Mortgage News Aug 2009
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SL Green Realty Corp. Announces Refinancing of Graybar Building
NEW YORK----SL Green Realty Corp. today announced the refinancing of the Graybar Building, the landmark Midtown Manhattan office tower located at New York City's Grand Central Terminal. (Wed, 05 Aug 2009 19:09:00 GMT)
Taylor Bean To Shutter Mortgage Operations: WSJ
Taylor Bean To Shutter Mortgage Operations: WSJ (Wed, 05 Aug 2009 19:20:19 GMT)
Taylor Bean shuts mortgage-lending ops: report
Taylor, Bean & Whitaker Mortgage Corp. is closing its mortgage-lending operations one day after the Federal Housing Administration barred the company from originating loans backed by the agency, The Wall Street Journal reports. (Wed, 05 Aug 2009 19:27:19 GMT)
Mortgage broker Taylor Bean closes
Taylor, Bean & Whitaker Mortgage Corp., the Ocala mortgage broker that abandoned an effort to rescue Colonial Bancgroup Inc. last week, ceased processing mortgages Wednesday, a day after the Federal Housing Administration and Ginnie Mae suspended doing business with the company. (Wed, 05 Aug 2009 19:51:27 GMT)
AP IMPACT: Gov't mortgage partners sued for abuses
Billions of dollars the government is spending to help financially pressed homeowners avert foreclosure are passing through _ and enriching _ companies accused of preying on the people they're supposed to help, an Associated Press investigation has found. The... Sponsored Topics: Foreclosure - Mortgage - Business - Associated Press - United States (Wed, 05 Aug 2009 20:01:28 GMT)
Stimulus package boosts housing loan offtake
The government’s first ever initiative to give impetus to the realty sector in the form of special home loan package has reaped benefits. (Wed, 05 Aug 2009 21:10:00 GMT)
Federal loan modification program not moving quickly in Northeast Ohio
Northeast Ohio housing advocates say they weren't surprised by this week's report on the slow pace of banks making loan modifications to struggling homeowners under the federal program. They say across the region, home foreclosures still far outnumber the number of modified loans. But housing groups say there are signs of improvement. WKSU's Karen Schaefer reports. (Wed, 05 Aug 2009 21:14:01 GMT)
Florida mortgage lender stops funding loans
One of the nation's largest wholesale mortgage lenders has stopped funding mortgages, a day after federal authorities barred it from making loans insured by the Federal Housing Administration. (Wed, 05 Aug 2009 21:14:37 GMT)
SL Green Realty Corp. announces refinancing of Graybar Building
NEW YORK — SL Green Realty Corp., which owns office and retail property in New York City, announced Wednesday the refinancing of its headquarters to meet debt obligations. (Wed, 05 Aug 2009 21:20:04 GMT)
The servicers in gov't loan-modification plan
A look at the loan servicers in Treasury's mortgage-modification program, the taxpayer money they could receive and the percentage of eligible loans they've offered to modify so far. The servicers will keep some of Treasury's money and will pass some of it on to investors and homeowners. (Modification figures are not available for some servicers because they joined the program too recently.) (Wed, 05 Aug 2009 22:40:17 GMT)
'Ruthless' loan shark forced victim to flee home
A loan shark who became a millionaire by charging up to 2,437 per cent interest and using an army of enforcers to collect debts owed by poor families was yesterday jailed for five years. (Wed, 05 Aug 2009 23:04:34 GMT)
Ocala's Taylor Bean Whitaker shutters home-loan business; under government pressure
Ocala-based Taylor, Bean & Whitaker Mortgage Corp. said Wednesday it has closed its entire mortgage lending business the 12th largest U.S. home lender in the country. (Wed, 05 Aug 2009 23:24:44 GMT)
Sevier Co. couple learn hard lessons of mortgage refinancing
When most people refinance their home at a lower interest rate, the general idea is to lower the monthly payment. That's what Christin and Tyler Vaden, a Sevier County couple, wanted to do. (Wed, 05 Aug 2009 23:56:35 GMT)
New law to crack down on loan modification scams
The housing bust has at least one type of business booming: loan modification companies are springing up all over the place. You've seen the ads. They promise to keep you in your home by fixing your loan. As it turns out, many desperate homeowners are getting scammed. (Thu, 06 Aug 2009 00:34:40 GMT)
800 In State Will Get Settlement From Defunct Mortgage Company
More than 1,600 employees of the now-defunct Mortgage Lenders Network — at least half of them in Connecticut — will share in a $2.7 million settlement of a class-action given final approval Wednesday. (Thu, 06 Aug 2009 02:51:06 GMT)
New mortgage rules stifle housing market
PLANO - For many, selling a home nowadays is tough enough. But recent changes in mortgage laws are sparking uproar. (Thu, 06 Aug 2009 03:33:16 GMT)
U.S. Considers Remaking Mortgage Giants
The Obama administration is considering an overhaul of Fannie Mae and Freddie Mac that would strip the mortgage finance giants of hundreds of billions of dollars in troubled loans and create a new structure to support the home-loan market, government officials said. (Thu, 06 Aug 2009 04:00:00 GMT)
Government mortgage partners accused of abuses
Billions of dollars the government is spending to help financially pressed homeowners avert foreclosure are passing through—and enriching—companies accused of preying on the people they’re supposed to help, an Associated Press investigation has found. The companies, known as mortgage servicers, are middlemen who collect monthly payments from homeowners and funnel the money to the banks or ... (Thu, 06 Aug 2009 04:24:18 GMT)
Feds weigh remake of loan giants
The Obama administration is considering an overhaul of Fannie Mae and Freddie Mac that would strip the mortgage finance giants of hundreds of billions of dollars in troubled loans and create a new structure to support the home-loan market, government officials said. (Thu, 06 Aug 2009 07:18:15 GMT)
SUSAN TOMPOR: Lenders' mortgage help varies
David Waxer, financial counselor for GreenPath Debt Solutions in Southfield, said his office has seen all extremes when it comes to how lenders handle troubled homeowners. One small mortgage company, he said, didn't want to budge and wouldn't lower the 12% mortgage rate held by one of its delinquent Michigan customers. (Thu, 06 Aug 2009 07:35:11 GMT)
When a pay cut barely covers the mortgage
For Jennifer and Carlton Monroe, 34 and 38, their home is both their castle and their prison. They bought the 1920s Craftsman in 2005 for $280,000. But it needed work -- leaving them today with $170,000 on a home-equity line of credit (HELOC), along with $222,000 on their mortgage. (Thu, 06 Aug 2009 08:46:56 GMT)
National home equity loan averages
Here are the average home equity rates from Bankrate's weekly survey of large banks and thrifts. (Thu, 06 Aug 2009 10:00:00 GMT)
Building industry proposes £10,000 green home loans
James Murray, BusinessGreen , Thursday 6 August 2009 at 11:09:00 Green Building Council sets out plan for £5bn pay-as-you-save green home loan scheme Efforts to slash carbon emissions from the UK housing stock could be accelerated with the help of green home loans worth up to £10,000 to every property, under wide-ranging proposals set out today by the Green Building Council (GBC). The industry ... (Thu, 06 Aug 2009 10:27:29 GMT)
7 Tips for Getting a Preapproved Mortgage
During the height of the real estate boom, getting a mortgage was as easy as picking out a new coffee table for the living room. Now, home buyers have to jump through rings of fire before they can sign on the dotted line. Today, the first step in landing a home loan is obtaining a letter of preapproval. This means a mortgage lender has verified that you’re approved for a mortgage of a certain ... (Thu, 06 Aug 2009 10:41:21 GMT)
Tips for dealing with mortgage collectors
Having trouble paying your mortgage? (Thu, 06 Aug 2009 11:00:56 GMT)
Mortgage 'middlemen' tapped to help are subject of complaints
Billions of dollars the government is spending to help financially pressed homeowners avert foreclosure are passing through -- and enriching -- companies accused of preying on the people they're supposed to help. An analysis of the 38 mortgage servicers the government is paying to modify home loans to avert foreclosure found that at least 30 face lawsuits from homeowners and advocates ... (Thu, 06 Aug 2009 11:01:16 GMT)
Bankrate: Economic Optimism Propels Mortgage Rates
The average 30-year fixed mortgage rate climbed to 5.65 percent this week, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.46 discount and origination points. (Thu, 06 Aug 2009 11:30:00 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. (Thu, 06 Aug 2009 11:54:37 GMT)
Bankrate: Mortgage Rates Climb In Latest Week
Bankrate: Mortgage Rates Climb In Latest Week (Thu, 06 Aug 2009 12:05:39 GMT)
SL Green Lands $145M for Refinancing of NYC Office High-Rise
Flying in the face of the still chilly credit market, SL Green Realty Corp. has managed to get its hands on a $145 million leasehold mortgage for the refinancing of the 1.2-million-square-foot office tower at 420 Lexington Ave. in Midtown Manhattan. (Thu, 06 Aug 2009 12:34:07 GMT)
Freddie Mac: Mortgage Rates Slip In Latest Week
Freddie Mac: Mortgage Rates Slip In Latest Week (Thu, 06 Aug 2009 14:35:29 GMT)
Mortgages: Positive economic reports keep mortgage rates low
Economic reports that were better than expected kept mortgage rates low this week, Freddie Mac’s chief economist said. (Thu, 06 Aug 2009 14:57:19 GMT)
Litton Loan Servicing Signs Treasury Agreement for Federal Loan Modification Program
HOUSTON----Litton Loan Servicing is pleased to announce it has signed the agreement with the U.S. Department of the Treasury to participate in the Home Affordable Modification Program . (Thu, 06 Aug 2009 15:00:00 GMT)
Half of mortgage borrowers will be 'underwater'
Nearly half the nation's mortgage borrowers will soon owe more on their mortgages than their homes are worth, according to a new report. (Thu, 06 Aug 2009 15:16:56 GMT)
Mortgage Rates Fall Amid Positive Economic Reports
Thursday, Freddie Mac’s weekly survey showed lower U.S. mortgage rates in the wake of positive reports that lean toward an economic recovery and a stabilization in the troubled housing market. (Thu, 06 Aug 2009 16:04:59 GMT)
Mortgage rates dip this week
(AP:McLEAN, Va.) Rates on 30-year mortgages dipped this week after economic reports came in better than expected, Freddie Mac said Thursday. The average rate on a 30-year fixed rate mortgage was 5.22 percent, down from last week, when it was 5.25 percent. (Thu, 06 Aug 2009 16:21:25 GMT)
Mortgage rates dip this week
Rates on 30-year mortgages dipped this week after economic reports came in better than expected, Freddie Mac said Thursday. The average rate on a 30-year fixed rate mortgage was 5.22 percent, down from last week, when it was 5.25 percent. Last year at this... Sponsored Topics: Freddie Mac - Mortgage - Fixed rate mortgage - Tax rate - Mortgage Rates Predictions (Thu, 06 Aug 2009 16:31:21 GMT)
U.S. mortgage rates decline in week
WASHINGTON, Aug. 6 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages fell in the week ending Aug. 6, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 06 Aug 2009 17:03:27 GMT)
U.S. Mortgage Rates Fall to 5.22%, Freddie Mac Says (Update3)
Aug. 6 (Bloomberg) -- Mortgage rates in the U.S. fell for the first time in three weeks, boosting the potential for further stabilization in the housing market. (Thu, 06 Aug 2009 17:06:20 GMT)
Mortgage rates dip this week
McLEAN, Va. — Rates on 30-year mortgages dipped this week after economic reports came in better than expected, Freddie Mac said Thursday. The average rate on a 30-year fixed rate mortgage was 5.22 percent, down from last week, when it was 5.25 percent. Last year at this time, the 30-year fixed rate mortgage rate averaged 6.52 percent. Low mortgage rates can spur refinance activity and make home ... (Thu, 06 Aug 2009 18:05:01 GMT)
Mortgage rates skirt Fannie, Freddie debate
The increasingly public debate over what the government will eventually do with mortgage giants Fannie Mae and Freddie Mac, taken over last fall, leave the mortgage market still waiting for a decided resolution, analyst says. (Thu, 06 Aug 2009 18:42:43 GMT)
Mortgage rates dip after economic reports
Rates on 30-year mortgages dipped this week after economic reports came in better than expected, Freddie Mac said Thursday. (Thu, 06 Aug 2009 19:00:53 GMT)
Mortgage-Bond Yields Rise to Two-Month High; Rates May Climb
Aug. 6 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac mortgage securities rose to the highest in almost two months, signaling that interest rates on new-home loans will climb and hurt the U.S. housing market. (Thu, 06 Aug 2009 19:30:55 GMT)
Library has more than books to loan
Do you want to make your home more energy efficient? Have you ever wondered exactly how much electricity your appliances are actually using? To help consumers measure their electricity consumption and cost, the Wellesley Free Library now offers Kill-A-Watt meters for loan. (Thu, 06 Aug 2009 19:48:13 GMT)
Embrace low rate on 15-year mortgage
Embrace low rate on 15-year mortgage (Thu, 06 Aug 2009 21:12:03 GMT)
Home loan rates on the move
OPINION: After many weeks of home loan rates remaining unchanged we have a movement. (Thu, 06 Aug 2009 21:35:49 GMT)
Mortgage-Bond Yields Rise to Two-Month High; Rates May Climb
Aug. 6 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac mortgage securities held near the highest in almost two months, signaling that interest rates on new-home loans will climb and hurt the U.S. housing market. (Thu, 06 Aug 2009 21:40:25 GMT)
Redwood Trust Shifts Tactics Amid Mortgage-Bond Rally (Update1)
Aug. 6 (Bloomberg) -- Redwood Trust Inc., the debt investor that formerly specialized in junior classes of new jumbo- mortgage securities, said it has adjusted its strategy as a buyer of beaten-down home-loan bonds to reflect soaring prices. (Thu, 06 Aug 2009 21:50:54 GMT)
Home loan rates start moving up sharply
Home loan rates have suddenly started rising, and quite sharply, after many weeks with no changes. The first change came yesterday when New Zealand's newest bank, SBS, hiked its six month and one year fixed rates 10 basis points each to 5.60% and 5.70%. (Thu, 06 Aug 2009 21:51:22 GMT)
Local mortgage company workers out of work
It was the third largest FHA mortgage company in the country. But now it is no more. Out of business. Gone. (Fri, 07 Aug 2009 01:08:46 GMT)
Streator Home Building and Loan Association celebrates 115 years
When the first manager of Streator Home Building and Loan Association arrived in Streator, he had one penny in his pocket. B.T. Keating prized the penny, and when he lost it in the Heenan fire, he offered a reward (Fri, 07 Aug 2009 03:01:53 GMT)
Mortgage Giants' Revamp Disputed
The White House on Thursday played down internal discussions of creating a government-backed "bad bank" to take hundreds of billions of dollars in troubled loans off the books of mortgage-finance giants Fannie Mae and Freddie Mac. (Fri, 07 Aug 2009 04:00:00 GMT)
First Federal embraces home loan program
First Federal Savings and Loan of Charleston had reason to feel pretty good this week after the Treasury Department scolded many of its bigger peers in the mortgage business for not doing enough under the government's Making Home Affordable effort. (Fri, 07 Aug 2009 04:29:36 GMT)
MORTGAGE RATES
Mortgage rates were up moderately this week, the second consecutive weekly rise in Bankrate's survey. ... (Fri, 07 Aug 2009 05:17:59 GMT)
Mortgage rates dip slightly as economy shows strength
McLEAN, Va. — Rates on 30-year mortgages dipped this week after economic reports came in better than expected, Freddie Mac said Thursday. The average rate on a 30-year fixed rate mortgage was 5.22 percent, down from last week, when it was 5.25 percent. (Fri, 07 Aug 2009 05:57:42 GMT)
Fed loan program boosts home buying
MONTPELIER – A federal loan program flush with stimulus money could help lower-income Vermonters achieve the dream of homeownership. ... - By PETER HIRSCHFELD Vermont Press Bureau (Fri, 07 Aug 2009 07:10:24 GMT)
Colorado, Fla. settle with mortgage firm
Centennial-based mortgage lending firm Assurity Financial signed an agreement with attorneys general from Colorado and Florida to ensure the company won't engage in deceptive trade practices. (Fri, 07 Aug 2009 07:32:08 GMT)
Mortgage tips from local writer
For 10 years, Huntsvillian Cheryl L. Peck ran her own mortgage brokerage firm, helping customers navigate the mortgage process. She's pulled that knowledge together into a book, "Getting to Closing! Insider Information to Help You Get a Good Deal on Your Mortgage." (Fri, 07 Aug 2009 09:26:51 GMT)
Weigh life plans before refinancing
It's important to know future plans when deciding whether to refinance a mortgage. (Fri, 07 Aug 2009 10:00:00 GMT)
Mortgage Insurer PMI Narrows Loss
PMI narrowed its second-quarter loss but continues to suffer 'high' losses from its U.S. mortgage insurance operations. (Fri, 07 Aug 2009 11:01:54 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, 07 Aug 2009 11:55:31 GMT)
SBI's launches 'My Home' campaign for home loans
India's largest bank, State Bank of India, today said that it was launching a three-month long home loan campaign at attractive interest rates and zero processing fee to facilitate home buyers during the forthcoming festival season. (Fri, 07 Aug 2009 12:07:24 GMT)
Borrowers facing a wait to refinance
TYSON TRISH/THE RECORD/MCTRyan, left, and Allyson Smith browse potential home listings on the Internet in their Passaic living room. Borrowers are waiting an unusually long time to close on mortgage refinance loans because thinly staffed banks can't handle surges in... (Fri, 07 Aug 2009 12:49:31 GMT)
Ambac Posts $2.4 Billion Net Loss as Home-Loan Claims Rise
Aug. 7 (Bloomberg) -- Ambac Financial Group Inc. , the second-largest bond insurer, posted a net loss for the second quarter of $2.4 billion after increasing its projections for claims on bonds backed by home-equity loans. (Fri, 07 Aug 2009 13:45:38 GMT)
Calif. man says his mortgage fraud helped ruin U.S. economy, victimized Taylor Bean
Christopher Warren confesses to massive mortgage fraud. (Fri, 07 Aug 2009 14:12:07 GMT)
PMI narrows 2Q loss; shares drop on mortgage woes
PMI Group Inc. on Friday reported a narrower second-quarter loss, but investors sent the stock tumbling as the worse-than-expected results showed its mortgage insurance business continues to suffer. (Fri, 07 Aug 2009 16:30:01 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. (Fri, 07 Aug 2009 16:33:04 GMT)
N.J. woman alleges rip-off by Calif. mortgage modification firm
When Lisandra Laboy's property title research work dried up last fall and she couldn't afford the $2,200 monthly mortgage on her New Jersey home, she called for help from a California company that had been advertising its rescue services. About... (Fri, 07 Aug 2009 16:34:31 GMT)
Ambac Posts $2.4 Billion Loss on Home-Loan Claims (Update1)
Aug. 7 (Bloomberg) -- Ambac Financial Group Inc. , the second-largest bond insurer, posted a $2.4 billion second- quarter loss as claims on bonds backed by home-equity loans continued to rise. (Fri, 07 Aug 2009 17:00:37 GMT)
PMI Group narrows its 2Q loss but mortgage insurance unit woes send shares plummeting
WALNUT CREEK, CALIF. — PMI Group Inc. on Friday reported a narrower second-quarter loss, but investors sent the stock tumbling as the worse-than-expected results showed its mortgage insurance business continues to suffer. (Fri, 07 Aug 2009 17:04:27 GMT)
One in 25 Northern Rock customers in mortgage arrears
• Six-month losses of £724m • Repossessions fall and signs of easing in early-stage arrears • £1bn savings withdrawn as customers return to private sector • Co-operative party urges government to remutualise • Chancellor wants Rock to turn into an active lender again Almost one in 25 Northern Rock customers are three months or more behind with their mortgage repayments, the state-owned lender ... (Fri, 07 Aug 2009 17:16:39 GMT)
Ethics panel clears Dodd, Conrad over mortgage allegations
An ethics panel has cleared Sen. Christopher Dodd, of Connecticut, and Sen. Kent Conrad of North Dakota, both Democrats, of violating Senate rules in VIP mortgage deals. Update at 1:43 p.m. ET: The Select Committee on Ethics told Dodd and Conrad in separate letters that it found “no substantial credible evidence” after a yearlong investigation that their Countrywide mortgages broke Senate gift ... (Fri, 07 Aug 2009 17:17:29 GMT)
Mortgage-Bond Yields Rise for Fifth Day; Loan Rates May Climb
Aug. 7 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac mortgage securities soared, increasing for a fifth day and signaling that interest rates on new home loans will climb amid data showing refinancing last month was slower than forecast. (Fri, 07 Aug 2009 17:40:33 GMT)
Ambac posts $2.4B loss for 2nd quarter, citing losses in mortgage-backed securities
NEW YORK — Bond insurer Ambac Financial Group Inc. posted a $2.4 billion second-quarter loss Friday, as steep losses in residential mortgage-backed securities helped reverse its year-earlier profit. (Fri, 07 Aug 2009 18:46:29 GMT)
SBI unveils new home loan scheme
Mumbai, Aug. 7 State Bank of India on Friday introduced a new home loan scheme whereby a borrower can take a home loan up to Rs 5 lakh at 8 per cent (fixed interest rate) for five years. (Fri, 07 Aug 2009 18:56:25 GMT)
SBI slashes home loan rates yet again
The rate war in the home loan segment has just intensified, with the State Bank of India, the country’s largest bank, slashing rates today to attract customers across income segments. (Fri, 07 Aug 2009 19:08:17 GMT)
N.J. orders mortgage company to cease operations
Bruce Ackerman/The Star-Banner/APA worker leaves Taylor Bean and Whitaker Mortgage Corporation in Ocala, Fla., on Wednesday. One of the nation's largest wholesale mortgage lenders stopped funding mortgages Wednesday, a day after federal authorities barred it from making loans insured by... (Fri, 07 Aug 2009 19:19:32 GMT)
Most mortgage modifications leave homeowners owing more
Fewer than one in 50 mortgage modifications includes debt forgiveness, which is considered the surest way to prevent foreclosure. (Fri, 07 Aug 2009 19:34:08 GMT)
Ethics Panel Clears Dodd in Countrywide Refinancing (Update2)
Aug. 7 (Bloomberg) -- The Senate Ethics Committee said Senate Banking Committee Chairman Chris Dodd of Connecticut and fellow Democrat Kent Conrad of North Dakota didn’t violate ethics rules in refinancing their home mortgages with Countrywide Financial Corp. (Fri, 07 Aug 2009 19:44:15 GMT)
State Bank kick-starts home loan campaign
MUMBAI: State Bank of India (SBI) is launching a three-month “SBI My Home Campaign” from August 8.“The campaign kicks off with never before interest rates and nil processing fee. This launch is in continuation of its ... (Fri, 07 Aug 2009 19:51:07 GMT)
SBI cuts home loan rates
NEW DELHI: The State Bank of India reduced its home loan rates further by announcing a three-month-long "SBI My Home Campaign", starting from Saturday. In SBI's home loan scheme, interest rate for the first year is 8%, and for the next two years is 8.5% to 9% depending on size of the loan. (Fri, 07 Aug 2009 20:09:33 GMT)
SBI cuts home loan rates
NEW DELHI: The State Bank of India reduced its home loan rates further by announcing a three-month-long "SBI My Home Campaign", starting from Saturday. In SBI's home loan scheme, interest rate for the first year is 8%, and for the next two years is 8.5% to 9% depending on size of the loan. (Fri, 07 Aug 2009 20:31:29 GMT)
Mortgage rates rise on better-than-expected job numbers
Broker says mortgage rates jumped. (Fri, 07 Aug 2009 20:33:34 GMT)
Ethics Panel Clears Dodd in Countrywide Refinancing (Update2)
Aug. 7 (Bloomberg) -- The Senate Ethics Committee said Senate Banking Committee Chairman Chris Dodd of Connecticut and fellow Democrat Kent Conrad of North Dakota didn’t violate ethics rules in refinancing their home mortgages with Countrywide Financial Corp. (Fri, 07 Aug 2009 21:05:50 GMT)
MPs criticise mortgage rescue scheme
The government's mortgage rescue scheme has directly benefited just six households, a committee of MPs has found. (Fri, 07 Aug 2009 23:00:08 GMT)
Mortgage rescue scheme helps only six households
The government's mortgage rescue scheme, which has designed to help households avoid repossession has so far only directly benefited six homeowners according to MPs. (Fri, 07 Aug 2009 23:01:00 GMT)
Commercial Mortgage deal likely to pass
ROCKFORD — With one business day left for creditors to vote on Commercial Mortgage & Finance’s liquidation plan, the deal looks like it’s headed for a confirmation. Of the 500 or so creditors who have cast a ballot, the overwhelming majority — about 98 percent — have voted to accept the plan, said Brad Koch, attorney for the creditors committee. Special report: Commercial Mortgage & Finance ... (Fri, 07 Aug 2009 23:14:19 GMT)
MPs attack FSA over mortgage lenders
The City watchdog has been criticised by MPs for its “seemingly leisurely” approach to disciplining lenders that charge “intolerable” fees to people falling behind on mortgage repayments. (Fri, 07 Aug 2009 23:20:22 GMT)
Federal Home Loan Bank of San Francisco Announces Second Quarter Operating Results
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco today announced its operating results for the second quarter of 2009. These results have been prepared from unaudited financial information. (Sat, 08 Aug 2009 00:07:00 GMT)
State shuts down mortgage co.
New Jersey regulators ordered Taylor, Bean & Whitaker, a mortgage company, to stop doing business in the state and are revoking the company's licenses, officials said Friday. (Sat, 08 Aug 2009 01:21:24 GMT)
Ambac Posts $2.4 Billion Loss on Home-Loan Claims (Update2)
Aug. 7 (Bloomberg) -- Ambac Financial Group Inc. , the second-largest bond insurer, posted a $2.4 billion second- quarter loss as claims on bonds backed by home-equity loans continued to rise. (Sat, 08 Aug 2009 01:43:17 GMT)
Woodbridge man guilty of mortgage fraud
A federal grand jury has convicted a Woodbridge man of running a mortgage fraud scheme that resulted in the foreclosure of at least three homes, including one in Woodbridge and one in Haymarket. The jury convicted Godwin Asifo, 55, on Thursday of two counts of mail fraud and one count of wire fraud. According to an affidavit on file at U.S. District Court in Alexandria, between May and June of ... (Sat, 08 Aug 2009 04:13:35 GMT)
Mortgage Numbers Up Since June
One year ago, Tupelo, Miss.-based Renasant Bank had two employees working in its local mortgage division. Today, it has nine. And that 450 percent boo.... (Sat, 08 Aug 2009 05:15:57 GMT)
Mortgage Arrears Charges Intolerable Say MPs
MPs have demanded a crackdown on the "high and excessive" charges being levied on people who fall behind with their mortgage. (Sat, 08 Aug 2009 05:18:18 GMT)
Mortgage fraud target of task force
Expect a parade of more than 100 west coast Florida bankers, appraisers, mortgage brokers, real estate agents, investors and title company executives... (Sat, 08 Aug 2009 05:18:50 GMT)
State Bank of India Cuts Home-Loan Interest Rates, Times Says
Aug. 8 (Bloomberg) -- State Bank of India has reduced interest rates on home loans by between 50 basis points and 75 basis points for new customers, the Economic Times reported without saying where it got the information. (Sat, 08 Aug 2009 05:31:14 GMT)
Fed loan program boosts home buying
MONTPELIER – A federal loan program flush with stimulus money could help lower-income Vermonters achieve the dream of homeownership. ... - By PETER HIRSCHFELD Vermont Press Bureau (Sat, 08 Aug 2009 07:02:32 GMT)
MPs Attack 'Intolerable' Mortgage Charges
MPs have demanded a crackdown on the "high and excessive" charges being levied on people who fall behind with their mortgage. The Treasury Select Committee urged the Financial Services Authority to "raise its game" against companies that are not treating consumers fairly. (Sat, 08 Aug 2009 07:49:54 GMT)
Mortgage Arrears Fees 'Must Be Tackled'
The City watchdog needs to crack down on the "high and excessive" charges being levied on people who fall behind with their mortgage, MPs have warned. (Sat, 08 Aug 2009 08:23:46 GMT)
Mortgage rates up a tick
Mortgage rates edged up ever-so-slightly in Bankrate's weekly survey. The benchmark 30-year, fixed-rate mortgage rose 1 basis point, to 5.56 percent, according to the Bankrate.com's national survey of large lenders. A basis point is one-hundredth of 1 percentage point. (Sat, 08 Aug 2009 11:33:15 GMT)
$97k to break fixed mortgage Doc
A homeowner with written assurance from his bank that he would pay just three months' penalty interest to break his fixed mortgage has been slapped with a demand for nearly $100,000 - a 500 per cent increase on what he expected. (Sat, 08 Aug 2009 16:33:18 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, 08 Aug 2009 17:04:01 GMT)
$97k to break fixed mortgage
A homeowner with written assurance from his bank that he would pay just three months' penalty interest to break his fixed mortgage has been slapped with a demand for nearly $100,000 - a 500 per cent increase on what he expected. Westpac... (Sat, 08 Aug 2009 17:10:40 GMT)
Bank mortgage lending falls by nearly £40bn
British banks dramatically scaled back new mortgage lending in the first half of the year issuing little more than half the sum they lent in the same period a year earlier. (Sat, 08 Aug 2009 21:23:07 GMT)
Workshop helps metro-east residents falling behind with mortgage payments
Crystal Ridenhour has fallen behind on the mortgage payments of her Collinsville home. (Sat, 08 Aug 2009 21:38:34 GMT)
Borrowers switch back to variable-rate mortgage deals
A leading mortgage broker says that the trend of new borrowers opting for fixed-rate mortgage deals over variable rate ones has eased. (Sat, 08 Aug 2009 23:15:11 GMT)
Wealth check: Help me retire and pay off mortgage by 2015
The patient At 66, you might expect Pam Robinson, a former biomedical scientist from Daventry, to be sitting back and enjoying retirement. But with plans to remarry next year, and pay off her mortgage by 2015, she has begun a new career as a care worker to supplement her retirement income. (Sat, 08 Aug 2009 23:15:51 GMT)
Former mortgage banker takes leap and cleans up
Todd Knight sensed that the end was coming. As the economy crumbled, his work as a mortgage banker dried up, and he began to look into an option he'd always wanted to explore: owning a business. (Sun, 09 Aug 2009 04:04:28 GMT)
The week that was: Mortgage crisis resolution crawls, Part 1
A $50 billion government program to ease the mortgage crisis is off to a slow start. (Sun, 09 Aug 2009 04:25:25 GMT)
Pipeline clogged for refinancers
Borrowers are waiting an unusually long time to close on mortgage refinance loans because thinly staffed banks can't handle surges in volume when... (Sun, 09 Aug 2009 05:18:12 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, 09 Aug 2009 05:35:30 GMT)
Read fine print and use your head
Dentist Karen Bergonio started out this year looking to refinance the interest-only mortgage on her Fort Lee condo, and ended up buying a single-family home in Hasbrouck Heights. (Sun, 09 Aug 2009 05:44:26 GMT)
Refinancing surge creates backlog
HACKENSACK, N.J. — Borrowers are waiting an unusually long time to close on mortgage refinance loans because thinly staffed banks can't handle surges in volume when rates dip, mortgage experts say. (Sun, 09 Aug 2009 06:09:14 GMT)
Aussie average new mortgage highest ever
The average value of a new mortgage in Australia has risen to its highest ever level, the country's biggest mortgage broker says. (Sun, 09 Aug 2009 06:40:47 GMT)
First Hope Bank introduces new Web site
Hope - First Hope Bank has launched www.firsthopemortgages.com a resource for area residents interested in purchasing a home or refinancing a mortgage. (Sun, 09 Aug 2009 06:53:58 GMT)
Mortgage Advice: Deposit Still Crucial for First-time Buyers
There is no guarantee that the latest £50bn to be pumped into the UK economy will make getting a mortgage deal any easier, says CreditChoices.co.uk. Potential first-time buyers just have to do their best to save for the necessary mortgage deposit. (Sun, 09 Aug 2009 07:01:00 GMT)
FICO scores are the credit reports that mortgage lenders use
Also: Consider filing for bankruptcy before you tap retirement funds early, and it's getting even less fun to carry a credit card balance. Dear Liz: I began paying down my debt six months ago and have paid off $10,000 so far. I subscribed to a credit score tracking system through a free offer and was told my credit score was in the 670 range most of the time. When I applied for a mortgage loan ... (Sun, 09 Aug 2009 07:16:27 GMT)
Mortgage Advice: Deposit Still Crucial for First-time Buyers
There is no guarantee that the latest £50bn to be pumped into the UK economy will make getting a mortgage deal any easier, says CreditChoices.co.uk. Potential first-time buyers just have to do their best to save for the necessary mortgage deposit. (PRWeb Aug 9, 2009) Read the full story at http://www.prweb.com/releases/20 (Sun, 09 Aug 2009 07:16:46 GMT)
Mortgage rates dip to 5.22%
Rates on 30-year mortgages dipped last week after economic reports came in better than expected, Freddie Mac said Thursday. The average rate on a 30-year fixed-rate mortgage was 5.22 percent, down from the previous week, when it was 5.25 percent. Last year... (Sun, 09 Aug 2009 10:41:34 GMT)
Variable home loans still favoured
A financial comparison company says it's cheaper for borrowers to remain with a variable home loan rate. (Sun, 09 Aug 2009 11:34:58 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, 09 Aug 2009 12:59:32 GMT)
Average mortgage now higher
QUEENSLAND'S average mortgage hit a record of almost $340,000 last month as home buyers showed greater confidence in the economy, according to AFG. (Sun, 09 Aug 2009 14:00:00 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, 09 Aug 2009 17:04:01 GMT)
Mortgage-Bond Yields Rise for Fifth Day; Loan Rates May Climb
Aug. 7 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac mortgage securities soared, increasing for a fifth day and signaling that interest rates on new home loans will climb amid data showing refinancing last month was slower than forecast. (Mon, 10 Aug 2009 01:00:37 GMT)
Australia’s Home Loans Rise for Record Ninth Month (Update2)
Aug. 10 (Bloomberg) -- Australian home-loan approvals rose in June for a record ninth month as borrowing costs at a half- century low and government cash handouts stoked demand among first-time buyers. (Mon, 10 Aug 2009 02:21:54 GMT)
Banks woo home-buyers
THE recent surge in HDB and private home sales has seen a pick-up in the pace of lending among banks, which have come up with new and innovative loan products to lure home-buyers. Compared to the first quarter, the second quarter saw the number of approvals more than doubled, said Mr Gregory Chan, head of consumer secured lending at OCBC Bank. (Mon, 10 Aug 2009 02:25:14 GMT)
Home loan demand grows again
FIRST-home buyers have again driven demand for new home loans, cashing in on low mortgage rates and a more generous federal grant. (Mon, 10 Aug 2009 02:27:00 GMT)
Brace for rapidly rising home loan rates: broker
Homeowners have been warned to prepare for higher mortgage rates that may go up in leaps and bounds as the economy strengthens, a mortgage broker says. (Mon, 10 Aug 2009 03:34:33 GMT)
Home loan demand rises for ninth month
First time buyers were again at the forefront of demand for new home loans in June, taking advantage of low mortgage rates and the federal grant. (Mon, 10 Aug 2009 03:56:53 GMT)
Home loan demand rises for ninth month
First time buyers were again at the forefront of demand for new home loans in June. (Mon, 10 Aug 2009 04:00:41 GMT)
Refinancing underwater properties
Do you owe more than your home is worth? Do you have an adjustable-rate mortgage or an interest-only mortgage you would like to refinance to a 30-year fixed mortgage? Do you want to refinance your loan and take advantage of the lower fixed rates? Well, if your loan is serviced by Fannie Mae or Freddie Mac you may be able to do just that. Fannie Mae and Freddie Mac have received the green light ... (Mon, 10 Aug 2009 04:03:29 GMT)
Failed Colonial rescue deal may damage mortgage pipeline
Colonial Bancgroup Inc., a key cog in the national mortgage-loan engine, could become disabled and cause further harm to the sputtering lending industry. (Mon, 10 Aug 2009 04:18:40 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, 10 Aug 2009 05:53:09 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, 10 Aug 2009 05:56:15 GMT)
Australia home loan growth persists
Record low interest rates kept Australian home loans growing for the ninth consecutive months, reflecting a growing recovery down under, though expected weakness among Japanese manufacturers curbed enthusiasm. (Mon, 10 Aug 2009 06:08:00 GMT)
First Hope Bank introduces new Web site
Hope - First Hope Bank has launched www.firsthopemortgages.com a resource for area residents interested in purchasing a home or refinancing a mortgage. (Mon, 10 Aug 2009 06:39:50 GMT)
Thin-staffed lenders, tight scrutiny slow refi approvals
Borrowers are waiting an unusually long time to close on mortgage-refinance loans because thinly staffed banks can't handle surges in volume when rates dip, mortgage experts say. (Mon, 10 Aug 2009 07:13:04 GMT)
Homeowner charged $97,000 to break his fixed mortgage
Westpac has told an Auckland homeowner he has to pay $97,000 to break his fixed mortgage, despite originally quoting him a fee of $16,000. (Mon, 10 Aug 2009 07:38:40 GMT)
Australia’s Home Loans Rise for Record Ninth Month (Update2)
Aug. 10 (Bloomberg) -- Australian home-loan approvals rose in June for a record ninth month as borrowing costs at a half- century low and government cash handouts stoked demand among first-time buyers. (Mon, 10 Aug 2009 08:15:44 GMT)
FSA response to Treasury Select Committee report on mortgage arrears and access to mortgage finance
The Financial Services Authority (FSA) is currently conducting a wide-ranging review of all aspects of its mortgage regulation and will be publishing proposals this autumn. (Mon, 10 Aug 2009 08:52:16 GMT)
Bank mortgage figures uninspiring in UK
Gross mortgage lending by London banks totalled only £50.25 billion in the six months to June. (Mon, 10 Aug 2009 09:11:33 GMT)
Foreclosure? Mortgage insurer may help
Troubled homeowners with mortgage insurance may have new alternatives to foreclosure. (Mon, 10 Aug 2009 10:00:00 GMT)
Time to refinance ARM?
A homeowner planning to move in a few years likely can handle the possibility of rising LIBOR rates. (Mon, 10 Aug 2009 10:00:00 GMT)
Mortgage Hirings Leap
Hirings at U.S. mortgage firms outpaced layoffs by more than 8,000 in the MortgageDaily.com Second Quarter Mortgage Employment Analysis. One company had more impact on mortgage employment than any other. (Mon, 10 Aug 2009 11:00:00 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, 10 Aug 2009 11:22:25 GMT)
Foreclosure? Mortgage insurer may help
When homeowners fall behind on their house payments, they occasionally get help from an unexpected source: the mortgage insurer. Mortgage insurance companies have their own loss-mitigation departments, where employees try to reduce foreclosures. (Mon, 10 Aug 2009 11:32:22 GMT)
Time to refinance ARM?
Dear Dr. Don, I am in the fortunate position to have my mortgage as my only debt. I am religious about maxing out my Roth IRA every year, and since I am a firefighter, I also have a pension. I also am able to put extra money into savings. (Mon, 10 Aug 2009 11:32:51 GMT)
Answer Desk: Looking for mortgage relief
Last week's news on the slow pace of mortgage relief for millions of struggling homeowners generated a flood of mail from readers looking for help. The Answer Desk, by John W. Schoen. (Mon, 10 Aug 2009 11:45:01 GMT)
Rudston man jailed for £300,000 mortgage scam
A CAREER criminal who exploited a "weak and vulnerable mortgage system" to fund a lavish lifestyle including designer jewellery and luxury cars has been jailed for three years. (06/08/2009) (Mon, 10 Aug 2009 12:07:54 GMT)
Marshall & Ilsley Restates 2Q, View On Mortgage Sale
Marshall & Ilsley Corp. (MI) restated its second-quarter loss on Monday as Wisconsin's largest bank sold 800 residential mortgage loans, nearly all of which were nonperfoming. (Mon, 10 Aug 2009 13:37:08 GMT)
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