Mortgage News May 2010

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Anns Financing Introduces a Quick and Easy Method to Refinancing Home Loans
Founder of AnnsFinancing.com, Ann Cook is pleased to announce the launch of her Web stores brand-new, interactive blog, NewMortgageChatter.com. Designed as a counterpart to her Web site, the blog will feature posts about the latest news briefs in the world of finance as well as defines common terminology used in finance to keep customers educated and informed. Stop in today for a free financial ... (Sat, 01 May 2010 00:03:21 -0700)

13 CHARGED IN MORTGAGE FRAUD PROBE
CLEVELAND (AP) -- A loan officer, three appraisers and nine other people have been indicted in Cleveland in a federal investigation of alleged mortgage fraud. (Sat, 01 May 2010 03:32:23 -0700)

Blizzard joins M&T as mortgage consultant
M&T Bank has announced the appointment of Melissa L. Blizzard as a mortgage consultant serving the Harford, Cecil and Baltimore county markets. (Sat, 01 May 2010 04:13:25 -0700)

Compare Mortgage Rates
See the impact of extra mortgage payments on your loan and create an amoritzation table. Calculate the impact of extra mortgage payments using any combination of the inputs below. (Sat, 01 May 2010 04:34:55 -0700)

Mortgage advice for worried homeowners
A NEW service launched this week will offer free advice to homeowners in Somerset who are worried about their mortgage. (Sat, 01 May 2010 08:18:45 -0700)

Goldman Didn't Tell SEC About Mortgage Moves For Months
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. (Sat, 01 May 2010 12:27:27 -0700)

Goldman Hid Mortgage Moves From SEC For Months
What's Your Reaction? 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. (Sat, 01 May 2010 16:21:56 -0700)

Big Money: Debunking the myth of the 'sophisticated investor'
As part of their defense in a messy SEC investigation, Goldman Sachs and investor John Paulson have trotted out a classic Wall Street defense: Their customers were "sophisticated investors." Financial services - Business - Games - Video Games - Strategy (Sat, 01 May 2010 21:00:00 -0700)

Buy or keep renting? Gap between mortgage payments, rents has dropped
LOS ANGELES Thinking of buying a home? Consider this: The gap between monthly rents and mortgage payments is at its lowest level in almost 20 years. (Sun, 02 May 2010 00:02:51 -0700)

Rehabilitation loan can help owners as well as new buyers
In a recent column we discussed the challenge that first-time homebuyers face in accumulating the money to buy and fix up a home. One of the suggested solutions was the Federal Housing Administrations 203K loan, which provides the cash to purchase and rehabilitate a property all in one loan. (Sun, 02 May 2010 00:03:11 -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. (Sun, 02 May 2010 00:14:38 -0700)

Bank of America sues Rob Arkley for $50 million; Eureka businessman reportedly caught up in mortgage crisis
As the American mortgage crisis hit its height in late 2007, local businessman Rob Arkley pledged part of his personal fortune to back a loan his company received to purchase a pool of mortgages. (Sun, 02 May 2010 01:35:34 -0700)

Key to couples savings could be consolidation
Fresh out of the depths of $30,000 in credit card debt, Pat, 32, and Monisha, 35, want a fresh financial start. Now with only a mortgage, car loan and college loan, the couple want to do things right. Its... (Sun, 02 May 2010 06:57:52 -0700)

Blizzard joins M&T as mortgage consultant
M&T Bank has announced the appointment of Melissa L. Blizzard as a mortgage consultant serving the Harford, Cecil and Baltimore county markets. (Sun, 02 May 2010 10:44:06 -0700)

$10,000 mortgage payment disappears
Problem Solver: After her husband died in a car accident in February, Maria Bertolo decided to use his life insurance money to pay down the mortgage. A good idea, until a payment didn't get credited. (Sun, 02 May 2010 11:09:59 -0700)

Borrowers Who Refinanced in First Quarter 2010 Will Lower Their Interest Expense an Aggregate $2 Billion over Coming ...
RISMEDIA, May 3, 2010In the first quarter of 2010, one-half of borrowers who refinanced their conventional loan lowered their mortgage interest rate by at least 16% according to Freddie Macs quarterly Refinance Report. The new interest rate was 0.9 percentage (Sun, 02 May 2010 11:11:38 -0700)

Prudential Florida Realty and Florida Home Finance Group Announce The Home Buyer Mortgage Credit
RISMEDIA, May 3, 2010While the Federal First Time Home Buyer Tax Credit expired on April 30, 2010, Prudential Florida Realty, in conjunction with Florida Home Finance Group, an affiliate of Wells Fargo Home Mortgage, is picking up where the Federal (Sun, 02 May 2010 11:12:28 -0700)

Buy or keep renting? Gap between mortgage payments, rents has dropped
LOS ANGELES Thinking of buying a home? Consider this: The gap between monthly rents and mortgage payments is at its lowest level in almost 20 years. (Sun, 02 May 2010 14:46:46 -0700)

Rehabilitation loan can help owners as well as new buyers
In a recent column we discussed the challenge that first-time homebuyers face in accumulating the money to buy and fix up a home. One of the suggested solutions was the Federal Housing Administrations 203K loan, which provides the cash to purchase and rehabilitate a property all in one loan. (Sun, 02 May 2010 14:47:06 -0700)

Boise loan officer launches Boise listings home search website
Boise, ID -Boise 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 Boise listings information. (Sun, 02 May 2010 18:47:01 -0700)

Mortgage rescuer preyed on Mexicans, lawsuits allege
The accusations that have piled up against Eliseo Carrillo run counter to the image the Chicago entrepreneur cultivated as a champion of Latino immigrants. As the housing market weakened in recent years, Carrillo's smiling face appeared on billboards throughout the city's Mexican-American neighborhoods. Spanish-language TV commercials featuring Mexican music and Carrillo wearing a stylish cowboy ... (Sun, 02 May 2010 18:48:34 -0700)

Robert Kuttner: Harry and the Homeowners
Nationally, one in four homeowners owes more on their mortgage than the current value of the house. In Nevada, the nation's most extreme case, the figure is 70 percent -- nearly three homes in four homes underwater. In this context, voters are rightly depressed and disgusted with the incumbent party. The Obama Administration has made several false starts at serious mortgage relief. But every ... (Sun, 02 May 2010 19:22:26 -0700)

Mortgage 'rescuer' preyed on immigrants, clients allege
Immigrants sue and say they were misled into surrendering deeds to their homes The accusations that have piled up against Eliseo Carrillo run counter to the image the Chicago entrepreneur cultivated as a champion of Latino immigrants. (Sun, 02 May 2010 20:09:41 -0700)

Junk Bond Sales Set Record as Investors Waiver: Credit Markets
May 3 (Bloomberg) -- Companies sold $33.7 billion of junk bonds in April, a record for the month, with borrowers rushing to issue debt before investors pull back from the riskiest securities as governments struggle to manage their deficits. (Sun, 02 May 2010 20:51:15 -0700)

One man's easy solution to our mortgage mess
Terry Savage: The mortgage problem is overwhelming the economic recovery. Foreclosures destroy the market for new homes and the jobs that home building creates. Families are destroyed and hopes are shattered while the foreclosure process moves slowly through the legal system. (Mon, 03 May 2010 02:01:28 -0700)

Sizeable home-loan deposits here to stay
If you are looking to buy a home, start saving now because the banks will want a 15% deposit for the foreseeable future. (Mon, 03 May 2010 03:34:09 -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 week. (Mon, 03 May 2010 03:52:51 -0700)

I have a very low-interest car loan. Should I just pay it off?
Opinions from this week's financial experts vary from making sure that you pay off all debt first before attempting any other financial goals to making sure you have an emergency fund to cover major expenses before you worry about paying off even a low-interest car loan. Of course, the best answer depends on your own unique financial situation. Members of the Financial Planning Association of ... (Mon, 03 May 2010 04:46:53 -0700)

Home Truths for Home Loan Banks
In Edward DeMarco's speech to the annual meeting of directors of the 12 regional Federal Home Loan Banks, the regulator scolded them for straying from their public-policy path. (Mon, 03 May 2010 07:31:12 -0700)

Arab Bank's Saver Mortgage is the 'Best Home Finance Product' in the Middle East
03 May 2010 Arab Bank Arab Bank was honored this month by Banker Middle East/ CPI Financial for having the 'Best Home Finance Product' in the region. The product, Saver Mortgage, received this award for its innovation, flexibility and the benefits it provides for its users. (Mon, 03 May 2010 07:41:36 -0700)

Foreclosures mount in wealthy neighborhoods
The Laguna Beach home sits on a rock jutting out into the ocean. It has a 20-foot salt water aquarium on the lower balcony, not to mention the 64 million-square-mile aquarium stretching to the horizon and beyond. The master suite has two walk-in... (Mon, 03 May 2010 08:10:47 -0700)

3 ways Danish mortgage market trumps U.S.
[This is a summary. To read the full article on PhiladelphiaWeekly.com, click the headline above.] (Mon, 03 May 2010 08:37:44 -0700)

Home improvement loan program to help Syracuse homeowners
The city of Syracuse is teaming up with Home HeadQuarters and M&T Bank to launch a city wide one percent home improvement program. (Mon, 03 May 2010 09:04:22 -0700)

Eduard Oremyan: mortgage lending to become active by end of 2010
Significant reduction was recorded in interest rates for mortgage credits in 2009, currently they make around 8.5-13%. (Mon, 03 May 2010 09:25:58 -0700)

American Mortgage faces consumer complaint suit
American Mortgage Consultants is facing a consumer protection lawsuit from the Colorado Attorney Generals office. The companys owner, Oliver Paul Mandonado and its principal employee, Santiago Fabian Peieda, are accused of defrauding consumers seeking loan modifications and foreclosure relief. According to the complaint, American Mortgage Consultants used deceptive advertisements to attract ... (Mon, 03 May 2010 09:43:05 -0700)

Mortgage Refinancing PRO
Mortgage Refinancing PRO shows you if it makes sense to refinance your home loan! Mortgage Refinancing PRO shows you if it makes sense to refinance your home loan! (Mon, 03 May 2010 10:22:55 -0700)

Mortgage Lender Sees Favorable Home Buying Opportunities Despite Expired Tax Credit
MILFORD, CT (May 3, 2010), Leading mortgage lender and broker Total Mortgage announced today that even though the first-time home buyer tax credit and repeat home buyer tax credit have expired, there are still a number of favorable market dynamics present in the housing market that continue to offer a once-in-a-lifetime opportunity for potential home buyers. (Mon, 03 May 2010 10:49:22 -0700)

Fitch Affirms J.P. Morgan Series 2000-C9
NEW YORK----Fitch Ratings affirms J.P. Morgan Commercial Mortgage Finance Corp.'s mortgage pass-through certificates, series 2000-C9, and assigns Loss Severity ratings as follows: (Mon, 03 May 2010 12:01:00 -0700)

Junk Bond Sales Set Record as Investors Waver: Credit Markets
May 3 (Bloomberg) -- Companies sold $33.7 billion of junk bonds in April, a record for the month, with borrowers rushing to issue before investors pull back from the riskiest securities. (Mon, 03 May 2010 12:06:55 -0700)

Mortgage Modifications Gaining Traction
As foreclosure filings in South Florida continue to skyrocket to levels not seen in decades, the need for adjusting mortgage rates down is growing. Homeowners across South Florida are fighting as hard as they can to keep their homes and they're getting help from unexpected sources including banks. (Mon, 03 May 2010 12:17:30 -0700)

Fed: Banks See Loan Demand Weaken
Fed: Banks report weaker loan demand from consumers, businesses; restraint on recovery (Mon, 03 May 2010 12:32:16 -0700)

How to notice signs of a mortgage bump
In his blog this week, Mortgage broker Dennis C. Smith of Stratis Financial in Huntington Beach tackles the Fed and what they're doing. Or not doing, yet. (If you are already up on all of this, skip to his prediction at the end and let us know in... (Mon, 03 May 2010 12:40:47 -0700)

Invesco Mortgage Capital Inc. Completes Public Offering of Common Stock
ATLANTA----Invesco Mortgage Capital Inc. today announced the completion of its public offering of 9,000,000 shares of common stock for gross proceeds of $186,750,000. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 1,350,000 shares of the Companys common stock to cover over-allotments, if any. (Mon, 03 May 2010 13:00:00 -0700)

Anworth Mortgage Asset Corporation to Make Presentation at Ninth Annual JMP Securities Research Conference
SANTA MONICA, Calif.----Anworth Mortgage Asset Corporation is scheduled to make a company presentation at the Ninth Annual JMP Securities Research Conference at The Ritz-Carlton in San Francisco, CA, on Monday, May 10, 2010 at 3:00 p.m. (Mon, 03 May 2010 13:05:00 -0700)

Home improvement loan program expanded
Syracuse leaders say cuts in administrative and technical costs have allowed the city to increase the amount of money available for a city-wide one percent home improvement loan program. (Mon, 03 May 2010 13:25:39 -0700)

City-wide One Percent Home Improvement Loan Program launched
Syracuse Mayor Stephanie A. Miner joined with Home HeadQuarters Executive Director Kerry Quaglia and M&T Bank Syracuse Regional Division President Allen Naples at a home at (Mon, 03 May 2010 16:54:08 -0700)

U.K. Mortgage Approvals Rise for First Time in Four Months
May 4 (Bloomberg) -- U.K. mortgage approvals rose for the first time in four months in March as the effect of the worst cold snap in three decades and higher taxes on property sales faded. (Tue, 04 May 2010 01:59:10 -0700)

Paying down mortgage is smart retirement move
Making extra principal payments on a mortgage loan often makes sense during one's golden years. (Tue, 04 May 2010 03:00:00 -0700)

Refinance help for underwater homeowners
Underwater homeowners may be able to refinance into a loan insured by the Federal Housing Administration, or FHA, and get rid of some of debt -- but only if their lenders agree. (Tue, 04 May 2010 04:35:37 -0700)

U.K. Mortgage Approvals Rise as Tax Effect Fades
May 4 (Bloomberg) -- U.K. mortgage approvals rose for the first time in four months in March as the effects of the worst cold snap in three decades and higher taxes on property sales faded. (Tue, 04 May 2010 04:44:19 -0700)

Seattle Home Sales Spiked in March
Seattle-area home sales rose sharply in March compared with both February and the unusually low level of a year ago. (Tue, 04 May 2010 10:23:06 -0700)

Toscafund offers 20pc re-mortgage discount
One of the City of London's largest hedge funds has written to thousands of UK mortgage holders offering to write off as much as fifth of the value of their borrowings if they remortgage their property with a new lender. (Tue, 04 May 2010 11:46:36 -0700)

Underwater In Your Mortgage? 3 Possible Solutions
As many as 10 million Americans, including thousands of homeowners in the Cincinnati area, are "underwater" in their mortgages right now. They owe more than their home is worth. (Tue, 04 May 2010 13:24:37 -0700)

Cape Coral Police sergeant admits mortgage fraud scheme
A Cape Coral police sergeant who faked information on a mortgage loan application so he could pay off debts, buy a car, and refinance his real home agreed to plead guilty in a $4.2 million mortgage fraud case that involved the police chief's son. (Tue, 04 May 2010 14:02:00 -0700)

Where's the outrage over Goldman Sachs's other mortgage foray?
Back in 2007, before Goldman Sachs had become a 24/7 whipping boy, my colleague, Doris Burke, and I wrote an article showing how Goldman had peddled a particularly wretched issue of mortgage-backed securities to its customers, and had also bet against the kind of mortgages that made up the securities. (Tue, 04 May 2010 14:20:44 -0700)

HMU sells loan notes to fund utility projects
HARLAN -- Bids came in lower than expected for two electric capital loan note sales that will fund the Harlan Municipal Utilities underground project and new office building, as well as refinance loan debt in an effort to save dollars. (Tue, 04 May 2010 15:07:24 -0700)

Mortgage Refinancing PRO
Mortgage Refinancing PRO shows you if it makes sense to refinance your home loan! Mortgage Refinancing PRO shows you if it makes sense to refinance your home loan! (Tue, 04 May 2010 15:23:35 -0700)

Mortgage Bond Spreads at Widest in Five Months: Credit Markets
May 4 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac mortgage securities that guide home-loan rates climbed to the highest in five months relative to U.S. Treasuries as Europes worsening government finances led investors to shun all but the safest assets. (Tue, 04 May 2010 15:40:34 -0700)

Weak mortgage lending set to undermine house prices
Fresh evidence that Britain's housing market recovery is faltering, in the form of a sharp fall in mortgage lending, could damage consumer confidence, economists warned yesterday. (Tue, 04 May 2010 16:17:27 -0700)

83% plunge in UK mortgage lending
Mortgage lending in the UK dived by 83 per cent during March, fuelling speculation that the housing market recovery is running out of steam. (Tue, 04 May 2010 16:49:57 -0700)

Many CA Homebuyers Can Qualify for $10,000 Tax Credit Starting May 1
SACRAMENTO, CA -- State Housing Officials announced that buyers of newly constructed homes and first-time home buyers in California can tap into a state tax credit program that will help them save up to $10,000, starting May 1, under a bill signed by Governor Schwarzenegger. (Tue, 04 May 2010 16:50:24 -0700)

Underwater In Your Mortgage? What You Can Do
The worst of the housing crisis may be over. But in its aftermath, 10 million homeowners in the US, including thousands of homeowners in the Cincinnati area, are "underwater" in their mortgages right now. (Tue, 04 May 2010 17:09:16 -0700)

Underwater In Your Mortgage? What You Can Do
John Matarese reports on the latest options for homeowners who owe more on their mortgages than their home is worth. (Tue, 04 May 2010 17:54:05 -0700)

Homes can be lost by mistake when banks miscommunicate
Many homeowners say they lost their homes because of a communication breakdown within the banks that led to premature or mistaken foreclosures. (Tue, 04 May 2010 18:47:13 -0700)

Mortgage Bond Spreads at Widest in Five Months: Credit Markets
May 5 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac mortgage securities that guide home-loan rates climbed to the highest in five months relative to Treasuries as Europes worsening government finances led investors to shun all but the safest assets. (Tue, 04 May 2010 19:21:14 -0700)

Bank of Montreal alleges huge mortgage fraud
The Bank of Montreal is suing hundreds of people in Alberta, including lawyers, mortgage brokers and four of its own employees, in what is one of the largest alleged cases of mortgage fraud in Canadian history. (Tue, 04 May 2010 19:22:51 -0700)

Eagle County starts 'smart loan' program
EAGLE - Eagle County's "Smart Loan" program hasn't officially started yet, and Adam Palmer is already getting questions about it. "People are calling to ask if they can still get in," said Palmer, the county's environmental policy planner. Because applications won't be accepted until Monday, there's probably still time. The Eagle County Commissioners Tuesday gave final approval to the loan ... (Tue, 04 May 2010 20:20:50 -0700)

Home buyer tax credit extended for military
Good news for those in the market for a new home, but missed out on the federal government's $8,000 tax credit. The deadline to cash in was Friday, but it has been extended for the military. The credit was also extended last year after a successful first year of the program. (Tue, 04 May 2010 20:57:43 -0700)

Four men charged in Elyria, Lorain mortgage schemes
Four men were charged in federal court Monday with multiple counts of wire fraud in mortgage schemes that caused more than $700,000 in losses, prosecutors said. (Tue, 04 May 2010 21:03:35 -0700)

Margin loan
Q. I currently have a margin loan at 8.5%. I also have a mortgage redraw facility on my home loan at a much lower rate with enough to pay out my margin loan. If I was to do this, could I still claim the interest on the mortgage redraw as a tax deduction like I do now with the margin loan? (Tue, 04 May 2010 22:36:51 -0700)

Mortgage Bond Spreads at Widest in Five Months: Credit Markets
Yields on Fannie Mae and Freddie Mac mortgage securities that guide U.S. home-loan rates climbed to the highest in five months relative to Treasuries as Europes worsening government finances lead investors to shun all but the safest assets. (Tue, 04 May 2010 23:16:57 -0700)

Home Loan Modification Mortgage Assistance Get Affordable Mortgage Payments
Keeplivinginyourhome.com Home Loan Modification Mortgage Assistance is just one click away from starting the process of getting an affordable modification to your Mortgage Loan. (Wed, 05 May 2010 00:00:00 -0700)

IT Community Vows To 'Name & Shame' Greedy Banks With Launch Of Loan Modification Ratings Web Portal
Two IT professionals from Atlanta, GA created the fixmodifications.com webportal which allows home owners to share and rate their loan modification experience with banks. The data is then analyzed and presented in reports so that community members can find out details regarding loan modifications in their affected states, counties & cities. (Wed, 05 May 2010 00:00:00 -0700)

IT Community Vows To 'Name & Shame' Greedy Banks With Launch Of Loan Modification Ratings Web Portal
Two IT professionals from Atlanta, GA created the fixmodifications.com webportal which allows home owners to share and rate their loan modification experience with banks. The data is then analyzed and presented in reports so that community members can find out details regarding loan modifications in their affected states, counties & cities. (PRWeb May 5, 2010) Read the full story at [[[SHIFTOUT ... (Wed, 05 May 2010 00:14:15 -0700)

U.K. Fund Encourages Borrowers to Refinance
The fund has spend 255 million pounds buying the mortgages portfolios and is in the midst of raising a new fund worth 250 million pounds in order to facilitate mortgages directly to borrowers. (Wed, 05 May 2010 03:14:02 -0700)

MBA: Mortgage Purchase Applications Highest Since October
The Market Composite Index, a measure of mortgage loan application volume, increased 4.0 percent on a seasonally adjusted basis from one week earlier. ... (Wed, 05 May 2010 04:21:06 -0700)

Home loan demand up in tax credit's last days
Demand for loans to buy U.S. homes raced to a seven-month high last week in the last hurrah for federal homebuyer tax credits that ended April 30, Mortgage Bankers Association (MBA) data showed on Wednesday. (Wed, 05 May 2010 05:32:28 -0700)

Home loan demand up in tax credit's last days
By Lynn Adler (Wed, 05 May 2010 05:32:28 -0700)

Mortgage Bond Spreads at Widest in Five Months: Credit Markets
May 5 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac mortgage securities that guide home-loan rates climbed to the highest in five months relative to Treasuries as Europes worsening government finances led investors to shun all but the safest assets. (Wed, 05 May 2010 06:36:31 -0700)

Home Loan Demand Up In Tax Credit's Last Days
Demand for loans to buy homes raced to a seven-month high last week in the last hurrah for federal homebuyer tax credits that ended April 30, Mortgage Bankers Association (MBA) data showed on Wednesday. (Wed, 05 May 2010 06:38:26 -0700)

Bank of Montreal alleges massive mortgage fraud
The Bank of Montreal is suing hundreds of people in Western Canada, including four of its own employees, for alleged mortgage fraud linked to the Middle East and South Asia, media said Wednesday. (Wed, 05 May 2010 08:58:53 -0700)

Mortgage Bond Spreads at Widest in Five Months: Credit Markets
May 5 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac mortgage securities that guide U.S. home-loan rates climbed to the highest in more than five months relative to Treasuries as Europes worsening government finances led investors to shun all but the safest assets. (Wed, 05 May 2010 09:21:10 -0700)

Another Cape officer pleads to mortgage fraud scheme
A former Cape Coral Police sergeant Tuesday pleaded guilty to a charge of loan and application fraud, becoming the second officer to plead to a... (Wed, 05 May 2010 10:12:02 -0700)

Bank suffering mortgage indigestion
WESTPAC is clearly starting to suffer from indigestion after gorging on the mortgage market over the past two years as higher funding costs start to crimp margins. (Wed, 05 May 2010 10:19:28 -0700)

Mother, son imprisoned for mortgage fraud
Pair cost banks $7 million to $20 million, investigators say A Miami man who owned a mortgage company and his mother, who worked as his loan processor, plead guilty to conspiracy to commit bank fraud and were sentenced to prison Tuesday, according to the U.S. Attorney's Office in the Southern District of Florida. (Wed, 05 May 2010 11:10:54 -0700)

Hundreds in Canada sued for mortgage fraud
MONTREAL, May 5 (UPI) -- The Bank of Montreal is taking hundreds of people, including 17 lawyers, to court on allegations of mortgage investment fraud. (Wed, 05 May 2010 11:11:48 -0700)

Bank of Montreal in huge mortgage scam: report
Bank of Montreal is suing lawyers, brokers and some of its own employees for an alleged C$140 million ($136 million) mortgage scam that may have involved hundreds of people, CBC News reported on Wednesday. (Wed, 05 May 2010 11:33:09 -0700)

Q1 Mortgage Volume Tumbles, 2 New Top-10 Players
DALLAS, May 5 /PRNewswire/ -- Residential originations continued to decline in MortgageDaily.com's First Quarter 2010 Mortgage Lender Ranking. (Wed, 05 May 2010 12:10:28 -0700)

Bank of Montreal Doesnt Expect More Costs From Mortgage Fraud
Canadas fourth-biggest bank is suing hundreds of people in Alberta including lawyers, mortgage brokers and four employees over the fraud, CBC reported yesterday, citing legal documents. (Wed, 05 May 2010 13:29:05 -0700)

Want a home? USDA may be able to help
The USDA Rural Development office has a unique loan program available for Butler County residents who still wish to own a home, according spokesperson Beverly Helton. (Wed, 05 May 2010 14:14:42 -0700)

For Mortgage Shoppers, Less Can Be More
New mortgage search services promise to connect each borrower with just one lender. (Wed, 05 May 2010 14:21:51 -0700)

Chase opens second home loan modification center in Tampa Bay area
With foreclosures on the rise, JPMorgan Chase on Wednesday opened a second home loan modification center to help struggling homeowners in the bay area. (Wed, 05 May 2010 14:26:04 -0700)

Mortgage activity rises in week
WASHINGTON, May 5 (UPI) -- The volume of applications for U.S. mortgages rose last week as long-term interest rates fell, an industry group said Wednesday. (Wed, 05 May 2010 15:04:46 -0700)

Home loan modification helps couple
MOSES LAKE After applying and reapplying about 18 times, a Moses Lake couple significantly lowered their mortgage payment through the federal Making Home Affordable Program. (Wed, 05 May 2010 16:08:54 -0700)

Australians finding it easier to make home loan payments
Australians are more likely to be finding it easier to make home loan repayments now than two years ago, according to the latest MFAA/Bankwest Home Finance Index. (Wed, 05 May 2010 17:11:15 -0700)

Alberta MP Devinder Shory named as defendant in BMO $70M mortgage-scam lawsuit
CALGARY - A backbench MP for Prime Minister Stephen Harper's federal Conservatives is among those named in a lawsuit alleging a $70-million mortgage scam at the Bank of Montreal. (Wed, 05 May 2010 18:21:00 -0700)

Freddie Mac Seeks $10.6 Billion, Fueling Republicans Criticism
May 5 (Bloomberg) -- Freddie Mac , the mortgage company operating under U.S. conservatorship, said it will need $10.6 billion more in Treasury Department aid after reporting a first- quarter loss, spurring Republicans to fault Democrats for excluding the firm from their proposed financial-rules bills. (Wed, 05 May 2010 18:29:04 -0700)

MP Shory accused in giant mortgage fraud
The Bank of Montreal is accusing Calgary Conservative MP Devinder Shory of having ties to what is believed to be Canada's largest mortgage fraud. (Wed, 05 May 2010 19:06:48 -0700)

Tear up that mortgage
Tearing-up-the-mortgage parties are rarer these days than in the past. More people are up to their necks in equity loans or living in houses that are "underwater" and never likely to be worth what owners paid for them. (Wed, 05 May 2010 20:44:23 -0700)

Alberta MP among hundreds named in BMO mortgage fraud lawsuit
Hundreds of Albertans, including Calgary Northeast MP Devinder Shory, are being sued by the Bank of Montreal in what it alleges is a massive mortgage fraud involving $120 million. (Wed, 05 May 2010 21:07:22 -0700)

Low-cost loan program puts family in new home
PALMER - Sherry L. Granger's new home is a dream come true. Granger, 39, went to the Palmer Community Development office hoping to get a loan so she could make improvements to her aging mobile home at 81 Flynt St. (Thu, 06 May 2010 00:28:17 -0700)

Hedge fund offers mortgage borrowers golden goodbyes
City hedge fund Toscafund, which last year acquired a number of mortgage books, is offering to write off up to 20 per cent of mortgage holders borrowings if they remortgage with a new lender. (Thu, 06 May 2010 00:57:58 -0700)

Mortgage Rate Trend Index
Each week, Bankrate.com surveys experts to gauge which way interest rates are headed on mortgages. (Thu, 06 May 2010 03:00:00 -0700)

Bankrate: Europe Fears Drive Mortgage Rates Lower
Mortgage rates retreated, with the average conforming 30-year fixed mortgage rate falling to 5.12 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.47 discount and origination points. (Thu, 06 May 2010 04:30:00 -0700)

A great tool for saving -- mortgage refinancing
So you've made a family budget, and you're limiting the use of your credit cards. You're eating out less frequently and saying no to unnecessary shopping. (Thu, 06 May 2010 07:09:32 -0700)

Mortgage rates fall to 5%
30-year fixed loan lowest since March. (Thu, 06 May 2010 08:07:00 -0700)

Faisal Shahzad's $65,000 home equity piggy bank
Faisal Shahzad lived on the downslope side of affluence in the small Connecticut hamlet of Shelton. On Monday, while Shahzad sits in a jail cell in downtown New York City, a judge is scheduled to foreclose on his home, clipping Shahzad's last attachment to the American dream. (Thu, 06 May 2010 09:50:44 -0700)

Canadian MP accused in massive mortgage fraud
A Conservative lawmaker accused in what the Bank of Montreal calls one of Canada's biggest mortgage frauds denied any wrongdoing Thursday. (Thu, 06 May 2010 10:50:25 -0700)

Increase your home loan eligibility
When you apply for a home loan, banks normally sanction between 70 per cent and 80 per cent of the loan-to-value ratio. The eligibility can be increased if collaterals are provided in the form of life insurance policies, national saving certificates (NSC) and other investments. (Thu, 06 May 2010 11:42:58 -0700)

Mortgage Rescue? Beware!
The Better Business Bureau is warning homeowners looking for financial mortgage help that many scam artists have set their sights on them. (Thu, 06 May 2010 13:23:21 -0700)

Simplifying the Process: Lowes and RE-buildUSA Streamline the 203k Loan Process for Agents and Their Clients
RISMEDIA, May 7, 2010In todays stringent credit climate, the process of securing a loan approval involves many details that can be easily overlooked by prospective home buyers. The 203k loanan FHA loan that enables home buyers to purchase and renovate (Thu, 06 May 2010 14:26:51 -0700)

Home loan modification helps couple
MOSES LAKE After applying and reapplying about 18 times, a Moses Lake couple significantly lowered their mortgage payment through the federal Making Home Affordable Program. (Thu, 06 May 2010 16:24:35 -0700)

Mortgage rates at lowest level since March
U.S. mortgage rates fell to the lowest level since March as investors stepped up buying the safest types of bonds, including Treasurys and debt tied to home loans. Rates for 30-year fixed loans dropped to 5 percent in the week ended Thursday from 5.06 percent... Mortgage - Loan - United States Treasury security - Business - Financial Services (Fri, 07 May 2010 00:53:40 -0700)

Should you refinance, or hang tight?
Do today's low mortgage rates make it the right time to refinance? It depends on your situation. (Fri, 07 May 2010 03:00:00 -0700)

Patricia Hammel: Home loan modifications possible, but require much effort
Dear Editor: Im a bankruptcy attorney and (Im now required to say this by federal law) a debt relief agency. Quite a few of my clients have obtained loan modifications, federal Home Affordable Modification Program (HAMP) and otherwise, despite what attorney Mark Borns said in Mike Iveys article Programs red tape slows use of foreclosure aid. Many of them had help from GreenPath; those ... (Fri, 07 May 2010 03:02:28 -0700)

NH holds hearings on mortgage company collapse
New Hampshire lawmakers want to know if the state's regulatory system is good enough to protect future investors from losing money when mortgage companies collapse. New Hampshire - United States - Financial Services - Business - Government (Fri, 07 May 2010 03:24:42 -0700)

Fed to sell some of mortgage-backed portfolio: report
Federal Reserve officials have agreed to sell some of the central bank's $1.1 trillion portfolio of mortgage-backed securities, but many are undecided on how soon or how aggressively to do so, the Wall Street Journal said, citing several people familiar with the matter. (Fri, 07 May 2010 06:27:45 -0700)

N.Va. mortgage fraud ringleader gets 5 years
ALEXANDRIAThe ringleader of a mortgage fraud scheme involving dozens of homes in northern Virginia and losses of at least $9 million has been sentenced to five years in prison. Real estate agent Ruben Rojas led a criminal enterprise that resulted in 20 arrests last year. Police investigated after residents in some Fairfax County neighborhoods complained that the homes in question were serving ... (Fri, 07 May 2010 08:08:23 -0700)

John Rodgers Of Prime Mortgage Lending Named One Of The Countrys Top 200 Mortgage Originators by Scotsman Guide
(Apex, NC) May 7, 2010John Rodgers, president and owner of Prime Mortgage Lending, has been named one of the countrys top mortgage originators for 2009 by Scotsman Guide. (Fri, 07 May 2010 08:33:52 -0700)

TD Canada Trust Changes Residential Mortgage Rates
May 7 (Bloomberg) -- TD Canada Trust has changed its mortgage rates, effective May 8. The five-year closed mortgage rate is down 0.15 percent to 6.1 percent. (Fri, 07 May 2010 09:13:56 -0700)

Hampden Township Comfort Suites listed for sheriffs sale in $7.9M loan default
Cumberland County has listed Comfort Suites Harrisburg/Mechanicsburg in Hampden Township for a June 2 sheriffs sale after its developer defaulted on a $7.9 million loan. (Fri, 07 May 2010 09:43:16 -0700)

Toronto-Dominion Bank Lowers 5-Year Mortgage Rate
May 7 (Bloomberg) -- Toronto-Dominion Bank , Canadas second-largest lender, lowered some of its mortgage rates after government bond prices rallied. (Fri, 07 May 2010 09:43:53 -0700)

Stock Swoon Tanks Mortgage Rates
For those of you who consider me far too 'glass is half empty,' here's a little bright side to the near 1000-point drop in the Dow yesterday: Investors fled to the 10 year Treasury, driving the yield way down and pulling down the rate on the 30-year fixed mortgage right along with it. (Fri, 07 May 2010 10:29:12 -0700)

Rare search granted in mortgage fraud case
Hundreds of binders and boxes were rolled into the Calgary courthouse as the Bank of Montreal proceeded with its lawsuit against hundreds of Albertans over an alleged multimillion-dollar mortgage fraud scheme. (Fri, 07 May 2010 12:46:03 -0700)

Rare search granted in mortgage fraud case
A rare court order in a civil lawsuit over an alleged multimillion-dollar mortgage fraud scheme granted searches and evidence seizures without advance notice, it was revealed in a Calgary court. (Fri, 07 May 2010 13:21:48 -0700)

203 K Rehabilitation Loan Program
The Taft area has affordable housing for sale; however, many of the properties are in need of repairs in order qualify the house for first time home buyer loan programs, which many people are using to purchase homes. How do you get around this? (Fri, 07 May 2010 14:55:50 -0700)

Wells Fargo Mortgage Lending Practices Probed
Wells Fargo Mortgage Lending Practices Probed (Fri, 07 May 2010 16:01:23 -0700)

Home loan modification helps couple
MOSES LAKE After applying and reapplying about 18 times, a Moses Lake couple significantly lowered their mortgage payment through the federal Making Home Affordable Program. (Fri, 07 May 2010 16:10:31 -0700)

Refinancing may rescue underwater homeowner
Q: We purchased a home in 2006 for $582,000. We put down $130,000 and financed $452,000 with a 5-year interest-only loan as we only planned to be here for four years. (Fri, 07 May 2010 16:14:55 -0700)

General Election 2010: Result no shock for mortgage lenders
MORTGAGE rates should not rise significantly as a result of the uncertainty caused by the hung parliament, commentators said yesterday. (Fri, 07 May 2010 16:27:05 -0700)

Green home highest honored in Ky.
A modular three-bedroom home built this year in the Austinburg neighborhood received certification for its environmentally friendly construction that no other home in the state has yet received. (Fri, 07 May 2010 17:59:40 -0700)

Mortgage Paid. A Dozen Debts to Go.
As the Obama administration prods banks to rev up mortgage modifications for millions of American households, an obstacle is emerging: Many people's debt woes go far deeper than their home loans. (Fri, 07 May 2010 18:32:01 -0700)

Mortgage belt beats ritzy areas
Price rises in the mortgage belt in Perth's outer suburbs have outstripped ritzier suburbs, according to the Real Estate Institute of WA. (Fri, 07 May 2010 18:36:40 -0700)

30-year mortgage rates hit six-week low
Rates for 30-year, fixed mortgages have fallen to their lowest level in six weeks, Freddie Mac said Thursday. Mortgage - Business - Financial Services - United States - Arizona (Fri, 07 May 2010 21:00:00 -0700)

Massive paper trail seized over BMO mortgage fraud suit
Computers, cellphones, duffel bags and suitcases stuffed with documents have been seized from the residences of Albertans connected to allegations of massive mortgage fraud. (Fri, 07 May 2010 21:07:26 -0700)

Virginia VA Loan Promotion
For the next 90 days, LowVARates will be honoring the military personnel and veterans of Virginia by providing deep discounts on VA home purchases and refinances. The 90 day VA Loan offer is in association with Virginia Military Appreciation week. Families can take advantage of the offer by visiting: www.LowVARates.com (Sat, 08 May 2010 00:01:00 -0700)

Virginia VA Loan Promotion
For the next 90 days, LowVARates will be honoring the military personnel and veterans of Virginia by providing deep discounts on VA home purchases and refinances. The 90 day VA Loan offer is in association with Virginia Military Appreciation week. Families can take advantage of the offer by visiting: www.LowVARates.com (PRWeb May 8, 2010) Read the full story at ... (Sat, 08 May 2010 00:15:26 -0700)

Trust offers interest free home loan
Does an interest free home loan sound too good to be true? (Sat, 08 May 2010 00:36:15 -0700)

Shelby: Bank bill should include mortgage firms
WASHINGTON -- The Senate's top Banking Committee Republican says a pending overhaul of financial regulations is flawed because it does not impose controls on giant government-sponsored mortgage finance companies. (Sat, 08 May 2010 03:00:45 -0700)

Shelby: Bank bill should include mortgage firms
Shelby: Bank bill should also overhaul government-sponsored mortgage companies (Sat, 08 May 2010 03:11:27 -0700)

Shelby: Bank bill should include mortgage firms
The Senate's top Banking Committee Republican says a pending overhaul of financial regulations is flawed because it does not impose controls on giant government-sponsored mortgage finance companies. (Sat, 08 May 2010 03:14:53 -0700)

Shelby: Bank bill should include mortgage firms
The Senate's top Banking Committee Republican says a pending overhaul of financial regulations is flawed because it does not impose controls on giant government-sponsored mortgage finance companies. (Sat, 08 May 2010 03:18:29 -0700)

Money Insider: Britannia and the Co-operative offer mortgage boost for first-time buyers
during the past six months the competition amongst mortgage lenders has intensified, despite the housing market showing precious few signs of recovery. (Sat, 08 May 2010 03:37:38 -0700)

Shelby: Bank bill should include mortgage firms
WASHINGTON (AP) - The Senate's top Banking Committee Republican says a pending overhaul of financial regulations is flawed because itdoes not impose controls on giant government-sponsored mortgage finance companies. (Sat, 08 May 2010 04:45:24 -0700)

Shelby: Bank bill should include mortgage firms
A Democratic plan to rein in the financial industry is flawed because it fails to tighten control over two large government-sponsored mortgage companies blamed for creating a demand for risky loans and inflating the housing bubble, a leading GOP senator on... Richard Shelby - Republican - United States Senate - Senate - Finance (Sat, 08 May 2010 05:54:03 -0700)

Shelby: Bank bill should include mortgage firms
A Democratic plan to rein in the financial industry is flawed because it fails to tighten control over two large government-sponsored mortgage companies blamed for creating a demand for risky (Sat, 08 May 2010 07:07:46 -0700)

Sen. Shelby: Bank bill should include mortgage firms
A Democratic plan to rein in the financial industry is flawed because it fails to tighten control over two large government-sponsored mortgage companies blamed for creating a demand for risky loans and inflating the housing bubble, a leading GOP senator says. (Sat, 08 May 2010 10:57:44 -0700)

A new summer tradition in Boulder County and elsewhere: Young adults head home
Graduating from college is no longer an automatic pass to living on your own. With jobs hard to come by, student-loan debt soaring and rent rates high, "boomerang" kids are moving home in droves. (Sat, 08 May 2010 11:33:40 -0700)

Shelby: Bank bill should include mortgage firms
A Democratic plan to rein in the financial industry is flawed because it fails to tighten control over two large government-sponsored mortgage companies blamed for creating a demand for risky loans and inflating the housing bubble, a leading GOP senator on banking issues says. (Sat, 08 May 2010 12:49:33 -0700)

Shelby: Bank Bill Should Include Mortgage Firms
Shelby: Bank bill should also overhaul government-sponsored mortgage companies (Sat, 08 May 2010 13:31:59 -0700)

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