Mortgage News Aug 2009

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Citigroup’s Mortgage Unit Adds 1,400 Staff to Stem Foreclosures
Aug. 25 (Bloomberg) -- Citigroup Inc. said its mortgage business has hired 1,400 employees this year to help modify delinquent loans as President Barack Obama ’s administration increases pressure on banks to stem foreclosures. (Tue, 25 Aug 2009 06:14:23 GMT)

Citi ups home loan aid in state
Financial services giant Citi said Monday that it had dramatically stepped up its foreclosure prevention efforts in California - enabling 11,500 mortgage holders to remain in their homes in this year's second quarter. (Tue, 25 Aug 2009 07:13:32 GMT)

California mortgage delinquencies expected to rise through 2009
TransUnion expects the percentage of California home loans that are at least 60 days late or are in foreclosure to skyrocket to more than 14% by year-end. Mortgage delinquencies will continue to rise and set records the rest of this year in California, according to projections to be released today by TransUnion, one of the three big U.S. credit-reporting companies. (Tue, 25 Aug 2009 07:45:35 GMT)

Tips for lowering your mortgage payments
Many people are struggling to pay their home mortgage as a result of the bad economy. There may be options available to you that can help make it easier to keep up with those monthly payments. (Tue, 25 Aug 2009 08:02:10 GMT)

Net Mortgage Lending Weakest Since 2000
Net mortgage lending for the UK last monthsaw its smallest rise since October 2000, figures from the British Bankers' Association show. (Tue, 25 Aug 2009 09:14:54 GMT)

Mortgage approvals at 17-month high in July 
The number of home purchase loans approved by banks in July jumped 76.7 percent on the year to its highest since February 2008, a survey showed on Tuesday, but net mortgage lending growth was its weakest in 9 years. (Tue, 25 Aug 2009 09:15:00 GMT)

Pioneer Services, LLC Arranges a Non-SBA 85% Loan-to-Value $2,450,000 Loan to Refinance the Primrose School of Shady ...
Pioneer Services, LLC, a leading Texas based Commercial Mortgage Intermediary, has closed a $2,450,000 conventional loan on the Primrose School of Shady Hollow located in Austin, TX. (Tue, 25 Aug 2009 10:00:00 GMT)

HELOC makes sense if refinance doesn't
A woman who's considering a refinance should break up the decision process into two parts. (Tue, 25 Aug 2009 10:00:00 GMT)

U.K. Mortgage Approvals Increased in July, BBA Says (Update1)
Aug. 25 (Bloomberg) -- U.K. mortgage approvals rose in July to the highest level since February 2008, the British Bankers’ Association said today. Loan approvals for home purchases increased to 38,181, compared with 35,564 in June, the organization said in a statement in London. (Tue, 25 Aug 2009 10:00:53 GMT)

HELOC makes sense if refinance doesn't
Dear Dr. Don, I'm a single grandma working as a teacher's aide making $25,000 a year. My daughter, son-in-law and three wonderful grandkids have all lived with me for the past year and it may be a couple more years before they can get on their feet and get into their own home. (Tue, 25 Aug 2009 11:44:34 GMT)

Pay mortgage to keep home in bankruptcy
Dear Bankruptcy Adviser, I have filed for bankruptcy. I did not reaffirm my loan and now find I cannot pay the first and second mortgages. It is just too much for me now. Can I walk away from my home? What will I be responsible for? (Tue, 25 Aug 2009 11:44:44 GMT)

QUICK POLL
THE WOODLANDS, TX-Recently launched OMC Capital Inc. has provided $130 million in financing to Equity Venture Management Group in Texas to refinance a portfolio of 12 limited-service hotels throughout the Lone Star state. (Tue, 25 Aug 2009 11:45:49 GMT)

Borrowers Lie for Loan Modifications
Some say Obama loan modification plan gives rise to fraud among borrowers. (Tue, 25 Aug 2009 11:53:39 GMT)

Residential Finance Corp. Expands Legal Department
COLUMBUS, Ohio----Residential Finance Corporation , 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 12:00:00 GMT)

Regions Financial Ranks Highest in Customer Satisfaction Among Primary Mortgage Servicing Companies According to J.D ...
BIRMINGHAM, Ala.----Regions Financial Corporation ranks highest in customer satisfaction among primary mortgage servicing companies, according to a nationwide study by J.D. Power and Associates. (Tue, 25 Aug 2009 12:30:00 GMT)

Sitel to Help Expedite Loan Modification Program
NASHVILLE, Tenn.----Sitel, a leading global business process outsourcing provider, today announced that a leading mortgage service organization has contracted for Sitel’s customer care solutions to meet the rising demand in borrower requests for loan modifications, refinancing and new loans. (Tue, 25 Aug 2009 13:00:00 GMT)

Home loan comparison website saves the consumer money
Home loans have become a difficult financial option for many to obtain in the current economic climate. With the available lenders restricting criteria as well, many homeowners are finding their viable options limited. One of the best means of finding the best available home loans is to use the services of a reputable comparison website which has gained a growing reputation for sound and ... (Tue, 25 Aug 2009 13:08:28 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 14:08:11 GMT)

(AFX UK Focus) 2009-08-25 14:50 UPDATE 2-Freddie Mac July portfolio down,delinquencies jump
NEW YORK, Aug 25 (Reuters) - Freddie Mac, the second-largest U.S. home funding company, on Tuesday said its mortgage investment portfolio shrank by an annualized 44.5 percent rate in July, while delinquencies on loans it guarantees accelerated. The portfolio decreased to $799.1 billion, for an annualized 1.2 percent decrease year-to-date, the McLean, Virginia-based company said in its monthly ... (Tue, 25 Aug 2009 14:18:48 GMT)

Citi’s Mortgage Unit Adds 1,400 to Stem Foreclosures (Update1)
Aug. 25 (Bloomberg) -- Citigroup Inc. said its mortgage business has hired 1,400 employees this year to help modify delinquent loans as President Barack Obama ’s administration increases pressure on banks to stem foreclosures. (Tue, 25 Aug 2009 14:27:07 GMT)

Citi ups home loan aid in state
Financial services giant Citi said Monday that it had dramatically stepped up its foreclosure prevention efforts in California - enabling 11,500 mortgage holders to remain in their homes in this year's second quarter. (Tue, 25 Aug 2009 15:08:32 GMT)

Citi increases mortgage assistance programs
Citigroup Inc. said Tuesday its mortgage division helped alter 108,000 loans during the second quarter as part of its ongoing foreclosure prevention efforts, a 30 percent jump from the previous quarter. (Tue, 25 Aug 2009 15:15:30 GMT)

J.D. Power ranks Regions' mortgage division high for customer satisfaction
Regions Financial Corp.’s mortgage division ranked the highest in customer satisfaction among its U.S. banking peers, according to the latest J.D. Power Associates Survey. (Tue, 25 Aug 2009 16:13:45 GMT)

Personal Finance Daily: Lenders face learning curve on mortgage aid
Most mortgage lenders have always had some form of loan-workout program for troubled borrowers. But when the bust first hit, there wasn’t much that could get done. (Tue, 25 Aug 2009 17:52:43 GMT)

Citigroup's Mortgage Mitigation Rises 29% In 2Q
Citigroup Inc. (C) said the number of mortgages it mitigated to prevent foreclosure increased 29% in the second quarter from the first, in a report Tuesday. (Tue, 25 Aug 2009 19:31:07 GMT)

Merrill Lynch, Deutsche Bank Defer IPO Fees for Mortgage REITs
Aug. 25 (Bloomberg) -- Bank of America Corp., Deutsche Bank AG and Credit Suisse Group AG are deferring underwriting fees for initial public offerings by mortgage-investment companies after buyers balked at the deals. (Tue, 25 Aug 2009 19:53:39 GMT)

Steve Oesterle Joins Long Mortgage Company
(TUCSON, Ariz.) Long Mortgage Company welcomes mortgage specialist, Steve Oesterle, as the new Home Mortgage Consultant for Long Realty Company’s Houghton Southeast and Sahuarita offices. (Tue, 25 Aug 2009 20:01:29 GMT)

California mortgage delinquencies expected to rise through 2009
TransUnion expects the percentage of California home loans that are at least 60 days late or are in foreclosure to skyrocket to more than 14% by year-end. Mortgage delinquencies will continue to rise and set records the rest of this year in California, according to projections to be released today by TransUnion, one of the three big U.S. credit-reporting companies. (Tue, 25 Aug 2009 20:02:56 GMT)

Coastal Banking Company's Wholesale Mortgage Division Passes $1 Billion Loan Production Milestone
BEAUFORT, S.C., Aug. 25, 2009 (GLOBE NEWSWIRE) -- Coastal Banking Company Inc. (OTCBB: CBCO - News ), the holding company of CBC National Bank, which operates divisions including Lowcountry National Bank in Beaufort, S.C., and First National Bank of Nassau County in Fernandina Beach, Fla., announced that in June its wholesale mortgage division reached the $1 billion milestone in loan production ... (Tue, 25 Aug 2009 20:58:42 GMT)

Mortgage approvals rise but lending to businesses falls
The number of mortgages approved for home purchase by Britain's major high street banks rose by 7pc to 38,181 in July, more than double the low point in November, although activity is still well below pre-recession levels. (Tue, 25 Aug 2009 21:12:55 GMT)

NJ gov candidate won't end loan to ex-colleague
The Republican challenger in the New Jersey governor's race said Tuesday he won't ask a federal prosecutor to end the 10-year mortgage loan he took out for her even if he is elected governor. (Tue, 25 Aug 2009 21:15:46 GMT)

Fund-Raiser Accused of Fraud on Citibank Loan
A prominent Democratic party fund-raiser for Barack Obama and Hillary Rodham Clinton was arrested in Manhattan on Tuesday and accused of lying about his assets to obtain a $74 million loan from Citibank , the United States Attorney’s office said, The New York Times’s Liz Robbins and Benjamin Weiser report. (Tue, 25 Aug 2009 21:38:02 GMT)

Federal prosecutor who took loan from GOP governor candidate Chris Christie resigns
Michele Brown says she does not want $46K loan to be a 'distraction' (Tue, 25 Aug 2009 21:39:09 GMT)

Take action - cap your home loan interest rate at 5.5 percent
As no one in the world can say with any certainty what interest rates are going to do - should you fix / float or split your loan to hedge the risk? (Tue, 25 Aug 2009 22:53:03 GMT)

Man impersonated mortgage employee in Mount Sterling deal, police say
A man posed as an employee of a mortgage company in order to steal money from a woman trying to buy (Tue, 25 Aug 2009 23:06:32 GMT)

Mortgage delinquencies on the rise
Mortgage delinquency rates seem to be getting worse, but there's room for optimism. (Wed, 26 Aug 2009 00:23:36 GMT)

New rules require mortgage modification consultants to have licenses
Permanent regulations that require licenses for home mortgage modification and foreclosure consultants are expected to become effective Wednesday, but one important question remains. (Wed, 26 Aug 2009 01:25:07 GMT)

State Sues Stamford Mortgage Broker
The state attorney general has sued a Stamford real estate and mortgage broker, charging that it orchestrated "an extensive predatory lending scheme" that targeted Hispanics and involved the falsification of at least 120 loan applications. (Wed, 26 Aug 2009 01:51:49 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. (Wed, 26 Aug 2009 06:07:30 GMT)

Current Mortgage Rates…Via Twitter?
Nationally recognized mortgage lender and broker now providing real-time updates on mortgage industry news and trends. (Wed, 26 Aug 2009 07:01:00 GMT)

Comment: mortgage swap rates fall but fixed rates don't
Pricing power will remain with mortgage lenders for the foreseeable future writes Ray Boulger. (Wed, 26 Aug 2009 08:51:25 GMT)

Spain's June Mortgage Lending Falls
(RTTNews) - Mortgage lending in Spain dropped 25.9% year-on-year in June, the National Statistics Institute said Wednesday. However, compared to the previous month, the lending rose 4.3%. The total value of mortgage lending stood at 7.27 billion euros in July. (Wed, 26 Aug 2009 09:14:42 GMT)

Survey: Regions Mortgage bests BB&T
Regions topped BB&T in the J.D. Power and Associates ranking of customer satisfaction among primary mortgage service companies. (Wed, 26 Aug 2009 09:18:47 GMT)

Spring boost for mortgage lending
The latest figures from the Council of Mortgage Lenders show a sharp rise in the number of home loans taken out in the second quarter of 2009. (Wed, 26 Aug 2009 10:43:28 GMT)

Eight indicted in mortgage scam
WHITE PLAINS – Authorities Tuesday announced indictments against eight people in connection with a Westchester County-wide mortgage fraud scheme that defrauded four separate families and two mortgage lenders out of $1.4 million. (Wed, 26 Aug 2009 10:59:59 GMT)

Mortgage applications rise as refinancing demand jumps
U.S. mortgage applications rose for a second straight week, with demand for home refinancing loans rising to its highest level since early June, data from an industry group showed on Wednesday. (Wed, 26 Aug 2009 11:02:41 GMT)

Mortgage applications rise as refinancing demand jumps
By Julie Haviv (Wed, 26 Aug 2009 11:02:41 GMT)

Loan alert: the best mortgage deals
As mortgage lenders make record margins on fixedrate loans choose a deal that won't mean paying over the odds. (Wed, 26 Aug 2009 11:05:38 GMT)

Week-to-week mortgage applications rise 7.5%: MBA
Mortgage applications increase a seasonally adjusted 7.5% on a week-to-week basis, boosted mainly by refinancing filings, in a continuation of a modest upturn trend to be seen in Mortgage Bankers Association data. (Wed, 26 Aug 2009 11:22:33 GMT)

Union Bank sees pick up in home, auto loans
State-owned Union Bank of India expects growth in home, auto loan portfolios to pick up in the period ahead, but said it may not achieve the targeted credit growth of 25 per cent in FY10. (Wed, 26 Aug 2009 11:48:38 GMT)

(AFX UK Focus) 2009-08-26 12:15 US mortgage applications rise as refinancing demand jumps
By Julie Haviv (Wed, 26 Aug 2009 11:54:27 GMT)

U.S. MBA Mortgage Applications Index Rose 7.5 Percent Last Week
Aug. 26 (Bloomberg) -- Mortgage applications in the U.S. rose last week to the highest level in almost three months, led by gains in refinancing and purchases that signal housing is stabilizing. (Wed, 26 Aug 2009 12:06:02 GMT)

U.S. MBA Mortgage Applications Index Rose 7.5 Percent Last Week
Aug. 26 (Bloomberg) -- Mortgage applications in the U.S. rose last week to the highest level in almost three months, led by gains in refinancing and purchases that signal housing is stabilizing. (Wed, 26 Aug 2009 12:15:55 GMT)

Mortgage Applications Rise as Refinancing Demand Jumps
Mortgage Applications Rise as Refinancing Demand Jumps (Wed, 26 Aug 2009 12:23:44 GMT)

MBA: Mortgage Applications Rise, Refinancing Loan Demand Hits Highest Level Since June
(RTTNews) - Mortgage applications increased in the week ending August 21, as demand for home refinancing loans hit its highest level since early June, according to a report released by the Mortgage Bankers Association. (Wed, 26 Aug 2009 13:29:35 GMT)

Weekly mortgage applications rise 7.5%
The number of mortgage applications rose for a second week, boosted by an increasing demand for refinancing. (Wed, 26 Aug 2009 14:04:04 GMT)

New-home sales surge 9.6%, mortgage applications up
The Mortgage Bankers Association said Wednesday that mortgage loan applications increased a seasonally adjusted 7.5% the week ended Aug. 21 from a week earlier, as loan rates edged up. (Wed, 26 Aug 2009 14:19:05 GMT)

Weekly mortgage applications rise 7.5%; Colorado loan rates at 5.14%
The number of mortgage applications across the nation rose for a second week, boosted by an increasing demand for refinancing. (Wed, 26 Aug 2009 14:35:13 GMT)

Police: Holmdel man threatened to "slaughter" family of mortgage company CEO
A man accused of telling the CEO of a Route 9 mortgage company he would ... (Wed, 26 Aug 2009 15:26:27 GMT)

Mortgage Applications Rise as Refinancing Demand Jumps
Mortgage applications rose for a second straight week, with demand for home refinancing loans rising to its highest level since early June, data from an industry group showed on Wednesday. (Wed, 26 Aug 2009 16:09:07 GMT)

Business Briefs: August 26, 2009
Catalyst refinances debt Catalyst Paper Corporation announced that its hydro joint venture, Powell River Energy Inc., successfully raised $95 million of first mortgage bonds maturing in July 2016 to refinance $75 million of non-recourse debt due on July 24, 2009. (Wed, 26 Aug 2009 16:39:06 GMT)

Holmdel man accused of threatening family of mortgage company CEO
HOWELL -- A Holmdel man was arrested after he allegedly threatened the CEO of a mortgage company, saying he would "slaughter" the executive's family, according to a report in the Asbury Park Press. Jerry J. Lin, 28, was charged with... (Wed, 26 Aug 2009 17:08:50 GMT)

Mortgage Applications Rise on Refinancings
Mortgage applications rose 7.5% in the week ended Aug. 21, the Mortgage Banksers Association reported on Wednesday. (Wed, 26 Aug 2009 17:54:34 GMT)

Mexican Housing Fund To Diversify Mortgage Bond Offerings
MEXICO CITY -(Dow Jones)- Mexico's government-run home lender Infonavit is considering broadening its range of mortgage-backed bonds as it looks to diversify sources of financing. (Wed, 26 Aug 2009 18:46:03 GMT)

ICICI Bank cuts home loan rates for new customers
The new interest rate for loans up to Rs 20 lakh has been fixed at 8.75 per cent. (Wed, 26 Aug 2009 18:53:18 GMT)

Refinancing? Weigh risks of debt consolidation
With mortgage rates still near historic lows, consolidating credit card debt in a refinance can substantially lower monthly expenses. Yet many financial experts advise against it. (Wed, 26 Aug 2009 18:54:45 GMT)

ICICI reduces rates for new home loans
NEW DELHI: The largest private sector bank, ICICI Bank, launched new home loan schemes at lower interest rates for new borrowers. Under the new offer, interest rates for up to Rs 20 lakh is 8.75%. For the loan between Rs 20-Rs 50 lakh, the new interest rate is 9.25% and 9.75% above that. (Wed, 26 Aug 2009 19:42:22 GMT)

Taylor Bean Mortgage Bonds Fail to Pay Principal to Investors
Aug. 26 (Bloomberg) -- At least some securities backed by home loans serviced by Taylor, Bean & Whitaker Mortgage Corp. failed to pay scheduled principal payments to investors. (Wed, 26 Aug 2009 20:42:25 GMT)

Loan pool to help Chicago home buyers
There is a new loan pool that will make affordable financing available to Chicago residents who want to purchase a house, make home improvements or help those who face losing their home. (Wed, 26 Aug 2009 22:56:11 GMT)

Weissman of Ernst Hired to Run Home Loan Banks Finance Office
Aug. 26 (Bloomberg) -- H. Ronald Weissman , a former partner at accounting firm Ernst & Young LLP, will take over the Federal Home Loan Bank system’s finance office, according to regulators. (Wed, 26 Aug 2009 23:25:13 GMT)

Mortgage Fraud: A Classic Crime's Latest Twists
In the wake of the mortgage meltdown, regulators are sounding alarms about the potential for yet another type of fraudthis time, in the small but fast-growing reverse-mortgage market. (Thu, 27 Aug 2009 00:03:50 GMT)

Mortgage fraud bill proposed by Santa Clara County prosecutors close to becoming law
Santa Clara County prosecutors are hoping they will soon have a new tool that allows them to put crooked mortgage brokers out of business more efficiently. (Thu, 27 Aug 2009 00:09:32 GMT)

Taylor Bean’s Mortgage Bonds Fail to Pay Investors (Update2)
Aug. 26 (Bloomberg) -- Some securities backed by home loans serviced by Taylor, Bean & Whitaker Mortgage Corp. failed to make scheduled principal payments to investors. (Thu, 27 Aug 2009 00:23:32 GMT)

Attorney general targets home loan scammers
Attorney General John Kroger announces new enforcement effort to protect Oregon homeowners by targeting loan modification companies that engage in deceptive and misleading business practices. (Thu, 27 Aug 2009 00:43:36 GMT)

41 people indicted in $44 million Cuyahoga County mortgage-fraud scheme
John Kuntz, The Plain DealerCuyahoga County Prosecutor Bill Mason addresses the media on the results of what he called the biggest mortgage fraud indictment in U.S. history. Read the earlier version this story Read the complete list of indictments A... (Thu, 27 Aug 2009 02:08:21 GMT)

Man to plead guilty in mortgage fraud scheme
A fifth person involved in a $4 million Walworth County mortgage fraud scheme has agreed to plead guilty for his role in the crime masterminded by two felons who were granted mortgage brokers licenses by the state. (Thu, 27 Aug 2009 02:59:17 GMT)

Shareholder Action Against Failed Mortgage Lender Tossed
A federal judge has dismissed a shareholder class action against the former officers and directors of Downey Financial Corp., a mortgage lender that filed for Chapter 7 liquidation in November. "It's the first instance where a court has dismissed with prejudice a complaint filed against the former management of a financial institution that's been taken over by the FDIC," said the attorney who ... (Thu, 27 Aug 2009 03:37:57 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, 27 Aug 2009 03:52:30 GMT)

Two Shaler men plead guilty in mortgage fraud scheme
Daniel W. O'Connor and Lawrence J. Kraynak operated a broker company called Financial Freedom Mortgage that defrauded lenders by submitting appraisals that overstated the value of the real estate used as collateral for the loans. (Thu, 27 Aug 2009 04:02:47 GMT)

Business Briefs: August 26, 2009
Catalyst refinances debt Catalyst Paper Corporation announced that its hydro joint venture, Powell River Energy Inc., successfully raised $95 million of first mortgage bonds maturing in July 2016 to refinance $75 million of non-recourse debt due on July 24, 2009. (Thu, 27 Aug 2009 04:54:06 GMT)

ICICI Bank launches special offer for new home loans
Private sector lender ICICI Bank on Wednesday said it has launched new home loan schemes at lower interest rates for new borrowers. Under the new offer, interest rates for up to Rs 20 lakh is 8.75 per cent, an ICICI Bank spokesperson told PTI, adding the schemes are effective from August 20. (Thu, 27 Aug 2009 05:16:51 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, 27 Aug 2009 09:37:30 GMT)

Mortgage Fraud: A Classic Crime's Latest Twists
In the wake of the mortgage meltdown, regulators are sounding alarms about the potential for another type of fraud in the small but fast-growing reverse-mortgage market. (Thu, 27 Aug 2009 09:53:55 GMT)

National home equity loan averages
Here are the average home equity rates from Bankrate's weekly survey of large banks and thrifts. (Thu, 27 Aug 2009 10:00:00 GMT)

National auto loan averages
Here are the average auto loan rates from Bankrate's weekly survey of large banks and thrifts. (Thu, 27 Aug 2009 10:00:00 GMT)

Take Charge Thursday: Mortgage Payments
If you are finding it harder and harder to keep up with the mortgage payments, more help is now available. Tune in to Newscenter 16 starting at 5 p.m. to learn more. (Thu, 27 Aug 2009 10:23:21 GMT)

Loan losses hurt bottom line
Canadian Imperial Bank of Commerce said yesterday third-quarter profits improved sharply over year-earlier levels, but higher loan loss provisions dissapointed investors. (Thu, 27 Aug 2009 10:59:11 GMT)

Mortgage rates inch upward
Mortgage rates barely moved in Bankrate's weekly survey. The benchmark 30-year, fixed-rate mortgage edged up 1 basis point, to 5.53 percent, according to the Bankrate.com's national survey of large lenders. A basis point is one-hundredth of 1 percentage point. (Thu, 27 Aug 2009 11:44:24 GMT)

Retirees mortgage debt rises to £90bn
The average outstanding mortgage debt amongst retired people with a mortgage is £50,100, up from £42,100 in 2008 according to Scottish Widows. (Thu, 27 Aug 2009 12:00:51 GMT)

Bright spots seen in home market
JONESBORO — National housing prices in June were down 7.8 percent from June 2008, but Jonesboro housing prices were down just 0.43 percent, according to newly released data from First American CoreLogic and its Loan Performance Home Price Index (HPI). (Thu, 27 Aug 2009 12:27:49 GMT)

Mortgage Rates Hold Steady: Bankrate
Mortgage Rates Hold Steady: Bankrate (Thu, 27 Aug 2009 12:54:26 GMT)

Authorities targeting home mortgage fraud in Ohio
Federal and state authorities in Ohio are making a major push targeting home mortgage fraud in the Cleveland area. An interagency task force announced criminal charges Wednesday against 45 individuals suspected of fraud involving 453 homes purchased for $50 million in Cleveland and its Cuyahoga County suburbs. (Thu, 27 Aug 2009 14:22:14 GMT)

Freddie Mac: 30-year Mortgage Rate Rises Slightly
Freddie Mac: 30-year Mortgage Rate Rises Slightly (Thu, 27 Aug 2009 14:38:54 GMT)

U.S. Mortgage Rates Rise to 5.14, Freddie Mac Says (Update2)
Aug. 27 (Bloomberg) -- Mortgage rates for 30-year fixed home loans rose this week even as the year’s record low borrowing costs produced the biggest jump in new home purchases in four years. (Thu, 27 Aug 2009 14:46:04 GMT)

Fed's Lacker eyes mortgage securities program
The Fed should continue its program designed to drive down mortgage rates at least until the economy begins to grow, the president of the Federal Reserve Bank of Richmond said Thursday. (Thu, 27 Aug 2009 14:58:36 GMT)

45 indicted in elaborate mortgage fraud scheme in Cuyahoga County
CLEVELAND HEIGHTS -- This city was the hardest hit suburb in the largest mortgage fraud scheme in the state, involving more than 400 homes in Cuyahoga County, officials said Wednesday. A Beachwood man has been indicted along with 44 other... (Thu, 27 Aug 2009 15:07:13 GMT)

Mortgage rates rise modestly
WASHINGTON, Aug. 27 (UPI) -- Average interest rates for 30-year, fixed-rate U.S. mortgages rose in the week ending Aug. 27, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 27 Aug 2009 15:36:21 GMT)

Regions Mortgage leads J.D. Power satisfaction ratings as some goliaths lag
Mortgage lenders have their hands full with the recession and housing slump making it tough for many to make their monthly payments or refinance. (Thu, 27 Aug 2009 15:46:33 GMT)

Mortgage rates up slightly, still near record lows
Rates for 30-year home loans edged up this week, but remain close to record lows reached over the spring. The average rate for a 30-year fixed mortgage was 5.14 percent, up from 5.12 percent a week earlier, mortgage company Freddie Mac said Thursday. (Thu, 27 Aug 2009 16:03:32 GMT)

Citi under the gun on uptown mortgage
The lender is being accused of not adhering to an earlier agreement to ensure that buildings in its mortgage portfolio do not have code violations. (Thu, 27 Aug 2009 16:29:47 GMT)

Disclose all loan details to home buyers: RBI to builders
Mumbai, Aug 27 (PTI) The Reserve Bank today made it mandatory for builders borrowing funds from banks to disclose their loan details to the home buyers. (Thu, 27 Aug 2009 16:58:45 GMT)

Mortgage rates up slightly, still near record lows
Rates for 30-year home loans edged up this week, but remain close to record lows reached over the spring. (Thu, 27 Aug 2009 17:33:27 GMT)

Google could be adding mortgage info soon
A lawsuit between LendingTree and one of its technology providers has revealed that Google is also interested in using the latter's tech to offer mortgage information. (Thu, 27 Aug 2009 18:31:48 GMT)

Prudential Mortgage closes $100M loan
Prudential Mortgage Capital Co. said Thursday it closed a $108 million loan allowing a client to buy several properties in six states owned by real estate investment trust Kimco Realty Corp. (Thu, 27 Aug 2009 20:12:07 GMT)

Prudential Mortgage closes $100M loan
Prudential Mortgage Capital Co. said Thursday it closed a $108 million loan allowing a client to buy several properties in six states owned by real estate investment trust Kimco Realty Corp. (Thu, 27 Aug 2009 20:12:07 GMT)

ICICI cuts home loan rates to remain competitive
Joining the battle being fought in the market for mortgages, India’s second-largest lender, ICICI Bank, has cut rates for home loans from August 20. Accordingly, the rate for home loans up to Rs 20 lakh will now be 8.75 per cent, while loans between Rs 20-50 lakh will be charged 9.25 per cent. (Thu, 27 Aug 2009 20:34:33 GMT)

Fed Raises Mortgage-Bond Purchases as Lacker Suggests Slowdown
Aug. 27 (Bloomberg) -- The Federal Reserve disclosed that it bought a greater-than-average amount of mortgage bonds for a second straight week, following a period of reduced purchases. (Thu, 27 Aug 2009 22:15:57 GMT)

Modify Your Mortgage
Hitting a wall when trying to refinance your home? Liz Crenshaw tells you the best ways to rework your loans. (Thu, 27 Aug 2009 22:26:47 GMT)

Mortgage Rates Climb
Rates for 30-year home loans edged up this week, but remain close to record lows reached over the spring. The average rate for a 30-year fixed mortgage was 5.14 percent, up from 5.12 percent a week earlier, mortgage company Freddie Mac said Thursday. Rates, while above the record low of 4.78 percent hit in the spring, are still at attractive... (Fri, 28 Aug 2009 02:41:06 GMT)

Mortgage Downturn Cited in Dismissal of Securities Case Against Merrill Lynch
A federal judge has dismissed a securities fraud suit against Merrill Lynch and six of its subsidiaries, citing the "profound" downturn in the mortgage market as the more likely cause of the plaintiffs' woes and noting that securities fraud plaintiffs "must do more than show motive and opportunity" to prove scienter. The suit was brought by two real estate investment trusts that said Merrill ... (Fri, 28 Aug 2009 02:54:26 GMT)

Loan program helps keep small businesses afloat
Matt Pearson needed a breather. He was making countertops, and the recession-buffeted, home-construction implosion over the past 18 months had slammed his bottom line with a 40 percent revenue drop. (Fri, 28 Aug 2009 03:38:17 GMT)

Forest Park minister, wife fight to save home amid mortgage mess
FOREST PARK — One of the hardest things about the Rev. Horace Scott’s mortgage mess is the people who drive slowly by the freshly trimmed house, stop and snap pictures."I just fold my arms and look at them,” Scott said. "I think to myself, ‘You think you’re going to get it, don’t you?’”Equally tough is opening up a paycheck that says "0,” even though Scott works 40 hours a week. His paycheck is ... (Fri, 28 Aug 2009 05:00:02 GMT)

Coffee Break: Mortgage applications on the rise
Increase for week ended Aug. 21 is 7.5 percent from the previous week, says Mortgage Bankers Association survey. (Fri, 28 Aug 2009 05:07:50 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. (Fri, 28 Aug 2009 06:08:06 GMT)

Mortgage Downturn Cited in Dismissal of Securities Case Against Merrill Lynch
A federal judge has dismissed a securities fraud suit against Merrill Lynch and six of its subsidiaries, citing the "profound" downturn in the mortgage market as the more likely cause of the plaintiffs' woes and noting that securities fraud plaintiffs "must do more than show motive and opportunity" to prove scienter. (Fri, 28 Aug 2009 07:02:19 GMT)

Mortgage holders 'not disadvantaged'
Australia's pioneer of non-bank mortgages says consumers have not been disadvantaged by a consolidating mortgage industry. (Fri, 28 Aug 2009 08:01:30 GMT)

Mortgage Bonds Signal Worse Europe Property Market, Fitch Says
Aug. 28 (Bloomberg) -- Mortgage-backed bonds pointed to a deteriorating real-estate market across Europe, Fitch Ratings said in its Quarterly European RMBS Performance Update. (Fri, 28 Aug 2009 08:30:56 GMT)

Two plead guilty to mortgage fraud scheme
KANSAS CITY, Kan. (AP) - A Missouri man and an Iowa woman have pleaded guilty to a scheme to defraud mortgage lenders for $3 million. (Fri, 28 Aug 2009 09:13:56 GMT)

ICICI cuts home loan rates to remain competitive
The battle in the home-loan market was sparked by the country's largest lender, State Bank of India (SBI), which announced a competitive package early this month. (Fri, 28 Aug 2009 09:28:41 GMT)

Don't turn HELOC into first mortgage
In today's interest-rate environment, it's likely a mistake to turn a HELOC into a first mortgage. (Fri, 28 Aug 2009 10:00:00 GMT)

Swindon sign Celtic pair on loan
Swindon complete the signing of Celtic striker Ben Hutchinson and midfielder Simon Ferry in loan deals until January. (Fri, 28 Aug 2009 10:54:16 GMT)

Home Equity Loan Rate Search
Dear Dr. Don, I would like to replace my mortgage with a home equity line of credit. How would I go about putting the HELOC in the first lien holder's position if I owe $79,000 on a house that is appraised out at $95,000? Is there a bank that will replace my first with a HELOC? (Fri, 28 Aug 2009 10:59:44 GMT)

Aussie mortgage holders 'okay'
A financial expert says consumers have not been disadvantaged by a consolidating mortgage industry. (Fri, 28 Aug 2009 11:27:51 GMT)

Raytown man guilty in mortgage fraud conspiracy
A Raytown man has admitted to conspiring to defraud mortgage lenders through a straw-purchase scheme, authorities announced Thursday. Anthony E. Carollo, 31, along with Rebecca Gelwix, 25, of Des Moines, pleaded guilty to conspiracy to commit bank fraud, money laundering and wire fraud. (Fri, 28 Aug 2009 12:12:36 GMT)

Realty Q&A: How to deal with a cut to your home-equity line
I believe that I have a viable claim against a lender for wrongful suspension of my home-equity loan. Please let me know if you can recommend a competent attorney who regularly handles these types of consumer cases. (Fri, 28 Aug 2009 12:37:33 GMT)

Blake joins Plymouth on loan
Plymouth Argyle sign defender Darcy Blake on a six month loan deal from Championship rivals Cardiff City. (Fri, 28 Aug 2009 12:45:14 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. (Fri, 28 Aug 2009 15:52:00 GMT)

2 plead guilty in $3 million mortgage fraud scheme
A Missouri man and an Iowa woman have pleaded guilty to a scheme to defraud mortgage lenders for $3 million. The U.S. Attorney's Office in Kansas said Thursday that 31-year-old Anthony E. (Fri, 28 Aug 2009 16:04:23 GMT)

Helping underwater borrowers refinance
Missouri officials are launching a new program to help borrowers refinance their mortgage, in the hopes of stemming foreclosures. The Missouri Housing Development Corp. said today that is offering up to $13,000 to qualified borrowers who are trying to refinance and lower their monthly payments. (Fri, 28 Aug 2009 17:03:56 GMT)

Mortgage modifers must be licensed under new Florida law
State regulators cracking down, with 83 active investigations Hundreds of people calling themselves "foreclosure rescue specialists," promising to quickly cut through red tape and reduce mortgage payments, have taken millions of dollars from South Florida homeowners over the past year for their services. (Fri, 28 Aug 2009 17:29:59 GMT)

Freddie Marks Rising Mortgage Rates
Freddie Mac announced Thursday that U.S. mortgage rates for 30-year fixed home loans rose 0.02 basis points this week. (Fri, 28 Aug 2009 17:32:34 GMT)

Low Mortgage Rates Are BackFor the Moment
Thanks to unusual movements in the bond market, rates have come down in recent weeks, and someone with good credit may be able to get a 30-year mortgage for as little as 5% right now. (Fri, 28 Aug 2009 18:11:55 GMT)

Holiday homes mortgage trap
Thousands of UK investors who were tempted into the foreign property markets of Dubai and Bulgaria may never be able to sell out or refinance, following the withdrawal of domestic mortgage products. (Fri, 28 Aug 2009 18:13:14 GMT)

Business Briefs: August 26, 2009
Catalyst refinances debt Catalyst Paper Corporation announced that its hydro joint venture, Powell River Energy Inc., successfully raised $95 million of first mortgage bonds maturing in July 2016 to refinance $75 million of non-recourse debt due on July 24, 2009. (Fri, 28 Aug 2009 18:24:09 GMT)

Closed mortgage lender Taylor, Bean and Whitaker files for Chapter 11 bankruptcy protection
OCALA, FLA. — 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. (Fri, 28 Aug 2009 19:17:54 GMT)

Mortgage rates hold steady
Long-term mortgage rates edged up this week, but remain well below year ago levels. (FRE) (Fri, 28 Aug 2009 20:05:30 GMT)

The Feds are making the mortgage mess even worse
So goes the title of a July 7th letter to the editor of Delaware Online by Linda A. Moffett, a Realtor from Newark. In it Linda charged the Feds with forcing mortgage lenders to deal "with such ridiculous government-imposed regulations that it is becoming more and more difficult to settle on time, if at all... Banks laid off the majority of their mortgage department staff and hired temps with ... (Fri, 28 Aug 2009 20:24:37 GMT)

MILITARY -- VA home loan seminar today
USO to hold VA home loan seminar United Service Organizations Guam will hold a seminar for those who are interested in the VA home loan program under the U.S. Department of Veterans Affairs. (Fri, 28 Aug 2009 22:50:16 GMT)

Watercooler: Mortgage help available online
Finding the right mortgage to match your financial situation is a mouse click away. Several Web sites offer an array of features that will help you calculate monthly payments and make other determinations. (Sat, 29 Aug 2009 02:07:29 GMT)

The Insider: Compass Mortgage Points North
The building formerly occupied by H&R Block at 2015 S. Florida Ave. in Lakeland won't be empty for much longer. Compass Mortgage, now located at 2212 S. Florida Ave., will be moving about two blocks north and plans to open at the new location on Sept. 1. Co-owner Scott Bowne said the new location is about twice as large as Compass' current... (Sat, 29 Aug 2009 02:41:36 GMT)

China Merchants Bank Quarterly Profit Drops 41% on Loan Margin
Aug. 29 (Bloomberg) -- China Merchants Bank Co., the nation’s fifth-biggest by market value, posted its third consecutive quarter of declining profits as loan margins contracted and it set aside additional funds for loan defaults. (Sat, 29 Aug 2009 04:06:43 GMT)

Mortgage program starts
The Louisiana Housing Finance Agency said Friday it’s launching a $25 million mortgage bond program that helps first-time and lower-income homebuyers purchase a house. (Sat, 29 Aug 2009 05:13:29 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, 29 Aug 2009 05:36:40 GMT)

State suspends mortgage-broker license for son of Valley Investments owner
State officials suspended Philip R. Lochmiller Jr.’s mortgage-broker license because he failed to supply verifiable bonding information, according to the Colorado Division of Real Estate. (Sat, 29 Aug 2009 05:37:53 GMT)

Best of the blogs | Missouri program helps prevent home foreclosure
Help for homeowners Missouri homeowners seeking to refinance their mortgages to avoid foreclosure may qualify for a new state program that helps pay closing costs for second mortgages. The Missouri Housing Development Commission is offering to lend qualified homeowners up to 3 percent of the amount of their primary loan. The commission’s loan is forgiven if the borrower remains in the home for ... (Sat, 29 Aug 2009 05:51:39 GMT)

County closes mortgage-record room; mold suspected
GOSHEN — County officials have temporarily closed a records room in the basement of the Orange County Government Center, where a substance believed to be mold was found on the cloth covers of old mortgage books. (Sat, 29 Aug 2009 06:02:09 GMT)

Two accused in loan case
Two mortgage brokers allegedly used an Internet dating service to persuade a Michigan doctor to refinance his home, then diverted the funds to their own account, according to an investigation by the Colorado Division of Real Estate. (Sat, 29 Aug 2009 07:21:26 GMT)

CHARLIE'S MORTGAGE BARES HOME UNTRUTH
Rep. Charles Rangel claimed on mortgage papers that a Harlem brownstone was his principal residence -- even though he was living elsewhere at the time, The Post has learned. When the Democrat -- who is under investigation by the House Ethics... (Sat, 29 Aug 2009 10:26:35 GMT)

Marco bank absorbs Island Mortgage employees
Marco Community Bank has hired all of the employees of Island Mortgage and begun offering an extended line of financial products, including home loans. (Sat, 29 Aug 2009 12:26:20 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, 29 Aug 2009 17:06:40 GMT)

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