Mortgage News Apr 2010

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Wells Fargo offering free home loan workshops
Wells Fargo bank is offering free workshops in Oakland to homeowners who are struggling to make their mortgage payments. (Mon, 26 Apr 2010 11:59:15 -0700)

PMI, MGIC Bonds Climb as U.S. Mortgage Insurers Offer Stock
April 26 (Bloomberg) -- Bonds of mortgage insurers PMI Group Inc. and MGIC Investment Corp. rose after the companies offered stock and convertible notes. (Mon, 26 Apr 2010 12:35:42 -0700)

Federal Home Loan Bank of San Francisco Now Accepting Applications from Member Financial Institutions for $1 Million ...
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco is now accepting applications for its 2010 Access to Housing and Economic Assistance for Development Program, which allows members of the Bank to support economic and housing projects during their critical conception and early development stages. (Mon, 26 Apr 2010 12:36:00 -0700)

Chase to hire Texas mortgage officers
Chase plans to hire 275 mortgage officers in Texas over the next six months to help Chase customers finance home purchases or reduce their monthly payments through refinancing existing mortgages. (Mon, 26 Apr 2010 13:06:04 -0700)

Rural home loan program has almost run out of money
A popular federal home loan program that's allowed many Utahns to buy into the American dream in the state's exburbs and its... (Mon, 26 Apr 2010 21:17:40 -0700)

Refinancing into a conventional mortgage
Does it make sense to refinance into a conventional mortgage? Or is an FHA refi better? (Tue, 27 Apr 2010 03:00:00 -0700)

Mortgage Calculator PRO
Mortgage Calculator PRO, professional loan calculator. Why is it important to have a mortgage calculator on the go? (Tue, 27 Apr 2010 10:07:50 -0700)

Roseman: When mortgage rates rise, is it time to lock in?
Its hard to decide whether to get a fixed or floating rate on your mortgage, especially now that rates are starting to rise. (Tue, 27 Apr 2010 21:20:21 -0700)

Rural home loan program nearly out of money
WASHINGTON - A federal program that has helped many rural residents get home loans may run out of money this month if a solution isn't found. "We're about out of funds nationally," said Jim Isgar, state director of the U.S. Department of Agriculture Rural Development program, which administers the program. "I think this is such an important program, we really need to continue it." U.S. Sen ... (Wed, 28 Apr 2010 01:03:37 -0700)

Roseman: As mortgage rates rise, is it time to lock in?
The Royal Bank has raised its mortgage rates three times in a month and other banks are following suit. What does this mean for your mortgage? (Wed, 28 Apr 2010 04:20:19 -0700)

U.S. MBA Mortgage Applications Index Fell 2.9% Last Week
April 28 (Bloomberg) -- An index of mortgage applications in the U.S. fell last week as rising mortgage rates hurt refinancing, while a looming deadline for a homebuyers tax credit boosted purchases for a fifth time in six weeks. (Wed, 28 Apr 2010 05:14:28 -0700)

MBA: Mortgage Purchase Applications Increase
The Market Composite Index, a measure of mortgage loan application volume decreased 2.9 percent on a seasonally adjusted basis from one week earlier. ... (Wed, 28 Apr 2010 05:39:56 -0700)

QUICK POLL
FAIRFAX, VA-Prudential Multifamily Mortgage is providing the refinancing for a locally based multifamily project called Providence Apartments. The $10.1-million loan was provided under Fannie Mae's multifamily lending program. (Wed, 28 Apr 2010 08:07:12 -0700)

QUICK POLL
GSEs Still Edge Out Life Cos. FAIRFAX, VA-Prudential Multifamily Mortgage is providing the refinancing for a locally based multifamily project called Providence Apartments. The $10.1-million loan was provided under Fannie Mae's multifamily lending program. (Wed, 28 Apr 2010 08:37:39 -0700)

Fitch Affirms Chase Commercial Mortgage Securities Corp. 2000-3; Assigns LS Ratings
CHICAGO----Fitch Ratings has affirmed, revised Rating Outlooks and assigned Loss Severity ratings to Chase Commercial Mortgage Securities Corp., commercial mortgage pass-through certificates, series 2000-3. (Wed, 28 Apr 2010 08:38:00 -0700)

Mortgage activity down with rates up
WASHINGTON, April 28 (UPI) -- The volume of applications for U.S. mortgages fell last week as long-term interest rates rose, an industry group said Wednesday. (Wed, 28 Apr 2010 08:50:47 -0700)

Calling out loan underwriting fees
Alinda and Armando Martinez refinanced their home loan, obtaining a new loan from Wells Fargo. Wells charged the Martinezes an $800 underwriting fee, which the Martinezes alleged was excessive and not reasonably related to Wells Fargo's actual costs of underwriting their new loan. (Wed, 28 Apr 2010 09:23:36 -0700)

Jack Young Repays Sister's 12K Home Loan
Baltimore's City Council president has repaid a controversial home loan for his sister. (Wed, 28 Apr 2010 10:19:15 -0700)

Gov't share of mortgage market surges in 1Q
Uncle Sam's share of the mortgage business just keeps getting bigger. (Wed, 28 Apr 2010 11:19:42 -0700)

Capito Comments on Rural Home Loan Legislation
Rep. Shelley Moore Capito, R-W.Va., made a statement Tuesday upon House passage of H.R. 5017, To Ensure the Availability of Loan Guarantees for Rural Homeowners. (Wed, 28 Apr 2010 11:50:59 -0700)

S&P Sees Risks in Mortgage Bonds Top-Rated by Moodys
Standard & Poors said the first new-mortgage securities in more than two years, granted top ratings from Moodys Investors Service, fell short of some of its standards for AAA grades. (Wed, 28 Apr 2010 16:54:51 -0700)

Redwood Trust closes deal on private mortgage securitization
A California firm completed the first private sector sale of a security backed by mortgages in nearly two years Wednesday, potentially the first step in reopening a market slammed shut by the housing crisis. (Wed, 28 Apr 2010 17:17:01 -0700)

Wall Street Begins Taking Bets on Jumbo-Mortgage Debt
April 28 (Bloomberg) -- Wall Street banks began taking bets on pools of jumbo-mortgage bonds as trading started today on four new credit-default-swap indexes. (Wed, 28 Apr 2010 17:59:09 -0700)

Rush is on to claim first-time home buyers tax credit
Home buyers have been in a final sprint to meet Friday's deadline for signing purchase contracts to claim the first-time home buyer tax credit. (Wed, 28 Apr 2010 18:04:13 -0700)

Mortgage fraud increases 7% in 2009
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. (Wed, 28 Apr 2010 22:07:25 -0700)

United Western sues Countrywide over mortgage-backed securities
Denver-based United Western Bank said Wednesday it has sued Countrywide Financial over $108 million in mortgage-backed investments gone bad. (Thu, 29 Apr 2010 00:07:36 -0700)

Santander UK says mortgage share up again in Q1
The UK arm of Spain's Santander posted a 15 percent rise in first-quarter trading profit and said it had continued to increase its share of the battered UK mortgage market, backing one in five loans. (Thu, 29 Apr 2010 00:52:00 -0700)

State warns about mortgage letters
State officials are cracking down on businesses that are sending misleading mortgage refinance offers like the one I warned you about this month. (Thu, 29 Apr 2010 00:57:50 -0700)

The Fixer: Credit is good -- but it's not his
Dear Fixer: I have been having a problem with TransUnion reporting another person's credit on my report. The good news is he has a good payment record. However, when I try to refinance my home, they ask me about this GMAC mortgage and the home address. It is not my mortgage. (Thu, 29 Apr 2010 02:16:41 -0700)

Mortgage rates retreat as tax credit fades
Mortgage rates barely budged. As the tax credit expires, what's next for housing? (Thu, 29 Apr 2010 03:00:00 -0700)

Mortgage Rate Trend Index
Each week, Bankrate.com surveys experts to gauge which way interest rates are headed on mortgages. (Thu, 29 Apr 2010 03:00:00 -0700)

With career comes huge student loan debt
As you start a new job, you may find your toughest task is managing your student loan debt. (Thu, 29 Apr 2010 03:00:00 -0700)

Santander U.K.s Share of Mortgage Market Rises to 20 Percent
April 29 (Bloomberg) -- Santander UK increased its share of Britains mortgage market to 20 percent in the first quarter as the British unit of Spains biggest bank renamed its branches following acquisitions. (Thu, 29 Apr 2010 03:35:49 -0700)

Towns loan players set to take backseat
Boss Paul Simpson could be set to ditch two of Shrewsbury Town's loan trio for Saturday's League Two clash at home to Morecambe. (Thu, 29 Apr 2010 04:06:50 -0700)

Bankrate: Mortgage Rates in Holding Pattern
Mortgage rates showed little movement once again this week, with the average conforming 30-year fixed mortgage inching lower to 5.21 percent, according to Bankrate.com's weekly national survey. (Thu, 29 Apr 2010 04:30:00 -0700)

Mortgage rates retreat as tax credit fades
For the third straight week, mortgage rates went nowhere fast. The benchmark 30-year fixed-rate mortgage edged down 1 basis point this week, to 5.21 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. (Thu, 29 Apr 2010 04:34:39 -0700)

Commercial mortgage defaults rise as prices drop
The delinquency rate for commercial mortgage-backed securities rose to 6.4 percent in March, from 6 percent in February, and the rate could increase to 12 percent by the year's end, the ratings agency Realpoint LLC said in a report. (Thu, 29 Apr 2010 04:44:47 -0700)

Despite Mortgage Meltdown, Today's Borrowers Continue to Spend Twice as Much Time Researching a Car Purchase as ...
The impact of the widely publicized mortgage meltdown appears to have caused little change in borrower behavior during the past two years, according to a new Zillow Mortgage Marketplace survey of 2,729 adults conducted on its behalf in April by Harris Interactive®. (Thu, 29 Apr 2010 05:00:00 -0700)

Mortgage Rates Stay Flat, Thanks to Greece
Mortgage rates stayed flat last week, rising just slightly to 5.08% from 5.04% one week earlier, according to the Mortgage Bankers Association. (Thu, 29 Apr 2010 07:01:05 -0700)

Homestar Mortgage Tops the List of Lenders Helping First-time Homebuyers
Providence, RI (April 28, 2010) Providence-based Homestar Mortgage has been named Rhode Island Housings top partner lender for 2009 and the first quarter of 2010. Homestar Mortgage tops the list of 37 partner lenders and brokers who offer Rhode Island Housings safe, low-interest FirstHomes100 mortgages. (Thu, 29 Apr 2010 07:28:20 -0700)

National Future Mortgage is the Newest Client of Lincoln Appraisal & Settlement Services
A goal with a partnership in mind is National Future Mortgage Inc.'s philosophy, the newest client of Lincoln Appraisal & Settlement Services. Offering both residential and commercial loans, National Future Mortgage Inc.'s combines the personalization of a small mortgage broker with the expertise of a large broker. (Thu, 29 Apr 2010 07:47:00 -0700)

Federal Home Loan Bank of San Fran. Selects Calypso
Calypso Technology, Inc., a global application software provider, announced today that the Federal Home Loan Bank of San Francisco has selected Calypso Technology's front-to-back office system to support its front office trade origination, valuation, accounting and back office processing activities. (Thu, 29 Apr 2010 08:03:38 -0700)

1Q profits slip at Fed. Home Loan Bank
The Federal Home Loan Bank of Cincinnati reported its first quarter profits were cut nearly in half to $43 million, due to lower demand for wholesale lending to banks and thinner spreads between money the bank borrows and lends out. (Thu, 29 Apr 2010 08:22:14 -0700)

Fitch Affirms LB Commercial Mortgage Trust 1999-C2; Assigns Outlooks
NEW YORK----Fitch Ratings has affirmed, assigned Loss Severity and Rating Outlooks to LB Commercial Mortgage Trust's commercial mortgage pass-through certificates, series 1999-C2, as follows: (Thu, 29 Apr 2010 08:52:00 -0700)

Federal Home Loan Bank of Atlanta Announces Q1 2010 Operating Highlights
ATLANTA, April 29 -- Federal Home Loan Bank of Atlanta (the Bank) today released unaudited financial... (Thu, 29 Apr 2010 11:10:57 -0700)

Federal Home Loan Bank of New York Announces First Quarter 2010 Operating Highlights
The Federal Home Loan Bank of New York today released its unaudited financial highlights as of and for the quarter ended March 31, 2010. (Thu, 29 Apr 2010 11:38:00 -0700)

Federal Home Loan Bank of Seattle Announces First Quarter 2010 Preliminary Operating Highlights
SEATTLE----Today, the Federal Home Loan Bank of Seattle announced first quarter 2010 preliminary operating highlights. The Seattle Bank reported net income of $6.1 million for the three months ended March 31, 2010, an increase of $22.3 million from a net loss of $16.2 million for the same period in 2009. (Thu, 29 Apr 2010 11:39:00 -0700)

Federal Home Loan Bank of San Francisco Announces First Quarter Operating Results
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco today announced that its net income for the first quarter of 2010 was $93 million, compared with net income of $123 million for the first quarter of 2009. (Thu, 29 Apr 2010 18:21:00 -0700)

Wells Fargo Expands Mortgage-Bond Team, Readies for Market Turn
Wells Fargo & Co., aiming to translate home-lending clout into bigger profits, is building a team to package and trade mortgage-backed securities and curb reliance on Wall Street firms as a market recovery takes hold. (Thu, 29 Apr 2010 22:14:55 -0700)

1st Lending Solution Presents a Quick and Easy Method to Refinancing Home Loans
Founder of 1stLendingSolution.com, Richard Heron is pleased to announce the launch of his new, interactive blog, QualifiedMortgageOffers.com. Designed as a counterpart to his website, the blog will feature posts about the latest news briefs in the world of finance as well as define common terminology used in finance to keep customers educated and informed. Stop in today to receive four qualified ... (Fri, 30 Apr 2010 00:00:00 -0700)

Commerce City manager's hiring included home-loan deal
Commerce City wanted a city manager so much in 2007 that the City Council gave Gerald Flannery a $450,000 home loan nearly interest-free that would not have to be paid back for four years. (Fri, 30 Apr 2010 00:09:27 -0700)

Township refinancing bonds to save $500K
NORTHAMPTON - A company founded and co-owned by Bucks County GOP Vice Chairwoman Pat Poprik will earn $42,250 for the bond transaction. (Fri, 30 Apr 2010 01:31:15 -0700)

Goldman Sachs shares plunge as Justice Dept. opens criminal probe into mortgage deals
WASHINGTON (AP) Shares of Goldman Sachs Group Inc. plunged 9 percent Friday after word that the Justice Department had opened a criminal investigation of the Wall Street powerhouse over mortgage securities deals it arranged. (Fri, 30 Apr 2010 02:44:23 -0700)

Federal Home Loan Bank of Indianapolis Announces 2010 First Quarter Dividend and Financial Results
INDIANAPOLIS -- On April 29, 2010, the Board of Directors of the Federal Home Loan Bank of Indianapolis declared dividends on Class B-1 and Class B-2 stock at annualized rates of 2.00% and 1.60%, respectively. (Fri, 30 Apr 2010 04:55:35 -0700)

Prudential Mortgage Capital Launches New Program for Multifamily Properties
NEWARK, N.J.----Prudential Mortgage Capital Company has launched the Agency Gateway program, a new short term loan program for multifamily property owners seeking to refinance or acquire properties that do not currently qualify for a Fannie Mae or Freddie Mac permanent loan. (Fri, 30 Apr 2010 06:36:00 -0700)

Mortgage Rates Retreat as tax Credit Fades
Mortgage rates barely budged. As the tax credit expires, what's next for housing? (Fri, 30 Apr 2010 06:54:44 -0700)

13 charged in Cleveland mortgage fraud probe
A loan officer, three appraisers and nine other people have been indicted in Cleveland in a federal investigation of alleged mortgage fraud. (Fri, 30 Apr 2010 08:58:44 -0700)

Real Estate Weekly: Refinancing helped borrowers save big last quarter
Half of borrowers who refinanced a conventional mortgage in the first quarter lowered their interest rate by at least 16%, according to an analysis from Freddie Mac. (Fri, 30 Apr 2010 10:28:49 -0700)

Goldman Sachs shares slide on concern US launching criminal probe into mortgage dealings
Shares of Goldman Sachs Group Inc. tumbled Friday on concern that the government is launching a criminal investigation into some of the New York investment bank's mortgage securities deals. (Fri, 30 Apr 2010 10:33:31 -0700)

Defunct firm settles mortgage fraud case
A former Bellmawr firm and its owners have agreed to pay more than $11 million to settle civil charges that they defrauded homeowners trying to avoid mortgage foreclosure, state officials said Thursday. (Fri, 30 Apr 2010 13:32:04 -0700)

SBI teaser home loan scheme gets two-month extension
Despite the increase in key policy rates - repo & reverse repo - and cash reserve ratio by 25 basis points, fund -flushed State Bank of India has extended its teaser home loan scheme, though with a marginal modification and for the second time, till June 30. (Fri, 30 Apr 2010 14:05:32 -0700)

Foreclosure, mortgage fraud: Tell it to the AG
If you want to speak to Florida's Attorney General about foreclosure or loan modifications or mortgage fraud, here's your chance. (Fri, 30 Apr 2010 14:27:14 -0700)

Fannie Mae to make qualifying for interest-only loans tougher
Fannie Mae, the government-backed mortgage giant, announced Friday that it will tighten lending requirements for the interest-only loans and adjustable rate mortgages (ARMs) it backs. (Fri, 30 Apr 2010 14:57:43 -0700)

Federal Home Loan Bank of San Francisco Releases March 2010 Cost of Funds Index
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco announced April 30, 2010, that the 11th District Monthly Weighted Average Cost of Funds Index for March 2010 is 1.859%. The index for February 2010 was 1.614%. (Fri, 30 Apr 2010 15:04:00 -0700)

In post-meltdown muddle, lenders tighten 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. But when he approached his lender, Charlotte, N.C.-based Bank of America, about refinancing his existing mortgage or qualifying for a new loan, McLaughlin felt like a brand-new customer just off the street. (Fri, 30 Apr 2010 15:27:23 -0700)

Mortgage woes for retirees as their cash plans fall short
THE number of people still paying off their mortgage in retirement is on the rise and the problem is set to escalate as more endowment plans mature with huge shortfalls. (Fri, 30 Apr 2010 16:09:22 -0700)

Leave $150,000 IRA alone, dont pay off mortgage
Q: I have $150,000 in an inherited IRA. Would it be better to withdraw $50,000 and pay off my 5.5 percent mortgage or leave it invested in mutual funds and bonds inside the IRA? D.D., Altamonte Springs (Fri, 30 Apr 2010 17:37:58 -0700)

Goldman didn't tell SEC about mortgage moves for months
WASHINGTON In December 2006, Goldman Sachs embarked on a frantic effort to shed billions of dollars in risky mortgage securities and purchase exotic insurance to protect itself against what it had concluded could be the collapse of America's housing market. (Fri, 30 Apr 2010 18:00:56 -0700)

Kenneth Harney: Despite 2009 restrictions, mortgage and appraisal fraud spiked
For anyone who assumed that the toughened real-estate appraisal rules imposed on the mortgage market last year would mean less monkey business in home valuations, here's a shocker: Fraudulent appraisals soared in 2009, according to a lending-industry study released this week, and they now represent the fastest-growing form of home loan fraud. (Fri, 30 Apr 2010 21:00:00 -0700)

Bank forecloses as Smith says he's still trying to pay mortgage, loan and taxes
State Rep. Ken Smith's well-known South Scranton restaurant is scheduled to be sold at a Lackawanna County sheriff's sale June 1 unless he works out a plan with the bank that foreclosed on the mortgage.In addition, Mr. Smith continues to owe almost $12, (Fri, 30 Apr 2010 21:54:22 -0700)

Mortgage pain for landlords
Landlords are keen to expand their buy-to-let property portfolios but many are still facing problems raising the mortgage finance they need. (30/04/2010 19:21:16) (Fri, 30 Apr 2010 22:10:39 -0700)

Despite Mortgage Meltdown, Todays Borrowers Continue to Spend Twice as Much Time Researching a Car Purchase as ...
RISMEDIA, May 1, 2010The impact of the widely publicized mortgage meltdown appears to have caused little change in borrower behavior during the past two years, according to a new Zillow Mortgage Marketplace survey of 2,729 adults conducted on its behalf in (Fri, 30 Apr 2010 22:12:17 -0700)

In Post-Meltdown Muddle, Lenders Tighten Standards
RISMEDIA, May 1, 2010(MCT)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. But when he approached his lender, Charlotte, (Fri, 30 Apr 2010 22:12:28 -0700)

Mortgage firm names president
CRYSTAL LAKE Home State Mortgage Group has named Greg Grojean president, promoting him from senior vice president, Home State Bank announced. (Fri, 30 Apr 2010 23:26:43 -0700)

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