Mortgage News Oct 2009

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Mortgage lending falls by €84m
MORTGAGE lending fell by €84 million in August, representing the fifth month in a row of decline in home loan demand. (Thu, 01 Oct 2009 00:51:13 GMT)

Tension eases as London backs Cayman loan
A tense stand-off between the UK and the Cayman Islands over the state of public finances in the overseas territory - home to most of the world's hedge funds - has been defused after the British government approved a CI$50m (£38m, $61m, €56m) loan. (Thu, 01 Oct 2009 02:24:39 GMT)

Eastday-Banks call a halt to mortgage incentives
China's biggest five state-owned banks will stop offering commissions to agents who recruit household mortgage clients until the end of the year because of burgeoning business in home financing, according to industry sources. (Thu, 01 Oct 2009 03:11:14 GMT)

S.Korea mortgage loans decline slightly in Sept
SEOUL, Oct 1 (Reuters) - Mortgage loans by banks and non-bank financial companies in South Korea fell slightly during the first 19 business days of September, data from a financial regulator showed on Thursday. (Thu, 01 Oct 2009 03:19:08 GMT)

Green Home Loan
We'd all like to lower our utility bills, but many of us, like James Walker, just don't have the money it takes up front to make our homes more energy efficient. "Our walls need some insulation. Our home was built in 1954 and it's lacking insulation within the walls," says Walker. That's where a new state program could help. The Energy Conservation for Ohioans program, or Eco-Link was launched ... (Thu, 01 Oct 2009 03:29:28 GMT)

(AFX UK Focus) 2009-10-01 04:34 S.Korea mortgage loans decline slightly in Sept
SEOUL, Oct 1 (Reuters) - Mortgage loans by banks and non-bank financial companies in South Korea fell slightly during the first 19 business days of September, data from a financial regulator showed on Thursday. Financial Supervisory Service (FSS) Governor Kim Jong-chang said in a statement the regulator planned to take pre-emptive measures on mortgage lending by non-bank financial firms ... (Thu, 01 Oct 2009 03:57:52 GMT)

Carmel man gets prison for mortgage fraud
A federal judge has sentenced a Carmel man to 30 months in prison for his role in a massive $20 million mortgage fraud scheme involving duplexes on Indianapolis' Eastside. (Thu, 01 Oct 2009 05:45:16 GMT)

New report by bank regulators shows over half of mortgage holders who get help miss payments again
More than half of mortgage holders who get help fall behind again, just as lenders are ramping up efforts to avoid more home foreclosures, according to a new report by bank regulators. (Thu, 01 Oct 2009 06:03:00 GMT)

Causeway to refinance bonds
In much the same way as a homeowner might refinance a mortgage, the Greater New Orleans Expressway Commission, better known as the Causeway Commission, unanimously passed a resolution to refund revenue bonds as a special meeting on Wednesday. (Thu, 01 Oct 2009 06:04:26 GMT)

Phoenix Company Offers Free Mortgage Advice
Free consultations offered to homeowners seeking to "dis-ARM" their mortgage (Thu, 01 Oct 2009 07:01:00 GMT)

Walking Away From Affordable Mortgage May Become Winning Gambit
Oct. 1 (Bloomberg) -- Scott Conroy pays the mortgage every month on his one-bedroom condominium in San Diego, even though it’s worth 33 percent less than what he owes and it may take more than a decade to break even. (Thu, 01 Oct 2009 08:16:41 GMT)

Half of borrowers fall behind again despite home-loan help
WASHINGTON -- Lenders are ramping up efforts to avoid home foreclosures, but a report by bank regulators says that more than half of borrowers who get help fall behind again. (Thu, 01 Oct 2009 08:26:11 GMT)

Nigeria : FMBN Needs N150 Billion to Develop Mortgage Market
Stan Okenwa — For the Federal Mortgage Bank of Nigeria (FMBN) to effectively raise delivery of secondary mortgage operations the sum of N150 billion is required for its recapitalisation. This is the submission of the managing director and chief executive officer, Mr. Abdulsalam Ahmed. (Thu, 01 Oct 2009 09:33:55 GMT)

Third quarter mortgage lending fall
Mortgage availability contracted during the third quarter of the year despite banks pledging to increase lending, Bank of England research has showed. (Thu, 01 Oct 2009 09:41:06 GMT)

Mortgage rates fall for 5th week
Mortgage rates sank this week, to their lowest levels since spring. This is as good a time as any to refinance because Uncle Sam will make it more difficult and more expensive to refi in a few months. (Thu, 01 Oct 2009 10:27:00 GMT)

Home Equity Loan Rate Search
When interest rates drop, you can refinance your home equity loan and save money. (Thu, 01 Oct 2009 10:28:20 GMT)

Home loan help? It may not
Lenders are ramping up efforts to avoid home foreclosures, but a new report says many who receive help fall behind again. (Thu, 01 Oct 2009 11:14:01 GMT)

Former county prosecutor pleads guilty on mortgage fraud
A former Hillsborough County prosecutor admitted Tuesday to lying on mortgage applications for more than $600,000 in loans, federal prosecutors said. Paula Philbrook, 41, of Brookline, pleaded guilty to a singe count of wire fraud in U.S. District Court. ... - By ANDREW WOLFE Staff Writer (Thu, 01 Oct 2009 11:14:47 GMT)

Patience needed for housing loan program, home buyer finds
In a housing market plagued by one of the highest foreclosure rates in the country, finding and buying a home would seem to be an easy hunt, especially if you're armed with federal funding assistance. (Thu, 01 Oct 2009 12:00:04 GMT)

Lend America To Launch Wholesale Mortgage Lending Platform
Lend America, a leading next generation FHA lender, announced today that it is entering the wholesale residential mortgage lending business by launching Lend America Wholesale, to compliment its successful nationwide retail lending platform, and offer mortgage brokers and borrowers greater choice, knowledge and efficiency in the mortgage lending process. (Thu, 01 Oct 2009 13:15:00 GMT)

Bankrate: Mortgage Rates Fall Again
The average conforming 30-year fixed mortgage rate dropped for the fifth consecutive week to 5.25 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.31 discount and origination points. (Thu, 01 Oct 2009 14:21:00 GMT)

Freddie Mac: 30-year Mortgage Falls Below 5%
Freddie Mac: 30-year Mortgage Falls Below 5% (Thu, 01 Oct 2009 14:40:59 GMT)

30-year mortgage rates near record low
WASHINGTON, Oct. 1 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages fell close to the March record low, in the week, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 01 Oct 2009 14:59:05 GMT)

Mortgage Rates Fall, Some At New Lows; 30-Year Fixed At 4.94%
Mortgage rates fell this week, with the average rate on 30-year fixed-rate mortgages falling below 5% to a four-month low, according to Freddie Mac's (FRE) weekly survey of mortgage rates. (Thu, 01 Oct 2009 15:03:40 GMT)

Mortgage rates in U.S. drop to 4.94%
First time below 5% since May. (Thu, 01 Oct 2009 15:21:50 GMT)

Leaving Affordable Mortgage May Become Winning Gambit (Update1)
Oct. 1 (Bloomberg) -- Scott Conroy pays the mortgage every month on his one-bedroom condominium in San Diego, even though it’s worth 33 percent less than what he owes and it may take more than a decade to break even. (Thu, 01 Oct 2009 15:46:46 GMT)

Orcutt man pleads guilty in mortgage-fraud case
An Orcutt man accused of stealing more than $14 million from clients of his mortgage company faces more than 20 years in prison after pleading guilty today to 59 felony counts. (Thu, 01 Oct 2009 18:14:33 GMT)

30-year mortgage rate below 5 percent
Rates on 30-year home loans dropped below 5 percent for the first time in four months, Freddie Mac said today. The average rate on a 30-year fixed mortgage was 4.94 percent, down from 5.04 percent... (Thu, 01 Oct 2009 18:25:05 GMT)

Mortgage rates dip below 5 percent
McLEAN, Va. — Rates on 30-year home loans dropped below 5 percent for the first time in four months, but still remained above this year's record low, Freddie Mac said Thursday. (Thu, 01 Oct 2009 18:50:21 GMT)

Charlottes Fisher Mortgage Adopts New Name, Becomes Approved For FHA Mortgage Lending
CHARLOTTE, N.C. – Fisher Mortgage LLC is the new name for the Charlotte mortgage lender formerly known as First Trust Mortgage. The company has also become certified as a lender for FHA-backed mortgages. (Thu, 01 Oct 2009 20:07:44 GMT)

Mortgage-Bond Yields Tumble to Lowest in More Than Four Months
Oct. 1 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac mortgage securities tumbled to the lowest in more than four months, signaling that interest rates on new-home loans will retreat further and bolster the U.S. housing market. (Thu, 01 Oct 2009 20:10:25 GMT)

Mortgage rates dip below 5 percent
With Fed easing mortgage program, rates may not fall much lower (Thu, 01 Oct 2009 20:42:02 GMT)

Bulk Of TALF-Eligible Deals Sold Ahead Of Loan Deadline
NEW YORK -(Dow Jones)- American Home Mortgage Advance Trust is the latest to sell a bond ahead of the eighth loan application deadline for a Federal Reserve program. (Thu, 01 Oct 2009 20:48:53 GMT)

National 30-year Fixed Mortgage Rate Nears 5.00%
RISMEDIA, October 2, 2009—The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased slightly from last week to 5.02%, down from 5.04% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Rates for 15-year fixed mortgages fell ... (Thu, 01 Oct 2009 20:49:03 GMT)

Carl Junction Man Pleads Guilty to Mortgage Fraud
A Carl Junction man admitted to his role in a $1.2 million mortgage fraud scheme. (Thu, 01 Oct 2009 21:42:47 GMT)

Mortgage-Bond Yields Tumble to Lowest in More Than Four Months
Oct. 1 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac mortgage securities tumbled to the lowest in more than four months, signaling that interest rates on new-home loans will retreat further and bolster the U.S. housing market. (Thu, 01 Oct 2009 22:10:04 GMT)

Mortgage Rates Continue to Drop
Mortgage Rates Continue to Drop (Thu, 01 Oct 2009 22:41:09 GMT)

Report: 1 in 3 mortgage applications denied last year
Banks' tougher standards meant fewer home deals approved Nearly one in three borrowers who applied for a mortgage last year was denied as lenders kept their standards tight as the mortgage crisis accelerated, the government reported Wednesday. (Thu, 01 Oct 2009 23:49:26 GMT)

Big banks dominate mortgage market
New research has confirmed the dominance of the mortgage market by the big banks, which now hold a combined share of 73.8 per cent. (Fri, 02 Oct 2009 00:21:05 GMT)

California bill targets mortgage modification counselors
It would forbid them to collect money from homeowner clients before the client's mortgage is modified and monthly payments are reduced. Consumer advocates and a Santa Barbara lawmaker are urging Gov. Arnold Schwarzenegger to sign a bill that would protect homeowners from predatory firms that collect advance payments after bragging about their ability to persuade lenders to lower monthly mortgage ... (Fri, 02 Oct 2009 03:33:20 GMT)

Mortgage Rates Fall
Rates on 30-year home loans dropped below 5 percent for the first time in four months, but still remained above this year's record low, Freddie Mac said Thursday. The average rate on a 30-year fixed mortgage was 4.94 percent, down from 5.04 percent last week, Freddie Mac said. The last time the 30-year home loan averaged less than 5 percent was... (Fri, 02 Oct 2009 04:39:23 GMT)

Senior home gets $3M loan
The hospital district board will loan $2.98 million to the new owners of the Key West Health and Rehabilitation Center so the company can save the nursing home. After hearing from Senior Care Group... read more (Fri, 02 Oct 2009 05:14:34 GMT)

Causeway to refinance bonds
In much the same way as a homeowner might refinance a mortgage, the Greater New Orleans Expressway Commission, better known as the Causeway Commission, unanimously passed a resolution to refund revenue bonds as a special meeting on Wednesday. (Fri, 02 Oct 2009 05:34:04 GMT)

Average mortgage rates dip below 5 percent
Rates on 30-year home loans dropped below 5 percent for the first time in four months, but still remained above this year's record low, Freddie Mac said Thursday. (Fri, 02 Oct 2009 06:28:17 GMT)

Torridge home owners offered help with mortgage problems
HOME owners in Torridge who are worried about maintaining their mortgage payments are able to get free advice and help from local charity Homemaker Southwest. (Fri, 02 Oct 2009 06:37:58 GMT)

Budgets the key to buying a home: expert
Potential borrowers need discipline to build a deposit for a home loan and small sacrifices can boost savings for owning a home, a leading mortgage broker says. (Fri, 02 Oct 2009 07:11:58 GMT)

Oh, give me a home without a subsidized loan
The American dream means different things to different people. For some, it looks like a house on a leafy cul-de-sac with weekends spent mowing the lawn and planting shrubs. For others it's a rented apartment in the big city with a building engineer to handle such tasks. (Fri, 02 Oct 2009 09:00:00 GMT)

SSS cuts loan rates for home repairs of 'Ondoy' victims
MANILA - State-run pension fund manager Social Security System (SSS) has lowered its interest rate for loans on home repairs and improvements to help members affected by tropical storm "Ondoy" (international code name Ketsana). (Fri, 02 Oct 2009 09:57:40 GMT)

Britons pay off £7bn mortgage debt
Britons reduced their mortgage debt by £7 billion during the second quarter of the year, figures have showed. Recent falls in house prices and the economic downturn have put people off taking money out of their property, leading to equity withdrawal being negative for the fifth quarter in a row. (Fri, 02 Oct 2009 10:41:06 GMT)

Guilty Pleas in Mortgage Fraud Case
(Springfield, MO) -- Two men could face decades behind bars after admitting to involvement in a southwest missouri mortgage scheme. (Fri, 02 Oct 2009 11:29:01 GMT)

Mortgage alert: the best home loan deals
Some mortgage lenders are offering eyecatching rates below 3pc but they are often not available to all borrowers. (Fri, 02 Oct 2009 11:33:15 GMT)

Realty Q&A: What can you do when lender stalls on mortgage
applied with my current lender to refinance my mortgage and was verbally preapproved. It's been more than four months and still no decision. Can they keep doing this forever? (Fri, 02 Oct 2009 12:45:40 GMT)

Technical Analysis: Home on the Range
Recent comments from the Reserve Bank of Australia suggest an impending boom in housing prices. Australian house prices have weathered the global financial crisis quite well, with the Home Loan Affordability Index in chart 1 remaining at low-medium levels despite a sharp reduction in interest rates. Chart 1 click here to enlarge Source: RBA A "double wammy" is now waiting in the wings if house ... (Fri, 02 Oct 2009 15:11:10 GMT)

Oh, give me a home without a subsidized loan
The government should no more meddle in your decision to buy a home than it should interfere with your decision to buy a car. (Fri, 02 Oct 2009 15:41:06 GMT)

Ex-NYC man sentenced in bank, govt, mortgage fraud
NEW YORK -- A former New York City man has been sentenced to six months in jail for stealing thousands of dollars from mortgage lenders, banks, businesses and the government. (Fri, 02 Oct 2009 16:52:10 GMT)

Ex-NYC man sentenced in bank, govt, mortgage fraud
Associated Press - October 2, 2009 12:45 PM ET NEW YORK (AP) - A former New York City man has been sentenced to six months in jail for stealing thousands of dollars from mortgage lenders,... (Fri, 02 Oct 2009 16:58:57 GMT)

Personal Finance Daily: It takes more patience today to get a mortgage
The daily rundown of MarketWatch's personal finance coverage. (Fri, 02 Oct 2009 18:16:20 GMT)

Free classes for people who want to buy a home to be offered in Harrisburg starting Wednesday
The Community Action Commission Wednesday will begin a series of free weekly classes on how to buy and keep a home. Topics will include managing money, understanding credit, getting a mortgage loan, shopping for a home, keeping your home and managing your finances, and predatory lending. (Fri, 02 Oct 2009 18:16:23 GMT)

Mortgage rates dip below 5 percent
Rates on 30-year fixed mortgages fall below 5 percent, still above this year's record low (Fri, 02 Oct 2009 18:21:01 GMT)

Mortgage rates dip below 5 percent
McLEAN, Va. — Rates on 30-year home loans dropped below 5 percent for the first time in four months, but still remained above this year's record low, Freddie Mac said Thursday. (Fri, 02 Oct 2009 19:17:05 GMT)

NorthWestern Energy Taps Private Placement Market for $55 Million 30-Year First Mortgage Bonds
NorthWestern Corporation d/b/a NorthWestern Energy today announced that on September 30, 2009, NorthWestern Corporation entered into a purchase agreement to sell $55,000,000 aggregate principal amount of 5.71% First Mortgage Bonds due October 15, 2039, with Country Life Insurance Company, Canada Life Insurance Company of America, and John Hancock Life Insurance Company. (Fri, 02 Oct 2009 20:30:00 GMT)

Head of Mortgage Rescue Company Indicted
A grand jury has indicted the head of a mortgage rescue company alleged to have defrauded hundreds of desperate homeowners. (Fri, 02 Oct 2009 20:44:53 GMT)

Mortgage foreclosure clinic to be held Tuesday in Clemson
CLEMSON — People behind in mortgage payments are invited to attend a free clinic at 6 p.m. Tuesday at Clemson Community Care, 105 Anderson Highway in Clemson. The clinic will assist homeowners in taking steps to resolve mortgage arrears and prevent foreclosure. The event is sponsored by the South Carolina Task Force on Foreclosure and the Upstate Homeless Coalition of South Carolina. Certified ... (Fri, 02 Oct 2009 21:00:56 GMT)

Going private can solve your mortgage blues
Figures published by the Bank of England on Thursday have revealed that mortgage lenders have cut back on loans, despite pledging to do exactly the opposite. The Bank of England's Credit Conditions Survey reported that after an increase in lending activity in the second quarter of 2009, when banks and building societies made their lending commitments to the Government, lenders then reduced the ... (Fri, 02 Oct 2009 23:09:32 GMT)

Northern Rock accused of forcing mortgage rates up by starving rivals of cash
Northern Rock accused of forcing mortgage rates up by starving rivals of cash (Sat, 03 Oct 2009 00:35:01 GMT)

FHA reverse mortgage applicants may be affected by limits on payouts
A policy that went into effect Oct. 1 could prevent more than one out of five seniors 62 and older from paying off their existing mortgage debt with the proceeds of a new reverse loan, experts say. Declining home values have put a serious squeeze on the Federal Housing Administration's reverse mortgage program for seniors 62 and older. (Sat, 03 Oct 2009 02:29:46 GMT)

Whether to Pay in Full for New House Depends on Your Cash Flow Needs
Q We live in the Washington area and will be retiring in the next two years. We will be selling our home and moving to an area where the home prices are lower. Do you think we should pay cash for our new home, or should we pay half in cash and take a mortgage for the remainder? (Sat, 03 Oct 2009 04:00:00 GMT)

Falling home values hurt reverse mortgage program
Declining home values have put a serious squeeze on one of the mortgage market's most popular and fastest-growing financing concepts: the Federal Housing Administration's reverse mortgage program for adults 62 and older. (Sat, 03 Oct 2009 04:00:16 GMT)

KU's Newest Seats Really Require a 2nd Mortgage
The University of Kansas is one of the first colleges in the country to offer a "sports mortgage" for seats in the new Gridiron Club. (Sat, 03 Oct 2009 04:02:34 GMT)

Reverse-mortgage cuts could leave seniors in bind
In a letter to reverse-mortgage lenders Sept. 23, FHA Commissioner David H. Stevens said his agency must reduce the maximum amounts seniors can receive on reverse mortgages because of a $798 million estimated budgetary shortfall for the program in the coming fiscal year. Mortgage industry sources said the move amounts to a 10 percent cutback for all new FHA reverse-mortgage applicants starting ... (Sat, 03 Oct 2009 04:21:14 GMT)

Abu Dhabi Finance To Launch New Mortgage Solution For Prospective Home Buyers At Aldar's Al Raha Beach
Abu Dhabi Finance Abu Dhabi Finance , the Emirate's fastest growing new home finance provider, in partnership with Aldar Properties Aldar Properties , Abu Dhabi's leading property development, management and investment company today announced it will launch a new mortgage solution developed specifically for the Al Muneera, Al Zeina and Al Bandar districts within the Al Raha Beach development at ... (Sat, 03 Oct 2009 08:35:19 GMT)

Ruling by judges rattles mortgage industry
A bankruptcy judge here, joining judges across the country, is throwing a bit of sand in the gears of the mortgage machine and its ruthless foreclosure blade. She has raised this issue: In many home foreclosures springing out of bankruptcy proceedings, the foreclosure is being triggered by a representative of the lender — a surrogate that may not have a legal, equity stake in the proceedings. (Sat, 03 Oct 2009 09:16:44 GMT)

Baylake has new mortgage sales manager
Stacy Bouche has been promoted to mortgage sales manager at Baylake Bank. (Sat, 03 Oct 2009 09:18:55 GMT)

Wichita, Carl Junction Men Plead Guilty to Mortgage Fraud Scheme
Matt J. Whitworth, United States Attorney for the Western District of Missouri, announced that a Wichita, Kan., man and a Carl Junction, Mo., man pleaded guilty in federal court to their roles in a $1.2 million mortgage fraud scheme. (Sat, 03 Oct 2009 13:13:10 GMT)

Luxury hotels risk default as US$850 rooms remain empty (Business Times
LOS ANGELES: Luxury hotel owners risk defaulting on their debt as the recession cuts occupancies and the credit crunch constrains refinancing. (Sat, 03 Oct 2009 17:31:15 GMT)

Naples real estate agent admits link to multi-state mortgage scam
NAPLES — A Naples Realtor has been linked to an $11 million multi-state mortgage scam. Margaret Giresi has pleaded guilty to her role in the scheme, which involved the purchase of at least 50 properties in California, Florida, Kentucky and Vermont. Many of those properties were homes in gated, golf communities off Davis Boulevard in Collier County, including Cedar Hammock and Glen Eagle. The ... (Sat, 03 Oct 2009 19:02:17 GMT)

Before refinancing, run the numbers
Know why you are refinancing and determine if it's financially sound Q My husband and I are at different ends of the spectrum about refinancing our first mortgage and home equity loan. (Sat, 03 Oct 2009 20:01:07 GMT)

Loan scheme for home insulation
Homeowners are to be offered loans to help pay for insulation under a scheme to be announced by the Scottish government. (Sat, 03 Oct 2009 23:50:39 GMT)

Loan scheme for home insulation
Homeowners are to be offered loans to help pay for insulation under a pilot scheme to be announced by the Scottish government. (Sat, 03 Oct 2009 23:54:00 GMT)

FHA cuts reverse mortgage program
Declining home values have put a serious squeeze on one of the mortgage market's most popular and fastest-growing financing concepts: the Federal Housing Administration's... (Sun, 04 Oct 2009 04:14:23 GMT)

ADF announces mortgage scheme
Abu Dhabi: Abu Dhabi Fin-ance in partnership with Aldar Properties on Saturday announced it will launch a new mortgage solution developed specifically for the Al Muneera, Al Zeina and Al Bandar districts within the Al Raha Beach development during the Cityscape Dubai exhibition. (Sun, 04 Oct 2009 05:50:17 GMT)

Before applying for auto or mortgage loans, do your research
(ARA) - While the number of auto and mortgage loans issued are down, and the effort it takes to get a good loan these days might seem daunting, there are signs that consumer lending is improving with positive economic reports. (Sun, 04 Oct 2009 06:30:37 GMT)

Student loan jobs at risk
The largest overhaul of the student-loan system could risk 1,200 jobs in Sioux Falls. (Sun, 04 Oct 2009 07:05:57 GMT)

FHA reverse mortgage applicants may be affected by limits on payouts
A policy that went into effect Oct. 1 could prevent more than 1 out of 5 people 62 and older from paying off their existing mortgage debt with the proceeds of a new reverse loan, experts say. Declining home values have put a serious squeeze on the Federal Housing Administration's reverse mortgage program for seniors 62 and older. (Sun, 04 Oct 2009 07:18:57 GMT)

Bank's refusal to refinance this couple's loan is astounding
Lending rules that were once catastrophically lenient are now heartlessly strict. One reason we got into our current economic mess is because banks handed out home loans to pretty much anyone with a pulse, regardless of their ability to, you know, actually make mortgage payments. (Sun, 04 Oct 2009 07:19:28 GMT)

Programs offer no-cost refinance
Remember the old adage "There is no such thing as a free lunch?" A friend from Mat-Su contacted us recently after she received a call from a local lender offering a refinance deal. The lender suggested refinancing her home to a lower interest rate at no cost. She asked us, "How can they do this?" (Sun, 04 Oct 2009 07:25:20 GMT)

National mortgage rates
National mortgage rates 30-year fixed 4.94% 0.7 points Last week: 5.04% Month: 5.08% Year: 6.10% 15-year fixed 4.36% 0.6 points (Sun, 04 Oct 2009 07:30:44 GMT)

30-year mortgage rates fall below 5%
Rates on 30-year home loans dropped below 5 percent last week for the first time in four months, but still remained above this year's record low, Freddie Mac said. The average rate on a 30-year fixed-rate mortgage was 4.94 percent, down from 5.04 percent the... (Sun, 04 Oct 2009 07:33:10 GMT)

ADF announces mortgage scheme
Abu Dhabi: Abu Dhabi Fin-ance in partnership with Aldar Properties Aldar Properties on Saturday announced it will launch a new mortgage solution developed specifically for the Al Muneera, Al Zeina and Al Bandar districts within the Al Raha Beach development during the Cityscape Dubai exhibition. (Sun, 04 Oct 2009 07:35:40 GMT)

Refinancing should lower rate or payment, or shorten term
Q: My husband and I disagree about refinancing our first mortgage and home-equity loan. (Sun, 04 Oct 2009 07:38:57 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, 04 Oct 2009 08:02:36 GMT)

Mortgage adjustments may bring foreclosures
Take a look around the corner. (Sun, 04 Oct 2009 08:23:42 GMT)

Suit claims 9 are victims of mortgage scheme
Nine area residents are suing Doylestown Township Supervisor Jeffrey Bennett and his law partner Stephen Doherty - attorneys at Bennett & Doherty P.C. - claiming they were defrauded in a real estate scheme. (Sun, 04 Oct 2009 09:07:20 GMT)

Several mortgage firms getting federal funds have spotty records
WASHINGTON — Several firms now participating in the Treasury's program to modify troubled mortgages have run into problems with federal or state regulators for their treatment of their customers over the years. Included are: (Sun, 04 Oct 2009 10:00:00 GMT)

Real estate: Avoid potential mortgage disaster by educating yourself
There are numerous homeowners who have refinanced or purchased using some of the exotic mortgages that were available with low starting interest rates, some as low at 1.99 percent or interest only payment over the past few years. (Sun, 04 Oct 2009 11:05:42 GMT)

Mortgage deal benefits whom?
Chase has started rewarding homeowners for making mortgage payments. But a local competitor contends the nationwide program is more smoke than savings. Photo caption: Boone (Sun, 04 Oct 2009 11:32:03 GMT)

Abu Dhabi Finance to launch mortgage solution for buyers at Aldar's Al Raha beach
Abu Dhabi Finance to launch mortgage solution for buyers at Aldar's Al Raha beach (Sun, 04 Oct 2009 14:14:30 GMT)

Homeowners Save Big At Mortgage Workshop
The Neighborhood Assistance Corporation of America's Save the Dream event made a four day stop in Phoenix, helping thousands reduce their mortgage payments. (Sun, 04 Oct 2009 14:38:20 GMT)

Homeowners Save Big At Mortgage Workshop
Tens of thousands of financially-strapped homeowners, like John Roberts, have shaved hundreds off their mortgage bills at the ongoing Save the Dream event in Phoenix. (Sun, 04 Oct 2009 14:53:21 GMT)

Governor to Decide on Loan Modification Bill
California's governor is considering a bill that will regulate the loan modification business. The bill was designed to ban the collection of advanced fees to modify loans which has been the source of many... (Sun, 04 Oct 2009 15:36:07 GMT)

Suit claims 9 are victims of mortgage scheme
Nine area residents are suing Doylestown Township Supervisor Jeffrey Bennett and his law partner Stephen Doherty - attorneys at Bennett & Doherty P.C. - claiming they were defrauded in a real estate scheme. (Sun, 04 Oct 2009 17:00:55 GMT)

Naples realtor linked to mortgage scam
A Naples Realtor has been linked to an $11 million multi-state mortgage scam. (Sun, 04 Oct 2009 18:02:23 GMT)

Fixed-rate home loans are history
With interest rates close to bottoming out, Amit Pandey, a young executive with a multinational firm, is looking for a fixed-rate home loan. But he is unable to do so in a market flooded with combo offers. (Sun, 04 Oct 2009 19:46:11 GMT)

Popularity of USDA home loans on Treasure Coast gaining steam
When Michelle Holmes, bought her Martin County town house, she never thought she’d be securing a loan guaranteed by the U.S. Department of Agriculture. (Sun, 04 Oct 2009 22:42:29 GMT)

New Default Wave Hits Mortgage Industry
Imagine how disappointed lenders will be when these loans default. And then, imagine how American investors will feel when a new wave of mortgage defaults and foreclosures is hits the commercial property market. (Mon, 05 Oct 2009 02:09:52 GMT)

New Court Term Hints at Views on Regulating Business
The Supreme Court term that begins Monday will be dominated by cases concerning corporations, compensation and the financial markets. (Mon, 05 Oct 2009 02:45:11 GMT)

Center created for victimized mortgage borrowers
Victims of mortgage fraud and loan modification scams in the Inland Empire have a new defender on their side: The Center for Litigation and Consumer Real Estate Education. (Mon, 05 Oct 2009 03:48:44 GMT)

Filipinos line up at govt offices for calamity loan
Filipinos whose houses were damaged by tropical storm "Ondoy" (Ketsana) lined up for their calamity loan applications at the Pag-IBIG Fund and Government Service Insurance System (GSIS) offices in southern Metro Manila Monday. (Mon, 05 Oct 2009 06:20:27 GMT)

NI mortgage market show signs of recovery
There are at last the positive, if tentative, signs of a recovering mortgage market. Related Stories Pay freeze squeeze for UK workers Waitrose pulls ad over Obama remark Business leaders set for Boston conference Firms off to Asia for trade mission Economic benefits from ‘world class’ technology (Mon, 05 Oct 2009 06:49:40 GMT)

NI mortgage market show signs of recovery
There are at last the positive, if tentative, signs of a recovering mortgage market. Related Stories Pay freeze squeeze for UK workers Waitrose pulls ad over Obama remark Firms off to Asia for trade mission Economic benefits from ‘world class’ technology Business leaders set for Boston conference (Mon, 05 Oct 2009 07:05:57 GMT)

NI mortgage market show signs of recovery
There are at last the positive, if tentative, signs of a recovering mortgage market. Related Stories Advertising feature: Put a picture of your car for sale in the Belfast Telegraph's classifieds section UK property prices up nearly 1% in August Woolwich drops mortgage rate Car scrappage scheme to be extended Online advertising overtakes TV sales for first time ever (Mon, 05 Oct 2009 08:16:29 GMT)

Live chat: How to get the best home loan deal
Chat with examination experts from Career Launcher (Mon, 05 Oct 2009 08:37:51 GMT)

New Court Term Hints at Views on Regulating Business
The new Supreme Court term that begins Monday will be dominated by cases concerning corporations, compensation and the financial markets that could signal the justices’ attitude toward regulatory constraints at a time of extraordinary government intervention in the economy, The New York Times’s Adam Liptak writes. (Mon, 05 Oct 2009 09:45:58 GMT)

Mortgage prepayment may be unwise
A homeowner with low tax expenses and a top return on her savings should not prepay her mortgage. (Mon, 05 Oct 2009 10:00:00 GMT)

Housing Talk: Could The Rally Die?
Experts fret over California, autumn numbers. (Mon, 05 Oct 2009 10:15:18 GMT)

Bank Failures Drive Record Mortgage-Related Closings
Driven by nearly 100 bank failures so far this year, mortgage-related failures and closings have already exceeded the total for all of last year and are within two failures of a record. (Mon, 05 Oct 2009 11:00:00 GMT)

Nigeria : Apex Mortgage House in N17 Billion Recapitalisation Bid
THE FEDERAL Mortgage Bank of Nigeria (FMBN) has concluded plans to raise additional N17 billion through the floating of bond to deliver homes to needy Nigerians. (Mon, 05 Oct 2009 11:18:50 GMT)

Center created for victimized mortgage borrowers
Victims of mortgage fraud and loan modification scams in the Inland Empire have a new defender on their side: The Center for Litigation and Consumer Real Estate Education. (Mon, 05 Oct 2009 11:29:30 GMT)

Mortgage prepayment may be unwise
Dear Dr. Don, I have a 4.25 percent mortgage. I am trying to decide if paying an additional annual $8,400 principal payment on the loan is more advantageous than making the $700 monthly additional on the principal. I have no income tax or earnings tax where I live, so that is not an issue. (Mon, 05 Oct 2009 11:42:20 GMT)

More mortgage woes may be near
Take a look around the corner. Millions of adjustable-rate mortgages are going to reset in the coming years, possibly to higher interest rates, creating the prospect of a new round of foreclosures. (Mon, 05 Oct 2009 12:09:31 GMT)

Raymond James Regional Bank Analyst "Never Been More Bullish": Sees Upside For Selected North East Banks Despite ...
67 WALL STREET, New York - October 5, 2009 - The Wall Street Transcript has just published its Northeast and Mid-Atlantic Regional Banks Report offering a timely review of the sector to serious investors and industry executives. This 130 page feature contains expert industry commentary through 21 in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is ... (Mon, 05 Oct 2009 13:12:00 GMT)

Loans4Less.com, Inc. Posts Q3 Net Income, Sees Active California Refinance Market Taking Hold
LOS ANGELES----Loans4Less.com, Inc. posts Q3 Net Income, sees increasing activity in California mortgages and presents to The Fat Cat Club investor group at Torrey Pines Lodge, CA on October 7, 2009. (Mon, 05 Oct 2009 13:30:00 GMT)

OWWA makes available loan for Ondoy victims
Overseas Filipino Workers in the CNMI and around the world whose families were affected by Typhoon Ondoy can now avail up to $213 (Php10,000) of the Calamity Loan Program from the Overseas Workers Welfare Administration, the Philippine Consulate General's office on Saipan announced yesterday. (Mon, 05 Oct 2009 14:10:37 GMT)

Be sure to do homework before applying for a loan
By Leigh Kelley Times-News Staff Writer Doing research and asking questions before sitting down to sign off on a mortgage loan are essential for first-time home buyers navigating through the home purchase process. (Mon, 05 Oct 2009 14:57:19 GMT)

Bank's refusal to refinance this couple's loan is astounding
Lending rules that were once catastrophically lenient are now heartlessly strict. One reason we got into our current economic mess is because banks handed out home loans to pretty much anyone with a pulse, regardless of their ability to, you know, actually make mortgage payments. (Mon, 05 Oct 2009 15:59:25 GMT)

IBM buys Bank of America mortgage servicing unit
IBM said Monday it signed an agreement to buy the core operating assets of Bank of America's mortgage servicing unit Wilshire Credit. (Mon, 05 Oct 2009 17:02:00 GMT)

Bear mortgage brokers gets suspended sentence in state tax case
A Bear mortgage broker entered a guilty plea Monday in New Castle County Superior Court to tax charges filed by the State of Delaware. (Mon, 05 Oct 2009 17:09:15 GMT)

Fitch Downgrades ML-CFC Commercial Mortgage Trust 2006-1; Assigns Outlooks
CHICAGO----Fitch Ratings has downgraded and removed from Rating Watch Negative 14 classes, and assigns Rating Outlooks to all rated classes of commercial mortgage pass-through certificates from ML-CFC Commercial Mortgage Trust, series 2006-1. (Mon, 05 Oct 2009 17:19:00 GMT)

Mortgage-Bond Prices Double From March Lows in Rally (Update1)
Oct. 5 (Bloomberg) -- U.S. home-loan bonds without government backing ended a third-quarter rally with a week of gains, leaving some securities at prices almost double their March lows. (Mon, 05 Oct 2009 17:56:21 GMT)

Fitch Downgrades Wachovia Bank Commercial Mortgage Trust 2006-C28; Assigns Outlooks & LS Ratings
CHICAGO----Fitch Ratings has taken various rating actions on 25 classes of Wachovia Bank Commercial Mortgage Trust 2006-C28, commercial mortgage pass-through certificates, including downgrades and removal from Rating Watch Negative of 12 classes. (Mon, 05 Oct 2009 18:13:00 GMT)

Man accused in scam fights bank's attempt to foreclose on home
A bank is trying to foreclose on a personal Summerlin-area home owned by Jean Marc El Jwaidi, a Las Vegas businessman suspected in what investigators call a multimillion dollar investment scam. (Mon, 05 Oct 2009 18:16:43 GMT)

Burglars also decide to party at Cape Coral home
Burglars allegedly broke into a Cape Coral home, partied and left. (Mon, 05 Oct 2009 19:29:30 GMT)

Housing Advocacy Groups and Subprime Mortgage Servicer Meet to Discuss Creative Ways to Prevent Foreclosures and Help ...
WASHINGTON -- Mortgage servicer Ocwen Financial Corporation convened more than 30 representatives of grassroots and national housing advocacy organizations to share success stories, new ideas and insights related to preventing foreclosures and helping homeowners. (Mon, 05 Oct 2009 20:09:29 GMT)

Rep. Ellison holding home loans forum in Minneapolis
Rep. Keith Ellison will hold a forum in Minneapolis on Monday night to address concerns from local homeowners about the slow pace of loan modifications. (Mon, 05 Oct 2009 20:17:25 GMT)

Firm's directors sentenced in Md. mortgage fraud
Two top officers from a Maryland financial firm have been sentenced to prison for a multimillion-dollar mortgage fraud scheme. (Mon, 05 Oct 2009 21:10:26 GMT)

Consumer Alert: Foreclosure Help
If you're falling behind on your mortgage, others may know it, too - including con artists and scam artists. They know that people in these situations are vulnerable and often desperate. Potential victims are easy to find: mortgage lenders publish notices before foreclosing on homes. (Mon, 05 Oct 2009 21:33:16 GMT)

Mortgage rates approach all-time lows, Freddie Mac reports
Freddie Mac's average 30-year fixed-rate loan falls below 5% for first time since May, to 4.94%. The record is 4.78%. Mortgage rates sank near all-time lows this week, according to giant home-loan buyer Freddie Mac. (Mon, 05 Oct 2009 21:34:05 GMT)

Directors of firm sentenced in Md. mortgage fraud scheme that cost more than $6M in losses
GREENBELT, MD. — Two top officers from a Maryland financial firm have been sentenced to prison for a multimillion-dollar mortgage fraud scheme. Clifford McCall of Lanham was sentenced Monday to four years in prison and was ordered to pay nearly $2.5 million in restitution. (Mon, 05 Oct 2009 21:37:11 GMT)

Firm's directors sentenced in Md. mortgage fraud
GREENBELT, MD. — Two top officers from a Maryland financial firm have been sentenced to prison for a multi-million-dollar mortgage fraud scheme. Clifford McCall of Lanham was sentenced Monday to four years in prison and was ordered to pay nearly $2.5 million in restitution. (Mon, 05 Oct 2009 22:02:39 GMT)

Japan Considered Bailing Out U.S. Mortgage Firms, Mainichi Says
Oct. 6 (Bloomberg) -- The Japanese government considered a plan to help bail out U.S. mortgage firms Freddie Mac and Fannie Mae when they were in financial trouble last year, the Mainichi newspaper reported, without saying where it obtained the information. (Mon, 05 Oct 2009 23:06:56 GMT)

Extending mortgage by 10 years can add extra €50,000 to final bill
HOMEOWNERS will pay an extra €50,000 by extending the term of their mortgage by 10 years. (Tue, 06 Oct 2009 00:26:10 GMT)

Home loan rates go up
UPDATED: THE Reserve Bank Board decided to raise the cash rate by 25 basis points, to 3.25 per cent. (Tue, 06 Oct 2009 03:30:00 GMT)

Home loan rates go up
UPDATED: THE Reserve Bank has squeezed the economic brake with a cash rate rise of 25 basis points to 3.25 per cent. (Tue, 06 Oct 2009 03:30:00 GMT)

Home loan repayments to rise after RBA lifts interest rate
BREAKING NEWS: Homeowners face an immediate increase in their mortgage repayments after the Reserve Bank lifted official interest rates a quarter percentage point. (Tue, 06 Oct 2009 03:31:39 GMT)

Australian banks put home-loan rates under review
SYDNEY, Oct 6 (Reuters) - Australia's four major banks put their home-loan mortgage rates under review on Tuesday after the central bank raised interest rates by 25 basis points. (Tue, 06 Oct 2009 03:40:49 GMT)

Home loan repayments to rise after RBA lifts interest rate (The West Australian)
BREAKING NEWS: Homeowners face an immediate increase in their mortgage repayments after the Reserve Bank lifted the key official interest rate a quarter percentage point. (Tue, 06 Oct 2009 03:47:52 GMT)

Family Waiting To Move Into First Home
A metro Atlanta family ready to move into its new home is now living in a hotel until the home passes an inspection. (Tue, 06 Oct 2009 04:09:12 GMT)

(AFX UK Focus) 2009-10-06 04:55 Australian banks put home-loan rates under review
SYDNEY, Oct 6 (Reuters) - Australia's four major banks put their home-loan mortgage rates under review on Tuesday after the central bank raised interest rates by 25 basis points. Commonwealth Bank of Australia, Westpac Banking Corp , National Australia Bank and Australia & New Zealand Banking Group, which hold the vast majority of Australian home loans, all said that their standard variable ... (Tue, 06 Oct 2009 04:12:48 GMT)

(AFX UK Focus) 2009-10-06 04:55 Australian banks put home-loan rates under review
SYDNEY, Oct 6 (Reuters) - Australia's four major banks put their home-loan mortgage rates under review on Tuesday after the central bank raised interest rates by 25 basis points. Commonwealth Bank of Australia, Westpac Banking Corp , National Australia Bank and Australia & New Zealand Banking Group, which hold the vast majority of Australian home loans, all said that their standard variable ... (Tue, 06 Oct 2009 04:13:28 GMT)

Banks say mortgage rates under review
Australia's big four banks are reviewing their standard variable mortgage interest rates after the Reserve Bank of Australia unexpectedly increased the overnight cash rate by 25 basis points to 3. (Tue, 06 Oct 2009 04:13:38 GMT)

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