Mortgage News May 2009
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Mortgage rates lowest in at least 39 years
Long-term mortgage rates this week reached the lowest level since at least 1970, falling for the third consecutive week. This is driving a refinancing boom that has Dayton-area mortgage brokers working to clear a backlog that has pushed some closings out as far as 90 days. (FRE) (Fri, 01 May 2009 03:03:17 GMT)
Lawyer urges homeowners to watch for refinancing scams
For desperate people, the claims of being able to get a home mortgage loan refinanced don't sound too good to be true. Some of the offers even claim a 98 percent success rate - without even checking on a homeowner's financial status. The reality is that, (Fri, 01 May 2009 04:59:10 GMT)
30-year mortgage rates tie record low — 4.78%
Rates on 30-year mortgages tied a record low this week, spurring refinancing activity as the troubled housing market moves closer to possibly hitting the bottom, Freddie Mac said Thursday. (Fri, 01 May 2009 07:17:03 GMT)
In the News: Mortgage rate falls
Mortgage rate falls - The average rate on 30-year fixed mortgages tied a record low this week, 4.78 percent, down from 4.8 percent last week, Freddie Mac said Thursday. The average rate on a 15-year fixed-rate mortgage was 4.48 percent, unchanged for... (Fri, 01 May 2009 07:43:45 GMT)
March mortgage approvals grow 4%
New figures show that lending to small businesses and mortgage approvals both grew in March. (Fri, 01 May 2009 08:34:56 GMT)
U.K. Mortgage Approvals Increased to 10-Month High in March
May 1 (Bloomberg) -- U.K. mortgage approvals rose to a 10-month high in March in a sign the slump in demand for homes may be abating as banks loosen lending restrictions. (Fri, 01 May 2009 09:14:42 GMT)
Know risks before tapping home equity
Using home equity to finance improvement projects makes sense in some situations, but not others. (Fri, 01 May 2009 10:00:00 GMT)
Pound Soars On Jump In Manufacturing Activity And Rising Mortgage Approvals, Is the Recession Ending?
The pound rallied over 100 pips following an increase in manufacturing activity and mortgage approvals. The manufacturing PMI reading improved to 42.9 from an upwardly revised 39.5 in March led by a jump in new orders to 46.3 from 39.4. (Fri, 01 May 2009 10:10:49 GMT)
WestPac confirms loan tied to Snowmass
Related WestPac officials have confirmed that the $110 million loan it and other investors defaulted on was used as financing for the Snowmass Center and Snowmass Mall properties now in foreclosure proceedings. read more (Fri, 01 May 2009 10:11:35 GMT)
30-year mortgage rate ties record low level
The nation's benchmark mortgage rate tied a record low this week, spurring refinancing activity as the troubled housing market moves closer to possibly hitting the bottom, Freddie Mac said Thursday. (Fri, 01 May 2009 10:17:27 GMT)
U.K. Mortgage Approvals Rise For Second Month in March, Consumer Credit Holds Steady
Mortgage approvals in the U.K. rose for a second consecutive month in March as a result of the extraordinary efforts taken on by policymakers, with the index rising to 39K from 38K in the previous month. (Fri, 01 May 2009 10:44:25 GMT)
Know risks before tapping home equity
Dear Dr. Don, I just read with interest the article titled "Don't use equity for home improvement." Yet the Q&A did not really come right out to say that home improvement is not a good way to use equity. (Fri, 01 May 2009 11:42:26 GMT)
March mortgage lending weak
Mortgage lending grew much less than expected in March, home loan approvals remained weak and there was little sign the extra cash being pumped into the system by the Bank of England was reaching households and firms. (Fri, 01 May 2009 11:46:00 GMT)
Mortgage lending up again
Mortgage lending grew 4% in March, according to the Bank of England, the fourth increase in a row and the highest since May last year. (Fri, 01 May 2009 13:35:00 GMT)
Taxpayers lose on home loan competition plan
THE Government's $8 billion plan to boost competition in the home loan industry by soaking up new issues of residential mortgage-backed securities is floundering, amid claims it has failed to make an impact despite paying above-market prices. (Fri, 01 May 2009 13:47:39 GMT)
Government $8bn home loan industry boost failing
Government's plan to boost competition in the home loan industry by soaking up new issues of residential mortgage-backed securities is floundering. (Fri, 01 May 2009 14:09:47 GMT)
Despite refi surge, PHH Q1 income drops 93%
PHH Corp., Mount Laurel, benefited from a surge in mortgage refinancings during the first quarter, but still reported a steep drop in net income because of charges related to that refinancing boom. (Fri, 01 May 2009 16:01:11 GMT)
Mortgage rates lowest in at least 39 years
Long-term mortgage rates this week reached the lowest level since at least 1970, falling for the third consecutive week. (FRE) (Fri, 01 May 2009 16:47:28 GMT)
Fixed mortgage rates continue to drop
The average 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. (Fri, 01 May 2009 17:00:14 GMT)
Mortgage approvals rise 4pc in March
The number of new mortgage approvals rose for the second month running suggesting the fall in lending could have passed its low point. The Bank of England said 39230 mortgages were approved - up from 37716 in February. (Fri, 01 May 2009 18:37:01 GMT)
First Mariner still saddled with foreclosure, bad mortgage debt
Foreclosures and bad mortgage loans kept First Mariner Bancorp in the red in the first quarter with a loss of $3.1 million. (Fri, 01 May 2009 18:58:31 GMT)
Accredited Home Lenders files for Chapter 11
Mortgage servicer Accredited Home Lenders Holding Co. said Friday it has filed for Chapter 11 bankruptcy protection. The petition was filed with the U.S. Bankruptcy Court for the District of Delaware. (Fri, 01 May 2009 20:09:08 GMT)
Thornburg Mortgage files for bankruptcy protection
NEW YORK, May 1 (Reuters) - Thornburg Mortgage Inc , a U.S. provider of "jumbo" mortgage loans, filed for Chapter 11 bankruptcy protection on Friday and said it plans to wind down and sell off key units. (Fri, 01 May 2009 20:16:38 GMT)
Meltdown 101: Low mortgage rates not for everyone
Every week, mortgage finance giant Freddie Mac releases average rates on four types of home loans, including 30-year fixed rate mortgages — the most popular type of loan for home buyers. (Fri, 01 May 2009 21:00:19 GMT)
Meltdown 101: Low mortgage rates not for everyone
Every week, mortgage finance giant Freddie Mac releases average rates on four types of home loans, including 30-year fixed rate mortgages _ the most popular type of loan for home buyers. Lately, the number put out by Freddie Mac has been incredibly low _... (Fri, 01 May 2009 21:38:18 GMT)
California mortgage delinquency dips a bit
The California Mortgage Bankers Association reported a slight drop Friday in the delinquency ratio rate during the first quarter of 2009. (Fri, 01 May 2009 21:43:53 GMT)
Spotlight: Halifax mortgage for first-time buyers
Halifax has launched a new five-year fixed-rate mortgage offer for first-time buyers, which pays 1 per cent of the purchase price. This is designed to alleviate stamp duty costs. (Fri, 01 May 2009 23:09:24 GMT)
High time to refinance your loan?
WITH lending rates at historical low levels, the obvious question to ask is – should one refinance their home loans? The answer is simple – if there are net savings to be enjoyed by refinancing the existing loan, then yes. If the impact is neutral, then there’s little point going through all that hassle. (Sat, 02 May 2009 00:14:28 GMT)
Why you might not get those low mortgage rates
Every week, mortgage finance giant Freddie Mac releases average rates on four types of home loans, including 30-year fixed rate mortgages — the most popular type of loan for homebuyers. (Sat, 02 May 2009 00:25:27 GMT)
Charlotte-based mortgage firm accused of fraud
A national mortgage company headquartered here in Charlotte accused of fraud -- and facing allegations they owe thousands to former employees. (Sat, 02 May 2009 00:33:27 GMT)
States taking steps to turn $8,000 home-purchase tax credit into cash
Instead of making buyers wait until they receive their tax refunds, some states have created bridge-loan programs that advance purchasers the money they need for their closings. For the housing market, it's the equivalent of financial alchemy, and it's hot: Turning the $8,000 federal home-purchase tax credit, which normally isn't spendable until after you've gotten your refund, into immediate, ... (Sat, 02 May 2009 01:55:45 GMT)
Home buyers warned of possible scams
State Rep. Jim Stamas is cautioning people who are buying homes that some companies are breaking state law by charging fees before providing home loan modification services. (Sat, 02 May 2009 02:43:05 GMT)
Decoding the Upfront Costs of Refinancing
Q: I'm retired, living in a condo. I have a first mortgage that is a 30-year at 5.875 percent. I pay $657 per month. My second mortgage is paid off. I've been offered a refinance at 4.5 percent, which would cost me $572 per month, but it would cost me $3,919 to close on the loan. (Sat, 02 May 2009 04:00:00 GMT)
Federal Loan Modification Program Shows Promise
In previous columns, I have criticized the Obama administration's new Making Home Affordable foreclosure prevention program because it ignores negative equity -- the major factor underlying the horrendous foreclosure rate -- and because it offers refinance relief only to borrowers lucky enough to have their mortgages owned or guaranteed by Fannie Mae or Freddie Mac. (Sat, 02 May 2009 04:00:00 GMT)
Housing Counsel: Getting Around a Lender Who Won't Subordinate
Q: My wife and I purchased our home a couple of years ago, with 10 percent cash down, a $417,000 first mortgage and a $77,000 home-equity line of credit. We would like to refinance our first mortgage to take advantage of today's low interest rates, but the holder of our line of credit refuses to subordinate. We feel this is unreasonable. After refinancing, the payments on our first mortgage ... (Sat, 02 May 2009 04:00:00 GMT)
Want a lower mortgage rate? First, do the math
Q. I'm retired, living in a condo. I have a first mortgage that is a 30-year at 5.875 percent. I pay $657 per month. My second mortgage is paid off. I've been offered a refinance at 4.5 percent, which would cost me $572 per month. I'd save about $85 per month, but it will cost me $3,919 to close on the loan. Should I do it? (Sat, 02 May 2009 04:05:13 GMT)
Thornburg Mortgage files for Chapter 11
Santa Fe-based Thornburg Mortgage, which last month laid off 130 employees, filed its expected Chapter 11 bankruptcy petition Friday. The one-time provider of jumbo mortgages also said it plans to wind down and sell a key unit, ADFITECH, a quality-control-services subsidiary. (Sat, 02 May 2009 05:13:01 GMT)
HOPEWELL TOWNSHIP: FHA mortgage deal for hospital makes history
The Federal Housing Administration recently announced that it has finalized a deal to insure a $756 million mortgage for Capital Health Systems. (Sat, 02 May 2009 05:48:57 GMT)
Why you might not get those low mortgage rates
Every week, mortgage finance giant Freddie Mac releases average rates on four types of home loans, including 30-year fixed rate mortgages — the most popular type of loan for homebuyers. (Sat, 02 May 2009 06:28:25 GMT)
Buying? A look at home loan rates
Every week, mortgage finance giant Freddie Mac releases average rates on four types of home loans, including 30-year, fixed-rate mortgages -- the most popular type of loan for home buyers. (Sat, 02 May 2009 07:10:54 GMT)
Bloomington man, 43, indicted in mortgage fraud case
A 43-year-old Bloomington man has been indicted in U.S. District Court in connection with a scheme to defraud mortgage lenders around the country and to obtain money from those lenders through fraudulent pretenses. (Sat, 02 May 2009 07:13:21 GMT)
MORTGAGE-BACKED LOAN DEFAULTS SOAR
Defaults and late payments on property loans sold as commercial mortgage-backed securities tripled to 1.8 percent of outstanding balances in the first quarter and may rise to the highest in almost two decades, Reis Inc. said yesterday. Almost $10... (Sat, 02 May 2009 10:54:40 GMT)
New Yorkers Miss Refinancing Spree
High home prices require bigger mortgages, with higher rates. And taxes push the cost of refinancing up. (Sat, 02 May 2009 11:51:50 GMT)
Mortgage insurance targets job loss
A growing number of job-loss mortgage protection insurance policies help take the fear out of home buying, but the coverage sometimes overhyped as a form of recessionary relief ' is not for everyone. (Sat, 02 May 2009 12:16:03 GMT)
HOPEWELL TOWNSHIP: FHA mortgage deal for hospital makes history
The Federal Housing Administration recently announced that it has finalized a deal to insure a $756 million mortgage for Capital Health Systems. (Sat, 02 May 2009 13:16:36 GMT)
Mortgage company accused of fraud
CHARLOTTE, N.C.-- A national mortgage company headquartered here in Charlotte accused of fraud -- an (Sat, 02 May 2009 14:27:38 GMT)
Want a lower mortgage rate? First, do the math
Q. I'm retired, living in a condo. I have a first mortgage that is a 30-year at 5.875 percent. I pay $657 per month. My second mortgage is paid off. I've been offered a refinance at 4.5 percent, which would cost me $572 per month. I'd save about $85 per month, but it will cost me $3,919 to close on the loan. Should I do it? (Sat, 02 May 2009 19:09:24 GMT)
Thornburg Mortgage files Chapter 11 protection
Associated Press - May 2, 2009 2:55 PM ET SANTA FE, N.M. (AP) - Thornburg Mortgage Incorporated yesterday filed a petition for Chapter Eleven bankruptcy protection in a Maryland court. (Sat, 02 May 2009 19:10:19 GMT)
Thornburg Mortgage files Chapter 11
Thornburg Mortgage Incorporated Friday filed a petition for Chapter 11 bankruptcy protection in a Maryland court. (Sat, 02 May 2009 20:28:58 GMT)
Homeowners receive mortgage help in Chicago
A 'Fix Your Mortgage' event offered residents access to President Obama's loan modification program. (Sat, 02 May 2009 22:21:06 GMT)
Consumer rights: I might not be able to pay my mortgage
I was made redundant at the start of the year and have been struggling to get another job. We are now nearing the limit of our savings and I'm worried that we may not be able to make the mortgage repayments in a couple of months' time. How long will it take for the bank to throw us out of our home? Is there anything I can do? Am I entitled to benefits? KP, Dartmouth (Sat, 02 May 2009 23:14:10 GMT)
Mortgage recovery 'has no roots'
THOSE eager to grasp better numbers on mortgage approvals as potential "green shoots" of recovery were given a blunt warning yesterday, when Michael Coogan, director (Sat, 02 May 2009 23:47:46 GMT)
States taking steps to turn $8,000 home-purchase tax credit into cash
Instead of making buyers wait until they receive their tax refunds, some states have created bridge-loan programs that advance purchasers the money they need for their closings. For the housing market, it's the equivalent of financial alchemy, and it's hot: Turning the $8,000 federal home-purchase tax credit, which normally isn't spendable until after you've gotten your refund, into immediate, ... (Sun, 03 May 2009 00:05:37 GMT)
Low mortgage rates not for everyone
Some questions and answer on home loan trends (Sun, 03 May 2009 04:09:30 GMT)
HOPEWELL TOWNSHIP: FHA mortgage deal for hospital makes history
The Federal Housing Administration recently announced that it has finalized a deal to insure a $756 million mortgage for Capital Health Systems. (Sun, 03 May 2009 05:16:23 GMT)
Refinancing second home tough, but not impossible
When we overindulged in real estate earlier this decade, we took generous helpings of seconds. Now the problem for many people with too much debt is how to deal with the mortgage on a second home. (Sun, 03 May 2009 05:51:46 GMT)
Bloomington man, 43, indicted in mortgage fraud case
A 43-year-old Bloomington man has been indicted in U.S. District Court in connection with a scheme to defraud mortgage lenders around the country and to obtain money from those lenders through fraudulent pretenses. (Sun, 03 May 2009 06:23:34 GMT)
Mortgage rates tie record low
Rates on 30-year mortgages tied a record low last week, spurring refinancing activity as the housing market moves closer to possibly hitting the bottom, Freddie Mac said Thursday. (Sun, 03 May 2009 07:02:01 GMT)
Mortgage rates tie record low
Rates on 30-year mortgages tied a record low last week, spurring refinancing activity as the troubled housing market moves closer to possibly hitting the bottom, Freddie Mac said Thursday. Average rates on 30-year fixed-rate mortgages, the most popular loan... (Sun, 03 May 2009 07:24:28 GMT)
Home builder's troubles revive debate on project
Riverdale critics eye possibility of scaling it down Critics of a proposed 260 town-home development in Columbia's Hickory Ridge may get a second shot at scaling back the project, thanks to developer Dale Thompson's financial woes. (Sun, 03 May 2009 07:33:54 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, 03 May 2009 08:03:59 GMT)
Mortgage lender fears fallout from equity loan foreclosure
We carry the first and only mortgage on our married daughter's house, which is approximately $200,000. Without our knowledge they obtained an equity loan on the house for $100,000. Our son-in-law has since lost his job and we are carrying them on the first mortgage. If he defaults on the equity loan, what effect does this have on us? (Sun, 03 May 2009 09:04:06 GMT)
Low mortgage rates aren't for everyone
Every week, mortgage finance giant Freddie Mac releases average rates on four types of home loans, including 30-year fixed-rate mortgages - the most popular type of loan for homebuyers. (Sun, 03 May 2009 09:07:46 GMT)
Two S.J. mortgage firms tied to scam
Paula Meherally was sick, struggling to keep a business afloat and couldn't pay the mortgage. (Sun, 03 May 2009 10:46:38 GMT)
Money available for home repairs
Money available for home repairs MARIETTA -- The U. S. Department of Agriculture Rural Development is offering home repair loans at one-percent interest for qualifying very-low income homeowners. Homeowners 62 and older who cannot afford a loan may qualif (Sun, 03 May 2009 12:16:04 GMT)
Mortgage trouble? Here's help
Maybe the mortgage-delinquency notices are just starting to arrive after a missed payment or two. Or maybe foreclosure is starting to look like a distinct possibility. (Sun, 03 May 2009 15:30:52 GMT)
Refinancing offers prospect of $18bn savings
US homeowners could save close to $18bn on their mortgage repayments this year as record low interest rates allow millions of borrowers to switch to cheaper home loans. (Sun, 03 May 2009 21:41:16 GMT)
Deluge of calls to Revenue over mortgage tax relief
THE Revenue Commissioners was deluged with almost 2,800 calls in just two days from homeowners concerned about last Friday’s suspension of mortgage interest tax relief. (Mon, 04 May 2009 00:20:50 GMT)
Toy Loan Program busier than ever
The L.A. County program operates much like a library -- children get to pick out a toy, play with it for a week, then return to swap it for another item. Demand is up 30% from last year. At nearly 3 years old, the concept of borrowing is lost on Daniella Ferrer. (Mon, 04 May 2009 01:23:32 GMT)
Mortgage rescue scheme has helped just one household
Mortgage plan to help homes in danger of repossession has helped a solitary family since its launch in January, figures show A government scheme to help families avoid losing their home has helped just one household since it was launched in January , figures showed today. The £200m mortgage rescue scheme aims to prevent vulnerable people having their home repossessed, by selling all or part of ... (Mon, 04 May 2009 01:38:26 GMT)
US mortgage cuts to boost spending
US homeowners could save up to $18bn on their mortgage payments this year as record low mortgage rates allow millions of borrowers to refinance into cheaper home loans, according to economists at Freddie Mac. (Mon, 04 May 2009 02:28:29 GMT)
Florida's mortgage brokers face tighter regulation
Trying to shake Florida's status as a capital of mortgage fraud, Gov. Charlie Crist is expected to sign sweeping legislation that calls for annual criminal background checks for people selling loans, strict bans on felons, and a fund to help victims scammed by rogue brokers. (Mon, 04 May 2009 02:31:20 GMT)
Savvy Shopper: Refinancing 101
Since mortgage lenders are offering record low rates, many people are considering refinancing. But there are some things to keep in mind when looking for a bank that will work for you. (Mon, 04 May 2009 03:02:06 GMT)
University on mortgage mission Why is area topping default list?
WESTERN Sydney is affected by mortgage distress more than anywhere else in Australia, according to University of Western Sydney researcher Phillip O'Neill. (Mon, 04 May 2009 03:23:05 GMT)
Be Wary Of Big Promises With Loan Modifications
Are you having trouble making your monthly mortgage payment? If you're unable to refinance, a loan modification might be the answer for you, but be careful. Contact 6's Katrina Cravy shows you how to stop the chance of losing your money and your home. (Mon, 04 May 2009 03:53:15 GMT)
Miller, Watt right to push for mortgage protection
From a News & Observer editorial: [U.S.] Reps. Brad Miller of Raleigh and Mel Watt of Charlotte are pushing, again, for a measure that would take some important steps toward protecting buyers from mortgage-industry predators and yes, to some degree, from their own naïveté. (Mon, 04 May 2009 04:04:19 GMT)
Two years later, mortgage much tougher to get
The first time I went to buy a house was in March 2007. At the time, my wife and I were living in Lubbock, Texas, and thought we would be staying there awhile. Nationally, the housing market was starting to soften, mortgage rates were low, around 6 percent, and it seemed like a good time to buy. (Mon, 04 May 2009 04:20:54 GMT)
BofA retires Countrywide brand, launches mortgage finance tools
Bank of America Corp. has rebranded its Countrywide Financial Corp. mortgage unit as Bank of America Home Loans. (Mon, 04 May 2009 04:37:50 GMT)
Family Falls Victim to Loan Promises
More Arizona families are falling prey to loan modification companies that promise to save them from foreclosure. Peter O'Dowd has the story of Jesus and Marta Pena who lost more than 1,000 dollars to home rescue firms. (Mon, 04 May 2009 06:57:25 GMT)
Home Rescue Business Grows, Scams Up
The loan modification business is growing in areas hit hardest by the foreclosure crisis. But critics are calling for more regulations as the number of fraud cases grows. (Mon, 04 May 2009 06:57:35 GMT)
Leading Loan Modification Attorney Announces New Program to Save Homes of Cash-Strapped Americans and Stop Foreclosure
Joseph Hoats, a leading Loan Modification Attorney and founder of Home Stability.com, announces his proprietary Homeowner Stability Solution, providing an affordable and effective legal strategy to protect American homeowners from losing their homes to foreclosure. (Mon, 04 May 2009 07:01:00 GMT)
Florida's mortgage brokers face tighter regulation
Trying to shake Florida's status as a capital of mortgage fraud, Gov. Charlie Crist is expected to sign sweeping legislation that calls for annual criminal background checks for people selling loans, strict bans on felons, and a fund to help victims scammed by rogue brokers. (Mon, 04 May 2009 07:10:35 GMT)
Bloomington man, 43, indicted in mortgage fraud case
A 43-year-old Bloomington man has been indicted in U.S. District Court in connection with a scheme to defraud mortgage lenders around the country and to obtain money from those lenders through fraudulent pretenses. (Mon, 04 May 2009 07:17:08 GMT)
Leading Loan Modification Attorney Announces New Program to Save Homes of Cash-Strapped Americans and Stop Foreclosure
Joseph Hoats, a leading Loan Modification Attorney and founder of Home Stability.com, announces his proprietary Homeowner Stability Solution, providing an affordable and effective legal strategy to protect American homeowners from losing their homes to foreclosure. (PRWeb May 4, 2009) Read the full story at http://www.prweb.com/releases/lo (Mon, 04 May 2009 07:20:15 GMT)
How the crisis is changing you
Lynne Goldberg's staffing business in Northfield, Ill., has seen revenue drop by half during the recession. Her husband, an attorney, is still working. But money is tight. Goldberg, 60, aims to trim $20,000 from their budget by paying off credit cards, refinancing the mortgage, shopping less, and having the dog groomed half as often. (Mon, 04 May 2009 08:43:44 GMT)
HOPEWELL TOWNSHIP: FHA mortgage deal for hospital makes history
The Federal Housing Administration recently announced that it has finalized a deal to insure a $756 million mortgage for Capital Health Systems. (Mon, 04 May 2009 08:46:25 GMT)
(AFX UK Focus) 2009-05-04 10:54 Spain mortgage loan drop eases in March-cen bank
MADRID, May 4 (Reuters) - The reduction in mortgage lending by Spanish banks eased substantially in March from sharp falls seen in January and February, the Bank of Spain said on Monday. New mortgage loans granted by the banks fell 18.5 percent in March from a year ago, compared to a 49 percent drop in January and a 42 percent fall in February. The 7 billion euros lent was the largest amount ... (Mon, 04 May 2009 10:17:59 GMT)
Mortgage Hiring Surge
Quarterly mortgage hirings shot up, according an employment analysis by MortgageDaily.com. But persistent layoffs outnumbered hirings -- leaving a net job loss in the sector. (Mon, 04 May 2009 11:00:00 GMT)
Pinnacle reveals charge for loan to bank now in receivership
NASHVILLE, Tenn. (AP) — Pinnacle Financial Partners Inc. said Saturday it will take a charge of $21.6 million in the second quarter to account for a loan to a bank holding company whose banking unit has been placed in receivership. (Mon, 04 May 2009 11:00:57 GMT)
Refinance, If You Can
Rates may be tantalizing, but be prepared to jump through many hoops. (Mon, 04 May 2009 11:43:32 GMT)
Reverse-mortgage changes worry industry
Almost daily, the reverse mortgage industry is changing, and it's worrying plenty of people. (Mon, 04 May 2009 11:48:28 GMT)
Krueger Named Top Mortgage Producer
SunTrust Mortgage, Inc., announced that Mortgage Loan Consultant Mary Krueger has been named a Top Producer for the Mid Atlantic group for total unit production in 2008. (Mon, 04 May 2009 12:30:33 GMT)
California mortgage delinquency dips a bit
The California Mortgage Bankers Association reported a slight drop Friday in the delinquency ratio rate during the first quarter of 2009. (Mon, 04 May 2009 12:52:06 GMT)
ServiceLink offering Loan Modification & Refinance Services for Homeowner Affordability and Stability Plan Transactions
PITTSBURGH----ServiceLink, a leading provider of origination and default services and the national mortgage services platform of Fidelity National Financial , is providing Loan Modification & Refinance services for mortgage lenders and servicers offering loan products under the Homeowner Affordability and Stability Plan. (Mon, 04 May 2009 13:00:00 GMT)
Florida's mortgage brokers face tighter regulation
Trying to shake Florida's status as a capital of mortgage fraud, Gov. Charlie Crist is expected to sign sweeping legislation that calls for annual criminal background checks for people selling loans, strict bans on felons, and a fund to help victims scammed by rogue brokers. (Mon, 04 May 2009 13:05:38 GMT)
Commercial Mortgage Debt Returns 13.2% In April
Commercial Mortgage Debt Returns 13.2% In April (Mon, 04 May 2009 17:29:24 GMT)
TALF Expanded to Include CMBS
The Federal Reserve announced the expansion of its Term Asset-Backed Securities Loan Facility by including commercial mortgage-backed securities . (Mon, 04 May 2009 17:58:46 GMT)
Fed says more banks tighten home loan standards
(AP:WASHINGTON) A larger share of U.S. banks has made it more difficult for people to obtain home mortgages over the last three months even as demand has grown, the Federal Reserve reported Monday. (Mon, 04 May 2009 18:17:22 GMT)
Senate Passes Bill Targeting Mortgage Fraud
April 28, 2009 (Associated Press) WASHINGTON - 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. (Mon, 04 May 2009 18:18:46 GMT)
Fed says more banks tighten home loan standards
A larger share of banks has made it more difficult for people to obtain home mortgages over the last three months even as demand has grown, the Federal Reserve reported Monday. The Fed's new quarterly survey found that about 50 percent of U.S. banks tightened... (Mon, 04 May 2009 18:38:28 GMT)
Fed says more banks tighten home loan standards
A larger share of banks has made it more difficult for people to obtain home mortgages over the last three months even as... (Mon, 04 May 2009 18:49:58 GMT)
More Banks Tightening Home Loan Standards
A larger share of banks have made it more difficult for people to obtain home mortgages over the past three months even as demand has grown, the Federal Reserve says. The "vast majority" of banks surveyed said they expected deterioration in credit quality for all types of loans. (Mon, 04 May 2009 18:51:47 GMT)
Fed: More Banks Tighten Home Loan Standards
The Federal Reserve says a larger share of banks made it more difficult for people to obtain home mortgages over the last three months. (Mon, 04 May 2009 19:01:55 GMT)
Mortgage Bonds May Drop on ‘Less Generous’ Fed, Barclays Says
May 4 (Bloomberg) -- A rally among prime-jumbo and Alt-A mortgage bonds may end as new details of the Federal Reserve’s lending program for new commercial-mortgage securities suggest the central bank may be “less generous” than expected in financing buyers of older home-loan debt, Barclays Capital said. (Mon, 04 May 2009 19:18:29 GMT)
More U.S. banks tightening home loan standards, Federal Reserve finds
WASHINGTON - A rising number of American banks have made it more difficult for people to obtain home mortgages over the past three months even as (Mon, 04 May 2009 19:18:42 GMT)
Fed says more banks tighten home loan standards
A larger share of banks has made it more difficult for people to obtain home mortgages over the last three months even as demand has grown, the Federal Reserve reported Monday. The Fed's new quarterly survey found that about 50 percent of U.S. banks tightened their lending standards on prime mortgages, up from about 45 percent [...] (Mon, 04 May 2009 19:18:59 GMT)
Fed says more banks tighten home loan standards
A larger share of banks has made it more difficult for people to obtain home mortgages over the last three months even as demand has grown, the Federal Reserve reported Monday. (Mon, 04 May 2009 19:23:51 GMT)
Tax Breaks for Refinancing
Make sure you don't overlook these write-offs if you refinance your mortgage. (Mon, 04 May 2009 19:28:42 GMT)
Fed: Banks tighten home loan standards
A larger share of banks has made it more difficult for people to obtain home mortgages over the last three months even as demand has grown, the Federal Reserve reported Monday. Read more at www.WISHTV.com (Mon, 04 May 2009 19:54:06 GMT)
Fed says more banks tighten home loan standards
WASHINGTON — A larger share of banks has made it more difficult for people to obtain home mortgages over the last three months even as demand has grown, the Federal Reserve reported today. (Mon, 04 May 2009 19:55:22 GMT)
Fed: more banks tighten home loan standards
Some banks made it more difficult for to obtain home mortgages over the last 3 months, Fed says. (Mon, 04 May 2009 21:04:23 GMT)
Error on county record not enough to void mortgage
Associated Press - May 4, 2009 7:54 PM ET DENVER (AP) - A Topeka, Kan., couple lost their their to bid have a clerical error void the mortgage on their three-bedroom, single story home. (Tue, 05 May 2009 00:08:30 GMT)
Predatory Lending Scheme prosecution
The scheme involved baiting homeowners with existing mortgages to refinance their homes through Lifetime Financial with a promise of unrealistically low mortgage payments and cash outs and then switching them to loans that did not match the promise. (Tue, 05 May 2009 00:52:44 GMT)
English keen to see lower mortgage rates
Banks have been "fairly slow" in dropping their mortgage rates, Finance Minister Bill English said today. (Tue, 05 May 2009 01:10:38 GMT)
Refinancings soothe slump’s sting on Investor Title earnings
A surge in mortgage refinancing helped Investors Title Co. beat expectations with its first quarter earnings, which the Chapel Hill-based company revealed after markets closed Monday. (Tue, 05 May 2009 01:11:34 GMT)
The Real Estate Minute: Refinancing Your Home
President Barack Obama wants homeowners to refinance their mortgages to help the economy... but the question is, should you? Here's some things to consider as you decide whether refinancing your home makes sense at this time. (Tue, 05 May 2009 02:41:13 GMT)
Protecting Yourself From Mortgage Predators
People everyday are taken advantage of by mortgage predators, a person or company that is taking advantage of what could be a very tough economic time for you and your family. (Tue, 05 May 2009 02:49:33 GMT)
How to lower your mortgage payment
With today's lower interest rates, a lot of homeowners are refinancing their mortgages to save money. Is refinancing right for you? (Tue, 05 May 2009 04:01:07 GMT)
Banks slow to cut mortgage rates, says English
Banks have been "fairly slow" in dropping their mortgage rates, Finance Minister Bill English said today. There has been criticism of the major trading banks for not lowering their rates further and faster as the Reserve Bank whittled... (Tue, 05 May 2009 04:12:01 GMT)
Fed Says More Banks Tighten Home Loan Standards
WASHINGTON (AP) - A larger share of banks has made it more difficult for people to obtain home mortgages over the last three months even as demand has.... (Tue, 05 May 2009 05:14:13 GMT)
Redesigned Shoprate.com Offers Expert Advice for Mortgage Consumers
Shoprate.com -- an Internet marketplace dedicated to connecting visitors with quality lenders and mortgage information -- recently underwent a massive redesign to better serve site visitors during unstable economic times. Shoprate.com provides consumers with daily interest rate quotes, mortgage news, mortgage calculators, rate lock recommendations and a new expert opinion section. (Tue, 05 May 2009 07:01:00 GMT)
Fed: More banks tightening home loan standards
More banks have made it more difficult for people to obtain home mortgages over the past three months even as demand has grown, the Federal Reserve reports. (Tue, 05 May 2009 07:03:38 GMT)
Guilty plea entered in mortgage case
An Indianapolis woman with ties to Henry County has pleaded guilty in connection with a mortgage fraud scheme in Indiana. (Tue, 05 May 2009 09:44:36 GMT)
FSA bans mortgage broker for involvement with fraud
The UKs Financial Services Authority has banned Tower Hamlets-based mortgage adviser Zia Chowdhury for certifying client identities for fraudulent mortgage applications. It is reported that he also operated his firm Express Financial without being approved by the authority as required. (Tue, 05 May 2009 09:52:37 GMT)
Lower mortgage rate not always best
When deciding whether to refinance, weigh the costs against the savings from a lower rate. (Tue, 05 May 2009 10:00:00 GMT)
Woolwich slashes mortgage rates
The Woolwich today cut more than half of its mortgage rates and relaunched deals for people with smaller deposits in a further sign that competition is beginning to return to the market. (Tue, 05 May 2009 11:05:27 GMT)
Should you walk away from your mortgage?
What really happens when you walk away from your home and mortgage? How does it affect your credit rating and the taxes you owe? If you have a real estate question for Barbara Corcoran, submit it here and she may answer it live on TODAY. (Tue, 05 May 2009 11:28:38 GMT)
(AFX UK Focus) 2009-05-05 12:03 REPEAT-Fitch cuts Assured to AA on mortgage-tied exposure
NEW YORK, May 4 (Reuters) - Fitch Ratings downgraded Assured Guaranty Ltd's insurer financial strength ratings on Monday, citing the securities insurer's mortgage-related exposures as a primary concern, the agency said in report. Fitch cut Assured's insurer financial strength ratings to 'AA' from 'AAA' and placed all ratings on rating watch evolving, meaning Fitch could raise or lower further ... (Tue, 05 May 2009 11:31:19 GMT)
Lower mortgage rate not always best
Dear Dr. Don, I am having a difficult time deciding whether or not to refinance our house. We have a 15-year, fixed-rate mortgage that is due on Dec. 1, 2020. I would like to pay it off early if possible. (Tue, 05 May 2009 11:42:46 GMT)
Lenders One Member Sells First Home Affordable Refinance Loan to Fannie Mae
ST. LOUIS----Lenders One Mortgage Cooperative, a national alliance of mortgage bankers, announced that on April 1, 2009, one of its members became the first institution in the country to sell a Refi Plus™ loan to Fannie Mae. (Tue, 05 May 2009 12:01:00 GMT)
Fed: More banks tightening home loan standards
WASHINGTON (AP) -- More banks have made it more difficult for people to obtain home mortgages over the past three months even as demand has grown, reports the Federal Reserve. (Tue, 05 May 2009 12:54:32 GMT)
New Federal Program: Fix Your Mortgage
In an effort to help homeowners threatened by foreclosure, Chicago hosted a "Fix your Mortgage" event that offered residents access to President Obama's loan modifcation program. (Tue, 05 May 2009 14:29:56 GMT)
Network Data loses mortgage unit sale
Shares in Network Data have been suspended pending clarification of the company's financial position after its bankers failed to back a deal to sell its mortgage broking businesses. (Tue, 05 May 2009 14:57:00 GMT)
Woolwich slashes mortgage rates in another sign the housing market is starting to pick up
The Woolwich today cut more than half of its mortgage rates and relaunched deals for people with smaller deposits in a further sign that competition is beginning to return to the market. (Tue, 05 May 2009 15:52:53 GMT)
Deluge of calls to Revenue over mortgage tax relief
THE Revenue Commissioners was deluged with almost 2,800 calls in just two days from homeowners concerned about last Friday’s suspension of mortgage interest tax relief. (Tue, 05 May 2009 16:04:24 GMT)
Top SC court halts thousands of foreclosures to let owners refinance; may be first in nation
COLUMBIA, S.C. - South Carolina's highest court on Tuesday temporarily stopped thousands of pending foreclosure sales in the state to give homeowners more time to take advantage of a new federal program to help them refinance mortgages. (Tue, 05 May 2009 16:57:49 GMT)
SC court halts thousands of home foreclosure sales
South Carolina's highest court on Tuesday temporarily stopped thousands of pending foreclosure sales in the state to give homeowners more time to take advantage of a new federal program to help them refinance mortgages. The injunction _ which mortgage experts... (Tue, 05 May 2009 17:08:34 GMT)
This Mortgage Market Mess Can Be Traded
Our mortgage lending system continues to deny new mortgage money to people who really need it. But this policy fiasco could be a great trading opportunity. (Tue, 05 May 2009 18:03:04 GMT)
GMAC Reports $675 Million Loss as Loan Defaults Rise (Update2)
May 5 (Bloomberg) -- GMAC LLC , the auto and home lender that received a $6 billion government bailout, reported a first- quarter loss of $675 million on surging loan defaults and the elimination of a one-time gain from extinguishing debt. (Tue, 05 May 2009 18:06:46 GMT)
Brazil Mortgage-Backed Assets See Huge Demand, RB Capital Says
May 5 (Bloomberg) -- RB Capital Securitizadora SA , which manages 2 billion reais ($930 million) in Brazilian mortgage- backed securities, expects growth of more than 20 percent this year as lower interest rates prompt investors to search for higher returns, said Marcelo Michalua , partner of the firm. (Tue, 05 May 2009 18:08:56 GMT)
Buying a Foreclosed Home? Find Out About A Special Loan That Can Help With Repairs
Buying a foreclosed home can mean that it needs repairs-- and those repairs can add up. But there is a program that can help. (Tue, 05 May 2009 18:39:06 GMT)
Realtors(R) Push Mortgage Reform
WASHINGTON, DC--(Marketwire - May 5, 2009) - Home buyers must be protected against mortgage lending abuses while being assured of access to affordable mortgages. Toward this end, the National Association of Realtors® today expressed its support of H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009. "Realtors® have a strong stake in preventing abusive lending for many reasons. ... (Tue, 05 May 2009 18:47:45 GMT)
Two Milpitas mortgage brokers sentenced in $8M theft, forgery case
Two Milpitas mortgage brokers who were convicted of multiple counts of grand theft and forgery in an $8 million fraud case involving sub-prime mortgages will spend most of the next two decades in state prison. (Tue, 05 May 2009 19:22:38 GMT)
The Coder Behind the Mortgage Meltdown
axjms writes "New York Magazine has a confessional/abdication from the man who wrote the software that turns mortgage into bonds and those nasty little things called CMOs. An interesting first-person account from a coder whose work reached far beyond what he or anyone could have anticipated." Read more of this story at Slashdot. (Tue, 05 May 2009 19:40:36 GMT)
Help Your Home Owning Clients Remain in Their Homes with Real Estate Marketing Website YourKasa's Home Loan ...
ATLANTA, GA - May 5, 2009 - YourKasa.com, a real estate marketing website providing informational and financial services to both buyers and sellers, announces a unique, well-timed resource for real estate agents and mortgage lenders – refinancing assistance, home loan modification (for those that cannot refinance), and short sale services for their existing home owning clients. (Tue, 05 May 2009 20:02:57 GMT)
GMAC Reports $675 Million Loss as Loan Defaults Rise (Update3)
May 5 (Bloomberg) -- GMAC LLC , the auto and home lender that received a $6 billion government bailout, reported a first- quarter loss of $675 million on surging loan defaults and the elimination of a one-time gain from extinguishing debt. (Tue, 05 May 2009 20:39:05 GMT)
Mortgage Sector Hiring Again -- But Not Yet Stemming Losses
Mortgage layoffs exceeded hiring by 1,751 during the first quarter, improving from a net loss of 7,783 positions in the prior period and a 14,205 deficit a year earlier, according to the company's first-quarter employment analysis. (Tue, 05 May 2009 21:24:04 GMT)
GMAC Credit Swaps Rise as Lender Reports Jump in Loan Defaults
May 5 (Bloomberg) -- The cost to protect against a default by GMAC LLC rose after the auto and home lender said a jump in loan defaults contributed to a $675 million first-quarter loss. (Tue, 05 May 2009 21:37:29 GMT)
Sam Dunn: 'Will I be able to get a mortgage for a houseboat?'
Question: When retiring, my partner and I would like to downsize from our small home to buy a houseboat: we've friends who recently did the same but bought their canal home outright whereas we wouldn't be able to afford it. Can we get a small mortgage in our early 50s and plan to work for at least six or seven more years for the boat? We don't want to raid our £50,000 savings too much. SC, ... (Tue, 05 May 2009 23:20:39 GMT)
Construction, housing and mortgage refinancing up
The shrinking economy is turning into a bonus for construction, and for the home refinancing business (Tue, 05 May 2009 23:33:41 GMT)
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