Mortgage News Jan 2010
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Refinance an uphill fight after job loss
A couple is unlikely to qualify for a refinance, which may not be a good option for them anyway. (Thu, 21 Jan 2010 11:00:00 GMT)
7 things to know about an FHA loan
An FHA loan may be the ticket for you. These tips will help you take advantage of one. (Thu, 21 Jan 2010 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, 21 Jan 2010 11:00:00 GMT)
'Surprisingly Strong' Mortgage Approval Rate
The final month of the stamp duty holiday is thought to be behind a 'surprise' 14% jump in mortgage approvals during December. (Thu, 21 Jan 2010 11:00:29 GMT)
Dec yy gross mortgage lending up for first time in 2-yrs
Gross mortgage lending rose 3 percent on the year in December to 13.7 billion pounds, the first annual rise since October 2007, the Council of Mortgage Lenders said on Thursday. (Thu, 21 Jan 2010 11:03:00 GMT)
Mortgage rates move lower for 3rd week
Mortgage rates fell slightly for the third week in a row. The benchmark 30-year fixed-rate mortgage fell 8 basis points this week, to 5.15 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. (Thu, 21 Jan 2010 11:42:00 GMT)
Refinance an uphill fight after job loss
Dear Dr. Don, We have a second mortgage on our home that we refinanced from a 10-year to a 15-year fixed-rate loan. My husband recently lost his job and now wants to refinance the second mortgage with a 20-year loan. I would rather find a part-time job and try to make up the difference. (Thu, 21 Jan 2010 11:42:10 GMT)
Mortgage lending jumps ahead of stamp duty holiday ending
Mortgage lending climbed higher than expected last month as buyers rushed to purchase a property before the end of the stamp duty holiday. (Thu, 21 Jan 2010 11:56:22 GMT)
Osborne to repay mortgage expenses
Shadow Chancellor George Osborne has been told to repay some of the expenses claimed on the mortgage for his second home. (Thu, 21 Jan 2010 12:24:53 GMT)
Bankrate: Mortgage Rates Down for a Third Straight Week
The average conforming 30-year fixed mortgage fell again this week, to 5.15 percent according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.45 discount and origination points. (Thu, 21 Jan 2010 12:30:00 GMT)
Shadow Chancellor George Osborne told pay back mortgage overclaim
George Osborne was today ordered to repay £1,666 after a House of Commons watchdog ruled he had committed an "unintended and relatively minor" breach of expenses rules over claims for the mortgage on his second home. (Thu, 21 Jan 2010 12:36:15 GMT)
'Surprisingly Strong' Mortgage Approval Rate
New figures show a total of £13.7bn was advanced during the month, up from £12.1bn in November. The Council of Mortgage Lenders (CML) said the figure was "surprisingly strong" for December, when le... (Thu, 21 Jan 2010 12:53:48 GMT)
Skipton raises mortgage costs
Skipton has broken its mortgage promise under an 'exceptional circumstances' clause. Photograph: Murdo Macleod Skipton building society has written to thousands of borrowers telling them it is dropp... (Thu, 21 Jan 2010 12:54:28 GMT)
Mortgage Rates Fall For Third Week: Bankrate
Mortgage Rates Fall For Third Week: Bankrate (Thu, 21 Jan 2010 13:23:41 GMT)
Freddie Mac: Benchmark Mortgage Rate Dips Below 5%
Freddie Mac: Benchmark Mortgage Rate Dips Below 5% (Thu, 21 Jan 2010 15:38:51 GMT)
Mortgage Rates Fall This Week; 30-Year Fixed at 4.99% -Freddie
Mortgage rates fell this week, with the third-straight decline pushing the average for 30-year fixed loans back below 5%, according to Freddie Mac's (FRE) weekly survey of mortgage rates. (Thu, 21 Jan 2010 15:49:19 GMT)
Mortgage rates drop for 3rd week
WASHINGTON, Jan. 21 (UPI) -- Interest rates for 30-year fixed-rate mortgage loans fell for the third consecutive week, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 21 Jan 2010 16:04:25 GMT)
Mortgage Rates on 30-Year U.S. Loans Fall to 4.99% (Update2)
Jan. 21 (Bloomberg) -- Mortgage rates in the U.S. dropped for a third week, lowering borrowing costs for consumers and supporting government efforts to boost the housing market. (Thu, 21 Jan 2010 16:37:42 GMT)
Federal Home Loan Bank of Atlanta Awards $40 Million for Affordable Housing Development
Federal Home Loan Bank of Atlanta announced today that it will award $40 million to fund 78 affordable housing projects in 10 states as part of its 2009 Affordable Housing Program offering. Â (Thu, 21 Jan 2010 16:48:00 GMT)
Rates on 30-year home loans fall to 4.99 pct
Rates for 30-year home loans fell to a shade below 5 percent this week but remained above last month's record lows. (Thu, 21 Jan 2010 17:00:48 GMT)
Home repair resources underutilized
WAVERLY — The Village of Waverly has been offering a low-interest loan to low-to-moderate-income property owners needing to make necessary home repairs for the later half of this decade. However, few homeowners have yet to take advantage of this Community Development Block Grant program. (Thu, 21 Jan 2010 17:05:49 GMT)
Osborne to repay mortgage expenses
Shadow chancellor George Osborne has been ordered to repay £1,666 after a House of Commons watchdog found that he had breached expenses rules over claims for the mortgage on his second home. (Thu, 21 Jan 2010 18:19:57 GMT)
Council OKs home loan perk for city workers
Mountain View's city employees will now be eligible for low interest home loans worth up to $100,000 thanks to a late Christmas present from the City Council approved Tuesday. by Daniel DeBolt (Thu, 21 Jan 2010 18:29:16 GMT)
Mortgage rates drop
The 30-year fixed-rate mortgage averaged 4.99 percent for the week ending Jan. 21, down from last week when it... (Thu, 21 Jan 2010 18:59:28 GMT)
New Residential Loan Database Launched
NEW YORK -(Dow Jones)- A new residential loan-level database was launched on Thursday, offering 21 million home loans and 7,200 nonagency residential mortgage bonds. (Thu, 21 Jan 2010 20:18:37 GMT)
New Residential Loan Database Launched
New Residential Loan Database Launched (Thu, 21 Jan 2010 21:23:51 GMT)
Columbus Accountant and Realtor Plead Guilty to Mortgage Fraud & Obstruction of Justice Conspiracies
WASHINGTON, Jan. 21 /PRNewswire-USNewswire/ -- Dennis G. Sartain of Hilliard, Ohio; and Bonnie Helt, of Columbus, Ohio, pleaded guilty today to conspiring to commit mortgage fraud, money laundering and obstruction of justice, the Justice Department and Internal Revenue Service (IRS) announced. Sartain, the accountant for co-defendant Thomas Parenteau, pleaded guilty to one count of conspiring to ... (Thu, 21 Jan 2010 21:29:00 GMT)
Mortgage rates under 5 percent
WASHINGTON — Rates for 30-year home loans fell to a shade below 5 percent this week but remained above last month's record lows.The average rate on a 30-year fixed mortgage was 4. (Thu, 21 Jan 2010 22:57:20 GMT)
A New Take on Refinancing
A Web site, which made its debut this month, aims to simplify the process for those looking to refinance their mortgages, by connecting a borrower with just one lender. (Thu, 21 Jan 2010 23:37:23 GMT)
Rush to beat the end of stamp duty holiday boosts mortgage lending
THE UK housing market showed signs of recovery in December after mortgage lending jumped by 14 per cent as buyers rushed to buy houses before the government's stamp duty h (Fri, 22 Jan 2010 00:06:32 GMT)
Osborne guilty of overclaiming mortgage
George Osborne is to repay £1,666 to the Commons authorities after being found guilty of overclaiming for his mortgage under the MPs' expenses system. (Fri, 22 Jan 2010 01:04:12 GMT)
AMP Increases Sale of Mortgage Bonds to A$1 Billion (Update2)
Jan. 22 (Bloomberg) -- AMP Ltd. , Australia’s second-biggest asset manager, almost doubled its residential mortgage-backed securities sale to A$1 billion ($902 million) in the nation’s first sale of the bonds this year. (Fri, 22 Jan 2010 05:09:09 GMT)
Energy Department Finalizes $465M Loan To Tesla Motors
SAN CARLOS, Calif. -- The U.S. Department of Energy Thursday finalized a $465 million loan to electric car manufacturer Tesla Motors Inc. for the construction of two manufacturing facilities expected to generate an estimated 1,600 jobs. (Fri, 22 Jan 2010 05:10:50 GMT)
Realty Q&A: Loan modification? Good luck with that
MarketWatch's Lew Sichelman usually responds to reader questions, but this week, we print a letter from one homeowner, J.N., detailing his attempt to get a loan modification from his mortgage lender. J.N. describes it as "loan-modification hell." (Fri, 22 Jan 2010 05:31:00 GMT)
AMP Increases Sale of Mortgage Bonds to A$1 Billion (Update2)
Jan. 22 (Bloomberg) -- AMP Ltd. , Australia’s second-biggest asset manager, almost doubled its residential mortgage-backed securities sale to A$1 billion ($902 million) in the nation’s first sale of the bonds this year. (Fri, 22 Jan 2010 06:00:00 GMT)
30-year mortgage interest rates slide back below 5%
Following bond yields, the weekly decrease is the third in a row. Freddie Mac's widely watched survey of the mortgage market provided homeowners and would-be home buyers with another round of good news Thursday: A third straight week of falling interest rates has taken the average rate on 30-year fixed-rate home loans below 5% again. (Fri, 22 Jan 2010 07:03:22 GMT)
Mortgage lenders cuts rates post Skipton shock
Two big High Street lenders last night reduced their mortgage rates, offering possible alternatives to hard-pressed Skipton Building Society customers still reeling from news of a big increase in their mortgage payments. (Fri, 22 Jan 2010 07:44:35 GMT)
Stockdale joins Plymouth on loan
Plymouth Argyle bring in goalkeeper Fulham goalkeeper David on a month-long loan. (Fri, 22 Jan 2010 10:08:33 GMT)
Struck off for mortgage fraud
A solicitor who has disappeared with the £1.7 million proceeds of a bogus mortgage scam was thrown out of the profession last week. When the building society handed over the cash the lawyer and the people who were apparently going to buy the property simply vanished. (Fri, 22 Jan 2010 10:41:46 GMT)
Which mortgage payment plan is best?
An apples-to-apples comparison reveals the best mortgage payment plan option for one homeowner. (Fri, 22 Jan 2010 11:00:00 GMT)
Benchmark mortgage rate dips below 5 percent
The nation's benchmark mortgage rate is back below 5 percent — barely. (Fri, 22 Jan 2010 11:03:46 GMT)
Low Mortgage Rates Fuel Demand For Homes
Despite the bad job market, demand for U.S. home loans rose last week for the third straight week. An industry group says home ownership is being helped by low mortgage rates, which fell again to a one-month low. They're below 5 percent in some areas for 30 year fixed rate loans. (Fri, 22 Jan 2010 11:04:29 GMT)
Nonprofit firm battles mortgage fraud
Denied refinancing from their bank and running out of money, a localcouple was desperate to lower their mortgage payments. Concerned about providing for their four children and keeping their house, Kevin and Heather Funk turned to a mortgage broker for help. Unfortunately, the mortgage broker almost succeeded in evicting them from the house Kevin grew up in. (Fri, 22 Jan 2010 11:15:10 GMT)
Terrier Joe joins Town in loan deal
Paul Simpson has landed his first signing of the January transfer window - bringing Huddersfield left-back Joe Skarz in on loan. (Fri, 22 Jan 2010 11:59:38 GMT)
Mortgage Times' reps slam directors over new venture
Former appointed representatives of Mortgage Times have hit out at company directors Chris May and Paul Carmody for setting up a new financial planning venture on the same premises as the defunct network. (Fri, 22 Jan 2010 12:29:12 GMT)
Burlco sets stimulus loan rules
Burlington County officials have set requirements for businesses that may want to use millions of dollars in federal stimulus loan money intended for economic recovery in the county. (Fri, 22 Jan 2010 12:47:47 GMT)
Home repair resources underutilized
WAVERLY — The Village of Waverly has been offering a low-interest loan to low-to-moderate-income property owners needing to make necessary home repairs for the later half of this decade. However, few homeowners have yet to take advantage of this Community Development Block Grant program. (Fri, 22 Jan 2010 13:35:49 GMT)
Gazprombank Mortgage Bond Swap ‘Doesn’t Make Sense’ (Update1)
Jan. 22 (Bloomberg) -- OAO Gazprombank is proposing to convert 91.8 million euros ($129 million) of mortgage-backed securities at a below-market exchange rate in a deal London- based brokerage Brains Inc. says would mean losses for senior creditors. (Fri, 22 Jan 2010 15:13:19 GMT)
Federal Home Loan Bank of New York Declares a Fourth Quarter Dividend of 5.60%
The Federal Home Loan Bank of New York announced today that our Board of Directors approved a dividend rate for the fourth quarter of 2009 of 5.60% . Â The Home Loan Bank's dividend rate for the first, second and third quarters was 5.60 percent. Â The dollar amount of the fourth quarter dividend will be approximately $74 million. Â The dividend will be distributed to member financial ... (Fri, 22 Jan 2010 16:17:00 GMT)
Wigan flop De Ridder seals move 'home' with loan move to Hapoel
Wigan winger Daniel de Ridder has completed a loan move to Hapoel Tel Aviv until the end of the season after failing to break into the Latics squad under boss Roberto Martinez. (Fri, 22 Jan 2010 18:10:19 GMT)
Government Site Helps With Mortgage Modifications
A new Web site by the government offers people help in modifying existing mortgages to make them more affordable and help people stay in their homes. (Fri, 22 Jan 2010 19:10:01 GMT)
Burlco sets stimulus loan rules
Burlington County officials have set requirements for businesses that may want to use millions of dollars in federal stimulus loan money intended for economic recovery in the county. (Fri, 22 Jan 2010 20:08:09 GMT)
Get help - before you fall behind on your FHA mortgage
Struggling to pay your FHA mortgage? Now you no longer have to be late with your payments to get help. (Fri, 22 Jan 2010 20:12:12 GMT)
AMP sells $1billion mortgage bonds
AMP, Australia's second-biggest asset manager, almost doubled its residential mortgage-backed securities to $1 billion in the nation's first sale of the bonds this year. (Fri, 22 Jan 2010 20:50:20 GMT)
Council: Santa Paula Art Museum withdraws request for RDA loan
A representative of the Santa Paula Art Museum told the City Council they were pulling their request for a $50,000 loan to complete the home for the famous art collection. (Fri, 22 Jan 2010 21:36:52 GMT)
Rep. Barney Frank calls for replacement of mortgage finance giants Fannie Mae, Freddie Mac
WASHINGTON - A top lawmaker on Capitol Hill is calling for the elimination of mortgage finance companies Fannie Mae and Freddie Mac and the establishment of a new system to provide money for U.S. home loans. (Fri, 22 Jan 2010 21:46:36 GMT)
Rep. Barney Frank calls for replacement of mortgage finance giants Fannie Mae, Freddie Mac
WASHINGTON - A top lawmaker on Capitol Hill is calling for the elimination of mortgage finance companies Fannie Mae and Freddie Mac and the establishment of a new system to provide money for U.S. hom... (Fri, 22 Jan 2010 22:44:38 GMT)
Mortgage fraud gets Orlando man 22 years in prison
Convicted once before in New York of mortgage fraud, Garry Martin moved to Orlando to bilk homeowners and banks out of more than $5 million in recent years, according to the U.S. Attorney's Office. On Friday, U.S. District Judge Anne C. Conway sent Martin, 36, to federal prison until 2032 and ordered the real estate broker to pay more than $1 million to his victims, U.S. Attorney's spokesman ... (Fri, 22 Jan 2010 23:42:17 GMT)
Mortgage-Bond Leverage Reaches 10-to-1, Markets Heal (Update1)
Wall Street firms are loosening terms of their lending to mortgage-bond investors as markets heal, an RBS Securities Inc. executive said. (Fri, 22 Jan 2010 23:49:08 GMT)
Home repair resources underutilized
WAVERLY — The Village of Waverly has been offering a low-interest loan to low-to-moderate-income property owners needing to make necessary home repairs for the later half of this decade. However, few homeowners have yet to take advantage of this Community Development Block Grant program. (Sat, 23 Jan 2010 01:50:13 GMT)
Goldman Sachs Under Investigation For Its Role In Subprime Mortgage Meltdown
WASHINGTON -- One of Congress' premier watchdog panels is investigating Goldman Sachs' role in the subprime mortgage meltdown, including how the firm sold securities backed by risky home loans while it simultaneously bet that those bonds would lose value, people familiar with the inquiry said Friday. (Sat, 23 Jan 2010 03:06:11 GMT)
Mountain View approves $100,000 home loans for city employees
A program that offers $100,000 loans to help Mountain View employees buy a home in the city will begin next month. (Sat, 23 Jan 2010 04:06:44 GMT)
Tighter FHA loan rules won't stall Sacramento home sales, experts say
Qualifying for federally backed mortgages is about to get harder, but a Sacramento market dependent on the loans won't stall as a result, housing industry officials say. (Sat, 23 Jan 2010 04:21:11 GMT)
Mortgage help programs available for FHA borrowers
The FHA on Friday informed the lending industry that starting immediately they can use the agency's mortgage modification and forbearance programs to assist FHA borrowers facing hardship before they miss a mortgage payment. (Sat, 23 Jan 2010 04:46:40 GMT)
Mortgage rates slip for 3rd week; 30-year loans below 5%
Rates for 30-year home loans fell below 5 percent this week but remained above last month's record lows. (Sat, 23 Jan 2010 05:00:00 GMT)
Unemployed and pondering refinancing? Please think again.
Q: I'd like to refinance my mortgage while interest rates are at a historic low. I have an adjustable-rate mortgage for about $85,000. The interest rate on that loan is 4.125 percent, and the loan is scheduled to adjust in June. (Sat, 23 Jan 2010 05:00:00 GMT)
Disbarred Attorney, Business Partners Charged in Loan Modification Scam
A disbarred California lawyer has been arrested on charges of defrauding more than 400 victims in a $1.25 million loan modification scam targeting struggling homeowners. According to prosecutors, Christopher Lee Diener, along with two business partners, defrauded homeowners by promising loan modification services in exchange for advance payments. Diener lost his law license in October after the ... (Sat, 23 Jan 2010 05:02:41 GMT)
FHA to raise standards for mortgage insurance
CHICAGO — The Federal Housing Administration announced changes this past week that will make it more expensive for homebuyers to secure agency-backed mortgages while some consumers will be priced out of the housing market. (Sat, 23 Jan 2010 06:11:07 GMT)
In the Pews: Methodist church burns mortgage
The United Methodist Church of the Covenant celebrated being debt-free with a dedication and mortgage-burning service on Jan. 3. (Sat, 23 Jan 2010 08:23:43 GMT)
Stamford Accountant Found Guilty In Mortgage Fraud Case
A Stamford accountant has been found guilty of federal fraud charges for overstating the employment history of mortgage applicants in what authorities say was a mortgage fraud conspiracy based in lower Fairfield County. (Sat, 23 Jan 2010 08:32:05 GMT)
FHA tightens home loan requirements
Tighter lending requirements for loans insured by the Federal Housing Administration might leave some borrowers unable to get mortgages, but economists are divided on the impact they could have on housing's recovery. (Sat, 23 Jan 2010 09:51:37 GMT)
Lloyds Plans First Mortgage Bonds in Europe This Year (Update2)
Jan. 22 (Bloomberg) -- Lloyds Banking Group Plc, the U.K.’s biggest provider of home loans, said it plans to sell mortgage- backed securities in dollars, pounds and euros, in the first deal of its kind in Europe this year. (Sat, 23 Jan 2010 10:24:31 GMT)
New plans protect mortgage against unemployment
Job-loss mortgage insurance is available not only from traditional insurers but from new-home builders, banks and other lenders, real estate agents, realty groups, and state and local housing agencies. (Sat, 23 Jan 2010 10:34:10 GMT)
Which mortgage payment plan is best?
Dear Dr. Don, My name is Juan and I just purchased a new home and would like your advice on what the fastest method is to pay off the mortgage. The loan is a 30-year fixed-rate mortgage at 5 percent. The loan amount is $339,700. (Sat, 23 Jan 2010 11:42:00 GMT)
Legislature considers new mortgage rules
Legislature considers new mortgage rules (Sat, 23 Jan 2010 13:21:31 GMT)
Fort Myers mortgage broker pleads guilty to fraud charge
A Fort Myers mortgage broker who was indicted last year on a charge of loan and credit application fraud pleaded guilty to the charge Friday. (Sat, 23 Jan 2010 14:25:11 GMT)
FHA tightens home loan requirements
Tighter lending requirements for loans insured by the Federal Housing Administration might leave some borrowers unable to get mortgages, but economists are divided on the impact they could have on housing's recovery. (Sat, 23 Jan 2010 14:39:01 GMT)
Home repair resources underutilized
WAVERLY — The Village of Waverly has been offering a low-interest loan to low-to-moderate-income property owners needing to make necessary home repairs for the later half of this decade. However, few homeowners have yet to take advantage of this Community Development Block Grant program. (Sat, 23 Jan 2010 16:49:48 GMT)
United Methodist Church of the Covenant burns mortgage
The United Methodist Church of the Covenant celebrated being debt-free with a dedication and mortgage-burning service on Jan. 3. (Sat, 23 Jan 2010 18:23:28 GMT)
Stamford accountant admits role in mortgage fraud
A Stamford accountant accused of profiting off the misery that's playing out in state courtrooms overrun by foreclosure cases, has pleaded guilty to involvement in an alleged mortgage fraud ring. (Sat, 23 Jan 2010 20:50:53 GMT)
FHA tightens home loan requirements
Tighter lending requirements for loans insured by the Federal Housing Administration might leave some borrowers unable to get mortgages, but economists are divided on the impact they could have on housing's recovery. (Sat, 23 Jan 2010 23:55:35 GMT)
Skipton's U-turn signals mortgage rates are on the rise
HOMEBUYERS will this weekend be reeling at the clearest signal yet that mortgage costs are set to rise, after the Skipton reneged on its home loan guarantee, pushing monthly (Sun, 24 Jan 2010 00:07:31 GMT)
Housing program will offer 25 percent mortgage downpayment subsidy
MASON CITY — A new home production program could offer 25 percent mortgage downpayment subsidies to new construction and relocations due to the 2008 flood. (Sun, 24 Jan 2010 00:18:56 GMT)
Seven sentenced in $5M mortgage fraud scheme
The individuals participated in a mortgage fraud scheme headed by Kelly Fields, a mortgage broker, and Robert Danenberg, an attorney who specialized in closing real estate transactions, according to acting U.S. Attorney Robert S. Cessar. In total, the scheme involved approximately 75 fraudulent loans totaling more than $5 million. (Sun, 24 Jan 2010 01:38:35 GMT)
DPS says Lindon dad stole son's ID and bought a home
LINDON, Utah (ABC 4 News)- The Utah Department of Public Safety says a Lindon man used his dead son’s ID to buy a home. (Sun, 24 Jan 2010 05:10:54 GMT)
Hurricanes create new mortgage crisis
Kathrine Schmidt Staff Writer HOUMA — After Hurricane Katrina, Bernadette Guidry accepted her mortgage company’s offer to delay monthly payments until repairs were made to her Houma home. Her credit was good. She’d never missed a mortgage payment. (Sun, 24 Jan 2010 06:11:29 GMT)
Housing program will offer 25 percent mortgage downpayment subsidy
MASON CITY — A new home production program could offer 25 percent mortgage downpayment subsidies to new construction and relocations due to the 2008 flood. (Sun, 24 Jan 2010 06:36:46 GMT)
Mortgage rates dip below 5%
Rates for 30-year home loans fell to a shade less than 5 percent last week but remained higher than last month's record lows. The average rate on a 30-year fixed mortgage was 4.99 percent, down from 5.06 percent a week earlier, mortgage company Freddie Mac said Thursday. (Sun, 24 Jan 2010 08:15:06 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, 24 Jan 2010 09:10:08 GMT)
Saudi Mortgage Law to Pass in Next Few Months, Al-Jasser Says
Jan. 24 (Bloomberg) -- Saudi Arabian central bank Governor Muhammad al-Jasser said the kingdom will issue its first mortgage law in the next few months, boosting the real-estate industry and allowing banks to diversify their balance sheets. (Sun, 24 Jan 2010 09:21:03 GMT)
In This Corner: Shop around for best loan rates, terms, fees before purchasing a home
It is an incredible time to be a home buyer. According to RealtyTrac, the estimated median home value in Pennsylvania is $161,701, compared to $195,940 two years ago. Historically low interest rates, home prices that are at 10-year lows and home buyer ta (Sun, 24 Jan 2010 09:23:53 GMT)
Good time to buy, bad time to qualify: getting a post-bubble mortgage
Interest rates low, home prices down, a flooded housing market and large tax incentives. Considered together, this seems like an ideal time to buy a home or to refinance. Home-buying experts say if someone can refinance or buy a home they probably shoul (Sun, 24 Jan 2010 09:24:23 GMT)
Saudi Arabia to introduce mortgage law soon
Saudi Arabia to introduce mortgage law soon (Sun, 24 Jan 2010 11:33:37 GMT)
Home purchases may be more difficult under new Federal Housing Administration requirements
First-time homebuyers in the New Orleans area may soon find it more difficult to purchase a home after the U.S. Department of Housing and Urban Development announced changes last week to shore up a key loan guarantee program. On... (Sun, 24 Jan 2010 11:50:01 GMT)
Can we deduct points paid on mortgage?
I decided to take advantage of lower interest rates, and I refinanced my home on a 15-year fixed rate mortgage. I had to pay points totaling $3,600 to get the lower rate. Is that tax-deductible? Do I qualify for the home purchase credit? (Sun, 24 Jan 2010 12:04:25 GMT)
Stamford accountant admits role in mortgage fraud
A Stamford accountant accused of profiting off the misery that's playing out in state courtrooms overrun by foreclosure cases has pleaded guilty to involvement in an alleged mortgage fraud ring. (Sun, 24 Jan 2010 12:34:23 GMT)
Former NH prosecutor sentenced for mortgage fraud
Associated Press - January 24, 2010 10:45 AM ET CONCORD, N.H. (AP) - A former New Hampshire prosecutor has been sentenced to three years probation for her role in a mortgage fraud... (Sun, 24 Jan 2010 15:51:04 GMT)
Former NH prosecutor sentenced for mortgage fraud
A former New Hampshire prosecutor has been sentenced to three years probation for her role in a mortgage fraud scheme. (Sun, 24 Jan 2010 15:53:36 GMT)
Home loan affordability gets worse
The affordability of home loans has reached its worst point in more than a year with affordability in Wellington sinking the most, a report says. (Sun, 24 Jan 2010 18:27:06 GMT)
Robinho reveals Santos loan move
Brazilian winger Robinho revealed on Sunday English Premiership side Manchester City are ready to agree to a loan move to Santos, where he began his career in his homeland. (Sun, 24 Jan 2010 18:55:01 GMT)
Legislature considers tighter mortgage rules
ATLANTA (AP) — Georgia lawmakers could soon debate new rules that would require mortgage bankers and brokers to evaluate whether a loan is likely to get repaid and whether it’s a reasonable deal fo... (Sun, 24 Jan 2010 19:41:05 GMT)
Legislature Considers Tighter Mortgage Rules
ATLANTA (AP) - Georgia lawmakers could soon debate new rules that would require mortgage bankers and brokers to evaluate whether a loan is likely to get repaid and whether it's a reasonable deal for the borrower. (Sun, 24 Jan 2010 20:37:09 GMT)
Manchester City set to let Robinho go out on loan to Brazilian club Santos
Manchester City are preparing to sanction the departure of Robinho on loan, 16 months after his arrival in a British-record £34.2 million move that was designed to herald their emergence as a football superpower. (Sun, 24 Jan 2010 22:48:38 GMT)
New boys have Glory aiming for home final
Perth Glory defender Chris Coyne believes recent success and the addition of new signings Daniel McBreen and Steven McGarry can spur on the team to claim fourth spot on the A-League table and set up a home final. (Sun, 24 Jan 2010 23:16:16 GMT)
Virginia Ironside’s Dilemmas: I've been asked by one of my colleagues at work for a loan of £500
Dear Virginia, I've been asked by one of my colleagues at work for a loan of £500. I earn considerably more than he does, by the way. He has said that it's just to "tide him over" for a couple of months and I have no doubt I'll get it back. However, I've had several bad experiences, and have resolved never to lend money to anyone again. Yet I'm still finding it hard to say "no" to him, as he's a ... (Mon, 25 Jan 2010 00:19:55 GMT)
Skipton raises mortgage costs
Skipton building society blames high cost of mortgage and increased competition in the savings market for decison to drop mortgage promise Skipton building society has written to thousands of borrowers telling them it is dropping its promise to keep its main mortgage rate within 3% of the Bank of England base rate. The society said it would be increasing its standard variable rate (SVR) from 3.5 ... (Mon, 25 Jan 2010 00:29:27 GMT)
What advice would you give people trying to buy their first home?
The dream of home ownership is once again fading for many young Kiwis. (Mon, 25 Jan 2010 01:56:19 GMT)
Beijing banks raise mortgage rates -report
BEIJING, Jan 25 (Reuters) - Some banks in Beijing have raised mortgage rates on first homes to 85 percent of the benchmark lending rate from 70 percent, the official China Securities Journal reported on Monday. (Mon, 25 Jan 2010 03:27:37 GMT)
(AFX UK Focus) 2010-01-25 03:42 Beijing banks raise mortgage rates -report
BEIJING, Jan 25 (Reuters) - Some banks in Beijing have raised mortgage rates on first homes to 85 percent of the benchmark lending rate from 70 percent, the official China Securities Journal reported on Monday. The story cited an unnamed banker at a state-owned lender and also said some banks have lifted second-home mortgage rates to the benchmark level. China had used discounted mortgage rates ... (Mon, 25 Jan 2010 04:12:50 GMT)
AMP’s Brunton Buys Australian Mortgage Bonds as Property Gains
Jan. 25 (Bloomberg) -- Investors should buy Australian mortgage-backed notes that are still paying junk bond yields as rising property prices and low defaults cut risk, according to Jeff Brunton , head of credit markets at AMP Capital Investors. (Mon, 25 Jan 2010 04:46:24 GMT)
Low rates nearing extinction?
There are signs that the low mortgage rates that have lasted longer than anything seen in recent history will rise in the near future. You may wonder what the potential cost from increased rates might be and why rates may increase soon. (Mon, 25 Jan 2010 04:53:48 GMT)
Stakes are high as government plans exit from mortgage markets
For more than a year, the government pulled out the stops to revive home buying by driving down mortgage rates. (Mon, 25 Jan 2010 05:00:00 GMT)
Georgia Legislature considers tighter mortgage rules
ATLANTA (AP) - Georgia lawmakers could soon debate new rules that would require mortgage bankers and brokers to evaluate whether a loan is likely to get repaid and whether it's a reasonable deal for the borrower. (Mon, 25 Jan 2010 05:13:46 GMT)
AMP’s Brunton Buys Australian Mortgage Bonds as Property Gains
Jan. 25 (Bloomberg) -- Investors should buy Australian mortgage-backed notes that are still paying junk bond yields as rising property prices and low defaults cut risk, according to Jeff Brunton , head of credit markets at AMP Capital Investors. (Mon, 25 Jan 2010 05:26:18 GMT)
Thousands of homeowners set for big mortgage refunds
The City watchdog recently levied a record charge of £10.5 million on mortgage lender GMAC-RFC after finding the company guilty of unfair treatment of customers in arrears or threatened with repossession. (Mon, 25 Jan 2010 08:05:40 GMT)
Ilan Awerbuch remains VP at Unitrust Mortgage
Ilan Awerbuch remains a vice president and principal at Unitrust Mortgage in San Diego. It was incorrectly reported last month that he had accepted a position at a competing mortgage company. (Mon, 25 Jan 2010 08:13:55 GMT)
Legislature Considers Tighter Mortgage Rules
Georgia lawmakers could soon debate new rules that would require mortgage bankers and brokers to evaluate whether a loan is likely to get repaid and whether it's a reasonable deal for the borrower. (Mon, 25 Jan 2010 10:09:26 GMT)
Local home starts way down
Curt Graves, Crown Point's director of community development, didn't bat an eye at this month's national analysis showing construction employment at a six-year low. "The numbers are simply going back to where they were before banks started issuing loans to anybody who wanted one," Graves said. "I don't think you're ever going to go back to those 300 homes a year," Graves said. Tightening of loan ... (Mon, 25 Jan 2010 10:59:42 GMT)
Loan co-signer must have good credit
Lenders typically expect a loan co-signer to have a good credit score and a solid income. (Mon, 25 Jan 2010 11:00:00 GMT)
Custom Modular Home Buyers Benefit From Home Buyer Tax Credit
TANEYTOWN, MD--(Marketwire - January 25, 2010) - With the recent extension of the home buyer tax credit, qualified buyers are experiencing huge advantages by purchasing a custom modular home from Custom Modular Direct. Their new modular homes not only cost them less in their monthly payments, but they can save on their electric, heating and cooling bills through a plant certified Energy Star ... (Mon, 25 Jan 2010 11:01:38 GMT)
FHA loan costs to increase
It will cost more money to get an FHA loan in 2010. The Federal Housing Administration will raise prices. The increase will amount to an extra $500 for every $100,000 borrowed. It's bad news for the 30 percent of borrowers who get FHA-insured mortgages. (Mon, 25 Jan 2010 11:42:00 GMT)
Loan co-signer must have good credit
Dear Dr. Don, Can anyone be a loan co-signer? Do they have to be a certain age? Do they have to have a full-time job? When can people get a loan on their own without a co-signer? (Mon, 25 Jan 2010 11:43:00 GMT)
Mortgage markets set to lose federal aid
Federal support for mortgage rates, designed to revive home buying, is set to end in two months, whether the market is ready or not. (Mon, 25 Jan 2010 12:21:15 GMT)
Home repair resources underutilized
WAVERLY — The Village of Waverly has been offering a low-interest loan to low-to-moderate-income property owners needing to make necessary home repairs for the later half of this decade. However, few homeowners have yet to take advantage of this Community Development Block Grant program. (Mon, 25 Jan 2010 14:19:18 GMT)
Office of Consumer Affairs Launches Mortgage Lender Information Site
The Nationwide Mortgage Licensing System & Registry, a mortgage licensing system operated by state financial regulators including the state Division of Banks, is launching "NMLS Consumer Access." (Mon, 25 Jan 2010 16:11:25 GMT)
USDA triples direct loan funds available for low income families buying homes
The local USDA Rural Development office is looking for very low and low-income families to qualify for a home loan. (Mon, 25 Jan 2010 16:13:44 GMT)
USDA triples direct loan funds available for low income families buying homes
The local USDA Rural Development office is looking for very low and low-income families to qualify for a home loan. (Mon, 25 Jan 2010 16:30:14 GMT)
Home Sales Rose in '09 as Prices Plunged 12 Pct.
Home sales rose in '09 for first time in 4 years, boosted by government spending, low prices Great Depression - Business - Financial services - Accounting - Tax Negotiation and Representation (Mon, 25 Jan 2010 17:16:31 GMT)
Good credit no longer guarantees home loan: Lenders' strict terms put mortgages out of reach
Jeff Kane, a divorced father of three, had to have his parents cosign to get a mortgage as tight credit makes it tougher to buy real estate. (Mon, 25 Jan 2010 17:37:00 GMT)
Mortgage Foreclosure Clinic set for Tuesday at Clemson Community Care
Households struggling with high mortgage payments are invited to attend a free clinic at 6 p.m. Tuesday at Clemson Community Care, 105 Anderson Highway, Clemson. The clinic will provide an overview of the Making Home Affordable loan modification program which began last spring, and discuss what lenders look for in evaluating requests for reductions in loan payments. Counseling and assistance by ... (Mon, 25 Jan 2010 19:20:00 GMT)
Mortgage Refinancers May Be Overpaying for Title Insurance
Title insurance companies face lawsuits from consumers. (Mon, 25 Jan 2010 19:24:09 GMT)
Fannie Mortgage-Bond Yield Spreads Widen for Fifth Straight Day
Jan. 25 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac mortgage securities widened relative to government notes for a fifth day, reaching the highest in a month. (Mon, 25 Jan 2010 20:01:01 GMT)
Feds Plan Exit from Housing Market
Washington Post: Stakes are High as Government Winds Down Support for Mortgage Rates (Mon, 25 Jan 2010 20:41:19 GMT)
Sales Prices Inch Up For City Apartments
Residential real estate prices in Moscow are continuing their climb from lows reached last fall, according to a report released Monday, as lower mortgage rates start to lure buyers back into the market. (Mon, 25 Jan 2010 20:51:26 GMT)
GA legislature considers tougher mortgage laws
Changes to Georgia's mortgage laws could make it tougher for many to get a loan. (Mon, 25 Jan 2010 20:54:42 GMT)
Website offers info on mortgage lenders
Does your mortgage lender have a good track record? Now you have a new way to find out. (Mon, 25 Jan 2010 21:07:45 GMT)
Bet Against The Fed, Buy Mortgage REITs
Mortgage REITs offer fat yields for little more than liquidation value. A bargain or a trap? (Mon, 25 Jan 2010 21:24:19 GMT)
Home repair resources underutilized
WAVERLY — The Village of Waverly has been offering a low-interest loan to low-to-moderate-income property owners needing to make necessary home repairs for the later half of this decade. However, few homeowners have yet to take advantage of this Community Development Block Grant program. (Mon, 25 Jan 2010 22:19:18 GMT)
Fannie Mortgage-Bond Yield Spreads Widen for Fifth Straight Day
Jan. 25 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac mortgage securities widened relative to government notes for a fifth day, reaching the highest in a month. (Mon, 25 Jan 2010 22:22:53 GMT)
14th plea deal in mortgage fraud case
The 14th person has agreed to plead guilty in the “Waxhouse Investigation,” a federal mortgage-fraud case involving pricey new Mecklenburg and Union county subdivisions. (Mon, 25 Jan 2010 23:08:22 GMT)
Dunkelberger joins Venture Mortgage
Edina-based Venture Mortgage announced that it has hired Kip Dunkelberger as vice president of commercial loan originations. Dunkelberger joins Venture Mortgage from Minnetonka-based Welsh Capital. (Mon, 25 Jan 2010 23:12:30 GMT)
Photo Release -- $5K HELP Grant Assists San Antonio Family With New Home Purchase
SAN ANTONIO, Texas -- The Federal Home Loan Bank of Dallas and Broadway Bank awarded a $5,000 Homebuyer Equity Leverage Partnership grant to Nyomi Morin Rendon, a first-time homebuyer in San Antonio, Texas. (Mon, 25 Jan 2010 23:23:39 GMT)
Landlord faces repossession over €1.5m loan repayments
A LANDLORD’S rental income has dropped so much that he is unable to meet mortgage repayments on a €1.5 million loan, a court was told yesterday. (Tue, 26 Jan 2010 00:23:49 GMT)
Feds Plan Exit from Housing Market
For more than a year, the government pulled out the stops to revive home buying by driving down mortgage rates. Now, whether the housing market is ready or not, the government is pulling out. Th... (Tue, 26 Jan 2010 00:50:40 GMT)
Home Modification Doesn't Always Stop Foreclosure
Imagine modifying your home loan only to have your house taken from you three months later. That's the reality for one Arvada family. (Tue, 26 Jan 2010 01:34:13 GMT)
DPM wants Exim Bank to expedite loan pay-outs
PETALING JAYA, Jan 26 — The government will review the role of Exim Bank Malaysia in an effort to speed up loans for restaurant operators to expand their businesses at home and to venture abroad. Deputy Prime Minister Tan Sri Muhyiddin Yassin said this would encourage more restaurant operators to open international chain of restaurants, especially now that Malaysian food had found a following ... (Tue, 26 Jan 2010 02:24:03 GMT)
BOJ has loan plan up sleeve if recovery loses its step
Bank of Japan (BOJ) policymakers are prepared to consider expanding an emergency-loan program for banks and increasing purchases of government debt should the recovery falter, sources said. The central bank's board will leave interest rates and its lending program unchanged today, 16 of 17 economists said in a Bloomberg News survey. How it responds in coming months will depend on the extent of ... (Tue, 26 Jan 2010 02:44:45 GMT)
UAE mortgage lenders use debt collectors to pursue absconders
The UAE mortgage lenders are increasingly using the services of professional agencies in foreign countries including India and some other countries in the Middle East, to track absconding defaulters. (Tue, 26 Jan 2010 04:50:24 GMT)
Reducing payment may be difficult
Question: Our ARM is up in two years. We owe $301,000 and according to a couple of banks we have talked to, our value is coming in at about $270,000. We do not have $30,000 to add to our loan just so we can refinance. What we want is a 30-year fixed-rate loan on our home as we do not plan on moving. (Tue, 26 Jan 2010 04:54:19 GMT)
Stamford accountant admits role in mortgage fraud
A Stamford accountant accused of profiting off the misery that's playing out in state courtrooms overrun by foreclosure cases has pleaded guilty to involvement in an alleged mortgage fraud ring. (Tue, 26 Jan 2010 06:03:49 GMT)
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