Mortgage News Dec 2009

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It's a good time to refinance, but do your homework
Three things you need to know when you’re thinking about refinancing, plus two dos and one don’t as you navigate the refinancing maze. (Sun, 06 Dec 2009 05:18:27 GMT)

FHA loan changes proposed
First-time home buyers in the central San Joaquin Valley would have to come up with a higher down payment under proposed changes to the region's most popular loan program. (Sun, 06 Dec 2009 06:36:09 GMT)

Mortgage rates fall to new low amid government efforts
The average interest rate for a 30-year mortgage dropped to a record low of 4.71 percent last week, pushed down by an aggressive government campaign to reduce borrowing costs. (Sun, 06 Dec 2009 08:16:10 GMT)

Timing a retirement home purchase
Future pensioner finds today's low prices and mortgage interest rates attractive, but a lot can change in four years. Dear Liz: I have high credit scores, no debt, a large retirement fund including a generous pension and a home I own free and clear. I plan to retire in four years and am thinking of moving to be near family. (Sun, 06 Dec 2009 08:28:57 GMT)

Obama administration pushes to make mortgage modifications permanent
Guidelines follow complaints involving restructured mortgages meant to keep homeowners from foreclosure The Obama administration has announced a renewed push to get mortgage companies to convert hundreds of thousands of temporarily restructured home loans into permanent ones by the end of the year to help keep struggling homeowners from falling into foreclosure. (Sun, 06 Dec 2009 08:53:20 GMT)

Sunday December 06 2009
DEC 3 — If you are a Malaysian, coffee drinking, have a small mortgage and not a member of the MCA, there is a high chance you might not know a lot about the 60-year-old party — other than what M, C and A stands for. (Sun, 06 Dec 2009 11:45:16 GMT)

Japan To Introduce Low-interest Mortgage Program In 2010: Report
(RTTNews) - In an effort to stimulate the economy and enhance the housing demand, the government of Japan is planning to introduce a mortgage-reduction program in 2010 to homeowners taking out new loans from a state-affiliated lender, Nikkei reported Sunday. (Sun, 06 Dec 2009 14:38:57 GMT)

Sunday December 06 2009
DEC 3 — If you are a Malaysian, coffee drinking, have a small mortgage and not a member of the MCA, there is a high chance you might not know a lot about the 60-year-old party — other than what M, C and A stands for. (Sun, 06 Dec 2009 15:30:17 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, 06 Dec 2009 16:28:49 GMT)

Time to refinance?
Mortgage broker Randy Johnson answers a reader's question about refinancing. (Sun, 06 Dec 2009 18:12:15 GMT)

FHA Mortgage Insurance Program Important to Housing Market and Recovery
RISMEDIA, December 7, 2009—The Federal Housing Administration mortgage insurance program is a critical part of the American housing fabric and has never been more important than it is in today's market, NAR President Vicki Cox Golder told a congressional panel recently. Testifying before the House Committee on Financial Services, Golder said ... (Sun, 06 Dec 2009 18:20:21 GMT)

Citi Writes Down $18 Billion; Merrill Gets Infusion
Two of the nation’s biggest financial firms announced Tuesday that they had lined up outside investments to shore up their ravaged balance sheets. Citigroup ’s disclosure of a $12.5 billion investment came as the banking giant reported its long-awaited fourth-quarter results, which included an $18.1 billion write-down on its subprime mortgage-related exposures. (Sun, 06 Dec 2009 19:16:08 GMT)

Timing a retirement home purchase
Future pensioner finds today's low prices and mortgage interest rates attractive, but a lot can change in four years. Dear Liz: I have high credit scores, no debt, a large retirement fund including a generous pension and a home I own free and clear. I plan to retire in four years and am thinking of moving to be near family. (Sun, 06 Dec 2009 20:02:14 GMT)

Love Funding's Cleveland Office Closes $2,691,200 Refinance Loan for Senior Housing Facility in Florida
Cleveland , Ohio , Dec. 4, 2009… Love Funding today announced that its Cleveland office secured $2,691,200 in financing for the J.H. Floyd Sunshine Village , a 36,478-square-foot senior housing facility located in Sarasota , Fla. Robert L. Smallwood, First Vice President with the national mortgage-banking firm’s Cleveland office, originated the transaction. (Mon, 07 Dec 2009 02:39:22 GMT)

Sterjovski keeps loan options open
Socceroos striker Mile Sterjovski is still unsure where he will be playing in the lead-up to the World Cup, but won't be fussy when selecting his loan club in January. (Mon, 07 Dec 2009 02:44:00 GMT)

Modifying home loans a slow process
DAYTON — Recordbreaking home foreclosure filings and delinquency rates show that of 1.478 million loans serviced statewide, 15.3 percent or 226,140, are in foreclosure or have payments that are past due.That’s up from 13 percent from the first quarter and 14.3 percent from the second quarter. “Our foreclosure crisis is not easing, it’s growing,” said Bill Faith, executive director of The ... (Mon, 07 Dec 2009 02:56:15 GMT)

Sterjovski keeping loan options open
Socceroos striker Mile Sterjovski is still unsure where he will be playing in the lead-up to the World Cup, but will not be fussy when selecting his loan club in January. (Mon, 07 Dec 2009 04:01:30 GMT)

Home loan rate wars: What's in it for you
The borrower is the real winner. The home loan rate war announced by HDFC and SBI is indeed good news for those who are looking out to buy a home. (Mon, 07 Dec 2009 04:02:42 GMT)

Mortgage aid groups laud new software
A fledgling Web-based software program that speeds up the mortgage-modification process is being used by a local nonprofit and could be poised to transform the way help is administered to troubled homeowners all over the Inland Empire. (Mon, 07 Dec 2009 06:02:13 GMT)

Sterj keeps loan options open
PERTH Glory striker Mile Sterjovski is still unsure where he will be in the lead-up to the World Cup, but won't be fussy when selecting a loan club in January. (Mon, 07 Dec 2009 07:40:00 GMT)

Slowdown in mortgage market - KBC
A survey from KBC Bank shows that the pace of decline in the mortgage market has slowed. KBC says house prices have fallen by 36% on average from peak, and according to the mortgage brokers surveyed, there are clear signs that a bottoming out has begun. (Mon, 07 Dec 2009 07:42:12 GMT)

No cartwheels for mortgage broker
Over the past weekend, members of the Western division of the National Association of Mortgage Brokers took a break from the second-worst real estate market in a century and descended on the MGM resort hotel in Las Vegas for their annual convention. (Mon, 07 Dec 2009 08:10:41 GMT)

Vranos IPO to Buy Mortgage Debt Values Ellington at a Premium
Dec. 7 (Bloomberg) -- Ellington Financial LLC, run by Michael Vranos’s hedge-fund firm, plans to sell as much as $208 million in stock to buy mortgage-backed bonds after the biggest housing bust since the Great Depression knocked down prices. (Mon, 07 Dec 2009 08:18:54 GMT)

Irish Mortgage Market to Stay ‘Difficult’ in First Quarter 2010
Dec. 7 (Bloomberg) -- Ireland’s mortgage market will remain “difficult” through the first quarter of 2010 as tighter lending standards and unemployment concerns curb borrowing, a survey showed. (Mon, 07 Dec 2009 10:39:24 GMT)

Are you the reason your home won't sell?
Many home sellers are their own worst enemy. Find out if you're the reason you're losing money. (Mon, 07 Dec 2009 11:00:00 GMT)

Government launches green home trial
BusinessGreen.com staff, BusinessGreen , Monday 7 December 2009 at 10:46:00 As energy bill receives its second reading, government announces launch of Pay As You Save scheme The government has chosen the first day of the Copenhagen Summit to formally launch a green home loan pilot scheme. It is designed to help households cut their carbon emissions while moving forward with plans to curb ... (Mon, 07 Dec 2009 11:04:03 GMT)

Mortgage madness: Government programs continuing
The Federal Housing Administration announced this week that it wants tougher rules on mortgage lenders. It’s about time. (Mon, 07 Dec 2009 11:15:09 GMT)

Never missed a mortgage payment and still facing foreclosure
For the past three years, Lisa Matthews has never missed a mortgage payment - handing over $292, like clockwork, every week. (Mon, 07 Dec 2009 11:16:15 GMT)

Florida Ranks High In Mortgage Problems
Florida is second in the nation when it comes to what has become known as an underwater mortgage--that's a case where the mortgage is more than the home is worth. (Mon, 07 Dec 2009 12:43:41 GMT)

Treasury Auctions Set for This Week
The Treasury’s schedule of financing this week includes Monday’s regular weekly auction of new three- and six-month bills and an auction of four-week bills on Tuesday. (Mon, 07 Dec 2009 12:47:59 GMT)

Bank of America Provides Relief to More Than 600,000 Homeowners Through Mortgage Modification Efforts
Bank of America has provided mortgage relief through concluded and trial modifications to more than 600,000 homeowners since January 2008. (Mon, 07 Dec 2009 13:00:00 GMT)

Westpac chief stands by 45-point mortgage rise
Westpac chief executive Gail Kelly defends the bank's supercharged mortgage rate rise, saying that pressure to increase prices will remain while global credit markets are ravaged by the financial crisis. (Mon, 07 Dec 2009 13:03:01 GMT)

Mortgage Rates in U.S. Decline to Record Low
(Bloomberg) -- Mortgage rates for fixed 30-year loans in the U.S. dropped to a record low amid signs that the housing market is beginning to emerge from the worst slump since the 1930s. (Mon, 07 Dec 2009 13:08:42 GMT)

Wilshere: I'm no loan ranger
ARSENAL youngster Jack Wilshere is not interested in moving on loan in January (Mon, 07 Dec 2009 15:41:54 GMT)

Bank of America Says U.S. Home Loan Modifications Top 160,000
Dec. 7 (Bloomberg) -- Bank of America Corp ., the largest U.S. bank by assets and deposits, said it has modified loan terms for more than 160,000 borrowers in a U.S. program as the government presses lenders to curb foreclosures. (Mon, 07 Dec 2009 16:22:37 GMT)

LBBW Headquarters, Homes Raided in Mortgage Probe (Update2)
Dec. 7 (Bloomberg) -- Landesbank Baden-Wuerttemberg’s headquarters in Stuttgart was raided today as part of a criminal probe into whether seven current and former executives improperly approved investments in U.S. mortgage bonds. (Mon, 07 Dec 2009 16:31:03 GMT)

Reverse Mortgage Popularity on the Rise
VICTORVILLE -- For many older homeowners who see their retirement accounts go flat and are struggling in a weak economy, a reverse mortgage can be a lifeline to see them through. (Mon, 07 Dec 2009 17:24:23 GMT)

Things To Know About The Home Modification Plan
How FHA borrowers can cut monthly mortgage payments. (Mon, 07 Dec 2009 17:41:43 GMT)

Australia Mortgage Arrears Low on Resilient Economy, Fitch Says
Dec. 8 (Bloomberg) -- Investors in Australian mortgage- backed bonds should favor notes secured by diverse loans as some areas have a delinquency rate of nearly five times the “low” national average, Fitch Ratings said. (Mon, 07 Dec 2009 18:28:57 GMT)

Canterbury Mortgage Trust blames global crisis for bad loans
Canterbury Mortgage Trust is blaming the world economic crisis for its provisions of $47 million of bad loans. (Mon, 07 Dec 2009 18:31:35 GMT)

Bank of America says 600,000 mortgages modified
Bank of America Corp. said Monday it has provided mortgage relief through loan modifications for more than 600,000 homeowners since January 2008. (Mon, 07 Dec 2009 18:42:15 GMT)

Treasury Summons Mortgage Lenders to Meet on Loan Modifications
Dec. 7 (Bloomberg) -- The Treasury Department summoned Bank of America Corp. , Citigroup Inc. and other mortgage servicers to Washington today to accelerate U.S. foreclosure prevention efforts ahead of a yearend deadline for some loan modifications. (Mon, 07 Dec 2009 18:52:46 GMT)

SEC accuses 3 ex-New Century executives of fraud over subprime mortgage collapse
WASHINGTON - Federal regulators have accused three former top executives of collapsed mortgage lender New Century Financial Corp. of fraud, saying they misled investors as the company's subprime loan business was failing in 2006. (Mon, 07 Dec 2009 19:13:16 GMT)

Shinseki Says VA's Home Loan Program a 'Continued Success'
Veterans More Likely to Avoid Foreclosure with VA-Backed Loan (Mon, 07 Dec 2009 19:14:00 GMT)

Low Mortgage Rates Lead Many to Consider Refinancing
The rates have plenty of people wondering whether they should refinance their loans. It could be an especially good time for homeowners with variable rate loans to lock in at a low rate. (Mon, 07 Dec 2009 19:16:09 GMT)

SEC accuses 3 former mortgage co. execs of fraud
Federal regulators on Monday accused three former top executives of collapsed mortgage lender New Century Financial of fraud, saying they misled investors as the company's subprime loan business was failing in 2006. (Mon, 07 Dec 2009 20:03:04 GMT)

Consumer Housing Q&A: Talk to Financial Counselor before Giving up House
RISMEDIA, December 8, 2009—(MCT)—Question: We bought a house that has been a rental property for us the last 16 years. It has an adjustable-rate mortgage of $162,000, which will adjust next year. I doubt we will be able to afford the payment, which is currently more than the rent collected. The ... (Mon, 07 Dec 2009 20:49:14 GMT)

Court Upholds Sentence In Mortgage Fraud
An appeals court has upheld the one-year sentence of the former owner of Freedom Financial Mortgage Company in Little Rock. (Mon, 07 Dec 2009 21:04:56 GMT)

Court upholds sentence in mortgage fraud
A federal appeals court on Monday dismissed a request to open a hearing into extending the prison sentence of mortgage broker Nelson Miller, who was convicted in January 2008 of fraud and conspiracy to commit fraud. (Mon, 07 Dec 2009 22:39:29 GMT)

Few borrowers getting permanent mortgage relief
Executives at two of the nation's largest banks say they are struggling to get homeowners to complete the necessary paperwork for the Obama administration's mortgage relief plan, and only a fraction of homeowners have finished the process. (Mon, 07 Dec 2009 22:45:47 GMT)

Court upholds sentence in mortgage fraud
A federal appeals court on Monday dismissed a request to open a hearing into extending the prison sentence of mortgage broker Nelson Miller, who was convicted in January 2008 of fraud and conspiracy to commit fraud. The 8th U.S. Circuit Court of Appeals... United States courts of appeals - United States - Fraud - Sentence - Conspiracy (Mon, 07 Dec 2009 23:01:19 GMT)

Loan modifiers will soon need license, says Florida Office of Financial Regulation
The clock is ticking for unlicensed companies trying to entice home buyers to modify their mortgages. Or demanding an upfront fee to help them out. (Mon, 07 Dec 2009 23:21:11 GMT)

Housing Emergency Loan Program Aims to Help Residents Make Repairs
North Central West Virginia Community Action is offering a Housing Emergency Loan Program, know as the H.E.L.P program. (Mon, 07 Dec 2009 23:39:21 GMT)

Australia Mortgage Arrears Low on Resilient Economy, Fitch Says
Dec. 8 (Bloomberg) -- Investors in Australian mortgage- backed bonds should favor notes secured by diverse loans as some areas have a delinquency rate of nearly five times the “low” national average, Fitch Ratings said. (Mon, 07 Dec 2009 23:56:18 GMT)

SEC accuses 3 ex-New Century executives of fraud over subprime mortgage collapse
WASHINGTON - U.S. regulators on Monday accused three former top executives of collapsed mortgage lender New Century Financial Corp. of fraud, saying they misled investors and inflated profits as the company's subprime loan business was failing in 2006. (Tue, 08 Dec 2009 01:29:00 GMT)

Ellington's Vranos to bet $208M IPO on mortgage bonds
Old Greenwich-based Ellington Financial LLC, run by Michael Vranos' hedge-fund firm, plans to sell as much as $208 million in stock to buy mortgage-backed bonds after the biggest housing bust since (Tue, 08 Dec 2009 03:12:22 GMT)

Six accused of dealing in mortgage fraud
Six people from the San Antonio area, including a Somerset reserve police officer, have been indicted in what investigators say was a $1.9 million mortgage-fraud scheme. (Tue, 08 Dec 2009 03:13:07 GMT)

Refinancing improves Bogus Basin's financial picture, now if it would just keep snowing
Bogus Basin still needs more snow to open, but its annual debt service has been cut in half.The re (Tue, 08 Dec 2009 03:46:59 GMT)

Refinancing improves Bogus Basin's financial picture, now if it would just keep snowing
Bogus Basin still needs more snow to open, but its annual debt service has been cut in half.The re (Tue, 08 Dec 2009 04:03:43 GMT)

House Democrats push bill to use TARP funds for homeowner mortgage relief
House Democrats are seeking to tap the government's massive bailout fund to help homeowners who have lost their jobs and are struggling to make their mortgage payments. (Tue, 08 Dec 2009 05:00:00 GMT)

Most Targeted for Mortgage Relief Don’t Qualify, Official Says
Dec. 8 (Bloomberg) -- A majority of the 3.2 million borrowers targeted by the U.S. Treasury Department for mortgage relief under the administration’s foreclosure prevention program are unlikely to qualify, an agency official said. (Tue, 08 Dec 2009 05:52:46 GMT)

Government increases pressure on mortgage industry over foreclosures
WASHINGTON — The Obama administration will crack down on mortgage companies that are failing to do enough to help borrowers at risk of foreclosure, as part of a broad effort to boost participation in its mortgage assistance program. (Tue, 08 Dec 2009 07:31:51 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, 08 Dec 2009 08:07:09 GMT)

Live chat: All about teaser home loan rates
Chat with home loan expert Harsh Roongta. (Tue, 08 Dec 2009 08:32:41 GMT)

Australia cbank policy to consider mortgage rates
* RBA: higher mortgage rates means neutral rate may be lower (Tue, 08 Dec 2009 10:44:50 GMT)

Will a refinance result in higher taxes?
Borrowing against your rental was smart while prices rose. But sell now and you still owe taxes. (Tue, 08 Dec 2009 11:00:00 GMT)

9 steps to a car loan on damaged credit
Weak credit doesn't mean you can't get a car loan or have to lock yourself into sky-high interest rates. (Tue, 08 Dec 2009 11:00:00 GMT)

10 steps to your best deal on a car loan
Getting a great deal on a new car means getting a great car loan as well as a great price. (Tue, 08 Dec 2009 11:00:00 GMT)

Thirty-Year Fixed Mortgage Rate Increases for the First Time Since Mid-October
SEATTLE , Dec. 8 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased five basis points last week to 4.67 percent, up from 4.62 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com ®. Rates for 15-year fixed mortgages rose one basis point to 4.20 ... (Tue, 08 Dec 2009 13:00:00 GMT)

Mortgage pain in Port Melbourne
Port Melbourne now has the state's highest rate of mortgage defaults, with 4 per cent of its homebuyers behind in their payments. (Tue, 08 Dec 2009 13:06:03 GMT)

Reserve governor warns of more mortgage rises
ECONOMISTS have forecast an upswing that will add more than $300 to the monthly cost of a mortgage as the Reserve Bank governor has spoken of the need for still higher ''spreads'' between what banks pay for funds and what they charge for loans. (Tue, 08 Dec 2009 13:13:43 GMT)

QUICK POLL
BOSTON-The Allston and Brighton neighborhoods are earning some refinancing money in the form of a 157-unit multifamily portfolio. The Mount Vernon Co.-owned properties commanded a $17-million refi with a 10-year fixed-rate loan at 5.99% and a 30-year amortization. (Tue, 08 Dec 2009 13:26:29 GMT)

Most Targeted for Mortgage Relief Don’t Qualify, Official Says
Dec. 8 (Bloomberg) -- A majority of the 3.2 million borrowers targeted by the U.S. Treasury Department for mortgage relief under the administration’s foreclosure prevention program are unlikely to qualify, an agency official said. (Tue, 08 Dec 2009 13:28:59 GMT)

ICICI Bank, Kotak slash home loan rates
Private sector lenders ICICI Bank and Kotak Mahindra on Tuesday announced low rates of 8.25 per cent and 8.49 per cent respectively for home loans, intensifying the cut-throat competition sparked by SBI and HDFC. (Tue, 08 Dec 2009 14:22:42 GMT)

NC bank panel hears comment on new mortgage rules
Banks and anyone else with an interest in how new North Carolina mortgage laws are applied have an invitation to sound off. (Tue, 08 Dec 2009 15:25:34 GMT)

ICICI joins home loan war; offer 8.25 pc for 2 yrs
Mumbai, Dec 8 (PTI) ICICI Bank and Kotak Mahindra Bank today sought to wean home loan shoppers away from rivals with low fixed interest rate offerings, joining the rate war started by State Bank of India and HDFC. (Tue, 08 Dec 2009 15:53:25 GMT)

Rate war in home loan market hots up
ICICI, Kotak Mahindra announce fixed-cum-floating rate schemes. The interest rate war in the home loan market shows no signs of abating with ICICI Bank and Kotak Mahindra Bank entering the fray with their fixed-cum-floating rate schemes. (Tue, 08 Dec 2009 16:31:13 GMT)

Shore Mortgage Locks in 4.5% (5.192% APR) 30-Year FHA Loans for Qualifying Applicants
Until December 31, 2009, Michigan-based Shore Mortgage is offering qualifying homeowners seeking a new mortgage or refinancing, the low locked in rate of 4.5% . This 4.5% rate is for a 30-year FHA loan. (Tue, 08 Dec 2009 16:34:00 GMT)

Kotak Mahindra launches spl home loan schemes
Mumbai, Dec 8 : Kotak Mahindra Bank today announced special home loan offers including a loan product at fixed rate of 8.49 per cent per annum. (Tue, 08 Dec 2009 17:42:47 GMT)

Recasting Exotic Loans Will Lead to Mortgage Crisis as Large as Subprime in 2010
Many exotic Adjustable Rate Mortgages will recast in 2010, leading to a mortgage crisis as large as subprime in the New Year, according to the Consumer Mortgage Audit Center. (Tue, 08 Dec 2009 18:00:00 GMT)

Home loans at 8.25 % from ICICI Bank
MUMBAI: ICICI Bank on Tuesday said it would offer new home loans at a fixed rate of 8.25 per cent for the first two-years. The scheme will be open for customers whose loan will be sanctioned from December 1 to January 31, 2010, ... (Tue, 08 Dec 2009 19:08:06 GMT)

Lawmakers impatient with Obama mortgage plan
Only one in three homeowners who have signed up for the Obama administration's mortgage relief plan have sent back the necessary paperwork, highlighting continuing problems for the government's effort to stem the foreclosure crisis. The poor results from the... Mortgage - Foreclosure - Presidency of Barack Obama - Government - Business (Tue, 08 Dec 2009 19:16:01 GMT)

J.P. Morgan Sees More Mortgage Losses
J.P. Morgan Sees More Mortgage Losses (Tue, 08 Dec 2009 19:29:33 GMT)

Frank Backs Mortgage Cram-Down in Finance Reform Bill (Update1)
Dec. 8 (Bloomberg) -- The mortgage “cram-down” bill that stalled in Congress earlier this year will be attached to broader legislation and voted on this week, House Financial Services Committee Chairman Barney Frank said. (Tue, 08 Dec 2009 19:37:40 GMT)

J.P. Morgan sees more mortgage losses
J.P. Morgan Chase & Co. forecasts more mortgage losses and sounds a cautious note on consumer delinquency trends. (Tue, 08 Dec 2009 19:45:40 GMT)

Home prices up in third quarter
WASHINGTON, Dec. 8 (UPI) -- The Federal Home Loan Mortgage Corp. said Tuesday that U.S. home prices rose 1.1 percent in the third quarter for the second consecutive quarterly gain. (Tue, 08 Dec 2009 20:14:06 GMT)

Home loan battle heats up as ICICI, Kotak cut rates
The home loan product with low fixed rate for the first two years seems to be gaining popularity. Private sector lenders ICICI Bank and Kotak Mahindra Bank have followed State Bank of India and HDFC and have launched similar loan schemes combining fixed and floating interest rates. (Tue, 08 Dec 2009 20:37:49 GMT)

TCW Said to Seek $450 Million Mortgage-Bond Sale (Update1)
Dec. 8 (Bloomberg) -- TCW Group Inc., the asset manager that last week fired Chief Investment Officer Jeffrey Gundlach , plans to sell about $450 million of mortgage-backed securities, according to people familiar with the matter. (Tue, 08 Dec 2009 20:38:16 GMT)

5 Charged In $14.6 Million Mortgage Fraud Scheme In Pennsylvania
Five people were indicted in a $14.6 million mortgage fraud scheme that resulted in at least 35 fraudulent mortgage loans, federal prosecutors said in Philadelphia. (Tue, 08 Dec 2009 20:48:49 GMT)

Lawmakers impatient with Obama mortgage plan
Only one in three homeowners who have signed up for the Obama administration's mortgage relief plan have sent back the necessary paperwork, highlighting continuing problems for the government's effort to stem the foreclosure crisis. (Tue, 08 Dec 2009 21:10:22 GMT)

New Record Low for 30-year Mortgage Rates
Feds Turn Up Heat on Mortgage Industry (AP) The average interest rate for a 30-year mortgage dropped to a record low of 4.71 percent this week, pushed down by an aggressive government campaign to redu... (Tue, 08 Dec 2009 21:21:57 GMT)

Lawmakers impatient with Obama mortgage plan
Only one in three homeowners who have signed up for the Obama administration's mortgage relief plan have sent back the necessary paperwork, highlighting continuing problems for the government's effort to stem the foreclosure crisis. (Tue, 08 Dec 2009 21:47:55 GMT)

Syracuse Mortgage Underwriter to Pay United States Nearly $679,000 to Resolve Mortgage Fraud Allegations
WASHINGTON, Dec. 8 /PRNewswire-USNewswire/ -- Robert Corp, a mortgage underwriter in Syracuse, N.Y., has agreed to pay the United States close to $679,000 to settle allegations that he defrauded the U.S. Department of Housing and Urban Development (HUD), the Justice Department announced today. This settlement resolves Corp's liability under the False Claims Act, a federal statute that imposes ... (Tue, 08 Dec 2009 22:38:00 GMT)

Dealers to Create Prime Mortgage Credit-Default Swaps (Update1)
Dec. 8 (Bloomberg) -- Wall Street banks have agreed to create credit-default swap indexes tied to U.S. prime-mortgage securities, in a move that may risk driving down prices for the bonds after a record rally. (Tue, 08 Dec 2009 22:47:39 GMT)

Frank Backs Mortgage Cram-Down in Finance Reform Bill (Update1)
Dec. 8 (Bloomberg) -- The mortgage “cram-down” bill that stalled in Congress earlier this year will be attached to broader legislation and voted on this week, House Financial Services Committee Chairman Barney Frank said. (Tue, 08 Dec 2009 23:07:26 GMT)

The Coming Wave Of Debt Defaults
The worst is not yet past. Be prepared. (Tue, 08 Dec 2009 23:52:38 GMT)

Heath man admits to real-estate scam
UPDATE | NEWARK -- A Heath businessman pleaded guilty Tuesday to a multi-county mortgage scheme in which he stole about $475,000 from investors alone and used the funds to finance personal bills, a cruise and a Hummer before his company collapsed. (Wed, 09 Dec 2009 00:16:02 GMT)

Australian October Home-Loan Approvals Drop on Rates (Update2)
Dec. 9 (Bloomberg) -- Australian home-loan approvals fell in October after central bank Governor Glenn Stevens became the first Group of 20 policy maker to increase borrowing costs since the height of the global financial crisis. (Wed, 09 Dec 2009 01:55:42 GMT)

Home loan shoppers spoilt for choice
Mumbai, Dec. 8: Home loan borrowers now have a problem of plenty — ICICI Bank and Kotak Mahindra Bank today joined the State Bank of India (SBI) and HDFC Ltd to offer cheap loans. (Wed, 09 Dec 2009 03:07:26 GMT)

ICICI joins home loan war; offer 8.25 pc for 2 yrs
Mumbai, Dec 8 (PTI) ICICI Bank and Kotak Mahindra Bank today sought to wean home loan shoppers away from rivals with low fixed interest rate offerings, joining the rate war started by State Bank of India and HDFC. (Wed, 09 Dec 2009 03:31:52 GMT)

SEC Charges New Century Executives
The Securities and Exchange Commission on Monday sued three former New Century Financial Corp. executives, alleging they concealed information that the company's subprime mortgage business was at risk of collapse. The SEC said Monday that former New Century CEO Brad Morrice, former finance chief Patti Dodge and former controller David Kenneally failed to disclose dramatic increases in early loan ... (Wed, 09 Dec 2009 04:02:01 GMT)

Lawmakers impatient on mortgage plan
Since the Obama administration's mortgage relief program was launched in March, lenders have made loan modification offers to just 680,000 borrowers, far short of the administration's goal of up to 4 million, angering many lawmakers on Capitol Hill. (Wed, 09 Dec 2009 04:15:32 GMT)

Mortgage pain centred in Port Melbourne
Port Melbourne now has the state's highest rate of mortgage defaults, with 4 per cent of its homebuyers behind in their payments. (Wed, 09 Dec 2009 04:48:27 GMT)

Lawmakers critical of mortgage-relief plan
Only one in three homeowners who have signed up for the Obama administration’s mortgage-relief plan have sent back the necessary paperwork, highlighting continuing problems for the government’s effort to stem the foreclosure crisis.The poor results from the mortgage industry drew sharp criticism from House Financial Services Committee members yesterday. Since the program was launched in March ... (Wed, 09 Dec 2009 05:14:39 GMT)

Australian October Home-Loan Approvals Drop on Rates (Update2)
Dec. 9 (Bloomberg) -- Australian home-loan approvals fell in October after central bank Governor Glenn Stevens became the first Group of 20 policy maker to increase borrowing costs since the height of the global financial crisis. (Wed, 09 Dec 2009 05:46:32 GMT)

Congress impatient with mortgage plan
Only one in three homeowners who have signed up for the Obama administration's mortgage relief plan have sent back the necessary paperwork, highlighting continuing problems for the government's effort to stem the foreclosure crisis. The poor results from the mortgage industry drew sharp criticism from House Financial Services Committee members Tuesday. Since the program was launched in March ... (Wed, 09 Dec 2009 11:21:49 GMT)

Businessman faces up to 37 1/2 years in massive mortgage scheme
NEWARK -- A Heath businessman pleaded guilty Tuesday to a multi-county mortgage scheme in which he stole about $475,000 from investors alone and used the funds to finance personal bills, a cruise and a Hummer before his company collapsed. (Wed, 09 Dec 2009 12:02:20 GMT)

U.S. mortgage applications driven up by refinancings
Demand for U.S. home loans rose to the highest level in about two months, mainly from borrowers locking in low mortgage rates by refinancing, the Mortgage Bankers Association said on Wednesday. (Wed, 09 Dec 2009 12:25:25 GMT)

Mortgage applications rose 8.5% last week: MBA
Applications filed for mortgages rose a seasonally adjusted 8.5% last week, compared with the week before, the Mortgage Bankers Association reports. (Wed, 09 Dec 2009 12:30:40 GMT)

US-BUSINESS Summary
Stock futures indicate bounce higher after 2-day decline (Wed, 09 Dec 2009 12:43:33 GMT)

Pre-crisis mortgage lending will not be restored 2010 - Dvorkovich
MOSCOW, December 9 (Itar-Tass) -- The pre-crisis level of mortgage lending will not be restored 2010, presidential aide Arkady Dvorkovich told the conference Mortgage Lending in Russia – Market Reset on Wednesday. (Wed, 09 Dec 2009 12:46:48 GMT)

Syracuse mortgage underwriter to pay government in HUD fraud case
Syracuse, NY - A Syracuse mortgage underwriter has agreed to pay the United States close to $679,000 to settle allegations he defrauded the U.S. Department of Housing and Urban Development in a Buffalo project. (Wed, 09 Dec 2009 12:51:41 GMT)

US: Mortgage firm, lawyers used straw buyers to steal house equity in Pa. foreclosure scam
PHILADELPHIA - Five people were charged with using a supposed mortgage-rescue program to steal nearly $15 million in home equity from homeowners facing foreclosure in suburban Philadelphia. (Wed, 09 Dec 2009 13:13:05 GMT)

Mortgage application volume rises 8.5 percent
Mortgage application volume increased 8.5 percent during the week ending Dec. 4, as more borrowers refinanced loans to lock in interest rates near record lows, according to a report Wednesday from the Mortgage Bankers Association. (Wed, 09 Dec 2009 13:37:14 GMT)

Mortgage applications up 8.5 pct. as customers look to refinance homes at low interest rates
WASHINGTON - Mortgage application volume increased 8.5 percent during the week ending Dec. 4, as more borrowers refinanced loans to lock in interest rates near record lows, according to a report Wednesday from the Mortgage Bankers Association. (Wed, 09 Dec 2009 13:43:15 GMT)

Mortgage applications jump 8.5% as interest rates tick up
Mortgage applications jumped 8.5% the week ended Dec. 4, as more borrowers refinanced loans to lock in interest rates near record lows, according to the Mortgage Bankers Association. (Wed, 09 Dec 2009 13:46:35 GMT)

Mortgage application volume rises 8.5 percent
WASHINGTON — Mortgage application volume increased 8.5 percent during the week ending Dec. 4, as more borrowers refinanced loans to lock in interest rates near record lows, according to a report today from the Mortgage Bankers Association. (Wed, 09 Dec 2009 14:02:22 GMT)

MBA: Mortgage Applications Hit Two-Month High
(RTTNews) - Mortgage applications rose to a two-month high last week, as low interest rates encouraged a spike in refinance applications. In its weekly applications survey, the Mortgage Bankers Association reported that refinancing activity increased 11.1 percent from the previous week. (Wed, 09 Dec 2009 14:09:35 GMT)

Mortgage application volume rises 8.5 percent
Mortgage application volume increased 8.5 percent during the week ending Dec. 4, as more borrowers refinanced loans to lock in interest rates near record lows, according to a report Wednesday from the Mortgage Bankers Association. Refinancing activity jumped... Mortgage Bankers Association - Mortgage - Business - Loan - Refinancing (Wed, 09 Dec 2009 14:15:19 GMT)

Mortgage application volume rises 8.5 percent
Mortgage applications up 8.5 pct. as customers look to refinance homes at low interest rates (Wed, 09 Dec 2009 14:22:48 GMT)

Mortgage applications, refinancing activity rises nationwide
WASHINGTON — Mortgage application volume increased 8.5 percent during the week ending Dec. 4, as more borrowers refinanced loans to lock in interest rates near record lows, according to a report Wednesday from the Mortgage Bankers Association. (Wed, 09 Dec 2009 14:51:28 GMT)

Mortgage applications up as customers look to refinance homes at low rates
WASHINGTON - American mortgage application volume increased 8.5 per cent during the week ending Dec. 4, as more borrowers refinanced loans to lock in interest rates near record lows, according to a report Wednesday from the Mortgage Bankers Association. (Wed, 09 Dec 2009 15:11:57 GMT)

U.S. mortgage applications driven up by refinancings
NEW YORK (Reuters) - Demand for U.S. home loans rose to the highest level in about two months, mainly from borrowers locking in low mortgage rates by refinancing, the Mortgage Bankers Association said... (Wed, 09 Dec 2009 15:23:09 GMT)

U.S. mortgage applications driven up by refinancings
Demand for U.S. home loans rose last week to the highest level in about two months, mostly from borrowers taking advantage of low mortgage rates to refinance, the Mortgage Bankers Association said on Wednesday. (Wed, 09 Dec 2009 16:54:55 GMT)

Mortgage applications rise
The Mortgage Bankers Association says mortgage applications increased 8.5 percent for the week ending Dec. 4. (Wed, 09 Dec 2009 17:35:26 GMT)

RI woman gets nearly 4 years in mortgage fraud
A Rhode Island woman has been sentenced to nearly four years in prison for her role in a $1.7 million mortgage fraud scheme. (Wed, 09 Dec 2009 18:38:26 GMT)

TCW Said to Sell Mortgage Bonds as Investors Leave (Update1)
Dec. 9 (Bloomberg) -- TCW Group Inc. sold $450 million of mortgage securities as clients pulled about $1.7 billion from its funds, the latest fallout from last week’s firing of Jeffrey Gundlach , the Los Angeles-based firm’s chief investment officer, people familiar with the matter said. (Wed, 09 Dec 2009 18:44:41 GMT)

Mortgage Insurers Slip On Fitch Downgrade
Mortgage Insurers Slip On Fitch Downgrade (Wed, 09 Dec 2009 18:49:47 GMT)

TCW Said to Sell Mortgage Bonds as Investors Leave (Update1)
Dec. 9 (Bloomberg) -- TCW Group Inc. sold $450 million of mortgage securities as clients pulled about $1.7 billion from its funds, the latest fallout from last week’s firing of Jeffrey Gundlach , the Los Angeles-based firm’s chief investment officer, people familiar with the matter said. (Wed, 09 Dec 2009 18:52:27 GMT)

U.S. vows to root out mortgage, corporate fraud
The U.S. Justice Department sought to assure lawmakers on Wednesday that prosecutors are rooting out mortgage and corporate fraud after Wall Street's meltdown wiped out trillions of dollars in investments and laid bare the gaps in regulation. (Wed, 09 Dec 2009 19:41:23 GMT)

Watchdog: 10,000 permanent mortgage modifications so far
Only about 10,000 homeowners received permanent loan modifications this fall under the Obama administration's mortgage relief plan, harsh proof of the continuing woes for the government's effort to stem the foreclosure crisis, a watchdog report said Wednesday. (Wed, 09 Dec 2009 20:21:14 GMT)

Few helped by Obama’s mortgage relief plan
Only about 10,000 homeowners have received permanent loan modifications under the Obama administration's mortgage relief plan. (Wed, 09 Dec 2009 20:21:25 GMT)

SL Green Realty buys mortgage of 510 Madison Ave.
SL Green Realty Corp. said Wednesday it bought the first mortgage loan secured by property at 510 Madison Ave in New York from Union Labor Life Insurance Co. (Wed, 09 Dec 2009 22:34:15 GMT)

Nehemiah executive elected vice chairman of the board at the Federal Home Loan Bank of San Francisco
Nehemiah Corporation of America President and Chief Executive Officer Scott Syphax has been elected vice chairman of the board at the Federal Home Loan Bank of San Francisco, the bank announced Wednesday. (Wed, 09 Dec 2009 23:01:45 GMT)

Former subprime lender's home targeted in home invasion robbery
Four gunmen forced their way into the Newport Coast home of Daniel Sadek, who founded Quick Loan Funding in 2002. Three people were injured and three suspects were arrested. The home of a prominent former subprime lender was the target of a home invasion robbery in a gated Newport Beach community Tuesday night, an attack that left three people injured and police searching for two suspects. (Thu, 10 Dec 2009 02:38:24 GMT)

Federal mortgage relief program is still producing limited results
Only about 10,000 homeowners have received permanent loan modifications under the Obama administration's mortgage relief plan, evidence of continuing challenges in the government's effort to stem the foreclosure crisis. (Thu, 10 Dec 2009 05:00:00 GMT)

Professor: Don't pay underwater mortgage
New York -- Stop paying your mortgage. That's the message from a University of Arizona law professor. Brent White's new paper argues just this tactic, and it is hitting a nerve as the nation's housing crisis enters its fourth year. (Thu, 10 Dec 2009 06:17:53 GMT)

Mortgage applications rising
Mortgage applications in the U.S. rose last week by the most in two months as falling mortgage rates encouraged refinancing and purchases. (Thu, 10 Dec 2009 06:48:16 GMT)

New Web site should streamline home loan modifications
Consumers trying to qualify for a loan modification under federal guidelines will be able to upload their documents online next year, thanks to a partnership between credit counselors and mortgage companies. (Thu, 10 Dec 2009 09:51:10 GMT)

Mortgage lending at 22-month high
The number of mortgages granted to house buyers hit a 22-month high in October, the Council of Mortgage Lenders says. (Thu, 10 Dec 2009 10:19:25 GMT)

Mortgage rates and refinances are up
As mortgage rates climb again, homeowners rush to refinance before rates move higher. (Thu, 10 Dec 2009 11:00:00 GMT)

National home equity loan rates
Here are the average home equity rates from Bankrate's weekly survey of large banks and thrifts. (Thu, 10 Dec 2009 11:00:00 GMT)

Mortgage rates and refinances are up
Mortgage rates rose this week, and homeowners rushed to refinance. The pattern is familiar: People wait on the sidelines while mortgage rates are falling. Then, when rates finally hit bottom and bounce back up, homeowners apply to refinance mortgages. (Thu, 10 Dec 2009 11:42:10 GMT)

Mortgage lending at 22-month high
mortgages for house purchases were granted by lenders in October, the highest number since December 2007, the Council of Mortgage Lenders (CML) said today.Activity in the housing market has increased ... (Thu, 10 Dec 2009 11:52:41 GMT)

Bankrate: Mortgage Rates Inch Upward
The average conforming 30-year fixed mortgage was up slightly this week to 5.04 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.43 discount and origination points. (Thu, 10 Dec 2009 12:30:00 GMT)

Fixed Mortgage Rates Move Higher: Bankrate
Fixed Mortgage Rates Move Higher: Bankrate (Thu, 10 Dec 2009 13:04:58 GMT)

Freddie Mac: 30-year Fixed-rate Mortgage Rises
Freddie Mac: 30-year Fixed-rate Mortgage Rises (Thu, 10 Dec 2009 15:49:58 GMT)

Mortgages: After 5-week decline, most mortgage rates rise
After five weeks of declines, rates on most mortgage rates are moving higher. (Thu, 10 Dec 2009 16:00:40 GMT)

HomeOwnership Center: Loan scams hitting home
UTICA, N.Y. (WKTV) - Dozens of people throughout the Mohawk Valley have been scammed or nearly scammed by Loan Modification scammers. (Thu, 10 Dec 2009 18:46:20 GMT)

Mortgage relief slow in coming to many
Just over 31,000 homeowners have received permanent loan modifications under the Obama administration's mortgage relief plan, a big setback for the government's embattled effort to stem the foreclosure crisis. (Thu, 10 Dec 2009 19:51:15 GMT)

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