Homebuyer Program Offering
payment and closing-cost assistance (Wed, 01 Apr 2009 19:42:00 GMT)

Thornburg Mortgage plans to file for Chapter 11
Thornburg Mortgage Inc. said Wednesday it expects to file for Chapter 11 protection and sell or liquidate its remaining assets, then go out of business. (Wed, 01 Apr 2009 19:49:21 GMT)

Is the Legacy Loan Program Doomed to Fail?
Accrued Interest, after looking at the bank bailout plan, has come up with an interesting conclusion: the Legacy Securities Program will be a great success, but the Legacy Loan Program is stillborn, unless some big changes are made. (Wed, 01 Apr 2009 19:52:06 GMT)

Thornburg Mortgage to File for Bankruptcy, Liquidate (Update2)
April 1 (Bloomberg) -- Thornburg Mortgage Inc. , the “jumbo” residential loan specialist battling a slump in home sales and the collapse of mortgage markets, plans to file for bankruptcy protection and shut down. (Wed, 01 Apr 2009 19:53:21 GMT)

Mortgage lender blames KPMG for its failure
The trustee for a California mortgage lender that collapsed two years after disclosing accounting errors sued accounting giant KPMG Wednesday, blaming it for its demise. (Wed, 01 Apr 2009 20:11:21 GMT)

Thornburg Mortgage to File for Bankruptcy, Liquidate (Update3)
April 1 (Bloomberg) -- Thornburg Mortgage Inc. , the “jumbo” home lender racked by the collapse of U.S. mortgage markets, said it plans to file for bankruptcy protection and shut down. (Wed, 01 Apr 2009 20:12:12 GMT)

Mortgage refi action is strong but slowing; loan rates dip again
Money & Co. blog: The mortgage refinancing boom continues to roll along at a strong pace, although the rate of increase in refi applications has slowed sharply as loan rates appear to be leveling off. (Wed, 01 Apr 2009 20:58:22 GMT)

Thornburg Mortgage plans to file for bankruptcy
Thornburg Mortgage Inc. said Wednesday it expects to file for bankruptcy protection and sell or liquidate its remaining assets, then go out of business. (Wed, 01 Apr 2009 21:01:33 GMT)

Thornburg Mortgage to File for Bankruptcy, Liquidate (Update4)
April 1 (Bloomberg) -- Thornburg Mortgage Inc. , the “jumbo” home lender racked by the collapse of U.S. mortgage markets, said it plans to file for bankruptcy protection and shut down. (Wed, 01 Apr 2009 21:23:17 GMT)

Investor to give home buyers a bonus
Real estate investor Gus Goldsmith has laid off half of his 18 employees at Action Loan Co., and he's giving away his personal vehicle — a 2006 Bentley — in a promotion to sell a high-end home in Oldham County. (Wed, 01 Apr 2009 22:23:38 GMT)

Thornburg Mortgage Will Go Out of Business
The jumbo-mortgage lender said on Wednesday that it expected to file for Chapter 11 protection and sell or liquidate its assets, after losing $2.75 billion in the first nine months of 2008. (Thu, 02 Apr 2009 02:11:16 GMT)

Pending home sales up thanks to low mortgage rates, deeply cut prices
Tentative signs of life are appearing in the long-battered U.S. housing market. Thanks to historically low mortgage rates and deeply discounted prices, homes in much of the country are now the most affordable in decades. First-time home buyers are now able to take advantage of a new $8,000 tax credit that runs until Dec. 1. Still, any recovery for the spring selling season is likely to be ... (Thu, 02 Apr 2009 02:50:12 GMT)

U.S. urges requirement to keep mortgage records
WASHINGTON (Reuters) - The U.S. Justice Department urged Congress on Wednesday to require mortgage companies to retain records for 10 years to make it easier to prosecute fraud. (Thu, 02 Apr 2009 03:55:35 GMT)

S.F. moves to crack down on mortgage fraud
Hucksters and con men seeking to cheat beleaguered homeowners with fake mortgage refinance schemes face increased likelihood of prosecution, according to a new campaign announced Wednesday in San Francisco. "Vulnerable residents desperate for relief should... (Thu, 02 Apr 2009 07:41:48 GMT)

CITIBANK PROVIDES SAVINGS FOR HOME LOAN CUSTOMERS
KUALA LUMPUR, April 2 (Bernama) -- Citibank Bhd has given its customers the opportunity to enjoy more savings on their home loans in line with the lower base lending rate (BLR). (Thu, 02 Apr 2009 08:31:41 GMT)

Brooklyn developer Eliyahu Ezagui indicted in $18M mortgage fraud
A Brooklyn developer who federal prosecutors say took condo buyers and banks for more than $18 million in an elaborate mortgage scam was indicted Wednesday on bank fraud charges. (Thu, 02 Apr 2009 09:09:57 GMT)

Mortgage rates drop to record low
The 30-year fixed mortgage is at 5.13 percent in Bankrate's weekly survey. (Thu, 02 Apr 2009 10:00:00 GMT)

Lenders Struggle to Find Cash to Quench Growing Demand for Refinancing
Now that mortgage refinancing is popular again, one big concern is that there won't be enough money to keep up with the demand. (Thu, 02 Apr 2009 12:01:22 GMT)

Banks cut off mortgage brokers
A war has broken out between lenders and mortgage brokers, two groups that used to play nicely together so they could make loans for people who wanted to buy a home or refinance an existing mortgage. (Thu, 02 Apr 2009 13:21:09 GMT)

(AFX UK Focus) 2009-04-02 15:32 US home loan rates slide to record low-Freddie Mac
NEW YORK, April 2 (Reuters) - U.S. mortgage rates slid to a new record low during the past week, Freddie Mac said, as concerted government steps to reduce borrowing costs take hold. The average 30-year home loan rate fell 0.07 percentage point in the week ended April 2 to 4.78 percent, the lowest since Freddie Mac began tracking them weekly in 1971. This rate is 1.10 percentage points lower than ... (Thu, 02 Apr 2009 14:55:32 GMT)

S.F. moves to crack down on mortgage fraud
Hucksters and con men seeking to cheat beleaguered homeowners with fake mortgage refinance schemes face increased likelihood of prosecution, according to a new campaign announced Wednesday in San Francisco. "Vulnerable residents desperate for relief should... (Thu, 02 Apr 2009 15:13:57 GMT)

Bay State Single-Family Home Loan Program To Get $37M From The Feds
Senators Ted Kennedy and John Kerry have announced $37.3 million in federal funding for the Single-Family Housing Guaranteed Loan Program will be disbursed to Massachusetts. (Thu, 02 Apr 2009 15:18:52 GMT)

(AFX UK Focus) 2009-04-02 16:31 UPDATE 1-US home loan rates slide to record low-Freddie Mac
NEW YORK, April 2 (Reuters) - U.S. mortgage rates slid to a record low during the past week, Freddie Mac said on Thursday, as concerted government steps to reduce borrowing costs take hold. The average 30-year home loan rate fell 0.07 percentage point in the week ended April 2 to 4.78 percent, the lowest since Freddie Mac began tracking them on a weekly basis in 1971. This rate is 1.10 ... (Thu, 02 Apr 2009 15:55:16 GMT)

Thornburg Mortgage Auction May Hurt Toxic-Asset Plan, BNP Says
April 2 (Bloomberg) -- An auction of assets seized from Thornburg Mortgage Inc. may hamper the U.S. plan to support toxic-debt purchases because it will set benchmark prices lower than banks are willing to accept, according to BNP Paribas SA. (Thu, 02 Apr 2009 16:00:07 GMT)

U.S. Home-Equity Loan Delinquencies Climb to Record (Correct)
(Corrects estimate for March lost jobs in fifth paragraph.) April 2 (Bloomberg) -- Late payments on home-equity loans rose to a record in 2008’s fourth quarter as job losses and the deepening recession put a strain on borrowers, the American Bankers Association reported. (Thu, 02 Apr 2009 17:28:49 GMT)

Long-term mortgage rates at record low
WASHINGTON, April 2 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages fell to a record low in the week ending April 2, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 02 Apr 2009 17:36:25 GMT)

Senator warns about rising home loan defaults
The number of troubled loans backed by the government's mortgage insurance program is on the rise as economic problems mount, and lawmakers are worried that taxpayers will be stuck with the final bill. (Thu, 02 Apr 2009 17:52:20 GMT)

Mortgage rates sink again
Home mortgage rates continued to march lower, according to two separate reports released on Thursday. (Thu, 02 Apr 2009 18:05:02 GMT)

U.S. Home-Equity Loan Delinquencies Climb to Record (Update3)
April 2 (Bloomberg) -- Late payments on home-equity loans rose to a record in 2008’s fourth quarter as job losses and the deepening recession put a strain on borrowers, the American Bankers Association reported. (Thu, 02 Apr 2009 18:12:27 GMT)

Mortgage rates at record low for 2nd week
Rates on 30-year mortgages fell to the lowest level on record for the second consecutive week after the Federal Reserve launched a new effort to assist the staggering U.S. housing market. Mortgage finance giant Freddie Mac said Thursday that average rates on... (Thu, 02 Apr 2009 18:44:47 GMT)

Britons Cut Mortgage Debt, and Spending
Households are repaying record amounts of mortgage dept rather than shopping. The turnaround reflects lowered confidence (Thu, 02 Apr 2009 18:56:56 GMT)

Mortgage Rates in U.S. Decline to Record Low of 4.78% (Update4)
April 2 (Bloomberg) -- Fixed mortgage rates in the U.S. fell to a record low for the second consecutive week, signaling that Federal Reserve Chairman Ben Bernanke ’s effort to spur the housing market is gaining traction. (Thu, 02 Apr 2009 18:57:18 GMT)

Workshops on loan modifications, home tax credits
Real estate professionals will host a free workshop at 11 a.m. Saturday to discuss loan modifications under the federal American Recovery and Reinvestment Act of 2009. Portfolio Properties doesn’t do loan modifications. Workshops will be at its offices, 4420 Easton Drive, Suite 101. (Thu, 02 Apr 2009 18:58:39 GMT)

New Accounting Rules for Mortgage-Backed Securities
The Financial Accounting Standards Board voted Thursday to give more discretion to bank managements in reporting the value of mortgage securities, The New York Times’s Floyd Norris reports. (Thu, 02 Apr 2009 19:03:58 GMT)

Mortgage Rates Fall to Another Record Low
Mortgage rates fell to a record low for a second straight week, Freddie Mac said. (Thu, 02 Apr 2009 19:34:36 GMT)

Wells Fargo Said to Start Funding Mortgage Bankers (Update1)
April 2 (Bloomberg) -- Wells Fargo & Co. , the second- biggest U.S. home lender, is planning to open a unit that will provide funding to independent mortgage bankers, according to two people familiar with the matter. (Thu, 02 Apr 2009 20:08:24 GMT)

Wells Fargo Said to Start Funding Mortgage Bankers (Update2)
April 2 (Bloomberg) -- Wells Fargo & Co. , the second- biggest U.S. home lender, is planning to open a unit that will provide funding to independent mortgage bankers, according to two people familiar with the matter. (Thu, 02 Apr 2009 21:01:13 GMT)

Record Low Mortgage Rates Keep Refinancing Applications High
The Mortgage Bankers Association has released its weekly mortgage application survey. (Thu, 02 Apr 2009 22:02:23 GMT)

Mortgage lenders struggle to find cash for refinancing
Now that mortgage refinancing is popular again, one big concern is that there won't be enough money to keep up with the demand. (Fri, 03 Apr 2009 02:06:06 GMT)

Heads up | Mortgage rate reaches new low
The average rate on 30-year fixed-rate mortgages fell last week to 4.78 percent, the lowest since recordkeeping by Freddie Mac started in 1971. That was down from the previous record of 4.85 percent the week before. The average for a 15-year fixed-rate mortgage dropped to 4.52 percent from 4.58 percent. Five-year adjustable-rate mortgages fell to 4.92 percent from 4.96 percent. Rates on one-year ... (Fri, 03 Apr 2009 03:57:59 GMT)

Franklin County homeowners join the rush to refinance their mortgages
FRANKLIN COUNTY -- Homeowners are cashing in on lower mortgage rates. Interest rates at historic lows have sparked a surge in mortgage refinancing applications. (Fri, 03 Apr 2009 06:22:56 GMT)

Historic mortgage rates spark refinancing flurry
Rates on 30-year mortgages fell to the lowest level on record for the second consecutive week after the Federal Reserve launched a new effort to assist the staggering U.S. housing market. (Fri, 03 Apr 2009 07:16:15 GMT)

Mortgage rates at all-time low
Rates on 30-year mortgages fell to the lowest level on record for the second consecutive week after the Federal Reserve began a new effort to assist the staggering U.S. housing market. Mortgage finance giant Freddie Mac said Thursday that average rates on 30-... (Fri, 03 Apr 2009 07:33:04 GMT)

Mortgage Rates in U.S. Decline to Record Low of 4.78% (Update4)
April 2 (Bloomberg) -- Fixed mortgage rates in the U.S. fell to a record low for the second consecutive week, signaling that Federal Reserve Chairman Ben Bernanke ’s effort to spur the housing market is gaining traction. (Fri, 03 Apr 2009 07:44:56 GMT)

Ex-Mortgage Co. President Guilty Of Defrauding HUD
The former president of a San Bernardino County mortgage company has been convicted of a scheme to defraud the government out of $23 million. John Varner, who headed Mortgage One Corp. in Hesperia, faces up to 41 years in prison for filing false tax returns and defrauding private lenders and the federal Department of Housing and Urban Development. (Fri, 03 Apr 2009 08:18:57 GMT)

Mortgage lenders struggle to find cash for refinancing
Now that mortgage refinancing is popular again, one big concern is that there won't be enough money to keep up with the demand. (Fri, 03 Apr 2009 08:51:36 GMT)

Math behind 'offset' home loans
Have a query regarding your home loan? Maybe we can help. Drop us a line and our expert, Harsh Roongta, will answer it. Got a question for Harsh Roongta? (Fri, 03 Apr 2009 08:58:00 GMT)

Homeowner shouldn't wait to refinance
A homeowner who is underwater doesn't have the luxury of waiting a year to refinance. (Fri, 03 Apr 2009 10:00:00 GMT)

As mortgage rates fall, KeyCorp boosts lending business
It may be an unlikely time to grow mortgage lending these days, but don't tell that to KeyCorp. (Fri, 03 Apr 2009 10:46:00 GMT)

Bernanke Easing Mortgage Rates for Consumer-Driven Rebound
April 3 (Bloomberg) -- U.S. Federal Reserve Chairman Ben Bernanke is delivering what he promised five months ago, record- low mortgage rates and a refinancing boom that’s putting cash in consumers’ pockets. (Fri, 03 Apr 2009 11:09:31 GMT)

Loan modifications rise; many don't pare payments
Lenders are boosting their attempts to avoid home foreclosures, but fewer than half of loan modifications made at the end of last year actually reduced borrowers' payments by more than 10 percent, data released Friday show. (Fri, 03 Apr 2009 11:28:57 GMT)

Loan modifications rise; many don't pare payments
U.S. lenders are boosting their attempts to avoid home foreclosures, but fewer than half of loan modifications made at the end of last year actually reduced borrowers' payments by more than 10 percent, data released Friday show. (Fri, 03 Apr 2009 11:42:59 GMT)

Loan modifications rise; many don't pare payments
Associated Press - April 3, 2009 7:33 AM ET WASHINGTON (AP) - Lenders are boosting their attempts to avoid home foreclosures, but fewer than half of loan modifications made at the end of last... (Fri, 03 Apr 2009 11:45:30 GMT)

Loan modifications rise; many don't pare payments
Lenders are boosting their attempts to avoid home foreclosures, but fewer than half of loan modifications made at the end of last year actually reduced borrowers' payments by more than 10 percent, data released Friday show. The report, based on an analysis of... (Fri, 03 Apr 2009 11:59:08 GMT)

Russian banks cut foreign currency mortgage lending 50% in February - CB
MOSCOW. April 3 (Interfax) - Russian banks made almost 50% fewer mortgage loans in foreign currencies in February than in January, while the rates on those loans rose to equal the rate on similar ruble loans, 14.5%. (Fri, 03 Apr 2009 12:00:40 GMT)

Loan modifications increase but few payments reduced
WASHINGTON -- Lenders are boosting their attempts to avoid home foreclosures, but fewer than half of loan modifications made at the end of last year actually reduced borrowers' payments by more than 10 percent, data released today show. The report,... (Fri, 03 Apr 2009 12:08:29 GMT)

Franklin County homeowners join the rush to refinance their mortgages
FRANKLIN COUNTY -- Homeowners are cashing in on lower mortgage rates. Interest rates at historic lows have sparked a surge in mortgage refinancing applications. (Fri, 03 Apr 2009 12:53:07 GMT)

Homeowner shouldn't wait to refinance
Dear Dr. Don, I have a 5/1 interest-only, adjustable-rate mortgage that adjusts in May 2009. It adjusts based on an index on March 15, which I believe will be a rate of 3.5 percent for the next year. (Fri, 03 Apr 2009 13:06:21 GMT)

Getting a home loan from family
Question 1. Why does closing your credit card account(s) hurt you? Technically, doesn't this illustrate your ability to command your finances? -- Rick, Texas (Fri, 03 Apr 2009 15:04:30 GMT)

Loan modifications rise; many don't pare payments
WASHINGTON -- Though lenders are boosting their attempts to curb record-high home foreclosures, fewer than half of loan modifications made at the end of last year actually reduced borrowers' payments by more than 10 percent, data released today show. (Fri, 03 Apr 2009 16:22:36 GMT)

Loan modifications rise; less than half exceed 10%
WASHINGTON - Though lenders are boosting their attempts to curb record-high home foreclosures, fewer than half of loan modifications made at the end of last year actually... (Fri, 03 Apr 2009 17:05:46 GMT)

NM: Thornburg Mortgage lays off majority of staff
Santa Fe-based Thornburg Mortgage Inc. on Friday announced layoffs of 130 of its approximately 150 staff members. Company spokeswoman Suzanne O'Leary Lopez did not have details of who was laid off. (Fri, 03 Apr 2009 17:30:45 GMT)

NM: Thornburg Mortgage lays off majority of staff
(AP:SANTA FE, N.M.) Santa Fe-based Thornburg Mortgage Inc. on Friday announced layoffs of 130 of its approximately 150 staff members. Company spokeswoman Suzanne O'Leary Lopez did not have details of who was laid off. About 20 of the 150 Thornburg employees work outside of Santa Fe. (Fri, 03 Apr 2009 17:42:57 GMT)

Record Low Mortgage Rates Creating Jobs
Mortgage rates are at record lows and home owners and home buyers are taking advantage of it. (Fri, 03 Apr 2009 17:54:45 GMT)

(AFX UK Focus) 2009-04-03 18:19 UPDATE 1-Fannie Mae's mortgage refi volume surges in March
NEW YORK, April 3 (Reuters) - Fannie Mae, the largest source of U.S. residential funding, said on Friday its mortgage refinancing volume in March nearly doubled from the prior month to $77 billion. March was the highest monthly refinance month since 2003, the company said in a statement. Record low mortgage rates and government programs easing the refinancing process are fueling a push by ... (Fri, 03 Apr 2009 17:55:23 GMT)

Loan modifications rise; many don't pare payments
Though lenders are boosting their attempts to curb record-high home foreclosures, fewer than half of loan modifications made at the end of last year actually reduced borrowers' payments by more than 10 percent, data released Friday show. (Fri, 03 Apr 2009 18:03:37 GMT)

Bernanke Easing Mortgage Rates for Consumer Rebound (Update1)
April 3 (Bloomberg) -- U.S. Federal Reserve Chairman Ben S. Bernanke is delivering what he promised five months ago, record- low mortgage rates and a refinancing boom that’s putting cash in consumers’ pockets. (Fri, 03 Apr 2009 18:38:06 GMT)

Fannie Mae: Refinancing activity doubled in March
Fannie Mae's refinancing volume nearly doubled to $77 billion in March from the previous month, and the mortgage giant said it expects activity to increase as more homeowners qualify under the Obama administration's housing plan. (Fri, 03 Apr 2009 18:45:07 GMT)

Home Loan Defaults High Despite Modifications
Troubled borrowers continue to default at high rates even on home loans that have been modified by lenders, according to a government report issued today. The report also found that an increasing number of borrowers default on their loans before making a single payment. (Fri, 03 Apr 2009 19:00:28 GMT)

Mortgage delinquencies continue to rise
Mortgage delinquencies continue to rise, and re-defaults of modified mortgages are high, and getting worse, according to a report released Friday by regulators who oversee banks and thrifts. (Fri, 03 Apr 2009 19:02:15 GMT)

Freddie Mac: Mortgage Rates Hit All-Time Low
Is now the right time for homeowners to refinance their mortgages? 30-year fixed mortgages rates are currently averaging 4.78 percent, which, according to Freddie Mac, is the lowest since the agency started keeping track in 1971. Mortgage rates for 15-year-fixed loans are averaging 4.52 percent. (Fri, 03 Apr 2009 22:31:54 GMT)

DU Refi PlusTM to Streamline Mortgage Refinancing for Millions of Homeowners
Hartford - Prepared for release this weekend, DU Refi Plus TM is expected to reignite the mortgage industry by loosening underwriting guidelines and allowing LTVs up to 105%. The combination of reduced documentation requirements, decreased credit score acceptability and historically low interest rates have formed the perfect storm to put the mortgage industry back on track. (Fri, 03 Apr 2009 23:24:21 GMT)

Bill would fundamentally reform home mortgage industry
If the proposed rules and standards had existed earlier in the decade, supporters say, they could have eliminated many of the abuses that distorted the market from 2002 through 2006. Top legislators on Capitol Hill are preparing to take up a comprehensive plan that would fundamentally reform the home mortgage market, starting this year. (Sat, 04 Apr 2009 02:12:52 GMT)

Families vie for mortgage payoff prize on TV show
Drew Lachey is hosting a new HGTV competition series with a hefty mortgage payoff prize. The cable network said Friday that "HGTV's $250,000 Challenge" will give five neighboring families the chance to snare the quarter-million-dollar prize by competing in... (Sat, 04 Apr 2009 02:15:14 GMT)

Lenders deluged with mortgage refinancing applications
Low mortgage rates are sparking a surge in refinancing applications, but lenders are demanding strong credit ratings, low debt ratios and solid home equity. (Sat, 04 Apr 2009 02:35:25 GMT)

Families vie for mortgage payoff prize on TV show
Drew Lachey is hosting a new HGTV competition series with a hefty mortgage payoff prize. (Sat, 04 Apr 2009 02:52:21 GMT)

Loan modifications rise; many don't pare payments
WASHINGTON -- Though lenders are boosting their attempts to curb record-high home foreclosures, fewer than half of loan modifications made at the end of last year actually reduced borrowers' payments by more than 10 percent, data released Friday show. (Sat, 04 Apr 2009 03:26:05 GMT)

Study Buoys Mortgage Modification
Cutting borrowers' monthly mortgage payments by more than 10% reduces the chances that they will fall behind again after their loan is modified, a study found. (Sat, 04 Apr 2009 03:41:15 GMT)

Congress Takes A Serious Look At Reforming the Mortgage Market
Congress is preparing to take up a comprehensive plan that would fundamentally reform the home mortgage market, starting this year. (Sat, 04 Apr 2009 04:07:18 GMT)

Peter Madoff Wins Right to Spend Some Cash, Pay His Mortgage
April 4 (Bloomberg) -- Peter Madoff , brother of convicted fraudster Bernard Madoff , persuaded a New York judge to loosen a freeze on his assets, allowing him $10,000 a month for expenses in addition to his mortgage, taxes and attorney fees. (Sat, 04 Apr 2009 04:43:05 GMT)

Lenders deluged with mortgage refinancing applications
Low mortgage rates are sparking a surge in refinancing applications, but lenders are demanding strong credit ratings, low debt ratios and solid home equity. (Sat, 04 Apr 2009 05:17:25 GMT)

Low rates prompt refinancing
MASON CITY — North Iowans are taking advantage of one silver lining in the recession — low mortgage interest rates. (Sat, 04 Apr 2009 05:21:11 GMT)

Mortgage aid often failed to curb defaults
Lenders favored short-term relief over true loan modifications for troubled borrowers, a regulators report says. A snapshot of the reeling mortgage industry, released Friday by federal bank regulators, illustrates the challenges the Obama administration faces with its $95-billion plan to help lower mortgage payments for struggling borrowers. (Sat, 04 Apr 2009 05:22:36 GMT)

Government helps homeowners refinance
If you're looking for a way to refinance your mortgage, you might want to consider a loan that's backed by the Federal Housing Administration or, if you're a U.S. military veteran, the U.S. Department of Veterans Affairs. (Sat, 04 Apr 2009 06:44:43 GMT)

Lewis: Former mortgage con helping troubled homeowners
Michael Sichenzia spent four years in prison for mortgage frauds he committed in the late 1980s as a home builder in Suffolk County, N. (Sat, 04 Apr 2009 06:46:30 GMT)

Mortgage service center open
JPMorgan Chase has opened a service center to help people who have fallen behind on their Chase, Washington Mutual or EMC mortgage payments. (Sat, 04 Apr 2009 06:48:00 GMT)

State sues South Florida home loan modification firm over fees
Attorney General Bill McCollum sued a South Florida loan modification firm and its affiliated companies this week, alleging they violated state law by charging fees for foreclosure rescue services. (Sat, 04 Apr 2009 07:16:15 GMT)

Loan help falling short of goal
Homeowners still defaulting despite modification of plan, report shows. Though lenders are boosting their attempts to curb record-high home foreclosures, fewer than half of loan modifications made at the end of last year actually reduced borrowers' payments by more than 10 percent, data released Friday show. (Sat, 04 Apr 2009 08:17:00 GMT)

Modified loan terms on the rise
WASHINGTON — Though lenders are boosting their attempts to curb record-high home foreclosures, fewer than half of loan modifications made at the end of last year reduced borrowers' payments by more than 10 percent, data released Friday show. (Sat, 04 Apr 2009 09:07:14 GMT)

Mortgage lenders seek cash for refinancing
Now that mortgage refinancing is popular again, one big concern is that there won't be enough money to keep up with the demand. (Sat, 04 Apr 2009 09:13:28 GMT)

Families vie for mortgage payoff prize on TV show
Drew Lachey is hosting a new HGTV competition series with a hefty mortgage payoff prize. (Sat, 04 Apr 2009 11:24:59 GMT)

Mortgage rates at record low for 2nd week
WASHINGTON -- Rates on 30-year mortgages fell to the lowest level on record for the second consecutive week after the Federal Reserve launched a new effort to assist the staggering U.S. housing market. (Sat, 04 Apr 2009 11:46:32 GMT)

Mortgage Plan Gives Stocks a Boost
NEW YORK, Jan. 8 -- A deal to help head off more mortgage foreclosures pulled Wall Street out of a slump Thursday, giving stocks a mostly higher close. (Sat, 04 Apr 2009 12:16:55 GMT)

Mortgage relief plan for jobless
WORKERS who lose their jobs will be eligible for mortgage relief for up to a year under a plan to be announced by Prime Minister Kevin Rudd today. (Sat, 04 Apr 2009 13:01:00 GMT)

Mortgage relief for jobless
People who lose their job will be eligible for mortgage relief for up to a year under an unprecedented deal struck between Federal Government and major banks. (Sat, 04 Apr 2009 14:06:18 GMT)

Mortgage fair offers a reality check
Norwich - Bill Walters of Colchester said he attended the region's first mortgage fair Friday in hopes he'd get a better rate on refinancing (Sat, 04 Apr 2009 15:32:23 GMT)

Loan modifications often not enough
WASHINGTON -- Though lenders are boosting their attempts to curb record-high home foreclosures, fewer than half of loan modifications made at the end of last year actually reduced borrowers' payments by more than 10 percent, data released yesterday show. (Sat, 04 Apr 2009 17:39:38 GMT)

Rudd to announce mortgage relief plan
Workers who lose their jobs will be eligible for mortgage relief for up to a year under a plan to be announced by Prime Minister Kevin Rudd in Melbourne. (Sat, 04 Apr 2009 18:43:08 GMT)

Interesting home loan options
Home loans are not all about low interest rates. The most important factor about a home loan is the serviceability of the equated monthly instalment. Lenders too realise this. For the convenience of the customers, many banks have come up with products that can suit an individual's needs. (Sat, 04 Apr 2009 18:43:29 GMT)

30 Year Mortgage Rates at Record Low
There's a potential boost to the economy, as consumers realize it's a great time to refinance. Rates on 30-year mortgages are at the lowest level on record. (Sat, 04 Apr 2009 21:03:12 GMT)

Low rates prompt refinancing
MASON CITY — North Iowans are taking advantage of one silver lining in the recession — low mortgage interest rates. (Sat, 04 Apr 2009 21:06:20 GMT)

Bill would fundamentally reform home mortgage industry
If the proposed rules and standards had existed earlier in the decade, supporters say, they could have eliminated many of the abuses that distorted the market from 2002 through 2006. Top legislators on Capitol Hill are preparing to take up a comprehensive plan that would fundamentally reform the home mortgage market, starting this year. (Sun, 05 Apr 2009 01:23:37 GMT)

How to lock in the lowest mortgage rate in today's tough market
The days of scoring a great loan despite having a modest amount of equity and so-so credit are over as lenders tighten their standards. That's why it's a good idea to shop around for offers. Refinancing today is not the same game it was a few years ago, when homeowners with even a modest amount of equity and just so-so credit could score a great loan. (Sun, 05 Apr 2009 01:23:56 GMT)

Making Home Affordable program may enable millions to refinance mortgages
Borrowers whose loans are owned or guaranteed by Fannie Mae or Freddie Mac could be able to get quick refinances for up to 105% of a home's value. So you want to refinance your house, but it's not worth enough for you to get a good loan in the current market? A new Obama administration program is designed to fix that problem for millions of homeowners. (Sun, 05 Apr 2009 01:24:07 GMT)

Mortgage rescue plan is old news: Hockey
The Federal Opposition says the Government should not try to take credit for an agreement by the four major banks to give mortgage relief to people who lose their jobs. (Sun, 05 Apr 2009 01:42:27 GMT)

Mortgage relief plan for jobless
PRIME Minister Kevin Rudd will today announce 12 months of mortgage relief for the unemployed. (Sun, 05 Apr 2009 01:52:00 GMT)

Banks agree to mortgage-relief deal
A deal between the Government and major banks will allow for mortgage relief and other concessions for job losers. (Sun, 05 Apr 2009 02:29:44 GMT)

Rudd to announce a mortgage relief plan
Workers who lose their jobs will be eligible for mortgage relief for up to a year under a plan to be announced by Prime Minister Kevin Rudd in Melbourne. (Sun, 05 Apr 2009 03:03:26 GMT)

Rudd to announce a mortgage relief plan
Workers who lose their jobs will be eligible for mortgage relief under a plan to be announced by PM Kevin Rudd. (Sun, 05 Apr 2009 03:04:39 GMT)

Rudd unveils mortgage rescue plan
Prime Minister Kevin Rudd has announced a deal with banks that would allow jobless Australians to delay mortgage repayments. (Sun, 05 Apr 2009 03:42:26 GMT)

The Return of Jumbo Mortgage
Jumbo mortgages became more expensive and harder to come by as the nation's credit crisis deepened. Now, that might be starting to change. (Sun, 05 Apr 2009 03:55:47 GMT)

Banks agree to Swan mortgage-relief deal
HOMEBUYERS who lose their jobs will be eligible for a 12-month reprieve on mortgage repayments and could be granted concessions on car loans and other debt, as part of a new deal between the Federal Government and the major banks. (Sun, 05 Apr 2009 04:01:05 GMT)

Banks agree to jobless mortgage relief
KEVIN Rudd has outlined a deal giving people who find themselves out of work a 12-month reprieve from mortgage and car loan repayments. (Sun, 05 Apr 2009 04:03:00 GMT)

Australia’s Jobless to Get Mortgage Payment Waiver (Update1)
April 5 (Bloomberg) -- Australian mortgage-holders who lose their jobs will be allowed to postpone loan repayments for as long as a year under an agreement struck between the Federal government and major banks. (Sun, 05 Apr 2009 05:56:38 GMT)

Firms offer job-loss mortgage plan
With the unemployment rate soaring and home sales still in the dumps, a growing number of homebuilders are trying to coax buyers with a kind of mortgage unemployment insurance. (Sun, 05 Apr 2009 06:52:51 GMT)

Oregon home loan funds dry up
Bond market forces housing agency to suspend program (Sun, 05 Apr 2009 06:57:19 GMT)

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