Mortgage News Jun 2009

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Get your fix before mortgage lenders close ranks
Borrowers have been urged to grab good fixed rate mortgage deals before they disappear. Last weekend, Nationwide raised its fixed rate mortgages by up to 0.86 per cent. Lloyds and Halifax followed on Monday with leaps of up to 0.7 per cent with Abbey and Alliance & Leicester acting on Tuesday with increases of up to 0.5 per cent. (Fri, 19 Jun 2009 23:27:07 GMT)

Free Mortgage Seminar Being Offered
If you're concerned about your mortgage, free advice is available next weekend. (Sat, 20 Jun 2009 05:41:41 GMT)

Mortgage tax vote insufficient; shortfall looms
A failed vote to extend the mortgage tax for two years could lead to a $200,000 loss in revenue this year and a $4 million loss next year, according to the county Budget Office. (Sat, 20 Jun 2009 07:03:50 GMT)

MPs' expenses: Rosie Winterton pays back £8250 wrongly claimed on mortgage
Rosie Winterton has paid back more than £8000 in mortgage payments that she claimed wrongly on her parliamentary expenses. (Sat, 20 Jun 2009 07:11:56 GMT)

Home buyers face paying extra £1000 for delaying mortgage decision
Home buyers face paying an extra £1000 on their mortgage by failing to secure a deal by the end of July. (Sat, 20 Jun 2009 07:46:49 GMT)

Options explored to pay off school mortgage
DEL MAR – Del Mar officials are planning to hold a series of public meetings as they decide how to pay off the $3.2 million mortgage on a picturesque school the city purchased last year for a public park. One idea under consideration is asking voters to approve bonds that would be paid off on their property tax bills. (Sat, 20 Jun 2009 09:15:25 GMT)

Options explored to pay off school mortgage
DEL MAR – Del Mar officials are planning to hold a series of public meetings as they decide how to pay off the $3.2 million mortgage on a picturesque school the city purchased last year for a public park. One idea under consideration is asking voters to approve bonds that would be paid off on their property tax bills. (Sat, 20 Jun 2009 09:16:25 GMT)

How do I ... Find the best home equity loan rate?
Comparison shopping is crucial before you borrow via a home equity loan or home equity line of credit, or HELOC. Small differences in home equity product rates can translate into big differences in interest costs over the years you'll be paying it back. (Sat, 20 Jun 2009 11:42:16 GMT)

Another mortgage fraud case in court
Another mortgage fraud criminal case has been filed in federal court, this one accusing more people affiliated with Accel Mortgage LLC with conspiracy to commit mail, wire and loan fraud. (Sat, 20 Jun 2009 12:37:38 GMT)

40-year mortgage a good deal or a joke?
It's true: A 40-year mortgage can make your monthly house payment more affordable. But mortgage brokers say such long-term loans generally aren't the best choice for most borrowers. (Sat, 20 Jun 2009 12:40:54 GMT)

Don't get caught in a mortgage fix
Nearly everybody gets the timing wrong with fixed mortgage rates. If you think you can outsmart the bank, the statistics suggest you are deluding yourself. (Sat, 20 Jun 2009 13:16:57 GMT)

Judge finds mortgage giant harassed NH woman
An Amherst, N.H., woman has won a $40,000 judgment against a mortgage giant after a judge ruled the firm harassed her by making at least 200 collection calls to her home in a year. (Sat, 20 Jun 2009 20:30:07 GMT)

Judge finds mortgage giant harassed NH woman
Associated Press - June 20, 2009 4:25 PM ET CONCORD, N.H. (AP) - An Amherst, N.H., woman has won a $40,000 judgment against a mortgage giant after a judge ruled the firm harassed her by making... (Sat, 20 Jun 2009 20:38:46 GMT)

MPs' expenses: Parmjit Dhanda repeatedly claimed wrong mortgage payments
The youngest contender to become the Speaker has repeatedly claimed the wrong amount of mortgage on his expenses. (Sat, 20 Jun 2009 21:41:59 GMT)

Judge: Mortgage Giant Harassed Woman
An Amherst woman wins a judgment against a mortgage giant after a judge ruled the firm harassed her. (Sat, 20 Jun 2009 23:05:59 GMT)

Minister's home purchases questioned in state mortgage case
A Valley preacher with a worldwide ministry and his wife were buyers of multiple homes that were purchased with deceptive mortgage applications, according to a state case accusing a mortgage firm of illegal practices. (Sun, 21 Jun 2009 02:57:38 GMT)

Mortgage companies tighten loan rules
Real estate may be showing signs of a turnaround in many local markets but the nation's largest mortgage players continue to ratchet up their underwriting rules, making... (Sun, 21 Jun 2009 04:21:28 GMT)

Mortgage rates fall from 7-month high
Rates for 30-year home loans fell back this past week after soaring to the highest level in seven months a week earlier. (Sun, 21 Jun 2009 05:18:23 GMT)

New rules create an appraisal nightmare
Question: We read your column last week about the person who was having trouble getting a copy of his appraisal. We are refinancing and we have a slightly different problem with an appraisal. We locked a loan with a mortgage company a month ago to take advantage of the low interest rates. (Sun, 21 Jun 2009 07:09:54 GMT)

Harney: Will tough mortgage rules hurt real estate recovery?
Real estate may be showing signs of a turnaround in many local markets, but the nation's largest mortgage players continue to ratchet up their underwriting rules, making home purchases more difficult for some buyers. (Sun, 21 Jun 2009 07:11:30 GMT)

Reverse mortgage help
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, 21 Jun 2009 08:00:37 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, 21 Jun 2009 08:03:38 GMT)

Minister's home purchases questioned in state mortgage case
A Valley preacher with a worldwide ministry and his wife were buyers of multiple homes that were purchased with deceptive mortgage applications, according to a state case accusing a mortgage firm of illegal practices. (Sun, 21 Jun 2009 08:12:39 GMT)

The mortgage mess -- to refinance or modify
As notice of default filings climb to unprecedented levels throughout our community, through the Western region, Florida and other parts of our country, the federal government is, once again, on it's way to the rescue. The Obama administration's "Making Home Affordable Program" claims it will save as many as nine million homeowners from foreclosure. Considering the crime that brought about the ... (Sun, 21 Jun 2009 08:45:06 GMT)

Indian origin Brit MP claimed wrong mortgage payments
London, June 21 : Indian origin British MP Parmjit Dhanda, who is the youngest contender to become the Speaker of the House of Commons, has repeatedly claimed the wrong amount of mortgage on his expenses. (Sun, 21 Jun 2009 10:25:23 GMT)

Mortgage time bomb ticks
Shirley Breitmaier's mortgage payment started out at $98 when she refinanced her three-bedroom home in Galt, Calif., in 2007. The 73-year-old widow may see it jump to $3,500 a month in two years. (Sun, 21 Jun 2009 11:16:58 GMT)

Do you need Mortgage Insurance?
For many homebuyers having a twenty percent down payment is next to impossible. (Sun, 21 Jun 2009 11:52:06 GMT)

Region's first GCC Mortgage Master Class kicks-off
The 1st GCC Mortgage Master Class hosted by Bahrain-based Sakana Holistic Housing Solutions, a 50:50 joint venture between BBK and Shamil Bank, the innovative Islamic mortgage finance provider, began on Sunday. (Sun, 21 Jun 2009 12:04:57 GMT)

The mortgage mess -- to refinance or modify
As notice of default filings climb to unprecedented levels throughout our community, through the Western region, Florida and other parts of our country, the federal government is, once again, on it's way to the rescue. The Obama administration's "Making Home Affordable Program" claims it will save as many as nine million homeowners from foreclosure. Considering the crime that brought about the ... (Sun, 21 Jun 2009 12:47:23 GMT)

Financiers extend mortgage relief plan
SMALL financiers have joined the big four banks in extending mortgage holidays to borrowers who lose their jobs and income because of the global recession. (Sun, 21 Jun 2009 14:18:14 GMT)

Do you need Mortgage Insurance?
For many homebuyers having a twenty percent down payment is next to impossible. (Sun, 21 Jun 2009 16:05:15 GMT)

'Vanilla' home loans could benefit borrowers
If President Barack Obama gets his way, consumers who take out mortgages would automatically get a "plain vanilla" loan — such as a traditional 30-year fixed-rate mortgage — unless they opted for a riskier variety. (Sun, 21 Jun 2009 19:28:26 GMT)

'Vanilla' home loans could benefit borrowers
If President Barack Obama gets his way, consumers who take out mortgages would automatically get a "plain vanilla" loan _ such as a traditional 30-year fixed-rate mortgage _ unless they opted for a riskier variety. Obama's plan to revamp financial regulation... Sponsored Topics: Mortgage - Fixed rate mortgage - Loan - Barack Obama - Business (Sun, 21 Jun 2009 20:08:18 GMT)

Australia’s Credit Unions Join Distressed Mortgage Relief Plan
June 21 (Bloomberg) -- Australia’s credit unions joined a government-led program giving mortgage-holders who lose their jobs relief from loan repayments for as long as a year. (Sun, 21 Jun 2009 20:18:41 GMT)

Desperate lenders offer £25,000 to take your mortgage away to a rival bank in bid to balance debt
Struggling mortgage firms are so keen to offload borrowers that they are offering to write off a chunk of customers' home loans if they move to a rival bank. (Sun, 21 Jun 2009 23:24:47 GMT)

Q&A: Why should I pay off a low-interest mortgage?
You benefit from paying off an older home mortgage from the change in cash flow. (Mon, 22 Jun 2009 00:36:51 GMT)

Accountant accused of role in mortgage fraud
Federal authorities have accused a Virginia accountant of writing false letters verifying the incomes of homebuyers who were caught in a mortgage fraud scheme that caused banks to lose about $3 million when their homes went into foreclosure. (Mon, 22 Jun 2009 00:42:23 GMT)

Mortgage banking firm expanding to fill void
Summit Funding Inc. is adding mortgage banking branches, hiring more employees and moving to larger headquarters in Sacramento. (Mon, 22 Jun 2009 04:01:53 GMT)

Franklin Credit hitting the streets to urge mortgage paybacks
The subprime mortgage company that brought Huntington Bancshares Inc. to its knees is pounding the pavement in an attempt boost collections on mortgages it services for the Columbus bank. (Mon, 22 Jun 2009 04:04:54 GMT)

ASIC, FLC launch reverse mortgage guide
The corporate regulator and Financial Literacy Board have launched a guide to reverse mortgage products. (Mon, 22 Jun 2009 04:36:39 GMT)

Davis hopes to bring a new brand of mortgage firm
A mortgage lender who has crammed both booms and busts into his young career is launching his own lending business — at a time when the industry is contracting. (Mon, 22 Jun 2009 04:42:53 GMT)

Debt loads, income vary in mayor's race
City Councilor Michael F. Flaherty had the highest earnings last year of any Boston mayoral candidate, but he also is carrying by far the heaviest debt load, well over $900,000 in outstanding balances on mortgage loans. (Mon, 22 Jun 2009 05:39:49 GMT)

Australian police search bureaucrat's home
Police searched the home Monday of an Australian bureaucrat in an investigation centered around an e-mail that that government claims was faked in an effort to challenge Prime Minister Kevin Rudd's honesty. (Mon, 22 Jun 2009 07:13:33 GMT)

The National Mortgage Complaint Center Wants To Team Up With Actual Law Firms To Assist Homeowners With Loan ...
According to the National Mortgage Complaint Center, "the Internet, TV and radio are filled with groups offering to do loan modifications or save a homeowner from foreclosure. There is one slight problem -- typically these are not actual law firms; more often than not, these groups are schemers trying to bilk a homeowner one last time, before they lose their home." The group says, "there will be ... (Mon, 22 Jun 2009 07:14:20 GMT)

Denmark Delivers 12% in Mortgage Bonds as World Channels Hamlet
June 22 (Bloomberg) -- To be in bonds or not to be in bonds is the question for investors worldwide amid ever-widening budget deficits that may lead to resurgent inflation. Except in Denmark, where the debt market’s Hamlets are nowhere to be found. (Mon, 22 Jun 2009 07:22:34 GMT)

Obama’s Mortgage Refinancing Program May Be Expanded (Update1)
June 19 (Bloomberg) -- Fannie Mae and Freddie Mac may get permission to begin refinancing mortgages with loan-to-value ratios above 105 percent as the Obama administration seeks to boost participation in its anti-foreclosure programs. (Mon, 22 Jun 2009 07:23:35 GMT)

'Vanilla' home loans could help borrowers
Obama plan could reduce fees for mortgage lenders If President Barack Obama gets his way, consumers who take out mortgages would automatically get a "plain vanilla" loan - such as a traditional 30-year fixed-rate mortgage - unless they opted for a riskier variety. (Mon, 22 Jun 2009 08:00:50 GMT)

Should You Refinance Your Mortgage When Interest Rates Drop?
It's not a bad idea to consider refinancing your mortgage when interest rates are low. Since the interest paid on a mortgage is one of a homeowner's biggest expenses, it makes sense to look for ways to reduce it. (Mon, 22 Jun 2009 08:05:58 GMT)

Mortgage lending falls again in May
Mortgage lending fell for the second consecutive month, dropping 2% in May, the Council of Mortgage Lenders says Mortgage lending fell for a second consecutive month in May, dropping by 2% to £10.3bn, according to figures published today by the Council of Mortgage Lenders (CML). The figure is almost 60% down on May last year when gross lending totalled £24.7bn, and 70% lower than in the summer ... (Mon, 22 Jun 2009 08:52:18 GMT)

Home repossession forecast cut by Council of Mortgage Lenders
The Council of Mortgage Lenders has cut its repossession forecast saying lower interest rates and a raft of Government initiatives were helping people stay in their homes. (Mon, 22 Jun 2009 10:11:26 GMT)

FSA refers firms to enforcement in clampdown on poor mortgage arrears handling
The latest review from the Financial Services Authority (FSA) has found continued weaknesses in the way specialist lending firms and third party administrators are handling mortgage arrears and repossessions. (Mon, 22 Jun 2009 10:56:30 GMT)

'Vanilla' home loans could benefit borrowers
If President Barack Obama gets his way, consumers who take out mortgages would automatically get a "plain vanilla" loan — such as a traditional 30-year fixed-rate mortgage — unless they opted for a riskier variety. (Mon, 22 Jun 2009 11:11:21 GMT)

Sales, mortgage taxes show drop in revenue
Erie County Comptroller Mark C. Poloncarz says he has seen further downturns in revenue from the sales tax and mortgage tax, two sources of money shared with municipalities. (Mon, 22 Jun 2009 11:12:25 GMT)

Prediction lowers mortgage originations by $700B
The Mortgage Bankers Association lowered its 2009 forecast of mortgage originations by more than $700 billion to $2.03 trillion. (Mon, 22 Jun 2009 12:00:00 GMT)

Fla. mortgage firm settles with Pa., other states
Taylor, Bean & Whitaker Mortgage Corp., of Ocala, Fla., has agreed to modify loans for homeowners and pay $9 million in fines as part of a settlement with Pennsylvania and 13 other state mortgage regulators. (Mon, 22 Jun 2009 12:00:00 GMT)

HOME MINISTRY DECLARES ALL-OUT WAR ON LOAN SHARKS
KUALA LUMPUR, June 22 (Bernama) -- The Home Ministry today declared an all-out war against "Ah Long", the loan sharks who impose exorbitant interest on their loans and get violent with borrowers and their families when the loans are not repaid on time. (Mon, 22 Jun 2009 12:32:47 GMT)

Denmark Gives 12% in Mortgage Bonds as Hamlet Rests (Update1)
June 22 (Bloomberg) -- To be in bonds or not to be in bonds is the question for investors worldwide amid ever-widening budget deficits that may lead to resurgent inflation. Except in Denmark, where the debt market’s Hamlets are nowhere to be found. (Mon, 22 Jun 2009 13:37:29 GMT)

Home loan pressure rises
THE Commonwealth Bank says it may be forced again to increase its variable mortgage rate outside of the Reserve Bank's official cycle. (Mon, 22 Jun 2009 14:00:00 GMT)

Jailbird guilty of $2m mortgage con
POLICE believe he is the head of one of Sydney's crime families, and now Nasser Kalache has been declared mastermind of a $2 million mortgage fraud that targeted the Commonwealth Bank (CBA). (Mon, 22 Jun 2009 14:01:00 GMT)

Lawmakers Looking To Expand Home Buyer Tax Credit
Several Proposals Right Now In The Senate And House Could Expand The Tax Credit To All Home Buyers Lawmakers and businesses are hoping to spark home sales by expanding a tax credit for first time home buyers. They're also looking at a plan to that would benefit current homeowners who refinance. (Mon, 22 Jun 2009 14:42:55 GMT)

State home loan lender reduces rates
State-owned home loan lender Housing and Urban Development Corp (HUDCO) has lowered interest rates by up to 125 basis points. (Mon, 22 Jun 2009 15:48:18 GMT)

'We'll pay you £25000 to take your mortgage elsewhere'
Lenders offer to write off up to £25000 of mortgage debt if customers take their business elsewhere. (Mon, 22 Jun 2009 16:09:39 GMT)

Columbia Heights Man, Facing Foreclosure, Helps the Attorney General in a Suit Against Mortgage Company
Jun. 21--Earlier this month, Mark Miernicki jumped out of his office chair and shouted when he heard the news. (Mon, 22 Jun 2009 16:24:59 GMT)

State home loan lender reduces rates
New Delhi, June 22 : State-owned home loan lender Housing and Urban Development Corp (HUDCO) has lowered interest rates by up to 125 basis points. (Mon, 22 Jun 2009 16:55:26 GMT)

Colonial Savings F.A. Sees Mortgage Lending Boom of More Than $1 Billion
Initiatives of the U.S. government to boost the nation's housing market, including record low interest rates and incentives for first time buyers, have created a lending boom in the mortgage divisions of Colonial Savings F.A., headquartered in Fort Worth, Texas. (Mon, 22 Jun 2009 18:35:00 GMT)

MBA Cuts 2009 Mortgage Origination Forecast to $2.03 Trillion
June 22 (Bloomberg) -- The Mortgage Bankers Association lowered its forecast of mortgage originations in 2009 to $2.03 trillion, a drop of over $700 billion from its March forecast. The information was disclosed in a statement e-mailed to Bloomberg. (Mon, 22 Jun 2009 18:52:03 GMT)

Mortgage Bankers Cut U.S. Loan Origination Forecast (Update1)
June 22 (Bloomberg) -- Mortgage originations in the U.S. this year may total $2.03 trillion, 27 percent less than an earlier forecast, as higher interest rates cut home refinancings, the Mortgage Bankers Association said. (Mon, 22 Jun 2009 19:03:20 GMT)

(AFX UK Focus) 2009-06-22 19:55 US mortgage group cuts loan forecast as rates jump
NEW YORK, June 22 (Reuters) - A U.S. mortgage industry group on Monday pared its earlier forecast on loan originations in 2009, prompted by a surge in mortgage rates tied to a jump in U.S. government debt yields. The Mortgage Bankers Association forecast that lenders will make $2.03 trillion in new home loans in 2009, down by more than $700 billion from its forecast in March. The ... (Mon, 22 Jun 2009 19:17:11 GMT)

La. among states settling mortgage dispute
Louisiana is one of 14 states that signed off on a settlement under which Taylor, Bean & Whitaker Mortgage Corp. will modify loans for struggling homeowners and pay $9 million in fines. (Mon, 22 Jun 2009 19:46:12 GMT)

Grassley Hosting Fundraiser With Mortgage Industry Lobbyist, Months After Opposing Cramdown
In late April, the U.S. Senate rejected an amendment to the housing bill that would have allowed bankruptcy judges to provide relief for troubled homeowners by modifying mortgage payments. (Mon, 22 Jun 2009 19:58:23 GMT)

Trade group cuts mortgage volume forecast for 2009
A key industry group on Monday slashed its estimate for mortgage volume by 27 percent because of higher interest rates and the slow start to the government's refinance program. (Mon, 22 Jun 2009 20:14:44 GMT)

U.S. mortgage group cuts loan forecast as rates jump
A U.S. mortgage industry group on Monday slashed its forecast for 2009 loan originations by more than 25 percent as higher mortgage rates depress refinancings. (Mon, 22 Jun 2009 20:15:39 GMT)

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Mortgage Rates at 4.55% APR. Refinance Now & Save $1000s! $250,000 Mortgage for $874/mo. No Closing Cost Options. Get 4 FREE Quotes! (Mon, 22 Jun 2009 20:38:17 GMT)

Trade group cuts mortgage volume forecast for 2009
A key industry group on Monday slashed its estimate for mortgage volume by 27 percent because of higher interest rates and the slow start to the government's refinance program. The Mortgage Bankers Association said it expects lenders to make $2.03 trillion in... Sponsored Topics: Mortgage Bankers Association - Mortgage - Refinancing - United States - Mortgage Rates Predictions (Mon, 22 Jun 2009 20:38:58 GMT)

(AFX UK Focus) 2009-06-22 21:26 UPDATE 1-US mortgage group cuts loan forecast as rates jump
NEW YORK, June 22 (Reuters) - A U.S. mortgage industry group on Monday slashed its forecast for 2009 loan originations by more than 25 percent as higher mortgage rates depress refinancings. The Mortgage Bankers Association estimates that lenders will make $2.03 trillion in new home loans this year, down by more than $700 billion from its forecast in March. The Washington-based group attributed ... (Mon, 22 Jun 2009 21:03:36 GMT)

Obama refis: Slow out of the gate
The Mortgage Bankers Association on Monday slashed its estimate of the number of mortgages its members will issue in 2009. One reason: Few refinancings are being done under the Obama administration's ballyhooed Home Affordable Refinance Program. (Mon, 22 Jun 2009 22:15:00 GMT)

Mortgage firm pays fine to settle state questions
Pennsylvania state regulators say a Florida-based mortgage company will pay $9 million in fines to settle questions by more than a dozen states. (Mon, 22 Jun 2009 22:54:58 GMT)

NJ, 13 other states, reach deal with mortgage firm
A Florida-based firm has agreed to pay 14 states, including New Jersey, $9 million to help them oversee the company's mortgage lending practices. (Mon, 22 Jun 2009 23:05:54 GMT)

Mortgage Bankers Cut U.S. Loan Origination Forecast (Update2)
June 22 (Bloomberg) -- Mortgage originations in the U.S. may total $2.03 trillion this year, 27 percent less than earlier forecast, as rising interest rates reduce home refinancings, the Mortgage Bankers Association said. (Tue, 23 Jun 2009 00:05:30 GMT)

Mass., other states, reach deal with mortgage firm
A Florida-based firm has agreed to pay Massachusetts and 13 other states $9 million to help them oversee the company's mortgage lending practices. (Tue, 23 Jun 2009 00:43:50 GMT)

Weakness in Mortgage Refinancing
The Mortgage Bankers Association cut its forecast of home-mortgage lending this year by 27% amid deflating hopes for a boom in refinancing. (Tue, 23 Jun 2009 04:05:05 GMT)

Confused about home loan rates? Here's help
Is your lender not reducing interest rate on your floating rate home loans? Here's what you must do. (Tue, 23 Jun 2009 04:08:21 GMT)

Home loan lender found for Canberra renters
The ACT Government has found a lender for a scheme which allows people on low incomes to take out a home loan while renting the land from the Government. (Tue, 23 Jun 2009 07:31:32 GMT)

Mortgage Forecast
Trade group cuts mortgage volume forecast for '09 (Tue, 23 Jun 2009 08:39:01 GMT)

'Steady rise' in mortgage lending
Mortgage approvals by the UK's major banks have continued the steady rise of the last six months, figures show. (Tue, 23 Jun 2009 08:50:40 GMT)

U.K. Mortgage Approvals Increased in May on Month, BBA Says
June 23 (Bloomberg) -- U.K. mortgage approvals rose in May from the previous month, the British Bankers Association said today. Total approvals were 31,162, compared with 29,018 in April, the organisation said in a statement in London. (Tue, 23 Jun 2009 08:53:14 GMT)

Eight indicted in mortgage fraud, Brooklyn DA Charles Hynes announces
Brooklyn District Attorney Charles Hynes announced Monday the indictment of eight people charged with scamming homeowners, lenders and mortgage brokers out of more than $360,000. (Tue, 23 Jun 2009 09:06:58 GMT)

UK May mortgage lending weakest in 8 years
Net mortgage lending in the United Kingdom was 2.3 billion pounds in May, the weakest monthly amount in eight years, the British Bankers Association said Tuesday. (Tue, 23 Jun 2009 09:54:36 GMT)

U.K. Mortgage Approvals Increased in May, BBA Says (Update1)
June 23 (Bloomberg) -- U.K. mortgage approvals rose in May to the highest level in more than a year as banks became more willing to lend to property buyers, the British Bankers’ Association said. (Tue, 23 Jun 2009 10:29:36 GMT)

Latest economic crisis scam is mortgage audit
The scam: The economic crisis has thrown off more than its share of frauds. Here's a new one: mortgage audits. Now that law enforcement agencies have begun to crack down on fraudulent foreclosure rescue and loan modification businesses, shady businessmen have now branched out into ''loan audits,'' according to a news release from a consulting group Mortgage Fraud Examiners. A true loan audit ... (Tue, 23 Jun 2009 10:37:00 GMT)

N.J., 13 other states, reach deal with mortgage firm
A Florida-based firm has agreed to pay 14 states, including New Jersey, $9 million to help them oversee the company's mortgage lending practices. (Tue, 23 Jun 2009 11:02:20 GMT)

Obama refis: Slow out of the gate
The Mortgage Bankers Association has slashed its estimate of the number of mortgages its members will issue in 2009. One reason: Few refinancings are being done under President Obama's ballyhooed Home Affordable Refinance Program. (Tue, 23 Jun 2009 11:40:00 GMT)

U.S. Home Resales Probably Rose as Foreclosures Reduced Prices
June 23 (Bloomberg) -- Home resales in the U.S. probably advanced for a second month in May as record foreclosures caused prices to drop, economists said before a report today. (Tue, 23 Jun 2009 12:06:56 GMT)

Rising U.K. Mortgage Approvals May Not Quell Weakness in Housing Market
British Banker?s Association reported an increase in mortgage approvals in May to the highest level since April 2008. The figure came in at 31,162 with the previous release of 27,685 revised higher to 29018. (Tue, 23 Jun 2009 12:13:41 GMT)

Positives and negatives to paying off car loan with HELOC
Q. Are there any advantages to paying off an auto loan with a home-equity line of credit. If there are, what are they? -- John... (Tue, 23 Jun 2009 12:19:38 GMT)

Economic Update - Housing Reports See Short-Term Funk, Long-Term Hope
The residential refinancing boom that budded so promisingly in the spring has wilted, according to the latest predictions by the Mortgage Bankers Association. (Tue, 23 Jun 2009 13:31:25 GMT)

Home sales rise - while prices fall 17%
Existing home sales rose in May, as increasingly affordable home prices and a first-time tax credit attracted hesitant buyers. (Tue, 23 Jun 2009 14:15:30 GMT)

U.S. mortgage bankers expect fewer home loans
The Mortgage Bankers Association is revising downward its 2009 forecast for loan originations. (Tue, 23 Jun 2009 14:36:37 GMT)

Feds to announce mortgage fraud charges
Federal authorities will detail charges against 37 people in five separate mortgage fraud cases this afternoon, the U.S. attorney's office in Chicago has announced. The schemes included attempts to fraudulently boost the prices of inner city homes, as well as deals in expensive Chicago high-rises and suburban homes, prosecutors said. Four businesses, including a title company, also were charged. ... (Tue, 23 Jun 2009 15:25:33 GMT)

NC-based mortgage insurer laying off 160 workers
North Carolina-based mortgage insurer United Guaranty says it is laying off 160 employees. The Greensboro company said Tuesday the cuts are impacting less than 15 percent of United Guaranty's total worldwide work force. (Tue, 23 Jun 2009 16:31:55 GMT)

U.S. home sales fall in May despite low prices and tax incentives
Last month was better than April, as usual, but sales nationwide fell 3.6% from a year earlier. The West bucks the trend with an 8.7% increase. U.S. home sales in May continued to fall below levels of a year ago, despite lower home prices and tax incentives for buyers, according to figures released by a trade group today. (Tue, 23 Jun 2009 17:37:01 GMT)

Reduce tenure, not EMI, when home loan rates dip
It saves a lot in final calculation. Home loan borrowers would now be heaving a sigh of relief. After over three years, home loan rates are beginning to come down as the Reserve Bank of India (RBI) has brought down benchmark rates and has been persuading banks to do so. (Tue, 23 Jun 2009 18:45:30 GMT)

Buffalo Grove couple named in mortgage-fraud indictments
A Buffalo Grove couple was prominently named in a serious of mortgage-fraud indictments released in Chicago on Tuesday by U.S. Attorney Patrick Fitzgerald. (Tue, 23 Jun 2009 19:40:59 GMT)

Feds charge 37 people, four businesses with mortgage fraud
The U.S. attorney's office today charged 37 people and four businesses with fraudulently obtaining $48 million in mortgages on homes in Chicago and the suburbs. Prosecutors detailed five separate schemes that cost mortgage lenders millions of dollars when the loans went into default and the properties were foreclosed. Among those indicted were: --LaSalle Title Co. and 18 other defendants for ... (Tue, 23 Jun 2009 19:58:37 GMT)

Obama proposes 'plain vanilla' home loans for everyone
PHOENIX -- President Barack Obama hopes to do away with some of the risky loans that have led to so many foreclosures across the country. On Monday, Obama unveiled his plans for a "plain vanilla" home loan. (Tue, 23 Jun 2009 20:00:23 GMT)

Stocks Flat Despite Rise in Home Sales
Data showing that existing home sales increased again last month were not enough to lift Wall Street today. After a day of small gains and losses, stocks finished flat this afternoon. (Tue, 23 Jun 2009 20:26:00 GMT)

Forty-One Defendants Charged In Five New Area Mortgage Fraud Cases; Two Schemes Involve Expensive Condos and Suburban ...
Forty-one defendants are facing federal charges relating to various mortgage fraud schemes in five separate cases made public today by federal law enforcement officials. In some of the schemes, the defendants were charged with falsely inflating the values of dilapidated homes in urban areas. Other schemes feature a twist where defendants were charged with deals involving million-dollar ... (Tue, 23 Jun 2009 21:40:00 GMT)

Mortgage Bankers Association expects fewer home loans
The Mortgage Bankers Association lowered its 2009 forecast for loan originations. (Tue, 23 Jun 2009 22:01:56 GMT)

DOJ: 41 Defendants Charged In Five Mortgage Fraud Cases
Federal authorities charged 41 defendants in five separate mortgage-fraud cases in the Chicago area, alleging the defendants used schemes that resulted in $48 million in fraudulently obtained mortgages issued by various lenders. (Tue, 23 Jun 2009 22:11:22 GMT)

37 charged in Ill. mortgage fraud crackdown
Two real estate companies, a title company, an investment company and 37 people have been charged in mortgage fraud cases in the Chicago area that cost lenders $48 million, federal officials announced Tuesday. (Tue, 23 Jun 2009 23:40:10 GMT)

Feds announce local mortgage fraud charges
Federal prosecutors charged 37 people and 4 businesses with mortgage fraud. (Wed, 24 Jun 2009 00:10:03 GMT)

Feds allege mortgage fraud in 5 Chicago schemes
37 people and four companies are charged in cases involving $48 million in mortgages Promising to continue to make the investigation of mortgage fraud a priority, federal authorities in Chicago announced charges in five schemes on Tuesday that involved properties ranging from dilapidated houses on the South Side to pricey condominiums in a River North high-rise. (Wed, 24 Jun 2009 03:11:07 GMT)

Sewickley woman indicted in alleged mortgage scam
A federal grand jury indicted a Sewickley woman Tuesday on mortgage fraud charges. (Wed, 24 Jun 2009 04:02:03 GMT)

Company card bill blamed on mortgage
THE former Sydney Ferries boss has blamed a mortgage and his wife's medical bills for his failure to repay a company credit card bill. (Wed, 24 Jun 2009 04:55:00 GMT)

Reduce tenure, not EMI, when home loan rates dip
Reduced EMIs may be very appealing to borrowers because of a lesser burden on a monthly basis, but there is a catch to it. If the tenure remains unchanged, there is a higher interest outgo. (Wed, 24 Jun 2009 05:54:45 GMT)

State launches more mortgage relief help
CHICAGO (AP) - Homeowners have another place to look for mortgage relief. Officials of the Illinois Housing Development Authority say people can get new information on federal resources and financial counseling as part of a Mortgage Relief Project. (Wed, 24 Jun 2009 08:03:46 GMT)

Quinn administration launches mortgage relief project to help homeowners
CHICAGO (AP) — Homeowners have another place to look for mortgage relief. (Wed, 24 Jun 2009 08:11:25 GMT)

Visa blow out: mortgage and wife's medical bills
A crippling mortgage and his wife's medical bills prevented the former chief executive of Sydney Ferries, Geoffrey Smith, from fully repaying a large personal debt he accrued on his company credit card, he says. (Wed, 24 Jun 2009 08:59:22 GMT)

Ocala mortgage lender pays $9M to settle inquiry
By Fred Hiers Staff writer Ocala-based Taylor, Bean & Whitaker Mortgage Corp. was forced this week by officials in more than a dozen states to pay a $9 million settlement, modify some of its home loans and pay for an independent firm to scour its mortgage records. (Wed, 24 Jun 2009 10:33:30 GMT)

US MBA Mortgage Survey Table Of Current Interest Rates
Change in Contract Rate (bps) Effective Total Contract 1 Week 4 Weeks 1 Year Rate Points Rate Ago Ago Ago 30-Year Fixed 5.63 0.99 5.44 -6 63 -96 15-Year Fixed 5.16 0.92 4.93 -6 49 -102 ARM, 1-Yr Tsy 6.57 0.11 6.54 0 -1 -34 FHA 203 (b) 5.69 1.07 5.51 -3 57 -91 All rates except FHA 203(b) are for 80% loan-to-value mortgage. (Wed, 24 Jun 2009 11:03:40 GMT)

US MBA Mortgage Survey Snapshot
WASHINGTON (Dow Jones)--Following is data from the Mortgage Bankers Association of America's weekly mortgage application survey, released Wednesday. (Wed, 24 Jun 2009 11:04:15 GMT)

U.S. mortgage applications climb from 7-month low
U.S. mortgage applications climbed last week from a seven-month low, the Mortgage Bankers Association said on Wednesday, adding to emerging signs that the three-year housing market collapse may be abating. (Wed, 24 Jun 2009 11:07:02 GMT)

U.S. mortgage applications climb from 7-month low
NEW YORK (Reuters) - U.S. mortgage applications climbed last week from a seven-month low, the Mortgage Bankers Association said on Wednesday, adding to emerging signs that the three-year housing market collapse may be abating. (Wed, 24 Jun 2009 11:07:02 GMT)

Week-to-week mortgage applications rise 6.6%: MBA
As interest rates charged on fixed-rate mortgages drop, mortgage applications filed last week turn higher, rising a seasonally adjusted 6.6% last week compared with the week before, data compiled by the Mortgage Bankers Association show. (Wed, 24 Jun 2009 11:22:43 GMT)

Homeowner Toolbox Finds 80% of Homeowners Denied a Loan Mod for Being Off by as Little as $10
IRVINE – Homeowner Toolbox Inc. ( www.homeownertoolbox.com ) is helping homeowners wade through the complexities associated with the loan modification process and teaches users how to avoid the roadblocks that prevent consumers from getting a modification. (Wed, 24 Jun 2009 11:48:57 GMT)

Week-To-Week Mortgage Applications Rise 6.6% -MBA
Mortgage applications filed last week increased a seasonally adjusted 6.6%, compared with the week before, as interest rates charged on fixed-rate mortgages dropped, the Mortgage Bankers Association said Wednesday. (Wed, 24 Jun 2009 11:56:32 GMT)

Mortgage Applications Buck a Four Week Losing Streak as Rates Cool
US Mortgage Applications for the week ended June 19 climbed 6.6% following four weeks of contraction in the market index. Filings for purchases of new homes came in at a 7.3% gain while refinancing grew 5.9%, the first gain for the sector in five weeks. (Wed, 24 Jun 2009 12:38:21 GMT)

State launches more mortgage relief help
Homeowners have another place to look for mortgage relief. (Wed, 24 Jun 2009 13:25:56 GMT)

Mortgage Applications Tick Up Nearly 7 Percent
(RTTNews) - Industry data released on Wednesday showed that mortgage application volume jumped nearly 7 percent last week. The Mortgage Bankers Association revealed that its market index of mortgage application volume rose 6.6 percent on a seasonally adjusted basis for the week of June 19th. (Wed, 24 Jun 2009 13:33:09 GMT)

Citi Unit Suspends Mortgage Applications: Report
Citi Unit Suspends Mortgage Applications: Report (Wed, 24 Jun 2009 13:38:43 GMT)

U.S. MBA Mortgage Applications Index Rose 6.6 Percent Last Week
June 24 (Bloomberg) -- Mortgage applications in the U.S. increased last week for the first time in a month as purchases climbed, adding to evidence the market is stabilizing. (Wed, 24 Jun 2009 14:03:45 GMT)

Mortgage Bankers Association expects fewer home loans in 2009
The Mortgage Bankers Association has lowered its 2009 forecast for loan originations. (Wed, 24 Jun 2009 14:22:57 GMT)

Obama refis: Slow out of the gate
The Mortgage Bankers Association has slashed its estimate of the number of mortgages its members will issue in 2009. One reason: Few refinancings are being done under President Obama's ballyhooed Home Affordable Refinance Program. (Wed, 24 Jun 2009 14:38:00 GMT)

Mortgage, Home Equity Direct Mail Volume Flattens Out, Points to Turnaround in Housing Industry
CHICAGO----After months of plummeting, mortgage and home equity marketing direct mail is finally leveling off. Mintel Comperemedia, a service that provides direct marketing competitive intelligence, reports that for the past six months--after more than two years of declines--the number of home loan offers sent to Americans has been flat. (Wed, 24 Jun 2009 17:53:00 GMT)

May new home sales dip 0.6 percent
New U.S. home sales dipped slightly last month, in another sign that the housing market recovery is likely to be gradual and prolonged. (Wed, 24 Jun 2009 18:09:58 GMT)

Realtors hope for easier home loan regime
COMMENT ON THIS ! Your Views! Perched in the middle of an unprecedented downturn in the sector, the real estate sector wants the budget to bring cheaper home loans, more income tax rebates on interest payment and a boost to infrastructure spending. (Wed, 24 Jun 2009 18:34:06 GMT)

Red Roof restructuring debt after mortgage defaults
Red Roof Inns Inc. said this week that it’s in talks to restructure debt after a credit rating agency disclosed the Columbus, Ohio, hotel chain is in default on four mortgage loans to the tune of $361 million. (Wed, 24 Jun 2009 19:06:52 GMT)

Former mortgage brokers launch eModfifyMyLoan
Two former mortgage bankers have created a loan modification system that mirrors the popular TurboTax software. (Wed, 24 Jun 2009 19:41:38 GMT)

Home-Price Recovery May Be Undermined by Appraisals (Update2)
June 24 (Bloomberg) -- There may be another culprit scuttling a U.S. housing recovery: low home appraisals. Flawed appraisals are derailing real estate sales and depressing values across the U.S., the National Association of Realtors said yesterday as it reported that existing home prices declined 17 percent in May from a year earlier. (Wed, 24 Jun 2009 20:08:12 GMT)

3rd Mortgage-Fraud Suspect Pleads
Another fugitive wanted for his alleged involvement in a multimillion-dollar mortgage-fraud scheme is arraigned and bonded Wednesday. (Wed, 24 Jun 2009 20:29:26 GMT)

Mortgage Applications Increase in Latest MBA Weekly Survey
RISMEDIA, June 25, 2009-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending June 19, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 548.2, an increase of 6.6% on a seasonally adjusted basis from 514.4 one week earlier. On an ... (Wed, 24 Jun 2009 21:11:34 GMT)

Mortgage-Bond Yields Climb After Fed Maintains Buying Program
June 24 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac mortgage securities climbed after the Federal Reserve left its $1.75 trillion bond-purchase program unchanged, signaling that interest rates on new home loans may increase. (Wed, 24 Jun 2009 22:22:38 GMT)

Get a mortgage, buy someone else a home
By taking out an ING mortgage, Dutch borrowers can choose to help families in Bangladesh and India build homes of their own. If they stump up 300 euros for a microloan, ING adds another 300. (Thu, 25 Jun 2009 00:11:39 GMT)

US mortgage rates drop again, why aren’t homebuyers rushing in?
Those looking to buy a home or refinance their mortgage in the US may be able to save some money this week. (Thu, 25 Jun 2009 01:08:22 GMT)

Food pantry celebrates paying off mortgage
EDWARDSVILLE - The Glen-Ed Pantry had something to celebrate this month - the fact that it finally has a permanent home in Edwardsville. It has taken nearly five years to do so, but the $325,000 mortgage on the building at 125 Fifth Ave. finally is paid off. (Thu, 25 Jun 2009 02:51:21 GMT)

More lenders raise mortgage rates
Nationwide and Woolwich raise costs of fixed-rate loans Homebuyers were dealt a fresh blow when two more leading mortgage lenders raised the cost of their most popular fixed-rate home loan deals. They were the latest in a string of increases over the past few days, and tonight there were predictions of more to come. Nationwide said it was increasing the cost of some of its fixed-rate deals by up ... (Thu, 25 Jun 2009 06:36:52 GMT)

Few takers here for mortgage aid
Although government incentives to help struggling homeowners refinance or modify their mortgages were introduced with much fanfare earlier this year, few Oklahomans have taken advantage of the program ... (Thu, 25 Jun 2009 07:33:31 GMT)

Mortgage Foreclosures
Mortgage foreclosures filed with the civil division of the Circuit Court for April 2009. Names in bold are the subject of, or have an interest in, the foreclosure action. Lighter names filed the action. Ajorgbor, Beatrice, Henry Ajorgbor, et al.; 335 Wildflower Road, Davenport; Indymac Federal Bank, FSB. (Thu, 25 Jun 2009 10:16:56 GMT)

(AFX UK Focus) 2009-06-25 11:27 BRIEF-Invesco Mortgage Capital cuts IPO to 8.5 mln from 20 mln shares
June 25 (Reuters) - Invesco Mortgage Capital Inc: (Thu, 25 Jun 2009 11:02:24 GMT)

Bankrate: Mortgage Rates Post Mixed Results
The average 30-year fixed mortgage rate was slightly higher this week, rising to 5.80 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.45 discount and origination points. (Thu, 25 Jun 2009 11:30:00 GMT)

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