Mortgage News Aug 2009

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Thousands of homeowners line up to get free mortgage help
Thousands of homeowners line up to get free mortgage help (Sat, 01 Aug 2009 00:29:54 GMT)

Feds create mortgage fraud task force
The scams are becoming as elaborate as a bank mortgage application.They can be as simple as a foreclosure specialist keeping money from a family facing the loss of their home to the use of (Sat, 01 Aug 2009 01:47:03 GMT)

Favorable mortgage rates cause surge in loan applications
By FRANK DUNNE JR. On the other hand, the increase in applications hasn’t necessarily translated into more loans. The Wall Street Journal reported this week that loan portfolios at 15 of the nation’s largest banks declined by 2.8 percent in the second quarter, citing conserving capital as a hedge against existing bad loans. (Sat, 01 Aug 2009 02:46:43 GMT)

Lawyer acquitted in $30M mortgage fraud
An Edmonton lawyer accused of playing a key role in a $30-million mortgage fraud has been acquitted of all charges. (Sat, 01 Aug 2009 03:57:00 GMT)

Refinancing program for primary residences only
Q. You recently wrote about the Making Home Affordable refinancing that is available for primary residences. Our primary residence is paid off, and we purchased a vacation home in 2005. My husband's financial situation has changed, and at the same time I'm afraid our vacation home has lost value. The loan is secured by Fannie Mae. Does the Making Home Affordable refinancing program apply to ... (Sat, 01 Aug 2009 04:04:21 GMT)

Refinances in Second Quarter Reduce Mortgage Payments by $3.4 Billion in Coming Year
RISMEDIA, August 1, 2009-In the second quarter of 2009, half of borrowers who refinanced their loan lowered their annual mortgage interest rate by at least 20% according to Freddie Mac's quarterly Refinance Report. The new interest rate was about 1.25 percentage points below the old rate. In aggregate, the interest-rate reduction ... (Sat, 01 Aug 2009 05:20:37 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. (Sat, 01 Aug 2009 05:53:54 GMT)

Homeowner's son held in loan-refinance scheme
EAST COUNTY – An El Cajon man has been arrested on suspicion of representing himself as the owner of his father's Potrero home to obtain and refinance a loan, authorities said. The Sheriff's Department said the arrest Friday of Richard Raymond Aguirre, 43, culminated a 2½-year investigation. (Sat, 01 Aug 2009 08:17:11 GMT)

Local mortgage delinquencies double
The mortgage delinquency rate in Reno-Sparks more than doubled in June over the same month last year as foreclosure-related filings saw a big spike when compared to June 2008. (Sat, 01 Aug 2009 08:42:06 GMT)

Local mortgage delinquencies double
The mortgage delinquency rate in Reno-Sparks more than doubled in June over last year as foreclosure-related filings saw a big spike in the last 12 months. (Sat, 01 Aug 2009 08:50:50 GMT)

Richard White: Mortgage payment not association's responsibility if they aquire the title
Association not responsible to pay mortgage if they take title (Sat, 01 Aug 2009 09:14:06 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. (Sat, 01 Aug 2009 10:24:53 GMT)

HILLSBOROUGH Lutheran church celebrates paid-up mortgage
HILLSBOROUGH-- For one local church, there was no better way to celebrate paying off a mortgage 10 years ahead of schedule than with a little fire and a lot of s’mores. (Sat, 01 Aug 2009 13:49:42 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. (Sat, 01 Aug 2009 14:22:08 GMT)

A Mortgage Watchdog Group Is Born
A new nonprofit group is working to change public perception of the mortgage industry. (Sat, 01 Aug 2009 16:45:43 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. (Sat, 01 Aug 2009 21:23:53 GMT)

Silicon Valley Entrepreneur Rick Soukoulis Banks on Brokers in Recovering Mortgage Industry with Launch of Powerful ...
San Jose , CA , July 31, 2009 – Today at the annual California Brokers Convention in San Diego , finance entrepreneur Rick Soukoulis announced the launch of ReadyPrice ( www.readyprice.com ), a real-time pricing and inventory management technology platform designed to give mortgage professionals a significant advantage in doing more business, more efficiently. (Sun, 02 Aug 2009 01:52:12 GMT)

How to get prequalified for a mortgage
By meeting with your mortgage professional right up front, you have started the process to get prequalified for a mortgage. By taking this simple step you will know approximately how much of a mortgage you can obtain and you will know the various... (Sun, 02 Aug 2009 02:36:27 GMT)

Task force to take on mortgage fraud
Federal authorities on Friday launched a new task force to tackle mortgage fraud and related financial crimes occurring in Connecticut. The task force was announced by acting U.S. Attorney Nora R. Dannehy and Kimberly K. Mertz, who is the special agent in charge of the New Haven division of the Federal Bureau of Investigation. MORTGAGE FRAUD If you suspect fraudulent mortgage activity: Call ... (Sun, 02 Aug 2009 04:08:16 GMT)

Cracking down on Inland Empire mortgage fraud
Prosecutors in the war on mortgage and real-estate fraud in the Inland Empire are making headway, but the number of cases will heavily outweigh the resources available to investigate them for years to come. (Sun, 02 Aug 2009 04:47:45 GMT)

Experts’ advice: Don’t carry your mortgage into retirement
Time was when everyone retired debt free, or at least without a mortgage. (Sun, 02 Aug 2009 05:04:26 GMT)

Mortgage professionals: Magna Bank paves the way for smooth real estate transaction
Find a home then arrange the mortgage. That may be the old way of buying a new home but today, it's best to find your mortgage lender first. (Sun, 02 Aug 2009 05:13:15 GMT)

How to get prequalified for a mortgage
By meeting with your mortgage professional right up front, you have started the process to get prequalified for a mortgage. By taking this simple step you will know approximately how much of a mortgage you can obtain and you will know the various... (Sun, 02 Aug 2009 05:36:27 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, 02 Aug 2009 06:23:34 GMT)

Refinance triggers cold calls from firms
Question: We recently applied for a mortgage to refinance our home. Within a few days, we were getting phone calls all day and night from other mortgage companies trying to sell us a loan. We only talked to one mortgage company. How did the other mortgage companies get our phone number? (Sun, 02 Aug 2009 07:23:21 GMT)

Reverse mortgages grow in popularity in Hampton Roads
A Hampton man took out a reverse mortgage to pay off mounting credit card debt. (Sun, 02 Aug 2009 07:47:45 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, 02 Aug 2009 07:48:04 GMT)

Options more limited when refinancing vacation home
Q: Our primary residence is paid off, and we purchased a vacation home in 2005. My husband's financial situation has changed, and I'm afraid our vacation home has lost value. (Sun, 02 Aug 2009 07:54:58 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, 02 Aug 2009 08:06:29 GMT)

30-year mortgage rates rise for 2nd-straight 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. (Sun, 02 Aug 2009 08:09:38 GMT)

HILLSBOROUGH Lutheran church celebrates paid-up mortgage
HILLSBOROUGH-- For one local church, there was no better way to celebrate paying off a mortgage 10 years ahead of schedule than with a little fire and a lot of s’mores. (Sun, 02 Aug 2009 09:49:32 GMT)

2nd mortgages can be refinanced
Dear Debt Adviser: Does anybody ever refinance a second mortgage? Our original mortgage has a 5.625 percent interest rate, 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. (Sun, 02 Aug 2009 10:13:25 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, 02 Aug 2009 16:28:42 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. (Sun, 02 Aug 2009 17:07:49 GMT)

Questions/Answers
Questions and answers on Daily Bulletin stories from readers like you. Prosecutors in the war on mortgage and real-estate fraud in the Inland Empire are making headway, but the number of cases will heavily outweigh the resources available to investigate them for years to come. (Sun, 02 Aug 2009 17:20:07 GMT)

FHA Home Modification Program Will Help Thousands of Homeowners, Say Realtors
RISMEDIA, August 3, 2009-The following is a statement by National Association of Realtors® President Charles McMillan: "NAR would like to congratulate and thank Department of Housing and Urban Development Secretary Shaun Donovan and Federal Housing Administration Commissioner Dave Stevens for implementing the FHA-Making Home Affordable Loan Modification Program. This newly enhanced ... (Sun, 02 Aug 2009 18:04:13 GMT)

HUD Secretary Shaun Donovan Announces New FHA-Making Home Affordable Loan Modification Guidelines
RISMEDIA, August 3, 2009-U.S. Department of Housing and Urban Development Secretary Shaun Donovan announced the Federal Housing Administration (FHA) has implemented changes to its loan modification program to ensure consistency with the Obama Administration's Home Affordable Modification Program. By August 15, FHA borrowers will be able to significantly reduce their monthly ... (Sun, 02 Aug 2009 18:19:53 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. (Sun, 02 Aug 2009 22:19:14 GMT)

Brussels’ plans for mortgage curbs criticised
A group of mortgage lenders has raised concerns that a recovery in Europe’s housing market will be put at risk by “hasty and excessive” proposals formulated in Brussels. (Sun, 02 Aug 2009 22:31:38 GMT)

Bank boss: Mortgage rates likely to rise
MORTGAGE rates are “highly likely” to go up across the banking sector over the next year, according to the head of the EBS, who yesterday claimed his building society needs a €300 million capital injection from the State. (Mon, 03 Aug 2009 00:27:02 GMT)

The world’s next great housing boom may be taking shape in Brazil. The missing ingredients are a full-fledged mortgage ...
Construction sites dot the landscape throughout the vast country of 190 million. In fact, Caixa Economica Federal, Brazil’s second largest federally controlled bank, is hiring a satellite-imaging company to monitor work on thousands of buildings financed with Brazilian government money. (Mon, 03 Aug 2009 04:13:19 GMT)

HILLSBOROUGH Lutheran church celebrates paid-up mortgage
HILLSBOROUGH-- For one local church, there was no better way to celebrate paying off a mortgage 10 years ahead of schedule than with a little fire and a lot of s’mores. (Mon, 03 Aug 2009 05:34:22 GMT)

Brothers face foreclosure when illness causes missed mortgage payments
Tom Wrobleski and his brother, Bill McIntosh, have a lot of packing to do. (Mon, 03 Aug 2009 06:03:22 GMT)

Mortgage defaulters stack up
Mortgage stress among South African homeowners is at a record high, despite the lower interest rates. (Mon, 03 Aug 2009 06:10:59 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, 03 Aug 2009 06:18:36 GMT)

Bangladesh receives $130m World Bank loan for rural solar project
Yvonne Chan in Hong Kong, BusinessGreen , Monday 3 August 2009 at 09:30:00 Renewable energy scheme to provide power to 300,000 rural households The World Bank is providing Bangladesh with a $130m (£77m) loan to install solar energy panels capable of powering 300,000 rural households. The Bank said the fund will go directly towards the installation of affordable solar home systems, which will ... (Mon, 03 Aug 2009 08:42:29 GMT)

Mortgage Brain to launch new system in Q4 2009
Mortgage Brain is launching a new mortgage sourcing system for intermediaries in Q4 this year. ... (Mon, 03 Aug 2009 09:23:21 GMT)

FSA bans Cornwall mortgage broker for fraud
The Financial Services Authority (FSA) has banned Cornwall mortgage broker Stephen Sanders for submitting at least three mortgage applications on behalf of customers which he knew contained false and misleading income information. (Mon, 03 Aug 2009 09:37:02 GMT)

FSA bans mortgage broker for fraud
The FSA has banned a Cornwall mortgage broker for fraud after he knowingly submitted at least three applications containing false information. ... (Mon, 03 Aug 2009 10:08:12 GMT)

Rwanda: Mido Returns to Egypt on Zamalek Loan
Kigali — 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. (Mon, 03 Aug 2009 10:34:37 GMT)

How do I…Choose a home equity loan or a HELOC?
If you've invested in a home and watched your equity build over the years, you can tap that equity for a new car, home improvements, college tuition or other expenses. (Mon, 03 Aug 2009 11:33:27 GMT)

Expert advice: Pay off that mortgage before you retire
Robert F. Bukaty/Associated Press Time was when everyone retired debt free, or at least without a mortgage. Now, many people retire while still paying that monthly home-loan bill. But should you? The short answer, according to a new Boston College... (Mon, 03 Aug 2009 11:34:41 GMT)

Brothers face foreclosure when illness causes missed mortgage payments
Tom Wrobleski and his brother, Bill McIntosh, have a lot of packing to do. (Mon, 03 Aug 2009 13:16:54 GMT)

Five changes to mortgage loans under new Fannie, Freddie rules
Many home buyers are seeking to take advantage of lower home prices, lower interest rates and possibly the federal first-time home buyer tax credit (which expires Dec. 1, 2009). But before launching into a mortgage loan -- likely the biggest debt you will ever incur -- buyers should be aware of how mortgage borrowing has changed. (Mon, 03 Aug 2009 13:27:37 GMT)

Five changes to mortgage loans under new Fannie, Freddie rules
Fannie Mae and Freddie Mac have imposed new restrictions on loans to make mortgage lending more secure. Here is a look at the changes. (Mon, 03 Aug 2009 13:29:09 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. (Mon, 03 Aug 2009 14:06:58 GMT)

Chase Exclusives Rewards Checking Customers with New 1% Mortgage Cash Back
ISELIN, N.J.----Chase, one of the nation's leading consumer banks, today announced 1% Mortgage Cash Back, an innovative new benefit from Chase Exclusives, the program that rewards checking account customers for using the bank's other products and services. (Mon, 03 Aug 2009 14:30:00 GMT)

Past due mortgage assistance available
MOUNT VERNON -- Knox County families hit hard by recent unemployment may find relief in paying past-due mortgage payments. (Mon, 03 Aug 2009 14:51:30 GMT)

Last day for free mortgage counseling conference in St. Louis
Last day for free mortgage counseling conference in St. Louis (Mon, 03 Aug 2009 15:15:59 GMT)

Authorities capture Fort Myers man wanted for alleged mortgage fraud
Eric Heckler is believed to have been involved in a $4 million mortgage fraud scheme in Lee County. (Mon, 03 Aug 2009 15:29:16 GMT)

PRESS RELEASE:Fitch: Co-operative Bank, Britannia Covered Bonds
Fitch Ratings-London-03 August 2009: Fitch Ratings has today affirmed The Cooperative Bank's (CB) own mortgage covered bond programmes and the mortgage covered bonds issued by Britannia Building Society (BBS) (and now known as the Britannia covered bonds) at 'AAA'. (Mon, 03 Aug 2009 15:51:36 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. (Mon, 03 Aug 2009 16:19:57 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. (Mon, 03 Aug 2009 16:28:42 GMT)

Real Estate: bad economy, new opportunities
A few years back, Donald Ward couldn’t find time to sneeze. Well into 2006, the real estate appraiser was working round the clock, determining values for home sales and appraising homes at breakneck speed for mortgage refinancing. Then home sales slowed to a trickle and easy mortgage money came to an abrupt halt. As the stock market crashed, so did the real estate market. Although the Federal ... (Mon, 03 Aug 2009 16:29:06 GMT)

Banks Told to Consider Higher Home-Equity Debt Reserves by FDIC
Aug. 3 (Bloomberg) -- U.S. banks may need to set aside additional reserves for potential losses on home-equity loans under guidance issued by the Federal Deposit Insurance Corp. (Mon, 03 Aug 2009 18:05:28 GMT)

Federal Agents Raid Bank, Mortgage Lender
Federal agents executed search warrants at Colonial Bank in downtown Orlando, along with a mortgage lending company in Ocala Monday morning. (Mon, 03 Aug 2009 18:17:22 GMT)

U.S. counting on public shame to help mortgage modifications
The Obama administration wants to shame the mortgage industry into doing a better job of helping borrowers avoid losing their homes to foreclosure. (Mon, 03 Aug 2009 18:17:25 GMT)

Banks Urged to Consider Higher Home-Equity Reserves (Update1)
Aug. 3 (Bloomberg) -- U.S. banks may need to boost reserves for potential losses on home-equity loans under guidance issued by the Federal Deposit Insurance Corp. as property prices slump from their peak in 2006. (Mon, 03 Aug 2009 19:40:22 GMT)

Great Wolf Resorts, Inc. Announces Extension of Maturity Date to July 2011 on Mason, Ohio and Grapevine, Texas ...
MADISON, Wis.----Great Wolf Resorts, Inc. , North America's leading family of indoor waterpark resorts, today announced that it has eliminated all of its debt maturities until mid-2011 with the completed extensions of the maturity dates to July 1, 2011 for the company's mortgage loans on its Mason, Ohio and Grapevine, Texas resort properties. (Mon, 03 Aug 2009 20:01:00 GMT)

HCP Purchases $720 Million Participation in HCR ManorCare's First Mortgage Debt
LONG BEACH, Calif.----HCP announced that it has purchased a $720 million participation in first mortgage debt of HCR ManorCare at a discount for approximately $590 million. The $720 million participation represents 45% of the $1.6 billion most senior tranche of HCR ManorCare's mortgage debt which bears interest at LIBOR plus 1.25%. (Mon, 03 Aug 2009 20:05:00 GMT)

Blackburn sign Di Santo on loan from Chelsea
Blackburn boss Sam Allardyce has signed striker Franco Di Santo on loan from Chelsea for the first half of the season. (Mon, 03 Aug 2009 20:06:30 GMT)

Lodgian Provides Further Update on Remaining Maturing Mortgage Debt
Lodgian, Inc. , one of the nation's largest independent hotel owners and operators, today announced that the company has obtained a further extension of the maturity date for the Merrill Lynch Fixed Rate Pool #3 . (Mon, 03 Aug 2009 20:18:00 GMT)

Chase Exclusives Rewards Checking Customers with New 1% Mortgage Cash Back
RISMEDIA, August 4, 2009-Chase, one of the nation's leading consumer banks, announced 1% Mortgage Cash Back, an innovative new benefit from Chase Exclusives, the program that rewards checking account customers for using the bank's other products and services. Each year, the 1% Mortgage Cash Back allows enrolled Chase Exclusives customers to ... (Mon, 03 Aug 2009 20:34:13 GMT)

Mortgage Application Fees Now Non-Refundable
I can remember being bombarded by mortgage refinancing offers from lenders during the boom. Many said they would waive their fees to get a deal. Now, slowly, the solicitations are starting to trickle back. But now the fees are non-refundable. So if you apply for a refinancing and change your mind, you are out the application fee. I recently got a solicitation from Chase offering a "0 point, $0 ... (Mon, 03 Aug 2009 21:04:19 GMT)

Mortgage problems continue for those trying to 'save the dream'
You may remember when the Neighborhood Assistance Corporation of America, or NACA, came to Columbia in March with the promise to help people struggling with their mortages. (Mon, 03 Aug 2009 21:08:26 GMT)

Mortgage Loans Weigh on Principal Financial
Principal Financial posts an 11% drop in quarterly earnings, hurt by commercial mortgage loans and investments. (Mon, 03 Aug 2009 21:17:04 GMT)

Banks Urged to Consider Higher Home-Equity Reserves (Update2)
Aug. 3 (Bloomberg) -- U.S. banks may need to boost reserves for potential losses on home-equity loans after the Federal Deposit Insurance Corp. issued guidance in response to a slump in property prices from their peak in 2006. (Mon, 03 Aug 2009 21:41:18 GMT)

Fairfax supervisors OK mortgage aid plan
The Fairfax County Board of Supervisors gave its approval Monday to the county Department of Housing and Community Development’s plans to seek up to $18 million in mortgage assistance from the Virginia Housing Development Authority. (Mon, 03 Aug 2009 21:46:00 GMT)

TODAY’S DEALS: NorthMarq Capital Arranges $11.25M Combined Mortgage for Two Apartment Communities Totaling 476 Units, ...
Minneapolis, Minn.--NorthMarq Capital’s Minneapolis regional office has arranged first mortgage financing of $11.25 million for two apartment complexes, the 360-unit Park Meadows Apartments in Waite Park, Minn. and the 116-unit Terrace on the Green in Moorhead, Minn. (Mon, 03 Aug 2009 22:31:51 GMT)

The Mortgage Disclosure Improvement Act
Effective July 30, 2009, consumers have another level of protection in choosing their mortgage plan. The Mortgage Disclosure Improvement Act is now in force. In the past, consumers could be charged application and appraisal fees before seeing the details about their chosen loan program. No longer. Now the borrower cannot pay or be obligated to pay any fees (except bona fide credit report fees) ... (Mon, 03 Aug 2009 22:42:28 GMT)

FDIC tells banks to recognize loan losses promptly
The FDIC tells banks to recognize losses on home loans promptly and warns that failure to do so could delay efforts to mitigate those losses. (Mon, 03 Aug 2009 23:12:19 GMT)

Mortgage bill could be revived
Senate Majority Whip Dick Durbin (D-Ill.) said on Monday that if the financial industry is not able to complete 500,000 mortgage modifications... (Mon, 03 Aug 2009 23:49:32 GMT)

Struggling Homeowners Flock To Chaifetz Arena For Mortgage Help
Struggling homeowners has one last day to work one-on-one with mortgage counselors and lenders here in Saint Louis. The Save The Dream tour pulled out of town at 8:00pm Monday night. The folks from the Neighborhood Assistance Corporation of America, or NACA, predicted that Monday would be the busiest day and they were right. (Tue, 04 Aug 2009 00:18:43 GMT)

DA aggressive on loan modification scams
7 On Your Side takes a look at a Bay Area loan modification scam. (Tue, 04 Aug 2009 02:57:03 GMT)

U.S. to mortgage industry: Help more
The Obama administration wants to shame the mortgage industry into doing a better job of helping borrowers avoid losing their homes to foreclosure. By publishing the names of companies that are lagging in the government’s plan to ease the housing crisis, officials are counting on public outrage to get the industry on track. The Treasury Department today plans to report on the progress of loan ... (Tue, 04 Aug 2009 04:06:26 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, 04 Aug 2009 06:33:21 GMT)

Is now the time to refinance a second mortgage?
Advice for a couple with growing debts: Is this a way out? (Tue, 04 Aug 2009 07:34:06 GMT)

Is now a good time to refinance?
Interest rates often fall during tough economic times and that's good news for homeowners who would like to shave a few dollars off their monthly mortgage payments. (Tue, 04 Aug 2009 07:59:43 GMT)

Money Management: Lowering your mortgage payments
Many people are struggling to pay their home loan bills as a result of the bad economy. Don’t despair, however, if you are concerned about falling behind on payments, according to the Connecticut Society of CPAs. (Tue, 04 Aug 2009 09:52:07 GMT)

UPDATE: Northern Rock To Miss 2009 Mortgage Lending Targets
(Adds detail.) LONDON (Dow Jones)--Northern Rock PLC, the mortgage lender owned by the U.K. government after near-collapse, said it would fall about GBP1 billion short of its target for mortgage lending in 2009 due to delays in its restructuring. (Tue, 04 Aug 2009 09:59:50 GMT)

PHH 2Q earnings up 562%
Management of PHH Corp., the Mount Laurel provider of mortgage and vehicle fleet management services, today attributed a robust mortgage refinancing market for second-quarter results that were a "substantial" improvement over the previous quarter. (Tue, 04 Aug 2009 10:00:00 GMT)

Puncheon back with Dons on loan
Plymouth winger Jason Puncheon has returned to MK Dons on a season-long loan. (Tue, 04 Aug 2009 10:02:08 GMT)

Puncheon moves to MK Dons on loan
Milton Keynes Dons secure Plymouth midfielder Jason Puncheon on a season-long loan deal. (Tue, 04 Aug 2009 10:23:37 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. (Tue, 04 Aug 2009 11:53:30 GMT)

Has 'Mortgage Industry Customer Service' Become an Oxymoron?
The Obama administration wants to shame the mortgage industry into doing a better job of helping borrowers avoid losing their homes to foreclosure. By publishing the names of companies that are lagging behind in the government's plan to ease the housing crisis, officials are counting on public outrage to get the industry on track. (Tue, 04 Aug 2009 12:05:10 GMT)

Records at defunct mortgage brokerages lead to new ID theft concern
To all the other worries from the mortgage meltdown, add another potential identity theft. (Tue, 04 Aug 2009 12:08:49 GMT)

(AFX UK Focus) 2009-08-04 13:59 US GOVTS: Treasury--400K Loan Modification Offers Extended
Washington, Aug 04 2009 (IFR) - The Treasury Department announced today that more than 400,000 loan modification offers have been extended and more than 230,000 trial modifications have begun through its Making Home Affordable Program, which provides $75 bln in servicer, lender and borrower incentives for successful loan modifications. (Tue, 04 Aug 2009 13:24:00 GMT)

Bank of America Among Worst for U.S. Mortgage Modifications
Aug. 4 (Bloomberg) -- Bank of America Corp. , the largest U.S. bank by assets, was one of the worst performers among the largest mortgage servicers in modifying loans for struggling homeowners, according to a U.S. Treasury Department report. (Tue, 04 Aug 2009 13:41:23 GMT)

Mortgage arrears surge at Northern Rock
At U.K. mortgage lender Northern Rock, the number of customers who are in arrears has surged to well above the national average as its losses widened and loans from the government grew. (Tue, 04 Aug 2009 13:42:29 GMT)

Mortgage modification program on track: Treasury
A government loan refinancing program is on pace to offer help to three to four million homeowners over the next three years, the Treasury Department reports on Tuesday. (Tue, 04 Aug 2009 13:57:31 GMT)

Convergys Expedites Loan Modification Process for Sterling Home Retention with New Relationship Management Contract
CINCINNATI & ORLANDO, Fla.----Convergys Corporation , a global leader in relationship management, announced today that Sterling Home Retention Services, the leading provider of loss mitigation services for the financial services industry, has signed a contract for Convergys’ relationship management solutions specifically designed to support the loan modification process for the top 20 mortgage ... (Tue, 04 Aug 2009 14:32:00 GMT)

Home Loan Modifications: Only 15 Percent Of Eligible Have Been Offered Aid
WASHINGTON — Only 15 percent of homeowners eligible for the Obama administration's $50 billion loan modification program have been offered help so far. (Tue, 04 Aug 2009 14:33:36 GMT)

Great Wolf Resorts climbs on mortgage extensions
Shares of Great Wolf Resorts Inc. rose Tuesday after the indoor waterpark resort operator said it received mortgage extensions for two of its properties, leaving it with no debt maturities until mid-2011. (Tue, 04 Aug 2009 15:11:24 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. (Tue, 04 Aug 2009 15:19:41 GMT)

Vornado Secures $82.5M to Refinance Suburban D.C. Office Building
The chilly credit market apparently warmed up for Vornado Realty Trust, which just wrapped up the refinancing of its 442,000-square-foot office property just outside of Washington, D.C., in Arlington, Va., courtesy of an $82.5 million loan. (Tue, 04 Aug 2009 15:34:27 GMT)

Use of mortgage loan modifications spotty, report says
Loan servicers covering 85 percent of U.S. mortgages have signed up to offer the government's modification program but their use of it has been spotty and many of the largest servicers are falling short in the efforts to remedy the mortgage crisis. (Tue, 04 Aug 2009 15:41:52 GMT)

'Name and shame' reports begin on mortgage servicers
WASHINGTON — The Obama administration on Tuesday offered the first of what will become monthly reports on mortgage modifications, including a name-and-shame approach that'll allow the public to see which banks are and aren't working to help keep struggling Americans in their homes. (Tue, 04 Aug 2009 16:51:00 GMT)

How They Fared: Treasury Releases Rankings of Mortgage Units
Morgan Stanley's mortgage servicing unit, Saxon Mortgage Services, led major servicing companies in providing trial loan modifications to struggling homeowners under the Obama Administration’s $75 billion foreclosure prevention program. (Tue, 04 Aug 2009 18:34:59 GMT)

Cirque may have permanent home in L.A.
It looks like Cirque du Soleil is a step closer to having a permanent home in Hollywood thanks to a major city loan. (Tue, 04 Aug 2009 18:41:48 GMT)

Judge at Home Park for season long loan
Blackburn Rovers midfielder Alan Judge has gone back to Home Park on a season long loan with Championship club Plymouth Argyle. (Tue, 04 Aug 2009 18:53:02 GMT)

Making Home Affordable Program on Track to Help Millions of Homeowners
RISMEDIA, August 5, 2009-The Obama Administration recently released its first monthly Servicer Performance Report detailing the progress to date of the Making Home Affordable (MHA) loan modification program. The purpose of the report is to document the number of struggling homeowners already helped under the program, provide information on servicer performance ... (Tue, 04 Aug 2009 19:19:23 GMT)

Anacortes starts refinance process
ANACORTES — The City Council on Monday approved starting the process to refinance the $2 million it still owes on the construction bond issued for the city’s Police and Court facility. … (Tue, 04 Aug 2009 19:22:16 GMT)

Patton Boggs expands mortgage practice
Law firm Patton Boggs LLP has expanded its reach into the financial services arena in Dallas, with several new attorneys joining the firm to enhance its mortgage banking practice. This comes as the government and businesses grapple with regulatory guidelines and litigation related to a tide of changes in the mortgage industry. (Tue, 04 Aug 2009 19:32:31 GMT)

FHA Suspends Taylor, Bean & Whitaker Mortgage Corp.
Aug. 4 (Bloomberg) -- The Federal Housing Administration today suspended Taylor, Bean and Whitaker Mortgage Corp. of Ocala, Florida, preventing the company from originating and underwriting new FHA-insured mortgages. (Tue, 04 Aug 2009 19:55:44 GMT)

Mortgage aid program helping fraction of borrowers
The government's $50 billion program to ease the mortgage crisis is helping only a tiny fraction of struggling homeowners, and a list released Tuesday showed which lenders are laggards. (Tue, 04 Aug 2009 20:06:35 GMT)

Fla.-based mortgage company suspended
A prominent U.S. mortgage company is being investigated by the Housing and Urban Development Department after allegedly failing to submit a required financial report, raising concerns of fraud. (Tue, 04 Aug 2009 21:02:09 GMT)

41 charged with mortgage fraud
Schemes netting $40 million involved straw buyers, false documents Forty-one people, including one from Fort Lauderdale, are facing charges involving some $40 million in bogus loans, federal prosecutors said Tuesday. (Tue, 04 Aug 2009 21:55:24 GMT)

Mortgage aid program helping fraction of borrowers
The government's $50 billion program to ease the mortgage crisis is helping only a tiny fraction of struggling homeowners, and a list released Tuesday showed which lenders are laggards. (Tue, 04 Aug 2009 22:24:58 GMT)

Government Mortgage Program Gets Report Card
The government’s refinancing and loan modification program is on track to offer assistance to up to three to four million homeowners over the next three years, according to a Treasury Department report released Tuesday. The report offered the first glimpse of how the Making Home Affordable Program has made headway in helping troubled homeowners over the last few months. More than 235,000 loan ... (Tue, 04 Aug 2009 22:26:21 GMT)

Stingy US banks are named and shamed
Banks that are failing to help struggling American homeowners refinance their mortgages are being named and shamed by the US Treasury. (Tue, 04 Aug 2009 23:36:54 GMT)

Getting Around a Tight Home Loan Market
Potential homebuyers are getting pre-approved for loans and finding their dream home only to be told they no longer qualify. (Tue, 04 Aug 2009 23:54:23 GMT)

Patton Boggs Picks Up Mortgage Finance Group
Patton Boggs has brought on a six-lawyer mortgage finance team from Weiner Brodsky, the firm announced Tuesday. Partners Richard Andreano and John Socknat started work in the firm's Washington, D.C., office Monday, and will be joined by three associates. Partner Michael Waldron will work out of the firm's Dallas office. Andreano and Socknat said the group made the move primarily to take ... (Wed, 05 Aug 2009 02:45:20 GMT)

Suspended Attorney Target of Mortgage Lender's Lawsuit
A former candidate for Miami-Dade public defender is accused of misdealings in a complex foreclosure lawsuit spearheaded by JPMorgan Chase Bank based on more than $10 million in alleged serial mortgage fraud on a single Miami Beach property. Washington Mutual Bank, which was acquired by JPMorgan last September, alleges that Gabriel Martin, whose law license has been suspended since 2006, ... (Wed, 05 Aug 2009 02:46:13 GMT)

Mortgage aid program benefiting only a fraction of eligible borrowers
The government's $50 billion program to ease the mortgage crisis is helping only a tiny fraction of struggling homeowners,... (Wed, 05 Aug 2009 03:06:11 GMT)

Attorney sues lenders, says they created ‘toxic’ products
A Boston attorney has filed lawsuits against two major lenders claiming they knew - or should have known - their mortgage loans that can grow bigger over time were unaffordable to borrowers. (Wed, 05 Aug 2009 03:30:46 GMT)

Mortgage aid program helps only a few
Lenders such as Bank of America Corp. and Wells Fargo and Co. are among those that have lagged behind government expectations in helping struggling homeowners with mortgages. The government’s $50 billion program to ease the mortgage crisis is helping only 9 percent of eligible borrowers who have seen their mortgage payments reduced with modified loans. (Wed, 05 Aug 2009 04:05:36 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, 05 Aug 2009 06:32:56 GMT)

Federal mortgage help underutilized
A key federal program to help delinquent mortgage borrowers avoid foreclosure is off to an uneven start, a government report said Tuesday. (Wed, 05 Aug 2009 07:17:52 GMT)

Things To Know About The Home Modification Plan
If all you're hearing about is foreclosures and defaulting on home loans, there is a glimmer of hope on the horizon. It's called a loan modification . Loan modification involves changing the terms of a mortgage in order to make the loan more affordable for the mortgagor . This makes payments more manageable, allowing people to stay in their homes. (Wed, 05 Aug 2009 08:00:50 GMT)

Mortgage choice won't slow foreclosure
A choice now about whether to pay down the first or second mortgage won't slow a future foreclosure. (Wed, 05 Aug 2009 10:00:00 GMT)

Does It Make Sense to Lock In a Mortgage Rate?
Timing the market to land a mortgage with the lowest rate possible is like trying to hit a moving target. It’s not impossible, but it takes patience and a keen eye, particularly in today’s volatile market. Mortgage rates can fluctuate over a few days or several weeks. The leading indicators that influence rates vary depending on the type of mortgage for which you’re approved and whether it’s a ... (Wed, 05 Aug 2009 10:11:31 GMT)

State board approves loan proposal for ASUMH
The Arkansas Higher Education Coordinating Board has cleared the way for Arkansas State University Mountain Home to pursue a $2.5 million bank loan to continue construction of the Vada Sheid Community Development Center. (Wed, 05 Aug 2009 10:13:23 GMT)

Mortgage aid helping tiny slice of borrowers
WASHINGTON - The government's $50 billion program to ease the foreclosure crisis is helping only a tiny fraction of struggling homeowners. As of July, mortgage payments had been reduced for 9 percent of eligible borrowers. And a progress report on the plan yesterday showed that 10 lenders had not changed any loans. Both Bank of America Corp. and Wells Fargo & Co. - which have received billions ... (Wed, 05 Aug 2009 10:35:37 GMT)

Mortgage demand boosted by refis as rates drop
Demand for U.S. home loans rose last week as a decline in 30-year fixed mortgage rates to a three-week low boosted applications for refinancing, the Mortgage Bankers Association said on Wednesday. (Wed, 05 Aug 2009 11:05:55 GMT)

U.S. mortgage demand boosted by refinancing as rates drop
Demand for U.S. home loans rose last week as a decline in 30-year fixed mortgage rates to a three-week low boosted applications for refinancing, the Mortgage Bankers Association said on Wednesday. (Wed, 05 Aug 2009 11:06:33 GMT)

Mortgage applications rose 4.4% last week: MBA
Mortgage applications filed last week rose a seasonally adjusted 4.4%, compared with the week before, as rates on fixed-rate mortgages dropped, the Mortgage Bankers Association said on Wednesday. (Wed, 05 Aug 2009 11:12:19 GMT)

Mortgage choice won't slow foreclosure
Dear Dr. Don, We have two mortgages on our home. The first mortgage is for $400,000 and is a 30-year fixed-rate note at 5.8 percent. The second mortgage is for $100,000. It is an interest-only 5/1 adjustable-rate mortgage currently at 9 percent, with three years to go until it resets. (Wed, 05 Aug 2009 11:33:15 GMT)

US mortgage demand boosted by refinancing as rates drop
US mortgage demand boosted by refinancing as rates dropUS mortgage demand boosted by refinancing as rates drop (Wed, 05 Aug 2009 11:34:16 GMT)

Mortgage applications rose 4.4% last week: MBA
Mortgage applications filed last week rose a seasonally adjusted 4.4% from the week before, as rates on fixed-rate mortgages dropped, the Mortgage Bankers Association said Wednesday. (Wed, 05 Aug 2009 11:36:58 GMT)

(AFX UK Focus) 2009-08-05 12:15 US mortgage demand boosted by refis as rates drop
By Lynn Adler (Wed, 05 Aug 2009 11:39:12 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. (Wed, 05 Aug 2009 11:54:53 GMT)

Mortgage demand rises as 30-year rate drops to 5.17%
Demand for home loans rose last week as a decline in 30-year fixed mortgage rates to a three-week low boosted applications for refinancing, the Mortgage Bankers Association said Wednesday. (Wed, 05 Aug 2009 12:59:44 GMT)

Refinancings help boost mortgage demand
Demand for U.S. home loans rose last week as a decline in 30-year fixed mortgage rates to a three-week low boosted applications for refinancing. (Wed, 05 Aug 2009 13:15:01 GMT)

Mortgage Demand Boosted By Refis As Rates Drop
Demand for home loans nationwide rose last week as a decline in 30-year fixed mortgage rates to a three-week low boosted applications for refinancing, the Mortgage Bankers Association said on Wednesday. (Wed, 05 Aug 2009 13:20:42 GMT)

Mortgage Applications Rose 4.4 Percent Last Week: MBA
(RTTNews) - The Mortgage Bankers Association's Market Composite Index increased 4.4 percent last week on a seasonally adjusted basis from the previous week as the contract interest rates for 30- and 15-year fixed rate mortgages fell slightly, according to data released on Wednesday. (Wed, 05 Aug 2009 13:36:08 GMT)

Mortgage demand boosted by refinancing as rates drop
Demand for U.S. home loans rose last week as a decline in 30-year fixed mortgage rates to a three-week low boosted applications for refinancing, the Mortgage Bankers Association said on Wednesday. (Wed, 05 Aug 2009 15:51:47 GMT)

Mortgage demand boosted by refinancing as rates drop
By Lynn Adler (Wed, 05 Aug 2009 15:51:47 GMT)

Convergys Expedites Loan Modification Process for Sterling Home Retention
United States - August 5, 2009 - Convergys Corporation , a global enterprise in relationship management, announced today that Sterling Home Retention Services, the provider of loss mitigation services for the financial services industry, has signed a contract for Convergys’ relationship management solutions specifically designed to support the loan modification process for the top 20 mortgage ... (Wed, 05 Aug 2009 17:15:29 GMT)

Federal Home Loan Bank Debt Drops for 9th Month to $1 Trillion
Aug. 5 (Bloomberg) -- The Federal Home Loan Banks’ debt shrank for a ninth straight month in July as U.S. banks and other owners of the government-chartered cooperatives further cut their use of the system’s loans after record borrowing when markets seized last year. (Wed, 05 Aug 2009 17:30:44 GMT)

Welcome home Kevin Lisbie
Kevin’s on a season long loan from Ipswich. (©PAphotos) Kevin Lisbie was welcomed home at Colchester United and admitted he couldn’t wait to play in front of the U’s faithful once again. (Wed, 05 Aug 2009 17:56:52 GMT)

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