Mortgage News Dec 2009: mortgage refinancing, home loan, etc.

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Mortgage News Dec 2009

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Before you get reverse mortgage, do research
Though aimed at banks and credit unions, the guidelines neatly sum up the potential snares and pitfalls for consumers in the fast-growing reverse-mortgage field. Reverse mortgages typically are restricted to homeowners 62 and older who have untapped equity available in their real estate and want to turn it into cash. Borrowers can receive lump-sum payments, credit lines, periodic disbursements ... (Sat, 26 Dec 2009 05:13:34 GMT)

Home prices likely to go against trend
Going into the new year, home prices will continue to drop elsewhere in the nation, but will still rise in the Temple area, according to First American CoreLogic data released this week. (Sat, 26 Dec 2009 06:06:59 GMT)

Credit crunch: Home equity lending evaporates
The days of tapping your house for easy money have gone the way of soaring home prices. A quarter of all homeowners are ineligible for home equity loans because they owe more on their mortgage than what the house is worth. (Sat, 26 Dec 2009 08:06:58 GMT)

Mortgage firm received cease and desist order months before closing
The Commonwealth of Massachusetts issued a temporary cease and desist order against the now-shuttered Meredith mortgage company Financial Resources Mortgage, Inc. on June 4, nearly five months before it abruptly closed its doors in New Hampshire. (Sat, 26 Dec 2009 08:21:32 GMT)

Holidays, faith reward Nicholson with home
The living room of April Nicholson’s home held only a fully decorated Christmas tree recently as she awaited the arrival of furniture and the laughter of children. (Sat, 26 Dec 2009 09:21:04 GMT)

Peter Boutell, Lending a Hand, Dec. 26: Mortgage industry guideline changes for 2010
Change is the one thing you can always count on in the mortgage business. Most everyone knows that interest rates are in a constant state of flux, but the guidelines under which loans are approved are also subject to constant change. (Sat, 26 Dec 2009 09:31:07 GMT)

Do research before moving ahead with reverse mortgage
If you, your relatives or friends are contemplating applying for a reverse mortgage in 2010, check out the new guidelines proposed this month by federal regulatory agencies. (Sat, 26 Dec 2009 10:03:51 GMT)

North Miami faces $4.8M cost to refinance pension bonds
North Miami city officials recommend refinancing the city's pension bonds despite an additional cost of $4.8 million. City officials called a special meeting Dec. 15 to discuss their options. (Sat, 26 Dec 2009 16:05:44 GMT)

Despite record-low mortgage rates, many can't refinance
Ron Cowgill, 46, who does home remodeling, has wanted to refinance out of a 7.75 percent mortgage interest rate, but he can't.Cowgill and his wife, Diane, a teacher's aide in Glenview, have a $3,700 monthly mortgage payment now. They've never been late on a payment since they bought the house in 1991, he says, and they both have credit scores in the 700s.So why can't they take advantage of the ... (Sat, 26 Dec 2009 16:08:50 GMT)

Nugent denies Bolton
On-loan David Nugent was on target as Burnley came from behind to secure a 1-1 draw at home to Gary Megson's Bolton Wanderers. (Sat, 26 Dec 2009 16:56:31 GMT)

Drug war hits home for Gwinnett residents
Drug war hits home for Gwinnett residents (Sat, 26 Dec 2009 16:59:33 GMT)

Drugs war hits home for Gwinnett residents
Drugs war hits home for Gwinnett residents (Sat, 26 Dec 2009 16:59:33 GMT)

Mortgage rates inch above 5%
McLEAN, Va. (AP) - The average fixed-rate for a 30-year mortgage climbed above 5 percent for the first time in two months, leading to a decline in mortgage applications. (Sat, 26 Dec 2009 17:37:56 GMT)

Mortgage approvals reach two-year high
Mortgage approvals rise but 'don't reflect a strong market', while savers put away 8.6p in every £1 of disposable income Britons are increasingly turning away from taking out personal loans and using credit cards according to new figures which show that the amount of unsecured debt has plummeted in the past 12 months. While borrowing to buy homes reached its highest level in two years last month ... (Sat, 26 Dec 2009 18:27:05 GMT)

Home for Christmas
Cheryl Lingo / The Exponent Noe, Frances, Maria, and Alfonso Agabo said they hope to be moved in to their new home before Christmas. The Agabo family and ten others are the first of 44 who helped build their homes with a USDA low-income loan. (Sat, 26 Dec 2009 22:55:12 GMT)

The Realities of Real Estate: HUD revisions enhance ability to shop for home loan
When we saw the real estate bubble burst in late 2008, much of the blame focused on how people get a home loan and the idea that lending procedures allowed many buyers to unknowingly borrow more than they could afford. (Sun, 27 Dec 2009 03:48:22 GMT)

Chimney fire damages Enid home
A chimney fire caused an estimated $15,000 damage to an Enid home Saturday. According to an Enid Fire Department report, EFD firefighters responded at 11:03 a.m. to 4219 Patrick Henry Place for a structure fire. (Sun, 27 Dec 2009 04:31:26 GMT)

Credit crunch: Home equity lending disappears
Borrowing on the home for quick cash is a lot harder than it used to be in the United States, and it’s causing headaches for homeowners, banks and the economy. (Sun, 27 Dec 2009 04:33:53 GMT)

Search for mortgage firm's assets: 'That really stinks'
Dozens of civil suits filed against bankrupt Financial Resources Mortgage Inc. and CL&M Inc. of Meredith have been frozen by U.S. Bankruptcy Court, including attachments against properties, bank accounts and trusts. (Sun, 27 Dec 2009 05:09:33 GMT)

Rural housing loans net mortgage company a certificate for second consecutive year
Alaska USA Mortgage Co. has received a certificate of appreciation for the second year in a row from the U.S. Department of Agriculture for being the top-volume participating lender of Guaranteed Rural Housing Loans in the Matanuska Valley. (Sun, 27 Dec 2009 05:52:13 GMT)

Home sweet rental
Home ownership has often been considered a critical part of the American Dream -- an unwritten privilege of living in America bestowed on its financially secure citizens. Owning a home was the ticket to financial security and, for several years ea... (Sun, 27 Dec 2009 06:00:25 GMT)

Promise of home-loan modifications often turns sour in Sacramento area
This was the year, finally, that promised relief, opening with foreclosure moratoriums and a highly touted Obama administration initiative to keep millions of desperate borrowers in their homes. (Sun, 27 Dec 2009 06:27:36 GMT)

Credit crunch: Home equity lending disappears
Borrowing on the home for quick cash is a lot harder than it used to be in the United States, and it’s causing headaches for homeowners, banks and the economy. (Sun, 27 Dec 2009 07:03:53 GMT)

BoB sees 25% home loan growth in April-Nov
MUMBAI: Public sector lender Bank of Baroda (BoB) saw its home loan portfolio grow by 23-25 per cent during April - November, and expects the growth to pick up further in the next quarter, a bank official said. (Sun, 27 Dec 2009 07:05:02 GMT)

Mortgage rates inch above 5 percent
McLEAN, Va. — The average fixed-rate for a 30-year mortgage climbed above 5 percent for the first time in two months, leading to a decline in mortgage applications. (Sun, 27 Dec 2009 08:11:23 GMT)

Demands for mortgage escrow pay are limited
Dear Benny — I own a house worth about $400,000. The current mortgage is $25,000. A Florida company took over the mortgage six months ago. It handles the tax and insurance payments via an escrow account. Given the current schedule of payments, the account will have a positive balance all next year. But the mortgage company now wants to double the escrow payments. (Sun, 27 Dec 2009 08:11:33 GMT)

Many home-loan modifications failing to materialize
Ten months after the White House began pressing lenders to do more to prevent foreclosures, many struggling homeowners are holding up their end of the bargain but still find themselves rejected, and some are even having their homes sold out from under them. (Sun, 27 Dec 2009 08:13:10 GMT)

MORTGAGES / Refinancers may get hit by rising home loan rates
Investors continue to have little appetite for Treasury bonds, and that's a problem for home buyers and people hoping to refinance mortgages. Home loan rates have jumped since early December, and may go higher still in the near term if they keep following the... (Sun, 27 Dec 2009 08:17:32 GMT)

High-end borrowers turning to short sales
As defaults on the biggest mortgages rise, borrowers are turning to short sales to exit loans that now are larger than the market value of the house. In such a transaction, the lender agrees to accept less than a 100% payoff on a mortgage to expedite the property's sale. (Sun, 27 Dec 2009 08:24:12 GMT)

No more extensions of tax credit for first-time home buyers
The provision that puts up to $8,000 in buyers' pockets won't be renewed a third time, industry leaders and lawmakers say. Home buyers hoping to take advantage of a new or extended tax credit should not procrastinate: This third bite at the apple will be the last. (Sun, 27 Dec 2009 08:27:22 GMT)

Upward trend seen in fixed mortgage rates
After hitting an all-time low in early December, the average rate on a 30-year, fixed-rate mortgage rose to 5.05 percent last week and could climb to 6 percent by the end of 2010, if not sooner, according to giant mortgage financier Freddie Mac. (Sun, 27 Dec 2009 08:32:52 GMT)

If unemployed, refinancing probably not an option
Q: I am a 59-year-old single woman who was recently laid off. (Sun, 27 Dec 2009 08:39:28 GMT)

Reverse mortgage requires caution
If you, your relatives or your friends are applying for a reverse mortgage in 2010, check out the new guidelines proposed this month by the federal regulatory agencies for financial institutions. (Sun, 27 Dec 2009 08:39:38 GMT)

Despite record-low mortgage rates, many can't refinance
Ron Cowgill, 46, who does home remodeling, has wanted to refinance out of a 7.75 percent mortgage interest rate, but he can't.Cowgill and his wife, Diane, a teacher's aide in Glenview, have a $3,700 monthly mortgage payment now. They've never been late on a payment since they bought the house in 1991, he says, and they both have credit scores in the 700s.So why can't they take advantage of the ... (Sun, 27 Dec 2009 12:33:12 GMT)

Frozen mortgage funds easier to redeem
INVESTORS in frozen mortgage funds will enjoy less onerous redemption procedures and more certainty about the timing of withdrawals. (Sun, 27 Dec 2009 13:00:00 GMT)

BoB sees 23-25% home loan growth in Apr-Nov
Public-sector lender Bank of Baroda (BoB) saw its home loan portfolio grow by 23-25 per cent during April-November, and expects the growth to pick up further in the next quarter, a bank official said. (Sun, 27 Dec 2009 14:15:43 GMT)

Frozen mortgage funds easier to redeem
INVESTORS in frozen mortgage funds will enjoy less onerous redemption procedures and more certainty about the timing of withdrawals, after the corporate regulator granted a key concession to the $35 b... (Sun, 27 Dec 2009 14:51:56 GMT)

Home equity lines have dried up across U.S.
Borrowing on the home for quick cash is a lot harder than it used to be in the United States, and it's causing headaches for homeowners, banks and the economy. (Sun, 27 Dec 2009 17:21:15 GMT)

The Realities of Real Estate: HUD revisions enhance ability to shop for home loan
When we saw the real estate bubble burst in late 2008, much of the blame focused on how people get a home loan and the idea that lending procedures allowed many buyers to unknowingly borrow more than they could afford. (Sun, 27 Dec 2009 18:22:53 GMT)

Home equity lines have dried up across U.S.
Jeffrey Yellin is in the middle of remodeling his kitchen, dining room, living room and garage at his home in Oak Park, California. He planned to pay for the project with his $200,000 home equity line... (Sun, 27 Dec 2009 19:07:33 GMT)

U.S. Mortgage Rates Rise to 5.05%, Freddie Mac Says (Update2)
Dec. 24 (Bloomberg) -- Mortgage rates for fixed 30-year U.S. home loans increased for a third consecutive week to the highest in three months, reducing affordability for buyers and owners who wish to refinance. (Sun, 27 Dec 2009 23:43:57 GMT)

FBI deluged by fraud cases from real estate bubble
The criminal cases against Brian W. King and Ronnie E. Brodie are typical of what the FBI is seeing as a result of the rise and fall of the real estate market. King, 42, of Virginia Beach, pleaded guilty this month to falsifying mortgage applications, obtaining more than $700,000 in loans he never should have qualified for by inflating his income. (Mon, 28 Dec 2009 03:52:30 GMT)

Home foreclosures on the rise
Home foreclosures across the county are on the rise, even as the economy and housing markets slowly rebound. (Mon, 28 Dec 2009 04:44:37 GMT)

Mortgage Anxieties Mean Fannie-Freddie Limbo as Fed Pulls Back
Dec. 28 (Bloomberg) --Fannie Mae and Freddie Mac, the linchpins of the American housing market, continue to bedevil the U.S. financial system. (Mon, 28 Dec 2009 05:01:37 GMT)

Mortgage Anxieties Mean Fannie-Freddie Limbo as Fed Pulls Back
Dec. 28 (Bloomberg) --Fannie Mae and Freddie Mac, the linchpins of the American housing market, continue to bedevil the U.S. financial system. (Mon, 28 Dec 2009 05:01:37 GMT)

Economy Report: Changes in Mortgage Lending
In KERA's weekly economy segment, KERA's Sam Baker spoke about changes in mortgage financing with Marcus McCue, Vice President of Sales with Guardian Mortgage, based in Richardson. (Mon, 28 Dec 2009 05:06:41 GMT)

Brian J. O'Connor: Grand Experiment: Refinancing founders, but boat floats savings
If your holiday wasn't like mine, count yourself lucky. If it was, then you added the rare Christmas Eve tradition of listening not for the prancing and pawing of reindeer on the roof, but for the call of the real estate appraiser. (Mon, 28 Dec 2009 06:13:41 GMT)

Needy Fund: Ill grandma gets help on mortgage
A 61-year-old woman is diagnosed with cancer just as she takes custody of three grandchildren, and is given help with her mortgage payment. (Mon, 28 Dec 2009 07:03:09 GMT)

SUSAN TOMPOR: Modified home loan can hurt
The last thing many troubled homeowners want to hear is that they could be denied a car loan after they get a chance to modify their home loan. But credit scores can get dinged after a home loan modification, making it more costly or tougher to get a loan or credit card. (Mon, 28 Dec 2009 08:22:42 GMT)

(AFX UK Focus) 2009-12-28 09:38 Spain Oct mortgage lending drops 31 pct y/y
MADRID, Dec 28 (Reuters) - Spanish home mortgage lending dropped 31 percent year-on-year in October, the National Statistics Institute said on Monday, as banks continued to restrict credit. October mortgage lending totalled 5.97 billion euros ($8.55 billion), while the average value of total mortgages approved during the month was 29 percent lower than a year earlier. Spain's housing market ... (Mon, 28 Dec 2009 10:14:18 GMT)

Pros and cons of cash-out refinance
When used responsibly, a cash-out refinance provides benefits that other types of loans do not. (Mon, 28 Dec 2009 11:00:00 GMT)

Mortgage rescue: Credit score killer
Most troubled homeowners view President Obama's foreclosure rescue plan as a way out of their financial troubles. (Mon, 28 Dec 2009 11:06:10 GMT)

Loan delinquency rate for U.S. hotels is soaring
ASSOCIATED PRESS MIAMI - Like many home-owners, hotels are having trouble repaying their lenders. They have been offering enticements all year: credits for in-house spas and restaurants, up to 50 percent off five-star rooms, even free nights. Nonetheless, occupancy has dropped an average of 10 percent, and hotel loans have begun falling into delinquency more rapidly than any other kind of ... (Mon, 28 Dec 2009 11:07:26 GMT)

First-time home buyer tax credit will not be extended
The provision that puts up to $8,000 in buyers' pockets won't be renewed a third time, industry leaders and lawmakers say. Home buyers hoping to take advantage of a new or extended tax credit should not procrastinate: This third bite at the apple will be the last. (Mon, 28 Dec 2009 11:15:17 GMT)

Plymouth striker Steven MacLean set for loan move to Hearts
HEARTS welcomed Plymouth Argyle striker Steven MacLean to Riccarton this morning with manager Csaba Laszlo hopeful of concluding a loan deal for the Edinburgh-born player once (Mon, 28 Dec 2009 11:19:44 GMT)

Pros and cons of cash-out refinance
The go-go era of using a house as an ATM is over. But if you are a homeowner with some equity, a cash-out refinance could be a good option to pay for a home project or get rid of high-interest debt. (Mon, 28 Dec 2009 11:42:21 GMT)

BofA Sues Mortgage Insurer MGIC
Bank of America files lawsuit against Mortgage Guaranty Insurance for rejecting claims. (Mon, 28 Dec 2009 12:05:55 GMT)

SUBSCRIBERS: No US MBA Weekly Mortgage Data Wednesday, Dec 30
Due to the holidays, there will be no Mortgage Bankers Association of America weekly mortgage application survey released Wednesday, Dec. 30. MBA surveys for the weeks ending Dec. 25 and Jan. 1 will be released concurrently at 7 a.m. EST (1200 GMT) Wednesday, Jan. 6. (Mon, 28 Dec 2009 14:16:19 GMT)

Gerald T. Mulligan Elected to Federal Home Loan Bank of Boston Board of Directors
Gerald T. Mulligan, President and Chief Executive Officer of LSB Corporation and its banking subsidiary, River Bank, has been elected to the Board of Directors of the Federal Home Loan Bank of Boston . (Mon, 28 Dec 2009 14:43:00 GMT)

HomeBanc Expands Mortgage Lending Staff in Bonita Springs
TAMPA, FL--(Marketwire - 12/28/09) - Tampa-based HomeBancorp, Inc. has named Michael Bottiglio as Vice President, Mortgage Branch Manager and Scott Jannasch as Mortgage Loan Officer for HomeBanc. Messrs. Bottiglio and Jannasch are based in the Bank's Bonita Springs loan production office located at 24830 South Tamiami Trail. Mr. Bottiglio brings more than 24 years of mortgage lending experience ... (Mon, 28 Dec 2009 15:00:00 GMT)

Bearish MACD for Anworth Mortgage
Bearish MACD for Anworth Mortgage (Mon, 28 Dec 2009 15:36:17 GMT)

New Law Requires Loan Modifiers To Have License
People who are looking to modify their loans might want to wait until a new law goes into effect on the stroke of midnight December 31st to get the most protection. That's when the state will require any company or individual offering loan modification services to have an active license from the Florida Office of Financial Regulation. (Mon, 28 Dec 2009 15:46:41 GMT)

New Florida law spurs rush to get mortgage broker licenses
Last October, Countrywide Financial, the now defunct subprime mortgage giant that merged with Bank of America a year ago, promised $1 billion in mortgage relief to its legions of struggling Florida cu... (Mon, 28 Dec 2009 15:54:01 GMT)

Federal Home Loan Bank of New York Announces Board of Directors Election Results
Michael M. Horn reelected Board Chair for 2010-2011; Jose Ramon Gonzalez elected to Board for new four-year term (Mon, 28 Dec 2009 15:57:00 GMT)

Federal Home Loan Bank Of New York Directors Elected
The Federal Home Loan Bank of New York's board of directors re-elected Chairman Michael M. Horn to a two-year term and elected Vice Chairman Jose Ramon Gonzalez to a four-year term as member director, both starting as of Friday. (Mon, 28 Dec 2009 17:03:35 GMT)

GHB to securitise Bt50 bn mortgage loans
The Government Housing Bank (GHB) will transfer mortgage loans worth Bt50 billion to the Secondary Mortgage Corporation (SMC) for securitisation in five years. (Mon, 28 Dec 2009 17:28:54 GMT)

Tree.com Extends PNC Bank Mortgage Warehouse Line
CHARLOTTE, N.C. -- Tree.com, Inc. today announced that it has entered into a limited extension of its $50mm mortgage warehouse line at its LendingTree Loans operation in Irvine, CA. (Mon, 28 Dec 2009 18:00:00 GMT)

CRL Urges Fed to Ban Mortgage Kickbacks that Cost Homeowners Billions
WASHINGTON, Dec. 28 /PRNewswire-USNewswire/ -- As the year ends with a spotlight on pending health and financial reforms in Congress, the Federal Reserve closed its comment period for mortgage rules that could save families billions of dollars. In a detailed comment letter, the Center for Responsible Lending recommends that the Federal Reserve Board strengthen a proposal to ban routine kickbacks ... (Mon, 28 Dec 2009 18:13:00 GMT)

Union Co. builder will plead guilty to mortgage fraud
A Union County builder is the latest person agreeing to plead guilty in the growing “Waxhouse Investigation,” a federal mortgage fraud case that has been more than a year in the making. (Mon, 28 Dec 2009 19:26:25 GMT)

Mortgage Rates Inch Above 5 Percent
McLEAN, Va. (AP) -- The average fixed-rate for a 30-year mortgage climbed above 5 percent for the first time in two months, leading to a decline in mortgage applications. (Mon, 28 Dec 2009 19:54:01 GMT)

Gerald T. Mulligan Elected to Federal Home Loan Bank of Boston Board of Directors
BOSTON -- Gerald T. Mulligan, President and Chief Executive Officer of LSB Corporation and its banking subsidiary, River Bank, has been elected to the Board of Directors of the Federal Home Loan Bank of Boston (the Bank). Mr. Mulligan's two-year term will commence on January 1, 2010. He previously served on the Bank's board of directors from 1987 through 1990, and from 1997 through 1998. (Mon, 28 Dec 2009 20:09:25 GMT)

New Office Opening For NOVA Home Loans
PHOENIX -- NOVA Home Loans is proud to announce that it is opening a new location in Phoenix, AZ. This location will be at 5450 E. High Street, Suite 260 and will house one of NOVA's top originating teams, Marcy Briggs and Rachel Lang of the Briggs-Lang Team. (Mon, 28 Dec 2009 20:09:32 GMT)

Fannie Mae mortgage holdings fell sharply in Nov
Fannie Mae's gross mortgage portfolio shrank sharply in November, at an annual 26.1 percent rate, to $752.2 billion, the largest U.S. home funding provider said on Monday. (Mon, 28 Dec 2009 21:44:29 GMT)

New law adds licensing requirements for home loan professionals
Law adds licensing requirements to home loan professionals Florida's Office of Financial Regulation has received 4,600 mortgage broker licensing applications since July, more than double the amount requested for all of last fiscal year. (Mon, 28 Dec 2009 22:38:49 GMT)

(AFX UK Focus) 2009-12-28 22:37 UPDATE 1-Fannie mortgage holdings sink, delinquencies leap
NEW YORK, Dec 28 (Reuters) - Fannie Mae's gross mortgage portfolio shrank sharply in November while the delinquency rate on single-family loans it guarantees leaped in October, the government-controlled U.S. home funding company said on Monday. The company said its mortgage investments fell at a 26.1 percent annual rate last month to $752.2 billion. Year-to-date, the portfolio has declined by an ... (Mon, 28 Dec 2009 23:13:25 GMT)

Fannie, Freddie Backstop May Foreshadow Mortgage Forgiveness
The U.S. Treasury Department’s expansion of its capital backstops for Fannie Mae and Freddie Mac may foreshadow a shift in the government’s mortgage- modification tactics, Keefe, Bruyette & Woods analysts said. (Mon, 28 Dec 2009 23:42:26 GMT)

UPDATE: Mexican Mortgage Lender Credito Y Casa Sells Assets
MEXICO CITY -(Dow Jones)- Mexican home finance company Hipotecaria Credito y Casa SA said Monday that it has sold all of its operating assets and settled its outstanding debts with a government development bank. (Mon, 28 Dec 2009 23:48:39 GMT)

Home for Christmas
Cheryl Lingo / The Exponent Noe, Frances, Maria, and Alfonso Agabo said they hope to be moved in to their new home before Christmas. The Agabo family and ten others are the first of 44 who helped build their homes with a USDA low-income loan. (Tue, 29 Dec 2009 01:25:31 GMT)

Rate rises may prompt refinancing
RISING interest rates in 2010 are likely to force some mortgage holders to refinance, non-bank lender Resi Mortgage Corporation says. (Tue, 29 Dec 2009 02:53:47 GMT)

Home owners may be forced to refinance
Rising interest rates in 2010 are likely to force some mortgage holders to refinance, non-bank lender Resi Mortgage Corporation says. (Tue, 29 Dec 2009 03:57:54 GMT)

Mortgage foreclosures, credit card defaults, bankruptcies up locally
"It's not like there's any light at the end of the tunnel." That's the gloomy but realistic prognostication from Lycoming County Judge Richard A. Gray regarding the rate of mortgage foreclosures and credit card payment defaults for the year ahead. (Tue, 29 Dec 2009 05:00:58 GMT)

Mortgage rate hike feared as poison to home sales
The Massachusetts housing market may be facing a new challenge next year: higher mortgage rates that could hobble the fragile housing recovery now under way. Morgan Stanley... (Tue, 29 Dec 2009 05:10:44 GMT)

Incentives help double home loans
The looming expiry tomorrow of personal income tax deductions has more than doubled new home loan applications recently at the Government Housing Bank as homebuyers rush to take advantage of tax breaks, says president Khan Prachuabmoh. (Tue, 29 Dec 2009 05:12:46 GMT)

Home owners may be forced to refinance
Resi Mortgage says rising interest rates are likely to force some mortgage holders to refinance. (Tue, 29 Dec 2009 07:07:45 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, 29 Dec 2009 07:22:32 GMT)

Mortgage modifications may rise - Tue, 29 Dec 2009 PST
SAN FRANCISCO – The government’s decision to provide unlimited support to Fannie Mae and Freddie Mac probably is a sign of more aggressive action in the future to prop up the U.S. housing market. The government may put a mortgage-modification effort, called the Home Affordable Modification Program, or HAMP, into overdrive in coming years, pushing for reductions in the principal outstanding on ... (Tue, 29 Dec 2009 08:13:05 GMT)

Rates prompt mortgagees to refinance
RISING interest rates in 2010 are likely to force some mortgage holders to refinance, non-bank lender Resi Mortgage Corporation says. (Tue, 29 Dec 2009 10:14:35 GMT)

Rates prompt mortgagees to refinance
RISING interest rates in 2010 are likely to force some mortgagees to refinance, non-bank lender Resi Mortgage Corporation says. (Tue, 29 Dec 2009 10:14:35 GMT)

Mortgage rates inch above 5 percent
MCLEAN, VA. — The average fixed-rate for a 30-year mortgage climbed above 5 percent for the first time in two months, leading to a decline in mortgage applications. (Tue, 29 Dec 2009 10:25:40 GMT)

Hong Kong November New Home Loan Approvals Fall 11.1% (Update2)
Dec. 29 (Bloomberg) -- New mortgage loans approved in Hong Kong dropped 11.1 percent in November, after the city’s government voiced concerns over potential asset bubbles and implemented measures to cool surging home prices. (Tue, 29 Dec 2009 10:59:57 GMT)

UK homeowners pay down mortgage debt for sixth quarter
Homeowners paid down mortgage debt by £4.9bn between July and September, the sixth quarter of reductions. (Tue, 29 Dec 2009 11:31:38 GMT)

FHA offers home renovation help
Homebuyers who buy an older home or foreclosure often are frustrated by the difficulty of financing needed repairs and renovations. But a Federal Housing Administration home loan program offers some help. (Tue, 29 Dec 2009 11:42:00 GMT)

National Thirty-Year Fixed Mortgage Rate Surges to Near 5.0%; Loan Request Mix Heavily Favors Purchase Loans
The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased sixteen basis points last week to 4.93 percent, up from 4.77 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.comÂ®. (Tue, 29 Dec 2009 12:00:00 GMT)

Redwood Trust Draws Heavy Call Volume
Call volume Monday in the mortgage-finance stock surged to 1,600 times greater than average. (Tue, 29 Dec 2009 12:30:45 GMT)

HK Nov mortgage loan approvals jump on year
month-on-month decline, figures from the Hong Kong Monetary Authority (HKMA) showed, according to Reuters. Month-on-month figures are not seasonally adjusted. (Tue, 29 Dec 2009 12:35:41 GMT)

Hong Kong Nov. New Mortgage Loans Drown Down Falls - HKMA
(RTTNews) - Tuesday, the Hong Kong Monetary Authority said in a report that the new mortgage loans drown down decreased 1.2% month-on-month in November, compared to a 9.5% fall in the previous month. (Tue, 29 Dec 2009 12:54:07 GMT)

Mortgage rate rise a glimpse of 2010 market, analysts say
WASHINGTON -- After hitting an all-time low in early December, the average rate on a 30-year, fixed-rate mortgage rose to 5. (Tue, 29 Dec 2009 12:56:43 GMT)

British homeowners continue to trim mortgage debt
British homeowners cut mortgage debt by £4.9bn in the third quarter of 2009. Photograph: Russell Boyce/Reuters Britons reduced their outstanding mortgage debt by £4.9bn during the third quarter of... (Tue, 29 Dec 2009 13:35:50 GMT)

SUBSCRIBERS: No US MBA Weekly Mortgage Data Wednesday, Dec 30
Due to the holidays, there will be no Mortgage Bankers Association of America weekly mortgage application survey released Wednesday, Dec. 30. MBA surveys for the weeks ending Dec. 25 and Jan. 1 will be released concurrently at 7 a.m. EST (1200 GMT) Wednesday, Jan. 6. (Tue, 29 Dec 2009 14:18:54 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, 29 Dec 2009 14:43:32 GMT)

Fannie Mae's mortgage holdings shrink sharply (Business Times
NEW YORK: Fannie Mae's gross mortgage portfolio shrank sharply in November while the delinquency rate on single-family loans it guarantees leaped in October, the government-controlled US home funding company said yesterday. The company said its mortgage investments fell at a 26.1 per cent annual rate last month to US$752.2 billion (US$1 = RM3.42). Year-to-date, the portfolio has declined by an ... (Tue, 29 Dec 2009 16:14:11 GMT)

Reading council OKs $3.25M loan for stadium
Officials have voted to approve taking out a $3.25 million loan as part of a $10 million makeover of FirstEnergy Stadium, home of the Reading Phillies. (Tue, 29 Dec 2009 16:31:14 GMT)

Fannie Mae Mortgage Portfolio Shrinks, Delinquency Rates Grow
Fannie Mae said its delinquency rates grew in October but its mortgage portfolio shrunk. (Tue, 29 Dec 2009 16:32:30 GMT)

Two men plead guilty in mortgage fraud cases
Two men charged in a federal initiative targeting mortgage fraud in Central Florida each pleaded guilty in Orlando on Tuesday. (Tue, 29 Dec 2009 18:42:27 GMT)

Real estate agent will plead guilty in mortgage fraud case
A Charlotte real estate agent has agreed to plead guilty in a mortgage fraud conspiracy, operating what prosecutors call a “builder kickback” scheme in Mecklenburg County. (Tue, 29 Dec 2009 18:47:48 GMT)

Fannie Mae's mortgage holdings shrink sharply (Business Times
NEW YORK: Fannie Mae's gross mortgage portfolio shrank sharply in November while the delinquency rate on single-family loans it guarantees leaped in October, the government-controlled US home funding company said yesterday. (Tue, 29 Dec 2009 18:57:23 GMT)

Fannie Mae Mortgage Portfolio Shrinks, Delinquency Rates Grow
FNM ) were on the rise Tuesday after the mortgage giant said its loan portfolio shrunk last month even as its delinquency rates continued to grow. Fannie, which like its sister company Freddie Mac ... (Tue, 29 Dec 2009 19:09:32 GMT)

Interest rates in 2010
Resi Mortgage Corporation says rising interest rates in 2010 may force some mortgage holders to refinance. (Tue, 29 Dec 2009 19:37:25 GMT)

Rate rises could force refinancing
Non-bank lender Resi Mortgage Corporation says rising interest rates in next year are likely to force some mortgage holders to refinance. (Tue, 29 Dec 2009 19:41:54 GMT)

Banks rejig home loan rates to improve off-take
Banks are now trying to overcome the ongoing slowdown in credit offtake by targeting a higher percentage of home loans through competitive rates. (Tue, 29 Dec 2009 20:41:01 GMT)

After covering mortgage payments, city takes possession of below-market-rate condo
An unusual case in which the city of Menlo Park paid mortgage installments and homeowners association fees on a below-market-rate condominium unit for over two years ended with the city's finally obtaining the property through a court ruling on Dec. 1. (Tue, 29 Dec 2009 21:11:40 GMT)

National 30-Year Fixed Mortgage Rate Surges to Near 5.0%
RISMEDIA, December 30, 2009—The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased sixteen basis points last week to 4.93%, up from 4.77% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate website Zillow.com. Rates for 15-year fixed ... (Tue, 29 Dec 2009 21:19:03 GMT)

Mortgage cash injections trend continues
HOMEOWNERS have continued to take advantage of low interest rates to pay off large chunks of their mortgage, with £4.9 billion of housing equity injected in the third quarter. (Wed, 30 Dec 2009 00:01:57 GMT)

Real estate agent will plead guilty in mortgage case
A Charlotte real estate agent has agreed to plead guilty in a mortgage fraud conspiracy, operating what prosecutors call a "builder kickback" scheme in Mecklenburg County. (Wed, 30 Dec 2009 01:07:34 GMT)

Average monthly mortgage repayments down by 43%
AVERAGE mortgage repayments for a first-time buyer have fallen €513 or 43% a month since July last year. (Wed, 30 Dec 2009 01:28:43 GMT)

Refinancing likely with rate rises
Resi Mortgage Corporation says rising interest rates in 2010 may force some mortgage holders to refinance. (Wed, 30 Dec 2009 02:26:49 GMT)

Policies at WaMu's Long Beach Mortgage invited fraud
Washington Mutual's collapse is often blamed on lax lending practices and a slowdown in home prices. Yet records suggest that management practices at WaMu and its subprime lender Long Beach Mortgage may have been largely responsible for the crisis because they enabled fraud to run rampant. (Wed, 30 Dec 2009 05:26:35 GMT)

Ill. to rely on US mortgage database
Associated Press - December 30, 2009 4:14 AM ET CHICAGO (AP) - Illinois is embracing a licensing database that officials say will help ensure the competency of mortgage loan... (Wed, 30 Dec 2009 09:20:42 GMT)

Home mortgage strategy is flawed
A homeowner's strategy of prepaying a home mortgage will not accomplish her goals. (Wed, 30 Dec 2009 11:00:00 GMT)

Home mortgage strategy is flawed
Dear Dr. Don, With all that has happened over the last two years, I have been really fearful about my home mortgage. I have been paying ahead, so right now I have my mortgage payment paid through April 2010. I would like to get six months ahead. Is this a sound strategy? (Wed, 30 Dec 2009 11:42:10 GMT)

Authorities: Man behind on mortgage payments torched his own house west of Delray Beach
Authorities: Man behind on mortgage payments torched his own house west of Delray Beach (Wed, 30 Dec 2009 11:48:02 GMT)

SUBSCRIBERS: No US MBA Weekly Mortgage Data Wednesday, Dec 30
Due to the holidays, there will be no Mortgage Bankers Association of America weekly mortgage application survey released Wednesday, Dec. 30. MBA surveys for the weeks ending Dec. 25 and Jan. 1 will be released concurrently at 7 a.m. EST (1200 GMT) Wednesday, Jan. 6. (Wed, 30 Dec 2009 12:18:33 GMT)

Irish mortgage lending shrinks y/y for first time
Irish mortgage lending shrank in November on an annual basis for the first time on record, the central bank said on Wednesday. (Wed, 30 Dec 2009 13:02:00 GMT)

Ocala Mortgage Company Workers Guilty Of Fraud
MARION COUNTY, Fla. -- Two Marion County men are facing up to five years in prison after pleading guilty to mortgage fraud. Mark Moncher and Richard Nann pleaded guilty to the federal charges in court Tuesday. (Wed, 30 Dec 2009 13:05:00 GMT)

(AFX UK Focus) 2009-12-30 12:55 UPDATE 1-Irish mortgage lending shrinks y/y for first time
DUBLIN, Dec 30 (Reuters) - Irish mortgage lending shrank in November on an annual basis for the first time on record, the central bank said on Wednesday. The stock of private sector credit (PSC) fell by an adjusted 5.2 percent compared with a 3.7 percent drop in October as the writing down of loans and increased provisions for bad debts kept pressure on banks to restrict lending. The annual rate ... (Wed, 30 Dec 2009 13:13:00 GMT)

American Dream Homeownership Challenge Grant Helps Bring a Home to Columbus Family
COLUMBUS, Ohio -- Just before Christmas, Azad Saeed, his wife Gulala and their two daughters received the keys to their new home in Columbus's North Linden neighborhood, thanks to Habitat for Humanity-Greater Columbus, Arlington Bank and a grant from the Federal Home Loan Bank of Cincinnati. (Wed, 30 Dec 2009 14:48:05 GMT)

Ill. to use mortgage database licensing system
Illinois is embracing a licensing database that officials say will help ensure the competency of mortgage loan professionals. (Wed, 30 Dec 2009 15:26:24 GMT)

Mortgage licensing system goes online in January
COLUMBUS — The Ohio Department of Commerce said Dec. 29 its Division of Financial Institutions in January will begin using a national system that allows Ohio mortgage companies to apply for and manage their licenses electronically.The state’s participation in the Nationwide Mortgage Licensing System begins Jan. 4 and will improve supervision of the state’s mortgage industry, officials said in a ... (Wed, 30 Dec 2009 16:03:12 GMT)

Ill. to use mortgage database licensing system
Illinois is embracing a licensing database that officials say will help ensure the competency of mortgage loan professionals. The Illinois Department of Financial and Professional Regulation said it'll start to use the Nationwide Mortgage Licensing System for... Mortgage loan - Business - Financial Services - United States - Mortgages (Wed, 30 Dec 2009 16:14:59 GMT)

Illinois to use mortgage database licensing system
(AP) — Illinois is embracing a licensing database that officials say will help ensure the competency of mortgage loan professionals. The Illinois Department of Financial and Professional Regulation said it'll start to use the Nationwide Mortgage Licensing System for license applications ... (Wed, 30 Dec 2009 18:11:49 GMT)

Home Loan Bank aids 3 local projects
The Federal Home Loan Bank of Cincinnati announced Wednesday its board of directors has approved more than $11 million in housing grants under its affordable housing program, including $1.7 million in Greater Cincinnati and Northern Kentucky. (Wed, 30 Dec 2009 19:23:48 GMT)

National 30-year fixed mortgage rate surges
The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased sixteen basis points last week to 4.93 percent, up from 4.77 percent the week prior, according to the Zillow Mortgage Rate Monitor compiled by real estate Web site Zillow.com. Rates for 15-year fixed mortgages rose 13 basis points to 4.37 percent from 4.24 percent, and 5-1 ... (Wed, 30 Dec 2009 20:23:02 GMT)

Working for Peace at Home, Too
Francisco Osler’s 2,700-square-foot home in Brasília is made up of two glass-and-concrete boxes. (Wed, 30 Dec 2009 21:55:03 GMT)

Mortgage rates inch above 5%
McLEAN, Va. — The average fixed-rate for a 30-year mortgage climbed above 5 percent for the first time in two months, leading to a decline in mortgage applications. (Wed, 30 Dec 2009 22:26:17 GMT)

Mortgage giants Fannie Mae, Freddie Mac proving too big to shrink
WASHINGTON — The government's Christmas Eve pledge of unlimited financial aid to mortgage giants Fannie Mae and Freddie Mac is aimed at making sure the housing market doesn't take another turn for the worse and cause the economic recovery to unravel. (Wed, 30 Dec 2009 22:28:15 GMT)

Fannie, Freddie are proving too big to shrink
The government's pledge of unlimited financial aid to mortgage giants Fannie Mae and Freddie Mac is aimed at making sure the housing market doesn't take another turn. (Wed, 30 Dec 2009 22:36:15 GMT)

More Families Opting For 15-Year Mortgages
They might be scrimping and saving, but more Americans are finding a way to own their current home twice as fast. CBS 2's Vince Gerasole reports rates are so low that some families are refinancing into a 15-year mortgage, something they never thought they could do. (Wed, 30 Dec 2009 23:17:16 GMT)

GMAC gets $3.8B in new aid to stabilize mortgage unit
Aid is is less than the roughly $6 billion the government had earlier thought GMAC would need The government on Wednesday provided a fresh $3.8 billion cash infusion to stabilize GMAC Financial Services as the financing company struggles with hefty losses in its home mortgage unit. (Wed, 30 Dec 2009 23:53:28 GMT)

Mortgage values fall for first time
THE value of mortgages on Irish property have fallen for the first time on a year-on-year basis, figures released by the Central Banks show. (Thu, 31 Dec 2009 01:29:02 GMT)

Rates prompt borrowers to refinance
RISING interest rates in 2010 are likely to force some borrowers to refinance, non-bank lender Resi Mortgage Corporation says. (Thu, 31 Dec 2009 02:35:09 GMT)

Mortgage giants proving too big to shrink
This insurance policy taken out by the Treasury Depart-ment will help keep mortgage rates low, and may wind up being a gift of sorts to struggling homeowners and banks. But there’s a catch: the housing crisis is now likely to cost taxpayers much more. (Thu, 31 Dec 2009 04:40:34 GMT)

In 2009, many still didn't pay mortgage
In February of this year, the state unveiled an online tool kit to help homeowners in mortgage trouble. In March, foreclosures soared 17 percent from a year earlier. (Thu, 31 Dec 2009 05:09:35 GMT)

Mortgage Bond Rally May End, Rates Rise as Fed Stops Purchases
Dec. 31 (Bloomberg) -- Mortgage bonds are poised to slump after a record rally as the Federal Reserve’s unprecedented buying of $1.25 trillion of the securities ends as soon as March, driving up interest rates on new home loans. (Thu, 31 Dec 2009 07:41:19 GMT)

Mortgage giants will need billions
WASHINGTON - The government's Christmas Eve pledge of unlimited financial aid to mortgage giants Fannie Mae and Freddie Mac is aimed at making sure the housing market doesn't take another turn for the worse and cause the economic recovery to unravel. (Thu, 31 Dec 2009 09:56:01 GMT)

Rise in mortgage availability
Mortgage availability increased during the final quarter of the year driven by the improved economic outlook and house price rises, the Bank of England has said. (Thu, 31 Dec 2009 10:41:51 GMT)

National home equity loan rates
Here are the average home equity rates from Bankrate's weekly survey of large banks and thrifts. (Thu, 31 Dec 2009 11:00:00 GMT)

Refinance closing cost options
Homeowners planning to refinance have three main options for paying closing costs. (Thu, 31 Dec 2009 11:00:00 GMT)

Mortgage rates up for 5th week
Although rates continue to rise, the 30-year fixed average for 2009 was the lowest in history. (Thu, 31 Dec 2009 11:00:00 GMT)

Mortgage Rate Trend Index
Each week, Bankrate.com surveys experts to gauge which way interest rates are headed on mortgages. (Thu, 31 Dec 2009 11:00:00 GMT)

Mortgage rates up for 5th week
It was the best of years, it was the worst of years. The year 2009 will be remembered for having the lowest mortgage rates in generations, even as the government worked like the dickens to keep homeowners out of foreclosure. (Thu, 31 Dec 2009 11:42:00 GMT)

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