Mortgage News Aug 2009

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Interior Minister Lutsenko tells about large-scale embezzlement of NBU refinancing funds
Ukrainian Interior Minister Yuriy Lutsenko says there was the large-scale embezzlement of the funds allocated to commercial banks as refinancing by the National Bank of Ukraine (NBU) in 2008. (Wed, 19 Aug 2009 16:54:10 GMT)

Mortgage applications up, rates down
Mortgage applications rose last week as interest rates fell. (Wed, 19 Aug 2009 17:26:15 GMT)

US mortgage applications increase
The number of people applying for a mortgage in the US is up 25pc on last year as wouldbe home buyers attracted by low interest rates and a less risky economic environment return to the market. (Wed, 19 Aug 2009 17:52:56 GMT)

U.S. Guidance Doesn’t Settle Mortgage-Bond Fight, Amherst Says
Aug. 19 (Bloomberg) -- U.S. government guidance to mortgage servicers failed to settle a dispute over which classes of bondholders would bear the costs of some types of loan modifications under President Barack Obama ’s “Home Affordable” plan, according to Amherst Securities Group analysts. (Wed, 19 Aug 2009 19:15:42 GMT)

Mortgage activity rose in week
WASHINGTON, Aug. 19 (UPI) -- The volume of applications for U.S. mortgages increased last week, rising by a seasonally adjusted 5.6 percent, an industry group said. (Wed, 19 Aug 2009 19:18:32 GMT)

Home loan scheme to be loosened
First-home buyers will be able to borrow more under the Welcome Home Loan mortgage insurance scheme. The scheme allows low- income earners to borrow up to $200,000 without a deposit. (Wed, 19 Aug 2009 20:07:42 GMT)

Retail loan rates may dip further: SBI chief
Hyderabad, Aug. 19 Retail borrowers, including home and auto loan seekers, can expect a further lowering of interest rates in the next three to six months as banks report better liquidity positions and appetite for domestic credit grows. (Wed, 19 Aug 2009 20:24:05 GMT)

Mesa man pleads guilty in mortgage-fraud scheme
Authorities say a Mesa man who was a mortgage broker has pleaded guilty in a fraud scheme. (Wed, 19 Aug 2009 20:32:17 GMT)

Ariz. man pleads guilty in mortgage fraud scheme
Authorities said a Mesa, Ariz., man who was a mortgage broker has pleaded guilty in a fraud scheme. Federal prosecutors say 33-year-old Jake David Abegg Whitman pleaded guilty Tuesday to seven counts of bank fraud and one count of conspiracy to commit bank fraud. (Wed, 19 Aug 2009 20:33:44 GMT)

‘Making Loan Modification Affordable’ Program Aims to Make Loan Mitigation More Accessible
RISMEDIA, August 20, 2009-Amid the buzz about Obama's "Making Home Affordable" plan intended to help millions of Americans "reduce their monthly mortgage payments to more affordable levels," one San Diego-based law firm has launched its own synergistic "Making Loan Modification Affordable" plan to help financially-strapped homeowners at risk of foreclosure garner ... (Wed, 19 Aug 2009 20:34:13 GMT)

Guidance Doesn’t Settle Mortgage Fight, Amherst Says (Update1)
Aug. 19 (Bloomberg) -- U.S. government guidance to mortgage servicers failed to settle a dispute over which classes of bondholders would bear the costs of some types of loan modifications under President Barack Obama ’s “Home Affordable” plan, according to Amherst Securities Group analysts. (Wed, 19 Aug 2009 21:30:38 GMT)

Hockey plans attack on mortgage costs
The Federal Opposition has unveiled a plan which it says will ease the pressure on mortgage borrowers and small businesses. (Thu, 20 Aug 2009 02:33:19 GMT)

Paying Off Mortgage not Risk-Free
Q: Dear Dr. Don, I am thinking of paying off my mortgage. I have an interest rate of 6.5 percent and about $80,000 left on the mortgage. I have enough liquid assets to pay it off completely. What are the pros and cons of doing this? (Thu, 20 Aug 2009 03:47:17 GMT)

Mortgage-relief program staggers out of starting gate
The announcement of President Barack Obama’s Making Home Affordable plan took the mortgage industry by storm, but so far it’s been slow going to get homeowners the help they need. So slow, in fact, that at the end of July, the Obama administration called representatives from the top 25 mortgage servicers to Washington for a meeting. They wanted to know why, in five months, only about 270,000 ... (Thu, 20 Aug 2009 04:12:01 GMT)

Mortgage lending still increasing
Mortgage lending continues to rise, according to the latest figures from the Council of Mortgage Lenders. (Thu, 20 Aug 2009 08:46:01 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, 20 Aug 2009 09:03:46 GMT)

Mortgage approvals up 
Net lending to businesses in Britain fell for a third consecutive month in June but mortgage approvals and money supply growth both rose in July, the Bank of England said on Thursday. (Thu, 20 Aug 2009 09:18:00 GMT)

Mortgage lending up by a quarter
Mortgage lending jumped by 26 per cent during July as the housing market showed further signs of improving figures from the Council of Mortgage Lenders showed. (Thu, 20 Aug 2009 09:30:11 GMT)

National home equity loan averages
Here are the average home equity rates from Bankrate's weekly survey of large banks and thrifts. (Thu, 20 Aug 2009 10:00:00 GMT)

Mortgage rates tumble
With mortgage rates low, first-time buyers should act quickly to beat the tax credit deadline. (Thu, 20 Aug 2009 10:00:00 GMT)

Mortgage lending continues to show signs of improvement
Mortgage lending showed further signs of improvement as figures showed a 26 per cent increase in a month. (Thu, 20 Aug 2009 10:00:14 GMT)

Mortgage lending hits nine-month high
LONDON (SHARECAST) - Mortgage lending hit a nine-months high last month, but is still down 36% on last year, according to the latest figures from the Council of Mortgage Lenders (CML). (Thu, 20 Aug 2009 10:35:58 GMT)

Mortgage Lending Up By More Than A Quarter
Mortgage lending has risen by 26% during July to £16bn, according to new figures. (Thu, 20 Aug 2009 10:54:59 GMT)

Mortgage lending jumps 26% in one month as housing market continues its comeback
Around £16billion was advanced during July, the highest figure for nine months and up from £12.7billion in June, according to the Council of Mortgage Lenders. (Thu, 20 Aug 2009 11:31:52 GMT)

Mortgage rates tumble
The 30-year, fixed-rate mortgage fell by about one-eighth of a percentage point this week. In normal times, such a modest decrease isn't notable. But this was the biggest one-week decrease in two months, which underscores how steady rates have been lately. (Thu, 20 Aug 2009 11:32:15 GMT)

Bankrate: Lowest Mortgage Rates Since Memorial Day
The average 30-year fixed mortgage rate fell to 5.52 percent this week, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.36 discount and origination points. (Thu, 20 Aug 2009 12:00:00 GMT)

National Home Loan Advocates is Helping Borrowers Find Consumer Friendly Mortgage Lenders
National Home Loan Advocates announces a Mortgage Lender Accreditation program to help consumers find mortgage lenders that operate in the best interest of borrowers and conduct their business according to the NHLA Lender Code of Ethics. (Thu, 20 Aug 2009 13:50:00 GMT)

Loan Servicing Platform from Fiserv Ready to Handle New RESPA Home Equity Loans Escrow Rules
BROOKFIELD, Wis.----Fiserv, Inc. , the leading global provider of financial services technology solutions, today announced that its Loan Servicing Platform is now designed to assist customers in complying with the new Truth in Lending Regulation Z rules that require an escrow account for taxes and insurance on home equity loans. (Thu, 20 Aug 2009 13:56:00 GMT)

9% of all home loans are delinquent
The number of Americans who have fallen at least 30 days behind on their home loan payments inched up slightly between the first and second quarters of 2009, but jumped 44% compared on an annual basis, according to an industry report. (Thu, 20 Aug 2009 14:47:01 GMT)

U.S. Mortgage Rates Fall to 5.12%, Freddie Mac Says (Update1)
Aug. 20 (Bloomberg) -- Mortgage rates for 30-year fixed loans fell this week to the lowest since May, reducing borrowing costs for hesitant buyers as signs show the recession-plagued U.S. housing market may be bottoming. (Thu, 20 Aug 2009 14:53:11 GMT)

U.S. Mortgage Rates Fall to 5.12%, Freddie Mac Says (Update1)
Aug. 20 (Bloomberg) -- Mortgage rates for 30-year fixed loans fell this week to the lowest since May, reducing borrowing costs for hesitant buyers as signs show the recession-plagued U.S. housing market may be bottoming. (Thu, 20 Aug 2009 14:56:48 GMT)

Fiserv says loan servicing platform ready for new Respa home equity loans escrow rules
Fiserv (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced that its Loan Servicing Platform is ... (Thu, 20 Aug 2009 15:31:49 GMT)

U.S. Mortgage Rates Fall to 5.12%, Freddie Mac Says (Update2)
Aug. 20 (Bloomberg) -- Mortgage rates for 30-year fixed loans fell this week to the lowest level since May, reducing borrowing costs for hesitant buyers as signs show the recession- plagued U.S. housing market may be bottoming. (Thu, 20 Aug 2009 15:51:12 GMT)

Deposits rise at HDFC, loan disbursals dip
Deposits are sharply up but loan disbursals are down in the country’s leading home loan financier, the Housing Development Finance Corporation (HDFC), reflecting the real estate slump on the one hand and rearguard action by the company to shore up fund costs. (Thu, 20 Aug 2009 16:37:31 GMT)

Mortgage rates rise in week
WASHINGTON, Aug. 20 (UPI) -- Average interest rates for 30-year, fixed-rate U.S. mortgages rose in the week ending Aug. 13, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 20 Aug 2009 16:48:27 GMT)

Mortgage rates lowest since late May
Average rates on 30-year mortgages slid to the lowest levels since May this week, Freddie Mac said. The average rate for a 30-year fixed-rate mortgage was 5.12 percent, down from 5.29 percent last week, Freddie Mac said. (Thu, 20 Aug 2009 16:50:49 GMT)

Mortgage defaults rise to record 13%
In the second quarter, the number of homeowners behind on payments or in foreclosure rose along with the jobless rate, with California among states leading the way. The mortgage meltdown continued to worsen in the second quarter as the number of homeowners who are either behind on their payments or in foreclosure rose to more than 13% nationwide -- a new record. (Thu, 20 Aug 2009 16:52:27 GMT)

Mortgage Delinquencies Hit Record High
Record levels of homeowners were behind on their mortgage or in the foreclosure process during the second quarter, according to industry data released Thursday that illustrate the challenges facing government efforts to stem the housing crisis. (Thu, 20 Aug 2009 17:05:01 GMT)

Job losses push mortgage delinquencies to a record
More than 13% of U.S. homeowners with a mortgage are either behind on their payments or in foreclosure as the recession throws more people out of work, the Mortgage Bankers Association said Thursday. (Thu, 20 Aug 2009 17:13:40 GMT)

Mortgage rates lowest since May
Associated Press McLEAN, Va. - Average rates on 30-year mortgages slid to the lowest levels since May this week, Freddie Mac said. The average rate for a 30-year fixed-rate mortgage was 5.12 percent, down from 5.29 percent last week, Freddie Mac said. At this time last year, the average rate for 30-year fixed-rate mortgages was 6.47 percent. (Thu, 20 Aug 2009 17:21:50 GMT)

Mortgage rates lowest since late May
The average rate for a 30-year fixed-rate mortgage was 5.12 percent, compared to 6.47 percent last year (Thu, 20 Aug 2009 17:24:00 GMT)

Mortgage Rates Dropped Last Week
Homebuyers got some good news Thursday as Freddie Mac announced the average 30-year fixed rate mortgage rate fell to 5.12%, its lowest levels since the end of May. (Thu, 20 Aug 2009 17:28:24 GMT)

Mortgage rates lowest since late May
Average rates on 30-year mortgages slid to the lowest levels since May this week, Freddie Mac said. The average rate for a 30-year fixed-rate mortgage was 5.12 percent, down from 5.29 percent last week, Freddie Mac said. At this time last year, the average... Sponsored Topics: Freddie Mac - Mortgage - Fixed rate mortgage - Business - Financial services (Thu, 20 Aug 2009 17:31:31 GMT)

Mortgage Mess Spreads to Prime Loans
One in 7.6 mortgage holders were late making a payment from April to June, a trade group reports. (Thu, 20 Aug 2009 17:44:24 GMT)

Judge Says BofA Mortgage Suit Not a Federal Case
A judge has rejected mortgage lender Countrywide Financial’s effort to have some investor lawsuits heard in federal court. (Thu, 20 Aug 2009 18:13:24 GMT)

Chesco man admits $74G theft in home sale scam
NORRISTOWN – A Chester County man faces up to seven years in prison after he admitted to stealing $74,000 from the Upper Dublin financial services company for which he worked as a loan officer during a Royersford home sale. (Thu, 20 Aug 2009 19:09:33 GMT)

Mortgage delinquencies hit record high in Q2
With the recession throwing thousands of people out of work daily, more than 13 percent of American homeowners with a mortgage have fallen behind on their payments or are in foreclosure. (Thu, 20 Aug 2009 19:20:16 GMT)

Mortgage Delinquencies Rise as U.S. Home Prices Fall (Update2)
Aug. 20 (Bloomberg) -- Americans fell behind on their mortgage payments at a record pace in the second quarter as job losses and falling real estate prices thwarted government efforts to stabilize the housing market. (Thu, 20 Aug 2009 19:56:48 GMT)

Mortgage delinquencies hit record high in Q2
With the recession throwing thousands of people out of work daily, more than 13 percent of American homeowners with a mortgage have fallen behind on their payments or are in foreclosure. (Thu, 20 Aug 2009 21:34:11 GMT)

Fed Gets $2.3 Billion of Commercial-Mortgage Requests (Update1)
Aug. 20 (Bloomberg) -- Investors asked the Federal Reserve for $2.3 billion of loans against commercial-mortgage-backed securities created before this year, an expansion from $668.9 million in the program’s first round a month earlier. (Thu, 20 Aug 2009 21:50:50 GMT)

Fed Gets $2.3 Billion of Commercial-Mortgage Requests (Update1)
Aug. 20 (Bloomberg) -- Investors asked the Federal Reserve for $2.3 billion of loans against commercial-mortgage-backed securities created before this year, an expansion from $668.9 million in the program’s first round a month earlier. (Thu, 20 Aug 2009 21:52:14 GMT)

Prospect Mortgage Expands in Midwest
Prospect Mortgage is expanding its Midwest operations with the opening of a new Midwest regional headquarters in Schaumburg, Ill. (Thu, 20 Aug 2009 23:30:00 GMT)

Fed Gets $2.3 Billion of Commercial-Mortgage Requests (Update2)
Aug. 20 (Bloomberg) -- Investors asked the Federal Reserve for $2.3 billion of loans against commercial-mortgage-backed securities created before this year, an expansion from $668.9 million in its financing program’s first round a month earlier. (Fri, 21 Aug 2009 00:00:40 GMT)

Nurse becomes nursing home owner, thanks to SBA loan
Robert Adams hoped to eventually own a nursing home, but had no idea it could happen this year. In February, he got a chance to buy Midtown Manor in Salt Lake City from his boss for $3. (Fri, 21 Aug 2009 00:53:28 GMT)

Home loan delinquencies hit record
Despite some signs that the housing market is recovering, record numbers of Americans continue to fall behind on home payments (Fri, 21 Aug 2009 01:34:04 GMT)

Mortgage delinquencies hit record high in Q2
WASHINGTON (AP) — With the recession throwing thousands of people out of work daily, more than 13 percent of American homeowners with a mortgage have fallen behind on their payments or are in foreclosure. The record-high numbers released Thursday by the Mortgage Bankers Association are being driven by borrowers with traditional fixed-rate mortgages, rather than the shady subprime loans with ... (Fri, 21 Aug 2009 02:57:12 GMT)

Mortgage Choice profit jumps 39%
Mortgage Choice has posted a 38.8 per cent jump in annual profit for 2008/09. (Fri, 21 Aug 2009 03:16:04 GMT)

BNZ Home Loan Affordability report
The BNZ Home Loan Affordability measure was unchanged in July from June as interest rates were steady and house prices did not move. However, interest rate increases since the end of July and signs of renewed confidence in the housing market going ... (Fri, 21 Aug 2009 03:50:53 GMT)

Mortgage troubles affect 9% in Va.
About 9 percent of Virginia homeowners with a mortgage are either late making their monthly payments or already in foreclosure, the Mortgage Bankers Association reported yesterday. Nationally, 13.16 percent of homeowners were in similar predicaments as of the end of June, the association said. The 8.86 percent delinquency rate for mortgage loans in the U.S. at the end of the second quarter broke ... (Fri, 21 Aug 2009 04:12:14 GMT)

Chelsea Building Society posts loss after £41m hit from mortgage fraud
Chelsea Building Society sank into the red during the first half after taking a £41m hit from mortgage fraud. (Fri, 21 Aug 2009 08:52:38 GMT)

Simply Money: A home loan challenge
With current housing prices and tax credits, you may be interested in buying a home. But if you've filed for bankruptcy, is it possible to find a mortgage? (Fri, 21 Aug 2009 09:28:26 GMT)

Chelsea Building Society hit by mortgage fraud
Chelsea Building Society today revealed a £41m hit from mortgage fraud by some of its buy-to-let and self-certified borrowers. (Fri, 21 Aug 2009 09:39:53 GMT)

Don't rush to pay off mortgage
A homeowner with a low mortgage payment shouldn't be in a hurry to pay off the loan. (Fri, 21 Aug 2009 10:00:00 GMT)

Mortgage delinquencies hit record high
WASHINGTON -- More than 13 percent of American homeowners with a mortgage are either behind on their payments or in foreclosure as the recession throws more people out of work, the Mortgage Bankers Association said yesterday. (Fri, 21 Aug 2009 10:42:49 GMT)

Chelsea BS hit by £41m mortgage fraud
Chelsea Building Society has been hit by £41m of mortgage fraud, mainly in its buy-to-let lending book, pushing the mutual into a first-half loss of £26m. (Fri, 21 Aug 2009 10:49:52 GMT)

Chelsea BS Rocked By £41m Mortgage Fraud
Chelsea Building Society has taken a £41m hit from mortgage fraud by some of its buy-to-let and self-certified borrowers, the firm revealed. (Fri, 21 Aug 2009 10:52:13 GMT)

Home loan affordability unchanged before selling season
The BNZ Home Loan Affordability measure was unchanged in July from June as interest rates were steady and house prices did not move. (Fri, 21 Aug 2009 11:02:37 GMT)

Court names solicitor accused of mortgage fraud
A solicitor accused of perpetrating a €1.2m mortgage fraud has been named by the High Court. Related Stories Swine flu information campaign begins today Family held hostage in Co Down tiger raid Man charged over €70,000 cannabis seizure Man dies as car collides with tanker in Galway Irishman on arms charge refused bail in Lithuania (Fri, 21 Aug 2009 11:23:16 GMT)

Mortgage fraud: how lenders have been caught out
Mortgage fraud will cost Britain's lenders at least £1bn according to accountants BDO Stoy Hayward. We look at the ways the fraudsters have caught out lenders costing Chelsea Building Society £41m and Bradford & Bingley £271m in writedowns. (Fri, 21 Aug 2009 12:07:37 GMT)

At Senate subcommittee hearing, a call for mortgage reform
Witnesses at U.S. Sen. Sheldon Whitehouse's field hearing advocate a process that would allow federal bankruptcy judges to rewrite the terms of a mortgage as part of bankruptcy proceedings. (Fri, 21 Aug 2009 12:14:44 GMT)

Mortgage Choice tips rebound
MORTGAGE Choice expects housing finance demand to strengthen amid an exodus of brokers from the industry after falls in loan approvals and commissions wiped 23.9 per cent off the broker's 2008-09 cash profit. (Fri, 21 Aug 2009 14:00:00 GMT)

Home loan demand will rise, says bruised broker
MORTGAGE CHOICE expects housing finance demand to strengthen amid an exodus of brokers from the industry after falls in loan approvals and commissions wiped 23.9 per cent off the broker's latest cash profit. (Fri, 21 Aug 2009 14:11:01 GMT)

Mortgage cost rises expected
Home owners should prepare themselves for a double round of mortgage cost rises when the Reserve Bank decides to finally lift interest rates. (Fri, 21 Aug 2009 14:12:21 GMT)

Record 13% behind on mortgage payments
WASHINGTON #8212; With the recession throwing thousands of people out of work daily, more than 13 percent of American homeowners with a mortgage have fallen behind on their payments or are in foreclosure. (Fri, 21 Aug 2009 16:09:51 GMT)

Fed’s Commercial-Mortgage Loans Won’t ‘Move Needle,’ Mann Says
Aug. 21 (Bloomberg) -- The amount of requests for Federal Reserve loans against commercial-mortgage-backed securities in the second round of the central bank’s unprecedented program suggests the effort will fall short of what is needed to revive the market, First Pacific Advisors LLC’s Julian Mann said. (Fri, 21 Aug 2009 16:41:02 GMT)

Fed’s Commercial-Mortgage Loans Won’t ‘Move Needle,’ Mann Says
Aug. 21 (Bloomberg) -- The amount of requests for Federal Reserve loans against commercial-mortgage-backed securities in the second round of the central bank’s unprecedented program suggests the effort will fall short of what is needed to revive the market, First Pacific Advisors LLC’s Julian Mann said. (Fri, 21 Aug 2009 16:51:51 GMT)

Chelsea Building Society hit by £41m mortgage fraud
Alleged mortgage fraud plunges the lender into a loss for the first half the year and sees a clearout of the executive team. (Fri, 21 Aug 2009 17:22:37 GMT)

Going Green Gets More Affordable Than Ever With a Tech CU Living $mart Home Equity Loan and Federal Tax Breaks
Technology Credit Union Launches a New Home Equity Loan Designed Specifically for Energy-Efficient Home Improvements (Fri, 21 Aug 2009 19:12:14 GMT)

Home loan applications pile up at SBI amid staff crunch
For State Bank of India (SBI), it is a problem of plenty. Even as it sets the home loan circuit on fire with an 8% interest rate, a deluge of applications is finding its way into SBI counters across the country, especially since February. (Fri, 21 Aug 2009 20:39:00 GMT)

Home loan applications pile up at SBI amid staff crunch
A deluge of applications is finding its way into the counters across the country, especially since Feb. | The dream home bargain | Understanding your home loan (Fri, 21 Aug 2009 20:39:20 GMT)

Atlantic City's Hilton casino defaults on mortgage
Another Atlantic City casino has defaulted on its mortgage. The Hilton Casino Resort disclosed in a financial statement filed with the New Jersey Casino Control Commission that it failed to make its monthly loan payment on July 9 due to the "severe impact of the current economic conditions." (Fri, 21 Aug 2009 20:40:52 GMT)

Atlantic City Casino Defaults On Mortgage
Another Atlantic City casino has defaulted on its mortgage. The Hilton Casino Resort disclosed in a financial statement filed with the New Jersey Casino Control Commission that it failed to make its monthly loan payment on July 9 due to the "severe impact of the current economic conditions." The casino says it's in negotiations with its lender to revise the terms of the mortgage agreement (Fri, 21 Aug 2009 20:42:51 GMT)

9% of Virginians Facing Mortgage Trouble
RICHMOND - Last November Alfred Kersey lost his job. By June, he was struggling to pay his home mortgage payments and nearly fell into foreclosure. "There was a lot of nights I didn't sleep. A lot of nights I cried because you don't want to put yourself in that failure mode." (Fri, 21 Aug 2009 23:03:17 GMT)

Mortgage company forced to close
The Florida Office of Financial Regulation today issued a cease and desist order to Taylor, Bean & Whitaker Mortgage Corp., which shut down earlier this month after being raided by federal agents. (CNB) (Fri, 21 Aug 2009 23:26:40 GMT)

What to do if your mortgage is sold to another lender
The practice is very common, and such transfers normally take place without a hitch. But you need to make sure the rightful loan servicer receives your payments. It's the mortgage market's equivalent of a Dear John letter: "Goodbye. We've sold your loan to another lender." (Sat, 22 Aug 2009 02:16:40 GMT)

SBI home loan desk unable to cope with rush
SBI home loan desk unable to cope with rushSBI home loan desk unable to cope with rush (Sat, 22 Aug 2009 02:19:07 GMT)

Lawyer's Mortgage Argument Gets Him a Second Sanction
A New York judge has declined to vacate a $14,000 sanction against a lawyer who argued that the judgment would prevent him from obtaining a favorable mortgage modification on his home. Instead, the judge sanctioned him another $1,000 for making the "frivolous" motion. The lawyer was sued for defamation by Galasso, Langione, Catterson & LoFrumento over his representation of Anthony Galasso, who ... (Sat, 22 Aug 2009 03:01:04 GMT)

Mortgage firm to become branch of Okla. company
A 2-year-old Wichita mortgage firm is on its way to becoming the branch office of a Tulsa company. (Sat, 22 Aug 2009 05:12:44 GMT)

Brooklyn Center man pleads guilty to mortgage fraud
A Brooklyn Center man pleaded guilty Friday, Aug. 14, in federal court to using money deposited on behalf of his mortgage clients for his own personal benefit. (Sat, 22 Aug 2009 07:27:42 GMT)

How to slash your home loan
LEAN in. Closer. If you promise to keep this under your hat, I'll not only show you what to do with your home loan, but how you can save thousands on repayments (Sat, 22 Aug 2009 10:00:00 GMT)

You need a bigger deposit to get a home loan
The prime lending rate has dropped to 10.5 percent, its lowest level in three years, but banks are tightening up their lending criteria and you will need to put down a sizeable deposit if you want to qualify for a home loan. You will also have to pay the transfer and registration costs out of your own pocket. (Sat, 22 Aug 2009 14:52:42 GMT)

Bear mortgage broker faces tax charges
A Grand Jury for the Superior Court in New Castle County returned an indictment against Mario T. Glover, Jr., 29, a mortgage broker based in Bear. According to the indictment, Glover was charged with three misdemeanor counts of failing to file State of Delaware personal income tax returns and report more than $700,000 attributable to his mortgage brokerage activities for taxable years 2006 ... (Sat, 22 Aug 2009 16:39:59 GMT)

Property expert: Can we get help with out fixed-rate mortgage?
Q In May last year we agreed a five-year fixed-rate mortgage with Nationwide at 5.83%. Since then things have changed dramatically: my partner has recently had to cut his hours from five days to just three days a week. I have asked our lender if we could come out of our existing deal and was informed the penalty fee would be in the region of £4,000. Can you tell me if there are any schemes or ... (Sat, 22 Aug 2009 19:36:01 GMT)

Property expert: Why is our mortgage application 'high risk'?
Q We have a self-certified mortgage which we took out last year. However, we have just reassessed our situation after having our first child and decided we want to move – we have been in this house more than six years and it is time to move to a family-friendly house.  But our lender is making it very difficult to move. We have applied for another self-cert loan but the lender is refusing to ... (Sat, 22 Aug 2009 19:49:24 GMT)

Mortgage lending rises but remains subdued
Gross lending rises by 26% in July but is the lowest figure for that month since 2001, the Council of Mortgage Lenders says Gross mortgage lending rose by 26% in July to an estimated total of £16bn, the Council of Mortgage Lenders (CML) said today. The group attributed the uplift to seasonal house purchase activity, although lending was still 36% lower than last July's figure of £24.9bn. There ... (Sat, 22 Aug 2009 19:49:44 GMT)

Real estate agents ready to roll out new program that will cover mortgage payments for owners who lose jobs
Local real estate companies are hoping to see more home sales through a new program that can help cover mortgage payments for buyers who lose their jobs. Part marketing tool and part safety net, the product, known as the Job Loss Protection Program, offers benefits to both buyers and sellers in a home-sale transaction, advocates said. Sellers, who pay $500 for the coverage at closing, get one ... (Sat, 22 Aug 2009 20:44:47 GMT)

Teresa Hunter: Mortgage game offers rich rewards for bravest and smartest
MILLIONS of home owners are about to be knocked side-ways by huge leaps in their mortgage repayments. These are the lucky borrowers who locked into two-year trackers, widely a (Sat, 22 Aug 2009 23:14:12 GMT)

What to do if your mortgage is sold to another lender
The practice is very common, and such transfers normally take place without a hitch. But you need to make sure the rightful loan servicer receives your payments. It's the mortgage market's equivalent of a Dear John letter: "Goodbye. We've sold your loan to another lender." (Sun, 23 Aug 2009 03:21:08 GMT)

Brooklyn Center man pleads guilty to mortgage fraud
A Brooklyn Center man pleaded guilty Friday, Aug. 14, in federal court to using money deposited on behalf of his mortgage clients for his own personal benefit. (Sun, 23 Aug 2009 07:00:33 GMT)

Seller Financing/Owner Financing -- How to Structure the Best Mortgage Terms - 7 Key Tips
Seller Financing/ Owner Financing can provide benefits for both the seller and buyer of real estate, but the seller should be careful to structure the terms of the mortgage to maintain the value of the note. Here are 7 key tips for creating a mortgage note that will maximize the value of the mortgage should you decide to sell it at a later date. (Sun, 23 Aug 2009 07:01:00 GMT)

Don't carry your mortgage into retirement
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 Center for Retirement Research report, is no, no, no. (Sun, 23 Aug 2009 07:15:54 GMT)

Options for helping new-home purchase
Question: I plan to buy half of my son’s house, and we will use it as a rental as he is buying another house to live in. What is the best way for me to finance this? I have plenty of equity in my house. Should I get a mortgage on my home or on half his house? He would like to keep his present loan. (Sun, 23 Aug 2009 07:16:54 GMT)

Problematic mortgage servicers slow loan modifications
When President Barack Obama announced the Home Affordable Modification Program in March, he said it would help up to 4 million homeowners avoid foreclosure. But only about 200,000 loan modifications are under way. (Sun, 23 Aug 2009 07:49:50 GMT)

Understanding the Mortgage Payment Structure
In simplest terms, a mortgage is a long-term loan designed to help the borrower purchase a house. In addition to repaying the principal , the borrower is obligated to make interest payments to the lender, and the home and the land around it serve as collateral. (Sun, 23 Aug 2009 08:08:52 GMT)

SBI, ICICI Bank home loan rates even out eventually: Kochhar
Wondering if SBI can steal a march with a low-interest home loan strategy, ICICI Bank on Sunday said the effective rate offered by the public and private bank was the same and claimed it was much faster in serving customers. (Sun, 23 Aug 2009 09:28:43 GMT)

SBI, ICICI home loan rates even out eventually: Kochhar
Wondering if State Bank of India (SBI) can steal a march with a low-interest home loan strategy, ICICI Bank today said the effective rate offered by the public and private bank was the same and claimed it was much faster in serving customers. (Sun, 23 Aug 2009 09:44:23 GMT)

Mortgage rates hit lowest levels since May
Average rates on 30-year mortgages slid to the lowest levels since May last week, Freddie Mac said. The average rate for a 30-year fixed-rate mortgage was 5.12 percent, down from 5.29 percent the previous week, Freddie Mac said. At this time last year, the... (Sun, 23 Aug 2009 12:04:52 GMT)

Mortgage broker of year once more
Mortgage Link broker Glenda French has created something of a record by being judged the Otago-Southland Mortgage Broker of the Year for the fourth consecutive year. (Sun, 23 Aug 2009 17:07:39 GMT)

Mortgage Rates Down to Lowest Level in Three Months
RISMEDIA, August 24, 2009-Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.12% with an average 0.7 point for the week ending August 20, 2009, down from last week when it averaged 5.29%. Last year at this time, the ... (Sun, 23 Aug 2009 18:09:49 GMT)

Foreclosures Rise, Driven by Loss of Jobs and Income
RISMEDIA, August 24, 2009-(MCT)-Delinquency and foreclosure rates for U.S. mortgages continued to rise in the second quarter, with loans to the most qualified borrowers going bust at an unnerving clip, especially in hard-hit states such as Florida and California. The numbers reported by the Mortgage Bankers Association show clearly that rising job ... (Sun, 23 Aug 2009 18:10:39 GMT)

Mortgage crisis needs attention from Congress, commissioner says
Mortgage crisis needs attention from Congress, commissioner says (Sun, 23 Aug 2009 21:02:35 GMT)

Homeowners fight for loan modifications from swamped mortgage servicers
The Obama administration is leaning on mortgage servicers. (Mon, 24 Aug 2009 00:07:22 GMT)

FMBN Plans N100bn Housing Bond
Managing Director, Federal Mortgage Bank of Nigeria (FMBN), Mr. Abdulsalam Ahmed, has stepped up preparations towards issuance of the second series of its N100billion housing bond. (Mon, 24 Aug 2009 00:47:51 GMT)

Mortgage Choice tips rebound
MORTGAGE Choice expects housing finance demand to strengthen amid an exodus of brokers from the industry after falls in loan approvals and commissions. (Mon, 24 Aug 2009 01:00:00 GMT)

Mary's Harbour burns mortgage: Rec. centre paid off five years early
The fine folks of Mary's Harbour aren't the sort to have debt hanging over their heads, no sir. During the 18th Annual Crab Festival earlier this month, Opposition Leader Yvonne Jones announced that the mortgage for the Raymond C. (Mon, 24 Aug 2009 01:32:03 GMT)

Wamer named mortgage loan officer at Select Bank & Trust Co.
Jared Wamer has been added to Select Bank & Trust's team of experienced lenders, announced Mark Holmes, the bank's president and chief executive officer. (Mon, 24 Aug 2009 04:14:14 GMT)

Mortgage fraud complaints rise as real estate market stumbles
Law enforcement agencies are fighting a steep rise in Florida mortgage-fraud complaints that’s partly the result of the ailing economy. (Mon, 24 Aug 2009 05:25:14 GMT)

Mortgage brokers begin ‘stampede’ to join more-stable banking shops
Mortgage brokers are migrating in droves to join mortgage banking operations. (Mon, 24 Aug 2009 05:26:25 GMT)

Home foreclosures increase
GLENDALE — Home foreclosures and loan default notifications jumped by 10% in June and were 55% higher than they were a year ago, but rates remain far lower in Glendale, Burbank and La Cañada Flintridge than averages for Los Angeles County and California, according to real estate firm RealtyTrac. (Mon, 24 Aug 2009 06:11:36 GMT)

Brooklyn Center man pleads guilty to mortgage fraud
A Brooklyn Center man pleaded guilty Friday, Aug. 14, in federal court to using money deposited on behalf of his mortgage clients for his own personal benefit. (Mon, 24 Aug 2009 07:01:12 GMT)

County plans foreclosure workshop
With foreclosure filings and employment up throughout the state, Burlington County officials are hosting a Mortgage Foreclosure Forum on Wednesday at the Mount Laurel Library. (Mon, 24 Aug 2009 08:21:05 GMT)

Check credit reports before refinancing
There are refinancing programs to fix your mortgage. But you'll still need a clean credit report. (Mon, 24 Aug 2009 10:00:00 GMT)

Mortgage Relief That's No Help To Homeowners
The case of Carrington Mortgage shows how some loan modifications benefit only the lender. (Mon, 24 Aug 2009 10:05:52 GMT)

Nigeria: FMBN Plans N100 Billion Housing Bond
Abuja — Managing Director of Federal Mortgage Bank of Nigeria (FMBN), Mr. Abdulsalam Ahmed, has stepped up preparations towards issuance of the second series of its N100billion housing bond. (Mon, 24 Aug 2009 11:22:09 GMT)

Dubai 2nd-Quarter Mortgage Lending Falls 77%, REIDIN.com Says
Second-quarter mortgage lending by 39 banks dropped to 8 billion dirhams ($2.2 billion) from 35.2 billion dirhams a year earlier, REIDIN.com said in an e-mailed report. Mortgage lending rose 14 percent from 7 billion dirhams in the first quarter, the firm reported. (Mon, 24 Aug 2009 11:24:15 GMT)

Check credit reports before refinancing
Dear Debt Adviser, Currently we owe $211,000 on our home and it is worth about $167,000 to $175,000. We have an interest-only loan and want to get out from under that before a higher interest rate and inflation hit. We have a credit score in the high 600s. Any thoughts? (Mon, 24 Aug 2009 11:32:17 GMT)

QUICK POLL
AUSTIN, TX-Owners of the class A Legacy at Western Oaks have obtained a new $27.5 million loan to retire maturing debt on the complex. The capped adjustable rate mortgage from Wells Fargo & Co. comes with a seven-year term, with the first two years interest only, and a 30-year amortization. (Mon, 24 Aug 2009 11:38:53 GMT)

Mortgage loan interest rates may lower to pre-crisis level in 2-3 years - pres
ULAN-UDE, August 24 (Itar-Tass) - Russian President Dmitry Medvedev has forecast that in two-three years the country’s mortgage loan interest rates may lower to the level that was registered before the recession. (Mon, 24 Aug 2009 12:00:54 GMT)

Answer Desk: Downward mortgage spiral
Our story last week on the failure of the government's mortgage relief efforts drew a flood of mail from homeowners facing default and foreclosure. The Answer Desk, by John W. Schoen. (Mon, 24 Aug 2009 12:03:06 GMT)

Home refinancing do's and don'ts
With mortgage interest rates continuing to be among the lowest in homeowners' lifetimes, more Americans are refinancing their mortgages. In fact, through July of this year, Freddie Mac and Fannie Mae had refinanced 2.9 million home loans . The vast majority of refinanced loans were fixed-rate mortgages, whether the original loan was an adjustable-rate mortgage (ARM) or a fixed-rate mortgage. (Mon, 24 Aug 2009 13:46:22 GMT)

Home refinancing do's and don'ts
Looking to take advantage of low mortgage rates? By following these tips, homebuyers can be well prepared to make their biggest investment an even better value. (Mon, 24 Aug 2009 13:56:26 GMT)

Current Mortgage Ratesvia Twitter?
Nationally recognized mortgage lender and broker now providing real-time updates on mortgage industry news and trends. Tweet! Tweet! Twitter subscribers can now receive instant updates regarding the lowest current mortgage rates for fixed-rate mortgages, jumbo mortgages , FHA mortgage and adjustable-rate mortgages. (Mon, 24 Aug 2009 18:33:45 GMT)

Mortgage Company Taylor Bean Files For Bankruptcy Protection
Taylor, Bean & Whitaker Mortgage Corp. announced it has filed for Chapter 11 bankruptcy protection, the move coming three weeks after a chain of events " crippled the company's business operation." (Mon, 24 Aug 2009 18:45:53 GMT)

Mortgage Recovery Seen in 2 or 3 Years
President Dmitry Medvedev said Monday that mortgage rates would return to pre-crisis levels in two to three years and that lenders could be giving new loans at 14 percent. (Mon, 24 Aug 2009 18:49:43 GMT)

New Loan Program Aims to Keep Millions From Losing Homes
Aug. 23--The Tri-City economy has mostly held its own during the national recession, but unexpected medical bills, job loss, divorce and other hardships mean some homeowners are struggling to make mortgage payments. (Mon, 24 Aug 2009 19:27:29 GMT)

$10K Home Loans Up For Grabs in Mpls.
Minneapolis leaders gathered Monday to promote a home loan program that provides $10,000 to qualified buyers and aims to revitalize certain neighborhoods... (Mon, 24 Aug 2009 19:34:45 GMT)

Attorneys general form mortgage fraud task force
Ten state attorneys general and four federal agencies have announced the formation of a task force to combat mortgage fraud. (Mon, 24 Aug 2009 19:50:41 GMT)

Attorneys general form mortgage fraud task force
OLYMPIA, Wash. -- Attorneys general from 10 states, including Illinois, and four federal agencies have announced the formation of a task force to combat mortgage fraud. According to a statement issued by Washington state Attorney General Rob McKenna, targets of the enforcement effort include equity skimming, bogus foreclosure rescue, straw purchases and unethical lending practices. The group is ... (Mon, 24 Aug 2009 19:51:52 GMT)

Florida Mortgage Company Files for Bankruptcy
The Taylor, Bean & Whitaker Mortgage Corporation filed for Chapter 11 bankruptcy protection on Monday and said it might liquidate, three weeks after it closed its mortgage lending business and was suspended by a federal agency. (Mon, 24 Aug 2009 19:53:00 GMT)

Feds, 10 states join to fight mortgage fraud
Ten state attorneys general and four federal agencies are forming a task force to combat mortgage fraud. (Mon, 24 Aug 2009 19:59:49 GMT)

Feds, 10 states join to fight mortgage fraud
Ten state attorneys general and four federal agencies are forming a task force to combat mortgage fraud. Washington state Attorney General Rob McKenna issued a statement Monday saying targets of the enforcement effort include equity skimming, bogus foreclosure rescue, straw purchases and unethical lending. (Mon, 24 Aug 2009 19:59:49 GMT)

Lenders warned of home loan fraud losses
Mortgage providers may face further losses as a result of action by criminal gangs who targeted the home loans market at the height of the boom, experts in countering fraud have warned. (Mon, 24 Aug 2009 20:12:44 GMT)

Mortgage firm Taylor Bean files Chapter 11
OCALA, Fla., Aug. 24 (UPI) -- U.S. mortgage lender Taylor, Bean & Whitaker announced Monday it was filing for Chapter 11 bankruptcy protection as it faces federal suspensions. (Mon, 24 Aug 2009 21:21:16 GMT)

U.S. Mortgage Holders Less Likely to Dig Out of Delinquency
Aug. 24 (Bloomberg) -- An increasing number of delinquent U.S. mortgage holders are failing to bring their loans current, in part because falling home prices leave borrowers owing more than their properties are worth, Fitch Ratings said today. (Mon, 24 Aug 2009 22:11:50 GMT)

Mortgage banker Taylor, Bean & Whitaker files for Chapter 11
Taylor, Bean & Whitaker Mortgage Corp. said Monday it filed for bankruptcy protection after moves this month by regulators led to a virtual shutdown of what had been one of the nation's biggest independent mortgage bankers. (Mon, 24 Aug 2009 22:36:52 GMT)

Major mortgage banker files for bankruptcy
Taylor, Bean & Whitaker Mortgage Corp. said the filing comes after moves by regulators led to a virtual shutdown of what had been one of the nation’s biggest independent mortgage bankers. (Mon, 24 Aug 2009 23:00:28 GMT)

Home loan modification firms and lawyers scrutinized
Director of one firm defends its work on mortgages Two South Florida companies that modify mortgages are under investigation, with officials examining their ties to lawyers. Consumer advocates said partnerships between mortgage modification firms and lawyers might be designed to work around Florida laws that bar upfront fees for mortgage work. Or they might skirt guidelines for law firms in this ... (Mon, 24 Aug 2009 23:14:49 GMT)

Residential Finance Corp. Expands Legal Department
Residential Finance Corporation (RFC) (http://www.residentialfinance.co an award-winning nationwide mortgage lender specializing in refinance, today announced the expansion of its legal department with the appointment of Judith Tribble as Senior Counsel and Sandy Finan as Licensing and Compliance Manager. (Tue, 25 Aug 2009 00:33:20 GMT)

Sharp Increase in Mortgage-Related Lawsuits Reported
Legal fights over loan modifications, appraisals and foreclosures drove a 54 percent second-quarter spike in mortgage-related lawsuits, according to a joint analysis by MortgageDaily.com and Washington-based law firm Patton Boggs. According to the data and Patton Boggs' experience, there appeared to be a direct correlation between an increase in legislative and regulatory activity and a ... (Tue, 25 Aug 2009 03:37:49 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, 25 Aug 2009 05:53:12 GMT)

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