Mortgage News Oct 2009

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U.S. launches aid for state, local housing agencies
The Obama administration on Monday launched a new program to help state and local housing finance agencies provide hundreds of thousands of affordable mortgages and further stabilize the depressed U.S. housing market. (Mon, 19 Oct 2009 17:52:33 GMT)

Government Unveils New Mortgage Help
Administration unveils new effort to provide mortgage help for thousands of homeowners (Mon, 19 Oct 2009 18:01:50 GMT)

Icahn offers CIT $6 bln loan, blasts board
WASHINGTON -Billionaire investor Carl Icahn offered a six billion dollar loan Monday to ailing lending giant CIT Group, calling it an alternative to a plan he said favors large bondholders. Read more... (Mon, 19 Oct 2009 18:07:54 GMT)

Cops can’t go home yet despite floods
Hundreds of policemen whose homes have also been devastated by floods caused by tropical storm “Ondoy” could not go home and rebuild their lives because of the call of duty. (Mon, 19 Oct 2009 18:09:07 GMT)

Mortgage frustration for a firsttime buyer
For Zygmunt Dreja finding a mortgage as a firsttime buyer was difficult enough without additional legislation likely to make good deals even harder to come by. (Mon, 19 Oct 2009 18:33:59 GMT)

Woman sentenced in Md., DC mortgage fraud scheme
Federal prosecutors say a Bethesda woman has been sentenced to three years in prison for mail fraud in a mortgage scheme in Maryland and Washington, D.C. (Mon, 19 Oct 2009 18:57:05 GMT)

Government unveils new mortgage help for states
Administration unveils new effort to provide mortgage financing for state housing agencies (Mon, 19 Oct 2009 19:19:02 GMT)

Free money for first-time home buyers
But time is running out for the First Time Home Buyers Credit. (Mon, 19 Oct 2009 19:57:05 GMT)

MGM studio CDS triggered by loan payment miss-ISDA
NEW YORK, Oct 19 (Reuters) - Payments on credit default swaps protecting the loans of Metro-Goldwyn-Mayer will need to be made after the Hollywood studio failed to make a payment due on its loan on Sept. 30, the International Swaps and Derivatives Association said on Monday. (Mon, 19 Oct 2009 20:29:25 GMT)

Icahn offers CIT 6 bln dlr loan, blasts board
Billionaire investor Carl Icahn offered a six billion dollar loan Monday to ailing lending giant CIT Group, calling it an alternative to a plan he said favors large bondholders. (Mon, 19 Oct 2009 21:10:11 GMT)

Want a mortgage? Better stop drinking, going out, and spending money
Applicants for a home loan may have to divulge how much they drink and even any trips to the theatre under proposals to improve the regulation of the mortgage market. (Mon, 19 Oct 2009 21:16:45 GMT)

Renting Home Might Be Violation of Mortgage
JACKSONVILLE, FL  -- When buying a home, there's an explanation of the legal requirements at the closing. But the owner/occupied clause, which is sometimes overlooked, prevents renting out a home. And violating that clause could put your mortgage loan in default. (Mon, 19 Oct 2009 21:22:19 GMT)

British Regulator Proposes Tighter Home Loan Rules
The Financial Services Authority’s plan would force lenders to verify a borrower’s income and toughen standards for high-risk loans like interest-only mortgages. (Mon, 19 Oct 2009 22:17:49 GMT)

New Mortgage Plan to the Rescue?
Administration will help state and local housing agencies provide mortgage aid. (Mon, 19 Oct 2009 22:54:54 GMT)

Mortgage defaults yet to peak - survey
UK mortgage default rates are forecast to peak in 12 to 18 months but are unlikely to reach the level expected for the United States, according to a survey of participants in the mortgage securities market. (Mon, 19 Oct 2009 23:14:00 GMT)

Mortgage program unveiled
WASHINGTON - The Obama administration is unveiling a new program to provide support to state and local housing agencies to provide help to thousands of home buyers and renters.The administration said the new program would help to support low mortgage rates... (Tue, 20 Oct 2009 00:04:15 GMT)

Fears of surge in home loan defaults
FEARS over mass mortgage defaults and the viability of the National Assets Management Agency (NAMA) intensified last night amid shock new warnings that the property market has much further to fall. (Tue, 20 Oct 2009 00:38:18 GMT)

$5.56 million in assistance available for first-time JCC home buyers
JAMES CITY — Residents interested in buying their first home in James City County could get a leg up from state loans to the county if they qualify for assistance through more than $5 million awarded the county recently. (Tue, 20 Oct 2009 01:25:00 GMT)

PNC Bank files for payment of Linden Meadows loan
PNC Bank has filed a lawsuit against the Floyd County-New Albany Community Housing Development Organization to try and recover about $1 million from a defaulted loan. (Tue, 20 Oct 2009 02:22:11 GMT)

Icahn offers CIT $6.0B loan, blasts board
WASHINGTON - Billionaire investor Carl Icahn offered a six billion dollar loan Monday to ailing lending giant CIT Group, calling it an alternative to a plan he said favors large bondholders. Read more... (Tue, 20 Oct 2009 03:24:26 GMT)

Mortgage Choice swaps Lotus for Gmail
Home loan company, Mortgage Choice, has ditched Lotus Notes Domino for its lenders messaging needs in favour of Google's Enterprise Apps suite - but it's keeping Microsoft Office as the corporate standard. (Tue, 20 Oct 2009 03:32:43 GMT)

Realtors declare war over mortgage tax hike
CATSKILL — Local real estate brokers went to battle with members of the Greene County Legislature on Monday over the mortgage tax hike that was adopted by the legislature this past summer. (Tue, 20 Oct 2009 06:31:32 GMT)

Photo Release: KBank and SMC offer mortgage loans with fixed rate for 4 years And loan limit up to 95% of home price
Dr. Prasarn Trairatvorakul, President, KASIKORNBANK and Dr. Duangporn Arpasin, the President of Secondary Mortgage Corporation jointly presided over the MOU signing ceremony of the housing loan progra (Tue, 20 Oct 2009 07:00:23 GMT)

Great Northern Mortgage Offers New York Mortgage Refinance for Upside-down Properties
Great Northern Mortgage Corp., an established New York mortgage company, now offers assistance to apply for a New York Mortgage Refinance even if the first mortgage exceeds up to 125% of the property value. (Tue, 20 Oct 2009 07:01:00 GMT)

Great Northern Mortgage Offers New York Mortgage Refinance for Upside-down Properties
Great Northern Mortgage Corp., an established New York mortgage company, now offers assistance to apply for a New York Mortgage Refinance even if the first mortgage exceeds up to 125% of the property value. (Tue, 20 Oct 2009 07:01:00 GMT)

KBank and SMC Offer Mortgage Loans with Fixed Rate for 4 Years and Loan Limit up to 95% of Home Price
KASIKORNBANK, in cooperation with Secondary Mortgage Corporation (SMC), has launched a housing loan program with four fixed-rate packages up to four years. Interest rate is as low as 2.99 percent, and (Tue, 20 Oct 2009 08:42:01 GMT)

UK gross mortgage lending up 2 pct from August
Gross mortgage lending in the United Kingdom edged up 2 percent from August to September but still lagged 27 percent below year-ago levels, the Council of Mortgage Lenders said Tuesday. (Tue, 20 Oct 2009 08:44:53 GMT)

Summer lift in mortgage lending
Mortgage lending has shown a late summer lift compared with earlier in the year, says the Council of Mortgage Lenders. (Tue, 20 Oct 2009 08:49:45 GMT)

UPDATE: CML: UK Gross Mortgage Lending Up Modestly In Sep
LONDON -(Dow Jones)- U.K. gross mortgage lending rose slightly in September from August, but house buying remains low by historical standards and is unlikely to rise much further due to the weakness of the economy and tight credit markets, the Council of Mortgage Lenders said Tuesday. (Tue, 20 Oct 2009 09:33:29 GMT)

New home buyers push up mortgage lending
Strong demand from people buying a new home helped mortgage lending to edge up by 2pc during September new figures have shown. (Tue, 20 Oct 2009 09:54:59 GMT)

Medvedev to tackle loan, energy deals in Serbia
BELGRADE (Reuters) - Russia said it had approved a major loan for its ally Serbia due to be signed as President Dmitry Medvedev visited Belgrade on Tuesday, underlining special relations between Moscow and the European Union hopeful. (Tue, 20 Oct 2009 10:31:03 GMT)

3 plans for $40,000 inheritance
Dear Dr. Don, We currently have $40,000 in credit card debt, a mortgage of $141,000 at 6.25 percent and an interest-only equity loan of $68,000. That leaves our home/income ratio at 53 percent and our loan-to-value at 97 percent. (Tue, 20 Oct 2009 10:57:17 GMT)

UK mortgage lending edges higher in September
A pick up in people buying new homes helped mortgage lending edge up 2pc in September according to figures from banks and building societies. (Tue, 20 Oct 2009 11:10:09 GMT)

Summer lift in mortgage lending
Mortgage lending has shown a late summer lift compared with earlier in the year, according to the Council of Mortgage Lenders (CML).The group said that gross mortgage lending in the third quarter of t... (Tue, 20 Oct 2009 11:20:40 GMT)

Darlington FC: Jamie Devitt leads loan exodus at Quakers
JAMIE DEVITT is one of three loan players who have left Darlington to return to their parent clubs, while Kevin Gall has also departed after his short-term deal ended. (Tue, 20 Oct 2009 11:25:10 GMT)

Citi's Mortgage Problem
The Home Affordable Modification Program is increasing delinquent loans at Citi. (Tue, 20 Oct 2009 11:47:28 GMT)

Mortgage lending to remain low warns banks
Mortgage lending edged higher last month but lenders warned it is unlikely to rise much further due to tight constraints. (Tue, 20 Oct 2009 11:50:06 GMT)

Thirty-Year Fixed Mortgage Rates Increase Slightly; But U.S. Rate Still Hovers Below 5.00%
The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased two basis points last week to 4.97 percent, up from 4.95 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com®. (Tue, 20 Oct 2009 12:00:00 GMT)

New York broker to pay Virginia $7,500 fine for illegal mailings
A Long Island, N.Y., mortgage broker will pay Virginia a $7,500 fine for illegal mailings with a potentially alarming “First Notice” naming homeowners and advising them of a federal assistance program for people with adjustable-rate mortgages. (Tue, 20 Oct 2009 12:25:07 GMT)

Loan players dream of finals
South Canterbury's three loan players are confident they can make a difference in the Meads Cup semifinal. The trio have all played crucial roles at times that helped South Canterbury make the play-offs for the first time in the union's history. (Tue, 20 Oct 2009 16:07:45 GMT)

US Attorney Sues Mortgage Lender Over $14 Million In Loans
NEW YORK -(Dow Jones)- U.S. federal prosecutors have sued a Long Island, N.Y., mortgage lender, claiming the lender falsely certified that more than $14 million in loans met U.S. Housing and Urban Development lending requirements. (Tue, 20 Oct 2009 16:48:59 GMT)

California Mortgage Defaults Drop By 10 Percent
Lenders filed nearly 112,000 mortgage default notices against California homeowners during the past quarter, a 10 percent drop from the previous quarter. (Tue, 20 Oct 2009 16:56:51 GMT)

Federal Home Loan Bank of Indianapolis Announces 2009 Third Quarter Dividends
INDIANAPOLIS -- On October 15, 2009, the Board of Directors of the Federal Home Loan Bank of Indianapolis declared dividends on B-1 and B-2 stock at annualized rates of 2.00% and 1.60%, respectively. (Tue, 20 Oct 2009 17:57:51 GMT)

Mortgage default notices drop by 10 percent in California
LOS ANGELES — Mortgage default notices against California homeowners dropped during the past quarter, as lenders renegotiated more loans and took other steps to limit foreclosures, a real estate tracking firm said Tuesday. (Tue, 20 Oct 2009 18:02:22 GMT)

BNY Mellon Rises After Selling Mortgage Assets, Cutting Risks
Oct. 20 (Bloomberg) -- Bank of New York Mellon Corp. , the world’s biggest custody bank, rose the most in more than five months after selling mortgage securities that hurt earnings over the past five quarters. (Tue, 20 Oct 2009 18:52:30 GMT)

Mortgage foreclosure clinic to be held in Clemson
CLEMSON — People behind in mortgage payments are invited to attend a free clinic at 6 p.m. Tuesday, Nov. 3, at Clemson Community Care, 105 U.S. 76 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. Certified housing counselor ... (Tue, 20 Oct 2009 19:01:54 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. (Tue, 20 Oct 2009 19:21:08 GMT)

Tampa family gets their dream home, but loses much, much more
Mary McCarthy's struggle to own outright the finished dream home she had built in her front yard stretched six months. Lender after lender turned her down because they didn't think the home was worth the loan. (Tue, 20 Oct 2009 19:31:42 GMT)

Government Cuts Ties With Controversial Lender
Long Island's Lend America looked to capitalize on feds' $300 billion mortgage insurance initiative. (Tue, 20 Oct 2009 19:47:28 GMT)

San Diego Mortgage Defaults Increase; Decrease Statewide
Default notices jump 23% in San Diego County. (Tue, 20 Oct 2009 19:52:48 GMT)

Kiwibank raises fixed mortgage rates again
Kiwibank is increasing its fixed mortgage rates for the second time this month. (Tue, 20 Oct 2009 20:06:12 GMT)

FundWatch: Pimco's Gross unwinds mortgage positions
The manager of the world’s largest bond fund is raising the pace at which he’s leaving mortgage-related securities. (Tue, 20 Oct 2009 20:30:40 GMT)

Calif. Mortgage Defaults Trend Down Again
The number of mortgage default notices filed against California homeowners fell last quarter compared with the prior three-month period. (Tue, 20 Oct 2009 21:03:36 GMT)

30-Year Fixed Mortgage Rates Increase Slightly; U.S. Rate Still Hovers Below 5.00%
RISMEDIA, October 21, 2009—The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased two basis points last week to 4.97%, up from 4.95% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Rates for 15-year fixed mortgages ... (Tue, 20 Oct 2009 21:04:03 GMT)

Corrections: Pimco's Gross unwinds mortgage positions
An earlier version of the story incorrectly stated that Pimco Total Return Fund's mortgage holdings were at six-and-a-half year lows. The correct figure is four-and-a-half years. (Tue, 20 Oct 2009 21:16:31 GMT)

Pimco's Gross Unwinds Mortgage Positions
Pimco's Gross Unwinds Mortgage Positions (Tue, 20 Oct 2009 21:30:32 GMT)

BNY Mellon Rises After Selling Mortgage Securities (Update1)
Oct. 20 (Bloomberg) -- Bank of New York Mellon Corp. , the world’s biggest custody bank, rose the most in a month after it sold mortgage securities that hurt earnings over the past five quarters. (Tue, 20 Oct 2009 21:45:11 GMT)

Pimco's Gross Unwinds Mortgage Positions
The manager of the world's largest bond fund has raised the pace at which he's leaving mortgage-related securities. (Tue, 20 Oct 2009 22:34:13 GMT)

St. Charles Based Home Builder Files For Bankruptcy
Whittaker Builders Was The 5th Largest Homebuilder In The St. Louis Metro In 2008 One of the region's largest builders is seeking federal bankruptcy court help to re-organize. Whittaker Builders, Inc. filed for Chapter Eleven protection last week after two of its seven lenders refused to renew a 90 million dollar development loan. (Tue, 20 Oct 2009 22:53:18 GMT)

Feds target Melville home loan firm in fraud probe
The federal government sought Tuesday to stop Lend America and one of its top executives from making federally backed home loans. (Tue, 20 Oct 2009 23:33:56 GMT)

East Providence couple appeals to U.S. Supreme Court over mortgage disclosure errors
An East Providence couple is hoping the U.S. Supreme Court will step in and save their house from foreclosure because of some sloppy paperwork on the part of the bank. (Wed, 21 Oct 2009 02:01:45 GMT)

Hong Kong May End Mortgage Insurance for Investment Properties
Oct. 21 (Bloomberg) -- The Hong Kong Monetary Authority may scrap a program that offers mortgage insurance for investment properties as the city’s central bank tries to stave off a real estate bubble. (Wed, 21 Oct 2009 02:47:38 GMT)

Fixing Troubled Mortgages for the Elderly
Option adjustable-rate mortgages are proving nearly as toxic as subprime mortgages. To help certain seniors, banks are using a novel strategy. (Wed, 21 Oct 2009 03:37:56 GMT)

Hong Kong May End Mortgage Insurance for Investment (Update1)
Oct. 21 (Bloomberg) -- The Hong Kong Monetary Authority may scrap a program that offers mortgage insurance for investment properties as the city’s central bank tries to prevent a real estate bubble. (Wed, 21 Oct 2009 04:02:49 GMT)

Hong Kong May End Mortgage Insurance for Investment (Update2)
Oct. 21 (Bloomberg) -- The Hong Kong Monetary Authority may scrap a program that offers mortgage insurance for investment properties as the city’s central bank tries to prevent a real estate bubble. (Wed, 21 Oct 2009 06:31:22 GMT)

Refinancing: When is it worth it?
The siren song of a sub-5% mortgage is tough to ignore. But how does the math pencil out? Plus: The 'behavioral budget' and the woes of the world's overworked women. (Wed, 21 Oct 2009 06:37:36 GMT)

Mortgage Rates Are Declining, Home Prices Are on the Rise; Then Why Aren't More People Buying?
Mortgage rates are falling in Arizona but people are still not buying homes. Zillow, which reports on mortgage rages, says that the Arizona rate for a 30-year fixed rate mortgage fell to 5.01 percent. That rate is in line with the national average, which is now above 5 percent after being under that mark for several days. (Wed, 21 Oct 2009 07:01:00 GMT)

Surcharge on Greene County mortgage tax draws protest
CATSKILL – Several area real estate agents are asking county lawmakers to reconsider their adoption of a local law requiring homebuyers to pay an additional 50 cents per $100 tax on new mortgages. (Wed, 21 Oct 2009 07:08:17 GMT)

Low rates aren't enough to spark refinance boom
Here's the good news: Mortgage rates on a 30-year, fixed-rate loan are hovering just under 5 percent, and bankers expect them to stay in that range through 2010. Normally, borrowing costs that low would help spark a refinance boom. (Wed, 21 Oct 2009 07:24:02 GMT)

Home loan defaults drop
Mortgage default notices against California homeowners dropped during the past quarter, as lenders renegotiated more loans and took other steps to limit foreclosures, a real estate tracking firm said Tuesday. (Wed, 21 Oct 2009 08:20:57 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. (Wed, 21 Oct 2009 08:51:00 GMT)

Should you refinance your adjustable-rate mortgage
If you are among the 6.5 million homeowners who took out a low-rate adjustable-rate mortgage during the housing boom, you've probably spent the past couple of years waiting for your day of reckoning to come. (Wed, 21 Oct 2009 09:42:00 GMT)

Genting Malaysia buys $15 mln Wynn mortgage notes
KUALA LUMPUR, Oct 21 (Reuters) - Genting Malaysia , the country's sole casino operator, has bought $15 million worth of mortgage notes issued by U.S. leisure group Wynn Resorts . (Wed, 21 Oct 2009 10:40:23 GMT)

Hong Kong May End Mortgage Insurance for Investment (Update3)
Oct. 21 (Bloomberg) -- The Hong Kong Mortgage Corp. may scrap a program that offers mortgage insurance for investment properties as the city’s central bank tries to prevent a real estate bubble. (Wed, 21 Oct 2009 11:06:19 GMT)

Hong Kong Mortgage Corp To Offer Longer Tenors In Mortgage Program
HONG KONG -(Dow Jones)- Hong Kong Mortgage Corp., a government corporation, said Wednesday it will include longer maturities in its fixed-rate mortgage program to help more low-income residents buy apartments. (Wed, 21 Oct 2009 11:19:01 GMT)

Colony Capital, LLC and Colony Financial, Inc. Provide $206 Million Secured Loan to William Lyon Homes
LOS ANGELES----Investment vehicles managed by Colony Capital, LLC, and Colony Financial, Inc. , a newly formed real estate finance company focused on acquiring, originating and managing commercial mortgage loans, today announced the origination of a $206 million maximum principal senior secured term loan facility to William Lyon Homes. (Wed, 21 Oct 2009 11:30:00 GMT)

Homework essential to successfully buying your first home
(ARA) - Are you considering taking the plunge and buying your first home? If so, you're not alone. Across the country, owning a home still represents the American dream for many and the opportunity to buy your first home couldn't be better. (Wed, 21 Oct 2009 11:43:53 GMT)

Mortgage applications plummet
Mortgage applications plunged last week as rates ticked higher above 5%, an industry group said Wednesday, as the expiration of a home buyer tax credit drew nearer. (Wed, 21 Oct 2009 11:51:48 GMT)

Mortgage demand drops by double digits
Mortgage applications drop in the latest week as a big falloff in refinancing activity and a slackening of demand for home-purchase loans weighs on the Mortgage Bankers Association index. (Wed, 21 Oct 2009 12:00:40 GMT)

U.S. MBA Mortgage Applications Index Fell 14 Percent Last Week
Oct. 21 (Bloomberg) -- Mortgage applications in the U.S. dropped for a second consecutive week as borrowing costs climbed, a sign the recovery in home sales may cool. (Wed, 21 Oct 2009 12:10:13 GMT)

U.S. MBA Mortgage Applications Index Fell 14 Percent Last Week
Oct. 21 (Bloomberg) -- Mortgage applications in the U.S. dropped for a second consecutive week as borrowing costs climbed, a sign the recovery in home sales may cool. (Wed, 21 Oct 2009 12:16:15 GMT)

Hong Kong May End Mortgage Insurance for Investment (Update3)
Oct. 21 (Bloomberg) -- The Hong Kong Mortgage Corp. may scrap a program that offers mortgage insurance for investment properties as the city’s central bank tries to prevent a real estate bubble. (Wed, 21 Oct 2009 12:45:10 GMT)

MBA: Mortgage Applications Continue To Fall
(RTTNews) - Mortgage applications fell dramatically last week, as rising interest rates stifled consumer demand for mortgage loans, industry data showed Wednesday. (Wed, 21 Oct 2009 13:39:24 GMT)

Low rates aren't enough to spark refinance boom
Here's the good news: Mortgage rates on a 30-year, fixed-rate loan are hovering just under 5 percent, and bankers expect them to stay in that range through 2010. Normally, borrowing costs that low would help spark a refinance boom. (Wed, 21 Oct 2009 13:40:02 GMT)

Nat'l Mortgage Applications Drop Again As Rates Climb
National mortgage applications fell for a second straight week, led by a plunge in demand for home refinancing loans as interest rates climbed, data from an industry group showed on Wednesday. (Wed, 21 Oct 2009 14:25:57 GMT)

Housing, mortgage-related stocks take a hit
The pullback in stocks tied to the U.S. housing and mortgage markets the past month is a worrying signal that residential real estate will see more pain as delinquencies and foreclosures rise. (Wed, 21 Oct 2009 14:46:00 GMT)

Lehman Said to Return to Mortgage Market Through Aurora Unit
Oct. 21 (Bloomberg) -- Lehman Brothers Holdings Inc. , the investment bank brought down by the U.S. mortgage crash after 158 years, is set to return to funding home loans through its Aurora Loan Services unit, people familiar with the matter said. (Wed, 21 Oct 2009 16:07:42 GMT)

Mortgage applications drop again as rates climb
Mortgage applications fell for a second week, led by a plunge in demand for home refinancing as interest rates climbed, an industry group said Wednesday. (Wed, 21 Oct 2009 16:42:24 GMT)

2nd UPDATE: Wells Fargo Earns $3.2 Billion, Sees Peak Loan Losses In '10
NEW YORK -(Dow Jones)- Wells Fargo & Co. (WFC) posted $3.2 billion in third- quarter net income Wednesday on strong community-banking profits and mortgage banking investment gains, even as loan losses and heavily delinquent loans continued to rise quickly. (Wed, 21 Oct 2009 16:49:29 GMT)

'Magic number': Loans below 5% drive home sales, refinancing
Home loan rates below 5 percent have first-time buyers and would-be refinancers taking advantage of the best deals in five months.    U.S. mortgage report | 2010 housing forecast (Wed, 21 Oct 2009 17:10:02 GMT)

Advance Fees Prohibited for Home Loan Modifications by New State Law
SACRAMENTO, Calif.----On October 19, 2009, California Governor Arnold Schwarzenegger held a press conference to highlight the signing of legislation that will prevent homeowners from being negatively impacted by fraudulent mortgage practices. (Wed, 21 Oct 2009 17:15:00 GMT)

Loan-Score Launches LoanSCORECARD.com to Underwrite FHA Loans
IRVINE – Loan-Score Decisioning Systems, a leader in enterprise-class decision management solutions, today announced it has officially launched www.LoanSCORECARD.com for mortgage bankers, community banks, credit unions, lenders and originators to connect to the Federal Housing Administration's (FHA) TOTAL Scorecard loan approval platform. (Wed, 21 Oct 2009 17:52:30 GMT)

Wells Fargo reports record earnings despite loan losses
Wells Fargo reported today its third straight quarter of record earnings, despite increased loan losses and a decrease home mortgage originations. (Wed, 21 Oct 2009 18:21:23 GMT)

Mortgage applications drop
Mortgage applications dropped more than 13 percent last week, the Mortgage Bankers Association reported. (Wed, 21 Oct 2009 19:50:26 GMT)

Loan program for first-time homebuyers
Must close on home by Nov. 30 deadline Trenton With the Nov. 30 deadline looming for prospective first-time homebuyers to purchase a home and receive the benefit of the federal government’s $8,000 tax credit, the New Jersey Housing and Mortgage Finance Agency (HMFA), is reminding New Jersey residents that the agency is offering a loan to assist with closing costs, down payments and other ... (Wed, 21 Oct 2009 21:58:09 GMT)

Loan to go solar might not be a bright idea
Dear Bruce: My wife and I own our house (no mortgage). We are concerned about the current and future costs of electricity. We are wondering if it is worth it to get a home loan to install solar panels and a solar water heater for about $45,000 for a 5-kilowatt system tied into the grid. We have read the government is giving incentives of about $20,000-plus in tax credits, and our local energy ... (Wed, 21 Oct 2009 22:08:20 GMT)

Commercial Mortgage Backers Face $1.6 Billion Liquidation Loss
Oct. 22 (Bloomberg) -- Investors in the first U.K. commercial mortgage bonds to be liquidated since the financial crisis began may lose as much as 1 billion pounds ($1.6 billion) after values of properties backing the two deals collapsed. (Wed, 21 Oct 2009 23:40:58 GMT)

Mortgage applications at EBS increase by 66%
MORTGAGE applications at EBS Building Society surged 66% over the last three months compared with the first quarter as affordability improves. (Thu, 22 Oct 2009 01:30:48 GMT)

Italian banks to freeze mortgage payments for unemployed
The Italian Banking Association (ABI) on Wednesday decided to allow mortgage holders who are in serious economic difficulty to suspend payments for up to one year. Local media said the measure will go into effect in January and will apply to three categories of mortgage holders who are now unemployed following the economic downturn. To benefit from the payment deferment mortgage are holders who ... (Thu, 22 Oct 2009 03:17:40 GMT)

Data indicates Pitt home sales on the rise
Recently released data indicates that Pitt County home sales are on the rise, and local real estate officials say lower interest rates and a tax credit program for first-time buyers are big reasons. (Thu, 22 Oct 2009 03:49:11 GMT)

Business Tri-State: Wells Fargo 3Q profit rises, but so do loan losses
NEW YORK -- Wells Fargo & Co. on Wednesday reported a $2.6 billion third-quarter profit as the company's retail banking operations, including the businesses it acquired with the purchase of Wachovia Corp., offset rising loan losses. (Thu, 22 Oct 2009 04:08:32 GMT)

First-time homebuyers receiving a tax credit can take advantage of loan
To be eligible, must close on home by Nov. 30. Trenton, NJ - With the Nov. 30 deadline looming for prospective first-time homebuyers to purchase a home and receive the benefit of the federal government’s $8,000 tax credit, the New Jersey Housing and Mortgage Finance Agency (HMFA), is reminding New Jersey residents that the agency is offering a loan to assist with closing costs, down payments and ... (Thu, 22 Oct 2009 06:52:00 GMT)

Loan program for first-time homebuyers ending soon
Must close on home by Nov. 30 deadline Trenton With the Nov. 30 deadline looming for prospective first-time homebuyers to purchase a home and receive the benefit of the federal government’s $8,000 tax credit, the New Jersey Housing and Mortgage Finance Agency (HMFA), is reminding New Jersey residents that the agency is offering a loan to assist with closing costs, down payments and other ... (Thu, 22 Oct 2009 07:08:37 GMT)

HMFA urges first-tme homebuyers receiving the federal tax credit to take advantage of interest-free loan program
TRENTON - With the Nov. 30 deadline looming for prospective first-time homebuyers to purchase a home and receive the benefit of the federal government's $8,000 tax credit, the New Jersey Housing and Mortgage Finance Agency (HMFA), is reminding New Jersey residents that the agency is offering a loan to assist with closing costs, down payments and other expenses related to their home purchase. (Thu, 22 Oct 2009 07:17:06 GMT)

Commercial Mortgage Backers Face $1.6 Billion Loss (Update1)
Oct. 22 (Bloomberg) -- Investors in the first U.K. commercial mortgage bonds to be liquidated since the financial crisis began may lose as much as 1 billion pounds ($1.6 billion) after values of properties backing the two deals collapsed. (Thu, 22 Oct 2009 09:46:08 GMT)

Commercial Mortgage Backers Face $1.6 Billion Loss (Update1)
Oct. 22 (Bloomberg) -- Investors in the first U.K. commercial mortgage bonds to be liquidated since the financial crisis began may lose as much as 1 billion pounds ($1.6 billion) after values of properties backing the two deals collapsed. (Thu, 22 Oct 2009 09:50:41 GMT)

National home equity loan averages
Here are the average home equity rates from Bankrate's weekly survey of large banks and thrifts. (Thu, 22 Oct 2009 10:00:00 GMT)

Mortgage Rate Trend Index
Each week, Bankrate.com surveys experts to gauge which way interest rates are headed on mortgages. (Thu, 22 Oct 2009 10:00:00 GMT)

Bankrate: Mortgage Rates Tick Higher
The average conforming 30-year fixed mortgage rate notched higher to 5.34 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.36 discount and origination points. (Thu, 22 Oct 2009 11:30:00 GMT)

Wells Fargo, JPMorgan Benefit From Mortgage-Servicing Hedging
Oct. 22 (Bloomberg) -- Wells Fargo & Co. earned almost a third of its pretax quarterly profit by hedging mortgage- servicing rights, producing gains similar to those that have helped some of the biggest U.S. banks offset weaker consumer- lending businesses. (Thu, 22 Oct 2009 12:08:01 GMT)

Wells Fargo, JPMorgan Benefit From Mortgage-Servicing Hedging
Oct. 22 (Bloomberg) -- Wells Fargo & Co. earned almost a third of its pretax quarterly profit by hedging mortgage- servicing rights, producing gains similar to those that have helped some of the biggest U.S. banks offset weaker consumer- lending businesses. (Thu, 22 Oct 2009 13:16:10 GMT)

10 Queens residents busted in mortgage fraud
Just one week after federal investigators busted an alleged mortgage fraud scheme that affected several Queens properties, federal prosecutors indicted 41 individuals last Thursday, including 10 Queens residents, for reportedly raking in $64 million in a similar scandal. (Thu, 22 Oct 2009 13:21:34 GMT)

Lincoln sign Villa pair on loan
Lincoln City sign Aston Villa defenders Nathan Baker and Eric Lichaj on month-long loan deals. (Thu, 22 Oct 2009 13:26:37 GMT)

Freddie Mac: 30-year Mortgage Rate Average Hits 5%
Freddie Mac: 30-year Mortgage Rate Average Hits 5% (Thu, 22 Oct 2009 14:31:42 GMT)

Obama To Release New Home Loan Help Program
Obama To Release New Home Loan Help Program (Thu, 22 Oct 2009 14:45:52 GMT)

Mortgage Rates Mostly Rise Again This Week; 30-Year Fixed At 5%
Mortgage rates mostly rose this week, with the average rate on 30-year fixed- rate mortgages moving higher to the closely watched 5% threshold, according to Freddie Mac's (FRE) weekly survey of mortgage rates released Thursday. (Thu, 22 Oct 2009 14:48:59 GMT)

U.S. Mortgage Rates Rise for Second Consecutive Week (Update1)
Oct. 22 (Bloomberg) -- Mortgage rates for 30-year fixed U.S. home loans rose for a second consecutive week, making borrowing more expensive and threatening signs of stabilization in the housing market. (Thu, 22 Oct 2009 14:56:09 GMT)

U.S. Mortgage Rates Rise for Second Consecutive Week (Update2)
Oct. 22 (Bloomberg) -- Mortgage rates for 30-year fixed U.S. home loans rose for a second consecutive week, making borrowing more expensive and threatening signs of stabilization in the housing market. (Thu, 22 Oct 2009 15:00:59 GMT)

Mortgages: Long-term mortgage rates edge higher
Long-term mortgage rates followed bond rates higher this week, although the one-year adjustable-rate loan turned lower, Freddie Mac says. (Thu, 22 Oct 2009 15:01:17 GMT)

Mortgage rates edge higher says Bank of England
Mortgage rates have edged even higher according to the Bank of England. (Thu, 22 Oct 2009 16:05:27 GMT)

30-year Mortgage Rate Average Hits 5%
SAN FRANCISCO -- Freddie Mac said Thursday that the 30-year fixed rate mortgage average rose slightly to 5% with an average 0.7 point for the week ending Oct. 22. Last week, the average was 4.92%, an... (Thu, 22 Oct 2009 16:09:34 GMT)

Obama To Release New Home Loan Help Program
WASHINGTON - The Obama administration is developing an alternative program to help troubled homeowners avoid foreclosure, beyond a mortgage modification program the White House launched in March, acc... (Thu, 22 Oct 2009 16:10:03 GMT)

Mortgage Rates Rise to Five-Percent
Mortgage rates have ticked up for the second straight week. Home funding company Freddie Mac says the rate for a 30-year fixed rate mortgage averaged five-percent for the week that ended October 22nd. (Thu, 22 Oct 2009 17:52:31 GMT)

Apartment complex secures HUD refinance deal
KNOXVILLE — A national mortgage banking firm today said it has secured a $4,675,000 refinancing package for Willow Creek Apartments, Josh Flory writes in his blog Property Scope. Willow Creek is a multi-building apartment complex at 2300 Merchants Drive with 134 units. The complex, which formerly was Foxfire Apartments, was sold in 2008 to a California firm called OSM Willow Creek Limited ... (Thu, 22 Oct 2009 18:32:21 GMT)

10 Queens residents busted in mortgage fraud
Just one week after federal investigators busted an alleged mortgage fraud scheme that affected several Queens properties, federal prosecutors indicted 41 individuals last Thursday, including 10 Queens residents, for reportedly raking in $64 million in a similar scandal. (Thu, 22 Oct 2009 21:18:11 GMT)

HMFA offers loan for first-time buyers
With the Nov. 30 deadline looming for prospective first-time homebuyers to purchase a home and receive the benefit of the federal government's $8,000 tax credit, the New Jersey Housing and Mortgage Finance Agency (HMFA) is reminding residents that the agency is offering a loan to assist with closing costs, down payments and other expenses. (Thu, 22 Oct 2009 23:27:54 GMT)

Two Democrats buck Rep. Towns, call for Countrywide VIP mortgage probe
Two junior Democrats are urging their leaders to open an investigation into the Countrywide VIP mortgage program. Read more... (Fri, 23 Oct 2009 00:16:47 GMT)

Residents enjoy first time home ownership with new affordable home program
Jacqueline and Dominique Houston were running and jumping around Thursday at the prospect of owning homes for the first time. And now, if they get a loan, each should be sitting in her new home in a few months. (Fri, 23 Oct 2009 01:16:25 GMT)

4 years for loan-shark runner
A TEENAGE girl will now spend the next four years behind bars for her first criminal offences - helping loan sharks do their dirty work. Nur Azilah Ithnin, who was chased out of her home and physically abused by her father, was on the payroll of two loan sharks whom she knew only as 'Storm' and 'Seven'. (Fri, 23 Oct 2009 02:00:53 GMT)

Calif. Campaign Against Loan Modification Misconduct Claims 3 Attorneys' Licenses
Three Southern California attorneys have resigned due to misconduct related to loan modifications, according to the State Bar of California, which this year has stepped up its prosecution of lawyers who offer homeowners such services. The resignations came just weeks after Gov. Arnold Schwarzenegger signed a new law prohibiting attorneys from collecting an advance fee for residential loan ... (Fri, 23 Oct 2009 02:41:53 GMT)

Mortgage advice available
Several local organizations are offering free mortgage default and foreclosure prevention clinics Saturday. The "Hope for Homes" event will be held at the Charleston Area Convention Center. The four sessions start at 9-11 a.m., and 1-3 p.m. (Fri, 23 Oct 2009 05:23:27 GMT)

New IRS form helps speed mortgage applications
The Internal Revenue Service has issued a new form to aid the processing of mortgage applications under the Home Affordable Modification Program as part of the Making Home Affordable Program (Fri, 23 Oct 2009 06:11:56 GMT)

Loan program for first-time homebuyers ending soon
Must close on home by Nov. 30 deadline Trenton With the Nov. 30 deadline looming for prospective first-time homebuyers to purchase a home and receive the benefit of the federal government’s $8,000 tax credit, the New Jersey Housing and Mortgage Finance Agency (HMFA), is reminding New Jersey residents that the agency is offering a loan to assist with closing costs, down payments and other ... (Fri, 23 Oct 2009 06:39:51 GMT)

First-time homebuyers receiving a tax credit can take advantage of loan
To be eligible, must close on home by Nov. 30. Trenton, NJ - With the Nov. 30 deadline looming for prospective first-time homebuyers to purchase a home and receive the benefit of the federal government’s $8,000 tax credit, the New Jersey Housing and Mortgage Finance Agency (HMFA), is reminding New Jersey residents that the agency is offering a loan to assist with closing costs, down payments and ... (Fri, 23 Oct 2009 06:52:07 GMT)

18 indicted in Central Valley marijuana, mortgage scheme
Federal prosecutors announced 18 indictments Thursday in a pot cultivation and mortgage fraud scheme that purchased homes in Elk Grove and Sacramento and converted them into bustling "grow houses" for tens of thousands of marijuana plants. (Fri, 23 Oct 2009 07:04:09 GMT)

Mortgage rates climb to 5 percent; loans are affordable but hard to get
Rates for 30-year home loans have inched up, hitting 5 percent for the first time in nearly a month, mortgage company Freddie Mac said Thursday. (Fri, 23 Oct 2009 07:05:31 GMT)

10 Queens residents busted in mortgage fraud
Just one week after federal investigators busted an alleged mortgage fraud scheme that affected several Queens properties, federal prosecutors indicted 41 individuals last Thursday, including 10 Queens residents, for reportedly raking in $64 million in a similar scandal. (Fri, 23 Oct 2009 09:31:08 GMT)

Hong Kong May End Mortgage Insurance for Investment (Update3)
Oct. 21 (Bloomberg) -- The Hong Kong Mortgage Corp. may scrap a program that offers mortgage insurance for investment properties as the city’s central bank tries to prevent a real estate bubble. (Fri, 23 Oct 2009 09:41:06 GMT)

Cherishing memories, burning the mortgage
Fairview United Methodist Church made the last two payments on its mortgage this summer. (Fri, 23 Oct 2009 10:18:40 GMT)

Should You Move in on New Mortgage REITs?
What sets some mortgage REIT IPOs apart from the others. (Fri, 23 Oct 2009 11:00:00 GMT)

Mortgage brokers to be personally accountable to FSA
Earlier this month Money Marketing revealed that the FSA was likely to place greater responsibility for affordability on mortgage lenders as part of its market review. (Fri, 23 Oct 2009 11:00:02 GMT)

FSA bans East London mortgage broker
The regulator says Ogunmoye also failed to co-operate with the FSA by refusing to provide a sample of mortgage client files or deal with the investigators. (Fri, 23 Oct 2009 11:00:12 GMT)

Editorial: Mortgage adjustments
For much of the past year, critics have argued that the mortgage modification program, designed to keep foreclosure-imperiled people in their homes, was failing. Homeowners overextended themselves and therefore would never be able to make their payments, no matter how much relief they were afforded. And it’s true that about half of the homeowners who went through [...] (Fri, 23 Oct 2009 11:06:51 GMT)

Residents enjoy first time home ownership with new affordable home program
Jacqueline and Dominique Houston were running and jumping around Thursday at the prospect of owning homes for the first time. And now, if they get a loan, each should be sitting in her new home in a few months. “We’ve been waiting for this day to come,” said Jacqueline, 39, of Coralville. She and daughter Dominique were among [...] (Fri, 23 Oct 2009 12:59:41 GMT)

Research and Markets: Mortgage Brokers in Australia
DUBLIN----Research and Markets has announced the addition of the "Mortgage Brokers in Australia" report to their offering. (Fri, 23 Oct 2009 13:58:00 GMT)

Ask a real estate pro: FHA refi program to change
Louis Spagnuolo of WCS Lending in Boca Raton answers questions from readers. Today's topics: a Federal Housing Administration refinance program and the benefits of a 15-year mortgage. (Fri, 23 Oct 2009 14:37:59 GMT)

Ask a real estate professional: Changes ahead for FHA refinance program
Louis Spagnuolo of WCS Lending in Boca Raton answers questions from readers. Today's topics: a Federal Housing Administration refinance program and the benefits of a 15-year mortgage. (Fri, 23 Oct 2009 14:49:13 GMT)

How to beat the mortgage drought
A radical shakeup of the mortgage market will make it harder to get a home loan. We examines the options for home owners and buyers. (Fri, 23 Oct 2009 16:33:57 GMT)

Former title agent sentenced in mortgage scams
A Granville title agent was sentenced to four years in prison today for her participation in 14 mortgage scams that cost local lenders $4.5 million. (Fri, 23 Oct 2009 16:37:39 GMT)

IberiaBank opens new mortgage offices in Ala., Ga.
IberiaBank Corp. has opened three new mortgage offices in Alabama and two in Georgia. (Fri, 23 Oct 2009 17:23:46 GMT)

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