Mortgage News Jul 2009

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House Democrat defends oversight of struggling mortgage buyers Fannie, Freddie
WASHINGTON - House Financial Services Chairman Barney Frank is defending Democrats' oversight of struggling mortgage buyers Fannie Mae and Freddie Mac. (Fri, 24 Jul 2009 15:21:01 GMT)

New rules on home appraisals add burden to buyers, sellers
As if selling in the current rush of bad national economic numbers wasn't hard enough, the real estate business is facing challenges from an out of control appraisal industry. It is not enough to market a home, qualify the buyer and then submit the loan for processing. Now we are faced with a new appraisal challenge. (Fri, 24 Jul 2009 15:51:19 GMT)

S&P Cuts $235 Billion of Alt-A Mortgage Bonds as Defaults Rise
July 24 (Bloomberg) -- Standard & Poor’s downgraded $235.2 billion of Alt-A mortgage bonds amid increasing delinquencies and falling home prices. Ratings were lowered on 6,198 classes of 611 deals, the New York-based ratings company said today in a statement. (Fri, 24 Jul 2009 18:22:30 GMT)

Commercial mortgage delinquency up 585%
Delinquencies on commercial mortgage backed securities soared $10 billion in June, hitting a 12-month high of almost $29 billion, according to Realpoint Research. (Fri, 24 Jul 2009 18:44:51 GMT)

Freddie Mac taps Home Retention Services to handle loan modifications
Freddie Mac has outsourced some of its mortgage modification business to Home Retention Services Inc. (FRE) (Fri, 24 Jul 2009 19:45:35 GMT)

ACORN Claims Wins In Mortgage Refinancing Crusade
An announcement that American Home Mortgage has joined the Making Home Affordable Program has prompted ACORN to claim victory in its ‘Home Wrecker Four’ campaign. (Fri, 24 Jul 2009 20:16:26 GMT)

Illinois Mortgage Relief workshop coming to Collinsville
A free workshop offering homeowners foreclosure counseling will be held next month in Collinsville. (Fri, 24 Jul 2009 20:23:28 GMT)

Jury Indicts IRS Officer in Mortgage Refi Scheme
A federal grand jury has indicted an IRS revenue officer for pressuring delinquent taxpayers to refinance their mortages with a company for which he worked on the side so they could pay their outstanding tax debts. (Fri, 24 Jul 2009 20:25:24 GMT)

Real Estate Weekly: New mortgage-disclosure rules would help consumers
The Federal Reserve Board this week proposed improving the disclosures consumers receive on their mortgages. (Fri, 24 Jul 2009 21:08:03 GMT)

Mortgage relief efforts are criticized
Senate panel hears complaints amid a new push by some lawmakers to allow bankruptcy judges to modify home loans. Federal programs aimed at modifying loans to stem foreclosures aren't working, witnesses told a Senate Judiciary subcommittee, and some lawmakers called on Congress again to pass a bill allowing bankruptcy judges to modify home loans -- a procedure known as mortgage cram-downs. (Fri, 24 Jul 2009 23:06:32 GMT)

Thousands Turn Up for Mortgage Relief
Thousands of homeowners facing ever-higher adjustable mortgage rates turned up at McCormick Place today...the first of four days of counseling on mortgage relief. More from Byron Harlan. (Sat, 25 Jul 2009 01:26:33 GMT)

Mortgage modification out of reach for some homeowners falling behind
Unemployed since last year, Greg Hall made it his job for more than two months to modify his home mortgage through president obama's "making home affordable program." (Sat, 25 Jul 2009 02:54:54 GMT)

Read the fine print in refinancing deal
Q. Our lender (a big national bank) said they can help us refinance. We'd get an $82,000 loan, at 3.25 percent interest with no closing costs. The interest rate is tied to the prime rate. Our payments would be $389 a month and we can pay more if we like as long as we keep the loan with them for two years. They said if the prime rate goes up, we can lock in a rate. Is this a good deal? (Sat, 25 Jul 2009 05:55:07 GMT)

Home foreclosures increase
GLENDALE — Home foreclosures and loan default notifications jumped by 10% in June and were 55% higher than they were a year ago, but rates remain far lower in Glendale, Burbank and La Cañada Flintridge than averages for Los Angeles County and California, according to real estate firm RealtyTrac. (Sat, 25 Jul 2009 06:04:12 GMT)

Mortgage Relief workshop to be held in Collinsville
A free workshop offering homeowners foreclosure counseling and advice will be held next month in Collinsville. (Sat, 25 Jul 2009 08:03:28 GMT)

Commercial mortgage delinquency up 585%
Delinquencies on commercial mortgage backed securities soared $10 billion in June, hitting a 12-month high of almost $29 billion, according to Realpoint Research. (Sat, 25 Jul 2009 08:14:57 GMT)

Mortgage information available on the Web
Several Web sites provide tips and information about qualifying for a mortgage. (Sat, 25 Jul 2009 09:17:12 GMT)

Expansion of Home Affordable Refinance Program announced
During a press conference held in Las Vegas July 1, United States Housing and Urban Development Secretary Shaun Donovan announced an expansion of the Obama Administration's Home Affordable Refinance Program to include participation by borrowers who are current but up to 125 percent underwater on their mortgage. Under authorization provided by the Federal Housing Finance Agency, borrowers whose ... (Sat, 25 Jul 2009 09:32:05 GMT)

Mortgage rates down for 4th week
Mortgage rates moved down very slightly in a week that wasn't newsy. (Sat, 25 Jul 2009 09:32:36 GMT)

PNC plans to merge mortgage centers
More than 90 National City mortgage-processing operations will be consolidated into the Pittsburgh and Chicago offices of PNC Financial Services Group. (Sat, 25 Jul 2009 09:50:19 GMT)

Chino Hills woman pleads guilty to forging home loans
SAN BERNARDINO - A Chino Hills real estate agent who forged more than $900,000 in loan documents to purchase a home pleaded guilty to two felonies Friday in San Bernardino Superior Court. (Sat, 25 Jul 2009 17:16:14 GMT)

Traveling Road Show Brings Mortgage Relief to Chicago
Need help with your mortgage? The Neighborhood Assistance Corporation of America is traveling from city to city, state to state, bringing relief. It's lowering rates and switching adjustable rate mortgages to fixed mortgages. More than 250 counselors and 12 different... (Sat, 25 Jul 2009 18:18:35 GMT)

Mortgage Fair Attracts Hundreds
The Feinstein Elementary School gym was packed Saturday with people hoping to get some insight into their mortgage problems. KCBS’ Margie Shafer Reports (Sat, 25 Jul 2009 20:44:49 GMT)

Officials say most mortgage consultants not following law
State officials said most mortgage modification and foreclosure consultants are not complying with a new Nevada law requiring them to obtain licenses. (Sat, 25 Jul 2009 21:27:08 GMT)

Refinance help is available
State and federal law enforcement officials across the country are teaming up to stop despondent homeowners from needlessly shelling out thousands of dollars in an attempt to save their homes from foreclosure. (Sat, 25 Jul 2009 21:33:45 GMT)

Chino Hills woman pleads guilty to forging home loans
SAN BERNARDINO - A Chino Hills real estate agent who forged more than $900,000 in loan documents to purchase a home pleaded guilty to two felonies Friday in San Bernardino Superior (Sat, 25 Jul 2009 22:54:58 GMT)

Church buying property, taking over city’s mortgage
LIMA — The city plans to enter into a mortgage agreement with Phillippian Missionary Baptist Church, allowing the church to buy the property. The city holds a mortgage and promissory note to property at 1701 S. Union St., a 1.5-acre parcel (Sun, 26 Jul 2009 00:25:45 GMT)

Far from home, close to heaven
Judy Crowder keeps a large Louisville Bats schedule poster in the kitchen of her home in Henryville, Ind. When the Bats win, she and her husband, Charlie, mark that poster with a big "W." When the Bats lose, they frown and scribble an "L." (Sun, 26 Jul 2009 03:40:12 GMT)

Home buyers: ‘A great time to buy,’ but be realistic
The odds are stacked in favor of home buyers in the current real estate market. (Sun, 26 Jul 2009 04:01:59 GMT)

Cash-outs trade money for equity
Question: We are interested in doing a "cash out" refinance on our home. Are there any risks involved with this type of refinancing? (Sun, 26 Jul 2009 04:10:16 GMT)

Beware bogus loan, e-mail enticements
Beware bogus loan and IRS enticements Scams abound. Be on the alert for these, consumers. About four months ago, a Varina resident got a solicitation from a company offering to help her get a mortgage-loan modification. The resident, who was not facing foreclosure but wanted better loan terms, decided to try the company out to see what it could do for her. The company offered its services for ... (Sun, 26 Jul 2009 04:18:35 GMT)

Red Rose Commons: refinancing
A spokesman for the owners of Red Rose Commons shopping center in Manheim Township said the company hopes both to refinance the outdoor shopping center and fill its two vacancies in the coming months.As reported in the Sunday News last week, Bank of America filed a foreclosure action against Red Ros... (Sun, 26 Jul 2009 04:35:25 GMT)

Home foreclosures increase
GLENDALE — Home foreclosures and loan default notifications jumped by 10% in June and were 55% higher than they were a year ago, but rates remain far lower in Glendale, Burbank and La Cañada Flintridge than averages for Los Angeles County and California, according to real estate firm RealtyTrac. (Sun, 26 Jul 2009 06:04:07 GMT)

Chase adds 250 mortgage jobs
JPMorgan Chase & Co., already northeastern Louisiana's second-largest private employer, is adding 250 jobs at the company's mortgage records center in the Monroe Air Industrial Park. (Sun, 26 Jul 2009 06:25:32 GMT)

Bankruptcy and mortgage refinancing
Q: Will bankruptcy prevent me from refinancing my mortgage even if I'm always on time with my payments?— Darrell W., Denver (Sun, 26 Jul 2009 07:18:34 GMT)

As house appraisals reforms appear to backfire, Realtors and home builders seek moratorium
Jon M. Brouwer | The Grand Rapids Press Way too low: Geary Farrell was shocked at the appraisal of his house on Fennessy Lake in Tallmadge Township. Geary Farrell was shocked when a recent appraisal for a refinance put a... (Sun, 26 Jul 2009 07:59:25 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, 26 Jul 2009 08:04:02 GMT)

Don't fall for mortgage ‘rescues'
WASHINGTON State and federal law enforcement officials across the country are teaming up to stop homeowners from needlessly shelling out thousands of dollars in an attempt to save their homes from foreclosure. (Sun, 26 Jul 2009 08:41:51 GMT)

Frustrated home seekers find that prices are rising
Each time Lance and Kelli Thorson thought they had found their first home, someone would outbid them. (Sun, 26 Jul 2009 08:45:32 GMT)

Mortgage lender to pay restitution
A national mortgage lender has been ordered to pay $6.6 million to 3,674 Michigan borrowers in restitution as part of a settlement, according to Michigan Attorney General Mike Cox's office. (Sun, 26 Jul 2009 10:20:04 GMT)

Mortgage rates inch upward
Rates for 30-year mortgages have edged up after falling for three consecutive weeks. The average rate for a 30-year fixed mortgage last week was 5.2 percent, up from 5.14 percent a week earlier, mortgage company Freddie Mac said Thursday. Rates on 30-year... (Sun, 26 Jul 2009 10:54:29 GMT)

Reports show U.S. home market recovering
We track local and national home-price and sales information on a regular basis, and the most recent reports seem to provide more evidence that the home market has bottomed out and could be headed for a recovery. (Sun, 26 Jul 2009 11:17:25 GMT)

Home buyer's grant builds a future
Will Robinson has ensured his family’s future, but without the $21,000 first home buyer’s grant, entering the property market would have been “almost impossible” for Will and his wife. (Sun, 26 Jul 2009 14:13:33 GMT)

Chesco bank buys mortgage company
Journal Register News Service WEST CHESTER — The parent company of First National Bank of Chester County said Wednesday it has acquired a Columbia, Md., mortgage company. (Sun, 26 Jul 2009 15:11:48 GMT)

Home foreclosures increase
GLENDALE — Home foreclosures and loan default notifications jumped by 10% in June and were 55% higher than they were a year ago, but rates remain far lower in Glendale, Burbank and La Cañada Flintridge than averages for Los Angeles County and California, according to real estate firm RealtyTrac. (Sun, 26 Jul 2009 18:02:39 GMT)

Fed Plans Consumer-Friendly Changes to Mortgage Rules
RISMEDIA, July 27, 2009-(MCT)-Federal Reserve governors unanimously proposed tough new consumer-friendly disclosure rules for mortgages and home equity loans last week, tackling one of the less-appreciated causes of the nation's deep financial crisis. After 18 months of study and consumer testing, the Fed's division of consumer affairs proposed, and governors accepted, a ... (Sun, 26 Jul 2009 18:26:44 GMT)

HOME PAGE
Finance Ministry to work on quantum of funds for AI New Delhi, July 25 The quantum of funds that the Government could provide Air India as loan and as fresh equity infusion is likely to become clear by the time the next meeting of the Committee of Secretaries, headed by the Cabinet ... (Sun, 26 Jul 2009 19:09:02 GMT)

Going to great heights for a loan
Al Smith says he will stay on the roof of his Fairfield business on Ohio 4 as long as it takes to get a loan to save his carpet stores. (Sun, 26 Jul 2009 19:58:53 GMT)

Mortgage lender to pay restitution
A national mortgage lender has been ordered to pay $6.6 million to 3,674 Michigan borrowers in restitution as part of a settlement, according to Michigan Attorney General Mike Cox's office. (Sun, 26 Jul 2009 20:04:08 GMT)

First Chester unit acquires mortgage originator
West Chester, Pa. - First Chester County Corporation and its wholly owned subsidiary, First National Bank of Chester County, announced that Capital Mortgage Finance Corp. has joined the American Home Bank (AHB) division of First National Bank of Chester County. (Sun, 26 Jul 2009 21:36:24 GMT)

If you ask, you may be able to modify
Since the mortgage meltdown started, a number of government and private-sector rescue plans have become available to alternatively help homeowners avoid foreclosure, refinance their existing loan in the face of declining values or modify their existing loan to more suitable terms. (Sun, 26 Jul 2009 22:24:40 GMT)

Kiwi home loan resets should ease pain
• RBNZ officials are “disappointed” banks are not passing on official cash rate (OCR) cuts • Fixed mortgage rates, however, are about to be reset at much lower levels • Lower effective mortgage rates and stabilization in housing market ... (Sun, 26 Jul 2009 23:10:45 GMT)

Mortgage trap that looms for right-to-buy homeowners
Survey reveals level of risk facing ex-tenants who purchase their council property. Jamie Elliott reports People who buy their council property under right-to-buy schemes are far more likely than other homeowners to get into mortgage arrears and risk losing their homes. A survey of almost 2,000 mortgage holders carried out by the campaign group Consumer Focus between March and May found that ... (Sun, 26 Jul 2009 23:45:30 GMT)

Royal Bank of Scotland tactics in the spotlight as personal loan debts balloon
One RBS customer saw the amount he owed rise from £16,000 to £153,000. Rupert Jones reports Royal Bank of Scotland is facing questions about how it allowed a £16,000 loan, taken out by a customer who now has serious health problems, to balloon into a "monster" £153,000 debt. Solicitors for John Green, from Woodsetton in Dudley, West Midlands, say it is "scandalous" that the state-controlled bank ... (Mon, 27 Jul 2009 00:04:09 GMT)

Mike Ashley loan to chairman casts shadow over JJB Sports AGM
The veteran businessman Sir David Jones issued a mea culpa , but denied that his position had been compromised by the loan from Mike Ashley JJB Sports investors today gave Sir David Jones, the company's embattled executive chairman, their blessing to stay at the helm of the business despite damaging allegations about his financial dealings with his business rival Mike Ashley. The company sought ... (Mon, 27 Jul 2009 01:09:14 GMT)

Gold dealer is accused of financial fraud
TAMPA, Fla., July 26 (UPI) -- A Tampa, Fla., gold and coin dealer is accused of financing a palatial home with collateral from a business loan, a spokesman for Boston's Sovereign Bank said. (Mon, 27 Jul 2009 02:17:50 GMT)

Mortgage lender hosting seminar for first-time home buyers at the Pasadena Central Library
Sandra Tupurins, a local mortgage lender, will hold a seminar for first-time home buyers from 5:45 p.m. to 8:30 p.m. tonight at the Pasadena Central Library, 285 E. Walnut St. (Mon, 27 Jul 2009 02:25:08 GMT)

Lending slowdown in US: report
Leading US banks are not lending as much as bankers and borrowers refrain from taking risks in the uncertain economy, The Wall Street Journal reported. (Mon, 27 Jul 2009 03:41:17 GMT)

Freddie Mac taps Home Retention Services to handle loan modifications
Freddie Mac has outsourced some of it mortgage modification business to Home Retention Services Inc. (FRE) (Mon, 27 Jul 2009 03:50:02 GMT)

Half of state’s mortgage brokers may lose licenses
About half of Colorado’s 8,729 licensed mortgage brokers have failed to pass a required exam and may lose their licenses on Aug. 31, which could have a tremendous impact on Colorado’s real estate market. (Mon, 27 Jul 2009 04:28:43 GMT)

Home foreclosures increase
GLENDALE — Home foreclosures and loan default notifications jumped by 10% in June and were 55% higher than they were a year ago, but rates remain far lower in Glendale, Burbank and La Cañada Flintridge than averages for Los Angeles County and California, according to real estate firm RealtyTrac. (Mon, 27 Jul 2009 05:57:59 GMT)

(AFX UK Focus) 2009-07-27 06:29 Macquarie Countrywide plans A$ CMBS refinancing
SYDNEY, July 27 (Reuters) - Australian shopping centre investor Macquarie Countrywide Trust is in talks with debt investors to refinance an issue backed by commercial mortgages, it said on Monday. (Mon, 27 Jul 2009 06:02:08 GMT)

The National Mortgage Complaint Center Wants To Hear From Homeowners Suffering Because WA MU/Chase & Other Banks ...
The National Mortgage Complaint Center is dramatically expanding its national investigation of WA MU/Chase, & other major US banks, for cutting the home equity lines of credit (HELOC's) of homeowners, who had east 50% equity in their homes, and perfect, or near perfect credit. (Mon, 27 Jul 2009 07:01:00 GMT)

4 new rules for refinancing your home
Read what's really going on before you try to redo your home loan (Mon, 27 Jul 2009 07:11:40 GMT)

CAM plans for Crédito Inmobiliario
In a difficult moment for Mexican mortgage lenders, Spain's Caja de Ahorros del Mediterráneo (CAM) has stepped into the market with the acquisition of Mexican non-bank lender Crédito Inmobiliario (CI), which focuses on mortgages to low-income individuals and construction financing to housing developers. (Mon, 27 Jul 2009 07:34:13 GMT)

The National Mortgage Complaint Center Wants To Hear From Homeowners Suffering Because WA MU/Chase & Other Banks ...
The National Mortgage Complaint Center is dramatically expanding its national investigation of WA MU/Chase, & other major US banks, for cutting the home equity lines of credit (HELOC's) of homeowners, who had east 50% equity in their homes, and perfect, or near perfect credit. According to the group, "lowering, or eliminating pre-existing home equity lines of credit has hurt thousands of small ... (Mon, 27 Jul 2009 07:56:04 GMT)

Darling's anger as bailed-out banks bump up loan rates
Banks that have received billions from the taxpayer are now ramping up loan rates to maximise profits, Alistair Darling has admitted. (Mon, 27 Jul 2009 08:10:46 GMT)

Loan plan paves way for waterfront makeover
SAN DIEGO: The first leg of San Diego's waterfront makeover will start later this year, as planned, after two public agencies agreed last week on a loan payback plan that frees up the $28 million needed for the project. (Mon, 27 Jul 2009 09:14:12 GMT)

New rule on appraisers burdens home buyer
Until recently, most people gave my chosen profession little thought or consideration. For 20 years I have conscientiously measured houses, fought off the occasional dog and turned a blind eye to partially dressed home owners. (Mon, 27 Jul 2009 09:25:08 GMT)

Bristol City aim for Lejsal loan
Bristol City start talks with Czech goalkeeper Martin Lejsal about a loan move to Ashton Gate. (Mon, 27 Jul 2009 09:31:57 GMT)

Monthly mortgage payments beat lump sum
Making extra monthly mortgage principal payments may be a better plan than a lump-sum approach. (Mon, 27 Jul 2009 10:00:00 GMT)

Refi second mortgage to pay off card debt
Paying off your credit card is only half the task. Don't start the cycle over by creating new debt. (Mon, 27 Jul 2009 10:00:00 GMT)

Hong Kong New Mortgage Loans Approvals Rise to Record (Update1)
July 27 (Bloomberg) -- New mortgage loans approved in Hong Kong jumped to a record HK$38.4 billion ($5 billion) in June, as low borrowing costs and rising home prices fueled demand. (Mon, 27 Jul 2009 10:28:26 GMT)

GBP/USD: Trading the Change in U.K. Mortgage Approvals
Mortgage approvals in the U.K. are expected to improve for the fifth consecutive month in June, with economists forecasting a rise to 47.0K from 43.4K in the previous month, and a rebound in lending activity is likely to encourage an enhanced outlook for future growth as policymakers anticipate the economy to emerge from the recession later this year. (Mon, 27 Jul 2009 10:38:31 GMT)

Does new appraisal rule help or harm home buyers?
New rules aimed at making home appraisals more accurate are raising costs and prompting longer waits to get to the closing table, some in the mortgage industry say. (Mon, 27 Jul 2009 11:07:43 GMT)

Mortgage rates little changed
Long-term mortgage rates rose just a fraction this week, and remain well below year-ago levels. (FRE) (Mon, 27 Jul 2009 11:41:07 GMT)

Refi second mortgage to pay off card debt
Dear Debt Adviser, Does anybody ever refinance a second mortgage? Our original mortgage is at 5.625 percent and we are fine with it. Four years ago, I took out a second mortgage when my husband went to graduate school, and I was faced with paying all of the bills by myself. (Mon, 27 Jul 2009 11:44:05 GMT)

Monthly mortgage payments beat lump sum
Dear Dr. Don, We recently closed on a 20-year mortgage. We would like to pay it off in just over 10 years by adding an extra $415 per month to the principal. (Mon, 27 Jul 2009 11:44:26 GMT)

Insurance Rates Search
This is the daily overnight average for auto insurance for a 30-year-old couple. A mortgage broker can be a big help on a land refinance that includes a so-called "story loan." (Mon, 27 Jul 2009 11:44:39 GMT)

The Hidden Reason for All Those Mortgage Defaults
One out of four homeowners defaulting on their mortgage today is doing so, especially when their house is worth less than the balance on the loan. (Mon, 27 Jul 2009 12:56:47 GMT)

Jury Indicts IRS Officer in Mortgage Refi Scheme
A federal grand jury has indicted an IRS revenue officer for pressuring delinquent taxpayers to refinance their mortages with a company for which he worked on the side so they could pay their outstanding tax debts. (Mon, 27 Jul 2009 13:21:06 GMT)

Hong Kong New Mortgage Loans Drawn Down Increase In June
(RTTNews) - Monday, the Hong Kong Monetary Authority said in a report that the value of new residential mortgage loans drawn down increased 34.4% month-on-month in June, compared with the 42.5% growth in the previous month. (Mon, 27 Jul 2009 14:22:36 GMT)

Hong Kong New Mortgage Loans Approvals Rise to Record (Update1)
July 27 (Bloomberg) -- New mortgage loans approved in Hong Kong jumped to a record HK$38.4 billion ($5 billion) in June, as low borrowing costs and rising home prices fueled demand. (Mon, 27 Jul 2009 14:24:03 GMT)

India Cuts Home Loan Rates, Some Taxes to Boost Growth Further
July 27 (Bloomberg) -- India’s Finance Minister Pranab Mukherjee today lowered the interest rate on some home loans and reduced the tax burden for select industries, adding to four stimulus packages to revive a slowing economy. (Mon, 27 Jul 2009 14:42:35 GMT)

Workshop to focus on mortgage relief
The state will host a free Mortgage Relief Project workshop in Collinsville. (Mon, 27 Jul 2009 15:23:45 GMT)

Chesco bank buys mortgage company
Journal Register News Service WEST CHESTER — The parent company of First National Bank of Chester County said Wednesday it has acquired a Columbia, Md., mortgage company. (Mon, 27 Jul 2009 15:41:48 GMT)

Home foreclosures increase
GLENDALE — Home foreclosures and loan default notifications jumped by 10% in June and were 55% higher than they were a year ago, but rates remain far lower in Glendale, Burbank and La Cañada Flintridge than averages for Los Angeles County and California, according to real estate firm RealtyTrac. (Mon, 27 Jul 2009 15:42:59 GMT)

U.S. home sales signal worst could be over 
Improved home sales signalled the worst could be over for the U.S. housing market, but reduced outlooks by diversified manufacturer Honeywell and health insurer Aetna kept Wall Street investors cautious on Monday. (Mon, 27 Jul 2009 16:07:00 GMT)

Wells Fargo Buys Mortgage Bonds as Defaults Rise, Sloan Says
July 27 (Bloomberg) -- Wells Fargo & Co., the bank that boosted its U.S. property-related holdings by acquiring rival Wachovia Corp., is adding to those investments with purchases of mortgage-backed bonds, even as Federal Reserve Chairman Ben S. Bernanke warns of another wave of defaults. (Mon, 27 Jul 2009 16:48:50 GMT)

My Turn: Mortgage and Marriage Modifcation
What if your husband secretly raided your bank accounts and maxed out your credit lines? How would you bail out your relationship and your finances? (Mon, 27 Jul 2009 17:03:26 GMT)

Free mortgage help Monday afternoon
KUSA - 9NEWS and Rocky Mountain PBS will offer help to homeowners who are facing the mortgage crisis. (Mon, 27 Jul 2009 18:40:25 GMT)

Business Owner To Stay On Roof Until Loan Approved
The owner of a carpet retailer says he'll live on the roof of his Fairfield store until a bank loan comes through to save his company. (Mon, 27 Jul 2009 18:50:07 GMT)

NorthMarq arranges mortgage for Woodmoor
Woodmoor Shopping Center in Silver Spring has scored $7.5 million in first mortgage financing. (Mon, 27 Jul 2009 19:14:54 GMT)

(AFX UK Focus) 2009-07-27 19:51 Wells Fargo buys mortgage bonds - report
NEW YORK, July 27 (Reuters) - Wells Fargo & Co, the largest U.S. home loan provider, is buying commercial mortgage-backed bonds because it believes the prices are good, Bloomberg News said on Monday, citing an interview with a senior executive at the bank. The purchases come after the fourth-largest U.S. bank by assets reported a 6.6 percent increase last quarter to $41.26 billion in its ... (Mon, 27 Jul 2009 19:17:56 GMT)

Conway Plans $1.64M Payout To Mortgage Borrowers
Attorney General Jack Conway announced recently that some Kentucky consumers who had home mortgage loans with Countrywide Mortgage Company will be able to make claims beginning this week as part of the settlement agreement with Countrywide over allegations of predatory lending practices. (Mon, 27 Jul 2009 20:01:11 GMT)

Commercial mortgage delinquency rises 585 percent
Delinquencies on commercial mortgage-backed securities soared $10 billion in June, hitting a 12-month high of almost $29 billion, according to Realpoint Research. (Mon, 27 Jul 2009 20:13:08 GMT)

AP IMPACT: Loan official says Dodd, Conrad were told they were getting VIP home loan deals
WASHINGTON - Despite their denials, influential Democratic Sens. Kent Conrad and Chris Dodd were told from the start they were getting VIP mortgage discounts from one of the nation's largest lenders, the official who handled their loans has told Congress in secret testimony. (Mon, 27 Jul 2009 21:00:51 GMT)

Former Lee’s Summit man admits $2.7 million in mortgage fraud
A former Kansas City area mortgage broker pleaded guilty today to fraudulently obtaining nearly $2.7 million in mortgage loans. Matthew Tucker, 31, a California resident who formerly lived in Lee’s Summit, pleaded guilty in U.S. District Court in Kansas City to a charge of conspiracy to commit wire fraud. (Mon, 27 Jul 2009 21:14:28 GMT)

Man To Live On Roof Until Loan Is Approved
The owner of a carpet retailer says he'll live on the roof of his store until a bank loan comes through to save his company. (Mon, 27 Jul 2009 21:16:35 GMT)

First-Time Homebuyers Have Unique Advantage in Mortgage Market
RISMEDIA, July 28, 2009-(MCT)-First-time homebuyers and those thinking about refinancing are in a great place. Mortgage rates just fell for the third straight week, according to mortgage finance firm Freddie Mac. "The credit markets are still tight, but they have loosened up significantly from 90 days ago," said Scott Norman, vice president ... (Mon, 27 Jul 2009 21:57:14 GMT)

Official: Dodd, Conrad Knew Of Sweetened Home Loan Deals
Loan official says Dodd, Conrad were told they were getting VIP home loan deals. (Mon, 27 Jul 2009 21:59:25 GMT)

The great home lending rip-off: Families pay £1,800 a year too much on mortgage
All the big lenders, including those saved from ruin by the taxpayer, are ramping up loan rates at the expense of families and businesses, a Daily Mail analysis has found. (Mon, 27 Jul 2009 22:58:12 GMT)

Qatar Development Bank to work two shifts to disburse home loan
DOHA: Tasked with disbursing housing loans worth an astronomical over QR3.26bn to more than 5,000 eligible citizens whose names have already been announced, the Qatar Development Bank (QDB) has said it will be working in two shifts from August 1 when the registration for the largest-ever state initiative to provide soft home loans to nationals begins. (Mon, 27 Jul 2009 23:29:50 GMT)

Mortgage Servicers Set To Defend Record At Treasury Meeting
WASHINGTON -(Dow Jones)- Executives from 25 mortgage servicers are set to defend their record helping strapped borrowers at a meeting with top administration officials Tuesday. (Mon, 27 Jul 2009 23:41:27 GMT)

Bank of Montreal cuts five-year closed variable mortgage rate to 2.65 per cent
TORONTO - The Bank of Montreal (TSX:BMO) cut its residential variable mortgage rate, effective Tuesday. (Mon, 27 Jul 2009 23:42:00 GMT)

Bank of Montreal cuts five-year closed variable mortgage rate to 2.65 per cent
TORONTO - The Bank of Montreal (TSX:BMO) cut its residential variable mortgage rate, effective Tuesday.The bank said its posted rate for a (Mon, 27 Jul 2009 23:47:24 GMT)

Dealer Seeks $250K Interest-Free Loan From Concord
A Concord GM dealership wants a $250,000, zero interest loan from the city to help spruce up its operation, and the proposal is stirring some outrage among residents. (Tue, 28 Jul 2009 01:25:33 GMT)

AP IMPACT: Dodd, Conrad told deals were sweetened
Despite their denials, influential Democratic Sens. Kent Conrad and Chris Dodd were told from the start they were getting VIP mortgage discounts from one of the nation's largest lenders, the official who handled their loans has told Congress in secret testimony. (Tue, 28 Jul 2009 01:52:14 GMT)

FOXBusiness: VIP Mortgage Customers Knew Terms
According to a Republican staff report from the House Oversight and Government Reform Committee, influential officials who received discounted Countrywide Financial mortgages knew of their preferential treatment, and sometimes even requested it from company executives. (Tue, 28 Jul 2009 01:58:24 GMT)

VIP mortgage discounts no surprise to senators, loan official says
Lauren Victoria Burke/The Associated Press archiveSen. Kent Conrad, D-N.D., chairman of the Senate Budget Committee, was in the program known as 'friends of Angelo.' WASHINGTON -- Despite their denials, influential Democratic Sens. Kent Conrad and Chris Dodd were told from... (Tue, 28 Jul 2009 02:00:40 GMT)

Wells Fargo Buys Mortgage Bonds as Defaults Rise (Update1)
July 27 (Bloomberg) -- Wells Fargo & Co., the bank that boosted its U.S. property-related holdings by acquiring rival Wachovia Corp., is adding to those investments with purchases of mortgage-backed bonds, even as Federal Reserve Chairman Ben S. Bernanke warns of another wave of defaults. (Tue, 28 Jul 2009 02:26:17 GMT)

Brockton homeowner heads to D.C. for mortgage justice
As federal officials meet behind closed doors today to press loan servicers to throw struggling homeowners a lifeline, a Brockton school bus driver will share his mortgage... (Tue, 28 Jul 2009 04:30:37 GMT)

81 mortgage companies being investigated
Florida attorney general investigating 81 mortgage modification companies State regulators are pressing their case against four South Florida foreclosure rescue companies this week, as federal regulators crack down on an industry that they say is taking millions from desperate homeowners but doing little or nothing for them. (Tue, 28 Jul 2009 04:42:00 GMT)

Home foreclosures increase
GLENDALE — Home foreclosures and loan default notifications jumped by 10% in June and were 55% higher than they were a year ago, but rates remain far lower in Glendale, Burbank and La Cañada Flintridge than averages for Los Angeles County and California, according to real estate firm RealtyTrac. (Tue, 28 Jul 2009 05:58:38 GMT)

6 linked to $1M mortgage swindle
Six people linked to a Hasbrouck Heights mortgage company have been charged by federal authorities with fleecing distressed homeowners out of a total of $1 million in a foreclosure rescue scheme. (Tue, 28 Jul 2009 05:58:51 GMT)

Senators' mortgage discounts questioned
WASHINGTON — Despite their denials, influential Democratic Sens. Kent Conrad, D-N.D., and Chris Dodd, D-Conn., were told from the start they were getting VIP mortgage discounts from one of the nation's largest lenders, the official who handled their loans has told Congress in secret testimony. (Tue, 28 Jul 2009 07:20:58 GMT)

Dodd, Conrad told mortgage deals were sweetened
WASHINGTON ---- Despite their denials, influential Democratic Sens. Kent Conrad and Chris Dodd were told from the start they were getting VIP mortgage discounts from one of the nation's largest lenders, the official who handled their loans has told Congress in secret testimony. (Tue, 28 Jul 2009 07:43:31 GMT)

LOAN OFFICER: DODD KNEW HE GOT VIP DEAL
Despite his denials, Connecticut Sen. Chris Dodd knew from the start he was getting a VIP mortgage break from a major lending group, an official involved in the loan testified secretly to Congress. Dodd and Sen. Kent Conrad (D-ND) both got... (Tue, 28 Jul 2009 10:46:40 GMT)

6 linked to $1M mortgage swindle
The FBI said mortgage broker Daniel Verdia promised to help five financially ailing homeowners by either selling or refinancing their homes. (Tue, 28 Jul 2009 10:57:41 GMT)

BBVA Profit Gains as Loan Income Counters Provisions (Update2)
July 28 (Bloomberg) -- Banco Bilbao Vizcaya Argentaria SA , Spain’s second-biggest lender, said quarterly profit climbed 34 percent on higher loan revenue and after a one-time charge cut earnings a year earlier. (Tue, 28 Jul 2009 10:59:29 GMT)

Dodd, Conrad Knew They Got Mortgage Deals
Powerful Senators Treated as "Friends of Angelo" - Countrywide Financial CEO Mozilo (Tue, 28 Jul 2009 11:00:07 GMT)

Feds charge Bergen County mortgage company with $1M foreclosure rescue scheme
Federal authorities charged six people linked to a Bergen County company with duping struggling homeowners out of a total of $1 million in a foreclosure-rescue scheme, a report in the Record said. According to the report, authorities allege mortgage broker... (Tue, 28 Jul 2009 11:54:24 GMT)

THE NOTE: Loan Officer Says Sens. Conrad and Dodd Knew About their "VIP" Loans
Excerpts from the loan officer's deposition testimony suggest the senators knew what they were doing. (Tue, 28 Jul 2009 11:59:25 GMT)

Loan official: Sens. Conrad and Dodd informed they were getting VIP home loan deals
WASHINGTON - Two influential Senate committee chairmen were told they were getting special VIP deals when they applied for mortgages, an official who handled their loans told Congress in closed-door testimony. (Tue, 28 Jul 2009 12:01:00 GMT)

Excerpts from testimony on Dodd loan
Closed-door testimony asserting that Sen. Dodd and Sen. Conrad knew they were getting discounts on home-loan terms. (Tue, 28 Jul 2009 12:48:30 GMT)

Workshop to focus on mortgage relief
The state will host a free Mortgage Relief Project workshop in Collinsville. (Tue, 28 Jul 2009 14:23:26 GMT)

My Turn: Mortgage and Marriage Modifcation
What if your husband secretly raided your bank accounts and maxed out your credit lines? How would you bail out your relationship and your finances? (Tue, 28 Jul 2009 14:33:18 GMT)

Chesco bank buys mortgage company
Journal Register News Service WEST CHESTER — The parent company of First National Bank of Chester County said Wednesday it has acquired a Columbia, Md., mortgage company. (Tue, 28 Jul 2009 15:56:56 GMT)

BBVA Profit Gains as Loan Income Counters Provisions (Update3)
July 28 (Bloomberg) -- Banco Bilbao Vizcaya Argentaria SA , Spain’s second-biggest lender, said quarterly profit climbed 34 percent on higher loan revenue and after a one-time charge cut earnings a year earlier. (Tue, 28 Jul 2009 16:14:14 GMT)

Bank mortgage data seen upbeat
The Bank of England is set to release a raft of mortgage, credit and money supply data on Wednesday, offering a last glimpse at the effectiveness of its quantitative easing scheme before its August 5-6 policy meeting. (Tue, 28 Jul 2009 17:58:00 GMT)

Home foreclosures increase
GLENDALE — Home foreclosures and loan default notifications jumped by 10% in June and were 55% higher than they were a year ago, but rates remain far lower in Glendale, Burbank and La Cañada Flintridge than averages for Los Angeles County and California, according to real estate firm RealtyTrac. (Tue, 28 Jul 2009 18:29:35 GMT)

Officials ramp up pressure on mortgage companies after sluggish start to foreclosure program
WASHINGTON - Administration officials want mortgage companies to have 500,000 trial loan modifications in the works by Nov. 1. About 200,000 borrowers currently are enrolled in trial loan modifications under a $50 billion administration program. (Tue, 28 Jul 2009 18:34:47 GMT)

Feds push mortgage companies to modify more loans
The Obama administration, scrambling to get its main housing initiative on track, extracted a pledge from 25 mortgage company executives to improve their efforts to assist borrowers in danger of foreclosure. In an all-day meeting Tuesday at the Treasury... Sponsored Topics: Foreclosure - Mortgage - Presidency of Barack Obama - Business - United States (Tue, 28 Jul 2009 19:08:48 GMT)

Feds push mortgage firms to modify more loans
The Obama administration, scrambling to get its main housing initiative on track, extracted a pledge from mortgage companies to improve their efforts to help borrowers from foreclosing. (Tue, 28 Jul 2009 19:14:38 GMT)

(AFX UK Focus) 2009-07-28 19:49 US GOVTS: Treasury Says Servicers Commit To Increased Loan Mod
Washington, Jul 28 2009 (IFR) - Top executives from 25 of the servicers participating in the Treasury Department's Making Home Affordable Program met with senior Obama administration officials today and promised that they would significantly increase the rate at which they are performing loan modifications, a Treasury statement said. (Tue, 28 Jul 2009 19:18:12 GMT)

Mortgage Servicers Pledge to Step Up Pace of Loan Modifications
July 28 (Bloomberg) -- Mortgage servicers meeting with Obama administration officials pledged to step up the pace of loan modifications, according to the U.S. Treasury. (Tue, 28 Jul 2009 19:18:13 GMT)

Fitch Dwngrs 10 Classes of Bank of America Commercial Mortgage Securities 2004-1; Assigns Outlooks
NEW YORK----Fitch Ratings downgrades and assigns Outlooks to Bank of America Commercial Mortgage Securities, series 2004-1. A detailed list of rating actions follows at the end of this press release. (Tue, 28 Jul 2009 19:28:00 GMT)

Feds push mortgage companies to modify more loans amid complaints
The Obama administration, scrambling to get its main housing initiative on track, extracted a pledge from mortgage company executives to improve their efforts to assist borrowers in danger of foreclosure. (Tue, 28 Jul 2009 19:28:05 GMT)

Feds push mortgage companies to modify more loans
The Obama administration, scrambling to get its main housing initiative on track, extracted a pledge from 25 mortgage company executives to improve their efforts to assist borrowers in danger of foreclosure. (Tue, 28 Jul 2009 19:30:36 GMT)

FreeHomeRefi.com Helps Implement Obama Mortgage Plan
FreeHomeRefi.com Will Connect Homeowners With Lenders That Are Participating and Specializing in Obama's New Making Home Affordable Program Which Allows Homeowners to Refinance Up to 125% (Tue, 28 Jul 2009 19:31:39 GMT)

Woman gets 45 months in mortgage fraud
A former Richmond-area branch manager for a mortgage firm was sentenced this afternoon to 45 months in prison for defrauding mortgage companies and investors in a complicated, long-running scheme. U.S. District Judge Richard L. Williams also ordered Stacey Lynn Chamberlain, 42, of Unionville, to pay more than $1.2 million in restitution and refused to let her turn herself in to begin serving her ... (Tue, 28 Jul 2009 19:31:41 GMT)

Feds charge 41 in Fla. mortgage fraud schemes
Federal prosecutors say 41 people have been charged in the latest round of South Florida mortgage fraud schemes. (Tue, 28 Jul 2009 19:56:10 GMT)

41 charged in Fla. mortgage fraud schemes
Federal prosecutors say 41 people have been charged in the latest round of South Florida mortgage fraud schemes. (Tue, 28 Jul 2009 20:01:03 GMT)

Feds charge 41 in Fla. mortgage fraud schemes involving $40 million in 6 different cases
MIAMI - Federal prosecutors say 41 people have been charged in the latest round of South Florida mortgage fraud schemes. The charges stem from six separate cases involving about $41 million in fraudulent mortgages. (Tue, 28 Jul 2009 20:09:09 GMT)

UPDATE: US Home-Loan Delinquencies Pick Up In June - S&P
Home-loan delinquencies sped up in June for several loan categories, Standard & Poor's said Tuesday, showing that the rate of customers falling behind has yet to plateau overall. (Tue, 28 Jul 2009 20:26:30 GMT)

U.S. to mortgage firms: Pick up the pace
Loan servicers will "significantly" increase the pace of mortgage modifications under the Obama foreclosure prevention program, the Treasury Department said Tuesday. (Tue, 28 Jul 2009 20:33:39 GMT)

SEC says 900 defrauded in mortgage scam
Four promoters and a Phoenix-based company have been accused of defrauding at least 900 investors across the United States in a mortgage lending scam, the Securities and Exchange Commission said on Tuesday. (Tue, 28 Jul 2009 21:06:45 GMT)

Feds push mortgage companies to modify more loans
The Obama administration, scrambling to get its main housing initiative on track, extracted a pledge from 25 mortgage company executives to improve their efforts to assist borrowers in danger of foreclosure. (Tue, 28 Jul 2009 21:24:56 GMT)

Va. mortgage executive sentenced for fraud
A mortgage executive has been sentenced to three years and nine months in federal prison for mortgage fraud and wire fraud. (Tue, 28 Jul 2009 21:26:55 GMT)

SEC sues over alleged $197 million mortgage fraud
Four individuals and a Phoenix-based company are charged with securities fraud for raising more than $197 million from investors for an alleged mortgage-lending scheme. (Tue, 28 Jul 2009 22:37:36 GMT)

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