Mortgage News Jul 2009

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The 33rd Annual Home Show
The 33rd Annual Home Show is coming to the Pasadena Convention Center Saturday, August 29th & Sunday, August 30th, sponsored by Mercedes Benz of Encino. Come by and check out everything for your home, including foreclosure specialists, loan modifiers hard to find loans and more! (Tue, 28 Jul 2009 23:22:53 GMT)

Refinancing the mortgage
Can we refinance our home to its current value, rent it out and claim interest as a deduction? (Wed, 29 Jul 2009 00:20:56 GMT)

Pressed by White House, Mortgage Servicers Vow More Modifications
At meetings with mortgage company executives, the administration emphasized the urgency of helping borrowers. (Wed, 29 Jul 2009 00:25:14 GMT)

Loan Modification Scams Sweep State
When the bad guys want to mess with your home loan, you're talking serious business. And people who've fallen for these scams...are losing everything. (Wed, 29 Jul 2009 02:39:31 GMT)

L.A. City Council considers providing loan for Cirque du Soleil performances
The city's $30-million loan would allow the owner of Hollywood & Highland to make alterations to the Kodak Theatre to accommodate the acrobatic shows. The Los Angeles City Council is weighing a plan to issue a $30-million loan that would allow the owner of the Hollywood & Highland shopping mall to retrofit a theater so it can house a decade of performances by Cirque du Soleil. (Wed, 29 Jul 2009 03:26:29 GMT)

Mortgage lending, refinancing starting to rise
Local bankers and real-estate agents say the uptick in the housing market has been modest. (Wed, 29 Jul 2009 03:31:05 GMT)

Dodd, Conrad: Mortgage Discounts Are 'Courtesy'
Senate Democrats vehemently deny any wrongdoing or ethical lapse in VIP mortgage deals (Wed, 29 Jul 2009 03:56:14 GMT)

Strategic Analytics Launches Mortgage Risk Analytics Group
Strategic Analytics Inc., the leading provider of stress testing and forecasting solutions for retail lenders, announced the launch of an internal division dedicated to providing proven and significant solutions in Mortgage Risk Analytics. (Wed, 29 Jul 2009 04:01:00 GMT)

Online Community Sharing Personal Financial Tips at USAA Website
Dealing with credit card debt? Considering a house or refinance a mortgage? Preparing for retirement in a down economy? Is "cash for clunkers" for you? Looking for work? Visitors to whatsonyourmind.com (sponsored by USAA) are dealing with these issues and many more on USAA's first-ever conversation site. Other features include social media integration, job search support, and opinion through ... (Wed, 29 Jul 2009 07:13:54 GMT)

Countrywide Alumni Seek Profits From Mortgage Market’s Collapse
July 29 (Bloomberg) -- PennyMac Mortgage Investment Trust, which plans to raise $400 million in a stock offering today, is betting that the people who helped create the housing crisis will know how to profit from the cleanup. (Wed, 29 Jul 2009 08:11:14 GMT)

U.K. June Mortgage Approvals Rise to 14-Month High (Update1)
July 29 (Bloomberg) -- U.K. mortgage approvals climbed to a 14-month high in June, a sign the housing market is recovering as the recession eases and banks become more willing to lend. (Wed, 29 Jul 2009 09:48:44 GMT)

U.K. June Mortgage Approvals Rise to 14-Month High (Update2)
July 29 (Bloomberg) -- U.K. mortgage approvals climbed to a 14-month high in June, adding to signs the housing market is recovering as the recession eases and banks become more willing to lend. (Wed, 29 Jul 2009 09:59:48 GMT)

Mortgage Burden Defies Class
The face of foreclosure is changing in the Flathead, where even the rich are in danger of losing their homes. For the last year, foreclosure talk has focused on the subprime-mortgage mess that brought inflated real estate markets crashing and the economy to its knees. But, in reality, those predatory loans affected a small percentage of homeowners here and nationwide. “It was all about ... (Wed, 29 Jul 2009 10:11:08 GMT)

Mortgage lending, refinancing starting to rise
Local bankers and real-estate agents say the uptick in the housing market has been modest, attributing increases to the first-time homebuyer tax credit being offered through November, the depressing effect foreclosures have had on prices and refinancing of existing loans into lower rates. (Wed, 29 Jul 2009 10:32:53 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. (Wed, 29 Jul 2009 11:11:59 GMT)

Mortgage applications drop on refinance weakness
Mortgage applications fall 6.3% last week from the prior week on lower refinancing demand, the latest data from the Mortgage Bankers Association show. It snaps a three-week streak during which there had been greater activity in mortgage applications. (Wed, 29 Jul 2009 11:22:43 GMT)

Subprime Mortgage Companies Warn on Foreclosures
Subprime Mortgage Companies Warn on Foreclosures (Wed, 29 Jul 2009 12:27:37 GMT)

Fewer mortgage applications as rates rise
Applications for home loans held steady last week but demand for refinancing dropped as mortgage rates rise. (Wed, 29 Jul 2009 13:03:33 GMT)

National Mortgage Applications Drop As Refinancing Loses Steam
National mortgage applications fell for the first time in four weeks, driven by a drop in demand for home refinancing loans as interest rates climbed, data from an industry group showed on Wednesday. (Wed, 29 Jul 2009 13:43:14 GMT)

Mortgage Bankers: Fewer loans, refinancings as rates rise
Rising mortgage rates nationwide led to fewer loan applications for the week ended July 24, according to data from the Mortgage Bankers Association. (Wed, 29 Jul 2009 14:05:13 GMT)

Countrywide Alumni Seek Profits From Mortgage Market’s Collapse
July 29 (Bloomberg) -- PennyMac Mortgage Investment Trust, which plans to raise $400 million in a stock offering today, is betting that the people who helped create the housing crisis will know how to profit from the cleanup. (Wed, 29 Jul 2009 14:56:29 GMT)

Mortgage activity fell slightly in week
WASHINGTON, July 29 (UPI) -- The volume of applications for U.S. mortgages fell slightly last week, dropping by a seasonally adjusted 6.3 percent, an industry group said. (Wed, 29 Jul 2009 15:17:54 GMT)

Veterans’ home loan rates drop to 4.75 percent
SALEM The Oregon Department of Veterans’ Affairs (ODVA) has announced their ORVETS home loan program is currently offering loan interest rates approaching 30 year lows. (Wed, 29 Jul 2009 15:40:09 GMT)

Essent Opens Mortgage Insurer Backed by Goldman Sachs (Update1)
July 29 (Bloomberg) -- Essent Group Ltd. , the Pennsylvania firm funded by JPMorgan Chase & Co. and Goldman Sachs Group Inc. , said it will become the first guarantor to enter the mortgage insurance business since the U.S. housing collapse. (Wed, 29 Jul 2009 16:49:09 GMT)

Essent Becomes First New Mortgage Insurer Since Rout (Update2)
July 29 (Bloomberg) -- Essent Group Ltd. , the insurer backed by JPMorgan Chase & Co. and Goldman Sachs Group Inc. , said it will become the first firm to enter the mortgage guaranty business since the U.S. housing collapse. (Wed, 29 Jul 2009 17:33:52 GMT)

Another View: Rewriting History in the Mortgage Crisis
Rhonda D. Orin, managing partner of the Washington office of Anderson Kill & Olick, and Pamela D. Hans, an attorney for the firm in Philadelphia, have noticed a trend of mortgage insurers “uninsuring” policyholders. They say it’s not a business solution for companies facing bad risks. (Wed, 29 Jul 2009 18:03:10 GMT)

WFC Buys "Cheap" Mortgage Bonds
WFC aims to generate higher yields by buying these securities as it sees credit markets slowly open up. (Wed, 29 Jul 2009 18:21:42 GMT)

LA council committee 'yes' to loan for circus home
Associated Press - July 29, 2009 2:24 PM ET LOS ANGELES (AP) - A Los Angeles City Council committee has approved a tentative plan to lend $30 million in federal loan money to the owner of mall... (Wed, 29 Jul 2009 18:29:16 GMT)

MBA: Mortgage Applications Drop Last Week
(RTTNews) - Mortgage applications in the U.S. fell for the first time in a month, decreasing due to mortgage rates climbing for the second straight week. (Wed, 29 Jul 2009 18:32:55 GMT)

HEART offers new loan program
HEART offers new loan program Money available for homebuyers The Housing Endowment and Regional Trust – otherwise known as HEART of San Mateo County – has partnered with a mortgage company to create a customized loan package that is not offered by any other lender. HEART officials say the goal is to help local people buy a home with a 5 percent down payment. (Wed, 29 Jul 2009 18:39:46 GMT)

LA council committee 'yes' to loan for circus home
A Los Angeles City Council committee has approved a tentative plan to lend $30 million in federal loan money to the owner of mall complex Hollywood & Highland to retrofit the Kodak Theatre so it can house Cirque du Soleil performances for a decade. (Wed, 29 Jul 2009 18:40:03 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. (Wed, 29 Jul 2009 18:41:49 GMT)

Mortgage activity rises in Britain
LONDON, July 29 (UPI) -- Mortgage approvals exceeded expectations in Britain in June, reaching the highest level in more than a year, the Bank of England said Wednesday. (Wed, 29 Jul 2009 18:47:50 GMT)

Purchase Applications Hold Steady, Refinance Applications Fall in Latest MBA Weekly Survey
RISMEDIA, July 30, 2009-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending July 24, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 495.4, a decrease of 6.3% on a seasonally adjusted basis from 528.9 one week earlier. On an ... (Wed, 29 Jul 2009 20:11:44 GMT)

Essent Becomes First New Mortgage Insurer Since Rout (Update2)
July 29 (Bloomberg) -- Essent Group Ltd. , the insurer backed by JPMorgan Chase & Co. and Goldman Sachs Group Inc. , said it will become the first firm to enter the mortgage guaranty business since the U.S. housing collapse. (Wed, 29 Jul 2009 20:19:26 GMT)

Fitch Takes Various Actions on GMACM Home Equity Loan Trust 2001-HE2
NEW YORK----Fitch Ratings has taken the following rating actions on GMACM Home Equity Loan Trust 2001-HE2: (Wed, 29 Jul 2009 20:20:00 GMT)

‘Cram-Down’ May Be Revived to Boost Mortgage Relief (Update1)
July 29 (Bloomberg) -- House Financial Services Committee Chairman Barney Frank threatened to revive the mortgage “cram- down” bill that stalled in Congress this year, saying lenders aren’t being aggressive enough in modifying troubled home loans. (Wed, 29 Jul 2009 22:06:46 GMT)

(AFX UK Focus) 2009-07-29 23:40 WRAPUP 1-Mortgage REITs including Annaly post higher Q2 profits
July 29 (Reuters) - Four mortgage real-estate investment trusts (REITs), including Annaly Capital Management Inc, reported higher quarterly profits, as they reaped the benefits of lower borrowing rates and investments in high-quality assets. (Wed, 29 Jul 2009 22:45:36 GMT)

Servicers Get Deserved Hit for Bungling Loan Modifications
The Home Affordable Modification Program that is designed to get homeowners out of their troubled mortgages is moving at a snail’s pace--and the servicers' strategies are riddled with conflicts. (Wed, 29 Jul 2009 23:26:58 GMT)

Long wait to close on mortgage refinance loans
Mortgage experts say thinly staffed banks can’t handle surges in volume when rates dip. (Wed, 29 Jul 2009 23:59:12 GMT)

Fiserv 2nd-quarter earnings beat Wall Street view, revenue dips on home equity loan decline
BROOKFIELD, WIS. — Financial technology company Fiserv Inc. on Wednesday reported better-than-expected second quarter profit as costs declined and the company sold a majority stake in its insurance business. (Thu, 30 Jul 2009 00:19:48 GMT)

New Federal Housing Administration loan assistance
Loans backed by the Federal Housing Administration will be eligible for payment reductions similar to the Obama administration's loan modification program, the government will announce Thursday. (Thu, 30 Jul 2009 04:01:18 GMT)

Lussier honored by mortgage association
SARASOTA — The Gulf Coast Mortgage Bankers Association honored Georges Lussier, mortgage loan officer for Liberty Savings Bank, for his year of service as local secretary and treasurer. (Thu, 30 Jul 2009 04:03:36 GMT)

Federal mortgage programs open doors for cash-strapped first-timers
If you’re a first-time homebuyer shopping for a conventional mortgage, don’t even bother looking unless you have at least some money saved. You will need a 20 percent down payment plus closing costs to qualify for most conventional loans underwritten solely by banks and mortgage companies. (Thu, 30 Jul 2009 05:12:37 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. (Thu, 30 Jul 2009 06:30:36 GMT)

Worries for mortgage backed securities
Moody's says it has concerns over the performance of residential mortgage backed securities collateral. (Thu, 30 Jul 2009 06:54:27 GMT)

Two Mortgage Brokers Indicted On Conspiracy, Fraud Charges
Two city mortgage brokers accused of using phony loan documents to swindle lenders out of more than $1 million have been indicted on federal conspiracy and fraud charges, federal prosecutors said Wednesday. (Thu, 30 Jul 2009 07:23:51 GMT)

NH gov to sign mortgage consumer protection bill
Associated Press - July 30, 2009 5:05 AM ET CONCORD, N.H. (AP) - New Hampshire Gov. John Lynch is signing a bill that helps protect consumers by strengthening requirements for mortgage bankers,... (Thu, 30 Jul 2009 09:09:26 GMT)

NH gov to sign mortgage consumer protection bill
New Hampshire Gov. John Lynch is signing a bill that helps protect consumers by strengthening requirements for mortgage bankers, brokers and other loan originators. (Thu, 30 Jul 2009 09:31:13 GMT)

National home equity loan averages
Here are the average home equity rates from Bankrate's weekly survey of large banks and thrifts. (Thu, 30 Jul 2009 10:00:00 GMT)

Jackson’s doc $100G behind on mortgage
Associated Press LAS VEGAS — Michael Jackson’s personal physician is more than $100,000 behind on his mortgage payments and could face foreclosure on the country club home authorities searched in their manslaughter investigation into the singer’s death, records show. (Thu, 30 Jul 2009 11:05:28 GMT)

Mortgage Counselors Spending Weekend In St. Louis To Help Struggling Homeowners
If you are struggling to pay your mortgage, help may be here for you. A group called the 'Neighborhood Assistance Corporation of America' will be in town starting Friday morning at SLU's Chaifetz Arena. Hundreds of mortgage counselors will help homeowners restructure their mortgages. (Thu, 30 Jul 2009 11:10:46 GMT)

How To Save Troubled Mortgages
Defaults have yet to abate, and new mortgage applicants face harsh guidelines. (Thu, 30 Jul 2009 11:27:51 GMT)

Bankrate: Mortgage Rates in a Holding Pattern
The average 30-year fixed mortgage rate nosed higher to 5.56 percent this week, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.44 discount and origination points. (Thu, 30 Jul 2009 11:30:00 GMT)

FHFA Greenlights Expanded Home Loan Bank Aid To Strapped Borrowers
WASHINGTON -(Dow Jones)- The Federal Home Loan Banks are now permitted to plow a portion of their affordable housing grants toward helping homeowners receive a loan modification or refinance under an expanded list of government program, the banks' regulator said Thursday. (Thu, 30 Jul 2009 13:41:11 GMT)

FHFA Moves To Boost Home Loan Banks' Office Of Finance Board
WASHINGTON -(Dow Jones)- The Office of Finance, which issues and services debt for the 12 Federal Home Loan Banks, will get an expanded board, under a proposal unveiled by the banks' regulator Thursday. (Thu, 30 Jul 2009 13:56:20 GMT)

UPDATE: FHFA OKs Expanded Home Loan Bank Aid To Strapped Borrowers
WASHINGTON -(Dow Jones)- The Federal Home Loan Banks are now permitted to plow a portion of their affordable housing grants toward helping strapped homeowners get aid under an expanded list of government programs, the banks' regulator said Thursday. (Thu, 30 Jul 2009 14:11:52 GMT)

PennyMac Mortgage to Begin Trading After Cutting Offer by 20%
July 30 (Bloomberg) -- PennyMac Mortgage Investment Trust will begin trading today after cutting the size of its initial public offering by 20 percent. (Thu, 30 Jul 2009 14:15:40 GMT)

U.S. Mortgage Rates Rise to 5.25%, Freddie Mac Says (Update1)
July 30 (Bloomberg) -- Mortgage rates in the U.S. rose for a second consecutive week, threatening a potential revival in home sales as higher borrowing costs made homes less affordable. (Thu, 30 Jul 2009 14:38:59 GMT)

Mortgages: Mortgage rates edge higher as housing stabilizes
U.S. mortgage rates rise for the second week in a row, following Treasury yields higher as recent economic data hint at a stabilizing housing market and nascent economic recovery. (Thu, 30 Jul 2009 14:53:43 GMT)

PennyMac Mortgage Begins Trading as Offer Cut by 20% (Update1)
July 30 (Bloomberg) -- PennyMac Mortgage Investment Trust , a real-estate trust that will buy home loans and bonds, began trading today after cutting the size of its initial public offering by 20 percent. (Thu, 30 Jul 2009 15:51:51 GMT)

U.S. Mortgage Rates Rise to 5.25%, Freddie Mac Says (Update2)
July 30 (Bloomberg) -- Mortgage rates in the U.S. rose for a second consecutive week, threatening a revival in property sales as higher borrowing costs made homes less affordable. (Thu, 30 Jul 2009 16:18:20 GMT)

Mortgage rates rise a bit, for a second week
Mortgage rates rose for a second consecutive week as Treasury yields climbed, a move that does not bode well for the hard-hit housing market. (Thu, 30 Jul 2009 16:19:46 GMT)

Mortgage rates hold steady
Home mortgage rates were nearly unchanged from the previous week as investors weigh better-than-expected corporate earnings against the record volume of debt the government is selling. (Thu, 30 Jul 2009 16:33:54 GMT)

30-year mortgage rates rise for 2nd-straight week
Rates for 30-year mortgages rose for the second-straight week, Freddie Mac said Thursday. The average rate for a 30-year fixed mortgage was 5.25 percent this week, up from 5.2 percent last week. (Thu, 30 Jul 2009 16:43:46 GMT)

Veterans’ home loan rates drop to 4.75 percent
SALEM The Oregon Department of Veterans’ Affairs (ODVA) has announced their ORVETS home loan program is currently offering loan interest rates approaching 30 year lows. (Thu, 30 Jul 2009 17:10:09 GMT)

HEART offers new loan program
HEART offers new loan program Money available for homebuyers The Housing Endowment and Regional Trust – otherwise known as HEART of San Mateo County – has partnered with a mortgage company to create a customized loan package that is not offered by any other lender. HEART officials say the goal is to help local people buy a home with a 5 percent down payment. (Thu, 30 Jul 2009 17:24:32 GMT)

NH gov signs mortgage consumer protection bill
New Hampshire Gov. John Lynch has signed a law that helps protect consumers by strengthening requirements for mortgage bankers, brokers and other loan originators. (Thu, 30 Jul 2009 17:46:39 GMT)

CORRECT:=Half Of 2Q Mortgage Refis Cut Rate At Least 20% -Freddie
("=Half Of 3Q Mortgage Refis Cut Rate At Least 20% -Freddie" at 1:48 pm EDT incorrectly stated the quarter in the headline. A corrected version follows.) (Thu, 30 Jul 2009 18:26:43 GMT)

Half Of 3Q Mortgage Refis Cut Rate At Least 20% -Freddie
Half of all homeowners who refinanced their mortgage in the second quarter saw their rate drop at least 20%, saving them some $3.4 billion the next year, according to Freddie Mac. (Thu, 30 Jul 2009 18:27:33 GMT)

July Mortgage Rates Increase Recovery Optimism
U.S. mortgage rates rose for the second consecutive week in July, encouraging optimism toward a recovery in the housing market. Interest rates on 30-year fixed-mortgages increased by 0.05% for the July 23 week end, averaging 5.25%, up from last weeks reported 5.20%, according to a survey released by Freddie Mac Thursday. (Thu, 30 Jul 2009 18:41:37 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. (Thu, 30 Jul 2009 18:41:59 GMT)

30-year mortgage rates rise again
McLEAN, Va. (AP) - Rates for 30-year mortgages rose for the second-straight week, Freddie Mac said Thursday. The average rate for a 30-year fixed mortgage was 5.25 percent this week, up from 5.2 percent last week. Last year at this time, 30-year mortgages averaged 6.52 percent, Freddie Mac said. (Thu, 30 Jul 2009 19:27:24 GMT)

Refinancings save borrowers $3.4B
Low mortgage rates are bringing many existing homeowners back to the bank to refinance, and refinances last quarter will save borrowers $3.4 billion, says Freddie Mac. (FRE) (Thu, 30 Jul 2009 19:27:51 GMT)

Mortgage refinancing saves homeowners $3.4B in Q2
Homeowners will save about $3.4 billion in the next year as a result of refinancing their mortgages, according to Freddie Mac. (Thu, 30 Jul 2009 19:41:59 GMT)

Refinancings save U.S. borrowers $3.4B
Low mortgage rates are bringing many existing U.S. homeowners back to the bank to refinance, and refinances last quarter will save borrowers $3.4 billion, says Freddie Mac. (FRE) (Thu, 30 Jul 2009 20:06:04 GMT)

RI man accused of $10M mortgage fraud scheme
Authorities have charged a North Providence man and indicted three others in an alleged series of mortgage fraud schemes that totaled $10 million. (Thu, 30 Jul 2009 20:45:17 GMT)

Q2 mortgage refinancing saving homeowners $3.4B
Homeowners will save about $3.4 billion in the next year as a result of refinancing their mortgages, according to Freddie Mac. (Thu, 30 Jul 2009 23:22:42 GMT)

Donor Saves Senior Citizen's Home
A FOX 4 viewer has come to the aid of the 88-year-old woman facing foreclosure because of a delinquent home remodel loan. (Fri, 31 Jul 2009 00:08:18 GMT)

Mortgage Rates Up
Rates for 30-year mortgages rose for the second-straight week, Freddie Mac said Thursday. The average rate for a 30-year fixed mortgage was 5.25 percent this week, up from 5.2 percent last week. Last year at this time, 30-year mortgages averaged 6.52 percent, Freddie Mac said. Earlier this year, rates on 30-year mortgages fell to a record low of... (Fri, 31 Jul 2009 03:47:40 GMT)

New Mortgage Insurance Applications Up In June From May
New residential mortgage insurance applications rose in June from a month earlier, but the number was the second-smallest in the past seven months, according to a survey of the biggest private mortgage insurers. (Fri, 31 Jul 2009 04:26:54 GMT)

Bailed out in Bristol
Cynthia Foder didn't have the $15,000 she needed to repair the failing septic system at her Mahan-Denman Road home. The single mother of three had wanted to refinance the Bristol home and roll the septic improvements into her new mortgage after getting hired as a third shift worker at General Motors Corp. Lordstown Complex. (Fri, 31 Jul 2009 04:47:05 GMT)

Mortgage delinquencies grow in capital area
The capital area's mortgage crisis worsened in June, with 9.5 percent of home loans in El Dorad (Fri, 31 Jul 2009 07:03:38 GMT)

Debt: Mortgage repayment holiday denied
Our blogger Ivy A wanted to take a mortgage payment holiday, but she hadn't banked on negative equity rearing its head Last week I bit the bullet and joined several thousand other homeowners in calling my mortgage lender and asking for a payment holiday. I am self-employed and a company sitting on a large invoice of mine had folded, so we thought a month's breathing space would help us. It ... (Fri, 31 Jul 2009 08:00:08 GMT)

30-year mortgage rates rise for second week
McLEAN, Va. (AP) — Rates for 30-year mortgages rose for the second straight week, Freddie Mac said Thursday. The average rate for a 30-year fixed mortgage was 5.25 percent this week, up from 5.2 percent last week. Last year at this time, 30-year mortgages averaged 6.52 percent, Freddie Mac said. (Fri, 31 Jul 2009 08:51:30 GMT)

Westpac lifting fixed mortgage rates
Westpac Bank has announced it is increasing its fixed mortgage rates. (Fri, 31 Jul 2009 09:29:24 GMT)

Workshop offers some home truths
By Tatiana Gonzalez Staff writer Jessica Sosa is a 29-year-old veterinary technician wanting to buy a home. But she also has some credit issues. Ari and William Morel are homeowners and grandparents who hope to save their home from foreclosure after becoming victims of what they consider to be a predatory loan. (Fri, 31 Jul 2009 10:07:40 GMT)

Westpac to lift fixed mortgage rates
Australia's second largest home loan lender Westpac Banking Corporation will increase its fixed mortgage rates because it says the cost of funding has risen. (Fri, 31 Jul 2009 10:41:55 GMT)

Are you having mortgage trouble?
Homeowners struggling to keep up with mortgage payments or fearing trouble down the road will have another chance to sit down with their lenders in person to get help at a special state-sponsored forum this Saturday. (Fri, 31 Jul 2009 11:05:21 GMT)

Home equity can be used to buy car
Dear Dr. Don, My husband thinks that taking out a home equity loan for car is a wiser thing to do than getting a car loan. I beg to differ! Roughly five years ago, I bought a brand new Altima from my credit union at 4.9 percent interest. (Fri, 31 Jul 2009 11:32:47 GMT)

Borrowers rush to take advantage of home loan subsidies before elimination
The value of new retail consumer loan contracts signed by Hungarian banks changed little in June compared to May, but the value of new forint home loan contracts jumped as borrowers rushed to take advantage of state subsidies before they were discontinued at the end of the month, fresh data from the National Bank of Hungary (MNB) show. (Fri, 31 Jul 2009 11:46:09 GMT)

RI man accused of $10M mortgage fraud scheme
Authorities have charged a North Providence man and indicted three others in an alleged series of mortgage fraud schemes that totaled $10 million. (Fri, 31 Jul 2009 12:09:30 GMT)

Mido returns to Egypt on one-year Zamalek loan
Egyptian club Zamalek announced on Friday the signing of a one year loan agreement bringing striker Mido back to his home club from English championship (second division) side Middlesbrough. (Fri, 31 Jul 2009 14:16:28 GMT)

Federal authorities create mortgage fraud team
Federal authorities are creating a mortgage fraud task force in Connecticut to investigate schemes that contributed to the economic crisis and emerging crime trends associated with the growing tide of foreclosures. (Fri, 31 Jul 2009 15:48:39 GMT)

Federal authorities create mortgage fraud team
Federal authorities are creating a mortgage fraud task force in Connecticut to investigate schemes that contributed to the economic crisis and emerging crime trends associated with the growing tide of foreclosures. Prosecutors in the past year have brought... Sponsored Topics: Mortgage fraud - Foreclosure - Mortgage - Business - Connecticut (Fri, 31 Jul 2009 16:16:51 GMT)

MetLife Purchases Corporate Debt, Mortgage Securities (Update2)
July 31 (Bloomberg) -- MetLife Inc. , the largest U.S. life insurer, bought investment-grade corporate debt and government backed mortgage securities last quarter, investing cash the company built up in 2008 to guard against a liquidity squeeze. (Fri, 31 Jul 2009 16:35:48 GMT)

UPDATE: Ohio Sues Mortgage Servicer Over Loan Modifications
The state of Ohio has filed a lawsuit alleging Carrington Mortgage Services LLC breached its agreement to offer "reasonable" loan modifications to eligible borrowers. (Fri, 31 Jul 2009 17:36:43 GMT)

State sues mortgage servicer Carrington
Ohio officials have sued California-based Carrington Mortgage Servicers, alleging that it failed to live up to an agreement to provide reasonable and timely loan modifications to eligible borrowers. (Fri, 31 Jul 2009 17:40:24 GMT)

Ohio Attorney General Richard Cordray files a lawsuit accusing a mortgage servicer of failing to do enough to prevent ...
Associated Press file photoOhio Attorney General Richard Cordray, shown here in 2008 with Gov. Ted Strickland, today filed a against a mortgage servicer. COLUMBUS, Ohio -- The state of Ohio has sued a California-based mortgage servicer, accusing the company of... (Fri, 31 Jul 2009 17:57:54 GMT)

Genworth Falls After Losses in Mortgage Insurance (Update2)
July 31 (Bloomberg) -- Genworth Financial Inc. , the life insurer and mortgage guarantor that failed to get a U.S. bailout, fell after posting its fifth straight unprofitable quarter on losses from backing home loans. (Fri, 31 Jul 2009 18:05:48 GMT)

HEART offers new loan program
HEART offers new loan program Money available for homebuyers The Housing Endowment and Regional Trust – otherwise known as HEART of San Mateo County – has partnered with a mortgage company to create a customized loan package that is not offered by any other lender. HEART officials say the goal is to help local people buy a home with a 5 percent down payment. (Fri, 31 Jul 2009 18:19:26 GMT)

Federal Home Loan Bank sees higher earnings for 2Q
The Federal Home Loan Bank of Cincinnati boosted its net income and net interest income during its second quarter, despite the weak economy and lower demand from its member banks. (Fri, 31 Jul 2009 19:11:09 GMT)

Mortgage refinancing saves homeowners $3.4B in Q2
Homeowners will save about $3.4 billion in the next year as a result of refinancing their mortgages, according to Freddie Mac. (Fri, 31 Jul 2009 19:47:45 GMT)

Westpac to raise fixed mortgage rates
Westpac Bank has announced it's increasing its fixed mortgage rates. (Fri, 31 Jul 2009 20:10:09 GMT)

Mortgage refinancing saves $3.4B
At least half of U.S. homeowners who refinanced their mortgages in the second quarter lowered their annual interest rate by at least 20 percent. The new interest rate was about 1.25 percentage points below the old rate, Freddie Mac says, adding up to about $3.4 billion in payment savings for these homeowners over the next year. (FRE) (Fri, 31 Jul 2009 20:24:05 GMT)

Lawsuit accuses Wells Fargo of mortgage bias
Illinois Atty. Gen Lisa Madigan today said she is suing Wells Fargo and Co., alleging the national mortgage lender discriminated against black and Latino homeowners by selling them high-cost home loans. Madigan's lawsuit, filed in Cook County Circuit Court, contends white borrower received lower cost loans than minority borrowers with similar incomes. Read more on Clout Street. (Fri, 31 Jul 2009 20:30:34 GMT)

Mortgage loan changes offer more review time
Regulatory changes affecting home equity loans went into effect Thursday, allowing consumers more time to review disclosures than before. In the new rules, which follow the Mortgage Disclosure Improvement Act passed last year, a 7 day wait period must occur before lenders close a loan. (Fri, 31 Jul 2009 20:36:39 GMT)

Genworth Falls After Losses in Mortgage Insurance (Update3)
July 31 (Bloomberg) -- Genworth Financial Inc. , the life insurer and mortgage guarantor that failed to get a U.S. bailout, fell after posting its fifth straight unprofitable quarter on losses from backing home loans. (Fri, 31 Jul 2009 20:58:27 GMT)

MetLife Purchases Corporate Debt, Mortgage Securities (Update3)
July 31 (Bloomberg) -- MetLife Inc. , the largest U.S. life insurer, bought investment-grade corporate debt and government backed mortgage securities last quarter, investing cash the company built up in 2008 to guard against a liquidity squeeze. (Fri, 31 Jul 2009 20:58:37 GMT)

Mortgage refinancing saves homeowners $3.4B in Q2
Homeowners will save about $3.4 billion in the next year as a result of refinancing their mortgages, according to Freddie Mac. (Fri, 31 Jul 2009 21:30:53 GMT)

Westpac to increase mortgage rates
Westpac Bank has announced it's increasing its fixed mortgage rates. (Fri, 31 Jul 2009 22:19:49 GMT)

Federal Home Loan Bank of San Francisco Releases June 2009 Cost of Funds Index
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco announced July 31, 2009, that the 11th District Monthly Weighted Average Cost of Funds Index for June 2009 is 1.599%. The index for May 2009 was 1.832%. (Fri, 31 Jul 2009 22:22:00 GMT)

Terry Goddard, five other state AGs ask Treasury Department to help speed up mortgage modification processes
Arizona is joining five other states in pressing the Barack Obama administration, mortgage lenders and banks to pick up the pace on mortgage modifications and refinancing for distressed homeowners teetering near foreclosure. (Fri, 31 Jul 2009 22:57:01 GMT)

A Mortgage Watchdog Group Is Born
A new nonprofit group is working to change public perception of the mortgage industry. (Fri, 31 Jul 2009 23:16:34 GMT)

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