Mortgage News Apr 2009

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UK & World News: Number of home loan approvals down
The number of mortgages approved for people buying a home fell by 7% during March. (Mon, 27 Apr 2009 11:00:05 GMT)

Money Monday: Understanding mortgage rates and refinancing
CLEVELAND -- Every Monday financial expert Kevin Myeroff joins Channel 3 News Today with some tips and news on money matters. (Mon, 27 Apr 2009 12:09:10 GMT)

Mortgage approval stats dent recovery hopes
New figures show the number of mortgage approvals fell by 7 per cent last month. The British Bankers' Association (BBA) reports all measures of mortgage lending were lower than they had been in February, with the value of net lending also declining. (Mon, 27 Apr 2009 12:13:51 GMT)

Bank of America Targets Mortgage Image, Strips Countrywide Name
April 27 (Bloomberg) -- Bank of America Corp. , the second- largest U.S. home lender after buying the biggest provider of credit before property prices slumped, hopes to bolster its mortgage brand as it drops the Countrywide Financial Corp. name. (Mon, 27 Apr 2009 13:49:11 GMT)

5 charged in $70M mortgage Ponzi scheme
Five people face charges in what prosecutors say was a mortgage scheme that defrauded more than 1,000 people of more than $70 million. (Mon, 27 Apr 2009 15:50:06 GMT)

Maryland prosecutors charge 5 with $70M mortgage Ponzi scheme, feds signal aggressiveness
WASHINGTON - Five people face charges in what prosecutors say was a mortgage scheme that defrauded more than 1,000 people of more than $70 million. Maryland prosecutors say it was a complicated Ponzi scheme run by a company called Metro Dream Homes. (Mon, 27 Apr 2009 16:03:36 GMT)

5 charged in $70M mortgage Ponzi scheme
Five people were charged with fraud Monday in what prosecutors say was a mortgage scheme that defrauded over 1,000 people of more than $70 million. (Mon, 27 Apr 2009 16:14:46 GMT)

BB&T discloses more stress in home equity loans
BB&T Corp. on Monday upwardly revised the amount of home equity loans it wrote off in the first quarter, but said the revisions had no impact on overall results reported earlier this month. (Mon, 27 Apr 2009 17:06:34 GMT)

Moore, Six urge action to fight mortgage scams
Federal Bureau of Investigation Supervisory Special Agent Bob Herndon (center), Congressman Dennis Moore (D - 3rd District, left) and Kansas Attorney General Steve Six speak to reporters Monday morning. A depressed economy and a reeling housing market have left many homeowners in Kansas seeking an easy out to stay in their homes. But that desire has become fuel for a spate of mortgage scams, and ... (Mon, 27 Apr 2009 17:30:31 GMT)

Charges brought in alleged $70M Md. mortgage fraud
Feds say scheme had more than 1,000 victims; many in Prince George's County State and federal authorities announced criminal indictments Monday in an alleged $70 million mortgage fraud scheme that involved more than 1,000 homeowners, most of them from Maryland. (Mon, 27 Apr 2009 17:45:22 GMT)

Indictments in local mortgage scam
Four people have been indicted in an alleged mortgage ponzi scheme, including one from Virginia and another from Maryland, according to the Department of Justice. (Mon, 27 Apr 2009 18:00:27 GMT)

TD Canada Trust lowers residential mortgage rates
TORONTO - TD Canada Trust (TSX:TD) has lowered its residential mortgage rates between 0.1 and 0.6 percentage points, bringing the signpost five-year closed mortgage rate down 0.2 points to 5.25 per cent. (Mon, 27 Apr 2009 18:07:00 GMT)

Mortgage Fraud On Rise In Kansas
Kansas Attorney General Steve Six says mortgage fraud increased sharply last year in the state. (Mon, 27 Apr 2009 18:14:37 GMT)

Bank of America Says Some Mortgage Aid Depends on Legislation
April 27 (Bloomberg) -- Lawmakers must pass legislation to shield mortgage servicers from bondholder lawsuits if the U.S. wants as many homeowners helped under President Barack Obama’s loan-modification plan as targeted, a Bank of America Corp . executive said. (Mon, 27 Apr 2009 18:35:05 GMT)

Countrywide Financial rebranded as Bank of America Home Loans
Bank of America Corp. has rebranded its Countrywide Financial Corp. mortgage unit as Bank of America Home Loans. (BAC) (Mon, 27 Apr 2009 18:44:35 GMT)

Stonegate Mortgage Selects StreetLinks as Appraisal Partner
Stonegate Mortgage announces the selection of StreetLinks National Appraisal Services as its preferred appraisal partner. Stonegate is a rapidly expanding wholesale and retail residential mortgage originator, lending in Midwestern markets. (Mon, 27 Apr 2009 18:49:00 GMT)

Lawmakers greenlight state home-loan program
When the Legislature passed the state budget, it included a budget proviso authorizing the State Treasurer to invest $25 million in a short-term loan program in order to provide an advance payment of the federal first-time home buyers' tax credit. (Mon, 27 Apr 2009 20:58:52 GMT)

Mortgage relief for homeowners
The Rudd govt will lift the limit for 'hardship' mortgage assistance in an effort to stop homeowners from losing their properties. (Mon, 27 Apr 2009 21:50:34 GMT)

Officials Warn Of Upswing In Mortgage Fraud
Missouri Attorney General Chris Koster says he's working to crack down on mortgage scams. He said he wants to make sure homeowners know how to avoid becoming a victim. (Mon, 27 Apr 2009 23:09:50 GMT)

Five charged in $70M mortgage fraud scheme
WASHINGTON, April 27 (UPI) -- The U.S. Justice Department said it charged five people in a $70 million mortgage scheme that promised mortgage pay-offs but left homeowners high and dry. (Mon, 27 Apr 2009 23:42:59 GMT)

SBA loan saves Jamiels Shoe World
The venerable shoe store becomes the first business in Rhode Island to be helped by a loan program the Small Business Administration is able to offer under the federal stimulus plan. (Tue, 28 Apr 2009 00:24:39 GMT)

Five charged in $70M mortgage fraud scheme
The U.S. Justice Department said it charged five people in a $70 million mortgage scheme that promised mortgage pay-offs but left homeowners high and dry.A grand jury indicted four defendants and an information was filed against the fifth for their participation in the alleged massive mortgage fraud scheme, Justice Department officials said Monday in a news release.The indictment, unsealed ... (Tue, 28 Apr 2009 00:42:57 GMT)

Beware Emails Advertising Lower Mortgage
When the White Sox met President Obama last week, they probably did not discuss rescuing U.S. Cellular Field from foreclosure. The ballpark isn't even in trouble. But someone's been trying to sell the White Sox on a rescue plan, and it's something every homeowner should be careful to avoid. Larry Yellen has the story in a Fox Chicago News investigation. (Tue, 28 Apr 2009 03:03:14 GMT)

What's Buggin' You? Mortgage Fee Update
Last week FOX 4's Saul Garza reported a Pleasant Grove homeowner was bugged because her mortgage company refused to work with her to pay off her remaining balance. Now she said her home worries are over thanks to a few generous viewers, including one who works for the mortgage company. (Tue, 28 Apr 2009 03:09:01 GMT)

Five Charged in Federal Mortgage Fraud Probe
It was a mortgage fraud and a Ponzi scheme, and it was, prosecutors say, a moneymaker. (Tue, 28 Apr 2009 03:51:32 GMT)

Senate to Vote on Plan Bolstering Mortgage-Fraud Prosecutions
April 28 (Bloomberg) -- The U.S. Senate is poised to approve legislation giving the government more power to prosecute mortgage and financial fraud and creating a commission to investigate the causes of the economic crisis. (Tue, 28 Apr 2009 04:01:00 GMT)

Bank of America renames mortgage operations
Bank of America Corp. hopes to bolster its mortgage brand as it drops the Countrywide Financial Corp. name. Charlotte, N.C.-based Bank of America renamed its mortgage and home equity lending operations Bank of America Home Loans. It has officially dropped the Countrywide Home Loans name as part of its integration of the mortgage lender, which was acquired in January 2008. (Tue, 28 Apr 2009 04:04:40 GMT)

Saudi public investment fund to do mortgage finance
RIYADH, April 28 (Reuters) - Saudi Arabia's public investment fund said on Tuesday it plans to venture into mortgage financing, in anticipation of a mortgage law expected to be completed this year. (Tue, 28 Apr 2009 09:27:37 GMT)

Five Charged in $70 Million "Dream Home" Mortgage Fraud Scheme
A federal grand jury has indicted four defendants, and an information has been filed against a fifth defendant, for their participation in a massive mortgage fraud scheme that allegedly promised to pay off homeowners’ mortgages on their "Dream Homes," but left them to fend for themselves. (Tue, 28 Apr 2009 10:01:54 GMT)

U.S. to pay off mortgage investors
Treasury Department announces new mortgage incentivess for lenders, which will reduce monthly payments for millions of borrowers. (Tue, 28 Apr 2009 10:35:07 GMT)

Treasury has new mortgage incentives: official
The U.S. Treasury Department will on Tuesday tap a $50 billion housing rescue fund to pay off mortgage investors and reduce monthly payments for millions of borrowers, said a senior administration official. (Tue, 28 Apr 2009 11:26:05 GMT)

Second-Mortgage Holders Are Target of Obama Administration Plan
April 28 (Bloomberg) -- The Obama administration will offer a new program today to help borrowers with second mortgages stay out of foreclosure, along with revisions to other government loan-modification programs, administration officials said. (Tue, 28 Apr 2009 12:03:51 GMT)

Local lenders slam mortgage act
A piece of U.S. House legislation tightening oversight on the mortgage industry isn't playing well in Wichita. The Mortgage Reform and Anti-Predatory Lending Act of 2009, H.R. 1728, is redundant, according to some of Wichita's biggest community bank lenders. (Tue, 28 Apr 2009 12:10:41 GMT)

Four indicted in $70 million Md. mortgage fraud case
Most victims in $70 million Ponzi scheme lived in Prince George's County State and federal authorities announced criminal indictments Monday in an alleged $70 million mortgage fraud scheme that ensnared more than 1,000 homeowners, most of them from Maryland. (Tue, 28 Apr 2009 12:10:46 GMT)

Sources: Treasury Has New Mortgage Incentives
Sources: Treasury Has New Mortgage Incentives (Tue, 28 Apr 2009 12:50:34 GMT)

Economic Report: Pace of home-price declines eases in February
Home prices fall in February for the 31st month in a row, but at a slower pace than in January. (Tue, 28 Apr 2009 13:38:17 GMT)

Treasury has new mortgage incentives: Official
Treasury has new mortgage incentives: OfficialTreasury has new mortgage incentives: Official (Tue, 28 Apr 2009 14:04:53 GMT)

Five Charged in $70M Mortgage Fraud Scheme
WASHINGTON (UPI) -- The U.S. Justice Department said it charged five people in a $70 million mortgage scheme that promised mortgage pay-offs but left homeowners high and dry. (Tue, 28 Apr 2009 15:54:16 GMT)

Measure to Bolster Mortgage-Fraud Prosecutions Passes Senate
April 28 (Bloomberg) -- The U.S. Senate approved legislation giving the government more power to prosecute mortgage and financial fraud and creating a commission to investigate the causes of the economic crisis. (Tue, 28 Apr 2009 16:26:40 GMT)

(AFX UK Focus) 2009-04-28 17:10 BRIEF-Monte Paschi statement on securitisation
MILAN, April 28 (Reuters) - Banca Monte dei Paschi di Siena said in a statement on Tuesday: * made a mortgage-backed securitisation of around 4.4 billion euros * securities for collateral for refinancing operations and future guaranteed bond issues (Tue, 28 Apr 2009 16:47:34 GMT)

Senate OKs $490 Million To Fight Mortgage Cons
Senate OKs $490 Million To Fight Mortgage Cons (Tue, 28 Apr 2009 16:50:23 GMT)

UPDATE: US Government Unveils New Mortgage Modification Incentives
(Updates to include a statement from Treasury Secretary Timothy Geithner and adds that the administration has announced the new details.) WASHINGTON -(Dow Jones)- The Obama administration Tuesday unveiled a fresh set of incentives for mortgage servicers to help strapped U.S. homeowners. (Tue, 28 Apr 2009 16:56:22 GMT)

Senate approves $490 mln to fight mortgage scams
The Senate voted Tuesday to give federal investigators more tools and $490 million to combat mortgage fraud and other scams. (Tue, 28 Apr 2009 17:38:03 GMT)

Senate passes bill targeting mortgage fraud
WASHINGTON -- The Senate voted Tuesday to hire hundreds more FBI agents and prosecutors to pursue after mortgage fraud, which lawmakers say is needed to investigate the estimated 5,000 allegations reported each month. (Tue, 28 Apr 2009 17:41:46 GMT)

SEC charges ex-American Home Mortgage executives
* SEC charges ex-American Home Mortgage executives (Tue, 28 Apr 2009 18:00:43 GMT)

Senate Votes To Bolster Mortgage-Fraud Probes
The Senate voted Tuesday to hire hundreds more FBI agents and prosecutors to pursue mortgage fraud, which lawmakers say is needed to investigate the estimated 5,000 allegations reported each month. (Tue, 28 Apr 2009 18:11:54 GMT)

goodmortgage.com Celebrates Ten Years of Mortgage Lending
April 27, 2008 - CHARLOTTE , N.C. , – This month, goodmortgage.com celebrates an impressive ten-years in business milestone. This is a significant accomplishment for any business navigating today’s economic climate, but especially so for a member of the mortgage banking industry. (Tue, 28 Apr 2009 18:33:00 GMT)

Save Money, Time, and Resources with YourKasa's All-Inclusive Home Buyer's Bundle
ATLANTA, GA – April 28, 2009 – Online real estate marketing company YourKasa.com, which offers real estate and financial services to buyers and sellers, is pleased to announce a helpful program to home buyers – the incredibly efficient, money-saving Buyer's Bundle . (Tue, 28 Apr 2009 18:34:30 GMT)

Measure to Bolster Mortgage-Fraud Prosecutions Passes Senate
April 28 (Bloomberg) -- The U.S. Senate approved legislation giving the government more power to prosecute mortgage and financial fraud and creating a commission to investigate the causes of the economic crisis. (Tue, 28 Apr 2009 18:38:59 GMT)

2nd UPDATE:US Government Unveils New Mortgage Modification Incentives
(Adds administration officials' comments from conference call with reporters.) WASHINGTON -(Dow Jones)- The Obama administration unveiled a fresh set of incentives Tuesday for mortgage servicers to help strapped U.S. homeowners. (Tue, 28 Apr 2009 18:56:22 GMT)

Mortgage advisor Tammy Engel receives top award
Tammy Engel, Mortgage Advisor, a leading provider of home lending services, today announced that she has been selected by Goldline Research as one of leading Mortgage Brokers of the United States for 2009. The list of leading Mortgage Brokers of the United States has been published in the April 13 issue of Forbes Magazine. When notified, Engel said, “Thank you to the clients who have nominated ... (Tue, 28 Apr 2009 19:20:57 GMT)

Senate passes bill targeting mortgage fraud
The Senate voted Tuesday to hire hundreds more FBI agents and prosecutors to investigate the estimated 5,000 allegations of mortgage fraud reported each month. (Tue, 28 Apr 2009 19:31:32 GMT)

Mortgage sales boost Bremer’s Q1 income by 20 percent
In a welcome antidote to mostly dismal first-quarter earnings reports over the past week, Bremer Financial Corp. reported that its net income was up 20 percent for the first quarter of 2009. (Tue, 28 Apr 2009 19:48:52 GMT)

Senate passes bill targeting mortgage fraud
The Senate voted Tuesday to hire hundreds more FBI agents and prosecutors to investigate the estimated 5,000 allegations of mortgage fraud reported each month. (Tue, 28 Apr 2009 20:19:51 GMT)

E*Trade 1Q Loss Widens Amid Higher Loan Losses
E*Trade Financial Corp.'s (ETFC) first-quarter loss widened as the lender and online broker sharply raised its loan-loss provision as delinquencies and charge-offs continued to rise. (Tue, 28 Apr 2009 20:26:19 GMT)

E-Trade loss widens amid higher loan losses
E*Trade Financial Corp.'s first-quarter loss widened as the lender and online broker sharply raised its loan-loss provision as delinquencies and charge-offs continued to rise. Despite rising 94% from a year earlier, the $454 million E*Trade set aside for current and future losses from loans was less than the fourth quarter's $512.9 million. The company, which is waiting to hear from the Treasury ... (Tue, 28 Apr 2009 20:40:42 GMT)

Legislature approves loan program to give home-buyer credit early
First-time home buyers would get their $8,000 tax credit as a state loan at closing, under a measure the state Legislature has approved. (Tue, 28 Apr 2009 20:55:15 GMT)

HUD's Donovan: Mortgage Investors More Open To Write-Downs
WASHINGTON -(Dow Jones)- U.S. Housing Secretary Shaun Donovan expressed confidence Tuesday that mortgage investors are now more open to taking principal write-downs on troubled mortgages, a necessary condition for many underwater homeowners to avoid foreclosure. (Tue, 28 Apr 2009 21:11:33 GMT)

Home Prices, Confidence Offer Hope
U.S. home-price declines moderated in February and consumer confidence rose this month to the best level this year, according to reports Tuesday, more evidence that the recession may be hitting bottom. (Tue, 28 Apr 2009 23:26:15 GMT)

Woman pleads guilty in massive mortgage fraud
Federal prosecutors say a D.C. woman has pleaded guilty in a mortgage fraud Ponzi scheme that defrauded more than 1,000 people of about $70 million. (Tue, 28 Apr 2009 23:55:17 GMT)

Woman pleads guilty in massive mortgage fraud
Federal prosecutors say a Washington, D.C., woman has pleaded guilty in a mortgage fraud Ponzi scheme that defrauded more than 1,000 people of about $70 million. (Wed, 29 Apr 2009 00:11:05 GMT)

Fix Your Mortgage event Saturday in Chicago
A Fix Your Mortgage event will take place from 9 a.m. to 2 p.m. Saturday at the Chicago Police Department Training Academy, 1300 W. Jackson Blvd. (Wed, 29 Apr 2009 00:14:27 GMT)

Maine regulators revoke loan broker's license
State regulators have revoked an Ellsworth loan broker's license for five years for mishandling clients' money and failing to demonstrate financial responsibility. (Wed, 29 Apr 2009 00:34:08 GMT)

Fix Your Mortgage event
A Fix Your Mortgage event will take place from 9 a.m. to 2 p.m. May 2 at the Chicago Police Department Training Academy, 1300 W. Jackson Blvd. (Wed, 29 Apr 2009 00:37:07 GMT)

Woman pleads guilty in massive mortgage fraud
Federal prosecutors say a D.C. woman has pleaded guilty in a mortgage fraud Ponzi scheme that defrauded more than 1,000 people of about $70 million. Fifty-year-old Carole Nelson pleaded guilty on Tuesday to money laundering. She will be sentenced Aug. 6 and... (Wed, 29 Apr 2009 00:38:18 GMT)

L.A. council votes to tighten rules on mortgage consultants
A new city ordinance will bar the consultants from demanding upfront fees from any homeowner -- not just those in default, who are protected under state law. The Los Angeles City Council voted Tuesday to make it illegal for so-called mortgage consultants to charge an upfront fee for services when helping distressed homeowners try to modify their payments. (Wed, 29 Apr 2009 00:46:31 GMT)

Will home rates follow OCR cut?
Despite Reserve Bank governor Alan Bollard having scope to continue cutting the Official Cash Rate, he may be powerless to influence home loan rates offered by the banks. (Wed, 29 Apr 2009 00:53:26 GMT)

Nonprofit loan fund to prop up housing
The McKnight Foundation is contributing $10 million to two loan funds that will help Minnesota groups buy and renovate more foreclosed properties in hopes of stabilizing neighborhoods that have seen a surge in foreclosures. (Wed, 29 Apr 2009 02:38:13 GMT)

Police: Man ends standoff at Ohio retirement home
A man who police say was distraught over his pending divorce and whose mortgage business was failing surrendered after holding his estranged wife at gunpoint at a retirement community for about five hours Tuesday, police said. (Wed, 29 Apr 2009 03:12:08 GMT)

3 Former Officials at Mortgage Firm Charged With Fraud
The Securities and Exchange Commission yesterday charged former top executives at one of the big beneficiaries of the housing boom, American Home Mortgage Investment Corp., with accounting fraud and making false disclosures at the start of the mortgage crisis in early 2007. (Wed, 29 Apr 2009 04:00:00 GMT)

Woman Pleads Guilty in Greenbelt to Money Laundering in Mortgage Fraud Scam
One of the five people accused this week of participating in a $70 million mortgage fraud Ponzi scheme pleaded guilty yesterday, admitting in documents filed in federal court that the company did not provide the service it advertised. (Wed, 29 Apr 2009 04:00:00 GMT)

Some small businesses mired in mortgage debt
Lisa O'Brien thought she wouldn't need to get a loan to support her newly bought Riverside salon for at least five years. Within six months, reality set in. Her business partner got a standard loan. O'Brien, who had a lower credit score, got a risky one -- unaware what lurked in the fine print. Several months after signing for the loan, her mortgage went from $780 a month to $3,100. (Wed, 29 Apr 2009 04:16:30 GMT)

Tougher mortgage rules often leave condo sellers in a bind
Lenders are forced to examine the makeup of entire complexes before extending loans to buyers or approving refinancings. The greater scrutiny is making it tougher to buy and sell condos. Benjamin Chiang nearly lost the chance to refinance his condominium when his lender discovered that many other people in the building were behind on their condo association dues. (Wed, 29 Apr 2009 04:56:02 GMT)

Supervisors OK loan for shelter
After hearing several reasons from staff why they should not do it, county leaders on Tuesday voted to approve a $750,000 loan to Mission Solano for a homeless shelter.There are still some details to work out, but the Solano County Board of Supervisors voted 4-1 to make the money available to the mission, should the nonprofit need financial help while building the Bridge to Life Center in (Wed, 29 Apr 2009 08:31:56 GMT)

'How much money can I avail of for home loan?'
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? (Wed, 29 Apr 2009 10:00:39 GMT)

Mobile-home buyers also face foreclosure
COLUMBIA -- Mobile-home buyers should have more time to recover their homes if they default on their loan, says a Barnwell County representative. But a bill to grant them a measure of protection drew protests from the banking community and prompted House lawmakers to postpone any action until next month. (Wed, 29 Apr 2009 10:13:24 GMT)

Milgram announces mortgage-fraud charges against Union City firms
New Jersey Attorney General Anne Milgram Tuesday announced mortgage fraud charges against two Union City companies and three individuals, according to a report in NJBIZ.com. The report said violations of the state Consumer Fraud Act were leveled for Property Solutions... (Wed, 29 Apr 2009 11:17:39 GMT)

Mortgage applications down 18.1% last week: MBA
Mortgage applications filed last week drop a seasonally adjusted 18.1% compared with the prior week, even as interest rates charged on fixed-rate mortgages have further to fall, fresh Mortgage Bankers Association data show. The week-to-week downtick primarily reflects few applications to refinance existing mortgages. (Wed, 29 Apr 2009 11:22:33 GMT)

Mortgage Applications Down 18.1% Last Week: MBA
Mortgage applications filed last week dropped a seasonally adjusted 18.1% compared with the prior week, even as interest rates charged on fixed-rate mortgages fell, the Mortgage Bankers Association reported Wednesday. (Wed, 29 Apr 2009 11:41:26 GMT)

(AFX UK Focus) 2009-04-29 12:15 U.S. mortgage applications drop to mid-March low
By Lynn Adler (Wed, 29 Apr 2009 11:50:10 GMT)

Mortgage applications fall
Despite historically low interest rates, applications for home loans and refinancing activity drop 18%. (Wed, 29 Apr 2009 12:05:07 GMT)

MGIC Posts Seventh Straight Loss on Mortgage Defaults (Update1)
April 29 (Bloomberg) -- MGIC Investment Corp ., the largest U.S. mortgage insurer, reported its seventh straight unprofitable quarter, posting a $184.6 million loss as the worst housing slump since the Great Depression caused more defaults. (Wed, 29 Apr 2009 12:09:07 GMT)

Alabama Senate votes for mortgage fraud bill
The Alabama Senate is trying to create the crime of mortgage fraud. The Senate voted 27-0 Tuesday for a bill that would make it a felony to provide deliberate misstatements during the mortgage lending process with the intention that they will be relied on by another party. (Wed, 29 Apr 2009 12:13:55 GMT)

UPDATE: Mortgage Applications Down 18.1% Last Week: MBA
CHICAGO (Dow Jones) -- Mortgage applications filed last week dropped a seasonally adjusted 18.1% compared with the prior week, even as interest rates charged on fixed-rate mortgages fell, the Mortgage Bankers Association reported Wednesday. (Wed, 29 Apr 2009 12:42:03 GMT)

(AFX UK Focus) 2009-04-29 13:25 STOCKS NEWS US-Mortgage applications drop to mid-March low
Stocks on the move Real-time Equity news U.S. stock market report 0806 ET 29April2009-Mortgage applications drop to mid-March low ------------------------------------------------------------------------------ (Wed, 29 Apr 2009 12:46:40 GMT)

Mortgage Applications Decreases Over 18 Percent In Latest Survey
(RTTNews) - Industry data released on Wednesday showed that mortgage application volume decreased 18.1 percent last week, as refinance activity dropped 21.9 percent. (Wed, 29 Apr 2009 12:48:28 GMT)

MGIC Posts Seventh Straight Loss on Mortgage Defaults (Update1)
April 29 (Bloomberg) -- MGIC Investment Corp ., the largest U.S. mortgage insurer, reported its seventh straight unprofitable quarter, posting a $184.6 million loss as the worst housing slump since the Great Depression caused more defaults. (Wed, 29 Apr 2009 13:19:06 GMT)

McHenry offers mortgage amendments
U.S. Rep. Patrick McHenry offered two amendments to mortgage legislation Tuesday in the House Financial Services Committee. (Wed, 29 Apr 2009 15:16:39 GMT)

Morning Rush: Grandma gets foreclosure notices after loan scam, four teens arrested in a school fight and four men rob ...
• A Rutherford man has been charged with taking out a fraudulent $400,000 loan on the home of his wife's grandmother, located on Willow Street in Hoboken . The scam was exposed when the 83-year-old victim began receiving foreclosure notices in the mail. (Wed, 29 Apr 2009 15:18:12 GMT)

Mortgage applications, interest rates fall
Fewer Americans sought new mortgages or tried to refinance existing ones last week, despite lower interest rates, according to the Mortgage Bankers Association’s weekly survey. (Wed, 29 Apr 2009 15:34:22 GMT)

Hoboken home foreclosure notice tipped granny to scam
Conner Jay/ Journal PhotoGrandma's House Scam: A two-month investigation led to the arrest of John Airey on charges he took out a loan on his wife's grandmother's Willow Terrace home in Hoboken. In Hoboken, John Airey, a Rutherford man, has... (Wed, 29 Apr 2009 16:22:13 GMT)

Homeowner faces foreclosure after interest-only loan
Susan Valot: Interest-only mortgages allowed people to buy more of a home than they could afford with a traditional loan. But some of those loans had adjustable interest rates and when the rates shifted up, that forced out a lot of homeowners who'd been just scraping by. KPCC's Susan Valot has this portrait of one homeowner who ended up with an interest-only loan and is facing foreclosure. (Wed, 29 Apr 2009 16:47:58 GMT)

Mortgage Applications Fall, 30-year Rates Move Lower
(SmarTrend(R) News Watch) -- The Mortgage Bankers Association reported Wednesday that its index for U.S. mortgage applications fell 18.1% for the week ended April 24. Refinance applications fell 21.9% during the period. (Wed, 29 Apr 2009 16:54:17 GMT)

Mortgage activity declines in week
The volume of applications for U.S. mortgages decreased last week, falling by a seasonally adjusted 18.1 percent, an industry group said.The Market Composite Index, which measures mortgage loan application volume, fell from 1,172.62 to 960.6 in the week ending April 24, the Mortgage Bankers Association said in a release Wednesday.The Refinance Index also fell, down 21.9 percent to 5,108.2, the ... (Wed, 29 Apr 2009 18:44:14 GMT)

Bill To Overhaul US Mortgage Lending Passes House Panel
WASHINGTON -(Dow Jones)- Legislation to overhaul U.S. mortgage lending cleared a key hurdle Wednesday when it passed a House panel. The measure has become a top Democratic priority as lawmakers have come under pressure to rein in practices blamed for the foreclosure crisis. (Wed, 29 Apr 2009 19:41:53 GMT)

House Panel Approves Overhaul of Mortgage Market Standards
April 29 (Bloomberg) -- A U.S. House panel approved legislation that would prevent lenders from transferring all mortgage risk as part of a bid to boost consumer protection during the deepest housing slump since the Great Depression. (Wed, 29 Apr 2009 19:53:55 GMT)

First home buyers grant beneficiaries
Economists say the increase in the first home buyers grant is helping its intended beneficiaries, builders. (Wed, 29 Apr 2009 20:05:56 GMT)

Compare mortgage rates: Find rates in your area
Rates can vary by location. Select the closest city or enter the ZIP code for where you're looking to get a mortgage. To get an estimated payment enter the approximate amount you plan to borrow. Rates are quoted on expectation of either a 5% or 20% down payment. (Wed, 29 Apr 2009 20:12:30 GMT)

Anti-predatory Mortgage Bill Moves Forward In DC
Anti-predatory Mortgage Bill Moves Forward In DC (Wed, 29 Apr 2009 20:14:14 GMT)

Anti-predatory-mortgage bill moves forward in D.C.
WASHINGTON (MarketWatch) -- An anti-predatory-mortgage bill is moving forward in Washington following approval on Wednesday by a key House committee. Looking to ban dangerous practices, the Mortgage Reform and Anti-Predatory Lending Act aims to ensure that borrowers avoid overly costly mortgages, can pay back their creditors and receive better disclosures. The House Financial Services Committee ... (Wed, 29 Apr 2009 20:19:09 GMT)

Nationwide scraps mortgage rate promise for new customers
New customers will revert to a significantly higher interest rate than existing customers when their introductory offer ends Nationwide is introducing a two-tier mortgage system that will mean some of its customers end up paying a significantly higher interest rate when their existing home loan deals end, it emerged today. The change means Britain's biggest building society will effectively have ... (Wed, 29 Apr 2009 20:57:58 GMT)

(AFX UK Focus) 2009-04-29 21:45 UPDATE 1-US Congressional panel passes mortgage reform
WASHINGTON, April 29 (Reuters) - The top financial panel of the U.S. House of Representatives on Wednesday passed legislation that will increase regulation of the mortgage industry and offer borrowers more protections. Under the legislation, mortgage finance companies would be forced to hold some default risk and would not be permitted to pass all the costs of failing loans onto Wall Street and ... (Wed, 29 Apr 2009 21:18:07 GMT)

04%p.a. cut to 6 month home loan rate
In response to the just announced 0.50% reduction in the Official Cash Rate (OCR) by the Reserve Bank, Westpac New Zealand has confirmed a 0.40% cut to its 6 month fixed housing lending rate. This brings its 6 month home loan rate to 5.39%pa. The rate will be effective from Friday. (Wed, 29 Apr 2009 21:40:45 GMT)

(AFX UK Focus) 2009-04-29 23:15 WRAPUP 1-Mortgage REITS Annaly, Anworth post higher Q1 profit
April 29 (Reuters) - Mortgage agency real estate investment trusts Annaly Capital Management Inc and Anworth Mortgage Asset Corp posted higher quarterly profits on Wednesday, helped by higher net interest income. (Wed, 29 Apr 2009 22:47:54 GMT)

St. Paul looks for every day heros for home program
For more information, call the St. Paul Home Loan Fund at (651) 266-6712. (Thu, 30 Apr 2009 00:42:12 GMT)

57,000 to lose mortgage interest relief
It has emerged that 57,000 people currently receiving mortgage interest relief will no longer be entitled to it from tomorrow. (Thu, 30 Apr 2009 06:53:25 GMT)

What to do if you're planning to refinance your home
First, talk to the lender that holds your mortgage now if you want to refinance. Know the value of your home and how much you owe on it. If you owe far more than the house is worth, it will be impossible to refinance the mortgage, even with new federal programs. (Thu, 30 Apr 2009 07:20:35 GMT)

SUSAN TOMPOR: Many families will have chance to refinance
After losing his truck driving job in December and taking a pay cut when he landed a new job, Mark Lambert would love to trim a few hundred dollars off his $1,755 monthly mortgage payment by refinancing to a bargain-basement interest rate. It's not going to happen. (Thu, 30 Apr 2009 07:22:43 GMT)

Two people in mortgage fraud scheme sue suspects
Two people who say they were duped by a mortgage scheme in a now-troubled Greeley subdivision are suing the perpetrators of that scheme for housing discrimination. (Thu, 30 Apr 2009 07:23:42 GMT)

Home loan bill faces hurdle
Banks urge Senate to reject mortgage relief legislation. A dozen financial groups, including the U.S. Chamber of Commerce and American Bankers Association, on Wednesday urged every member of the U.S. Senate to reject a key piece of President Barack Obama's plan to keep tens of thousands of Americans from losing their homes. (Thu, 30 Apr 2009 08:06:41 GMT)

Govt under fire over mortgage relief confusion
The Government is coming under fire amid confusion over the new rules on mortgage-interest relief that were announced in the emergency budget. (Thu, 30 Apr 2009 08:35:57 GMT)

All about 'loan against rent receivables'
Do you have a residential or commercial property? Do you want to improve the condition of this property to enhance your prospects of earning higher rent, but lack the necessary financial resources for the same? Don't worry, there is help in the form of loan against future rent receivables. It is a loan that you can take against the future rental income of your property. (Thu, 30 Apr 2009 08:55:46 GMT)

Lenihan plays down confusion over mortgage relief
Finance Minister Brian Lenihan says there should be no need for confusion about the future of mortgage interest relief. (Thu, 30 Apr 2009 09:05:46 GMT)

EON BANK EXPECTS MORTGAGE SALES TO INCREASE
KUALA LUMPUR, April 30 (Bernama) -- EON Bank Group expects its latest Super Easi 123 Home Loan campaign to boost total sales to RM400 million in three months. (Thu, 30 Apr 2009 09:24:23 GMT)

FSA bans East London mortgage broker for involvement with fraud
The Financial Services Authority (FSA) has banned Tower Hamlets based mortgage adviser Zia Chowdhury for certifying client identities for fraudulent mortgage applications. He also operated his firm Express Financial without being approved by the FSA as required. (Thu, 30 Apr 2009 09:56:30 GMT)

Hold off tapping home equity
Even though you have instant equity in your new home, doesn't mean you have to use it. (Thu, 30 Apr 2009 10:00:00 GMT)

FSA bans East London mortgage broker
The Financial Services Authority has banned an East London broker for fraudulent mortgage applications. ... (Thu, 30 Apr 2009 10:06:51 GMT)

Govt's mortgage rescue scheme has only helped one household
Only one household has been helped by the Governments Mortgage Rescue Scheme since it launched in January. ... (Thu, 30 Apr 2009 10:38:13 GMT)

Bankrate: Fixed Mortgage Rates in Holding Pattern
Mortgage rates were little changed this week, with the average 30-year fixed mortgage rate remaining at 5.23 percent. According to Bankrate.com's weekly national survey, the average 30-year fixed mortgage has an average of 0.41 discount and origination points. (Thu, 30 Apr 2009 12:41:00 GMT)

Mortgage Reform Bill Passes House Financial Panel
The House Financial Services Committee passed a mortgage reform bill 49 to 21 on Wednesday, sending it to the full House for consideration next week. (Thu, 30 Apr 2009 12:51:06 GMT)

Should I skip a mortgage payment?
If you've been tempted to skip a few mortgage payments to try to convince your lender to modify your loan, you may want to resist that temptation. (Thu, 30 Apr 2009 13:45:34 GMT)

Sturrock looks to retain loan players
Plymouth manager Paul Sturrock is hoping to retain some of the loan players who have been a success at Home Park this season. (Thu, 30 Apr 2009 14:35:22 GMT)

Fixed Mortgage Rate in U.S. Matches Record Low (Update1)
April 30 (Bloomberg) -- The average U.S. rate on a 30-year fixed mortgage fell for a third consecutive week, a sign the Federal Reserve’s program to lower rates by purchasing mortgage- backed securities is working. (Thu, 30 Apr 2009 14:44:42 GMT)

Mortgages: 30-year mortgage back at record low: Freddie Mac
The 30-year fixed-rate mortgage was back down to its record low this week, averaging 4.78%, according to Freddie Mac’s survey of conforming mortgage rates, released on Thursday. (Thu, 30 Apr 2009 15:07:53 GMT)

(AFX UK Focus) 2009-04-30 16:18 UPDATE 1-US 30-year mortgage rate drops to match record low
NEW YORK, April 30 (Reuters) - U.S. mortgage rates edged down in the week to match a record low and fall about 1.6 percentage points from the October peak, according to home funding company Freddie Mac. Average 30-year home loan rates dipped 0.02 percentage point to 4.78 percent in the week ended April 30. The rate matches the one set in the week ended April 2 that was the lowest since Freddie ... (Thu, 30 Apr 2009 15:48:51 GMT)

Mortgage rates fall slightly
Home mortgage rates were mostly unchanged this week, with the average 30-year fixed mortgage rate holding steady, according to a report released Thursday. (Thu, 30 Apr 2009 15:58:44 GMT)

State Street Launches Mortgage Sector ETF
SAN DIEGO - State Street Global Advisors , the investment management arm of State Street Corporation , introduced the SPDR KBW Mortgage Finance ETF ... (Thu, 30 Apr 2009 16:10:11 GMT)

Senate Begins Debate on Mortgage Cram-Downs; Defeat Likely
April 30 (Bloomberg) -- The U.S. Senate opened debate on legislation letting U.S. bankruptcy judges cut mortgage terms to help borrowers avoid foreclosure, and a half dozen Democrats remained opposed or undecided, likely defeating the measure. (Thu, 30 Apr 2009 16:15:49 GMT)

Sturrock looks to retain loan players
"I wouldn't rule out any of them coming back next season," Sturrock admitted... Plymouth manager Paul Sturrock is hoping to retain some of the loan players who have been a success at Home Park this season. (Thu, 30 Apr 2009 16:51:19 GMT)

Fixed Mortgage Rate in U.S. Matches Record Low (Update3)
April 30 (Bloomberg) -- Fixed mortgage rates fell for a third consecutive week, matching the record low reached earlier this month, driven by Federal Reserve Chairman Ben S. Bernanke ’s plan to buy home-loan securities to bolster the housing market. (Thu, 30 Apr 2009 16:59:38 GMT)

Senate Mortgage ‘Cram-Down’ Bill Headed to Defeat as Banks Balk
April 30 (Bloomberg) -- Senate legislation letting bankruptcy judges cut mortgage terms to help borrowers was headed to defeat as a half dozen Democrats were opposed or undecided and major U.S. banks broke off talks on a compromise. (Thu, 30 Apr 2009 18:33:35 GMT)

Mortgage bankruptcy bill fails in the Senate
The Senate has defeated legislation that would have let hundreds of thousands of debt-ridden homeowners seek mortgage relief in bankruptcy court. (Thu, 30 Apr 2009 19:44:33 GMT)

AIG Said to Weigh Closing Unprofitable Mortgage Guaranty Unit
April 30 (Bloomberg) -- American International Group Inc. , the insurer selling assets to repay a U.S. loan, may shut its mortgage guarantor after failing to turn around the unprofitable unit, said two people familiar with the matter. (Thu, 30 Apr 2009 20:18:22 GMT)

Senate Defeats Mortgage ‘Cram-Down’ as Democrats Balk (Update1)
April 30 (Bloomberg) -- The U.S. Senate rejected legislation letting U.S. bankruptcy judges cut mortgage terms to help borrowers avoid foreclosure, a victory for banks and credit unions that said the measure would lead to higher loan costs. (Thu, 30 Apr 2009 20:18:32 GMT)

Senate Defeats Mortgage ‘Cram-Down’ as Democrats Balk (Update1)
April 30 (Bloomberg) -- The U.S. Senate rejected legislation letting U.S. bankruptcy judges cut mortgage terms to help borrowers avoid foreclosure, a victory for banks and credit unions that said the measure would lead to higher loan costs. (Thu, 30 Apr 2009 20:21:50 GMT)

Homeowners Catch a Break Thanks to Falling Mortgage Rates
Falling mortgage rates are putting more money in homeowner pockets – or at least taking less out – according to mortgage giant Freddie Mac. (Thu, 30 Apr 2009 20:29:09 GMT)

Bain’s Sankaty May Buy $949 Million of Junk-Loan CDOs (Update1)
April 30 (Bloomberg) -- Bain Capital’s debt investment arm, Sankaty Advisors LLC , may buy as much as $949 million of collateralized loan obligations, according to two people familiar with the offer. (Thu, 30 Apr 2009 20:56:10 GMT)

Mortgage rates tie record low
Historic low rates spur refinance acitvity as housing market moves closer to bottom (Thu, 30 Apr 2009 21:32:15 GMT)

Capstead Mortgage Corporation Announces First Quarter 2009 Earnings
DALLAS----Capstead Mortgage Corporation today reported net income of $42,076,000 for the quarter ended March 31, 2009 compared to $24,302,000 for the fourth quarter of 2008. After considering preferred share dividends, the Company earned $0.58 per diluted common share for the first quarter of 2009 compared to $0.32 for the fourth quarter of 2008. (Thu, 30 Apr 2009 21:45:00 GMT)

Senate Defeats Mortgage ‘Cram-Down’ as Democrats Balk (Update2)
April 30 (Bloomberg) -- The U.S. Senate rejected a measure that would let bankruptcy judges cut mortgage terms to help borrowers avoid foreclosure, a victory for banks and credit unions that said the legislation would increase loan costs. (Thu, 30 Apr 2009 21:52:05 GMT)

Federal Home Loan Bank of San Francisco Releases March 2009 Cost of Funds Index
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco announced April 30, 2009, that the 11th District Monthly Weighted Average Cost of Funds Index for March 2009 is 1.627%. The index for February 2009 was 2.003%. (Thu, 30 Apr 2009 22:07:00 GMT)

A.I.G. Said to Consider Shutting Mortgage Insurer
The beleaguered American International Group , which is selling assets to repay tens of billions of dollars in government bailout money, may shut its mortgage insurer after failing to turn around the unprofitable unit, Bloomberg News reports, citing two unidentified people familiar with the matter. (Thu, 30 Apr 2009 22:18:16 GMT)

Realty Q&A: How to use a reverse mortgage to buy another house
I have many questions regarding the Home Equity Conversion Mortgage. How much down payment is required? Is there really no verification of income or assets? Do we have to sell our current house first (it is currently listed for sale)? (Thu, 30 Apr 2009 22:38:23 GMT)

Senate rejects bankruptcy bill aimed at home loans
The Senate has just rejected a bill that would have allowed bankruptcy judges to change the terms of home mortgages, depriving President Barack Obama of the stick he wanted to push more lenders into his loan modification program. (Thu, 30 Apr 2009 22:44:42 GMT)

US Senate defeats mortgage relief measure
The US Senate on Thursday defeated a measure that could have helped millions of Americans avoid foreclosure by letting bankruptcy judges cut their mortgage payments. (Thu, 30 Apr 2009 23:10:07 GMT)

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