Mortgage News Jun 2009
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Loan shark suspect is arrested in Rawcliffe
A SUSPECTED loan shark was arrested when his York house was raided by trading standards officers and police. (Wed, 10 Jun 2009 09:22:55 GMT)
Nine charged with being part of $2.4 million mortgage fraud ring
By Karen Voyles ALACHUA - A loan review specialist in Ohio uncovered a $2.4 million Florida mortgage fraud conspiracy allegedly led by a Marion County man with ties to Alachua County and four other Florida counties.Nine people have been charged and each faces up to 60 years in prison if convicted. (Wed, 10 Jun 2009 10:13:12 GMT)
County man tied to mortgage fraud
By Karen Voyles Staff writer A loan review specialist in Ohio uncovered a $2.4 million Florida mortgage fraud conspiracy allegedly led by a Marion County man with ties to Alachua County and four other Florida counties. (Wed, 10 Jun 2009 10:35:13 GMT)
Rising U.S. mortgage rates sap loan applications
A spike in U.S. mortgage rates drove down total home loan applications last week as demand for refinancing shriveled to the lowest level since November, the Mortgage Bankers Association said on Wednesday. (Wed, 10 Jun 2009 11:11:33 GMT)
Do you need help with your mortgage?
Channel 4 News online asks the major high street banks and building societies what arrangements are available for customers with mortgage repayment difficulties. (Wed, 10 Jun 2009 11:12:51 GMT)
Week-to-week mortgage applications fall 7.2%: MBA
With interest rates pressing higher, mortgage applications fall a seasonally adjusted 7.2% during the first week of June from the week before, as volumes of filings to refinance existing home loans continue their recent pullback, the Mortgage Bankers Association's latest data show. (Wed, 10 Jun 2009 11:22:33 GMT)
U.S. MBA Mortgage Applications Index Fell 7.2 Percent Last Week
June 10 (Bloomberg) -- Mortgage applications in the U.S. fell last week to the lowest level since February as a jump in borrowing costs discouraged refinancing. (Wed, 10 Jun 2009 11:33:14 GMT)
Mortgage applications at lowest since November
Demand for refinancing sends applications down 7.2%, according to the Mortgage Bankers Association. (Wed, 10 Jun 2009 11:47:01 GMT)
Rising U.S. Mortgage Rates Sap Loan Applications
Rising U.S. Mortgage Rates Sap Loan Applications (Wed, 10 Jun 2009 12:28:03 GMT)
First Federal names mortgage loan officer
Tom Wulf has been promoted to mortgage loan officer at First Federal Bank in Genoa. He has been with First Federal since March 2001. In his position, he is responsible for the origination of mortgage and home equity loans as well as the duties performed by the assistant branch manager. (Wed, 10 Jun 2009 12:38:39 GMT)
Rising mortgage rates sap loan applications
A spike in U.S. mortgage rates drove down total home loan applications last week as demand for refinancing shriveled to the lowest level since November. (Wed, 10 Jun 2009 13:14:22 GMT)
U.S. mortgage demand withers as loan rates spike
Spiking U.S. mortgage rates drove down total home loan applications last week as demand for refinancing shriveled to the lowest level since November, the Mortgage Bankers Association said on Wednesday. (Wed, 10 Jun 2009 13:45:36 GMT)
MBA: Mortgage, refinancing applications fall
With interest rates rising, the number of people looking to take out or refinance mortgages fell 7.2 percent in the week ended June 5, according to the Mortgage Bankers Association. (Wed, 10 Jun 2009 13:49:27 GMT)
MetLife Says Commercial Mortgage Defaults Will Rise (Update1)
June 10 (Bloomberg) -- MetLife Inc . Chief Investment Officer Steven Kandarian said commercial mortgage defaults will rise in the next two to three years after the economic slump subsides. (Wed, 10 Jun 2009 15:04:25 GMT)
Mortgage Applications Dip as Rates Climb Higher
(SmarTrend(R) News Watch) -- The Mortgage Bankers Association reported Wednesday that its index for total U.S. mortgage applications fell 7.2% for the week ended June 5. Refinance applications fell 11.8% during the period. (Wed, 10 Jun 2009 15:39:14 GMT)
Mortgage Demand Withers as Loan Rates Spike
Spiking mortgage rates drove down total home loan applications last week as demand for refinancing shriveled to the lowest level since November, the Mortgage Bankers Association said on Wednesday. (Wed, 10 Jun 2009 16:16:23 GMT)
Mortgage Applications Fall as Interest Rates Jump (Update1)
June 10 (Bloomberg) -- U.S. mortgage applications fell last week to the lowest level since February as a jump in borrowing costs discouraged refinancing and signaled that Federal Reserve Chairman Ben S. Bernanke ’s efforts to cap rates is stalling. (Wed, 10 Jun 2009 16:44:53 GMT)
Mortgage Bankers: Refinance demand wanes
As interest rates grow, new numbers from the Mortgage Bankers Association show the demand for home refinancing has dropped to its lowest level since late last year. (Wed, 10 Jun 2009 17:04:27 GMT)
Mortgage Bankers: Refinance demand wanes
With interest rates rising, the number of people looking to take out or refinance mortgages fell 7.2 percent in the week ended June 5, according to the Mortgage Bankers Association. (Wed, 10 Jun 2009 17:59:13 GMT)
Mortgage Applications Fall
An index of mortgage applications activity fell a seasonally adjusted 7.2 percent for the first week of June, as rising mortgage rates crimped homeowner refinancing, the Mortgage Bankers Association reported Wednesday. (Wed, 10 Jun 2009 18:00:05 GMT)
Mortgage applications sink
Rising mortgage rates have dampened demand for refinancing, with mortgage applications falling sharply last week. (Wed, 10 Jun 2009 18:54:20 GMT)
(AFX UK Focus) 2009-06-10 19:34 STOCKS NEWS US-Mortgage rates pull down home loan aps: MBA
Stocks on the move (Wed, 10 Jun 2009 19:01:33 GMT)
Love Funding secures $15M loan for Christian Care Home
Mortgage-banking firm Love Funding said Wednesday that its St. Louis office secured a $15 million new construction loan for a proposed Christian Care Home in Ferguson, Mo. (Wed, 10 Jun 2009 19:25:53 GMT)
Purchase Applications Remain Steady, Refinance Applications Continue to Fall
RISMEDIA, June 11, 2009-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending June 5, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 611.0, a decrease of 7.2% on a seasonally adjusted basis from 658.7 one week earlier. ... (Wed, 10 Jun 2009 20:41:44 GMT)
Home Equity Loans Complicate Mortgage Assistance
Most people facing foreclosure hold a mortgage owned by investors and a home equity loan owned by a bank. But with foreclosures at record levels, some investors worry that the banks have some conflicts of interest getting in the way of helping homeowners avoid foreclosure. (Wed, 10 Jun 2009 21:02:35 GMT)
Mortgage-Bond Yields Climb to New High Since Fed’s Buying Plan
June 10 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac mortgage securities rose, setting a new high since the Federal Reserve announced plans to buy the bonds to drive down interest rates on new home loans and further thwarting the effort. (Wed, 10 Jun 2009 21:09:08 GMT)
MetLife Says Commercial Mortgage Defaults Will Rise (Update3)
June 10 (Bloomberg) -- MetLife Inc . Chief Investment Officer Steven Kandarian said commercial mortgage defaults will rise in the next two to three years after the economic slump subsides. (Wed, 10 Jun 2009 21:36:52 GMT)
George Osborne ‘flipped’ second home to claim for £450,000 loan
George Osborne “flipped” the designation of his official second home from his London residence to his constituency home after taking out a £450,000 mortgage on the property. (Wed, 10 Jun 2009 22:11:34 GMT)
Rising loans sap loan applications
NEW YORK: A spike in US mortgage rates drove down total home loan applications last week as demand for refinancing shrivelled to the lowest level since November, the Mortgage Bankers Association said yesterday. (Wed, 10 Jun 2009 23:39:35 GMT)
One in five on variable rates save €500 on mortgage bills
ONE in five variable rate mortgage holders have seen savings of more than €500 on their repayments since the European Central Bank (ECB) started cutting interest rates last year. (Thu, 11 Jun 2009 00:39:32 GMT)
HOUSING: Lawsuit targets home-equity loan freeze
A lawsuit filed Wednesday in federal court in San Diego alleges that Washington Mutual, now a division of JP Morgan Chase & Co., has been systematically reducing and freezing customers' home equity credit lines. (Thu, 11 Jun 2009 01:26:45 GMT)
State Mortgage Refinancing Applications Decline First Week Of June
Now that mortgage rates are rising, fewer homeowners are interested in refinancing their home loans. (Thu, 11 Jun 2009 03:15:20 GMT)
Mortgage Applications Dip as Rates Climb Higher
(SmarTrend(R) News Watch) -- The Mortgage Bankers Association reported Wednesday that its index for total U.S. mortgage applications fell 7.2% for the week ended June 5. Refinance applications fell 11.8% during the period. (Thu, 11 Jun 2009 06:09:27 GMT)
HOUSING: Lawsuit targets home-equity loan freeze
A lawsuit filed Wednesday in federal court in San Diego alleges that Washington Mutual, now a division of JP Morgan Chase & Co., has been systematically reducing and freezing customers' home equity credit lines. (Thu, 11 Jun 2009 07:26:22 GMT)
First Federal names mortgage loan officer
Tom Wulf has been promoted to mortgage loan officer at First Federal Bank in Genoa. He has been with First Federal since March 2001. In his position, he is responsible for the origination of mortgage and home equity loans as well as the duties performed by the assistant branch manager. (Thu, 11 Jun 2009 08:21:19 GMT)
Mortgage crisis is meeting topic
Clark County Commissioners Susan Brager and Chris Giunchigliani will be part of a seven-person panel tonight at a town hall meeting on how the mortgage crisis has affected the Las Vegas Valley. (Thu, 11 Jun 2009 09:21:29 GMT)
Mortgage lending for house purchases rises 16%
There was a 16% jump in mortgage lending to people buying a new home during April, further adding to evidence that the housing market is beginning to stabilise, figures showed today. (Thu, 11 Jun 2009 09:39:05 GMT)
Mortgage lending jumps 16%
Mortgage lending jumps 16% (Thu, 11 Jun 2009 10:37:03 GMT)
First Niagara expands in mortgage market
First Niagara Financial Group said Wednesday that it has more than doubled the amount of residential mortgage lending and approved applications so far this year compared to the same period last year. (Thu, 11 Jun 2009 11:03:02 GMT)
Future plans key to mortgage refinance
Dear Dr. Don, I am confused about whether or not I should refinance my mortgage. I have a 30-year, fixed-rate conventional mortgage at 7 percent interest. I bought the condo in 2006 with my first loan payment due on Sept. 1, 2006. The price of the condo was $99,900 and I made a $10,000 down payment. (Thu, 11 Jun 2009 11:42:36 GMT)
New mortgage lending rise by 16%
There were further signs of a gradual improvement in the economy after mortgage lending for new homes spiked by 16 percent in April compared to last month, a report said on Thursday. (Thu, 11 Jun 2009 11:42:48 GMT)
Mortgage Rates Rise to 5.59%, Defying Fed Buying Plan (Update1)
June 11 (Bloomberg) -- Fixed U.S. mortgage rates rose for a third straight week, signaling the Federal Reserve’s plan to lower borrowing cost is stalling. (Thu, 11 Jun 2009 14:48:42 GMT)
Freddie Mac: 30-year Fixed-rate Mortgage Climbs
Freddie Mac: 30-year Fixed-rate Mortgage Climbs (Thu, 11 Jun 2009 14:57:56 GMT)
Mortgages: Mortgage rates take another jump: Freddie Mac
Mortgage rates took another leap this week, bringing the average rate on a 30-year fixed-rate mortgage to its highest in seven months, Freddie Mac reports. (Thu, 11 Jun 2009 15:07:44 GMT)
Mortgage Bankers Say Refinancing Tax Could Hurt Recovery
As lawmakers consider ways to fill a $400 million budget hole in the next spending cycle, mortgage bankers and brokers are firing back at a proposal calling for a tax on mortgage refinancing. (Thu, 11 Jun 2009 15:14:31 GMT)
U.S. mortgage rates erase Fed's handiwork
Mortgage rates leaped with bond yields in the past week to the highest since November, erasing strides made by a massive government program to help revive U.S. housing. (Thu, 11 Jun 2009 15:40:21 GMT)
Mortgage interest rates rise in week
WASHINGTON, June 11 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages rose in the week ending June 11, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 11 Jun 2009 15:48:00 GMT)
Mortgage rates rise again
Rates for 30-year home loans jumped to the highest level in seven months this week, leading to a slowdown in refinancing activity, Freddie Mac said Thursday. The average rate for a 30-year fixed mortgage was 5.59 percent this week, up from 5.29 percent last... Sponsored Topics: Freddie Mac - Mortgage - Fixed rate mortgage - Refinancing - Fannie Mae (Thu, 11 Jun 2009 16:08:49 GMT)
Greece rejects Parthenon Marbles loan offer: ministry
Greece on Thursday turned down a British Museum loan offer for the long-disputed Parthenon Marbles, arguing that acceptance would "legalise their snatching" by a 19th century British diplomat. (Thu, 11 Jun 2009 16:09:33 GMT)
Home loan business brisk for First Niagara
An increase in loans issued to home buyers is driving up the number of mortgages and total applications at First Niagara Bank. (Thu, 11 Jun 2009 16:11:26 GMT)
Mortgage rates hit 7-month high
Refis hit the brakes US--MortgageRates BC-US--Mortgage Rates,0391 Mortgage rates rise again (Thu, 11 Jun 2009 16:17:09 GMT)
Mortgage Rates in U.S. Rise to Highest Since November (Update2)
June 11 (Bloomberg) -- Fixed U.S. mortgage rates rose to the highest since November, signaling the Federal Reserve’s plan to lower borrowing cost is stalling. (Thu, 11 Jun 2009 16:38:14 GMT)
Mortgage rates climb
Home mortgage rates jumped in the most recent week, pulled higher by skyrocketing Treasury yields. (Thu, 11 Jun 2009 17:47:01 GMT)
Is it too late to refinance your mortgage?
Mortgage rates have surged in the last day, meaning Canadians looking to break their existing mortgage may have missed the sweetest spot in recent history. But that doesn't mean you can't still cut your costs. (Thu, 11 Jun 2009 18:21:58 GMT)
Mortgage rates surge to highest level in 7 months
Rates for 30-year home loans jumped to the highest level in seven months this week, leading to a slowdown in refinancing activity, Freddie Mac said Thursday. (Thu, 11 Jun 2009 19:08:20 GMT)
Rising Mortgage Rates Shuts Off Refinancing Wave
Economists are worried at the sharp rise in home mortgage rates over the past couple of weeks. The government had helped push rates on 30-year fixed mortgages below 5 percent, a move that sparked a refinancing boom. That opportunity appears to be over for now. (Thu, 11 Jun 2009 20:32:40 GMT)
Mortgage Rates Head for 6 percent: 5 Reasons They Might Retreat
Not everyone thinks the days of 5 percent mortgage rates are history. (Thu, 11 Jun 2009 20:45:05 GMT)
U.S. Mortgage’s McGrath Pleads Guilty to Conspiracy (Update1)
June 11 (Bloomberg) -- The president of bankrupt U.S. Mortgage Corp. pleaded guilty to two criminal counts in a conspiracy that prosecutors said defrauded credit unions and other victims of $139.6 million. (Thu, 11 Jun 2009 20:56:24 GMT)
Mortgage chief gets year in jail in fraud case
A former mortgage executive in St. Louis has been sentenced to one year and one day in jail in a federal fraud case, and must pay restitution of nearly $25 million. (Thu, 11 Jun 2009 21:29:34 GMT)
U.S. Mortgage’s McGrath Pleads Guilty to Conspiracy (Update2)
June 11 (Bloomberg) -- The former president of bankrupt U.S. Mortgage Corp. pleaded guilty to two criminal counts in a conspiracy that prosecutors said defrauded credit unions and Fannie Mae of $139.6 million. (Thu, 11 Jun 2009 22:11:25 GMT)
NJ mortgage exec pleads guilty in $140 million fraud
The former president of U.S. Mortgage Corp, a New Jersey mortgage lender and broker that filed for bankruptcy in February, has pleaded guilty to two criminal conspiracy charges in a $139.6 million scheme to defraud credit unions and others, prosecutors said. (Thu, 11 Jun 2009 22:51:15 GMT)
Mortgage rates rise again
Mortgage rates on the rise Rates for 30-year home loans jumped to the highest level in seven months this week, leading to a slowdown in refinancing activity. (Thu, 11 Jun 2009 23:23:00 GMT)
NJ mortgage company president guilty in $139M scam
The former president of a New Jersey mortgage company has pleaded guilty in a $139 million fraud scheme that bankrupted his firm. (Fri, 12 Jun 2009 00:07:06 GMT)
NJ mortgage company president guilty in $139M scam
The former president of a New Jersey mortgage company has pleaded guilty in a $139 million fraud scheme that bankrupted his firm. Michael J. McGrath Jr. pleaded guilty Thursday to federal charges of mail and wire fraud and money laundering. He faces 12 1/2 to... Sponsored Topics: Money laundering - Fraud - New Jersey - Wire fraud - United States (Fri, 12 Jun 2009 00:38:48 GMT)
Spike in mortgage rates slows refinancing in Silicon Valley
Just as signs of recovery in the housing market have begun to emerge, a spike in mortgage rates is slowing refinancings for many valley homeowners and complicating purchases for some buyers. (Fri, 12 Jun 2009 01:40:03 GMT)
CBA raises home-loan rate, cites funding costs
SYDNEY, June 12 (Reuters) - Commonwealth Bank of Australia (CBA), the nation's biggest home lender, is raising its standard, variable home-loan interest rate by 10 basis points, the bank said on Friday, citing increased funding costs. (Fri, 12 Jun 2009 02:43:11 GMT)
(AFX UK Focus) 2009-06-12 03:58 CBA raises home-loan rate, cites funding costs
SYDNEY, June 12 (Reuters) - Commonwealth Bank of Australia (CBA), the nation's biggest home lender, is raising its standard, variable home-loan interest rate by 10 basis points, the bank said on Friday, citing increased funding costs. The increase comes amid a growing view that the Reserve Bank of Australia (RBA) is done with its easing cycle. Markets expect the RBA to keep rates unchanged at 3 ... (Fri, 12 Jun 2009 03:31:34 GMT)
Savvy home shoppers can save at settlement
Home buyers dicker about appliances, cabinet styles and the move-in date but often question little when it comes to a pricey part of their purchase. (Fri, 12 Jun 2009 03:47:19 GMT)
CBA raises home-loan rate, draws govt anger
* CBA raises home loan rate by 10 basis points (Fri, 12 Jun 2009 04:41:34 GMT)
Commonwealth Bank Raises Variable Mortgage Rates (Update2)
June 12 (Bloomberg) -- Commonwealth Bank of Australia raised its variable mortgage rates, becoming the first of the country’s four biggest lenders to do so since the central bank began a record round of cuts to borrowing costs in September. (Fri, 12 Jun 2009 06:58:40 GMT)
Fed’s Buying Loses Steam as Mortgage Rates Rise: Chart of Day
June 12 (Bloomberg) -- The Federal Reserve’s mortgage- buying program to bolster housing demand by lowering fixed interest rates is losing effectiveness at a time of the year when sales of U.S. real estate traditionally peak. (Fri, 12 Jun 2009 07:21:37 GMT)
Home-loan rates climb
Rates for 30-year home loans jumped to the highest level in seven months this week, leading to a slowdown in refinancing activity, mortgage giant Freddie Mac said. (Fri, 12 Jun 2009 07:25:29 GMT)
Man is accused of running mortgage fraud operation
A state and federal task force charged a Dearborn resident Thursday with eight felonies, accusing him of running a major mortgage fraud operation. (Fri, 12 Jun 2009 07:29:17 GMT)
Paulson’s Hedge Fund Buys Distressed Debt, Mortgage Securities
June 12 (Bloomberg) -- Paulson & Co., the hedge fund that made more than $3 billion betting the U.S. housing market would collapse, is buying so-called distressed debt and mortgage- backed securities. (Fri, 12 Jun 2009 08:07:02 GMT)
VERSACE: Fluctuating U.S. mortgage rates
OPINION/ANALYSIS Over the last few weeks I have received a fair amount of reader e-mails, but a recurring theme has developed more recently. Boiling some of these themes down led to two central questions that more or less dealt with mortgage rates - does it make sense to consider locking in now, and what are the near-term prospects for inflation compared with the concern of disinflation only a ... (Fri, 12 Jun 2009 08:54:26 GMT)
Rates slow refinancing, not buying
In January, local and national mortgage companies saw a surge in refinancing as interest rates on home loans dropped to historic lows. In addition, rates as low as 4.5 percent for a 30-year fixed mortgage brought many hesitant buyers off the fence. (Fri, 12 Jun 2009 09:28:02 GMT)
Ex-Head of Mortgage Firm Pleads Guilty to Fraud
The former president of a New Jersey mortgage company has pleaded guilty in a $139 million fraud scheme that bankrupted his firm. Michael J. McGrath Jr. pleaded guilty Thursday to charges of mail and wire fraud and money laundering, The Associated Press reported. (Fri, 12 Jun 2009 09:48:14 GMT)
LIC Housing Fin Apr-May loan approvals double-CEO
NEW DELHI, June 12 (Reuters) - Mortgage lender LIC Housing Finance Ltd's home loan approvals in April-May have doubled from a year ago, its chief executive officer said on Friday. (Fri, 12 Jun 2009 10:20:35 GMT)
Easy steps to transfer your 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. (Fri, 12 Jun 2009 10:51:54 GMT)
UPDATE 1-Invesco Mortgage Capital sees IPO of about $400 mln
June 12 (Reuters) - Invesco Mortgage Capital Inc, a real estate investment trust, on Friday registered its initial public offering of 20 million shares at an estimated price of $20 each. (Fri, 12 Jun 2009 11:27:59 GMT)
Home equity loan rate dilemma is common
Dear Dr. Don, I have a home equity loan (not a line of credit) around $90,000 at a variable rate of 2.55 percent. The lender requires me to convert it to "fixed-rate home equity loan" in the next 18 months. Will the home equity loan's fixed rate be high? (Fri, 12 Jun 2009 11:42:36 GMT)
Mortgage Lender Residential Finance Corp. is a Finalist in American Business Awards
COLUMBUS, Ohio----Residential Finance Corporation , a nationwide mortgage lender specializing in refinance, has been named as a finalist for this year's Stevie Award for Sales Department of the Year in the 2009 American Business Awards. (Fri, 12 Jun 2009 11:59:00 GMT)
Paulson’s Hedge Fund Buys Distressed Debt, Mortgage Securities
June 12 (Bloomberg) -- Paulson & Co., the hedge fund that made more than $3 billion betting the U.S. housing market would collapse, is buying so-called distressed debt and mortgage- backed securities. (Fri, 12 Jun 2009 13:42:33 GMT)
Home loan rates rise
THE Commonwealth Bank yesterday blamed record high costs of long-term funding after it became the first of the big banks to raise its variable mortgage rate. (Fri, 12 Jun 2009 14:00:00 GMT)
Mortgage rates rise to highest since November
Fixed U.S. mortgage rates rose to the highest since November, signaling the Federal Reserve's plan to lower borrowing cost is stalling. (Fri, 12 Jun 2009 14:49:03 GMT)
Mortgage rates reach 6-month high
Interest rates on mortgages continued to rise this week, with the average 30-year fixed-rate mortgage rising to its highest level in more than six months. (FRE) (Fri, 12 Jun 2009 15:11:13 GMT)
Mortgage Borrowers Gain Tool to Access Fair and Safe Loans
By Robert Kropp. The Fair Mortgage Collaborative provides consumers with access to mortgage lenders who have been certified for their fair lending practices. (Fri, 12 Jun 2009 15:34:24 GMT)
Spike in Mortgage Rates Slows Refinancing in Silicon Valley
Jun. 11--Just as signs of recovery in the local housing market have begun to emerge, a spike in mortgage rates is slowing refinancings for many valley homeowners and complicating purchases for some buyers. (Fri, 12 Jun 2009 16:23:39 GMT)
Mortgage Insurers to the Rescue?
Homeowners in trouble may find help with renegotiating more affordable terms on their mortgage from an unlikely source: their private mortgage insurance company. (Fri, 12 Jun 2009 16:26:53 GMT)
Fed’s Buying Loses Steam as Mortgage Rates Rise: Chart of Day
June 12 (Bloomberg) -- The Federal Reserve’s mortgage- buying program to bolster housing demand by lowering fixed interest rates is losing effectiveness at a time of the year when sales of U.S. real estate traditionally peak. (Fri, 12 Jun 2009 17:10:54 GMT)
Real Estate Weekly: Mortgage-fraud cases nearly double in 2 years
The number of mortgage-fraud cases the FBI is investigating is on the rise as scammers prey on unsuspecting homeowners behind on their mortgage payments and nearing foreclosure. (Fri, 12 Jun 2009 18:22:43 GMT)
Mortgage rates set to rise steeply in next few days
Borrowers should brace themselves for a wave of steep mortgage rate increases over the next few days as all the main lenders are expected to raise the cost of loans. (Fri, 12 Jun 2009 18:59:04 GMT)
Are You Eligible for a Mortgage Modification?
There are several ways to determine your eligibility for the loan mortgage modification offered under the Obama administration’s new plan. (Fri, 12 Jun 2009 22:22:00 GMT)
Home buyers with small deposits see fall in mortgage deals
Home buyers who cannot afford a large deposit are finding it "virtually impossible" to get a mortgage as the number of deals for those with just a 10 per cent deposit shrinks 97 per cent. (Fri, 12 Jun 2009 23:17:21 GMT)
Ask an expert: Consider alternatives before you walk out on mortgage
Q : If a person owns a house with a mortgage that is significantly higher than the value of the property, and the mortgagor is a large bank that only services the loan, what are the consequences if that person simply walks away? I recognize that the person would lose any equity and his credit would be damaged or ruined. (Sat, 13 Jun 2009 01:40:35 GMT)
Carroll County seeks loan to buy building for Health Department
Seeking a permanent home for the Carroll County Health Department, county commissioners are after a $400,000 loan to purchase a building. (Sat, 13 Jun 2009 02:48:32 GMT)
Put off major buys until you close on home loan
Q. We expect to be buying our first home in the next couple of months. Would buying a new car as well in the next couple of months affect our ability to qualify for a home loan from a bank? (Sat, 13 Jun 2009 04:04:49 GMT)
Mortgage-fraud cases nearly double in 2 years
Mortgage-fraud cases nearly double in 2 years (Sat, 13 Jun 2009 06:09:57 GMT)
Nation's Housing: Bills' aim: extend tax credit to all home buyers
WASHINGTON — Since first-time buyers are getting thousands of dollars in tax credits from the federal government to stimulate the economy, why shouldn't all home buyers get equal treatment? And what about refinancers — couldn't they make good use of a tax credit to help defray closing costs and loan fees? (Sat, 13 Jun 2009 07:13:42 GMT)
Refinance program expanded
Homeowners seeking to refinance a mortgage owned or guaranteed by Freddie Mac under the Obama administration's Making Home Affordable program will soon be able to use any lender affiliated with Freddie Mac, and roll up to $5,000 in closing costs into their new mortgage. (Sat, 13 Jun 2009 09:15:49 GMT)
Mortgage rates hit six-month high
Mortgage rates have soared to their highest this year. Refinancers have slammed on the brakes because of the abrupt rise, and borrowers soon might shift into adjustable-rate mortgages. (Sat, 13 Jun 2009 09:30:26 GMT)
Low mortgage rates make it a good time to buy a home
In his 32 years in the business, John Hope says he's never seen anything like it. The Re/Max Eastern Realty Inc. vice-president said when he bought his first house in 1972 his mortgage rate was 12%. In 1980 mortgage rates topped around 21%.[...] (Sat, 13 Jun 2009 10:47:36 GMT)
Mortgage company reopens despite investigation
Just one day after being raided by the FBI Mortgage Fraud Task Force, All State Home Mortgage and Community Reinvestment offices in Euclid opened back up for business. (Sat, 13 Jun 2009 11:26:28 GMT)
Mortgage interest rates are up
The average rate for a 30-year fixed mortgage was 5.59% this week, up from 5.29% last week, mortgage company Freddie Mac said. (Sat, 13 Jun 2009 14:11:45 GMT)
Mortgage Lender Residential Finance Corp. Is a Finalist in American Business Awards
Residential Finance Corporation (RFC) (http://www.residentialfinance.co a nationwide mortgage lender specializing in refinance, has been named as a finalist for this year’s Stevie Award for Sales Department of the Year in the 2009 American Business Awards. (Sat, 13 Jun 2009 20:32:07 GMT)
Mortgage rates are going up in region
If you're looking to buy a home this summer or refinance your mortgage, the cost of borrowing money may be significantly higher than it was just a few weeks ago. (Sat, 13 Jun 2009 21:35:34 GMT)
Low mortgage rates make it a good time to buy a home
In his 32 years in the business, John Hope says he's never seen anything like it. The Re/Max Eastern Realty Inc. vice-president said when he bought his first house in 1972 his mortgage rate was 12%. In 1980 mortgage rates topped around 21%.[...] (Sat, 13 Jun 2009 23:17:25 GMT)
KB, Countrywide sued over inflated home prices
Some California homeowners claim that giant builder KB Home and lender Countrywide Financial conspired to artificially inflate home values in KB developments throughout the state, according to a lawsuit set to be filed as early as this week. The lawsuit... Sponsored Topics: CountrywideFinancial - California - KB Home - Lawsuit - Business (Sun, 14 Jun 2009 03:53:39 GMT)
Mortgage foreclosures continue to rise in the midstate
A rising tide of financial misfortune is swamping more and more central Pennsylvania homeowners. Mortgage foreclosures in a five-county region of the midstate during early 2009 have put the year on pace to surpass the 2008 total by nearly 18 percent, and to surpass 2006 by more than 48 percent. (Sun, 14 Jun 2009 04:00:56 GMT)
Mortgage modifications remain elusive even with a federal program intended to help
More than two months after the Obama Administration launched a plan to streamline mortgage modifications, those striving to save their homes from foreclosure remain frustrated over financially crippling delays. (Sun, 14 Jun 2009 05:26:47 GMT)
Summit targets rash of mortgage scams
AUSTIN - Last week a San Antonio man was sent to prison for six years and three months after pleading guilty to running a mortgage scam that bilked lenders out of nearly $1.7 million. In February, his wife and crime partner received a similar sentence. (Sun, 14 Jun 2009 06:25:42 GMT)
Rising Mortgage Rates Leave Refinancers Behind
Mortgage rates are back around 6 percent, making refinancing less attractive than it has been in recent months. Some analysts see rates trending upward; others say this is a blip that will soon subside. (Sun, 14 Jun 2009 06:39:25 GMT)
Despite low mortgage rates and falling prices, home sales in Rockland decline
Rising concerns about unemployment are likely to continue to depress sales of housing in Rockland County this year despite historically low mortgage rates and falling prices. (Sun, 14 Jun 2009 06:49:45 GMT)
30-year mortgage rates jump to highest in seven months
Rates for 30-year home loans jumped to the highest level in seven months last week, leading to a slowdown in refinancing activity, Freddie Mac said Thursday. (Sun, 14 Jun 2009 07:06:33 GMT)
Mortgage rates up, refinancing activity slows
Rates for 30-year home loans jumped to the highest level in seven months last week, leading to a slowdown in refinancing activity, Freddie Mac said Thursday. The average rate for a 30-year fixed mortgage was 5.59 percent last week, up from 5.29 percent the... (Sun, 14 Jun 2009 07:24:58 GMT)
Reverse mortgage counseling
The Howard County Office on Aging, through Maryland Access Point (MAP), is offering counseling to Maryland residents ages 62 and older who are considering a reverse mortgage. The counseling is targeted to seniors who may be able to pay their everyday expenses but are struggling to cover the costs of health care, home repairs, increased property taxes and unexpected expenses. There are four ... (Sun, 14 Jun 2009 07:34:04 GMT)
KB, Countrywide sued over inflated home prices
Some California homeowners claim that giant builder KB Home and lender Countrywide Financial conspired to artificially inflate home values in KB developments throughout the state, according to a lawsuit set to be filed as early as this week. The lawsuit... Sponsored Topics: CountrywideFinancial - California - KB Home - Lawsuit - Business (Sun, 14 Jun 2009 07:42:37 GMT)
Avoid major purchases when applying for a home loan
Q: We plan to buy our first home in the next couple of months. Would buying a new car as well affect our ability to qualify for a home loan? (Sun, 14 Jun 2009 07:50:11 GMT)
Mortgage rates are going up in region
If you're looking to buy a home this summer or refinance your mortgage, the cost of borrowing money may be significantly higher than it was just a few weeks ago. (Sun, 14 Jun 2009 08:51:05 GMT)
Refinancing isn't good way to boost retirement income
Q: Dear Rick: Our home is paid off and we have no mortgage. My husband has a pension and along with Social Security, most of our living expenses are covered. We do have to dip into our investment portfolio to supplement our income. It's that issue that leads me to our question. We have been approached by someone who sells investments. He suggests that, as opposed to using our investment to cover ... (Sun, 14 Jun 2009 11:02:24 GMT)
Mortgage rate increase bad news for housing
Fixed U.S. mortgage rates rose to the highest level since November, signaling the Federal Reserve's plan to lower borrowing costs is stalling. (Sun, 14 Jun 2009 11:10:03 GMT)
Bad ideas: It doesn't make sense to refinance or get variable annuities
Q: Dear Rick: Our home is paid off and we have no mortgage. My husband has a pension and along with Social Security, most of our living expenses are covered. We do have to dip into our investment portfolio to supplement our income. It's that issue that leads me to our question. We have been approached by someone who sells investments. He suggests that, as opposed to using our investment to cover ... (Sun, 14 Jun 2009 11:10:35 GMT)
ASK THE BIZ BRAIN: Dad worried about daughter's mortgage
Q: My daughter is presently in her third year of a five-year adjustable-rate mortgage and she is meeting her payments on time but not without struggle. Besides real estate taxes and homeowner's insurance, she pays an additional $125 a month... (Sun, 14 Jun 2009 12:19:27 GMT)
Why home loan rates will increase
Lenders are finding it difficult to maintain the current low prices despite the inflow of deposits that helps them to fund mortgages, says Danny John . It's why CommBank lifted its home loan rates -- and others will follow. (Sun, 14 Jun 2009 14:03:51 GMT)
For home loan rates, the only way is up
THE fall in fixed-rate mortgages, particularly longer-term offers, has bottomed out and prices are beginning to rise again in a further sign of the pressure being applied to bank financing costs. (Sun, 14 Jun 2009 14:05:00 GMT)
Mortgage rate increase bad news for housing
Fixed U.S. mortgage rates rose to the highest level since November, signaling the Federal Reserve's plan to lower borrowing costs is stalling. (Sun, 14 Jun 2009 15:25:02 GMT)
Mortgage-rate rise slows refinancing
WASHINGTON - Rates for 30-year home loans jumped to the highest level in seven months this week, leading to a slowdown in refinancing activity, Freddie Mac said Thursday. (Sun, 14 Jun 2009 15:41:10 GMT)
Mortgage Lender Residential Finance Corp. Is a Finalist in American Business Awards
Residential Finance Corporation (RFC) (http://www.residentialfinance.co a nationwide mortgage lender specializing in refinance, has been named as a finalist for this year’s Stevie Award for Sales Department of the Year in the 2009 American Business Awards. (Sun, 14 Jun 2009 16:48:58 GMT)
Bankrate: Mortgage Rates Surge Higher
RISMEDIA, June 15, 2009-Mortgage rates soared this week, with the average 30-year fixed mortgage rate rising to 5.95 percent. According to Bankrate.com's weekly national survey, the average 30-year fixed mortgage has an average of 0.42 discount and origination points. The average 15-year fixed rate mortgage jumped to 5.37 percent, while the ... (Sun, 14 Jun 2009 18:12:05 GMT)
Don't handcuff your mortgage
Would you like to pay an extra $300 per month on your mortgage? Not likely. That hasn’t stopped a number of Canadians, with the deal of a lifetime on a variable-rate mortgage, from switching over to a more expensive fixed-rate product and paying the extra freight. (Sun, 14 Jun 2009 19:35:51 GMT)
Mortgage rates rise in US
In the US, mortgage rates have shot to over five percent. (Mon, 15 Jun 2009 00:46:24 GMT)
For home loan rates, the only way is up
THE fall in fixed-rate mortgages, particularly longer-term offers, has bottomed out and prices are beginning to rise again in a further sign of the pressure being applied to bank financing costs. (Mon, 15 Jun 2009 01:40:30 GMT)
Don't handcuff your mortgage
Would you like to pay an extra $300 per month on your mortgage? Not likely. That hasn’t stopped a number of Canadians, with the deal of a lifetime on a variable-rate mortgage, from switching over to a more expensive fixed-rate product and paying the extra freight. (Mon, 15 Jun 2009 03:32:00 GMT)
To refinance home loan, navigating paperwork and system takes patience
Renegotiating home loan requires patience, prep work to navigate red tape If you know you're headed for trouble with your mortgage or you already are there, brace yourself. (Mon, 15 Jun 2009 03:59:56 GMT)
Texas Attorney General Convenes Mortgage Fraud Summit
KERA's Sam Baker talks with Texas Attorney General Greg Abbott about the mortgage fraud summit he's holding in Austin today (6/15). (Mon, 15 Jun 2009 04:14:16 GMT)
Mortgage Fraud Summit (Full Interview)
Full length interview of KERA's Sam Baker's interview with Texas Attorney General Greg Abbott about his June 15 mortgage fraud summit and some examples of the types of fraud he's pursuing. (Mon, 15 Jun 2009 04:14:26 GMT)
Rising interest rates imperil refinance boom
Climbing mortgage rates could jeopardize the small gains that Portland-area banks have made in their efforts to boost lending — and could also cut bank earnings in ways that are more difficult to measure. (Mon, 15 Jun 2009 05:28:01 GMT)
Suit: Wachovia’s near collapse yielded unfair loan provisions
A Triad-based nursing home operator is suing Wachovia in N.C. Business Court, saying the bank’s near-collapse last fall resulted in an unfair financing arrangement. (Mon, 15 Jun 2009 05:34:43 GMT)
DEAL OF THE WEEK: BankAtlantic sells distressed Mortgage to Hovnanian
BankAtlantic sold the distressed mortgage covering the Tivoli Isles single-family home project in western Delray Beach to a unit of K Hovnanian Homes (NYSE: HOV). (HOV) (BBX) (Mon, 15 Jun 2009 05:36:53 GMT)
Sacred Heart celebrates 'mortgage burning'
EFFINGHAM — Sacred Heart Parish in Effingham, held a “Mortgage Burning Celebration” on May 17, at the church and school grounds. (Mon, 15 Jun 2009 06:00:08 GMT)
CBA standard variable home loan interest rates remains the lowest
The Commonwealth Bank has announced that although its standard variable home loan interest rate will increase by 0.10 per cent per annum, its rate is still the lowest of the major banks. Ross McEwan, (Mon, 15 Jun 2009 06:11:54 GMT)
To refinance home loan, navigating paperwork and system takes patience
Renegotiating home loan requires patience, prep work to navigate red tape If you know you're headed for trouble with your mortgage or you already are there, brace yourself. (Mon, 15 Jun 2009 07:25:39 GMT)
Reverse mortgage counseling available in Howard Co.
The Howard County Office on Aging, through Maryland Access Point (MAP), is offering counseling to Maryland residents ages 62 and older who are considering a reverse mortgage. The counseling is targeted to seniors who may be able to pay their everyday expenses but are struggling to cover the costs of health care, home repairs, increased property taxes and unexpected expenses. There are four ... (Mon, 15 Jun 2009 08:32:40 GMT)
Don't handcuff your mortgage
Would you like to pay an extra $300 per month on your mortgage? Not likely. That hasn’t stopped a number of Canadians, with the deal of a lifetime on a variable-rate mortgage, from switching over to a more expensive fixed-rate product and paying the extra freight. (Mon, 15 Jun 2009 09:40:23 GMT)
Putin inks 20-bln ruble increase in Mortgage Lending Agency chartercapital
MOSCOW. June 15 (Interfax) - Prime Minister Vladimir Putin has approved a 20-billion ruble increase in the charter capital of the Mortgage Lending Agency. (Mon, 15 Jun 2009 11:10:27 GMT)
Rockwood Amends Loan Terms
Rockwood Amends Loan Terms (Mon, 15 Jun 2009 11:12:56 GMT)
New mortgage but old life insurance policy
Q3. We purchased a life insurance policy when we took out our first mortgage. We have moved house and now have a larger mortgage over 25 years. I am still paying premiums on the existing policy. Do I need to take any action? (Mon, 15 Jun 2009 11:36:17 GMT)
Don't raid retirement to fund mortgage
Dear Dr. Don, My daughter and I would like to purchase a home together. We have been preapproved for a $400,000 loan from a mortgage brokerage firm. We have found the ideal home, but it is $50,000 above the approval amount. (Mon, 15 Jun 2009 11:43:11 GMT)
Banks take CBA lead on raising home loan rates
Westpac and National Australia Bank have followed the Commonwealth Bank in lifting their fixed-term home loan rates in the wake of the storm unleashed by the country's largest lender raising the price of its standard variable mortgages. (Mon, 15 Jun 2009 14:11:27 GMT)
Banks fall into line on home loans
WESTPAC and National Australia Bank have followed the Commonwealth Bank in raising their fixed-term home loan rates in the wake of the storm unleashed by the country's largest lender in raising the price of its standard variable mortgages. (Mon, 15 Jun 2009 14:18:15 GMT)
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