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Mortgage News Jan 2010

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Mortgage insurers drop on industry data
SAN FRANCISCO (MarketWatch) -- Mortgage insurers fell Friday, led by MGIC Investment Corp., after industry data showed home loan defaults increased at the end of 2009. (Fri, 29 Jan 2010 21:45:50 GMT)

Calif. woman gets 3 years for huge mortgage fraud
A former Beverly Hills real estate appraiser has been sentenced to three years in federal prison for her role in a massive mortgage fraud. A federal judge in Los Angeles sentenced Lila Rizk on Friday and ordered her to pay part of $46 million in restitution... Los Angeles - Beverly Hills California - Real estate - United States - California (Fri, 29 Jan 2010 21:45:59 GMT)

AIG Publishes Mortgage Holdings That Fed Wanted to Keep Secret
Jan. 29 (Bloomberg) -- American International Group Inc. , the bailed-out insurer, published a list of mortgage investments that the Federal Reserve Bank of New York told lawmakers should remain secret to protect taxpayer interests. (Fri, 29 Jan 2010 21:57:10 GMT)

Federal Home Loan Bank of San Francisco Releases December 2009 Cost of Funds Index
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco announced January 29, 2010, that the 11th District Monthly Weighted Average Cost of Funds Index for December 2009 is 1.828%. (Fri, 29 Jan 2010 23:13:00 GMT)

Federal Home Loan Bank of Atlanta to Award $6.5 Million for Affordable Housing in Alabama
ATLANTA -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $6.5 million to fund 11 affordable housing developments in Alabama. The funding is part of $40 million FHLBank Atlanta will award in ten states to create or preserve 3,897 units of affordable housing. (Sat, 30 Jan 2010 01:37:40 GMT)

Home loan growth to slow -APRA
Home loan growth is likely to slow in 2010 after a surge in 2009 led by first-home buyers. (Sat, 30 Jan 2010 03:25:40 GMT)

ALL BUSINESS: Double standard in mortgage walkaway
Tishman Speyer Properties walks away from 11,232 Manhattan apartments because it can't pay its mortgage. That's good business. (Sat, 30 Jan 2010 05:00:32 GMT)

ALL BUSINESS: Double Standard in Mortgage Walkaway
ALL BUSINESS: Corporations walk away from mortgages unscathed; individuals called deadbeats Mortgage - Business - United States - Financial Services - Connecticut (Sat, 30 Jan 2010 05:46:39 GMT)

Suit Proceeds Against Attorneys Accused of Facilitating Mortgage 'Doomed to Failure'
A New York judge has allowed an action to go forward against two attorneys and others who are accused of facilitating a $629,000 mortgage for a waitress who earned less than $25,000 a year. Plaintiff Portia Joseph alleged attorneys Joseph Kunstlinger and Adrian A. Ellis encouraged and directed her to execute fraudulent loan documents. Faced with a substantial lien and potential foreclosure ... (Sat, 30 Jan 2010 06:46:56 GMT)

Refinancing boom over as low rates are norm
Low mortgage rates aren't producing a boom in refinancing anymore, probably because the cost of getting a home loan has been so low for so long, according to lenders in the Tulsa area. (Sat, 30 Jan 2010 08:40:15 GMT)

Peter Boutell, Lending a Hand, Jan. 30, 2010: County offers mortgage credit program for first-time buyers
As if low mortgage rates, an $8,000 tax credit, low down payment programs, low home prices and willing sellers are not enough incentives to lure folks into buying a home, we now have one more reason to promote homeowner-ship. (Sat, 30 Jan 2010 09:46:00 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. (Sat, 30 Jan 2010 09:53:47 GMT)

FSA proposes stronger mortgage arrears rules
City watchdog reaffirms proposals to protect homeowners falling behind with mortgage repayments from excessive charges Borrowers who fall behind on their mortgage repayments must be treated more fairly, under proposals set out today by the City watchdog. The Financial Services Authority (FSA) said it planned to strengthen existing rules governing the way lenders handle mortgages that have fallen ... (Sat, 30 Jan 2010 10:38:59 GMT)

Santos legend Carlos Alberto: Loan move best thing for Robinho - and Man City
Former Santos and Brazil star Carlos Alberto insists Manchester City will benefit from Robinho 's loan move back to his old club. In a column for the Daily Mail , Carlos Alberto wrote: "Here he will be among people who have been friends of his for a long time. Playing at home, I’m absolutely sure Robinho will shine again and recover. "I think that on the pitch he has actually had some good ... (Sat, 30 Jan 2010 11:04:42 GMT)

Mortgage grant trap
ALMOST half of first-home buyers lured into the market by the Rudd Government's $14,000 grant are struggling to meet their mortgage repayments. (Sat, 30 Jan 2010 14:00:00 GMT)

Double standard in mortgage walkaway
NEW YORK (AP) -- Tishman Speyer Properties walks away from 11,232 Manhattan apartments because it can't pay its mortgage. That's good business. Rick Gilson, a college custodial supervisor in South Dakota, wants to walk away from the mortgage on his mobile home. If he does, he'll be a deadbeat. (Sat, 30 Jan 2010 15:18:15 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. (Sat, 30 Jan 2010 17:01:17 GMT)

Scam artists lurking to take advantage of mortgage crisis
Whenever there is a disaster, there are people more than willing to take advantage of the situation to make a few fast bucks. And the mortgage meltdown is no exception. “Homeowners are desperate. They need a modification but can’t figure out the... (Sat, 30 Jan 2010 20:14:21 GMT)

Lenders pursue mortgage payoffs long after homeowners default
When John King stopped making payments on his home in Coral Gables, Fla., two years ago, he assumed the foreclosure ended his mortgage contract, he said. Last month, a Miami-Dade County court gave collectors permission to pursue him for $44,000 stemming from the default. (Sun, 31 Jan 2010 00:47:24 GMT)

Fed preparing to end its mortgage-rate initiative
Fed preparing to end its mortgage-rate initiative (Sun, 31 Jan 2010 01:15:50 GMT)

Frank leads push to disband mortgage corporations
WASHINGTON - Barney Frank has been one of the staunchest defenders of Fannie Mae and Freddie Mac and their mission to increase access to affordable housing. Now he’s helping to lead the charge to dismantle the troubled mortgage giants. (Sun, 31 Jan 2010 02:17:45 GMT)

South Dakota joins mortgage data system
PIERRE -- A new consumer access project will allow South Dakotans to view information about state-licensed mortgage companies, branches and individuals currently licensed through the Nationwide Mortgage Licensing System and Registry. (Sun, 31 Jan 2010 03:15:48 GMT)

Lenders pursue mortgage payoffs long after homeowners default
When John King stopped making payments on his home in Coral Gables, Fla., two years ago, he assumed the foreclosure ended his mortgage contract, he said. Last month, a Miami-Dade County court gave collectors permission to pursue him for $44,000 stemming from the default. (Sun, 31 Jan 2010 05:26:53 GMT)

Egypt targets $1.83b mortgage market in 3 years
Egypt targets $1.83b mortgage market in 3 years (Sun, 31 Jan 2010 07:16:02 GMT)

30-year mortgage rates nearly flat last week
McLEAN, Va. - Rates on 30-year mortgages remained almost flat last week as the Federal Reserve said it would keep rates near record lows to help the economy recover. (Sun, 31 Jan 2010 07:37:12 GMT)

Reverse mortgage presentation held at Warwick Senior Center
WARWICK - If you are 62 or older and live in your own home, a reverse mortgage loan could improve your financial situation but it’s not for everyone. (Sun, 31 Jan 2010 07:57:06 GMT)

Revealed: the full cost of a UAE mortgage
Research shows homebuyers will owe more than AED4m on AED2m mortgage. (Sun, 31 Jan 2010 08:12:13 GMT)

Mortgage help to require pay proof
Homeowners seeking relief under the Obama administration's mortgage-aid program will be required to provide proof of their incomes upfront, a significant reversal for the problem-plagued effort to stem the foreclosure crisis. (Sun, 31 Jan 2010 08:23:15 GMT)

U.A.E. Mortgage Lender Tamweel Cuts Base Rate by 50 Basis Points
Jan. 31 (Bloomberg) -- Tamweel PJSC, a United Arab Emirates-based mortgage lender, will cut its base rate 50 basis points to 7.9 percent as of March 1. (Sun, 31 Jan 2010 09:21:06 GMT)

I'm walking from my underwater mortgage
I stopped paying my $1,450-a-month mortgage on my 200-year-old, four-bedroom home in September 2008 -- after making the hard decision to walk away from my mortgage because it is hopelessly underwater. It is not an easy decision to walk away from your home, and in the beginning I actually... (Sun, 31 Jan 2010 09:55:53 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. (Sun, 31 Jan 2010 10:55:33 GMT)

Mortgage market under pressure as rising rates spook buyers
AUSTRALIA'S largest mortgage broker says buyers are rapidly deserting the housing market as interest rates creep up, after its sales last month plunged to a five-year low. (Sun, 31 Jan 2010 13:15:22 GMT)

Saudi fund PIF takes stake in mortgage lender Refco
RIYADH, Jan 31 (Reuters) - The Saudi finance ministry's Public Investment Fund (PIF) has agreed to take a 20 percent stake in Real Estate Financing Co (Refco), a board member of the mortgage lender said on Sunday. (Sun, 31 Jan 2010 13:31:12 GMT)

CNMI risks losing home loans
Northern Marianas Housing Corp. officials asked lawmakers yesterday for help in finding $5.84 million for the agency to meet its guarantor obligation in home loans that are delinquent and in default, or the CNMI risks losing a home loan program by the U.S. Department of Agriculture's Rural Development. (Sun, 31 Jan 2010 14:11:16 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. (Sun, 31 Jan 2010 15:54:45 GMT)

West Palm Beach's Ocwen Financial leads in home loan fixes
West Palm Beach's Ocwen Financial leads in home loan fixes (Sun, 31 Jan 2010 16:24:03 GMT)

Duplicity in mother-of-all mortgage walkaways
Tishman Speyer Properties walks away from 11,232 Manhattan apartments because it can't pay its mortgage. That's good business. (Sun, 31 Jan 2010 17:51:15 GMT)

'This help for homeowners has left me helpless'
Last May, Stacy Grevin was two months behind on the mortgage for her Annapolis condominium and in danger of slipping into foreclosure. By Joshua McKerrow — The Capital Stacy Grevin of Annapolis looks through papers that detail her attempt to modify her mortgage. (Sun, 31 Jan 2010 19:22:53 GMT)

DA: 6 Stole $6M in Suffolk Mortgage Fraud Scheme
The last two of six alleged co-conspirators denied Thursday at Suffolk County court their involvement in a nearly $6 million mortgage fraud scheme. Luis Lino, 46, of Hauppauge, and 38-year-old Martha Huezo of Mastic Beach, both pleaded not guilty and were released without bail. Lino, a broker for Millennium Homes in Bay Shore and Easy [...] (Sun, 31 Jan 2010 21:38:17 GMT)

Mortgage brokers face own industry evolution
Mortgage brokers have been going through an evolutionary period since the new National Credit Protection Legislation came into effect on January 1, and the challenges they face resonate with the financial planning sector. (Sun, 31 Jan 2010 23:21:14 GMT)

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