Mortgage News Mar 2010

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Have Extra Cash to Cut Mortgage? Nice, but Wait
If you’ve locked in a rock-bottom rate, does it still make sense to make extra payments to reduce your mortgage? It depends. (Fri, 19 Mar 2010 20:02:49 GMT)

RBI hikes rates by 25 bps; home, auto loan rates may go up
Home loan rates may harden in April, banks will be hit by bond losses, and retail borrowers will have to cough up a little more EMI. RBI statement | Reactions | SBI hints lending rate hike (Fri, 19 Mar 2010 20:41:06 GMT)

RBI hikes rates by 25 bps; home, auto loan rates may go up
Home loan rates may harden in April and retail borrowers will have to cough up a little more EMI. RBI statement | Reactions | SBI hints lending rate hike (Fri, 19 Mar 2010 20:41:34 GMT)

Great Wolf to offer $225M of mortgage notes
Indoor waterpark resort company Great Wolf Resorts Inc. said Friday it plans to offer $225 million of first mortgage notes due 2017. (Fri, 19 Mar 2010 21:15:24 GMT)

Great Wolf to offer $225 million of mortgage notes
MADISON, Wis. - Indoor waterpark resort company Great Wolf Resorts Inc. said Friday it plans to offer $225 million of first mortgage notes due 2017. The company plans to use the proceeds to repay mortgage debt totaling $212 million. It will use the rest, if any, for general corporate purposes. (Fri, 19 Mar 2010 21:27:14 GMT)

Great Wolf to offer $225M of mortgage notes
Indoor waterpark resort company Great Wolf Resorts Inc. said Friday it plans to offer $225 million of first mortgage notes due 2017. The company plans to use the proceeds to repay mortgage debt totaling $212 million. It will use the rest, if any, for general... Mortgage - Great Wolf Resorts - United States - Business - Financial Services (Fri, 19 Mar 2010 21:45:09 GMT)

Fraudster asked parents to pay back home loan
The ASB bank investment adviser who stole $17.8 million charged his parents interest on an $80,000 loan to move into a retirement home - then asked for the money back when the fraud was discovered. (Fri, 19 Mar 2010 21:56:49 GMT)

Real Estate Weekly: Mortgage modifications spread beyond feds
More mortgage lenders are offering modifications to troubled homeowners on their own without going through the government's HAMP process. (Fri, 19 Mar 2010 22:15:50 GMT)

Fed Ends Exemption Aimed at Adding Mortgage Liquidity (Update2)
March 19 (Bloomberg) -- The Federal Reserve Board today removed an exemption it had given to six banks at the start of the financial crisis in 2007 aimed at boosting liquidity in financing markets for mortgage- and asset-backed securities. (Fri, 19 Mar 2010 22:37:45 GMT)

Diana Clement : How to be sure the bank will say yes
Life goes on even if there is the ghost of a recession affecting mortgage lenders' confidence. People still need to buy homes and refinance.Yet some borrowers are getting a shock when they can't get a loan for their next home,... (Fri, 19 Mar 2010 23:22:42 GMT)

Man gets single day in prison for mortgage scam
A Columbus man charged with money laundering in connection with a huge local mortgage scam was sentenced today to one day in prison. Charles E. Townsend, 40, also will spend six months in a halfway house and six months on house arrest, U.S. District Court Judge Algenon L. Marbley announced. Marbley also ordered him to pay $333,206 in restitution to financial institutions he scammed (Sat, 20 Mar 2010 00:38:00 GMT)

Obama's mortgage aid can reduce credit score, not as severe as foreclosure
Signing up for the government's mortgage assistance program comes with a nasty surprise for some homeowners: lower credit scores. (Sat, 20 Mar 2010 01:11:00 GMT)

Fraudster asked parents to pay back home loan
The ASB bank investment adviser who stole $17.8 million charged his parents interest on an $80,000 loan to move into a retirement home - then asked for the money back when the fraud was discovered.Stephen Gerard Versalko was this... (Sat, 20 Mar 2010 02:18:45 GMT)

Minn. AG says two firms violated state mortgage law
State Attorney General Lori Swanson filed lawsuits today alleging that two companies have violated a new state law that prohibits firms from requesting advance payment when offering to help consumers modify mortgage terms. (Sat, 20 Mar 2010 02:44:03 GMT)

Adjustable-rate mortgage holders vulnerable to sudden rate increase
Many mortgage borrowers with adjustable-rate mortgages on which the rate has adjusted in recent years are currently enjoying extremely low interest rates. This reflects the unusually low levels of the rate indexes used by most ARMs. But these low rates are accompanied by high anxiety, because of widespread expectations that rates will rise. (Sat, 20 Mar 2010 04:00:00 GMT)

Mortgage rates stay below 5 percent mark
Mortgage rates held below the 5 percent threshold for the third straight week as the Federal Reserve prepares to end a program that has kept rates at or near record lows. (Sat, 20 Mar 2010 04:00:00 GMT)

Fed Ends Bank Exemption Aimed at Boosting Mortgage Liquidity
The Federal Reserve Board removed an exemption it had given to six banks at the start of the crisis in 2007 aimed at boosting liquidity in financing markets for securities backed by mortgage- and asset-backed securities. (Sat, 20 Mar 2010 04:47:22 GMT)

Loan modifications see a big jump
Permanent loan modifications increased by 45 percent in February, according to a report of the Obama Administration's Home Affordable Modification Program (HAMP). (Sat, 20 Mar 2010 05:19:38 GMT)

Financial Facts: Fixed or adjustable - Which suits you best?
The average homeowner now holds a mortgage less than five years. During that period homeowners either move or refinance to a different mortgage. So why do so many buyers still only look at 30 year fixed rate mortgages? If I knew that answer I would be in Vegas making a lot more money, but here is what I really think: Many homebuyers anticipate living in that new home forever. They want to raise ... (Sat, 20 Mar 2010 06:26:30 GMT)

How a loan modification can help save your home
Odds are you or someone you know is struggling to pay the mortgage. If so, a loan modification may be the only thing that saves your home. (Sat, 20 Mar 2010 06:33:42 GMT)

Mall at Steamtown partnership seeks to refinance $37.5 million loan
The partnership that owns the Mall at Steamtown is working to refinance the mortgage on the 500,000-square-foot shopping center. While Scranton Mall Associates is current on its mortgage payments, according to published reports, it is seeking to renegoti (Sat, 20 Mar 2010 08:23:34 GMT)

Three charged in mortgage and loan fraud ring
(Mar 20, 2010) - Hamilton police have arrested a man and two women in an organized mortgage and loan fraud ring worth $1.2 million. (Sat, 20 Mar 2010 08:40:47 GMT)

Peter Boutell, Lending a Hand, March 20, 2010: Home buying help for teachers and public school employees
Although the STRS State Teachers Retirement System home loan program has been around for some time, it is well worth another look. (Sat, 20 Mar 2010 08:46:10 GMT)

Naples Realty Services adds major mortgage banking service
John Steinwand, president and principal broker of Naples Realty Services Inc., announced the company’s new partnership with Academy Mortgage Corp., one of the nation’s largest and oldest privately-held mortgage loan lenders. (Sat, 20 Mar 2010 10:00:00 GMT)

Mortgage fraud costs man his freedom
The operator of a Salem-based home loan modification company, who prosecutors say defrauded his clients, will go to prison and lose his mortgage license. (Sat, 20 Mar 2010 10:21:05 GMT)

Mortgage programb may lower credit score
WASHINGTON — Some home owners who sign up for the government’s mortgage assistance program are getting a nasty surprise: Lower credit scores. (Sat, 20 Mar 2010 16:49:26 GMT)

Mortgage broker sentenced for theft, fraud
SALEM (AP) — A 38-year-old Salem mortgage broker has been sentenced to 61 months in prison for taking his clients for more than $450,000 in foreclosure rescue scams. (Sat, 20 Mar 2010 17:29:46 GMT)

US real estate updates: Mortgage refinance rates lowest in years
The US government is giving homeowners another year to refinance their loans under a little-used program designed to help borrowers whose homes have plummeted in value. The Obama administration’s Home Affordable Refinance Program will now run out on June 30, 2011. The program allows borrowers who owe up to 25% more than their homes are worth to refinance to lower interest rates. It was ... (Sat, 20 Mar 2010 19:08:03 GMT)

Need help lifting a mortgage burden?
Roz Dalebout is fighting to keep her home, and she's not alone. The Salt Lake City homeowner, who has faced several financial setbacks in recent years, first contacted her lender last June when she began to worry about her ability to pay her mortgage each month. (Sat, 20 Mar 2010 22:15:57 GMT)

Mortgage broker sentenced for theft, fraud
SALEM (AP) — A 38-year-old Salem mortgage broker has been sentenced to 61 months in prison for taking his clients for more than $450,000 in foreclosure rescue scams. (Sun, 21 Mar 2010 00:14:46 GMT)

BofA Mortgage Modifications Jump in February
Bank of America completed 20,666 mortgage modifications in February under a U.S. government-backed program, up 61 percent from January, the bank said on Friday. (Sun, 21 Mar 2010 04:14:22 GMT)

Realities of Real Estate: The only way to get a 100% home loan
Back in the heyday of home sales, it was easy to buy a house and finance 100 percent of the purchase price. All you needed to do, practically, was sign your name. Well, those days are long gone. Today, you'll need a complete and verifiable financial history. (Sun, 21 Mar 2010 04:48:43 GMT)

Asheville Branch of American Security Mortgage opens
ASHEVILLE — John M. Isgrig has opened an Asheville Branch of American Security Mortgage. (Sun, 21 Mar 2010 05:23:14 GMT)

AHFC offers a variety of home loan options
In the midst of already low interest rates, we need to remember some of the great benefits Alaska Housing Finance Corp. offers. (Sun, 21 Mar 2010 06:40:42 GMT)

Mortgage broker sentenced for theft, fraud
SALEM (AP) — A 38-year-old Salem mortgage broker has been sentenced to 61 months in prison for taking his clients for more than $450,000 in foreclosure rescue scams. (Sun, 21 Mar 2010 06:44:46 GMT)

Mortgage rates inch upward
Mortgage rates held below the 5 percent threshold for the third straight week as the Federal Reserve prepares to end a program that has kept rates at or near record lows. (Sun, 21 Mar 2010 07:07:03 GMT)

Mortgage fraud alert
Nothern California has dubious distinction of being worst in U.S. for mortgage scams (Sun, 21 Mar 2010 07:12:20 GMT)

Mortgage audit no help in loan modification
Web summary: Consumer advocates say people who pay for a mortgage audit will have to pursue any errors in court anyway -- and few cases to date have been successful. (Sun, 21 Mar 2010 07:13:20 GMT)

Credit bureaus punish those getting mortgage assistance
Some homeowners who sign up for the government's mortgage assistance program are getting a nasty surprise: Lower credit scores. (Sun, 21 Mar 2010 07:51:40 GMT)

Return of the 100% home loan
Banks are again giving mortgages without requiring a deposit, with Absa even prepared to fund 110% of a propertys price. Can you partake? (Sun, 21 Mar 2010 08:42:56 GMT)

Taxi worker raided colleague's Nelson home after falling into debt
A TAXI firm operator who raided a colleague's home because she was in debt over a loan has been spared a jail term. (Sun, 21 Mar 2010 09:12:31 GMT)

Saginaw mortgage foreclosures down, but tax foreclosures skyrocket
Mortgage foreclosures dropped last year, but the number of tax foreclosures has skyrocketed. Tax foreclosure properties in Saginaw County reached 789 last year, up from 491 the year before, Saginaw County data shows. And it could get worse, said... (Sun, 21 Mar 2010 09:20:55 GMT)

Try forbearance to fix late mortgage
Dear Real Estate Adviser, My wife and I have mortgage problems. We are struggling to pay an FHA loan and applied for the FHA Home Affordable Modification Program , or HAMP, but were denied. However, our bank notified us that we can qualify for a "Special Forbearance." What does that consist of? (Sun, 21 Mar 2010 11:42:00 GMT)

$77,000 up front for loan
ADELAIDE homebuyers must be prepared to have a 20 per cent deposit, or $77,000 on average, to qualify for a home loan, the mortgage industry warns. (Sun, 21 Mar 2010 13:31:00 GMT)

More owners opt to walk and leave mortgages behind
More Phoenix-area homeowners are walking away from their mortgage payments, and many more are likely considering it. These are not people losing homes due to severe financial problems. (Sun, 21 Mar 2010 14:39:41 GMT)

Author Michael Lewis, a New Orleans native, profiles winners in the subprime mortgage meltdown
Book at times comes close to portraying the mortgage bond proponents as meatheads. (Sun, 21 Mar 2010 17:10:37 GMT)

Taxi worker raided colleague's Nelson home after falling into debt
A TAXI firm operator who raided a colleague's home because she was in debt over a loan has been spared a jail term. (Sun, 21 Mar 2010 17:27:35 GMT)

Hendry told loan friend: Vultures are circling
FORMER Scotland footballer Colin Hendry told a friend that "the vultures are circling", when he asked for a loan of tens of thousands of pounds, it has emerged. (Mon, 22 Mar 2010 00:32:22 GMT)

Credit scores can drop after getting home loan help
WASHINGTON — Some homeowners who sign up for the government's mortgage assistance program are getting a nasty surprise: Lower credit scores. (Mon, 22 Mar 2010 06:45:38 GMT)

Prominent Orange County, CA, Real Estate and Mortgage Firm Launches New Website
Good Neighbor Mortgage & Realty, the leading real estate and mortgage brokerage in Orange County, CA, has just launched their new website, MyGNMR.com. The site is a useful resource for home buyers and sellers in Irvine and all of Orange County. (Mon, 22 Mar 2010 07:01:00 GMT)

New Resources for Mortgage Shoppers at HSH.com
HSH.com launched new tools to help home buyers and homeowners track mortgage rate trends, as part of a major Web site upgrade. (Mon, 22 Mar 2010 07:01:00 GMT)

Loan star will head home
The writing has been on the wall for ages but Robbie Keane confirms he will be leaving at the end of the season. (Mon, 22 Mar 2010 07:03:45 GMT)

New Resources for Mortgage Shoppers at HSH.com
HSH.com launched new tools to help home buyers and homeowners track mortgage rate trends, as part of a major Web site upgrade. (PRWeb Mar 22, 2010) Read the full story at http://www.prweb.com/releases/20 (Mon, 22 Mar 2010 07:21:02 GMT)

Records show pro athletes among those who invested with bankrupt Meredith mortgage company
The alleged victims of Scott D. Farah and his failed Meredith mortgage company include a number of professional athletes including one man who played with the Super Bowl champion New Orleans Saints. (Mon, 22 Mar 2010 07:27:09 GMT)

Mortgage broker sentenced for theft, fraud
SALEM (AP) — A 38-year-old Salem mortgage broker has been sentenced to 61 months in prison for taking his clients for more than $450,000 in foreclosure rescue scams. (Mon, 22 Mar 2010 07:44:37 GMT)

Breakthrough for black home buyers
For the first time, black people represent more than half of home loan applications. (Mon, 22 Mar 2010 08:04:39 GMT)

Woman charged in $4.7M mortgage scam
A former Ridgewood resident has been charged in an alleged mortgage scam involving a dozen Paterson properties. Three of the properties were bought from Cranberry Associates LLC, a company partly owned by Hackensack Police Chief Ken Zisa that built two-family homes on lots it acquired from the city. (Mon, 22 Mar 2010 08:24:23 GMT)

Condo board rules leave owner stuck in home
When a board won't let an owner rent a condo, and the owner can't afford to sell, are there options? (Mon, 22 Mar 2010 10:00:00 GMT)

Learning Care Plans PIKs in ‘Frothier’ Market: New Issue Alert
March 22 (Bloomberg) -- Learning Care Group No. 2 Inc. plans to sell payment-in-kind notes as the lowest relative interest rates this year encourage issuers to offer risky debt. (Mon, 22 Mar 2010 10:07:33 GMT)

Woman is accused of mortgage fraud in Paterson home sales
PATERSON -- The sale of some properties here has led to charges of mortgage fraud against a 34-year-old woman, according to a report on NorthJersey.com. The report said Taya Waldon, formerly of Ridgewood, who was arrested in Edmond, Okla., and... (Mon, 22 Mar 2010 10:32:12 GMT)

Miami Real Estate Refinancing Options
There are times that you think that you need to have a refinancing for your Miami real estate property especially if you need to have large savings to cover up the costs of refinancing. There will be a moment that you think that you current mortgage plan is not suitable for you. (Mon, 22 Mar 2010 11:08:18 GMT)

NADYA SULEMAN FACING HOMELESSNESS AFTER FAILING TO PAY MORTGAGE
NADYA Suleman — she of Octomom fame — is facing eviction after failing to pay the mortgage on her California home. The 34-year-old — who gave birth to octuplets last year and now has 14 children under the age of eight — has until Tuesday to pay up or lose her home. Suleman — who leases the [...] (Mon, 22 Mar 2010 12:11:23 GMT)

When it's a bad idea to pay down your mortgage
FRONT PORCH BLOG: Ron Lieber, New York Times personal finance columnist, explores that question. One answer: Can your investment returns beat your mortgage interest rate? (Mon, 22 Mar 2010 13:07:13 GMT)

We Save Homes, Inc. Announces Key Strategic Partnership With Attorney Home Protection Services, APC
IRVINE, CA--(Marketwire - March 22, 2010) - We Save Homes, Inc. (OTCBB: WESA) a software solutions company that provides the mortgage risk management industry with technology that enables collaboration and communication for loan modifications, foreclosures, loss mitigation and short sales, announced today that Attorney Home Protection Services, APC (AHPS), a professional law services company ... (Mon, 22 Mar 2010 13:13:08 GMT)

Twin Cities ranks 15th in metro mortgage modifications; Minnesota, No. 18 among states
Twin Cities ranks 15th in metro mortgage modifications; Minnesota, No. 18 among states By Brad Allen | Monday, March 22, 2010 Nearly 3,700 Twin Cities homeowners have entered the federal program to modify at-risk home mortgages in the past three months, keeping the Minneapolis/St. Paul metropolitan area among the most active in the country. (Mon, 22 Mar 2010 15:24:12 GMT)

Ross’s American Home Has Bookkeeping Problems, Moody’s Says
March 22 (Bloomberg) -- American Home Mortgage Servicing Inc., the home-loan collections company assembled by billionaire Wilbur Ross , has bookkeeping problems that may hurt bond investors, Moody’s Investors Service said, potentially including ones who borrowed from the Federal Reserve. (Mon, 22 Mar 2010 16:02:37 GMT)

Jobless rate linked to late mortgage payments in Ohio
High unemployment rates have continued to make mortgage loan delinquencies and foreclosures a problem for Ohio and other states. (Mon, 22 Mar 2010 17:18:56 GMT)

Abbey shut mortgage door on me after missed payment
Bank plays hardball over debt despite my years of being a reliable borrower I have had a mortgage with Abbey for almost a decade. During the past five years I have been divorced, suffered health issues and been made redundant. I went straight from that job to a part-time role working from home that pays £40,000 a year. I receive child maintenance of £450 a month, higher-rate disability living ... (Mon, 22 Mar 2010 17:32:45 GMT)

Lender Opens Mortgage Help Center
Mortgage lender Fannie Mae has opened its first-ever Mortgage Help Center in the nation to help struggling South Florida homeowners. (Mon, 22 Mar 2010 17:37:16 GMT)

Mortgage lending edges up but remains subdued
Mortgage lending in February was 6% higher than January, but remains 6% lower than 12 months ago, the CML said Mortgage lending made a surprise recovery in February, increasing by 6% compared to the previous month, according to figures released by the Council of Mortgage Lenders (CML) today. Gross mortgage lending (which ignores loan redemptions) increased to an estimated £9.2bn last month ... (Mon, 22 Mar 2010 17:38:59 GMT)

SunTrust downgraded as analyst sees recent rally premature given backlog of bad mortgage loans
NEW YORK - The share price of SunTrust Banks has rebounded too quickly, an analyst wrote Monday, citing problem mortgage loans still on its books. Janney Capital Markets analyst Stephen M. Moss cut his rating on the stock to "Neutral" from "Buy," though he maintained a $28 price target. (Mon, 22 Mar 2010 18:09:52 GMT)

Mortgage-modification companies sued by AG
Minnesota Attorney General Lori Swanson has filed suit against two mortgage-modification companies, accusing them of violating a 2009 law that prohibits companies offering to modify the terms of an existing mortgage from seeking advance payments for their services. (Mon, 22 Mar 2010 18:12:30 GMT)

Mortgage help can hurt credit scores
WASHINGTON — Some homeowners who sign up for the government's mortgage assistance program are getting a nasty surprise: Lower credit scores. (Mon, 22 Mar 2010 19:01:42 GMT)

American Home Has Flawed Bookkeeping, Moody’s Says (Update2)
March 22 (Bloomberg) -- American Home Mortgage Servicing Inc., the loan-collections company assembled by billionaire Wilbur Ross , has bookkeeping flaws that may hurt bond investors, Moody’s Investors Service said. (Mon, 22 Mar 2010 19:52:32 GMT)

Reviewmyfees.com Launches New Website to Teach You How to Obtain the Best Home Loan
FULLERTON, Calif.----Reviewmyfees.com, www.Reviewmyfees.com puts an end to confusion about lenders fees and interest rates with its new website designed to help consumers with their lending experience. (Mon, 22 Mar 2010 20:02:00 GMT)

Mortgage broker: Prove gift was a gift
Plan on documenting any large, unusual deposits. (Mon, 22 Mar 2010 20:12:12 GMT)

FSCO priorities include mortgage broker compliance, pension regulation
The Financial Services Commission of Ontario has published its proposed statement of priorities for the coming year, singling out compliance among mortgage brokers, auto insurance reform, and pension regulation as key priorities for the coming year. (Mon, 22 Mar 2010 20:48:11 GMT)

$25.9M for Sawyer Heights Lofts in Houston
The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has secured a $25.9 million refinancing f... (Mon, 22 Mar 2010 22:09:06 GMT)

Best Cities For Borrowers
In these metro areas, homebuyers get better average mortgage rates, and fewer borrowers are headed for foreclosures. (Mon, 22 Mar 2010 22:25:40 GMT)

Lending background not so important, says Mortgage Choice
Only 32 per cent of new Mortgage Choice franchisees in 2009 had a lending background. (Mon, 22 Mar 2010 23:06:45 GMT)

SoCal man gets 7 years in $4M mortgage fraud
Associated Press - March 22, 2010 8:14 PM ET LOS ANGELES (AP) - A fourth person involved in a Southern California mortgage scam that defrauded banks out of nearly $4 million has been sentenced... (Tue, 23 Mar 2010 00:23:59 GMT)

SoCal man gets 7 years in $4M mortgage fraud
A fourth person involved in a Southern California mortgage scam that defrauded banks out of nearly $4 million has been sentenced to seven years in federal prison. (Tue, 23 Mar 2010 00:28:25 GMT)

Get Gephardt: Lost Mortgage Payment
Imagine if your bank lost your monthly mortgage payment, and then instead of fixing their mistake, they made you pay again. (Tue, 23 Mar 2010 02:04:04 GMT)

NZ home loan affordability steady in February
New Zealand home loan affordability was steady in February from January as house prices and interest rates were broadly unchanged, interest.co.nz’s Home Loan Affordability report shows. (Tue, 23 Mar 2010 02:09:24 GMT)

Northland Investment Corp. Is Behind On Loan Payments For Properties In Hartford
Downtown Hartford's largest landlord is behind on loan payments on another major property in the city's central business district. (Tue, 23 Mar 2010 02:28:32 GMT)

Dallas-Fort Worth foreclosure filings for April top $1 billion
TPC Four Seasons at Las Colinas The Four Seasons Resort and Club at Las Colinas is the area's biggest foreclosure posting.Commercial property foreclosure filings in the Dallas-Fort Worth area top $1 billion for the upcoming April sales. That's much higher than what the commercial foreclosure posting totals have been in recent months. "It's certainly the highest we've seen in this cycle," George ... (Tue, 23 Mar 2010 02:47:43 GMT)

Home buyers snagged by popular loan program
A couple spent $35,000 to finish a basement, but the bank won't let them pay their contractor, even though they're happy with the work. (Tue, 23 Mar 2010 03:00:45 GMT)

Area home sales are hot, prices not
Distressed properties creating ripple throughout market Distressed properties may not be driving the spring home-selling market, but they can be considered a co-pilot. (Tue, 23 Mar 2010 03:06:35 GMT)

Little change in home loan affordability
Home loan affordability remained steady last month as caution from both house buyers and sellers held the property market in check, according to a report today. (Tue, 23 Mar 2010 03:28:37 GMT)

NZ home loan affordability 'steady'
Home loan affordability remained steady last month as caution from both house buyers and sellers held the property market in check, according to a report. (Tue, 23 Mar 2010 04:38:51 GMT)

LAKE ELSINORE: Man gets 7 years in $4M mortgage fraud
LOS ANGELES ---- A fourth person involved in a Southern California mortgage scam that defrauded banks out of nearly $4 million has been sentenced to seven years in federal prison. (Tue, 23 Mar 2010 06:05:40 GMT)

Regionals take larger slice of mortgage pie
REGIONAL banks are taking a larger slice of the mortgage broking pie at the expense of their larger cousins, a report has found. (Tue, 23 Mar 2010 06:45:45 GMT)

Amendments promoting oversight threaten to kill mortgage bill as controversy swirls
As senators try dialing back mortgage brokers' influence on a proposed board that would oversee the industry, opposition from the House speaker could kill plans for a new regulatory scheme altogether. (Tue, 23 Mar 2010 07:17:25 GMT)

3 face prison in loan case
A Ridgeland-based mortgage broker and two associates have been found guilty of obtaining about $9 million in fraudulent home loans. (Tue, 23 Mar 2010 09:24:10 GMT)

Cash Crunch: Should You Sign a Personal Loan Guarantee?
Before you sign a personal guarantee for a small-business loan, read the fine print (Tue, 23 Mar 2010 09:30:00 GMT)

FSA publishes Mortgage Market Review Feedback Statement
The Financial Services Authority (FSA) has published its Mortgage Market Review feedback statement summarising the responses received following its Mortgage Market Review discussion paper (DP), which was published on 19 October 2009. (Tue, 23 Mar 2010 09:36:04 GMT)

Cape Police Chief's son to plead guilty to mortgage fraud
Five people, including the son of Cape Coral's police chief are set to take a plea deal in a multi-million dollar mortgage fraud case. (Tue, 23 Mar 2010 09:56:16 GMT)

UK BBA mortgage approvals better expectations
FXstreet.com (Barcelona) - Mortgage approvals in the United Kingdom held steady at 35,200 in February from January. This betters market expectations of a tick down to 34,300. (Tue, 23 Mar 2010 10:01:19 GMT)

Mortgage lending 'still subdued'
Mortgage lending to house buyers is still subdued, according to the British Bankers' Association (BBA). (Tue, 23 Mar 2010 10:04:30 GMT)

Jobless rate linked to late mortgage payments in Ohio
High unemployment rates have continued to make mortgage loan delinquencies and foreclosures a problem for Ohio and other states. (Tue, 23 Mar 2010 10:19:36 GMT)

Bank of America finally locates N.J. man's lost mortgage payment
William Perlman/The Star-LedgerMatt Shaw, the homeowner whose mortgage company lost his first mortgage payment when the lender sold his mortgage to another bank. Finally, Bank of America found the payment. Last month we featured Matthew Shaw, a homeowner who was... (Tue, 23 Mar 2010 10:43:08 GMT)

‘Babes in the Woods’ Need Not Apply
When Ashish Parikh went looking for lenders late last year to refinance the nearly $30 million in debt that his company, Hersha Hospitality, assumed when it purchased the Hilton Garden Inn in Tribeca, he received some level of interest from 30 lenders, and six term sheets. "If this was 2006 or 2007, there would have been 100 bidders and 100 term sheets," said Mr. Parikh, Hersha's CFO. But Mr ... (Tue, 23 Mar 2010 11:32:17 GMT)

Gross mortgage lending slows
According to the BBA, February’s lending was less than the average of the previous six months and some 5.2% lower than in February last year. Net mortgage lending grew by £2.8 billion in February compared with £2.6 billion in January, but was below the previous six month average. (Tue, 23 Mar 2010 11:51:06 GMT)

PRESS RELEASE: Fitch: Loan Modifications, UK Mortgage Market
PRESS RELEASE: Fitch: Loan Modifications, UK Mortgage Market (Tue, 23 Mar 2010 13:52:35 GMT)

Richmond Fed, Civil Justice Sponsor Attorney Training to Help Avoid Mortgage Scams
RICHMOND, Va., March 23 /PRNewswire-USNewswire/ -- The Federal Reserve Bank of Richmond and Civil Justice Inc., a Maryland nonprofit public interest law firm, will sponsor pro bono attorney training as part of the Maryland Mortgage Fraud Prevention Project. The training is for attorneys interested in receiving free instruction and mentoring in exchange for a commitment to review documents for ... (Tue, 23 Mar 2010 14:00:00 GMT)

SoCal man gets 7 years in $4M mortgage fraud
A fourth person involved in a Southern California mortgage scam that defrauded banks out of nearly $4 million has been sentenced to seven years in federal prison. (Tue, 23 Mar 2010 14:49:51 GMT)

PMI Surges as Mortgage Subsidiary Wins Freddie Mac Approval
March 23 (Bloomberg) -- PMI Group Inc., the third-largest U.S. mortgage insurer, gained the most since January after a unit won Freddie Mac’s approval to guarantee home loans. (Tue, 23 Mar 2010 15:07:25 GMT)

PMI Surges as Mortgage Unit Wins Freddie Mac Approval (Update1)
PMI Group Inc., the third-largest U.S. mortgage insurer, gained the most since December after a unit won Freddie Mac’s approval to guarantee home loans. (Tue, 23 Mar 2010 15:18:33 GMT)

US Treasury says mortgage giants' overhaul must wait
US Treasury Secretary Timothy Geithner on Tuesday said moves to "fundamentally" reform government-backed mortgage giants Fannie Mae and Freddie Mac would have to wait for "a time of greater market stability." (Tue, 23 Mar 2010 15:29:24 GMT)

Geithner says Fannie, Freddie overhaul must wait
US Treasury Secretary Timothy Geithner on Tuesday swatted aside pressure for a swift reform of troubled government-backed mortgage giants as data pointed to a still struggling real estate market. (Tue, 23 Mar 2010 16:01:55 GMT)

Geithner says Fannie, Freddie overhaul must wait
US Treasury Secretary Timothy Geithner on Tuesday swatted aside pressure for a swift reform of troubled government-backed mortgage giants as data pointed to a still struggling real estate market. (Tue, 23 Mar 2010 16:02:02 GMT)

Mortgages: Congress debates how to revive home-loan market
WASHINGTON — Lawmakers are starting to wrestle with how to replace Fannie Mae and Freddie Mac, the mortgage giants that nearly collapsed at the start of the financial meltdown. (Tue, 23 Mar 2010 16:03:03 GMT)

New vp at Fed Home Loan Bank
Robin McNulty has been promoted to senior vice president-mortgage purchase program at The Federal Home Loan Bank of Cincinnati. (Tue, 23 Mar 2010 16:04:38 GMT)

CUA cuts home loan rate
One of the nation's biggest credit unions, CUA, has cut the interest rate on its variable mortgage product by 25 basis points. (Tue, 23 Mar 2010 16:09:03 GMT)

PMI Surges as Mortgage Unit Wins Freddie Mac Approval (Update1)
March 23 (Bloomberg) -- PMI Group Inc. , the third-largest U.S. mortgage insurer, gained the most since December after a unit won Freddie Mac’s approval to guarantee home loans. (Tue, 23 Mar 2010 16:23:43 GMT)

Minnesotan accused of running giant mortgage fraud pleads guilty
A man indicted for allegedly running one of the largest mortgage fraud schemes in state history reversed his earlier plea Tuesday and admitted to two of the 27 charges against him in federal court. (Tue, 23 Mar 2010 16:45:51 GMT)

Geithner promises mortgage fix
A long-awaited renovation of mortgage companies Fannie Mae and Freddie Mac could start to take shape this year, Treasury Secretary Tim Geithner told Congress Tuesday. (Tue, 23 Mar 2010 17:19:59 GMT)

Buyers snagged by popular 203 (k) home loan program
Mar. 23--What Electra and Cameron Vincent saw when they walked into the foreclosed home in south Minneapolis would have scared away many home buyers: missing copper pipes, moldy walls, foul smells wafting from open sewer lines. (Tue, 23 Mar 2010 17:21:50 GMT)

Mortgage Rates Remain Flat; Current 30-Year Fixed Rate is 4.80%, According to Zillow(R) Mortgage Rate Ticker
The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.80 percent, up two basis points from 4.78 percent compared to this same time last week. The 30-year fixed mortgage rate rose over the weekend, with a Sunday spike at 4.88 percent, before coming down on Monday. (Tue, 23 Mar 2010 18:01:00 GMT)

Most banks drop fixed mortgage interest rates
Most banks have dropped their fixed mortgage rates a little over the past week (Tue, 23 Mar 2010 18:57:26 GMT)

Geithner, lawmakers spar on mortgage firms' future
The Obama administration is taking baby steps to develop a system that could replace mortgage giants Fannie Mae and Freddie Mac, amid criticism that officials are dragging their feet. (Tue, 23 Mar 2010 21:01:37 GMT)

Summary Box: Lawmakers discuss mortgage giants
THE TAKEOVER: Mortgage giants Fannie Mae and Freddie Mac were taken over by regulators in September 2008 and have needed $126 billion in taxpayer aid to keep going. (Tue, 23 Mar 2010 21:06:22 GMT)

Geithner says Fannie, Freddie overhaul must wait
US Treasury Secretary Timothy Geithner on Tuesday swatted aside pressure for a swift reform of troubled government-backed mortgage giants, as data pointed to a still struggling US real estate market. (Tue, 23 Mar 2010 21:17:54 GMT)

Genpact pairs with mortgage software maker
Business process management services provider Genpact Ltd. on Tuesday said its mortgage unit made an equity investment in a mortgage software developer. (Tue, 23 Mar 2010 22:01:42 GMT)

Geithner: abandoning Fannie Mae not a solution to mortgage crisis
Treasury Secretary Timothy Geithner said Tuesday that the mortgage crisis will not lead the administration either to abandon or nationalize mortgage giants Fannie Mae and Freddie Mac. (Tue, 23 Mar 2010 22:08:22 GMT)

AMP, CUA cut home loan interest rates
Two Australian home loan providers have cut their standard variable mortgage rates, a day after Westpac flagged further interest rate rises to cope with higher funding costs in the industry. (Tue, 23 Mar 2010 23:05:59 GMT)

Idaho loan officer launches Idaho listings home search website
Boise, ID - Idaho loan officer Corey Chase, a specialist in the Idaho home loan purchase transactions in Boise, sees an increase in market share for websites that attract buyers to be able to get up to date Idaho listings information. (Tue, 23 Mar 2010 23:36:59 GMT)

Watchdog Report Criticizes Obama Mortgage Plan
Watchdog report says Treasury creates 'meaningless' goal for $75B mortgage assistance plan Mortgage - Business - United States - Financial services - Barack Obama (Wed, 24 Mar 2010 01:01:22 GMT)

Watchdog report criticizes Obama mortgage plan
A government watchdog is criticizing the Obama administration for establishing a "meaningless" goal for its flagship mortgage assistance program. (Wed, 24 Mar 2010 01:21:10 GMT)

Watchdog report criticizes Obama mortgage plan
A government watchdog is criticizing the Obama administration for establishing a "meaningless" goal for its flagship mortgage assistance program. The report issued late Tuesday by Neil Barofsky, the special inspector general for the Troubled Asset Relief... Neil Barofsky - Troubled Asset Relief Program - United States - Presidency of Barack Obama - Inspector General (Wed, 24 Mar 2010 01:30:08 GMT)

Covered Bonds Sales Rising the Most Since 2006: Credit Markets
March 24 (Bloomberg) -- Europe’s banks are selling covered bonds at the fastest pace in four years in a sign investors are betting the continent’s economy is strong enough to weather the Greek budget crisis. (Wed, 24 Mar 2010 02:37:36 GMT)

Home loan modification program oversold: watchdog
A U.S. program aimed at helping struggling homeowners avoid foreclosure has been oversold by the Treasury Department and is likely to be a failure when it wraps up in 2012, a report from the watchdog overseeing the $700 billion bank bailout said on Tuesday. (Wed, 24 Mar 2010 03:17:52 GMT)

BofA to start reducing mortgage principal
Bank of America will on Wednesday announce plans to start forgiving mortgage loan principal for troubled homeowners who owe more than 120 percent of their home's value or are battling ever-expanding "negative amortization" loans. (Wed, 24 Mar 2010 03:35:14 GMT)

How to consolidate your debt
Q: Since my husband lost his job, we have become buried in a large amount of credit card debt to the point that we are barely able to make the minimum monthly payments. Fortunately, we have a tiny mortgage remaining on our home. (Wed, 24 Mar 2010 08:51:10 GMT)

Canadians expecting higher mortgage costs in 2010, says RBC survey
TORONTO - A majority of Canadians expect to see higher mortgage rates over the next year, according to RBC's annual homeownership survey. (Wed, 24 Mar 2010 10:30:00 GMT)

Home loan demand down 2nd week as rates rise
By Julie Haviv (Wed, 24 Mar 2010 11:10:00 GMT)

Home loan demand down 2nd week as rates rise
U.S. mortgage applications fell for a second straight week, with demand for home loan refinancing sinking to its lowest level in a month as interest rates jumped, data from an industry group showed on Wednesday. (Wed, 24 Mar 2010 11:39:41 GMT)

Covered Bonds Sales Rising the Most Since 2006: Credit Markets
Europe’s banks are selling covered bonds at the fastest pace in four years in a sign investors are betting the continent’s economy is strong enough to weather the Greek budget crisis. (Wed, 24 Mar 2010 12:01:24 GMT)

Whistle-Blower: Banks Give Homeowners the Runaround
A vice president for one of the nation's biggest banks claims customers looking for help in lowering their mortgage payments are often told to call an 800 number -- where... (Wed, 24 Mar 2010 12:03:30 GMT)

US Mortgage Applications Down 4.2% Last Week -MBA
US Mortgage Applications Down 4.2% Last Week -MBA (Wed, 24 Mar 2010 12:07:05 GMT)

U.S. MBA Mortgage Applications Index Declined 4.2% Last Week
March 24 (Bloomberg) -- Mortgage applications in the U.S. fell for a second time last week as demand for refinancing dropped by the most in a month. The Mortgage Bankers Association’s index decreased 4.2 percent in the week ended March 19. The Washington-based group’s refinancing measure declined 7.1 percent, while its purchase gauge rose 2.7 percent. (Wed, 24 Mar 2010 12:07:34 GMT)

U.S. MBA Mortgage Applications Index Declined 4.2% Last Week
March 24 (Bloomberg) -- Mortgage applications in the U.S. fell for a second time last week as demand for refinancing dropped by the most in a month. The Mortgage Bankers Association’s index decreased 4.2 percent in the week ended March 19. The Washington-based group’s refinancing measure declined 7.1 percent, while its purchase gauge rose 2.7 percent. (Wed, 24 Mar 2010 12:07:34 GMT)

Market Commentary and Intraday News
(RTTNews) - Mortgage applications fell again last week, continuing to regress after two weeks of gains in late February and early March. The drop was led by a decline in refinance applications, which fell 7.1 percent, its biggest decline in a month. (Wed, 24 Mar 2010 13:24:20 GMT)

Watchdog: Mortgage plan goal ‘meaningless’
A government watchdog is criticizing the Obama administration for establishing a "meaningless" goal for its flagship mortgage assistance program. (Wed, 24 Mar 2010 14:51:21 GMT)

Mortgage activity down with rates higher
WASHINGTON, March 24 (UPI) -- The volume of applications for U.S. mortgages dropped 4.2 percent in the week, as long-term interest rates rose, an industry group said Wednesday. (Wed, 24 Mar 2010 14:54:30 GMT)

BofA to Start Reducing Mortgage Principal
Bank of America makes major step to right troubled mortgages, will reduce some loan principal Loan - Bank of America - Mortgage - Business - Financial services (Wed, 24 Mar 2010 16:46:41 GMT)

Bank of America Drives Mortgage Insurer Rally
Bank of America partial bailout of troubled homeowners caused a major surge in stocks of mortgage insurers Wednesday. (Wed, 24 Mar 2010 17:45:45 GMT)

Home sales show market struggling to find footing
Sales of newly built U.S. homes fell for a fourth straight month to a record low in February, but another rise in new orders for durable goods offered assurance that the economic recovery was on course. (Wed, 24 Mar 2010 17:57:04 GMT)

Bank of America will cut loan amount for underwater homes
Bank of America announced Wednesday that it will begin forgiving mortgage principal for some under water homeowners who qualify for a federal home loan modification program. (Wed, 24 Mar 2010 18:00:09 GMT)

B of A to forgive some home-loan principal
Dow Jones Newswires | Bank of America Corp. announced that it will make principal forgiveness a priority for certain subprime mortgages. (Wed, 24 Mar 2010 18:21:25 GMT)

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