Mortgage News Jun 2009
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Mass. AG obtains judgment against mortgage broker
A Florida-based mortgage broker and its manager have been ordered to pay nearly $481,000 in penalties and fees for deceiving home buyers into purchasing homes they could not afford. (Fri, 05 Jun 2009 16:57:43 GMT)
AG wins judgement against mortgage firm
A Florida mortgage company has been ordered to stop doing business in Massachusetts and pay $480,887 in fines for deceptively persuading people to purchase homes they could not afford. (Fri, 05 Jun 2009 17:44:44 GMT)
Real Estate Weekly: Rising mortgage rates could spur undecided buyers
Mortgage rates took a big leap this week, causing many to wonder if the days of extremely low mortgage rates are coming to an end. (Fri, 05 Jun 2009 18:07:53 GMT)
ALL BUSINESS: Bond-market rout lifts mortgage cost
The Federal Reserve announced a $1.2 trillion plan three months ago designed to push down mortgage rates and breathe life into the housing market. (Fri, 05 Jun 2009 19:23:14 GMT)
Mortgage company files liquidation plan
Commercial Mortgage & Finance’s 1,400 creditors can expect to get about 41 cents back for every dollar they invested in the bankrupt company, but the payouts will likely dribble out over several years as the firm is liquidated. (Fri, 05 Jun 2009 20:05:40 GMT)
Can't refinance? Try your congressman
Can't afford your mortgage payment? If the bank won't take your call, your member of Congress just might. (Fri, 05 Jun 2009 20:07:37 GMT)
Can't refinance? Try your congressman
Can't afford your mortgage payment? If the bank won't take your call, your member of Congress just might. Several lawmakers whose districts are drowning in foreclosures are taking unprecedented steps to help people stay in their homes, including picking up the phone themselves to negotiate with banks on behalf of their constituents. (Fri, 05 Jun 2009 20:08:08 GMT)
Freddie Mac Loosens Rules Under Mortgage-Refinance Program
Freddie Mac (FRE) loosened rules for its it Relief Refinance Mortgage program, allowing borrowers who are current on their mortgage payments to refinance their mortgages with any lender affiliated with Freddie Mac. (Fri, 05 Jun 2009 21:56:36 GMT)
Do the Math to Make Sure Mortgage Prepayments Suit Your Budget
Q: You have said that by making extra payments, you will shave six to eight years off of your 30-year mortgage. Is this still true in this era of extra-low interest rates? (Sat, 06 Jun 2009 01:29:59 GMT)
Home buyers' tax credit can be turned into cash at closing
Buyers who use FHA financing soon will be able to use their $8,000 tax credits for settlement fees, escrow charges, higher down payments or to "buy down" the interest rate. The Obama administration has put out the official word: Starting soon, first-time home buyers nationwide will be able to turn their $8,000 federal tax credits into cash for use at closing if they use Federal Housing ... (Sat, 06 Jun 2009 02:01:30 GMT)
Former metro area mortgage broker pleads guilty to wire fraud
Warren Clifton Pierce helped fraudulently get $1.6 million dollars worth of mortgage loans for borrowers who did not qualify for those loans. To do this, Pierce helped fabricate documents and gave lenders false information. (Sat, 06 Jun 2009 02:47:49 GMT)
FTI backs rice mortgage policy
Payungsak Chartsutthipol, vice chairman of the Federation of Thai Industries (FTI) said on Saturday that he supported the government’s decision to expand mortgage quota of off-season rice from 4 million to six million tonnes. (Sat, 06 Jun 2009 03:02:35 GMT)
ALL BUSINESS: Bond-market rout lifts mortgage cost
The Federal Reserve announced a $1.2 trillion plan three months ago designed to push down mortgage rates and breathe life into the housing market. (Sat, 06 Jun 2009 04:00:28 GMT)
Man gets six years for mortgage fraud
A San Antonio man was sentenced to six years and three months in prison Friday for running a mortgage scam with his wife that bilked lenders out of $1.67 million amid the country’s housing crisis. (Sat, 06 Jun 2009 04:19:00 GMT)
Mortgage Scam Puts Colorado Springs Home into Foreclosure
COLORADO SPRINGS - Sean Kraft thought he was refinancing his home with A & B Mortgage in January 2007. The deal ended up being too good to be true. (Sat, 06 Jun 2009 04:38:15 GMT)
Renters becoming victims to home foreclosures
ORLANDO, Fla. -- When Joe Isserles moved his wife and four sons, one of whom is comatose, into a rental home in Davenport, Fla., earlier this year, the landlord failed to mention that the house (Sat, 06 Jun 2009 04:39:07 GMT)
Bangkok Post : FTI backs rice mortgage policy
Payungsak Chartsutthipol, vice chairman of the Federation of Thai Industries (FTI) said on Saturday that he supported the government’s decision to expand mortgage quota of off-season rice from 4 million to six million tonnes. (Sat, 06 Jun 2009 04:47:24 GMT)
Can't Refinance? Try Your Congressman
WASHINGTON (AP) - Can't afford your mortgage payment? If the bank won't take your call, your member of Congress just might.Several lawmakers whose dis.... (Sat, 06 Jun 2009 05:12:37 GMT)
Property expert: Should I stick with a tracker mortgage or look for a fixed rate?
Q I have a variable-rate tracker mortgage from Halifax, which I took out last March when my monthly mortgage payments were a little under £1,100. The drop in interest rates since then has seen my monthly payments come down to around £650. However, I've heard from various quarters that interest rates are likely to start climbing again at some point. Should I look for a fixed-rate mortgage sooner ... (Sat, 06 Jun 2009 08:47:21 GMT)
Mortgage penalties bedevil Star readers
Sarah Cervinka and her sister bought a condo in late 2007 and took out a five-year mortgage with President's Choice Financial. At the time, they were told they would pay three months' interest – about $5,000, in their case – as a penalty to get out of the mortgage early. (Sat, 06 Jun 2009 08:52:54 GMT)
Struggling with mortgage? Try your congressman
WASHINGTON -- Can't afford your mortgage payment? If the bank won't take your call, your member of Congress just might. (Sat, 06 Jun 2009 09:09:15 GMT)
Cant refinance Try your congressman
WASHINGTON Cant afford your mortgage payment If the bank wont take your call, your member of Congress just might. (Sat, 06 Jun 2009 09:17:32 GMT)
Wells Fargo sees surge in mortgage pipeline
Wells Fargo & Co. made $40.9billion in mortgage originations in March, helping almost half a million homeowners buy or refinance their home, the company said in a lending report filed with the U.S. Treasury. (Sat, 06 Jun 2009 09:19:46 GMT)
ASB hikes longer term fixed home loan rates
ASB has raised its longer term home loan rates, with the five-year rate rising to 8 percent. (Sat, 06 Jun 2009 10:32:48 GMT)
San Antonio man sentenced for mortgage scam
Federal prosecutors say a San Antonio man convicted with his wife of conning mortgage lenders out of $1 million has been sentenced to more than six years in prison (Sat, 06 Jun 2009 12:14:55 GMT)
ALL BUSINESS: Bond-market rout lifts mortgage cost
The Federal Reserve announced a $1.2 trillion plan three months ago designed to push down mortgage rates and breathe life into the housing market. (Sat, 06 Jun 2009 12:39:53 GMT)
Mortgage broker hit with $481K fine
A Florida-based mortgage broker and its manager have been ordered to pay nearly $481,000 in penalties and fees for deceiving home buyers into purchasing homes they could not afford. Attorney General Martha Coakley said in a statement Friday that Zeus Funding LLC and manager Rachel Noyes were also ordered by a Suffolk Superior Court judge to stop doing business in Massachusetts. (Sat, 06 Jun 2009 13:54:39 GMT)
CRE Mortgage Starts Plummeted in '08: MBA
After seeing phenomenal commercial mortgage originations in 2006 and 2007, figures from 2008 show a 65 percent decrease in volume, according to the Mortgage Bankers Association's 2008 commercial real estate/multi-family finance report. (Sat, 06 Jun 2009 14:33:21 GMT)
Struggling with mortgage? Try your congressman
WASHINGTON -- Can't afford your mortgage payment? If the bank won't take your call, your member of Congress just might. (Sat, 06 Jun 2009 15:39:03 GMT)
FLYNN: Distressed mortgage market ripe for fraud
The Federal Deposit Insurance Corp. publishes useful information for consumers, such as a recent publication that provides a reminder that mortgage-rescue fraud continues to be a serious problem nationwide. (Sat, 06 Jun 2009 21:48:08 GMT)
Home buyers get helpful tips at housing forum
ROCK HILL, N.C.-- Want to save money on your mortgage payment? How about lower your utility bills? Those were just a couple of subjects that came up in a free seminar for home buyers in Rock Hill Saturday. (Sat, 06 Jun 2009 22:25:13 GMT)
Commercial mortgage lender to offer loans again after months in hibernation
Commercial First, the Essex-based mortgage lender that was forced into hibernation after closing its doors to new business last year, is set to recommence lending to its customers. (Sat, 06 Jun 2009 23:08:51 GMT)
Forsyth Church Burns Mortgage
One Forsyth congregation gathered to praise God a day early this weekend to celebrate the burning of its mortgage. (Sat, 06 Jun 2009 23:13:11 GMT)
Can't refinance? Try your congressman
WASHINGTON — Can't afford your mortgage payment? If the bank won't take your call, your member of Congress just might. (Sun, 07 Jun 2009 00:17:31 GMT)
Insight From Inside the Mortgage Crisis
It hadn't even hit the bookstores before this month's Color of Money Book Club selection, "Busted," set off a flurry of Internet conversations. (Sun, 07 Jun 2009 03:11:26 GMT)
State mortgage program loan amount increases
The Maryland Department of Housing and Community Development is increasing the maximum amount that the Down-payment and Settlement Expense Loan Program can provide to borrowers who are approved for a Maryland Mortgage Program loan. (Sun, 07 Jun 2009 03:13:24 GMT)
After fleeing their home in chest-deep water, the Duong family relocated to higher ground
Peter and Lisa Duong have a picturesque view of a pond and a golf course from the entrance of their hillside home in Idle Creek. The home is situated well above the water level — which is exactly how they like it. (Sun, 07 Jun 2009 03:24:11 GMT)
Businessman sentenced for falsifying loan documents
A Dyersburg businessman who pleaded guilty to falsifying loan documents was sentenced Thursday in U.S. District Court in Jackson. Frank Burnett, 66, was sentenced to one day in federal custody,... (Sun, 07 Jun 2009 04:14:18 GMT)
EG police officer accused of mortgage fraud
FBI agents arrested an Elk Grove police officer on May 28 for allegedly committing mortgage fraud. Officer Hidayatullah Ali Khalil, 29, was taken into custody and appeared at a federal court in Sacramento before he was released on a bond. (Sun, 07 Jun 2009 05:11:25 GMT)
How can I decide whether it's the right time to buy my first home?
With the convergence of low mortgage rates, a large inventory of houses and many new government programs designed to entice you to buy, now may be a good time to consider purchasing a home. However, financial experts recommend that you be confident about job stability before taking the plunge. Members of the Financial Planning Association of Greater Indiana may be able to advise you in this ... (Sun, 07 Jun 2009 06:06:19 GMT)
Mortgage payments continue lag in '09
The rate at which people are falling behind on their mortgage payments went up for the ninth consecutive quarter in the first three months of 2009, and is expected to keep rising through the end of the year, according to credit reporting agency TransUnion. (Sun, 07 Jun 2009 07:02:18 GMT)
Home loan rates climb back above 5 percent
WASHINGTON -- Rates on 30-year home loans surged above 5 percent for the first time in nearly three months this week as investors pushed up rates on long-term government debt, which is closely tied to mortgage rates. (Sun, 07 Jun 2009 07:11:45 GMT)
Home buyers' tax credit can be turned into cash at closing
Buyers who use FHA financing soon will be able to use their $8,000 tax credits for settlement fees, escrow charges, higher down payments or to "buy down" the interest rate. The Obama administration has put out the official word: Starting soon, first-time home buyers nationwide will be able to turn their $8,000 federal tax credits into cash for use at closing if they use Federal Housing ... (Sun, 07 Jun 2009 07:15:18 GMT)
Refinancing midway through 30-year mortgage may not pay off
The benefits of refinancing wane the longer you've been paying down the loan. An example: Refinancing an original mortgage of $200,000 could cost you more than $60,000 in additional interest. Dear Liz: Is there any downside to refinancing? I have 15 years to go on a 30-year fixed-rate mortgage at 6.625%. I'd like to take advantage of today's lower rates, but the only way I could lower my payment ... (Sun, 07 Jun 2009 07:15:48 GMT)
Lawmakers get a taste of constituents' mortgage woes
WASHINGTON —- Can't afford your mortgage payment? If the bank won't take your call, your member of Congress just might. (Sun, 07 Jun 2009 07:27:11 GMT)
Mortgage rates top 5%, first time since March
Rates on 30-year home loans surged above 5 percent for the first time in nearly three months last week as investors pushed up rates on long-term government debt, which is closely tied to mortgage rates. Mortgage finance giant Freddie Mac said Thursday that... (Sun, 07 Jun 2009 07:27:13 GMT)
Rising mortgage rates seen as a recovery threat
Climbing mortgage rates may have pushed Jim Cooper's chosen home beyond his financial reach. The Pleasant Hill resident was forced to lower his planned offer on a four-bedroom ranch house in Alamo after a rate spike during the past few weeks added several... (Sun, 07 Jun 2009 07:27:43 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, 07 Jun 2009 08:04:12 GMT)
Economic Update - Foreclosures Spike Among Prime-Mortgage Holders
The tsunami of residential foreclosures may have started, back in the days of easy mortgage money, with borrowers whose only qualification was being able to fog a mirror. (Sun, 07 Jun 2009 08:18:19 GMT)
Federal cash for mortgage down payments
The Obama administration has now put out the official word: Starting soon, first-time homebuyers nationwide will be able to turn their $8,000 federal tax credits into cash for use at closing if they use Federal Housing Administration mortgage financing. (Sun, 07 Jun 2009 09:15:22 GMT)
Mortgage delinquencies expected to keep rising
Credit-reporting agency TransUnion reported that the rate at which people are falling behind on their mortgage payments went up for the ninth straight quarter in the first three months of 2009, and is expected to keep rising through the end of the year. (Sun, 07 Jun 2009 09:16:12 GMT)
LIC Hsg hopes reverse mortgage scheme to be beyond 20 yrs
With the new UPA Government expected to give a push to economic reforms, LIC Housing Finance Ltd (LICHFL) hopes the Centre would resolve some pending issues to enable it to launch long-awaited reverse mortgage scheme for senior citizens. (Sun, 07 Jun 2009 09:57:28 GMT)
Paying mortgage ahead makes sense if interest rate is high
Q: You frequently write that by making an extra payment each month, six to eight years can be shaved off a 30-year mortgage. Is this still true in this era of extra-low interest rates? (Sun, 07 Jun 2009 12:50:21 GMT)
Bridge loan offers can be a good deal
This year’s $8,000 first-time home buyers’ federal tax credit has brought buyers to the struggling residential real estate market. But the credit — available to home buyers who purchase between Jan. 1 and Dec. 1 of this year — hasn’t helped buyers finance their purchase. (Sun, 07 Jun 2009 14:58:11 GMT)
Rhea County Resident Celebrates New Home
DAYTON, Tn. — Sleeping in a camper can be fun when you are enjoying the great outdoors. When that camper becomes a permanent home however, the joy can quickly slip between cramped spaces and lack of storage for food. (Sun, 07 Jun 2009 15:52:39 GMT)
Mortgage Rates Move Higher
RISMEDIA, June 8, 2009-Mortgage rates soared higher last week, with the average 30-year fixed mortgage rate rising to 5.65 percent. According to Bankrate.com's weekly national survey, the average 30-year fixed mortgage has an average of 0.44 discount and origination points. The average 15-year fixed rate mortgage climbed to 5.06 percent, while ... (Sun, 07 Jun 2009 18:12:24 GMT)
Dubai mortgage lenders need US$5b cash (Business Times
DUBAI: Troubled mortgage lenders Amlak and Tamweel need 18.7 billion dirhams, about US$5 billion (US$1 = RM3.49), in new funds, a newspaper reported yesterday, in a sign that Dubai's lending-sector woes may go deeper than expected. (Sun, 07 Jun 2009 18:56:29 GMT)
Can't refinance? Try your congressman
WASHINGTON, D.C. -- Can't afford your mortgage payment? If the bank won't take your call, your member of Congress just might. (Sun, 07 Jun 2009 19:07:51 GMT)
Dubai mortgage lenders need US$5b cash (Business Times
DUBAI: Troubled mortgage lenders Amlak and Tamweel need 18.7 billion dirhams, about US$5 billion (US$1 = RM3.49), in new funds, a newspaper reported yesterday, in a sign that Dubai's lending-sector woes may go deeper than expected. (Sun, 07 Jun 2009 21:53:54 GMT)
Bond-market rout lifts mortgage cost
NEW YORK | The Federal Reserve announced a $1.2 trillion plan three months ago designed to push down mortgage rates and breathe life into the housing market. (Mon, 08 Jun 2009 01:33:52 GMT)
Robert Kuttner: Fantasies of Green Shoots
Today, one homeowner in four owns a house worth less than the mortgage on it. However, you can qualify for a refinancing only if the home's value is within five percent of the value of the loan. In other words, if you have a $300,000 mortgage on a house valued at $250,000, forget about help. And you are also excluded from help if you are behind in your payments -- the situation of most people ... (Mon, 08 Jun 2009 02:10:43 GMT)
Bernanke Conundrum Threatens Housing on Mortgage Rate (Update1)
June 8 (Bloomberg) -- The biggest price swings in Treasury bonds this year are undermining Federal Reserve Chairman Ben S. Bernanke ’s efforts to cap consumer borrowing rates and pull the economy out of the worst recession in five decades. (Mon, 08 Jun 2009 03:21:37 GMT)
Contact 6: Beware of mortgage loan modification scams
If you're strapped for cash and wish your mortgage payment was lower, you could be a target. Contact 6 shows you why some loan modification offers seem great until you find out the real cost. (Mon, 08 Jun 2009 03:38:15 GMT)
Many mortgage lenders’ volume fell in 2008, but dollar values rose
In the mortgage lending business, these are interesting times, as proven by the numbers. (Mon, 08 Jun 2009 04:51:22 GMT)
Mortgage boom
Mortgage refinances are on track to make 2009 a come-back year for the residential mortgage-banking industry. (Mon, 08 Jun 2009 04:51:55 GMT)
Beware mortgage scams
Lying awake late at night, unable to sleep, worrying about the mortgage payment about to be missed, the advertisements must seem hypnotic to a desperate homeowner. (Mon, 08 Jun 2009 05:16:59 GMT)
EG police officer accused of mortgage fraud
FBI agents arrested an Elk Grove police officer on May 28 for allegedly committing mortgage fraud. Officer Hidayatullah Ali Khalil, 29, was taken into custody and appeared at a federal court in Sacramento before he was released on a bond. (Mon, 08 Jun 2009 05:26:25 GMT)
State Housing Agency Lowers First-Time Homebuyer Program Mortgage Rate
PIERRE — To continue making homeownership more affordable, the South Dakota Housing Development Authority (SDHDA) has announced that their 30-year mortgage interest rates have been lowered. The interest rate for starting Step Rate loans is now 3.50 percent. The 30-year Fixed Rate option was reduced to 4.50 percent and the Fixed Rate Plus Option, which includes 3 percent cash assistance, was ... (Mon, 08 Jun 2009 06:23:33 GMT)
Teachers say theyre taking second jobs to make ends meet
Some operate home-based businesses. Others are instructors at community colleges or in one-on-one tutoring sessions. A few even wait tables or work security. For many teachers, their primary job is more than full time. But they say that student loan debt, bills and the desire for extras drive them to take on second jobs and more. (Mon, 08 Jun 2009 06:28:38 GMT)
Design To Market Home Staging Sets the Stage for Giving
Cincinnati home staging company Design To Market makes charitable giving a way of doing business at home and abroad. (Mon, 08 Jun 2009 07:01:00 GMT)
Can't refinance? Contact a lawmaker
WASHINGTON - Can't afford your mortgage payment? If the bank won't take your call, your member of Congress just might. (Mon, 08 Jun 2009 07:25:28 GMT)
Mortgage rates rise as bonds grow
Improved investor confidence and increased government spending may be good for the overall economy, but it can be bad news for home buyers as bond yields rise and push up fixed mortgage rates. (Mon, 08 Jun 2009 08:01:46 GMT)
Bernanke Conundrum Threatens Housing on Mortgage Rate (Update2)
June 8 (Bloomberg) -- The biggest price swings in Treasury bonds this year are undermining Federal Reserve Chairman Ben S. Bernanke ’s efforts to cap consumer borrowing rates and pull the economy out of the worst recession in five decades. (Mon, 08 Jun 2009 09:30:07 GMT)
Bridge loan offers can be a good deal
This year’s $8,000 first-time home buyers’ federal tax credit has brought buyers to the struggling residential real estate market. But the credit — available to home buyers who purchase between Jan. 1 and Dec. 1 of this year — hasn’t helped buyers finance their purchase. (Mon, 08 Jun 2009 11:36:26 GMT)
Mortgage Basics
A common nightmare of most first-time homebuyers: What if I get turned down for my mortgage loan? (Mon, 08 Jun 2009 11:42:56 GMT)
House more than just Clintons' home
The 1931-era, Tudor-style home on California Street where Bill and Hillary Clinton lived and married had a succession of important earlier habitants, according to an application to the National Register of Historic Places. (Northwest Arkansas Times) (Mon, 08 Jun 2009 12:20:51 GMT)
Bernanke Conundrum Threatens Housing on Mortgage Rate (Update3)
June 8 (Bloomberg) -- The biggest price swings in Treasury bonds this year are undermining Federal Reserve Chairman Ben S. Bernanke ’s efforts to cap consumer borrowing rates and pull the economy out of the worst recession in five decades. (Mon, 08 Jun 2009 12:51:44 GMT)
Crash and tougher bank nearly scuppered home deal
WHEN real estate agent Peter Taylor made the winning bid for a $3.3 million three-bedroom home in Bellevue Hill in September, he was confident he would be able to come up with the cash to complete the sale. (Mon, 08 Jun 2009 14:02:03 GMT)
Million per cent loan man jailed
A loan shark who charged a rate of more than 8,000,000%, is caught by the Bristol-based Illegal Money Lending Team. (Mon, 08 Jun 2009 15:33:41 GMT)
Your Reverse Mortgage Paperwork Checklist
If you're considering a reverse mortgage, there are a number of documents to pull together before you schedule your required counseling session and submit your application. (Mon, 08 Jun 2009 15:47:34 GMT)
Gross Reduces Mortgage Holdings to Lowest in a Year (Update2)
June 8 (Bloomberg) -- Bill Gross , manager of Pacific Investment Management Co.’s $157 billion Total Return Fund , reduced his holdings of mortgage debt to the lowest in a year. (Mon, 08 Jun 2009 16:24:00 GMT)
Owner of Aurora mortgage service company indicted
The owner of an Aurora mortgage service company has been indicted by the state grand jury for fraudulently obtaining a home loan for a client and then stealing some of the proceeds from the subsequent real estate transaction. (Mon, 08 Jun 2009 16:43:17 GMT)
Gershman Mortgage expands to Des Moines
Clayton-based Gershman Mortgage said that it’s expanding into Des Moines, Iowa, its second new office outside the St. Louis region in two years. (Mon, 08 Jun 2009 17:40:27 GMT)
W Hotel San Diego Owners Default on Mortgage
Hurt by a slide in occupancy rates and revenue, the owner of downtown’s upscale W Hotel San Diego will default on the June mortgage payment. (Mon, 08 Jun 2009 17:59:00 GMT)
The Expanded First-Time Home Buyer Tax Credit: 10 Common Questions (and Answers)
Answers to common questions about HUD's new program expanding access to an $8,000 tax incentive. (Mon, 08 Jun 2009 18:30:05 GMT)
Freddie Mac Reinstates Mortgage Refinancing Fees (Update1)
June 8 (Bloomberg) -- Freddie Mac , the mortgage-finance company under government control, reinstated fees for homeowners looking to refinance loans under President Barack Obama’s Making Home Affordable plan. (Mon, 08 Jun 2009 18:54:00 GMT)
AG Questions Practices Of Mortgage Giants
The state's attorney general launches an investigation into mortgage giants Fidelity, Freddie Mac and Fannie Mae. (Mon, 08 Jun 2009 18:57:12 GMT)
Deadline looming for Ontario mortgage agents with conditional licences: FSCO
The Financial Services Commission of Ontario is advising mortgage agents and brokers of important deadlines that will be reached at the end of June. (Mon, 08 Jun 2009 19:15:53 GMT)
Aurora Mortgage Broker Accused Of Theft
A former Aurora mortgage broker faces theft and forgery charges for allegedly submitting false documents and stealing money from the buyer and seller in a real estate transaction. (Mon, 08 Jun 2009 19:25:21 GMT)
Mortgage-Bond Yields Jump to Highest Since Fed’s Buying Plan
June 8 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac mortgage securities climbed to their highest since Nov. 24, the day before the Federal Reserve announced plans to buy the bonds to drive down interest rates on new home loans. (Mon, 08 Jun 2009 20:06:51 GMT)
Regulator Says Mortgage Aimed at Elderly May Be Risky (Update1)
June 8 (Bloomberg) -- Comptroller of the Currency John Dugan said a type of mortgage sold to older homeowners may pose the same risk as subprime loans, and that his agency was slow to act as rising foreclosures led the market to collapse. (Mon, 08 Jun 2009 20:54:00 GMT)
Mortgage-Bond Yields Jump to Highest Since Fed’s Buying Plan
June 8 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac mortgage securities climbed to their highest since Nov. 24, the day before the Federal Reserve announced plans to buy the bonds to drive down interest rates on new home loans. (Mon, 08 Jun 2009 23:06:43 GMT)
First-home buyers creating loan approval backlog
Banks are blaming a flood of first-home buyers attracted by the increased government grant for long delays people faced in getting home loans approved. (Mon, 08 Jun 2009 23:31:55 GMT)
Moab man convicted in mortgage fraud case
A Moab businessman charged as part of a national crackdown on mortgage fraud has been convicted of one count of wire fraud and two counts of money laundering. (Tue, 09 Jun 2009 00:58:29 GMT)
Blowback: sins of the British Empire hitting home
The collapsed British Empire's 300-year plunder of the rest of the world is now coming home to roost, says George Monbiot . (Tue, 09 Jun 2009 01:32:30 GMT)
Some owners who used homes to buoy finances are sinking
They relied on cash-out refinancing or took out home equity lines of credit to get capital during the easy-money era, but now many are underwater on their loans. In better economic times, Santa Clarita mortgage broker Fred Arnold relied on a home equity line of credit if his cash flow was uneven and he needed to cover payroll. (Tue, 09 Jun 2009 01:45:09 GMT)
South county commissioner's home off to auction
Public official's home in the last step of preforeclosure. (Tue, 09 Jun 2009 01:57:18 GMT)
State asks mortgage giants for costs
The state is asking the mortgage giants for information on how they select law firms and state marshals for foreclosure proceedings. (Tue, 09 Jun 2009 02:09:09 GMT)
ANZ, National lift mortgage rates
The ANZ and National banks lifted their long-term fixed mortgage rates today, bringing themselves in line with the other major New Zealand banks. ANZ's three year fixed rate mortgage is now 6.99 percent, up from 6.85 percent, while its four year rate is now 7.5 percent, up from 7.4 percent. (Tue, 09 Jun 2009 03:39:18 GMT)
ANZ, National lift mortgage rates
The ANZ and National banks lifted their long-term fixed mortgage rates today, bringing themselves in line with most of the other major New Zealand banks. (Tue, 09 Jun 2009 03:41:56 GMT)
Kurt W. Strandson: Lynch's mortgage refinancing tax would hurt recovery
The people of New Hampshire have witnessed many things in the state Legislature this year that have left us scratching our heads. The recent proposal by Gov. John Lynch to create a mortgage refinance tax has to take the cake though. (Tue, 09 Jun 2009 04:15:29 GMT)
Down payment help for first time home buyers
A big opportunity for first time home buyers in Idaho, the ability to use a federal tax credit to secure a down payment. (Tue, 09 Jun 2009 04:30:23 GMT)
Slight Decline In Mortgage Activity Not a Deal-Breaker Yet
Mortgage activity went lockstep with home sales in May, registering a disappointing – albeit slight – decline from the previous month as industry expe.... (Tue, 09 Jun 2009 05:15:28 GMT)
EG police officer accused of mortgage fraud
FBI agents arrested an Elk Grove police officer on May 28 for allegedly committing mortgage fraud. Officer Hidayatullah Ali Khalil, 29, was taken into custody and appeared at a federal court in Sacramento before he was released on a bond. (Tue, 09 Jun 2009 05:28:15 GMT)
Mortgage-firm owner indicted on theft counts
The owner of an Aurora mortgage-service company has been indicted by the state grand jury for fraudulently obtaining a home loan for a client and then stealing some of the proceeds from the subsequent real-estate transaction. (Tue, 09 Jun 2009 07:37:56 GMT)
HSBC to relaunch mortgage rate matcher deal
Mortgage pledges to match or beat homeowners' current rates down to a minimum of 2.49% HSBC is relaunching its promise to homeowners to match or beat their current mortgage rate, but the deal comes with a sting in the tail: fees of up to £4,700. The Rate Matcher mortgage is available to borrowers on deals with rates as low as 2.49% and is primarily targeting homeowners languishing on their ... (Tue, 09 Jun 2009 08:35:51 GMT)
Abbey's flexible mortgage angers customers
Overpay into your flexible account and spend the 'available funds' on anything you want – the problem is, all that saved money can be wiped out Abbey was this week accused of "unfairly" slashing the value of homes, and using this as an excuse to "grab" thousands of pounds that its mortgage customers had stashed away for the future. In the last few weeks, many Abbey flexible mortgage holders ... (Tue, 09 Jun 2009 08:36:25 GMT)
Quicken Loans Launches New FHA Streamline Refinance Tool to Help Consumers Qualify for a FHA Refinance
FHA Loan Holders Can Find Out If They Qualify for an FHA Streamline Refinance in Six Easy and Quick Steps (Tue, 09 Jun 2009 09:30:00 GMT)
UPDATE: BOE: UK Average Two-Year Fixed Mortgage Rate Drops To 3.97%
LONDON -(Dow Jones)- The average monthly interest rate offered by U.K. lenders on a two-year fixed-rate mortgage for 75% of the value of the property on which it is secured fell to an almost six-year low in May, data showed Tuesday. (Tue, 09 Jun 2009 09:41:21 GMT)
Bernanke Conundrum Threatens Housing on Mortgage Rate (Update3)
June 8 (Bloomberg) -- The biggest price swings in Treasury bonds this year are undermining Federal Reserve Chairman Ben S. Bernanke ’s efforts to cap consumer borrowing rates and pull the economy out of the worst recession in five decades. (Tue, 09 Jun 2009 09:53:07 GMT)
Regulator Says Mortgage Aimed at Elderly May Be Risky (Update1)
June 8 (Bloomberg) -- Comptroller of the Currency John Dugan said a type of mortgage sold to older homeowners may pose the same risk as subprime loans, and that his agency was slow to act as rising foreclosures led the market to collapse. (Tue, 09 Jun 2009 09:53:17 GMT)
Vienna Capital Raises Stake in Hungarian Mortgage Lender FHB
June 9 (Bloomberg) -- Vienna Capital Partners, an Austrian investment company, raised its stake in Hungarian mortgage lender Foldhitel es Jelzalogbank Nyrt. (Tue, 09 Jun 2009 09:57:06 GMT)
Richton Park taking out $300K loan to rehab strip mall
Richton Park trustees on Monday night agreed to have the village take out a $300,000 loan to renovate a village-owned shopping center on Sauk Trail. The loan will be used to rehabilitate Lakewood Plaza, a strip mall within the Lakewood subdivision that has been struggling for years. Old Plank Trail Community Bank will be financing the 10-year loan at a 4.75 percent interest rate. The mall, ... (Tue, 09 Jun 2009 09:57:14 GMT)
Quicken Loans Launches New FHA Streamline Refinance Tool to Help Consumers Qualify for a FHA Refinance
FHA Loan Holders Can Find Out If They Qualify for an FHA Streamline Refinance in Six Easy and Quick Steps (PRWeb Jun 9, 2009) Read the full story at http://www.prweb.com/releases/fh (Tue, 09 Jun 2009 10:02:10 GMT)
Greene seeks mortgage tax hike
CATSKILL — Greene lawmakers have once again adopted a resolution asking the state to allow the county to collect a local mortgage tax beginning in July. (Tue, 09 Jun 2009 11:00:54 GMT)
Mortgage Rate Search
There's no easy answer. Emotions, family and personal reasons all come into play in any home buying decision. You can get a mortgage in many places, but they all share the same characteristics. We explain. (Tue, 09 Jun 2009 11:43:32 GMT)
Home Equity Loan Rate Search
Are your bills keeping you up at night? Make a change by facing your debt head on. Home equity loans can be a good way to organize your debts, and the interest is generally tax deductible. (Tue, 09 Jun 2009 11:44:00 GMT)
U.S. Commercial Mortgage Defaults May Rise to 17-Year High
June 9 (Bloomberg) -- The default rate on commercial mortgages held by U.S. banks may rise to the highest in 17 years in the fourth quarter as debt for refinancing remains scarce and the recession drags down rents. (Tue, 09 Jun 2009 11:46:12 GMT)
How lowering your available HELOC credit can affect your credit score
Q. I'm refinancing my mortgage to 4.75 percent and I have a home equity line of credit, which is not being rolled into the new mortgage.A nice fat credit score The HELOC is $100,000, and I have $85,000 out on... (Tue, 09 Jun 2009 12:19:33 GMT)
Can't refinance? Try your U.S. representative
Staff and wire reports Can't afford your mortgage payment? If the bank won't take your call, your Congress member just might. Several lawmakers w ... (Tue, 09 Jun 2009 12:19:54 GMT)
Netherlands May Curb Excessive Mortgage Lending, Regulator Says
June 9 (Bloomberg) -- Dutch financial regulator AFM is planning to propose new rules that may curb mortgage lending in the Netherlands in a bid to protect homebuyers as the economy slumps and unemployment rises. (Tue, 09 Jun 2009 12:44:41 GMT)
Tips for refinancing your mortgage
Brace yourself -- there's actually some good news about the economy. (Tue, 09 Jun 2009 13:43:17 GMT)
MIS director's company funded loan deal
FAILED investment firm Great Southern sold loan assets far below their market value just weeks before its collapse to a business funded by company founder and director John Young. (Tue, 09 Jun 2009 14:00:00 GMT)
State takes control of Wixom mortgage company
A small Wixom mortgage company, called Northwestern Financial Corporation, has been placed into conservatorship. (Tue, 09 Jun 2009 16:14:11 GMT)
Easy Tips To Buy The Perfect Home In Miami Foreclosures Within Your Budget
Homebuyers and property investors today are looking into the possibility of getting a good home deal in Miami foreclosures. (Tue, 09 Jun 2009 16:32:51 GMT)
Lloyds to shut mortgage subsidiary, threat to more than 900 jobs
British bank Lloyds TSB is to close all 164 branches of its Cheltenham & Gloucester (C&G) mortgage arm, threatening more than 900 jobs. (Tue, 09 Jun 2009 16:33:34 GMT)
Some owners who used homes to buoy finances are sinking
They relied on cash-out refinancing or took out home equity lines of credit to get capital during the easy-money era, but now many are underwater on their loans. In better economic times, Santa Clarita mortgage broker Fred Arnold relied on a home equity line of credit if his cash flow was uneven and he needed to cover payroll. (Tue, 09 Jun 2009 17:13:36 GMT)
Canadian home purchasers optimistic: survey
Nearly 90% of recent home purchasers across the country believe that home ownership is a good long-term investment and almost 70% think that now is a good time to purchase a home in their community, according to a survey released Tuesday by Canada Mortgage and Housing Corp. (CMHC). (Tue, 09 Jun 2009 17:16:12 GMT)
Massachusetts settles with mortgage lender
A bankrupt California-based subprime mortgage lender has agreed to pay $10 million to settle allegations of unfair practices that contributed to the current spike in Massachusetts home foreclosures. (Tue, 09 Jun 2009 17:36:50 GMT)
Mass. settles with Calif.-based mortgage lender
A bankrupt California-based subprime mortgage lender has agreed to pay $10 million to settle allegations of unfair practices that contributed to the current spike in Massachusetts home foreclosures. Attorney General Martha Coakley said Tuesday that Fremont... Sponsored Topics: Massachusetts - Martha Coakley - Business - Subprime lending - California (Tue, 09 Jun 2009 17:39:25 GMT)
Massachusetts settles with mortgage lender
A bankrupt California-based subprime mortgage lender has agreed to pay $10 million to settle allegations of unfair practices that contributed to the current spike in Massachusetts home foreclosures. Massachusetts Attorney General Martha Coakley said Tuesday... Sponsored Topics: Martha Coakley - Mortgage - Massachusetts Attorney General - Business - Massachusetts (Tue, 09 Jun 2009 18:08:19 GMT)
EXTRA CREDIT: TALF Thaws Consumer Loan-Backed Bond Market
NEW YORK -(Dow Jones)- The market for securities backed by consumer loans is beginning to heal, thanks to the Federal Reserve's efforts. Issuance has edged up to $56 billion this year, mostly in deals that are eligible for cheap financing through the Fed's Term Asset-Backed Securities Loan Facility. (Tue, 09 Jun 2009 18:12:25 GMT)
NZ's largest bank defends mortgage rates, profit
New Zealand's largest bank is rejecting MPs' criticism that banks are keeping mortgage rates artificially high and maintaining high profits, despite falling official interest rates. (Tue, 09 Jun 2009 18:22:46 GMT)
Mortgage-Bond Issuance to Tumble as Refis Slow, Citigroup Says
June 9 (Bloomberg) -- Citigroup Inc. mortgage-bond analysts cut their forecast for issuance next month of securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae by almost 30 percent, as the recent jump in interest rates on new home loans eliminates opportunities for homeowners to refinance . (Tue, 09 Jun 2009 18:37:22 GMT)
Loan shark charged interest of 30% every day
A loan shark who charged an interest rate of more than eight million per cent has been jailed. Ian Jenkins, 43, from Abbeymead, Gloucester, targeted homeless people and drug addicts. (Tue, 09 Jun 2009 19:50:38 GMT)
Homeowners Find Mortgage Program Not So Easy
Since President Obama launched Making Home Affordable, the program has helped just under 17,000 mortgage holders — far fewer than the millions the administration hoped for. One Salt Lake City couple says their bank ignored them until the media stepped in. (Tue, 09 Jun 2009 20:24:55 GMT)
Mortgage-Bond Issuance to Tumble as Refinancing Slows (Update1)
June 9 (Bloomberg) -- Citigroup Inc. mortgage-bond analysts cut their forecast for issuance next month of securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae by almost 30 percent, as the recent jump in interest rates on new home loans eliminates opportunities for consumers to refinance . (Tue, 09 Jun 2009 20:37:34 GMT)
TD Canada Trust increases some mortgage rates, lowers others
TORONTO - TD Canada Trust (TSX:TD) is raising medium-term mortgage rates by up to half a percentage point while lowering some shorter-term rates effective Wednesday. (Tue, 09 Jun 2009 21:33:00 GMT)
Brookfield refinances Petro-Canada Centre in Calgary with $370 million in mortgage bonds
TORONTO - Brookfield Properties Corp. (TSX:BPO) and its Canadian-based subsidiary have refinanced the Petro-Canada Centre office building in Calgary with $370 million in mortgage bonds issued by another Brookfield unit and its partner. (Tue, 09 Jun 2009 21:35:00 GMT)
Could bank loan bail out Massillon?
How do you solve a $2.25 millon budget deficit? A bank loan, maybe. The possibility of a bank loan surfaced at Monday night’s Massillon City Council work session. But would there be support for a loan? (Tue, 09 Jun 2009 22:18:31 GMT)
Sam Dunn: 'Should I use my payout to cut my home loan?’
Question: I've had a redundancy payment of nearly £23,000 and want to use most of it to overpay on my mortgage of £134,000. Do I have to pay tax on this cash, and do you think it's wise to use it to reduce my home loan – or will I get penalised? (Tue, 09 Jun 2009 23:08:45 GMT)
ANZ National Bank defends mortgage rates
New Zealand's largest bank is rejecting MPs' criticism that banks are keeping mortgage rates artificially high and maintaining high profits, despite falling official interest rates. (Wed, 10 Jun 2009 00:08:36 GMT)
First-home buyers at all-time high
AUSTRALIANS buying their first home now make up nearly one-third of the market. (Wed, 10 Jun 2009 01:52:00 GMT)
Australia’s Home-Loan Approvals Rise 0.9% on Grants (Update1)
June 10 (Bloomberg) -- Australian home-loan approvals rose in April for a seventh month as the lowest borrowing costs in half a century and government cash handouts bolstered demand among first-time buyers. (Wed, 10 Jun 2009 01:59:57 GMT)
Investors, first home buyers fuel loan growth
There are further signs that low interest rates and government incentives are boosting the house and apartment construction industry. (Wed, 10 Jun 2009 02:51:44 GMT)
Convergys Launches CRM Suite for Mortgage Providers
Customer care and billing services provider Convergys has introduced Loan Modification Solutions to enable mortgage service providers to provide refinancing products and services. (Wed, 10 Jun 2009 05:43:31 GMT)
Australia’s Home-Loan Approvals Rise 0.9% on Grants (Update1)
June 10 (Bloomberg) -- Australian home-loan approvals rose in April for a seventh month as the lowest borrowing costs in half a century and government cash handouts bolstered demand among first-time buyers. (Wed, 10 Jun 2009 05:48:59 GMT)
First-home loans at record levels
Proportion of first-home mortgages greatest since records began. (Wed, 10 Jun 2009 05:50:44 GMT)
Loan specialists face new standards - Wed, 10 Jun 2009 PST
Roadside signs in Idaho promising to save homes from foreclosure could disappear after July 1 as people who claim to be loan modification specialists face new licensing requirements. New federal standards adopted this year by the Idaho Legislature will require that mortgage professionals: (Wed, 10 Jun 2009 07:07:48 GMT)
SBI offers lower loan rates for green buildings
COMMENT ON THIS ! Your Views! Now here is another reason to opt for an environment-friendly green building over run-of-the-mill brick and mortar structures. Banks such as State Bank of India (SBI) are offering special loan rates for green buildings. (Wed, 10 Jun 2009 09:19:45 GMT)
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