Mortgage News Dec 2009

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Recent Refinance stories
One homeowner has a chance to accomplish two of the three goals of refinancing a mortgage. An adjustable-rate mortgage may look great today, but it could become a trap if rates rise. (Thu, 10 Dec 2009 19:57:13 GMT)

Few Modifications Under U.S. Mortgage Relief Plan
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. Only 4 percent of the nearly 760,000 borrowers who have signed up have received modifications. (Thu, 10 Dec 2009 20:41:58 GMT)

4% on trial mortgage modifications made permanent
Government report suggests more needs to be done Just 4 percent of delinquent borrowers who started trial mortgage modifications under the Obama administration's housing plan have has those more affordable loan terms made permanent, the Treasury Department said today. (Thu, 10 Dec 2009 20:42:14 GMT)

Mexico HiTo To Issue MXN2.51 Billion In Mortgage Bonds For Infonavit
MEXICO CITY -(Dow Jones)- Mexican securitization company HiTo SAPI said Thursday that it plans to sell 2.51 billion pesos ($194.1 million) in mortgage bonds backed by the home loans of federal housing fund Infonavit in its second- largest placement to date. (Thu, 10 Dec 2009 21:03:38 GMT)

Flaherty Says Canada Could Tighten Mortgage Rules if Needed
Dec. 10 (Bloomberg) -- Canadian Finance Jim Flaherty said he’s “watching” the country’s buoyant housing market and may tighten mortgage insurance rules if needed. (Thu, 10 Dec 2009 21:04:15 GMT)

Mortgage rates still below 5 percent
Mortgage rates rose this week but still remained below 5 percent, Freddie Mac said Thursday. (Thu, 10 Dec 2009 21:44:37 GMT)

Mortgage rates still below 5 percent
Mortgage rates rose this week but still remained below 5 percent, Freddie Mac said Thursday. The average fixed rate on 30-year mortgages was 4.81 percent, up from a record-low 4.71 percent last week. (Thu, 10 Dec 2009 21:44:37 GMT)

Crucial Factors You Need to Face When Refinancing Your Aventura Real Estate Home
When the rates drop, refinancing the current mortgage on your Aventura real estate home may be a good idea. You’ll get to have more peace of mind with regards to future finances and have more time saving up for retirement. But there are several instances when refinancing is not a viable option. (Thu, 10 Dec 2009 22:48:11 GMT)

Gov't mortgage plan provides little permanent help
The Obama administration's embattled mortgage relief plan has provided permanent help to only 4 percent of borrowers who have signed up, weak results that could threaten the housing market's recovery. (Thu, 10 Dec 2009 23:28:53 GMT)

Low mortgage rates only temporary, analysts predict
Mortgage rates have hit another low, but financial analysts believe they may not stay there for long. (Fri, 11 Dec 2009 00:06:50 GMT)

Refinancing Because of Low Mortgage Rates
Mortgage rates were the lowest they`ve been in nearly four decades last week. And while they`ve risen about a tenth of a percentage point since then, the rates on a 30-year fixed mortgages are still almost point-7 percentage points below what they were at this time last year. (Fri, 11 Dec 2009 01:08:50 GMT)

Mortgage rates still below 5 percent
Mortgage rates rose this week but remain below 5 percent, Freddie Mac said Thursday. (Fri, 11 Dec 2009 01:10:40 GMT)

Refinancing Because of Low Mortgage Rates on KFYR-TV North Dakota's NBC News Leader
Video will automatically start playing momentarily. (Fri, 11 Dec 2009 01:22:20 GMT)

Little long-term gain from mortgage plan
Just over 31,000 homeowners have received permanent loan modifications since March under the Obama administration's mortgage relief plan, spotlighting some of the program's failures. (Fri, 11 Dec 2009 02:01:51 GMT)

Few get through loan modification
About 4% of homeowners whose home loans were reworked in a government-led program have finished a trial required for permanent modifications. (Fri, 11 Dec 2009 02:25:08 GMT)

Gov't mortgage plan provides little permanent help
Only 4 percent of enrolled borrowers receive permanent help in Obama mortgage plan (Fri, 11 Dec 2009 03:42:58 GMT)

Treasury reports on mortgage programs
WASHINGTON, Dec. 11 (UPI) -- Only 4 percent of homeowners involved in trial mortgage modifications have been accepted for permanent help, U.S. Treasury officials reported Thursday. (Fri, 11 Dec 2009 06:38:49 GMT)

Mortgage rates still below 5 percent
McLEAN, Va. (AP) — Mortgage rates rose this week but still remained below 5 percent, Freddie Mac said Thursday.The average fixed rate on 30-year mortgages was 4.81 percent, up from a record-low 4.71 percent last week. Last year at this time, the average fixed rate for 30-year mortgages was 5.47 percent.The Federal Reserve has kept rates around 5 percent this year by purchasing $1.25 trillion in ... (Fri, 11 Dec 2009 08:00:00 GMT)

Home loan aid program fails thousands
When Renee Penny of Columbia, Tenn., heard about the federal government's "Making Home Affordable" loan modification program last spring, she thought she had found welcome relief. (Fri, 11 Dec 2009 08:25:13 GMT)

Is life insurance good for mortgage protection?
Is life insurance good for mortgage protection? If you are the primary wage earner in your family and you carry a current mortgage on your home, it is important that you consider risk management in the event that something bad were to happen to you. (Fri, 11 Dec 2009 09:10:04 GMT)

ICICI Bank to focus on home loans
The country's largest private bank, ICICI Bank, on Friday said it is focussing on the home loan segment as the real estate segment is witnessing a comeback after the economic slowdown. (Fri, 11 Dec 2009 09:13:17 GMT)

ICICI Bank to focus on home loans
MUMBAI: With the real estate segment witnessing a comeback after the economic slowdown, banks are now focusing on the home loan segment. (Fri, 11 Dec 2009 09:35:36 GMT)

Low Rates Mean More Buying & Refinancing Homes
Mortgage rates rose this week but still remained below 5%. (Fri, 11 Dec 2009 12:14:00 GMT)

Mortgage rates stay under 5%
Mortgage rates rose this week but still remained below 5 percent, Freddie Mac said Thursday. The average fixed rate on 30-year mortgages was 4.81 percent, up from a record low 4.71 percent last week. Last year at this time, the average fixed rate for 30-year mortgages was 5.47 percent.The Federal Reserve has kept rates around 5 percent this year by buying $1.25 trillion in mortgage-backed ... (Fri, 11 Dec 2009 12:34:06 GMT)

Home loan aid program fails thousands
When Renee Penny of Columbia, Tenn., heard about the federal government's "Making Home Affordable" loan modification program last spring, she thought she had found welcome relief. (Fri, 11 Dec 2009 15:08:42 GMT)

Grosse Pointe Woods man charged in mortgage scam
Roseville -- A 48-year-old Grosse Pointe Woods man was charged today with running a fraudulent mortgage consulting business, police said. (Fri, 11 Dec 2009 16:40:36 GMT)

Home loan aid program fails thousands
A U.S. Treasury Department report card released Thursday shows weak results under the "Making Home Affordable" plan, which has helped only 4 percent of the borrowers who signed up nationally. (Fri, 11 Dec 2009 16:49:21 GMT)

Few homeowners get through mortgage loan modification program
About 4% of homeowners whose home loans were reworked in a government-led program have finished a trial required for permanent modifications. (Fri, 11 Dec 2009 16:55:32 GMT)

House kills mortgage relief in Wall Street bill
The House has rejected an effort to expand a Wall Street regulation bill with mortgage relief that would let debt-ridden homeowners reduce their payments in bankruptcy court. The vote was 241-188 to reject. (Fri, 11 Dec 2009 18:22:32 GMT)

Mortgage ‘Cram-Down’ Bankruptcy Amendment Fails in U.S. House
Dec. 11 (Bloomberg) -- Republican lawmakers defeated a mortgage “cram-down” amendment that would have given federal judges the power to lengthen mortgage terms, cut interest rates and reduce loan balances for homeowners in bankruptcy court. (Fri, 11 Dec 2009 19:32:43 GMT)

House kills mortgage relief in Wall Street bill
WASHINGTON (AP) — The House has rejected an effort to expand a Wall Street regulation bill with mortgage relief that... (Fri, 11 Dec 2009 19:32:47 GMT)

Second non-TALF commercial mortgage bond sold
(Adds analyst comments, details.) A real estate investment trust's ability to sell a $500 million commercial mortgage-backed bond deal without government support is another sign of healing for the troubled commercial real estate sector, traders said Friday. Inland Western Retail Real Estate Trust sold the latest bond late Thursday; J.P. (Fri, 11 Dec 2009 19:56:20 GMT)

Attorney for mortgage underwriter denies fraud
SYRACUSE - The Justice Department announced Tuesday that a local mortgage underwriter will pay nearly $679,000 to settle allegations of fraud. (Fri, 11 Dec 2009 20:14:14 GMT)

UPDATE: US House Rejects Mortgage 'Cramdown' Amendment
(Updates with details of negotiations.) WASHINGTON -(Dow Jones)- The U.S. House of Representatives squarely rejected an amendment to allow bankruptcy judges to rewrite the terms of troubled mortgage loans Friday, after approving the measure earlier this year. (Fri, 11 Dec 2009 20:33:43 GMT)

Mortgage Bill Loses; Homebuilders Win?
With the House of Representatives killing a mortgage relief bill that may have triggered a spike in interest rates, homebuilders should breathe a minor sigh of relief -- but it's likely not enough to be a game changer in the pace of recovery in the homebuilding sector. (Fri, 11 Dec 2009 20:45:45 GMT)

Mortgage ‘Cram-Down’ Amendment Fails in U.S. House (Update1)
Dec. 11 (Bloomberg) -- The U.S. House of Representatives rejected a mortgage “cram-down” amendment that would have given federal judges the power to lengthen mortgage terms, cut interest rates and reduce loan balances for homeowners in bankruptcy court. (Fri, 11 Dec 2009 21:01:02 GMT)

Man charged with mortgage fraud in Roseville
A Grosse Pointe Woods man was arraigned today in Roseville's 39th District Court on mortgage fraud charges after a three-month investigation by Roseville police. (Fri, 11 Dec 2009 21:01:10 GMT)

Couple whose loan rate changed could be victims of mortgage fraud
We bought a property five years ago and used an interest-only loan that had a fixed interest rate for five years. The base rate is 3.25 percent plus the one-year Treasury. (Fri, 11 Dec 2009 21:10:59 GMT)

All you should know about teaser home loan rates
Will the intense rate cut war help Indian consumers of home loans? What are the pros and cons of availing home loans that have fixed rates for the first two to three years and then switch to floating rates? (Fri, 11 Dec 2009 22:23:07 GMT)

Mortgage ‘Cram-Down’ Amendment Fails in U.S. House (Update2)
Dec. 11 (Bloomberg) -- The U.S. House rejected a mortgage “cram-down” amendment that would have given federal judges the power to lengthen mortgage terms, cut interest rates and reduce loan balances for homeowners in bankruptcy court. (Fri, 11 Dec 2009 22:52:44 GMT)

9. What's the buzz on home loan refinancing?
WHY would anyone want to refinance his home loan? The base lending rate (BLR) has been reducing over the past 10 years. From about 8% in early 1999, it has come down to about 5.5% currently (for most of the banks, as Bank Negara allows banks to determi... (Sat, 12 Dec 2009 00:07:12 GMT)

Struggling Homeowners Flock To NYC Refinance Event
Tens of thousands of homeowners facing foreclosure are flocking to the Javitz Center this weekend. A mortgage modification event is underway, led by an organization that is determined to save the American dream of owning a home. Distressed homeowners are looking for help, and are willing to do just about anything. (Sat, 12 Dec 2009 00:19:03 GMT)

Mortgage rescue hopefuls wait months to find out if they'll get help
Daisy Vidal thought she was lucky. She was offered a more affordable mortgage on a trial basis, which she thought would allow her to hold on to her home. (Sat, 12 Dec 2009 03:07:35 GMT)

GMAC Mortgage Closing West Hartford Processing Center, Laying Off 84
GMAC Financial Services will close its mortgage processing center in West Hartford at the end of March, laying off 84 employees. (Sat, 12 Dec 2009 04:32:13 GMT)

Former NYC Law Department Attorney Admits Starting Mortgage Scam to Pay Gambling Debts
A former New York City Law Department attorney admitted Friday he had defrauded two victims in a mortgage scam to pay off gambling debts. Hugh A. Zuber invented a state court suit and a federal bankruptcy proceeding in a desperate attempt to avoid detection. He will be ordered to pay victims' losses as restitution, forfeit $301,250 and pay a fine of between $6,000 and $60,000 when he is ... (Sat, 12 Dec 2009 04:45:40 GMT)

As mortgage rates sink, consumers have reason to think about buying, refinancing
Interest rates on the benchmark 30-year, fixed-rate mortgage dipped to a 38-year low this month, giving consumers another reason to consider purchasing a home or refinancing their current one. (Sat, 12 Dec 2009 08:19:17 GMT)

Mortgage delinquency up but below average
Mortgage delinquency and foreclosure rates in Anchorage and Mat-Su continued to inch upward in October but remain far below national rates, according to First American CoreLogic, which assembles mortgage data nationally. (Sat, 12 Dec 2009 09:53:43 GMT)

Bouris launches home loan war
MARK Bouris is credited with revolutionising the mortgage market in the 1990s and breaking the big banks' dominance. Now, he's back. (Sat, 12 Dec 2009 13:00:00 GMT)

How hard is it to get a home loan now?
A mortgage broker recalls when it all it took was a driver's license. (Sat, 12 Dec 2009 13:08:10 GMT)

House kills mortgage relief in Wall Street bill
House kills mortgage relief in Wall Street bill Democrats hoped that by inserting the provision in the regulatory legislation they would have had another opportunity to make it law. Aiding homeowners through bankruptcy had been a key feature of President Barack Obama’s foreclosure fighting proposal, but the president did not push for it. (Sat, 12 Dec 2009 13:30:39 GMT)

Rates Are Low, but Banks Balk at Refinancing
The plight of homeowners unable to refinance — despite massive federal aid to banks — has become a volatile political issue. (Sat, 12 Dec 2009 18:47:49 GMT)

Don't take federal mortgage relief if you don't need it
Q: My family and others in our neighborhood now owe more on our mortgages than our homes are worth. At a recent party, I heard some of our friends talking about the new federal mortgage-relief programs and how they were planning to get their monthly payments reduced. No one has lost a job, and I... (Sun, 13 Dec 2009 03:16:34 GMT)

Ex Wizard boss returns to loan market
A new entrant in home loan market backed by Wizard Home Loans founder Mark Bouris hopes more competition will put pressure on the big banks on rates. (Sun, 13 Dec 2009 03:54:01 GMT)

Mortgage Rates Low, but Most Homeowners Ineligible
By DAVID STREITFELD THE New York Times Mortgage rates in the United States have dropped to their lowest levels since the 1940s, thanks to a trillion-dollar intervention by the federal government. Yet the banks that once handed out home loans freely are imposing such stringent requirements that many homeowners who might want to refinance are effectively locked out. (Sun, 13 Dec 2009 04:24:14 GMT)

Use sense to save dollars with your mortgage
After 50 years as a mortgage banker, Bill James is well qualified to take a hard look at his industry — the good, the bad and the getting better. James, founder and chairman of Residential Bancorp, says the past decade has been marked by greed, theft and corruption, but that is changing. ”We’re on the way back, common sense is starting to prevail.” James says now is a good time to refinance a ... (Sun, 13 Dec 2009 05:26:00 GMT)

Mortgage rates fall, but credit is scarce
Stricter rules hurt those trying to refinance, which could slow recovery (Sun, 13 Dec 2009 05:55:05 GMT)

Mortgage turnaround?
PHILADELPHIA — After three straight years of dramatic leaps in mortgage delinquencies, the tide should finally turn next year, according to a new forecast by TransUnion, the credit-reporting company. The company also expects credit-card delinquencies to decline through most of 2010. (Sun, 13 Dec 2009 06:44:13 GMT)

Golden Valley, Minnetonka resident face charges in mortgage scam
Two metro-area residents are facing federal charges for allegedly masterminding a mortgage-loan scan. (Sun, 13 Dec 2009 07:27:36 GMT)

Mortgage rates at 4.81%
McLEAN, Va. - Mortgage rates rose this week but still remained below 5 percent, Freddie Mac said Thursday. The average fixed rate on 30-year mortgages was 4.81 percent, up from a record-low 4.71 percent last week. Last year at this time, the average fixed rate for 30-year mortgages was 5.47 percent. (Sun, 13 Dec 2009 07:37:09 GMT)

Strategic Defaults: Walking away from a mortgage
Most of the 17,500 Stanislaus County homeowners whose houses have been foreclosed upon since 2006 didn't have a choice. They couldn't afford their mortgage payments, so lenders forced them out. But a growing number of those defaulting on mortgages have enough money to keep paying; they just choose to walk away from the debt. That's called a "strategic default," and it may be a mathematically ... (Sun, 13 Dec 2009 07:38:17 GMT)

Mortgage rates are low, but refinancing's tough to get
Mortgage rates in the United States have dropped to their lowest levels since the 1940s, thanks to a trillion-dollar intervention by the federal government. Yet the banks that once handed out home loans freely are imposing such stringent requirements that many homeowners who might want to refinance are effectively locked out. (Sun, 13 Dec 2009 08:12:03 GMT)

What’s behind lag in mortgage modifications?
WASHINGTON — Only about 31,000 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 last week. (Sun, 13 Dec 2009 08:20:13 GMT)

Why now's a good time to refinance
For some, the time is perfect for a refi, but first you need to know what stands in your way. (Sun, 13 Dec 2009 08:21:24 GMT)

Minnetonka resident indicted for mortgage-loan scam, "Lake Minnetonka Today" TV News, Friday, Dec. 11
Two metro-area residents are facing federal charges for allegedly masterminding a mortgage-loan scam. A federal indictment was unsealed Dec. 9 against a Minnesota pair for orchestrating a mortgage fraud scheme. (Sun, 13 Dec 2009 08:31:16 GMT)

Mortgage rates remain below 5%
Mortgage rates rose last week but still remained below 5 percent, Freddie Mac said Thursday. The average fixed rate on 30-year mortgages was 4.81 percent, up from a record-low 4.71 percent the previous week. Last year at this time, the average fixed rate for... (Sun, 13 Dec 2009 08:32:26 GMT)

Loan modification requires persistance, complete information
Q: I have applied for a loan modification, but I'm in the waiting period. However, because mortgage servicers receive $1,000 for every loan-modification request, does it make sense for them to process the request and then sell the loan to someone else? (Sun, 13 Dec 2009 08:38:58 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, 13 Dec 2009 09:06:00 GMT)

Despite low mortgage rates, banks balk at refinancing
By David Streitfeld N.Y. Times News Service Mortgage rates in the United States have dropped to their lowest levels since the 1940s, thanks to a trillion- dollar intervention by the federal government. Yet the banks that once handed out home loans freely are imposing such stringent requirements that many homeowners who might want to refinance are effectively locked out. (Sun, 13 Dec 2009 09:45:38 GMT)

The nation in brief
QUOTE OF THE DAY “In those days, a refinance was like a free weekend in Vegas. Now it’s between an Army physical and a root canal — and that’s if you’re successful.” Guy Cecala, the publisher of Inside Mortgage Finance magazine, on the difficulty homeowners face in refinancing their mortgages Article, 1A (Sun, 13 Dec 2009 10:06:18 GMT)

Alaska Pacific Bank hires vice president, mortgage manager
JUNEAU - Alaska Pacific Bancshares Inc. President and CEO Craig E. Dahl announced in September that Robert Mastrandrea was hired as vice president and manager of Alaska Pacific Mortgage, a division of Alaska Pacific Bank. (Sun, 13 Dec 2009 10:55:00 GMT)

Seller gets loan modification, keeps home
Dear Real Estate Adviser, I signed a purchase contract about three months ago. I've since found out the home I was buying wasn't in the seller's name. So I waited to close. (Sun, 13 Dec 2009 11:42:00 GMT)

End of boost to hit mortgage market
THE approaching end of a mini boom in first-home buyer grants will contribute to a $14 billion decline in the value of mortgages written within a 12-month period, a mortgage research organisation has warned. (Sun, 13 Dec 2009 13:19:10 GMT)

Mortgage lending at 22-month high
Number of mortgages for purchases has more than doubled since January when just 23,000 loans were advanced A total of 55,300 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 markedly since reaching a trough in January when just 23,000 home loans ... (Sun, 13 Dec 2009 16:09:30 GMT)

Banks slap requirements on refinancing
WASHINGTON, Dec. 13 (UPI) -- U.S. banks are imposing stringent financial requirements on homeowners looking to refinance at record-low mortgage rates, analysts say. (Sun, 13 Dec 2009 16:23:09 GMT)

Home lending to decline in 2010
Demand for home loans is set to decline in the year ahead as interest rates creep higher and investors stay on the sidelines, a report says. (Sun, 13 Dec 2009 16:33:07 GMT)

Banks Slap Requirements On Refinancing
U.S. banks are imposing stringent financial requirements on homeowners looking to refinance at record-low mortgage rates, analysts say. The situation has effectively locked many would-be customers out of the market at a time when a fragile recovery is under way, The New York Times reported Sunday. (Sun, 13 Dec 2009 16:36:04 GMT)

Making Home Affordable Modification Program Moving Slowly – Just 4% of Mortgage Modifications are Permanent
RISMEDIA, December 14, 2009—(MCT)—Just 4% of delinquent borrowers who started trial mortgage modifications under the Obama administration's housing plan have had those more affordable loan terms made permanent, the Treasury Department recently reported. The monthly progress report on the government's Making Home Affordable modification program shows that mortgage servicers had started ... (Sun, 13 Dec 2009 18:19:13 GMT)

Home lending to decline
A report says demand for home loans is set to decline in 2010 as interest rates creep higher. (Sun, 13 Dec 2009 21:10:15 GMT)

'Beware of teaser home loans'
Suddenly, it's raining home loans on B-street. Banks, which were until recently reluctant to open their purse strings to home loan customers, are busy chasing them with teaser rates. (Mon, 14 Dec 2009 00:21:52 GMT)

UK mortgage holders 'now £200 a month better off'
Falling interest rates and lower mortgage payments mean a quarter of UK homeowners are at least £200 a month better off than this time last year, according to the Bank of England. (Mon, 14 Dec 2009 00:25:55 GMT)

Mortgage Lesson
So you think you know your stuff – but do you? Test yourself with our Mortgage exam paper questions courtesy of the ifs School of Finance. Don’t worry – we give you the answers as well! This month’s test is on mortgage payment methods and products. (Mon, 14 Dec 2009 00:50:50 GMT)

Home loans set to decline in 2010
A report says demand for home loans is set to decline in 2010 as interest rates creep higher. (Mon, 14 Dec 2009 01:26:56 GMT)

Home lending to decline in 2010
DEMAND for home loans is set to decline in the year ahead as interest rates creep higher and investors stay on the sidelines, a report says. (Mon, 14 Dec 2009 03:00:07 GMT)

Locals Find Banks Not Refinancing
Homeowners trying to refinance struggle as banks are not willing to release funds. (Mon, 14 Dec 2009 05:17:18 GMT)

Officials say VA's home loan program a 'continued success'
WASHINGTON, DC – Despite problems in the nation's housing market, mortgage loans backed by the Department of Veterans Affairs (VA) had a lower foreclosure rate than any other type of home loan in the industry, as of the end of the last fiscal year. (Mon, 14 Dec 2009 06:08:55 GMT)

Forensic Mortgage Auditors Expands Audit Focus to Include "Option Arms" and Reverse Mortgages. Serving Borrowers and ...
Forensic Mortgage Auditors, an expert mortgage audit firm serving home owners nationwide, expands its audit focus to include "Option Arms" and Reverse Mortgages. With one in four US borrowers underwater, this company can provide the compliance review needed to determine if a residential mortgage was originated in compliance with the applicable federal laws. Improperly originated mortgages may be ... (Mon, 14 Dec 2009 07:01:00 GMT)

Golden Valley, Minnetonka resident face charges in mortgage scam
Two metro-area residents are facing federal charges for allegedly masterminding a mortgage-loan scan. (Mon, 14 Dec 2009 07:27:26 GMT)

Minnetonka resident indicted for mortgage-loan scam, "Lake Minnetonka Today" TV News, Friday, Dec. 11
Two metro-area residents are facing federal charges for allegedly masterminding a mortgage-loan scam. A federal indictment was unsealed Dec. 9 against a Minnesota pair for orchestrating a mortgage fraud scheme. (Mon, 14 Dec 2009 08:14:55 GMT)

Dewan Housing offers 8 pct home loan rate
(Adds details, quotes) (Mon, 14 Dec 2009 10:06:04 GMT)

Mortgage brokers predict business increase
FACT, a panel-based survey of mortgage brokers, found that, on average, advisers expect to do 6.7% more business in the fourth quarter than in the third. (Mon, 14 Dec 2009 11:20:52 GMT)

Mortgage applications jump
Increased levels of competition between lenders and improved lending conditions have seen the average interest rate of Countrywide’s Top 10 mortgage Applications fall for the third consecutive month. (Mon, 14 Dec 2009 11:21:12 GMT)

DHFL offers home loan at 8% interest rate
Dewan Housing Finance Corporation Ltd (DHFL) has joined the bandwagon of those offering lower interest rate home-loan schemes for the lower and middle income (LMI) group. (Mon, 14 Dec 2009 11:45:54 GMT)

Turn on the home-equity tap again
The home-equity line of credit fueled thousands of extreme kitchen makeovers during the real estate boom. But the housing bust and the credit crisis stopped the HELOC party with a vengeance: Tens of thousands of homeowners had their lines cut or frozen, and most lenders stopped issuing new ones altogether. (Mon, 14 Dec 2009 12:00:35 GMT)

Will Record Low Mortgage Rates Last? Mortgage Rates Rise After Five Weeks of Drops
IRVINE, CA--(Marketwire - 12/14/09) - Average 30-year mortgage rates rose this week after five straight weeks of drops to record lows, prompting many economists to question if the honeymoon is over. Mortgage rates could continue to rise, leaving potential homebuyers wondering if they've missed their window of opportunity. In the mean time, homeowners struggling to make their mortgage payments ... (Mon, 14 Dec 2009 14:00:00 GMT)

Will Record Low Mortgage Rates Last? Mortgage Rates Rise After Five Weeks of Drops
FreeHomeRefi.com Continues to See Applications for Home Refinance Jump (Mon, 14 Dec 2009 14:11:54 GMT)

CORRECTING and REPLACING Leading Mortgage Services Provider ISGN Closes Deal to Acquire the Loan Fulfillment Services ...
BENSALEM, Pa.----Headline of release should read: Leading Mortgage Services Provider ISGN Closes Deal to Acquire the Loan Fulfillment Services Business From Fiserv . (Mon, 14 Dec 2009 15:22:00 GMT)

Twin Cities metro area ranks 13th in delinquent mortgage modifications
Twin Cities metro area ranks 13th in delinquent mortgage modifications By Brad Allen | Monday, Dec. 14, 2009 The Minneapolis/St. Paul area ranks among the most active in the nation in the number of delinquent or at-risk home mortgages that have been modified under the Obama Administration’s Homes Affordable Modification Program. (Mon, 14 Dec 2009 15:26:39 GMT)

Denmark Mortgage-Auction Yields Fall to Lowest Level Since 1996
Dec. 14 (Bloomberg) -- Denmark’s record $115 billion mortgage-bond auction, which ended today, drew yields at the lowest level since adjustable interest-rate loans were started 13 years ago, lenders including RealKredit Danmark said. (Mon, 14 Dec 2009 15:38:24 GMT)

Rates are low, but banks balk at refinancing
Mortgage rates in the United States have dropped to their lowest levels since the 1940s, thanks to a trillion-dollar intervention by the federal government. Yet the banks that once handed out home loa (Mon, 14 Dec 2009 16:14:12 GMT)

Mortgage applications 43pc higher than last year
The number of people applying for a mortgage jumped by 43pc in the year to November, according to one mortgage broker. (Mon, 14 Dec 2009 17:11:14 GMT)

Obama presses banks to boost lending
President Barack Obama on Monday told the US’s top bankers that they had a “special responsibility” to help spur on the economic recovery after they received government bail-outs last year, urging them to increase lending to small businesses and mortgage refinancing. (Mon, 14 Dec 2009 17:13:57 GMT)

CWCapital Provides $10 Million Refinance Loan on Marbella Villa Apartments
BOSTON----CWCapital, a subsidiary of CW Financial Services and a full-service, national lender to the multifamily and healthcare real estate industries, today announced that it has provided $10 million for the refinance of Marbella Villa Apartments, a 106-unit multifamily property located in Chino, CA. (Mon, 14 Dec 2009 17:23:00 GMT)

Top 5: 8,241 Oregonians get loan modifications
FRONT PORCH BLOG: Also in Monday’s Top 5 real estate stories: Interest rates are low, but banks balk at refinancing / Portland’s Beam Development in line for government loan for Eugene project / Clackamas County on how to bring urban development to light rail stations / Suits and liens (Mon, 14 Dec 2009 18:29:00 GMT)

City's mortgage lawsuit against Wells Fargo could face limits
Judge indicates lender cannot be responsible for 'deterioration of inner city' A federal judge suggested Monday that he might restrict the scope of a first-of-its kind lawsuit filed by the city of Baltimore against mortgage giant Wells Fargo Bank N.A. (Mon, 14 Dec 2009 18:41:45 GMT)

Troy man faces charges for defrauding Saline homeowner
Saline police said a Troy man arrested last week for allegedly defrauding people of thousands of dollars in a mortgage-refinancing scam is facing similar charges in Washtenaw County for swindling three Saline women of their hard-earned cash. (Mon, 14 Dec 2009 19:45:00 GMT)

5 Questions to Consider Before Purchasing a Home
RISMEDIA, December 15, 2009—(MCT)—Interest rates on the benchmark 30-year, fixed-rate mortgage dipped to a 38-year low recently, giving consumers another reason to consider purchasing a home or refinancing their current one. Freddie Mac recently stated the average rate on a 30-year loan was 4.71% with an average 0.7 point, the lowest ... (Mon, 14 Dec 2009 22:19:34 GMT)

1. RM49mil assets of loan shark Datuk frozen
KUALA LUMPUR: Over RM49mil worth of assets belonging to a group of loan sharks have been frozen following the arrests of six men, including a Datuk. (Mon, 14 Dec 2009 23:49:15 GMT)

Are you foolish to pay your mortgage?
If you're 'underwater' on your mortgage, walking away might make sense, but when is it OK to set aside your responsibilities to your lender, your neighbors and yourself? (Tue, 15 Dec 2009 01:37:36 GMT)

Westpac launches residential mortgage backed securities offer
Westpac Banking Corporation has launched its first residential mortgage backed securities issue in two years (Tue, 15 Dec 2009 01:42:26 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 the Great Depression knocked down prices. (Tue, 15 Dec 2009 01:50:48 GMT)

Credit Suisse Sued By MBIA Over Mortgage Securities (Update2)
Dec. 14 (Bloomberg) -- A Credit Suisse Group AG unit was accused in a lawsuit by MBIA Insurance Corp. of making fraudulent misrepresentations about mortgage-backed securities, causing the insurer to pay more than $296 million in claims. (Tue, 15 Dec 2009 02:50:21 GMT)

Digest: 3-year sentence in mortgage scam
COURT 3-year sentence in mortgage scam Jeffrey Wigginton was sentenced Monday to three years in federal prison for his part in a mortgage investment scam, according to court records. (Tue, 15 Dec 2009 04:59:29 GMT)

Ohio County Schools Get $1.84M Loan
Ohio County Schools on Monday gained approval for a $1.84 million no-interest state loan to help construct the J.B. Chambers Performing Arts Center at Wheeling Park High School. (Tue, 15 Dec 2009 05:13:26 GMT)

What’s behind lag in mortgage modifications?
WASHINGTON — Only about 31,000 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 last week. (Tue, 15 Dec 2009 07:02:02 GMT)

Essex County Prosecutorâs Office arrests six in loan sharking
Essex County Prosecutor Paula T. Dow’s office arrested six individuals for alleged involvement in a loan sharking and credit card scam operation that affected several hundred unsuspecting credit card holders in Essex, Passaic and Morris counties. (Tue, 15 Dec 2009 08:47:52 GMT)

$20million assets of loan shark Datuk frozen
KUALA LUMPUR - Over RM49mil($20million) worth of assets belonging to a group of loan sharks have been frozen following the arrests of six men, including a Datuk. (Tue, 15 Dec 2009 09:08:49 GMT)

Mortgage fraud suspect makes court appearance
A Pueblo restaurateur facing 72 counts of mortgage fraud and theft made his first appearance in court Monday. (Tue, 15 Dec 2009 09:45:32 GMT)

Credit Suisse Sued By MBIA Over Mortgage-Backed Securities
Dec. 15 (Bloomberg) -- A Credit Suisse Group AG unit was accused in a lawsuit by MBIA Insurance Corp. of making fraudulent misrepresentations about mortgage-backed securities, causing the insurer to pay more than $296 million in claims. (Tue, 15 Dec 2009 09:45:54 GMT)

Forget 5-month-old mortgage rate lock
It is extremely unlikely that a 5-month-old mortgage rate lock remains in effect today. (Tue, 15 Dec 2009 11:00:00 GMT)

Mortgage conspirator sentenced to 27 years
A man convicted in 2007 for his role in a mortgage fraud scheme affecting homes in the Charlotte area was sentenced Monday to 27 years in federal prison. (Tue, 15 Dec 2009 11:43:51 GMT)

Mortgage lending up 20% in Q3 2009
In its quarterly mortgage report, the FSA says the mortgage market remained broadly flat over the last 12 months - the total value of outstanding loans is now £1.2 trillion, an increase of 1 per cent compared to a year earlier. (Tue, 15 Dec 2009 11:59:12 GMT)

Thirty-Year Fixed Mortgage Rate Inches Up for Second Straight Week
The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased five points last week to 4.72 percent, up from 4.67 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com®. (Tue, 15 Dec 2009 12:00:00 GMT)

Credit Suisse Sued Over Mortgage-Backed Assets
A Credit Suisse Group unit was accused in a lawsuit by MBIA Insurance of making fraudulent misrepresentations about mortgage-backed securities, causing the insurer to pay more than $296 million in claims, Bloomberg News reported. (Tue, 15 Dec 2009 12:01:18 GMT)

Understanding High-Yield Mortgage REITs And How to Choose the Best Ones for 2010
Some of the best yields investors can find today are from mortgage REITs. (Tue, 15 Dec 2009 12:18:00 GMT)

Troy man faces charges for defrauding Saline homeowner
Saline police said a Troy man arrested last week for allegedly defrauding people of thousands of dollars in a mortgage-refinancing scam is facing similar charges in Washtenaw County for swindling three Saline women of their hard-earned cash. (Tue, 15 Dec 2009 12:18:04 GMT)

Credit Suisse Sued By MBIA Over Mortgage-Backed Securities
Dec. 15 (Bloomberg) -- A Credit Suisse Group AG unit was accused in a lawsuit by MBIA Insurance Corp. of making fraudulent misrepresentations about mortgage-backed securities, causing the insurer to pay more than $296 million in claims. (Tue, 15 Dec 2009 13:27:34 GMT)

IDBI Bank offers home loans at 8.25 pct
MUMBAI, Dec 15 (Reuters) - IDBI Bank Ltd said on Tuesday it has launched a scheme offering home loan at a fixed rate of 8.25 percent annually till March 2012, irrespective of the loan amount. (Tue, 15 Dec 2009 14:05:53 GMT)

Genworth U.S. Mortgage Business May Profit in 2011 (Update1)
Dec. 15 (Bloomberg) -- Genworth Financial Inc. , the life insurer and mortgage guarantor, said the business backing U.S. home loans may return to operating profit in the middle of 2011. (Tue, 15 Dec 2009 14:52:52 GMT)

U.S. mayors laud Philly’s Mortgage Foreclosure Prevention Program
Mayor Nutter gladly accepted the gift of good news today as the U.S. Conference of Mayors lauded city leaders for their program to stave off mortgage foreclosures. (Tue, 15 Dec 2009 16:54:00 GMT)

Genworth U.S. Mortgage Business May Profit in 2011 (Update2)
Dec. 15 (Bloomberg) -- Genworth Financial Inc. , the life insurer and mortgage guarantor, said its unit that backs U.S. home loans may return to operating profit in the middle of 2011. (Tue, 15 Dec 2009 17:40:40 GMT)

Get Gephardt: Mortgage Mess
You pay your mortgage every month, and yet the bank STILL forcloses?!?!? Time to Get Gephardt! (Tue, 15 Dec 2009 18:08:40 GMT)

Federal Home Loan Bank of San Francisco's Standby Letters of Credit Support a Wide Variety of Tax-Exempt Bond Projects
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco announced today that it has recently issued, on behalf of member financial institutions, 11 Standby Letters of Credit to support non-housing related tax-exempt bond issuances for public-purpose and industrial development projects. (Tue, 15 Dec 2009 18:45:00 GMT)

Northern Rock's appointment of Richard Pym fuels Bradford & Bingley mortgage-book merger talk
Richard Pym has been appointed chairman of the "bad bank" to be hived off from failed lender Northern Rock in a move fuelling speculation that it will absorb the mortgage book of Bradford & Bingley. (Tue, 15 Dec 2009 18:56:16 GMT)

Mortgage Lenders Gain Significant Advantage in Speed, Throughput With New Sales Technology Implementation
Mortgage Professionals Rush to Adopt New Seamless Integration Between Leads360 and PCLender.com, Top Lead Management and Loan Origination Software SaaS Providers (Tue, 15 Dec 2009 19:11:30 GMT)

Underwater and Unable to Refinance?
I had an exchange with a reader yesterday on Twitter about refinancing and how many homeowners in San Diego County owe more on their homes than they could sell for right now -- known as being underwater. (Tue, 15 Dec 2009 19:30:04 GMT)

Mortgage Originations to Fall 16% in 2010 as Stimulus Ends
Dec. 15 (Bloomberg) -- Mortgage originations probably will decline 16 percent next year as the homebuyer tax credit expires and the Federal Reserve winds down purchases of mortgage-backed bonds, according to a report by Keefe, Bruyette & Woods Inc. (Tue, 15 Dec 2009 20:39:05 GMT)

Genworth U.S. Mortgage Business May Profit in 2011 (Update2)
Dec. 15 (Bloomberg) -- Genworth Financial Inc. , the life insurer and mortgage guarantor, said its unit that backs U.S. home loans may return to operating profit in the middle of 2011. (Tue, 15 Dec 2009 21:57:16 GMT)

Beshear backs payday loan cap
FRANKFORT — Despite his previous ties to the payday loan industry, Gov. Steve Beshear said Tuesday that he would back a proposal that would cap interest rates for short-term lending at 36 percent. (Tue, 15 Dec 2009 23:22:36 GMT)

Fixed home loan surge forecast
Rising interest rates are expected to boost the number of borrowers fixing their home loan interest rates next year, according to a leading mortgage broker. (Tue, 15 Dec 2009 23:46:22 GMT)

Terrorist who was failed asylum seeker given mortgage by NatWest
An Albanian terrorist caught with bomb-making equipment in his cellar was an illegal immigrant who was given a mortgage by NatWest it has emerged. (Wed, 16 Dec 2009 00:26:29 GMT)

First-Time Home Buyer Tax Credit Extension and Low Rates Make for a Great Time to Buy, Advises Informa Research Services
CALABASAS, CA--(Marketwire - 12/15/09) - The President signed a bill that extends the current first-time home buyer tax credit (originally slated to expire at the end of this month) and expands it to include non-first-time home buyers as well. According to Informa Research Services, a subsidiary of Informa plc (LSE: INF - News ), it is a perfect time to shop for a new home and a new home loan ... (Wed, 16 Dec 2009 00:43:00 GMT)

$20m assets of loan shark Datuk frozen
KUALA LUMPUR - Over RM 49 million (S$20 million) worth of assets belonging to a group of loan sharks have been frozen following the arrests of six men, including a Datuk. (Wed, 16 Dec 2009 00:58:56 GMT)

Beshear backs payday-loan rate cap
FRANKFORT — Despite his previous ties to the payday-loan industry, Gov. Steve Beshear said Tu (Wed, 16 Dec 2009 02:22:47 GMT)

Mortgage lenders cancel more foreclosures in November
Under intense pressure to help more people stay in their homes, mortgage lenders canceled far more scheduled foreclosures in November than in the previous month, according to a report Tuesday. (Wed, 16 Dec 2009 02:44:29 GMT)

Plymouth hope to keep Man Utd, Villa loan signings
Plymouth Argyle head coach Paul Mariner is hoping on-loan defenders Shane Lowry and David Gray can return to Home Park in the future. Lowry's initial loan from Aston Villa expires after Saturday's home clash against Coventry along with that of Manchester United right-back Gray. Mariner said: "I would like to bring them back. They're tremendous boys and we'll take it forward as quickly as ... (Wed, 16 Dec 2009 03:34:25 GMT)

Centered on Syracuse Vidcast: It's a great time to refinance your mortgage
Post-Standard real estate editor Pam Lundborg wrote a story on how now is a great time for first-time home buyers to purchase a house. (Wed, 16 Dec 2009 03:41:11 GMT)

Mortgage lender of Promenade project yells 'cut' to developer
SIOUX CITY, Iowa (KTIV) -  One of the biggest draws to the downtown entertainment district, the Promenade project, is facing foreclosure. (Wed, 16 Dec 2009 04:23:11 GMT)

Burns: A reverse mortgage? Think it through
Q: We are 75 and 69. Our financial situation is good. We have a $100,000 mortgage on a $200,000 home. We know people are jumping on the reverse mortgage concept. (Wed, 16 Dec 2009 04:44:51 GMT)

2 mortgage firms to pay restitution in foreclosure scheme
Two Owings Mills-based mortgage firms accused of running a "foreclosure rescue scheme" have agreed to pay $110,000 in cash restitution as part of a settlement that saved the Ellicott City homes of two elderly women, one of whom has since died after becoming a victim. (Wed, 16 Dec 2009 08:49:32 GMT)

Refinancing still eludes many
Mortgage rates in the United States have dropped to their lowest levels since the 1940s, thanks to a trillion-dollar intervention by the federal government. (Wed, 16 Dec 2009 08:55:26 GMT)

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