Mortgage News Apr 2009

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Refinancing 101
Mortgage interest rates are near record lows, and even the President has turned pitchman, urging homeowners to refinance. But with new fees, tighter lending standards and lower home values, refinancing might not make sense for everyone.... (Sat, 18 Apr 2009 20:19:27 GMT)

State warns of mortgage fraud scheme
FORT WAYNE, Ind. -- Indiana's attorney general is warning about a mortgage fraud scheme in which criminals exploit a loophole in state law to transfer the ownership of properties. (Sat, 18 Apr 2009 21:28:44 GMT)

SBI loan New Delhi, April 18:
The State Bank of India has extended the offer period of its concessional loans to farmers against cold storage and warehouse receipts till September 30. The scheme was to expire on April 30, 2009. Last week, the bank extended its special home and car loan offers at 8 per cent and 10 per cent, respectively, till September 30, 2009. (Sat, 18 Apr 2009 21:41:46 GMT)

State warns of new mortgage fraud scheme
Indiana's attorney general is warning about a mortgage fraud scheme in which criminals exploit a loophole in state law to... (Sat, 18 Apr 2009 22:28:10 GMT)

Failed travel boss vows to pay back £400,000 home loan
Martin Jones, founder of Freedom Direct, the travel firm that collapsed last week leaving more than 10,000 holidaymakers facing an anxious wait to see if they have lost their bookings, borrowed £400,000 from the company's coffers last year to buy a new house. (Sat, 18 Apr 2009 23:06:37 GMT)

Mortgage industry changes throw new hurdles in borrowers' way
Fannie Mae and Freddie Mac are tacking on extra fees for many loan applicants, while some lenders are going even further in tightening underwriting rules. Mortgage rates and house prices are down -- which sounds great for buyers and refinancers. But mortgage industry underwriting and appraisal changes taking effect this month are putting new hurdles in the way of borrowers and loan officers. (Sun, 19 Apr 2009 00:17:06 GMT)

State unveils website to fight mortgage fraud
State Attorney General Bill McCollum has unveiled a new website designed to help homeowners avoid mortgage fraud-related scams. (Sun, 19 Apr 2009 00:31:25 GMT)

Shop around for the best deal on mortgage refinancing
QMy husband and I have been following your recommendation in your Star Tribune article to run numbers on mortgage calculators. We learned we'd save by refinancing to a 15-year mortgage at lower interest. Now we'd like to know how to shop around. (Sun, 19 Apr 2009 00:47:15 GMT)

Now might be the right time to refinance
Many Americans have been downright glad recently to jump in and play the numbers game involved with refinancing a home mortgage."People are very rate sensitive, and rates are lower than ever," said Jim Baker of Baker & Lindsey mortgage company in (Sun, 19 Apr 2009 00:53:41 GMT)

Canadian Banks Avoided Mortgage Meltdown
Canadian Banks have avoided the meltdown (and attendant need for bailouts) seen in the United States. The shunned subprime loans and complicated mortgage-backed securities, turning a profit while U.S. banks lost $26 billion. (Sun, 19 Apr 2009 03:00:07 GMT)

New fees could chill home buyers
Mortgage rates and house prices are down, but new home-appraisal and mortgage-underwriting changes taking effect this month are throwing new hurdles in front of would-be home... (Sun, 19 Apr 2009 04:07:30 GMT)

Is there a downside to mortgage aid?
The new federal program to let people refinance or modify their mortgages is expected to help millions of Americans lower monthly payments and avoid foreclosure. So what strings are attached? (Sun, 19 Apr 2009 04:09:51 GMT)

'Time to switch to a fixed loan'- expert
Borrowers are enjoying generational low interest rates but should consider switching at least a part of their home loan to a fixed mortgage, a leading mortgage broker says. (Sun, 19 Apr 2009 04:28:32 GMT)

'Time to switch to a fixed loan'- expert
Borrowers should consider switching at least a part of their home loan to a fixed mortgage, a leading mortgage broker says. (Sun, 19 Apr 2009 04:36:32 GMT)

Floating interest rate makes home-equity loan a risky option
Dear Benny: We have a HELOC (home equity line of credit) at a current interest rate of 4.75 percent. We have not drawn on the account. We are 20 years into a 30-year home mortgage with a fixed rate of 8.75 percent and owe about $32,000. Our home is listed on the appraisal rolls at $306,000. (Sun, 19 Apr 2009 05:09:47 GMT)

Sellers seeks tighter mortgage regulations
An area lawmaker is seeking to place tighter regulations on mortgage lenders with several housing-related bills. (Sun, 19 Apr 2009 05:37:07 GMT)

O'Fallon offers seminar about home repair assistance
O'Fallon is offering a free seminar to help residents apply for the city's Home Improvement Loan Program. The seminar is scheduled for 3 p.m. April 14 in the multipurpose room at City Hall. (Sun, 19 Apr 2009 06:44:26 GMT)

Meltdown 101: Struggling homeowners get mortgage help, but are there strings attached?
NEW YORK (AP) — It's welcome relief for homeowners struggling with mortgage payments. (Sun, 19 Apr 2009 06:49:44 GMT)

Mortgage Expert Explains Benefits and Guidelines of FHA Rehab Loan - FHA 203 (k)
Winnie Uluocha, a Mortgage Planner specializing in FHA Rehabilitation loans at American Street Mortgage Company, has article published in Chicago Agent Magazine and Miami Agent Magazine explaining FHA 203 (k) loan guidelines for home rehabilitation loans. (Sun, 19 Apr 2009 07:01:00 GMT)

Mortgage Expert Explains Benefits and Guidelines of FHA Rehab Loan - FHA 203 (k)
Winnie Uluocha, a Mortgage Planner specializing in FHA Rehabilitation loans at American Street Mortgage Company, has article published in Chicago Agent Magazine and Miami Agent Magazine explaining FHA 203 (k) loan guidelines for home rehabilitation loans. (PRWeb Apr 19, 2009) Read the full story at http://www.prweb.com/releases/20 (Sun, 19 Apr 2009 07:14:44 GMT)

New fees, rules roil home-loan market
Mortgage rates and house prices are down - which sounds great for buyers and refinancers. But a series of mortgage industry underwriting and appraisal changes taking effect this month is throwing new hurdles in the way of borrowers and loan officers. Take... (Sun, 19 Apr 2009 07:24:08 GMT)

Consumer loan rates
Springfield financial institutions quoted the following rates Friday for home equity, auto and boat loans. The home equity rate is based on a $10,000 loan or line of credit with applicable points included. Rates are variable unless otherwise noted. Additional fees are not included. The auto loan rate is based on a 48-month contract for a new car. The boat rate is based on a loan for a new boat. (Sun, 19 Apr 2009 08:03:52 GMT)

Don't make foreclosure, short-sale, mortgage decisions lightly
Every day I hear questions like these: "Can or should I modify my mortgage?" "Should I 'short sell' my home ... or just let the bank foreclose?" "Which will hurt my credit more?" "Walking away would be so much easier ... why should I bother with the headache of a 'short sale'?" "How would I benefit from going through that?" (Sun, 19 Apr 2009 08:38:20 GMT)

Mortgage rates fall
WASHINGTON (AP) Rates on 30-year mortgages dipped this week after rising a week earlier, and remain just above record lows. Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages fell to 4.82 percent this week, down from an average of 4.87 percent last week. Rates have been below 5 percent for five consecutive weeks. The all-time low of 4.78 percent ... (Sun, 19 Apr 2009 08:46:37 GMT)

Ask yourself these questions regarding a reverse mortgage
According to the AARP, the five following questions should be answered by the homeowner before considering a reverse mortgage: (Sun, 19 Apr 2009 13:11:38 GMT)

Banks agree to Swan's 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, 19 Apr 2009 13:29:27 GMT)

Budget may offer mortgage market boost
A £50 billion boost to the mortgage market could be unveiled in this week's Budget, according to reports. (Sun, 19 Apr 2009 13:58:27 GMT)

900,000 homeowners pushed into negative equity, says mortgage body
Figures show 1 in 10 property owners in north-east living in houses worth less than mortgage Falling house prices have pushed more than 900,000 homeowners into negative equity, according to the industry body representing mortgage lenders. The latest data from the Council of Mortgage Lenders issued yesterday, reveals that the north-east of England has the highest proportion of people trapped in ... (Sun, 19 Apr 2009 14:04:32 GMT)

Mortgage Fraud Targeting Indiana Homeowners
FORT WAYNE, Ind. (Indiana's NewsCenter) - Homeowners who fall victim to a new mortgage fraud scheme are at risk of losing their house. (Sun, 19 Apr 2009 15:46:16 GMT)

Fannie Mae Invested Over $35B in MF Financing in ’08, Red Mortgage Capital Was Top Lender
Washington, D.C.--Fannie Mae invested a total of $35.5 billion in multifamily housing in 2008. Red Mortgage Capital, Citibank and Sovereign Bank, FSB produced the greatest volumes in flow (all loans including Delegated Underwriting and Servicing), seasoned pools and structured transactions, contributing over $9 billion dollars collectively. (Sun, 19 Apr 2009 23:26:04 GMT)

Expats reluctantly coming home
AUSTRALIAN expats are being forced to reluctantly return home as the downturn hits the high flying deals and dollars of Wall Street. (Mon, 20 Apr 2009 00:18:00 GMT)

FSA bans and fines mortgage broker for fraud
The UKs Financial Services Authority has banned Abiola Agbalaya, a south London mortgage broker, and fined him GBP100,000 for his knowing involvement in the submission of false mortgage applications. (Mon, 20 Apr 2009 00:36:49 GMT)

Mortgage rates fall
WASHINGTON (AP) Rates on 30-year mortgages dipped this week after rising a week earlier, and remain just above record lows. Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages fell to 4.82 percent this week, down from an average of 4.87 percent last week. Rates have been below 5 percent for five consecutive weeks. The all-time low of 4.78 percent ... (Mon, 20 Apr 2009 01:14:49 GMT)

East Knox couple claims Internet loan company misled them, hid terms
The Brown family of East Knoxville has learned the hard way that there's no such thing as easy money. "We needed to come up with more money to make more room, add to the house," says Kay Brown, who in October 2006 wanted to take out a loan of $2,000 to enlarge the small home she lives in with her husband, Lewis Brown, adult son, Daniel Collins, and their 15-month-old grandson, Isaiah, in East ... (Mon, 20 Apr 2009 04:20:38 GMT)

Lendability.com expands Arizona, Texas mortgage operations
Despite a Valley real estate market that continues to suffer, a startup in the mortgage industry is expanding its staff and moving into larger offices. (Mon, 20 Apr 2009 04:31:14 GMT)

Sellers seeks tighter mortgage regulations
An area lawmaker is seeking to place tighter regulations on mortgage lenders with several housing-related bills. (Mon, 20 Apr 2009 04:52:10 GMT)

BankTennessee expands retail mortgage division with eye on community bank loans
BankTennessee has expanded its retail mortgage operation and is launching a wholesale mortgage business to focus on relationships with community banks in Tennessee and surrounding states. (Mon, 20 Apr 2009 04:52:57 GMT)

Commonwealth Bank Raises Fixed-Rate Mortgage Prices (Update1)
April 20 (Bloomberg) -- Commonwealth Bank of Australia , the nation’s biggest mortgage provider, increased prices for its fixed-rate home loans, citing higher funding costs in wholesale debt markets. (Mon, 20 Apr 2009 05:49:12 GMT)

Mortgage rates fall
WASHINGTON (AP) Rates on 30-year mortgages dipped this week after rising a week earlier, and remain just above record lows. Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages fell to 4.82 percent this week, down from an average of 4.87 percent last week. Rates have been below 5 percent for five consecutive weeks. The all-time low of 4.78 percent ... (Mon, 20 Apr 2009 06:45:52 GMT)

Ocwen Financial exec on loan modifications
Ocwen Financial, one of the country's largest subprime loan servicers, has taken a beating in recent years from homeowners and community groups for alleged predatory lending and aggressive foreclosing on borrowers who have fallen behind. (Mon, 20 Apr 2009 07:07:08 GMT)

O'Fallon offers seminar about home repair assistance
O'Fallon is offering a free seminar to help residents apply for the city's Home Improvement Loan Program. The seminar is scheduled for 3 p.m. April 14 in the multipurpose room at City Hall. (Mon, 20 Apr 2009 07:37:36 GMT)

An easy way to repay your home loan
You need not worry about the long tenure as you can prepay the amount that is around 3-4 times your EMI periodically like once a quarter or when your year end bonus comes through. (Mon, 20 Apr 2009 07:52:05 GMT)

Former Kane trust administrator accused of issuing bogus home loan
An Exeter woman, scheming to conceal her embezzlement from a charitable trust left by the late teachers union official Tony Kane, set up a bogus home loan to a mentally ill friend and had it notarized without the friend’s knowledge, according to a lawsuit filed in California. The Pennsylvania Attorney General’s Office is conducting a criminal probe in the case and another Exeter woman who ... (Mon, 20 Apr 2009 08:24:09 GMT)

Commonwealth Bank, Westpac Increase Fixed-Rate Mortgage Prices
April 20 (Bloomberg) -- Australia’s two biggest banks increased fixed-rate mortgage prices, adding to central bank signals and market bets that borrowing costs are near their low. (Mon, 20 Apr 2009 08:28:35 GMT)

Infineon Upgraded At RBS On Refinancing Options
Infineon Upgraded At RBS On Refinancing Options (Mon, 20 Apr 2009 08:55:46 GMT)

Obama Can’t Pick Up the Phone for Mortgage Customers
April 20 (Bloomberg) -- Gabrielle Sindorf has been trying to lower the 9.95 percent mortgage rate on her $500,000 home in Croton-on-Hudson, New York, since her husband died in December. (Mon, 20 Apr 2009 09:11:50 GMT)

4 steps to refinance your mortgage
With mortgage rates heading to all-time lows , many homeowners may be considering refinancing their homes. 1. How much can you save? (Mon, 20 Apr 2009 09:57:16 GMT)

Mortgage Rate Search
This is the daily overnight average for a 30-year fixed mortgage. Your experiences in trying to get a refinance under the Making Home Affordable program have steam coming out of my ears. (Mon, 20 Apr 2009 09:58:06 GMT)

EU approves UK mortgage scheme 
The European Commission approved on Monday a British mortgage support scheme aimed at reducing the number of repossessions likely to occur as a result of the economic downturn. (Mon, 20 Apr 2009 10:24:00 GMT)

(AFX UK Focus) 2009-04-20 11:01 EU approves British govt mortgage support scheme
BRUSSELS, April 20 (Reuters) - The European Commission approved on Monday a British mortgage support scheme aimed at reducing the number of repossessions likely to occur as a result of the economic downturn. The scheme will allow households that are unable to meet their mortgage repayments following a temporary drop in income to defer all their principal and up to 70 percent of their interest ... (Mon, 20 Apr 2009 10:31:50 GMT)

Bank of America profit triples to $4.2bn
Bank of America on Monday reported net income more than tripled to $4.2bn in the first three months of the year, well ahead of analysts’ expectations, as mortgage refinancing and commercial banking revenues boosted its performance. (Mon, 20 Apr 2009 11:59:20 GMT)

NY sen proposes fed help to fight mortgage fraud
Mortgage fraud has become so pervasive and damaging to the limping economy that the federal government should give local prosecutors hundreds of millions of dollars to fight it, Sen. (Mon, 20 Apr 2009 14:24:16 GMT)

Olympic Village loan questioned
The Government is urged to reveal details of a £255m public sector loan offered to help build the Olympic Village. (Mon, 20 Apr 2009 16:33:25 GMT)

Missouri attorney general sues 2 firms, alleging mortgage scams
Missouri Attorney General Chris Koster is suing two businesses he alleges are violating state consumer-protection law by sending people misleading direct-mail advertisements for mortgage refinancing. The suits filed today are part of what Koster calles his "zero tolerance" policy of mortgage scams. (Mon, 20 Apr 2009 16:35:45 GMT)

THV Working For You At 6:30: Should You Refinance?
If you're a homeowner, then you've probably asked yourself this question: now that rates are at the lowest levels in more than 40 years, is now the right time to refinance? (Mon, 20 Apr 2009 17:04:16 GMT)

TELL US: Are you facing mortgage modification?
Late-TV and the Internet have been blanketed with ads offering to help homeowners modify or refinance mortgages or otherwise avoid foreclosure. Have you ever answered one of the ads? (Mon, 20 Apr 2009 18:05:54 GMT)

TODAY’S DEALS: NorthMarq Capital Arranges $22.25M Mortgage for 346-Unit Rental Community, and Other Transactions
Aurora, Ill.--NorthMarq Capital LLC’s recently arranged first mortgage financing of $22.25 million for Butterfield Oaks Apartments ( pictured ), a 346-unit multifamily property, located in Aurora, Ill. Financing was based on a seven-year term with five years of Yield Maintenance and a 30-year amortization schedule. (Mon, 20 Apr 2009 18:26:09 GMT)

S&T Bancorp hit by commercial loan losses
Indiana, Pa.-based S&T Bancorp Inc. fell into the red in the first quarter as it was forced to set aside more money to cover losses in its commercial loan portfolio. (Mon, 20 Apr 2009 18:28:00 GMT)

Detroit councilman walks away from mortgage
Add Detroit City Councilman Kwame Kenyatta to the list of the many homeowners who have walked away from a mortgage rather than keep paying for a property that is "under water." (Mon, 20 Apr 2009 18:59:22 GMT)

Officials Announce Crack Down On Mortgage Fraud
Flocked by the district attorneys from all five boroughs, New York Senator Charles Schumer unveiled legislation today to create mortgage fraud units in D.A. offices across the country. (Mon, 20 Apr 2009 19:00:24 GMT)

Detroit councilman walks away from his mortgage
It was their dream home, a two-story, four-bedroom colonial in one of Detroit's nicest and most stable neighborhoods. But then, one day in December, City Councilman Kwame Kenyatta and his wife packed up their belongings, locked the doors, mailed in the keys and walked away -- adding another vacant house to the thousands in a city hard hit by the nation's mortgage crisis. (Mon, 20 Apr 2009 19:23:02 GMT)

Missouri sues Oxford Lending group, Gold Star Home Mortgage
Missouri Attorney General Chris Koster sued two mortgage brokerages Monday for allegedly misleading consumers with letters that appeared to be from banks or the government. (Mon, 20 Apr 2009 19:23:56 GMT)

Missouri attorney general warns of mortgage scams
Missouri attorney general warns of mortgage scams (Mon, 20 Apr 2009 19:42:22 GMT)

Detroit councilman walks away from his mortgage
Around the country, the practice, sometimes referred to as 'mortgage walking' or 'jingle mail,' appears to be growing. But for Detroit Councilman Kwame Kenyatta, the decision could do more than hurt his credit rating. It could hurt his bid for mayor. (Mon, 20 Apr 2009 19:54:45 GMT)

Mo. AG files suits over alleged mortgage scams
Missouri Attorney General Chris Koster filed lawsuits Monday accusing two businesses of sending consumers misleading direct-mail ads for mortgage refinancing. (Mon, 20 Apr 2009 19:58:10 GMT)

Missouri attorney general sues firms over mortgage refinancing ads
He says the companies' direct-mail ads are deceptive. (Mon, 20 Apr 2009 20:19:55 GMT)

Missouri attorney general accuses 2 companies of misleading ads for mortgage refinancing
Missouri Attorney General Chris Koster filed lawsuits Monday accusing two businesses of sending consumers misleading direct-mail ads for mortgage (Mon, 20 Apr 2009 20:45:10 GMT)

Missouri Attorney General Warns Of Mortgage Scams
Koster Filed Lawsuits Monday Against Two Businesses Attorney General Chris Koster filed lawsuits Monday accusing two businesses of sending consumers misleading direct-mail ads for mortgage refinancing. He said more suits against other scams could follow. Koster, in stops in St. Louis, Columbia and Kansas City, declared zero tolerance for scams by mortgage lenders or brokers. (Mon, 20 Apr 2009 20:49:38 GMT)

Man faces $3m mortgage fraud charges
A SYDNEY man wil face court today after being chraged by police with eight offences over an alleged $3 million mortgage fraud operation spanning three years. (Mon, 20 Apr 2009 21:34:00 GMT)

BofA profit can't hide loan woes
CHARLOTTE, N.C. — Bank of America Corp. warned of worsening loan default problems Monday even as it posted a first-quarter profit of $2.81 billion. (Mon, 20 Apr 2009 22:32:24 GMT)

Koster files lawsuits against mortgage scams
ST. LOUIS — Attorney General Chris Koster filed lawsuits Monday accusing two businesses of sending consumers misleading direct-mail ads for mortgage refinancing. He said more suits against other scams could follow. Koster, in stops in St. Louis, Columbia and Kansas City, declared zero tolerance for scams by mortgage lenders or brokers. He said Americans are especially vulnerable now because of ... (Mon, 20 Apr 2009 23:14:59 GMT)

Federal Home Loan Bank of San Francisco Awards $10 Million to Help First-Time Homebuyers
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco has awarded $10 million in matching grants to help lower-income families and individuals become first time homebuyers in Arizona, California, Nevada, and other areas served by the Bank's member financial institutions. (Tue, 21 Apr 2009 00:11:00 GMT)

Freddie Mac’s refinance policy drawing fire
Mortgage brokers and small lenders say they've been left out of a big part of the Obama administration's plan to help borrowers refinance their home loans and take advantage of near record-low interest rates. (Tue, 21 Apr 2009 00:59:32 GMT)

Westpac joins peers in raising fixed home loan rates
Westpac raised its interest rates on fixed home loans by up to 40 basis points today. One-year fixed rate mortgages were increased by 20 basis points to 5.39 per cent, while two-year term mortgages r (Tue, 21 Apr 2009 02:26:10 GMT)

Missouri sues two businesses accused of mortgage scams
Announcing a “zero tolerance” campaign against mortgage scams, Missouri Attorney General Chris Koster on Monday sued two businesses that sought to entice Missouri consumers to refinance their homes. (Tue, 21 Apr 2009 03:22:04 GMT)

Westpac increases home loan rates
Westpac Banking Corporation raised its interest rates on fixed home loans by up to 40 basis points from Tuesday. (Tue, 21 Apr 2009 03:23:57 GMT)

Koster sues what he calls mortgage scammers
Citing "outrageous misrepresentations," Missouri's attorney general on Monday sued two mortgage companies that have been sending out mailings to homeowners to get them to refinance their homes. (Tue, 21 Apr 2009 03:25:36 GMT)

What's Buggin' You? Mortgage Fees
A Dallas woman has been paying off her home mortgage for the past 33 years. She thought she recently made her last payment, but the mortgage company is still asking for money. Bugged and desperate, she called FOX 4's Saul Garza for help. (Tue, 21 Apr 2009 03:29:53 GMT)

Loan troubles drop S&T Bancorp into red
Indiana, Pa.-based S&T Bancorp Inc. sunk into the red in the first quarter because of troubles in its commercial loan portfolio that forced it to set aside more money to cover possible losses. (Tue, 21 Apr 2009 04:24:53 GMT)

Mo. attorney general warns of mortgage finance scams
ST. LOUIS -- Attorney General Chris Koster filed lawsuits Monday accusing two businesses of sending consumers misleading direct-mail ads for mortgage refinancing. He said more suits against other... (Tue, 21 Apr 2009 05:16:23 GMT)

Koster files lawsuits against mortgage scams
ST. LOUIS — Attorney General Chris Koster filed lawsuits Monday accusing two businesses of sending consumers misleading direct-mail ads for mortgage refinancing. He said more suits against other scams could follow. Koster, in stops in St. Louis, Columbia and Kansas City, declared zero tolerance for scams by mortgage lenders or brokers. He said Americans are especially vulnerable now because of ... (Tue, 21 Apr 2009 05:30:28 GMT)

Refinance policy draws fire
Small banks say plan favors Freddie Mac and Fannie Mae. Mortgage brokers and small lenders say they've been left out of a big part of the Obama administration's plan to help borrowers refinance their home loans and take advantage of near record-low interest rates. (Tue, 21 Apr 2009 08:21:01 GMT)

Former Kane trust administrator accused of issuing bogus home loan
An Exeter woman, scheming to conceal her embezzlement from a charitable trust left by the late teachers union official Tony Kane, set up a bogus home loan to a mentally ill friend and had it notarized without the friend’s knowledge, according to a lawsuit filed in California. The Pennsylvania Attorney General’s Office is conducting a criminal probe in the case and another Exeter woman who ... (Tue, 21 Apr 2009 08:38:30 GMT)

Mortgage-fraud convict asks for review by court
Gregory M. Finney is appealing his four-year, five-month prison sentence for mortgage fraud -- even though he gave up most of his appellate rights in pleading guilty. (Tue, 21 Apr 2009 09:37:32 GMT)

Mortgage Rate Search
This is the daily overnight average for a 30-year fixed mortgage. Hearing your refi plan experiences has steam coming out of my ears. (Tue, 21 Apr 2009 09:58:35 GMT)

Mortgage Basics
Your mortgage lender will want to know a lot about you before approving your loan application, and justifiably so; it and its underwriters want to be assured that you meet their minimum level of creditworthiness before lending you money. (Tue, 21 Apr 2009 09:58:47 GMT)

Mortgage trends 'little changed'
Major lenders have reported only "limited" improvements in mortgage supply since the beginning of 2009, a Bank of England report has said. (Tue, 21 Apr 2009 10:27:04 GMT)

Small lenders feel left out of refinance plan
Mortgage brokers and small lenders say they've been left out of a big part of the Obama administration's plan to help borrowers refinance their home loans and take advantage of near record-low interest rates. (Tue, 21 Apr 2009 10:31:30 GMT)

Mortgage support scheme underway
A government scheme to keep some mortgage borrowers in their homes if they fall on hard times has begun. (Tue, 21 Apr 2009 10:33:35 GMT)

UK inflation negative for first time since 1960
Britain's annual retail price inflation rate fell 0.4 percent in March, turning negative for the first time in nearly 50 years due to falling home loan payments, official data showed Tuesday. (Tue, 21 Apr 2009 10:36:07 GMT)

Mortgage scheme comes into force
Homeowners who get into temporary financial trouble could be able to reduce their mortgage payments for up to two years from today, with help from the taxpayer. (Tue, 21 Apr 2009 10:42:04 GMT)

ICAP Loses 85% of Mortgage Bond Trading to Dealerweb (Update1)
April 21 (Bloomberg) -- ICAP Plc , the world’s largest broker of trades between banks, has lost 85 percent of its business over six weeks in the most-active part of the mortgage- bond market as Wall Street firms shift trades to their own electronic network. (Tue, 21 Apr 2009 10:48:28 GMT)

Mortgage aid program will likely help millions
The new federal program to let people refinance or modify their mortgages is expected to help millions lower monthly payments and avoid foreclosure. So what strings are attached? (Tue, 21 Apr 2009 11:14:22 GMT)

Mo. AG warns of new mortgage scam
Koster filed lawsuits yesterday against two businesses he says sent Missourians misleading direct-mail ads for mortgage refinancing. (Tue, 21 Apr 2009 11:16:41 GMT)

Darling to Agree on Guarantee for U.K. Mortgage Bonds (Update1)
April 21 (Bloomberg) -- Chancellor of the Exchequer Alistair Darling this week will introduce guarantees for mortgage-backed bonds, allowing buyers to sell the securities at no loss, an effort to revive lending and wean U.K. banks off government aid, two people familiar with the plan said. (Tue, 21 Apr 2009 11:44:36 GMT)

US Bancorp's 1st-qtr earnings decline 61 percent on rising loan losses but beat expectations
NEW YORK - U.S. Bancorp said Tuesday its first-quarter profit fell 61 percent as it more than doubled its provision for loan losses and took charges tied to securities losses. However, the bank still beat analysts' expectations. (Tue, 21 Apr 2009 11:47:27 GMT)

Queens DA Praises Mortgage Fraud Bill
Queens District Attorney Richard Brown is praising Senator Chuck Schumer for his mortgage fraud bill. The measure would allocate $100 million to help district attorneys crack down on unscrupulous mor.... (Tue, 21 Apr 2009 11:55:34 GMT)

ICAP Loses 85% of Mortgage Bond Trading to Dealerweb (Correct)
(Corrects spelling of Thomson in eighth and 11th paragraphs.) April 21 (Bloomberg) -- ICAP Plc , the world’s largest broker of trades between banks, has lost 85 percent of its business over six weeks in the most-active part of the mortgage- bond market as Wall Street firms shift trades to their own electronic network. (Tue, 21 Apr 2009 13:23:22 GMT)

US Bancorp's 1st-qtr earnings decline 61 percent on rising loan losses but beat expectations
U.S. Bancorp said Tuesday its first-quarter profit fell 61 percent as it more than doubled its provision for loan losses and took charges tied to (Tue, 21 Apr 2009 13:31:36 GMT)

Wells Fargo: Bears vs. bulls
Wells Fargo thrilled investors earlier in April when the bank said its first-quarter profit would be double Wall Street's expectations as home-loan demand surged with low interest rates. Shares jumped 32% that day and optimists wondered if the news marked an end to the banking industry's slump. (Tue, 21 Apr 2009 14:27:02 GMT)

ICICI cuts floating home loan rates
ICICI Bank has cut floating benchmark lending rate for home loans by 50 basis points to 13.25 per cent and deposit rate by 25-50 basis points. (Tue, 21 Apr 2009 16:07:43 GMT)

New Trading Platform For Mortgage Securities To Launch May 1
NEW YORK -(Dow Jones)- A new trading platform for mortgage securities that have been gumming up banks' balance sheets is set to go nationwide next month. (Tue, 21 Apr 2009 16:11:26 GMT)

Mortgage company Capmark wins loan extension
Capmark Financial Group Inc., a troubled Horsham commercial mortgage company, said today it again extended the maturity date of most of the bridge loan that is keeping the business operating. The new maturity date is May 8. (Tue, 21 Apr 2009 17:01:28 GMT)

ICAP Loses 85% of Mortgage Bond Trading to Dealerweb (Update2)
April 21 (Bloomberg) -- ICAP Plc , the world’s largest broker of trades between banks, has lost 85 percent of its business over six weeks in the most-active part of the mortgage- bond market as Wall Street firms shift trades to their own electronic network. (Tue, 21 Apr 2009 17:08:56 GMT)

Darling to Agree on Guarantee for U.K. Mortgage Bonds (Update1)
April 21 (Bloomberg) -- Chancellor of the Exchequer Alistair Darling this week will introduce guarantees for mortgage-backed bonds, allowing buyers to sell the securities at no loss, an effort to revive lending and wean U.K. banks off government aid, two people familiar with the plan said. (Tue, 21 Apr 2009 17:09:06 GMT)

Mortgage outlay 'horrified' couple
Bruce and Dorothy Bartle were "horrified" to learn they were saddled with $5000 monthly mortgage payments after entering the Blue Chip investment scheme but told no-one. (Tue, 21 Apr 2009 17:09:57 GMT)

Mortgage aid program will likely help millions
NEW YORK (AP) - It's welcome relief for homeowners struggling with mortgage payments. The new federal program to let people refinance or modify their mortgages is expected to help millions of Americans lower monthly payments and avoid foreclosure. So what strings are attached? (Tue, 21 Apr 2009 17:19:43 GMT)

Mo. attorney general warns of mortgage scams
ST. LOUIS (AP) — Attorney General Chris Koster filed lawsuits Monday accusing two businesses of sending consumers misleading direct-mail ads for mortgage refinancing. (Tue, 21 Apr 2009 17:27:34 GMT)

Regions Financial posts surprising 1st-qtr profit on strong mortgage banking, deposit growth
BIRMINGHAM, Ala. - Regions Financial Corp. on Tuesday reported a surprising first-quarter profit, driven by strong mortgage banking revenue and deposit growth. But loan losses at the regional bank continued to increase as consumers struggled to pay off their debts. (Tue, 21 Apr 2009 19:02:05 GMT)

Might lose your home? Try to go for the loan mod
4th and final installment in Foreclosure Roadmap series. (Tue, 21 Apr 2009 19:15:01 GMT)

Honolulu couple pleads guilty in mortgage scam
A couple who owned a Honolulu mortgage brokerage firm is facing many years in prison after pleading guilty to federal charges based on fraudulent loans and foreclosures. (Tue, 21 Apr 2009 19:17:54 GMT)

Treasury weighs new mortgage subsidies-sources
The Treasury Department is considering giving banks and investors billions of dollars in fresh incentives to modify troubled mortgages and save homeowners from foreclosure, sources familiar with official deliberations said. (Tue, 21 Apr 2009 20:09:53 GMT)

Critics say lenders limiting mortgage help
The mortgage-refinancing guidelines released earlier this month are different for Fannie Mae and Freddie Mac, the government-controlled companies that own or guarantee almost 31 million mortgages — more than half of all U.S home loans. (Tue, 21 Apr 2009 20:19:57 GMT)

Remember why you fixed your mortgage
OPINION Over the past few weeks if not months a tremendously large number of people have sought to break the contracts they signed with banks fixing their mortgage interest rate for an agreed period of time. (Tue, 21 Apr 2009 20:38:29 GMT)

ICAP Loses 85% of Mortgage Bond Trading to Dealerweb (Update3)
April 21 (Bloomberg) -- ICAP Plc , the world’s largest broker of trades between banks, has lost 85 percent of its business over six weeks in the most-active part of the mortgage- bond market as Wall Street firms shift trades to their own electronic network. (Tue, 21 Apr 2009 22:15:58 GMT)

Real Estate: No rush to refinance as mortgage rates look to stay low
Don’t panic if you’re trying to refinance and the process is taking longer than you thought: Conforming mortgage rates are likely to stay low for the remainder of the year, according to the Mortgage Bankers Association’s chief economist. (Tue, 21 Apr 2009 23:07:42 GMT)

Mortgage outlay 'horrified' couple
Bruce and Dorothy Bartle were "horrified" to learn they were saddled with $5000 monthly mortgage payments after entering the Blue Chip investment scheme but told no-one. (Tue, 21 Apr 2009 23:23:48 GMT)

Calif. woman convicted for mortgage scheme
SANTA ANA, Calif., April 21 (UPI) -- The last in a group of Southern California mortgage fraud defendants has been convicted in federal court, officials said. (Tue, 21 Apr 2009 23:57:59 GMT)

Home grants a 'debt time bomb'
FIRST-homeowner grants, combined with low interest rates, are fuelling a "debt time bomb", according to website Our Home Sweet Home. (Wed, 22 Apr 2009 00:30:00 GMT)

Is It Time to Refinance Your Mortgage?
Mortgage rates have fallen quite a bit in recent months, so a common question is whether or not you should consider refinancing. The benefits are easy to understand. The lower... (Wed, 22 Apr 2009 00:42:02 GMT)

Fontana women convicted of mortgage fraud
Two Fontana women await sentencing in a Los Angeles federal court in connection with an Inland area mortgage fraud scheme that generated more than $1 million in fraudulent proceeds. (Wed, 22 Apr 2009 00:55:14 GMT)

A whiff of revival in Northeast U.S. home market
After one of the worst slumps in memory, the housing market in the Northeast United States is stirring to life with more buyers on the prowl and bigger crowds at home showings. (Wed, 22 Apr 2009 01:39:59 GMT)

Schumer Spearheads Mortgage Policing Legislation
Sen. Charles Schumer, D-N.Y., along with the five New York City District Attorneys, has unveiled The Fighting Real Estate Fraud Act of 2009, a measure to help fight mortgage fraud scams across the country. (Wed, 22 Apr 2009 02:26:12 GMT)

Home-appraisal rule may be costly
A big source of the hot air inside the recently burst real-estate bubble came from some home appraisers who barely batted an eye at pumping up values to help mortgage brokers sell more loans. (Wed, 22 Apr 2009 03:27:02 GMT)

Is the government's home loan modification program right for you?
A lot of families are struggling financially and the Obama administration has promised to help some keep their homes through mortgage modification. That's different than refinancing. (Wed, 22 Apr 2009 03:51:53 GMT)

Attorney General Sues Mortgage Office
A St. Joseph home mortgage office comes under fire by the state attorney general. The attorney general's office filed a lawsuit against Gold Star Home Mortgage and Ohio Based Oxford Lending Group. (Wed, 22 Apr 2009 04:02:23 GMT)

Sun Belt states lead Q1 U.S. mortgage foreclosures
Cities in the U.S. Sun Belt states of California, Florida, Nevada and Arizona dominated first-quarter mortgage foreclosure rankings, with other problem areas likely to emerge as unemployment swells, RealtyTrac said on Wednesday. (Wed, 22 Apr 2009 05:44:55 GMT)

Alleged loan scammers released pending trial
Three Clark County residents accused of running commercial loan scams that reaped more than $1 million have been released pending trial.Darcy and Alyson Start of Camas, who were arrested... (Wed, 22 Apr 2009 08:06:12 GMT)

Mortgage lending in seasonal rise
UK mortgage lending picked up in March, according to figures from the Council of Mortgage Lenders, but still down on a year ago. (Wed, 22 Apr 2009 09:17:58 GMT)

Mortgage lending shows steep annual drop
Gross mortgage lending fell 52 percent year-on-year to an estimated 11.5 billion pounds ($16.76 billion) in March 2009, the Council of Mortgage Lenders said on Wednesday. (Wed, 22 Apr 2009 09:41:00 GMT)

UK mortgage lending up 16 pct in March
Mortgage lending in Britain rose 16 percent in March from the previous month but was still less than half the volume seen a year earlier, the Council of Mortgage Lenders said Wednesday. (Wed, 22 Apr 2009 09:57:53 GMT)

Employees see mortgage cover pulled
A large insurer has been accused of “outrageous” behaviour after cancelling mortgage insurance policies held by at least 70 customers as unemployment rises. (Wed, 22 Apr 2009 10:48:25 GMT)

Mo. attorney general warns of mortgage scams
ST. LOUIS (AP) — Attorney General Chris Koster filed lawsuits Monday accusing two businesses of sending consumers misleading direct-mail ads for mortgage refinancing. (Wed, 22 Apr 2009 11:12:43 GMT)

Mortgage applications up 5.3% last week: MBA
Mortgage applications rose a seasonally adjusted 5.3% last week, compared with the week before, due to an uptick in refinance applications, the Mortgage Bankers Association reported on Wednesday. (Wed, 22 Apr 2009 11:22:33 GMT)

Mortgage lending climbs 16%
New figures from the Council of Mortgage Lenders (CML) suggested the housing market is stabilising albeit at depressed levels, with UK mortgage lending in March up from the previous month but still sharply down on the same month last year. (Wed, 22 Apr 2009 11:35:00 GMT)

Koster Warns of Mortgage Scams
(Jefferson City, MO) -- Missouri Attorney General Chris Koster wants people to watch out for mortgage scams. Koster filed lawsuits Monday against two businesses. He says they sent Missourians misleading ads for mortgage refinancing. (Wed, 22 Apr 2009 11:37:01 GMT)

home equity
People borrow against their home's equity for myriad reasons. The two most common are to pay for home improvements and to consolidate debt. Other uses for equity money are: to pay tuition, medical expenses, living expenses during unemployment, and big-ticket purchases. (Wed, 22 Apr 2009 11:43:36 GMT)

U.S. MBA Mortgage Applications Index Rose 5.3 Percent Last Week
April 22 (Bloomberg) -- Mortgage applications in the U.S. rose last week as lower borrowing costs encouraged more homeowners to refinance loans. The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan increased 5.3 percent to 1,172.2 in the week ended April 17, from 1,113.2 the week before. (Wed, 22 Apr 2009 11:48:36 GMT)

(AFX UK Focus) 2009-04-22 12:15 Refinancing demand boosts US mortgage applications
By Lynn Adler (Wed, 22 Apr 2009 11:49:05 GMT)

U.K. Mortgage Lending Rose 16% in March, CML Says (Update1)
April 22 (Bloomberg) -- U.K. mortgage lending increased in March from the previous month, the Council of Mortgage Lenders said today. (Wed, 22 Apr 2009 12:00:08 GMT)

Mortgage Applications Up Over 5 Percent In Latest Survey
(RTTNews) - Industry data released on Wednesday showed that mortgage application volume edged up over 5 percent last week, as refinance activity rose nearly 8 percent. The increase in applications comes as lower borrowing costs led to a boost in activity. (Wed, 22 Apr 2009 12:32:28 GMT)

Treasuries Little Changed on Bank Loan Loss Speculation
April 22 (Bloomberg) -- Treasuries were little changed amid speculation stress tests on the largest U.S. banks may show additional loan losses. (Wed, 22 Apr 2009 13:45:12 GMT)

Mortgage applications rise in week
The volume of applications for U.S. mortgages increased last week, rising by a seasonally adjusted 5.3 percent, an industry group said.The Market Composite Index, which measures mortgage loan application volume, rose from 1,113.2 to 1,172.2 in the week ending April 17, the Mortgage Bankers Association said in a release Wednesday.The Refinance Index also increased, up 7.7 percent to 6,540.7, the ... (Wed, 22 Apr 2009 14:44:14 GMT)

Home Prices Drop 6.5% in February as Mortgage Rates Fuel Demand
April 22 (Bloomberg) -- U.S. home prices fell 6.5 percent in February from a year earlier, the second-smallest drop in six months, a sign that low mortgage rates may be bolstering demand. (Wed, 22 Apr 2009 15:21:43 GMT)

Mortgage applications climb
Index shows a big surge in refinancing activity as interest rates remain near historic lows. (Wed, 22 Apr 2009 15:27:07 GMT)

Home Prices Drop 6.5% in February as Mortgage Rates Fuel Demand
April 22 (Bloomberg) -- U.S. home prices fell 6.5 percent in February from a year earlier, the second-smallest drop in six months, a sign that low mortgage rates may be bolstering demand. (Wed, 22 Apr 2009 15:29:38 GMT)

Top executive at US mortgage giant in apparent suicide
A top executive of the troubled US mortgage finance giant Freddie Mac was found dead in his Washington area home Wednesday of an apparent suicide, police said. (Wed, 22 Apr 2009 16:32:08 GMT)

Credit unions reject Hill plan for mortgage relief
Negotiations between the banking industry and Senate Democrats on a mortgage relief plan hit a snag Wednesday after a trade association representing credit unions said it could not endorse the proposal. The National Association of Federal Credit Unions said... (Wed, 22 Apr 2009 16:38:18 GMT)

Home Prices Gain 0.7% in February From January (Correct)
(Corrects analysts’ estimates in second paragraph.) April 22 (Bloomberg) -- U.S. home prices rose 0.7 percent in February from January, the first consecutive monthly gain in two years, a sign that low interest rates may be moderating declines in real estate values. (Wed, 22 Apr 2009 18:29:37 GMT)

California Mortgage Defaults Hit Record
Lenders filed a record number of mortgage default notices against California homeowners during the first three months of this year. (Wed, 22 Apr 2009 18:32:34 GMT)

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