Mortgage News Aug 2009

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‘Education loan may touch Rs. 50,000 crore by 2015’
SIVAGANGA: Union Home Minister P. Chidambaram on Saturday expressed the hope that the volume of education loan would touch Rs.50,000 crore in 2015 with the opening of new institutes of higher learning. Addressing a function organised by ... (Sat, 29 Aug 2009 19:29:42 GMT)

About Real Estate: Refinancing your mortgage? Try to get highest appraisal possible
Question: We are planning to refinance our mortgage. But we're concerned that several refinancing deals - and even home sales in our neighborhood - have recently fallen through because their appraisals came in too low for the bank to justify making the loan. What can we do to make sure that our home is appraised at the highest value possible? (Sun, 30 Aug 2009 04:07:29 GMT)

Here are some tips to ease the pain of loan modification
Getting a loan modification is no easy task, especially if you go it alone. Banks, swamped with borrowers seeking help, are overwhelmed and understaffed. Homeowners complain of their files getting lost, months and months of waiting, and flat-out rejection, even when they have followed all the rules. (Sun, 30 Aug 2009 05:02:53 GMT)

Home foreclosures increase
GLENDALE — Home foreclosures and loan default notifications jumped by 10% in June and were 55% higher than they were a year ago, but rates remain far lower in Glendale, Burbank and La Cañada Flintridge than averages for Los Angeles County and California, according to real estate firm RealtyTrac. (Sun, 30 Aug 2009 06:06:20 GMT)

Home Loan Executives bank is teetering
Home Loan Executives, once a prominent mortgage bank in Tucson with ties to First Magnus, is on the brink of shutting down. The company lost nearly $2 million in 2007 and 2008 and has been locked out of its former branch office at 3116 N. Swan Road after its owner, Carmine Russo, failed to pay rent. Its Green Valley branch has switched over to American Home Mortgage. Meanwhile, staffing has been ... (Sun, 30 Aug 2009 07:31:46 GMT)

Collin County is attacking mortgage fraud
Get-rich schemes come in many forms, and one of the most lucrative, mortgage fraud, has flourished in Collin County. (Sun, 30 Aug 2009 07:38:55 GMT)

Consumer loan rates
Springfield financial institutions quoted the following rates Friday for home equity, auto and boat loans. The home equity rate is based on a $10,000 loan or line of credit with applicable points included. Rates are variable unless otherwise noted. Additional fees are not included. The auto loan rate is based on a 48-month contract for a new car. The boat rate is based on a loan for a new boat. (Sun, 30 Aug 2009 07:59:33 GMT)

VA urges vets to get mortgage help
The U.S. Department of Veterans Affairs is urging veterans who are having problems making their mortgage payments to contact lenders, said Leo Baier, director of the Johnson County Commission of Veteran Affairs. (Sun, 30 Aug 2009 08:21:59 GMT)

Help available to refinance home
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? (Sun, 30 Aug 2009 10:03:16 GMT)

Money Management: Tips for lowering your mortgage payments
Many people are struggling to pay their home loan bills as a result of the bad economy. Don’t despair, however, if you are concerned about falling behind on payments, according to the Connecticut Society of CPAs. (Sun, 30 Aug 2009 10:24:09 GMT)

Mortgage servicers slow to give help
Nobody in the Ohio attorney general's office was surprised when the government recently announced that less than 10 percent of eligible homeowners facing foreclosure had received help in reworking their loans. (Sun, 30 Aug 2009 10:44:31 GMT)

When a reverse mortgage works - it's debatable
Q: I hope you enjoy a good discussion as much as I do, as I'm going to try to convince you that a reverse mortgage is more than a last resort. Let's look at a 70-year-old who has been very comfortable in his retirement, collecting Social Security and... (Sun, 30 Aug 2009 11:38:58 GMT)

Abu Dhabi Finance launches non-resident mortgage
Abu Dhabi Finance has launched a mortgage called Compass, aimed at salaried non UAE-residents who want to buy residential property in the capital. It will offer up to 75% mortgage finance. Those who are self-employed will get a maximum of 70% finance. (Sun, 30 Aug 2009 11:54:59 GMT)

Mortgage company shut down for mailing bogus loan notices
The Illinois Department of Financial and Professional Regulation has fined an out-of-state mortgage company and its affiliate $40,000 and taken action to force the company to cease all loan servicing operations in Illinois. (Sun, 30 Aug 2009 13:33:12 GMT)

Home foreclosures increase
GLENDALE — Home foreclosures and loan default notifications jumped by 10% in June and were 55% higher than they were a year ago, but rates remain far lower in Glendale, Burbank and La Cañada Flintridge than averages for Los Angeles County and California, according to real estate firm RealtyTrac. (Sun, 30 Aug 2009 13:46:12 GMT)

12 people accused of mortgage fraud involving high-priced homes
Susan AltDiane Marciel CLEVELAND — Eleven people were arraigned Friday in Cuyahoga County Common Pleas Court on 96 charges in what prosecutors say was a $14.7 million mortgage fraud scheme involving seven upscale houses, some with waterfront views. Another defendant... (Sun, 30 Aug 2009 16:33:01 GMT)

First Active forced to offer mortgage refunds
First Active has been forced by the Financial Regulator to contact almost 200 customers offer ing them refunds on mortgage payments and the option of changing to a new loan product. (Sun, 30 Aug 2009 17:11:18 GMT)

Low Mortgage Rates Help Stabilize Housing Market
RISMEDIA, August 31, 2009-Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.14% with an average 0.7 point for the week ending August 27, 2009, up from last week when it averaged 5.12%. Last year at this time, the ... (Sun, 30 Aug 2009 18:11:04 GMT)

Huge increase in mortgage fraud, report police
With Bradford & Bingley and Chelsea Building Society recently affected by criminal gangs, police estimate that mortgage fraud is now 'one of the biggest areas of investigation' City of London police has reported a 72% increase in cases of financial fraud largely driven by a jump in mortgage scams over the previous year. The force said allegations of mortgage fraud had reached double figures and ... (Sun, 30 Aug 2009 22:53:35 GMT)

Mad Men, "My Old Kentucky Home": Reviewing episode three
Peggy (Elisabeth Moss) tokes up on "Mad Men."A review of "Mad Men" season three, episode three coming up just as soon as I loan you my glasses so you can write this blog entry as me...... (Mon, 31 Aug 2009 03:19:52 GMT)

Economy Project: Home Financing Options
Some homebuyers struggling to pay their mortgages might not be in trouble if they'd financed their home differently. In today's weekly economic segment KERA's Stella Payne looks at options to discuss with your lender. (Mon, 31 Aug 2009 04:03:37 GMT)

Commercial mortgage defaults in Bay Area rising
A predicted avalanche of commercial property loan defaults in the Bay Area and elsewhere looms large as mounting delinquent mortgages follow news in July that several San Francisco building owners relinquished properties after failing to make loan payments.... Sponsored Topics: San Francisco - Commercial property - Real estate - United States - California (Mon, 31 Aug 2009 04:21:25 GMT)

New rules yield delays in appraisals for sales, refinancing
Not long ago, Jodi Tate let an appraiser into her Clemmonsville Road house in Winston-Salem as part of her mortgage refinancing. (Mon, 31 Aug 2009 04:24:18 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, 31 Aug 2009 06:00:43 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. (Mon, 31 Aug 2009 09:48:46 GMT)

How long will low mortgage rates last?
Low rates and housing prices are making it attractive to buy a home. How long will the scenario last? (Mon, 31 Aug 2009 10:00:00 GMT)

Feds probe mortgage brokerages
The federal privacy commissioner is auditing a number of mortgage brokerages because of concerns about the security of borrowers' personal financial information, The Globe and Mail has learned. (Mon, 31 Aug 2009 10:08:32 GMT)

Wolves swoop for loan man Castillo
Wolves have completed their eighth summer signing with the season-long loan capture of Ecuadorian World Cup star Segundo Castillo. And they are believed to be close to a similar deal for Austrian giant Stefan Maierhofer. (Mon, 31 Aug 2009 10:12:54 GMT)

A long cry for mortgage help
Demand creates months-long delays for a $75 billion federal program designed to help a half-million Americans keep their homes by restructuring their mortgages Eileen Ambrose: If you want to take advantage of a new federal program to modify your mortgage so you can afford to stay in your house, be prepared to wait. And wait. The $75 billion Home Affordable Modification Program has gotten off to ... (Mon, 31 Aug 2009 10:16:29 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. (Mon, 31 Aug 2009 11:24:12 GMT)

How long will low mortgage rates last?
That question is on the lips and minds of mortgage shoppers from Seattle to Miami. In recent months, rates have sunk to near historic lows, presenting Americans with a rare opportunity, according to economist Bob Walters. (Mon, 31 Aug 2009 11:44:24 GMT)

Wolves sign Castillo on loan from Red Star
Wolves have signed Ecuador midfielder Segundo Castillo on a season-long loan from Red Star Belgrade. (Mon, 31 Aug 2009 11:58:21 GMT)

Maine nursing home site up for auction
A bank plans to auction off a former Maine nursing home next month and officials home the buyer will turn it into apartments for seniors. (Mon, 31 Aug 2009 12:00:48 GMT)

Home Minister inaugurates Education Loan Campaign
Kanchipuram (TN), Aug 31 (PTI) Students would be given a moratorium on interest for education loans taken from banks sanctioned during 'Education Loan Campaigns', Union Home Minister P Chidambaram today said. (Mon, 31 Aug 2009 12:12:48 GMT)

Canada’s Privacy Watchdog Probes Mortgage Brokers, Globe Says
Aug. 31 (Bloomberg) -- Canada’s privacy commissioner is investigating some of the country’s mortgage brokers because of concerns that borrowers’ financial information may not have been properly protected, the Globe and Mail reported. (Mon, 31 Aug 2009 12:38:59 GMT)

Home Min inaugurates Education Loan Campaign
Students would be given a moratorium on interest for education loans taken from banks sanctioned during 'Education Loan Campaigns', Union Home Minister P Chidambaram today said. (Mon, 31 Aug 2009 12:48:27 GMT)

Nigeria: FMBN Targets Recapitalisation, Recovers N2 Billion Bad Loans
The Federal Mortgage Bank of Nigeria (FMBN) requires a massive recapitalisation to enable it fulfil its mandate of providing the needed finance to meet the nation's housing needs. (Mon, 31 Aug 2009 14:51:19 GMT)

Company seeks $50K loan from Linn board
The Linn County Commissioners have been asked to approve a $50,000 no-interest loan to help an Albany company expand its ability to design and manufacture custom machinery used in the metals forming industry. (Mon, 31 Aug 2009 15:16:37 GMT)

Heffernan Named A Senior Mortgage Loan Officer At Citizens Bank In Boston
Daniel P. Heffernan of Boston has joined Citizens Bank's Boston office as a senior mortgage loan officer. Heffernan has 30 years of banking experience, including more than 20 years originating residential mortgage loans. (Mon, 31 Aug 2009 15:36:20 GMT)

Mortgage Rates Hold Steady
Long-term mortgage rates edged up this week, but remain well below year ago levels. (Mon, 31 Aug 2009 16:04:00 GMT)

Low Mortgage Rates Are Back—For the Moment
If you missed out on refinancing your mortgage last spring, here's another opportunity. (Mon, 31 Aug 2009 16:33:09 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 ... (Mon, 31 Aug 2009 17:14:16 GMT)

Dudley Says Talk Of Fed Cutting Back On Purchasing Mortgage Bonds Is Premature
(RTTNews) - In an interview with CNBC Monday, New York Federal Reserve Bank President William Dudley said that talk of the Fed cutting back on purchasing mortgage bonds as economic conditions improve is premature. (Mon, 31 Aug 2009 17:23:09 GMT)

IRS May Mine Mortgage Data To Flush Out Tax Cheats
WASHINGTON -(Dow Jones)- The Internal Revenue Service might scrutinize mortgage interest data more closely to help catch tax cheats, after prompting from an IRS auditor. (Mon, 31 Aug 2009 17:45:49 GMT)

Home Minister inaugurates Education Loan Campaign
Agencies Kanchipura(TN), Aug 31: Students would be given a moratorium on interest for education loans taken from banks sanctioned during' Education Loan Campaigns', Union Home Minister P Chidambaram today said. (Mon, 31 Aug 2009 18:01:04 GMT)

Half of Colorado’s mortgage-broker licenses deactivated
The Colorado Division of Real Estate on Monday inactivated 4,560 mortgage broker licenses, about half of the licenses in the state, division Director Erin Toll said. (Mon, 31 Aug 2009 19:20:05 GMT)

Lindgren Joins FCSAmerica’s Yankton Office
Matt Lindgren recently joined Farm Credit Services of America (FCSAmerica) in Yankton/Sioux City as a country home loan officer. He is responsible for marketing FCSAmerica’s Country Home Loans program throughout the area. Country Home Loans offers financing for construction of new homes, including lot purchases, and the purchase or refinance of existing homes in the country. (Mon, 31 Aug 2009 19:21:56 GMT)

IRS Could Use Mortgage Data to Pursue Tax Evaders
The Internal Revenue Service should check Form 1098 mortgage interest statements to catch tax dodgers, recommended a new report. (Mon, 31 Aug 2009 20:34:05 GMT)

State offers $500K loan to Limbach
The Ohio Department of Development is extending a $500,000 low-interest loan to mechanical contractor Limbach Co. LLC as it considers an expansion at its newly relocated Central Ohio office. (Mon, 31 Aug 2009 21:31:12 GMT)

UPDATE: IRS May Mine Mortgage Data To Flush Out Tax Cheats
WASHINGTON -(Dow Jones)- The Internal Revenue Service will expand a program designed to catch tax cheats by searching for inconsistencies between mortgage payments and income. (Mon, 31 Aug 2009 21:31:40 GMT)

Nigeria: CSR - Centage Mortgage Bank Empower Youths
In line with its Corporate Social Responsibility (CSR) policy, Centage Mortgage Bank, one of the country's Primary Mortgage Institutions(PMI), has embarked on a mission to empower the youths through a talent hunt promo. (Mon, 31 Aug 2009 22:10:38 GMT)

Federal Home Loan Bank of San Francisco Releases July 2009 Cost of Funds Index
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco announced August 31, 2009, that the 11th District Monthly Weighted Average Cost of Funds Index for July 2009 is 1.473%. The index for June 2009 was 1.599%. (Mon, 31 Aug 2009 22:32:00 GMT)

Making Home Affordable Program hasn't helped enough, some say
When President Obama unveiled the Making Home Affordable Program in March, he said it would help "responsible folks who have been making their payments" reduce their monthly mortgage bills and avoid losing their homes to foreclosure. (Mon, 31 Aug 2009 22:37:25 GMT)

Refinancing Help For Subprime Mortgages
There's new financial assistance available for San Diego County homeowners who have subprime home mortgages. The refinancing assistance is part of a flurry of bills approved at the end of the legislative session. KPBS Reporter Ed Joyce has more. (Mon, 31 Aug 2009 22:44:51 GMT)

Interlibrary Loan Program Running Again
(NEWS CENTER) -- After being down for several weeks, the state's interlibrary loan program is back up and running. (Mon, 31 Aug 2009 23:18:40 GMT)

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