Mortgage News Apr 2010

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Mortgage activity rises with rates down
WASHINGTON, April 21 (UPI) -- The volume of applications for U.S. mortgages rose last week as long-term interest rates dropped, an industry group said Wednesday. (Wed, 21 Apr 2010 08:38:49 -0700)

Banks' loan losses easing but demand down
Banks including Wells Fargo & Co reported first-quarter results that showed the loan losses that have plagued the financial sector amid the recession are easing. (Wed, 21 Apr 2010 08:42:19 -0700)

Hawaii kills proposal for home energy loans
An idea to reduce the expensive upfront costs of home solar power improvements won't become law in Hawaii this year, the House energy chairwoman said Tuesday. (Wed, 21 Apr 2010 08:47:34 -0700)

Wells Fargo earns $2.4B, says credit is improving
Wells Fargo & Co. said Wednesday its first-quarter earnings fell 1 percent to $2.37 billion as the bank dealt with continuing losses on consumer loans. It also originated fewer mortgages compared to a year earlier as refinancing activity trickled off. (Wed, 21 Apr 2010 09:19:55 -0700)

Wells Fargo earns $2.4 billion, says credit is improving
The company reported a 25 percent decline in mortgage originations compared to the year earlier, largely due to a dip in refinancing activity. (Wed, 21 Apr 2010 10:02:53 -0700)

Fitch Affirms GE Capital Commercial Mortgage Corp. 2002-3; Assigns Outlooks & LS Ratings
NEW YORK----Fitch Ratings has affirmed, assigned Rating Outlooks and Loss Severity ratings to GE Capital Commercial Mortgage Corp.'s commercial mortgage pass-through certificates, series 2002-3. (Wed, 21 Apr 2010 10:18:00 -0700)

Former Haven Healthcare Nursing Home Executive Sentenced
Former Haven Healthcare nursing home executive Raymond Termini, whose five-state network of long-term care institutions collapsed in bankruptcy in 2007, was sentenced to a year and a day in prison Tuesday after pleading guilty to federal loan fraud charges. (Wed, 21 Apr 2010 10:30:14 -0700)

Wall Street Mortgage Dealings Under Senate Probe
Wall Street Mortgage Dealings Under Senate Probe (Wed, 21 Apr 2010 10:32:27 -0700)

Mortgage securities sale could help revive market
In a move that could be good news for high-end home buyers, a California firm will try to jump-start the dormant market for mortgage securities. If more companies follow, it could lead to lower mortgage rates. (Wed, 21 Apr 2010 11:15:24 -0700)

Fitch: Commercial mortgage defaults to keep rising
Defaults on the loans behind U.S. commercial mortgage backed securities will continue to rise through the year, Fitch Ratings said Wednesday. (Wed, 21 Apr 2010 11:30:25 -0700)

Firm tries to jump start market for mortgage securities
Redwood Trust of Mill Valley, Calif., said Wednesday it would sell $222 million in securities backed by pools of new mortgages. It would be the first private sale of mortgage investments backed by new loans in two years. (Wed, 21 Apr 2010 11:33:54 -0700)

Fitch: Commercial Mortgage Defaults to Keep Rising
Fitch Ratings sees 2010 commercial mortgage defaults rising; loans from 2007 biggest problem Fitch Group - Business - Loan - Financial Services - Mortgage (Wed, 21 Apr 2010 11:48:38 -0700)

Mortgage Securities Sale Could Help Revive Market
Calif. firm to sell mortgage-backed securities in a move that could jump-start the market Mortgage-backed security - Business - Mortgage - California - Financial services (Wed, 21 Apr 2010 12:19:16 -0700)

Wells CEO Was Underwater on Mortgage
Wells Fargo's first-quarter conference call yielded an interesting personal detail about the banking giant's CEO: He's been underwater on his mortgage, too. (Wed, 21 Apr 2010 12:27:06 -0700)

Association of Mortgage Investors: Profitable Banks are Transferring Mortgage Losses to Private Investors
The Association of Mortgage Investors today released the following statement in response to Q1 earnings reports by Bank of America, Citigroup, JP Morgan Chase and Wells Fargo: (Wed, 21 Apr 2010 12:47:00 -0700)

First Private Mortgage Debt Deal Since 2008 Coming
First Private Mortgage Debt Deal Since 2008 Coming (Wed, 21 Apr 2010 12:48:34 -0700)

Credit Markets: First private mortgage debt deal since 2008 coming
Redwood Trust Inc. plans to sell the first private securitization of mortgage-backed debt since 2008, yet another signal that financial markets are opening to the types of assets that disappeared during the credit crisis. (Wed, 21 Apr 2010 13:09:17 -0700)

30-Year Mortgage Rates Spike Near 5% Last Week before Easing Again
RISMEDIA, April 22, 2010The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.9%, up two basis points from 4.88% compared to this same time last week. The 30-year fixed mortgage rate peaked last Friday at 4.98% before falling (Wed, 21 Apr 2010 13:15:31 -0700)

Loan modification fails, Newport couple to lose home
The government's new home affordability plan to help struggling homeowners avoid foreclosure is too late for a couple in Newport. (Wed, 21 Apr 2010 14:12:13 -0700)

Fitch Affirms All Casses of Bear Stearns Commercial Mortgage 1998-C1; Assigns Outlooks & LS Ratings
NEW YORK----Fitch Ratings affirms and assigns Rating Outlooks and Loss Severity ratings to Bear Stearns Commercial Mortgage Securities Trust's commercial mortgage pass-through certificates, series 1998-C1, as follows: (Wed, 21 Apr 2010 15:06:00 -0700)

LRA looking to use leftover Road Home funds on construction loans
BATON ROUGE, La. -- The Louisiana Recovery Authority is hoping to use much of the projected left over Road Home funds to start a construction loan program. They presented their plan to the legislatures new Hurricane Recovery Committee that will oversee the funds once the LRA goes away in July. Using current deadlines for all of the LRA's programs, Louisiana could have more than $530 million in ... (Wed, 21 Apr 2010 15:53:08 -0700)

U.S. banks' loan losses easing but demand down
NEW YORK/CHARLOTTE, Apr 21 (Reuters) U.S. banks including Wells Fargo & Co reported first-quarter results that showed the loan losses that have plagued the financial sector amid the recession are easing. (Wed, 21 Apr 2010 17:55:50 -0700)

Jim Porter: New CA law expands tax break for mortgage forgiveness
A newly enacted California law provides a tax break to residential borrowers whose mortgage debt is forgiven through a foreclosure, short sale or loan modification. This is good news. If you were one of the lucky few who were able to get your lender to lower your loan balance and do a short sale, or if you were even more fortunate and were able to modify your loan and reduce the loan amount (I ... (Wed, 21 Apr 2010 18:28:10 -0700)

Home loan rates rise
TWO key interest rates that determine how much your home loan costs are near their all-time lows but borrowers taking out new mortgages may not be better off. Borrowers usually benefit when these measures drop but this time banks are responding to the riskier economic climate and surging property market by charging more for loans. (Wed, 21 Apr 2010 18:51:53 -0700)

Bank of Communications Says Mortgage Loan Volume Fell
Bank of Communications Ltd., Chinas fourth-largest publicly traded lender, said it made fewer mortgage loans in February and March as it reins in lending and the government seeks to curb property speculation. (Wed, 21 Apr 2010 19:01:33 -0700)

LRA looking to use leftover Road Home funds on construction loans
The Louisiana Recovery Authority is hoping to use much of the projected left over Road Home funds to start a construction loan program. (Wed, 21 Apr 2010 19:51:03 -0700)

Wells Fargo earns $2.4 billion, says credit is improving
Wells Fargo & Co. said today its first-quarter earnings fell 1 percent to $2.37 billion as the bank dealt with continuing losses on consumer loans. It also originated fewer mortgages compared to a year earlier as refinancing activity trickled off. (Wed, 21 Apr 2010 20:11:04 -0700)

Bank of Communications Says Mortgage Loan Volume Fell
Bank of Communications Co., Chinas fourth-largest publicly traded lender, said it made fewer mortgage loans in February and March as the government seeks to rein in lending and curb property speculation. (Wed, 21 Apr 2010 23:01:23 -0700)

U.K. Mortgage Approvals Rose to 52,000 in March, BOE Says
April 22 (Bloomberg) -- U.K. mortgage approvals gained in March as the effect of the worst cold snap in three decades and higher taxes on property sales faded. (Thu, 22 Apr 2010 02:01:18 -0700)

Mortgage rates edge higher
Mortgage rates crept higher as the homebuyer tax credit enters its final days. (Thu, 22 Apr 2010 03:00:00 -0700)

Home equity loan refinance could be costly
Refinancing a home equity loan to a first mortgage will add a lot more in total interest expense. (Thu, 22 Apr 2010 03:00:00 -0700)

Should I avoid auto loan debt?
Avoiding auto loan debt can be challenging, but following these tips can help you manage your debt. (Thu, 22 Apr 2010 03:00:00 -0700)

Pound Gains Against Dollar, Euro After Mortgage Approvals Rise
April 22 (Bloomberg) -- The pound gained versus the dollar and the euro after a Bank of England report showed mortgage approvals rose last month by more than economists predicted. (Thu, 22 Apr 2010 03:55:35 -0700)

Mortgage rates edge higher
As the deadline for the homebuyer tax credit approaches, mortgage rates are playing nice by remaining relatively unchanged at low levels. The benchmark 30-year fixed-rate mortgage rose 1 basis point this week, to 5.22 percent, according to the Bankrate.com national survey of large lenders. (Thu, 22 Apr 2010 04:32:31 -0700)

Interest Rate Roundup
Mortgage rates edged higher this week. The average 30-year fixed-rate mortgage rose 1 basis point, to 5.22 percent. A basis point is one-hundredth of a percentage point. (Thu, 22 Apr 2010 04:33:11 -0700)

Home equity loan refinance could be costly
Dear Dr. Don, We presently have a fixed-rate home equity loan and no first mortgage. Can we change that into a 30-year first mortgage so that our payments are much lower? (Thu, 22 Apr 2010 04:33:41 -0700)

Bankrate: Mortgage Rates Holding Steady
Mortgage rates showed little movement this week, with the average conforming 30-year fixed mortgage nosing higher to 5.22 percent, according to Bankrate.com's weekly national survey. (Thu, 22 Apr 2010 04:57:00 -0700)

U.K. Mortgage Approvals Increased to 52,000 in March
April 22 (Bloomberg) -- U.K. mortgage approvals gained in March as the effect of the worst cold snap in three decades and higher taxes on property sales faded. (Thu, 22 Apr 2010 05:16:27 -0700)

Mortgage applications index up 13.6% last week
Mortgage applications in the U.S. rose last week by the most in seven weeks as the looming end of the homebuyer tax credit helped spark the biggest rise in purchases since January. (Thu, 22 Apr 2010 06:25:22 -0700)

First home owners' charge drives loan stress
Combination of bigger loans and rising interest rates is likely to make first home owners vulnerable to mortgage stress. (Thu, 22 Apr 2010 07:17:25 -0700)

Freddie Mac: 30-year Mortgage Rate Flat At 5.07%
Freddie Mac: 30-year Mortgage Rate Flat At 5.07% (Thu, 22 Apr 2010 07:49:34 -0700)

Mortgage specials from SCIB until this June
Siam City Bank (SCIB) has launched a new mortgage programme, offering fixed and floating rates to home-buyers until June. (Thu, 22 Apr 2010 10:19:00 -0700)

Special mortgage rates offered to SSF members
In cooperation with Bangkok Bank, Social Security Fund members can receive mortgages at fixed interest of 2.5 per cent for five years for applications filed this year. (Thu, 22 Apr 2010 10:19:30 -0700)

Mortgage stress awaits, if you can get a loan
Not only are interest rates likely to rise, but it will be harder than ever to get a home loan, writes Eric Johnston. (Thu, 22 Apr 2010 10:31:16 -0700)

Two KC men admit roles in $23 million mortgage fraud scheme
Two Kansas City area men pleaded guilty today in what officials said was the largest mortgage fraud scheme ever prosecuted in western Missouri. The $23 million scheme involved about 350 properties, according to federal prosecutors. (Thu, 22 Apr 2010 11:06:02 -0700)

Bank of America stalls on mortgage help, homeowners say
Mortgage woes confront borrowers at major bank307 complaints filed with attorney general (Thu, 22 Apr 2010 11:16:12 -0700)

Mortgage rates unchanged from last week
Rates on 30-year mortgages didn't budge from last week and remained above 5 percent, Freddie Mac said Thursday. The average rate for 30-year fixed-rate mortgages was 5.07 this week, the same as the previous week. A year ago, 30-year fixed rate mortgages... Mortgage - Freddie Mac - Business - Tax rate - Financial Services (Thu, 22 Apr 2010 12:14:15 -0700)

Old Republic Leads Mortgage Insurer Rally on Profit
April 22 (Bloomberg) -- Old Republic International Corp. surged the most in a year, leading mortgage insurers higher, after profit beat analysts estimates on improved underwriting results. (Thu, 22 Apr 2010 12:16:40 -0700)

Mortgage Lender Total Mortgage Unveils New Website
Total Mortgage Services introduced its redesigned website this month. (Thu, 22 Apr 2010 12:50:36 -0700)

Buying your dream home? Remember these house facts!
Your dream home is beckoning you to hurry - you have even got your loan approved and you think you have nothing more to worry about or take care of! (Thu, 22 Apr 2010 13:15:44 -0700)

Old Republic Leads Mortgage Insurer Rally on Profit
April 22 (Bloomberg) -- Old Republic International Corp. surged the most in a year, leading mortgage insurers higher, after profit beat analysts estimates on improved underwriting results. (Thu, 22 Apr 2010 14:01:42 -0700)

Cushion yourself against mortgage rate hikes
TORONTO - The prospect of higher mortgage rates and stiffer rules that went into effect this week on qualifying for house loans have left Canadians scrambling for answers to their home financing questions before rates rise. (Thu, 22 Apr 2010 14:32:00 -0700)

It's Cash Buyers vs. First Time Home Hunters in Today's Market
Since he hasn't owned a home in three years, my brother was eligible for the first time home buyers tax credit. He went through the traditional channels for buying a house: He me with a realtor and got pre-approved for a home loan. He found several houses in his price range and made offers, but each time he was outbid by cash buyers. After this happened to him, I started hearing more and more ... (Thu, 22 Apr 2010 15:14:21 -0700)

Teaser home loan rates are back
Less than a week after Housing Development Finance Corporation re-introduced its teaser home loan scheme, the country's largest private sector lender, ICICI Bank, has followed. (Thu, 22 Apr 2010 15:30:01 -0700)

Mortgage Lender Total Mortgage Unveils New Website
Total Mortgage Services introduced its redesigned website this month. (Thu, 22 Apr 2010 16:21:18 -0700)

Redwood Trust sells mortgage-backed securities
The spigot has opened, and market conditions seem to be opportune. Mill Valley's Redwood Trust Inc. has pulled the trigger on $222.4 million worth of residential mortgage-backed securities, the first such offering, as we noted last week, since the market for... Mortgage - Mortgage-backed security - Business - United States - Financial Services (Thu, 22 Apr 2010 17:58:14 -0700)

Mortgage securities sale could help revive market
WASHINGTON In a move that could be good news for high-end home buyers, a California firm will try to jump-start the dormant market for mortgage securities. If more companies follow, it could lead to lower mortgage rates. (Thu, 22 Apr 2010 19:03:10 -0700)

Former Myrtle Beach mortgage broker to plead guilty
A former Myrtle Beach mortgage broker has agreed to plead guilty to felony bank fraud in a federal case that also includes one of the developers of the failed Bahama Island condominium resort in North Myrtle Beach. (Thu, 22 Apr 2010 19:58:14 -0700)

First home owners' charge into market drives loan stress
Combination of bigger loans and rising interest rates is likely to make first home owners vulnerable to mortgage stress. (Thu, 22 Apr 2010 20:31:56 -0700)

Two plead guilty in $23 million mortgage fraud scheme
Two Kansas City area men pleaded guilty Thursday to participating in a $23 million mortgage fraud scheme. The criminal activity involving 350 residential properties is among the largest mortgage fraud cases prosecuted in the area, said U.S. Attorney Beth Phillips. (Thu, 22 Apr 2010 21:06:30 -0700)

Church celebrating mortgage's end
Griswold - On Saturday, the First Congregational Church of Griswold will burn a document in a ceremony that will make many homeowners envious: It will burn its mortgage.With help from the greater (Thu, 22 Apr 2010 21:12:12 -0700)

Countrywide Home Loans in $150 Million Fight With Mortgage Insurer
In a case born out of the mortgage crisis, one of the United States' largest home lenders is trying to force its mortgage insurer to pay up on claims in at least 1,400 loans. Lawyers for Countrywide Home Loans want the suit in San Francisco Superior Court, but Mortgage Guaranty Insurance Corp., which wants to go to arbitration, is battling to keep the case in federal court. The stakes are ... (Thu, 22 Apr 2010 21:20:32 -0700)

Redwood Trust sells mortgage-backed securities
The spigot has opened, and market conditions seem to be opportune. Mill Valley's Redwood Trust Inc. has pulled the trigger on $222.4 million worth of residential mortgage-backed securities, the first such offering, as we noted last week, since the market for... Mortgage-backed security - Mortgage - Business - United States - Financial Services (Fri, 23 Apr 2010 00:45:01 -0700)

U.K. Bankers Shunned by Mortgage Lenders Turn to Private Banks
Employees in Londons financial services industry are turning to private banks for luxury home loans as the biggest mortgage lenders are deterred by limits on cash bonuses. (Fri, 23 Apr 2010 01:49:48 -0700)

Refinancing a car loan when money is tight
When you refinance a car loan, your payments will drop but you'll be paying longer. (Fri, 23 Apr 2010 03:00:00 -0700)

ICICI Bank relaunches teaser home loan rates
Country's largest private sector lender ICICI Bank has re-launched its special home loan plan, also called teaser rates, to attract property buyers. (Fri, 23 Apr 2010 03:39:51 -0700)

Tighter mortgage rules will affect poor Canadians
The federal government's move to tighten mortgage rules is a necessary wake-up call for debt-addicted Canadians, but the impact on the poor could be unpleasant. It's one thing to introduce more stringent lending criteria to prevent prospective homeowners from buckling under more debt than they can [...] (Fri, 23 Apr 2010 04:04:38 -0700)

Refinancing a car loan when money is tight
If money is tight due to a job loss or other situation, refinancing your car loan is one way to reduce your expenses so they are more in line with your thinner wallet. But you'll likely have to extend the term of the loan to see a substantial drop in your monthly payment. (Fri, 23 Apr 2010 04:33:01 -0700)

Govt worried over teaser loan rates
Teaser home loan rates, which entice borrowers with a low fixed rate initially and then move to a floating rate, are a matter regulatory concern and may impact financial stability of the lenders, Parliament was informed on Friday. (Fri, 23 Apr 2010 04:46:13 -0700)

Invesco Mortgage Capital Inc. Announces Public Offering of Common Stock
ATLANTA -- Invesco Mortgage Capital Inc. (NYSE: IVR) announced today that it plans to make a public... (Fri, 23 Apr 2010 04:50:17 -0700)

Govt cautions against teaser home loan rates
New Delhi, Apr 23 (PTI) Amid the race for grabbing a large share of the home loan market through 'teaser' rates by banks, the government today warned that such schemes could land borrowers in financial distress. (Fri, 23 Apr 2010 05:08:27 -0700)

Federal Home Loan Bank of Boston Announces First Quarter 2010 Results
The Federal Home Loan Bank of Boston announced the following unaudited results for the quarter ended March 31, 2010. Bank President and Chief Executive Officer Edward A. Hjerpe III, commented, "We are pleased to begin 2010 with a second consecutive quarter of modest positive net income. (Fri, 23 Apr 2010 06:00:00 -0700)

Invesco Mortgage to offer 9 million shares
Real estate investment trust Invesco Mortgage Capital Inc. said Friday it will offer 9 million shares of common stock for sale to the public. (Fri, 23 Apr 2010 06:10:21 -0700)

Federal Home Loan Bank of Boston Announces Q1 2010 Results
BOSTON -- The Federal Home Loan Bank of Boston (the Bank) announced the following unaudited results ... (Fri, 23 Apr 2010 06:50:54 -0700)

Several Fed Members Favor Selling Mortgage Assets Soon
Several Fed members favor selling some of the Fed's $1.25 trillion in mortgages and other non-Treasury assets that were bought during the financial crisis, Fed sources told CNBC. (Fri, 23 Apr 2010 08:07:04 -0700)

Second man indicted in alleged mortgage kickback scam
Troy David Chaika, 43, has been indicted in a scam to cheat mortgage lenders out of millions. Another has already pleaded guilty. (Fri, 23 Apr 2010 08:26:30 -0700)

GMAC to sell European mortgage business
NEW YORK GMAC Financial Services says it reached a deal to sell its European mortgage operations to an asset management firm, bringing it closer to its goal of withdrawing from the home financing business. (Fri, 23 Apr 2010 08:52:03 -0700)

Senate probe finds fraud in WaMu mortgage lending
WASHINGTON Senate investigators say they found that the mortgage lending operations of Washington Mutual Inc., the biggest U.S. bank ever to fail, were threaded through with fraud. (Fri, 23 Apr 2010 08:52:38 -0700)

Good faith estimate: New home loan form confuses borrowers
For anyone buying a home this spring, beware: There could be some kinks with the paperwork. (Fri, 23 Apr 2010 08:56:52 -0700)

Ready to get a mortgage? Here's advice
After a massive surge in defaults and foreclosures, mortgage lenders have made it far tougher to qualify for a home loan. And even as the housing market stabilizes, those tightened standards mostly remain in place. (Fri, 23 Apr 2010 09:12:43 -0700)

ABC 4 investigates missing mortgage payment
FRUIT HEIGHTS, Utah (ABC 4 News) - A Davis County Couple is angry, mad they say because Bank of America lost their mortgage payment. (Fri, 23 Apr 2010 10:11:41 -0700)

SF commercial mortgage broker, bankers to address lending issues
NORTH BAY -- A principal at a San Francisco-based commercial mortgage brokerage with experience in alternative funding sources will be part of a finance panel discussion at the Business Journal's upcoming Commercial Real Estate Networking Reception next month. The event will be May 11 from 5:30 to 7:30 p.m. at the Sheraton Sonoma County in Petaluma. To register, call 707-521-5264 or visit ... (Fri, 23 Apr 2010 10:11:47 -0700)

Mortgage jobs opening up
Mortgage companies, once at the forefront of subprime mortgage crisis-related layoffs and closings, are hiring again. In what industry officials describe as the biggest jump in mortgage jobs in four years, the number of people working in mortgage lending grew by more than 4,000 in a single month. In its monthly report, the Bureau of Employment Statistics [...] (Fri, 23 Apr 2010 11:04:49 -0700)

Feds cite Novatan for mortgage fraud
A Novato resident was among 18 individuals cited April 14 on mortgage fraud-related charges, United States Attorney Joseph P. Russoniello announced. (Fri, 23 Apr 2010 11:28:49 -0700)

Wells Fargo CEO: I Have Been Upside Down On a Mortgage
Wells Fargo CEO John Stumpf indicated during Wells first-quarter conference call on Wednesday that he knew what thousands of his customers are going through: He too had been underwater on his own mortgage. (Fri, 23 Apr 2010 13:55:05 -0700)

Feds cite Novatan for mortgage fraud
A Novato resident was among 18 individuals cited April 14 on mortgage fraud-related charges, United States Attorney Joseph P. Russoniello announced. (Fri, 23 Apr 2010 14:57:43 -0700)

Redwood, Citigroup End Two-Year Mortgage-Bond Drought
Redwood Trust Inc. and Citigroup Inc. partnered to create the first new-mortgage securities without government-backed guarantees in more than two years, selling $222.4 million of the debt at lower yields than initially offered. (Fri, 23 Apr 2010 15:34:38 -0700)

Free workshop at Henry Ford Centennial Library this week will help residents fight mortgage foreclosure
DEARBORN The Dearborn Public Library is partnering with the Wayne County Fight Mortgage Foreclosure Program to present a free workshop on Thursday for people needing financial counseling in order to keep their houses. (Fri, 23 Apr 2010 16:01:12 -0700)

Warning to mortgage lenders over harassment
THE FINANCIAL Regulator has advised mortgage lenders not to harass or intimidate consumers falling into arrears. (Fri, 23 Apr 2010 17:28:19 -0700)

Mortgage Center radio show reaches out to homeowners
In a real estate market burdened with deflated home prices and foreclosures, Mortgage Center, (Fri, 23 Apr 2010 19:20:14 -0700)

When it comes to home buyer tax credits, IRS rules can be strict
Q: I purchased a home about a year ago, but I used a land contract. The contract started three years ago. By the time the loan was closed on the land contract, the contract was no longer valid. I paid real estate taxes and mortgage interest because it was included with our rental payments. (Fri, 23 Apr 2010 21:00:00 -0700)

30-year mortgage rates hold steady
Rates on 30-year mortgages didn't budge from last week, mortgage company Freddie Mac said Thursday. (Fri, 23 Apr 2010 21:00:00 -0700)

Fed team: Mortgage fraud plagues area
Metro Detroit is a hotbed of mortgage scams with a rising number of crooks preying on homeowners desperate to avoid foreclosures, representatives of a federal Financial Fraud Enforcement Task Force, an ad-hoc group of law agencies, said Friday. (Fri, 23 Apr 2010 22:14:47 -0700)

Tighter mortgage rules will affect poor Canadians
The federal government's move to tighten mortgage rules is a necessary wake-up call for debt-addicted Canadians, but the impact on the poor could be unpleasant. It's one thing to introduce more stringent lending criteria to prevent prospective homeowners from buckling under more debt than they can [...] (Sat, 24 Apr 2010 00:19:36 -0700)

Mortgage fraud hits reverses, short sales
The latest mortgage loan frauds are happening in loan modifications, short sales and reverse mortgages, say representatives of the Financial Fraud Enforcement Task Force. (Sat, 24 Apr 2010 00:35:38 -0700)

'The Big Short': Goldman E-Mails Boast of Profit From Mortgage Mess
Financial firm accuses officials of releasing e-mails selectively to distort true picture. Mortgage - Business - Financial Services - United States - Goldman Sachs (Sat, 24 Apr 2010 08:48:58 -0700)

E-mails show Goldman praised the collapsing mortgage market
While Wall Street and Main Street were in tears, officials at Goldman Sachs cheered at having made money shorting the subprime mortgage crisis, new Senate documents show. "Of course we didn't dodge the mortgage mess," Goldman CEO Lloyd Blankfein wrote in a November 2007 e-mail to several of his... (Sat, 24 Apr 2010 08:49:53 -0700)

Free workshop at Centennial Library April 29 will help residents fight mortgage foreclosure
DEARBORN -- The Dearborn Public Library is partnering with the Wayne County Fight Mortgage Foreclosure Program to present a free workshop on April 29 for people needing financial counseling in order to keep their houses . (Sat, 24 Apr 2010 09:35:59 -0700)

Free workshop at Henry Ford Centennial Library this week will help residents fight mortgage foreclosure
DEARBORN The Dearborn Public Library is partnering with the Wayne County Fight Mortgage Foreclosure Program to present a free workshop on Thursday for people needing financial counseling in order to keep their houses. (Sat, 24 Apr 2010 09:38:00 -0700)

Goldman Sachs on mortgage crisis: "Serious money" to be made
New revelations in e-mails at Goldman Sachs show managers discussing profits to be made from the mortgage crisis. This comes just as Congress is to take up Wall Street reform legislation. (Sat, 24 Apr 2010 10:30:52 -0700)

Private mortgage insurance companies return to market
As the FHA tightens its requirements for borrowers with small down payments, independent insurers are back in the game and offering competitive rates. The low-down payment mortgage landscape is changing. (Sat, 24 Apr 2010 10:32:07 -0700)

Goldman: We made money betting against mortgage market
WASHINGTON In an internal e-mail released Saturday, Goldman Sachs chief executive Lloyd Blankfein wrote in November 2007 that the firm "didn't dodge the mortgage mess," but "made more than we lost" by betting against the U.S. housing market. (Sat, 24 Apr 2010 11:52:09 -0700)

Julian Knight: At long last, a new mortgage that makes you take notice
It's rare that a new financial product makes me sit up and take notice, but it happened the other day. It's even rarer that the eye-catching product is a mortgage after all, we have seen the number of home loans fall by more than 80 per cent since the onset of the credit crunch. (Sat, 24 Apr 2010 16:18:52 -0700)

3 FMHS grads build expanding mortgage business
Major Mortgage has grown quickly since it was established in Grand Junction five years ago, so quickly that the business run by the home-grown Hayward brothers has absorbed two Grand Valley competitors in recent months. The three Fruita Monument High School graduates, who were too busy building a business to go to college, now run Major Mortgage, employing 130 people in seven offices in three ... (Sat, 24 Apr 2010 19:19:19 -0700)

So which was I, greedy or naive?
I live in Washington state and unfortunately am involved in the Financial Resources Mortgage mess. I have used the Monitor to follow developments and have particularly appreciated the articles by Daniel Barrick. I was disappointed to read the April 18 editorial regarding the victims of FRM ("Promise of riches resulted in ruin"). (Sat, 24 Apr 2010 22:17:20 -0700)

Five tips to land a mortgage
Back in the bad old days of the housing boom, merely having a pulse seemed to qualify you for a mortgage. Now, not only do you need a strong heartbeat, all of your documents need to be double- and triple-checked. (Sat, 24 Apr 2010 23:02:40 -0700)

Lenders tightening standards
RALEIGH, N.C. As a consumer with good credit and a 10-year history of paying his mortgage on time, Ed McLaughlin expected that his record would put him in good stead with his bank. (Sat, 24 Apr 2010 23:21:12 -0700)

Private mortgage insurance companies return to market
As the FHA tightens its requirements for borrowers with small down payments, independent insurers are back in the game and offering competitive rates. The low-down payment mortgage landscape is changing. (Sun, 25 Apr 2010 00:08:34 -0700)

State Senate panel approves plan for mortgage broker oversight
A state Senate committee Friday approved a bill calling for the creation of an oversight board to discipline mortgage brokers, removing the power from the director of the state's Division of Real Estate. (Sun, 25 Apr 2010 00:15:06 -0700)

Tenants fret as landlord struggles with mortgage
I rent a house owned by someone who is apparently having trouble paying their mortgage. Now I am getting copies of notices from the utility company threatening to shut off the power due to non-payment. I have been continuing to pay the rent. What are my... (Sun, 25 Apr 2010 00:36:16 -0700)

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, 25 Apr 2010 01:09:14 -0700)

Mortgage rates on 30-year U.S. loans fall to 5.07 percent
U.S. mortgage rates fell for the first time in a month, pushed lower by investor demand for debt backed by home loans. (Sun, 25 Apr 2010 03:48:45 -0700)

Home loan confusion puts end to foreclosure of Oklahoma reverend
FOREST PARK The Rev. Horace Scott for six years struggled to keep his house from being foreclosed on. Last week he learned he wont lose his home.When it came down to it, no one could prove who actually owned what he thought was his."In the old days, you got a loan to buy your house from a nearby bank, explained Scotts attorney, Roland Combs.The mortgage note, or the instrument of the debt ... (Sun, 25 Apr 2010 04:11:10 -0700)

Divorce settlement should include plan for house
Q: My husband and I are are planning to divorce. He wants to keep the house. The deed is in my name, and the mortgage is in both of our names. He plans to refinance the mortgage into his name only. (Sun, 25 Apr 2010 06:17:20 -0700)

Buying your first home in 5 steps
Here are five tasks that Realtors, brokers and other housing experts say home buyers should know how to do before getting into the market (Sun, 25 Apr 2010 16:08:02 -0700)

5 key steps to buying your first home, tax credit or no
Here are five tasks that Realtors, brokers and other housing experts say first-time home buyers should know how to do before getting into the market: (Sun, 25 Apr 2010 16:43:59 -0700)

Goldman Sachs hits back at mortgage profit allegations
Embattled Wall Street investment giant Goldman Sachs hit back Sunday at claims that it used the US sub-prime mortgage crisis to make tens of millions of dollars in profit. (Sun, 25 Apr 2010 16:45:39 -0700)

Goldman plays defence on mortgage mess
EMBATTLED Wall Street investment giant Goldman Sachs has hit back at claims profited from the US sub-prime mortgage crisis. (Sun, 25 Apr 2010 17:23:46 -0700)

Goldman Sachs hits back at mortgage profit allegations
Goldman Sachs hits back at mortgage profit allegationsGoldman Sachs hits back at mortgage profit allegations (Sun, 25 Apr 2010 21:54:06 -0700)

Goldman Sachs: What hath fraud wrought?
Goldman Sachs is the Blackwater of finance, the latest in a long line of companies you love to hate, like AIG and the Dallas Cowboys. (Sun, 25 Apr 2010 21:56:58 -0700)

Financial reform: How to fix Wall Street without damaging farming?
Rep. Collin Peterson Financial reform: How to fix Wall Street without damaging farming? By Derek Wallbank | Monday, April 26, 2010 Rep. Collin Peterson, who represents western Minnesota, has become a major player in regulatory reform. He says he wants to fix Wall Street without harming agricultural trade. (Sun, 25 Apr 2010 22:17:11 -0700)

Goldman Mortgage Traders Bet On Burger-Eating Contests
What's Your Reaction? Goldman Sachs Group Inc.'s mortgage traders, under the spotlight because of the U.S. government's fraud lawsuit against the securities firm, made markets in more than just bonds during the real-estate bubble. (Sun, 25 Apr 2010 22:36:49 -0700)

NZ Home Loan Affordability Worsens
New Zealand home loan affordability worsened slightly in March from February as house prices nudged higher, more than offsetting a slight fall in fixed mortgage rates, interest.co.nzs Home Loan Affordability report shows. (Sun, 25 Apr 2010 22:42:56 -0700)

Mortgage rates on 30-year U.S. loans fall to 5.07 percent
U.S. mortgage rates fell for the first time in a month, pushed lower by investor demand for debt backed by home loans. (Sun, 25 Apr 2010 23:22:59 -0700)

HSBC launches Split Loan Mortgage
The loan is designed to appeal to customers facing the dilemma of whether to keep tracking to preserve the flexibility to make overpayments, or benefit from the security of locking into the historically low fixed mortgage rates. (Sun, 25 Apr 2010 23:50:04 -0700)

First California Mortgage Company Receives $30 Million in Warehouse Funding and Raises New Credit Capacity in 2010 to ...
First California Mortgage Company announces that it has received $30 million in new warehouse funding from Flagstar Bank. This raises to $110 million the amount of new warehouse funding that First Cal has raised since January 1, 2010. The credit facility will enable First Cal to fund agency, non-agency and FHA and VA loans. (Mon, 26 Apr 2010 00:01:00 -0700)

HSBC Oman lowers mortgage rates
26 April 2010 MUSCAT -- HSBC HSBC announced yesterday it is decreasing mortgage rates for home finance for customers, effective immediately, in line with its commitment to be the Best Place to Bank. (Mon, 26 Apr 2010 00:44:49 -0700)

(AFX UK Focus) 2010-04-26 09:12 Spanish mortgage lending rises for 1st time in 3 years
MADRID, April 26 (Reuters) - Spanish mortgage lending rose in February for the first time in nearly three years, suggesting some stabilisation in the market even if conditions remain tough, the National Statistics Institute said on Monday. Mortgage lending for housing totalled 6.5 billion euros ($8.74 billion) in February, 3.5 percent higher than in the same month a year ago and after falling 5 ... (Mon, 26 Apr 2010 01:41:15 -0700)

Use a mortgage loan calculator
It's important to understand the cost of a home mortgage applying for one. (Mon, 26 Apr 2010 03:00:00 -0700)

New Mortgage Services from Xerox Accelerate eMortgage Adoption; Help Lenders Prime for Growth
CHICAGO----Xerox Corporation is making the mortgage industrys transition to paperless easier than ever with new on demand services that help industry participants overcome the hurdles of eMortgage adoption by requiring little set up and upfront investment. (Mon, 26 Apr 2010 05:00:00 -0700)

CMHC Says 81% of Canadians Are Comfortable With Mortgage Debt
April 26 (Bloomberg) -- Canada Mortgage and Housing Corp. said today that 81 percent of recent homebuyers are comfortable with the level of their mortgage debt. (Mon, 26 Apr 2010 05:48:07 -0700)

Mortgage Lender Total Mortgage Unveils New Website
Total Mortgage Services introduced its redesigned website this month. With improved user interface and navigation, updated mortgage calculators, expanded education centers, and a frequently updated blog, TotalMortgage.com is the ultimate destination for users looking for current mortgage rates and news about the mortgage industry. (Mon, 26 Apr 2010 06:00:00 -0700)

The Process of Closing Mortgage Loans Just Got Faster
2hourtitle.com is an Innovative Settlement Facilitation Company Run by Industry Experts, Proffering Their Title Research, Processing, Documentation, Certification, Verification and Closing Support to a Wide Range of Clientele Including Loan Officers, Real Estate Investors, Mortgage Bankers, Retail Banks, Credit Unions, Wholesalers, Realtors and Agents. (Mon, 26 Apr 2010 06:00:00 -0700)

The Process of Closing Mortgage Loans Just Got Faster
2hourtitle.com is an Innovative Settlement Facilitation Company Run by Industry Experts, Proffering Their Title Research, Processing, Documentation, Certification, Verification and Closing Support to a Wide Range of Clientele Including Loan Officers, Real Estate Investors, Mortgage Bankers, Retail Banks, Credit Unions, Wholesalers, Realtors and Agents. (PRWeb Apr 26, 2010) Read the full story at ... (Mon, 26 Apr 2010 06:16:12 -0700)

Market Commentary and Intraday News
(RTTNews) - Monday, the Hong Kong Monetary Authority announced that the new mortgage loans drawn down increased 60.3% on a monthly basis in March, compared to the 1.5% fall in the previous month. (Mon, 26 Apr 2010 06:18:41 -0700)

R.I. public pensions on the line as budget deficit looms
Some basic questions and answers on how the retirement system works, why it fell $4.3 billion in debt and what it means to current budget deficit (Mon, 26 Apr 2010 07:23:15 -0700)

Hardest Hit States Submit Housing Aid Proposals, Some Offer Help Paying Mortgage
The five hardest hit states are proposing new ways to alleviate the housing pain felt by some of their residents. Proposals include helping homeowners pay their mortgages. (Mon, 26 Apr 2010 07:25:08 -0700)

Real Estate
by Jeffrey R. Dobson, Jr. On February 9, 2010, the Michigan Court of Appeals decided a case that reinforces how critically important it is to have appropriate future advance language in a mortgage when future advances are anticipated. (Mon, 26 Apr 2010 07:33:35 -0700)

Wall Street didn't cause crash of '08
Financial reform? Not exactly. The bill before Congress does nothing to address the fundamental background causes of the crash of 2008. (Mon, 26 Apr 2010 07:50:55 -0700)

Mortgage fraud incidents rise 7 pct last year
Incidents of residential mortgage fraud increased last year, a sign that scammers are still targeting the industry despite more diligent efforts to find and report such activity. The number of mortgage fraud reports among loans made in 2009 grew 7 percent, a... Mortgage fraud - Mortgage - United States - Business - Financial Services (Mon, 26 Apr 2010 08:58:14 -0700)

Michigan ranks 5th in mortgage fraud
Michigan ranked fifth nationwide in 2009 for mortgage fraud, according to data released today by the Mortgage Asset Research Institute. (Mon, 26 Apr 2010 09:29:23 -0700)

Foreclosure prevention help offered through federal funds
A White County church is reaching out to the public by providing a resource for homeowners who are struggling with mortgage payments or who may be experiencing financial hardships that are making it difficult to pay the monthly mortgage. (Mon, 26 Apr 2010 09:29:45 -0700)

Mortgage fraud incidents rise 7 pct last year
Incidents of residential mortgage fraud increased last year, a sign that scammers are still targeting the industry despite more diligent efforts to find and report such activity. (Mon, 26 Apr 2010 09:35:23 -0700)

Mortgage Fraud Incidents Rise 7 Pct Last Year
Report finds fraud still a problem for mortgage industry; incidents rise 7 percent in 2009 Fraud - Mortgage - Business - Financial Services - United States (Mon, 26 Apr 2010 09:48:36 -0700)

Rural home loan program could go broke soon
After growing up in Lumberton's suburban atmosphere, all newlyweds Chloe and Keith Sarles wanted was a small house in the country. (Mon, 26 Apr 2010 09:56:20 -0700)

Local home prices fall slightly in February
Home prices in the Fort Worth-Arlington area took a slight dip in February of one quarter of a percentage point according to the latest Loan Performance Home Price Index from First American CoreLogic. (Mon, 26 Apr 2010 10:21:04 -0700)

Summary Box: Mortgage fraud incidents rise 7 pct
THE NEWS: Incidents of residential mortgage fraud rose 7 percent last year, a sign that scammers are still targeting the industry despite more diligent efforts to find and report such activity. The number of mortgage fraud reports is down sharply, though, from the 26 percent jump seen in 2008, according to a study released Monday by the LexisNexis Mortgage Asset Research Institute. (Mon, 26 Apr 2010 11:22:04 -0700)

Summary Box: Mortgage fraud incidents rise 7 pct
THE NEWS: Incidents of residential mortgage fraud rose 7 percent last year, a sign that scammers are still targeting the industry despite more diligent efforts to find and report such activity. (Mon, 26 Apr 2010 11:22:04 -0700)

Summary Box: Mortgage Fraud Incidents Rise 7 Pct
Summary Box: Report finds mortgage fraud still a problem; incidents rise 7 percent in 2009 Mortgage fraud - United States - Mortgage - Business - Financial Services (Mon, 26 Apr 2010 11:34:18 -0700)

Summary Box: Mortgage fraud incidents rise 7 pct
THE NEWS: Incidents of residential mortgage fraud rose 7 percent last year, a sign that scammers are still targeting the industry despite more diligent efforts to find and report such activity. The number of mortgage fraud reports is down sharply, though,... Mortgage fraud - United States - Mortgage - Business - Financial Services (Mon, 26 Apr 2010 11:58:54 -0700)

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