Mortgage News Jul 2007

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U.S. mortgage worries, lacklustre earnings send stocks lower; Cdn dollar up
TORONTO (CP) - Stock markets turned sharply lower Tuesday morning on negative corporate news and fresh concerns about the U.S. mortgage market, while the Canadian dollar jumped almost a full U.S. cent on the heels of a blowout May retail sales report. (Tue, 24 Jul 2007 14:09:00 GMT)

Stocks Fall With Lender's Earnings
U.S. stocks took a beating yesterday largely because poor earnings from one of the nation's largest mortgage lenders renewed concerns about whether the housing downturn could damage the broader economy. (Tue, 24 Jul 2007 14:35:20 GMT)

Top Tips: Moving your home in a bad market
Home sales this year will be the lowest since 2002, according to the National Association of Realtors. If you're struggling to draw attention to your home, you may just have to up the ante. (Tue, 24 Jul 2007 15:00:00 GMT)

WW I Medallion on loan
Story created Jul 23, 2007 - 10:43:47 EDT. KINROSS - It appears as though a long-lost World War I Medallion will finally have a new home at the Kinross Heritage Society Museum thanks to the generosity of Duane Bertram. (Tue, 24 Jul 2007 15:03:36 GMT)

Selling your home in a bad market
Home sales this year will be the lowest since 2002, according to the National Association of Realtors. If you're struggling to draw attention to your home, you may just have to up the ante. Here's how to make a deal more attractive to buyers. (Tue, 24 Jul 2007 15:16:38 GMT)

Sector Snap: Mortgage REITs Slide
Shares of four mortgage real estate investment trusts tumbled Tuesday to 52-week lows after Countrywide Financial Corp.'s second-quarter earnings report and full-year outlook revived fears that the housing slump is far from over. (Tue, 24 Jul 2007 16:03:10 GMT)

California Home-Loan Defaults Rise to Decade High as Sales Dip
July 24 (Bloomberg) -- California mortgage defaults rose to the highest level in a decade in the second quarter as falling home prices and higher interest rates battered the housing market. (Tue, 24 Jul 2007 17:10:34 GMT)

Countrywide feels pain of ailing mortgage market
CEO reports that even 'prime' borrowers are having more trouble making payments. Company's second-quarter profit slides 33%. Shares of Countrywide Financial Corp. tumbled today after the nation's biggest mortgage lender signaled that rising defaults and delinquencies are spreading beyond the troubled sub-prime market to higher-quality "prime" loans. (Tue, 24 Jul 2007 17:36:39 GMT)

Stocks drop as home loan concerns spread
NEW YORK -- Stocks slumped Tuesday after Countrywide Financial Corp. said its profits took a hit from the housing debacle and Dow component DuPont Co. and American Express also reported weaker-than-expected earnings. (Tue, 24 Jul 2007 19:13:00 GMT)

Countrywide's Net Declines 33 Percent on Home Equity (Update6)
July 24 (Bloomberg) -- Countrywide Financial Corp., the biggest U.S. mortgage lender, reported a third straight quarterly earnings decline and reduced its 2007 forecast as a growing number of consumers fell behind on home-equity loan payments. (Tue, 24 Jul 2007 19:25:35 GMT)

California Home-Loan Defaults Rise to a Decade High (Update2)
July 24 (Bloomberg) -- California mortgage defaults rose to the highest level in a decade in the second quarter as falling home sales and higher interest rates battered the housing market. (Tue, 24 Jul 2007 19:26:05 GMT)

Mortgage Default Notices More Than Double In SoCal
The number of mortgage default notices sent to homeowners in Los Angeles and Orange counties skyrocketed again in the second quarter of the year, while the statewide figure reached its highest level in a decade, according to data released Tuesday. (Tue, 24 Jul 2007 20:16:00 GMT)

Countrywide's Net Declines 33 Percent on Home Equity (Update7)
July 24 (Bloomberg) -- Countrywide Financial Corp., the biggest U.S. mortgage lender, reported a third straight quarterly earnings decline and reduced its 2007 forecast as a growing number of consumers fell behind on home-equity loan payments. (Tue, 24 Jul 2007 21:25:54 GMT)

Countrywide's Net Declines 33 Percent on Home Equity (Update7)
July 24 (Bloomberg) -- Countrywide Financial Corp., the biggest U.S. mortgage lender, reported a third straight quarterly earnings decline and reduced its 2007 forecast as a growing number of consumers fell behind on home-equity loan payments. (Tue, 24 Jul 2007 21:29:57 GMT)

Home Lender?s Woes Fuel Market?s Decline
The nation?s largest mortgage lender issued a pessimistic outlook, helping to ignite a sell-off in the stock market. (Tue, 24 Jul 2007 21:38:46 GMT)

Hawaii banks stung on mortgage worries
The price of shares in Hawaii-based banks dropped Tuesday in the wake of market worries related to flat earnings and mortgage lending that led to a 226-point drop in the Dow Jones Industrial Average. (Tue, 24 Jul 2007 22:12:18 GMT)

Countrywide profit sinks, defaults rise
Countrywide Financial Corp. said Tuesday its second-quarter profit shrank by nearly a third as softening home prices led to rising delinquencies and mortgage defaults among the most creditworthy borrowers. (Tue, 24 Jul 2007 22:20:02 GMT)

Refinancing replaces ARM loans
Faced with rising monthly payments, many homeowners who took out adjustable-rate mortgages a couple of years ago now want to refinance into fixed-rate loans. (Tue, 24 Jul 2007 23:38:57 GMT)

Dow sinks 226 on mortgage market worries
Wall Street pulled back sharply Tuesday as investors dealt with disappointing earnings reports and rising concerns about the mortgage market. The Dow Jones industrials fell more than 200 points. (Wed, 25 Jul 2007 01:39:36 GMT)

Hong Kong mortgage loan approvals down in June
According to the 23 authorized institutions that participate in the Hong Kong Monetary Authoritys monthly survey of residential mortgage lending, new mortgage loans drawn down during June increased by 17.4% to HKD16.4 billion, but new loans approved fell by 2.4% to HKD17.3 billion. (Wed, 25 Jul 2007 01:52:02 GMT)

Number of Mortgage Default Notices Skyrocket in SoCal
The number of mortgage default notices sent to homeowners in Los Angeles and Orange counties skyrocketed again in the second quarter of the year, while the statewide figure reached its highest level in a decade, according to data released today. (Wed, 25 Jul 2007 02:12:18 GMT)

American Home Mortgage Plunge Is Portfolio-Management Lesson
The precipitous decline in shares of American Home Mortgage, a real-estate investment trust, shows how putting money into one stock is far riskier than broad investments, writes James B. (Wed, 25 Jul 2007 02:13:18 GMT)

Top Lender Sees Mortgage Woes for ?Good? Risks
Countrywide Financial, the nation?s largest mortgage lender, issued a pessimistic outlook of the housing market, helping to ignite a sell-off in the stock market. (Wed, 25 Jul 2007 02:22:36 GMT)

Mortgage woes hurt thrifts
Northern New Jersey thrifts, which rode the home-buying and refinancing booms to record profits in the early 2000s, are now proving the adage that what goes up comes down. (Wed, 25 Jul 2007 02:48:00 GMT)

Countrywide's Woes Deepen
The mortgage broker cited continuing softness in the housing market and growing delinquencies for another steep drop in profits (Wed, 25 Jul 2007 02:52:00 GMT)

Another mortgage business in trouble
A South Australian mortgage business has been placed in voluntary administration. (Wed, 25 Jul 2007 03:03:46 GMT)

Metro Briefing | New Jersey: Trenton: Senior State Computer Official Fired
The deputy director of the state’s Office of Information Technology was stripped of his post yesterday and allowed to enter a pretrial intervention program to resolve a charge that he submitted bogus information in applying for a $422,500 home loan, state officials said. The deputy director, Raymond J. Hayling II, 32, of Englewood, had been suspended without pay since May after being charged with ... (Wed, 25 Jul 2007 03:21:06 GMT)

Analyst cuts new-home tally
One of the Valley's top housing analysts lowered his projection for the area's new-home market for this year on Tuesday, saying that such stubborn problems as an oversupply of houses and turmoil in the mortgage business will delay the recovery. (Wed, 25 Jul 2007 03:29:07 GMT)

Dow Sinks 226 on Mortgage Market Worries
Wall Street pulled back sharply Tuesday as investors dealt with disappointing earnings reports and rising concerns about the mortgage market. The Dow Jones industrials fell more than 200 points. DuPont Co. was the Dow's biggest loser after the chemical... (Wed, 25 Jul 2007 03:42:06 GMT)

Meeting On Mortgage Disparities
During this week's presidential debate, Former Senator John Senator brought up a study, stating the disparity of Charleston's mortgage rates between whites and minorities. Tonight, the very issue which is the topic of a forum. Reactions from those who attended was mixed. (Wed, 25 Jul 2007 03:58:44 GMT)

Countrywide profit sinks, defaults rise
Countrywide Financial Corp. said Tuesday its second-quarter profit shrank by nearly a third as softening home prices led to rising delinquencies and mortgage defaults among the most creditworthy borrowers. (Wed, 25 Jul 2007 05:10:37 GMT)

Largest mortgage lending firm's woes worry Wall Street
Countrywide Financial, America's largest mortgage lender, said Tuesday that more borrowers with good credit were falling behind on their loans and that the housing market might not begin recovering until 2009 because of a decline in house prices that goes beyond anything experienced in decades. (Wed, 25 Jul 2007 05:49:04 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Wed, 25 Jul 2007 08:14:38 GMT)

Next To Fall: The Publicly-Traded Government-Sponsored Mortgage Lenders
Michael Panzner submits: When the housing bubble burst, the optimists were quick to call for a bottom -- again and again. Later, when the fallout from that still unfolding meltdown helped trigger a category five hurricane in the subprime mortgage sector, the rose-colored glasses types kept saying the situation would remain "contained." (Wed, 25 Jul 2007 08:24:34 GMT)

Local home-loan defaults spike
With monthly payments rising for homeowners with adjustable-rate mortgages, more Santa Clara County borrowers defaulted on their loans in the second quarter than any time in the past 14 years, a real estate information firm reported Tuesday. (Wed, 25 Jul 2007 08:38:46 GMT)

Park View branches to become Home Savings
United Community Financial Corp., the Youngstown parent of Home Savings and Loan Co., has agreed to buy Solon-based Park View Federal Savings Bank in a deal announced Tuesday after the stock market closed. (Wed, 25 Jul 2007 08:55:16 GMT)

Home loan queries
Are you burdened by the increased rate of EMIs on housing loans? Are you finding it difficult to manage the increased EMIs? Will it be right to buy a house now? (Wed, 25 Jul 2007 09:14:07 GMT)

Top Lender Sees Mortgage Worries
Economic warnings for the housing market from the nation's biggest mortgage lender prompted a Wall Street sell-off yesterday. Countrywide Financial said that "more borrowers with good credit were falling behind on their loans," according to a lead story in the NYT. That could mean an already soft housing market might not start recovering until 2009. (Wed, 25 Jul 2007 09:15:05 GMT)

Mortgage defaults rise
Default notices jumped considerably throughout the Bay Area this quarter, mirroring a statewide trend that saw default notices reach their highest level in more than a decade. (Wed, 25 Jul 2007 10:15:54 GMT)

Home loan demand drops to 5-month low
Mortgage applications fell for the first time in four weeks, touching a five-month low and largely reflecting a drop in demand for home purchase loans, an industry group said on Wednesday. (Wed, 25 Jul 2007 11:07:25 GMT)

Mortgage applications volume off 3.6% last week, MBA says
CHICAGO (MarketWatch) -- The volume of applications for both mortgages to purchase homes and to refinance existing loans decreased last week, as did the interest rates on fixed-rate mortgages, the Mortgage Bankers Association said Wednesday. (Wed, 25 Jul 2007 11:10:21 GMT)

Mortgage apps hit 5-month low
The Mortgage Bankers Association index of mortgage applications fell 3.6 percent to 609.0; purchase index dips as interest rates fall. (Wed, 25 Jul 2007 11:31:29 GMT)

Chapter 7: Ownership: After closing
There are two primary reasons to refinance a mortgage: to get more desirable rate and terms, or to extract cash from the home's equity. (Wed, 25 Jul 2007 11:32:58 GMT)

Home loan demand drops to 5-month low
NEW YORK (Reuters) - Mortgage applications fell for the first time in four weeks, touching a five-month low and largely reflecting a drop in demand for home purchase loans, an industry group said on Wednesday. (Wed, 25 Jul 2007 11:35:06 GMT)

U.S. home loan demand drops to 5-month low
Mortgage applications fall for first time in four weeks, reflecting a drop in demand for home purchase loans (Wed, 25 Jul 2007 12:28:54 GMT)

US home loan demand drops to 5-month low
NEW YORK - US mortgage applications fell for the first time in four weeks, touching a five-month low and largely reflecting a drop in demand for home purchase loans, an industry group said on Wednesday. (Wed, 25 Jul 2007 13:07:07 GMT)

Refinance Now to Avoid your ARM rate Increase
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Wed, 25 Jul 2007 13:25:30 GMT)

Mortgage Market Woes Pull Down Stocks
One of the country's biggest lenders, Countrywide Financial, says the slowdown in the subprime mortgage market appears to be spreading, fueling the slide in stock prices across the board. The Dow Jones Industrial average lost 226.47, or 1.62 percent, closing at 13,716.95. (Wed, 25 Jul 2007 13:32:58 GMT)

Mortgage Applications Fall
Applications for U.S. home mortgages fell last week as the housing market continued to struggle, an industry group said Wednesday. (Wed, 25 Jul 2007 14:15:48 GMT)

Mortgage demand drops as fewer buyers test waters
Mortgage applications fell last week for the first time in four weeks, touching a five-month low and largely reflecting a drop in demand for home purchase loans, an industry group said Wednesday. (Wed, 25 Jul 2007 15:00:01 GMT)

Prices up - your home loan is next
The PM launches a pre-emptive defence of a likely rate rise next month and says only his Government can keep economy balanced. (Wed, 25 Jul 2007 15:09:52 GMT)

Fed's Braunstein Gives More Details On Likely Mortgage Bans
WASHINGTON -(Dow Jones)- A top Federal Reserve official offered fresh details Wednesday about the types of mortgage practices the central bank is likely to ban in the wake of problems facing borrowers with subprime loans. (Wed, 25 Jul 2007 16:47:03 GMT)

U.S. existing home sales, loan applications fall
WASHINGTON (Reuters) - The pace of U.S. existing-home sales fell in June to a four-and-a-half-year low and mortgage applications fell last week as grim news continues to shake the housing sector. (Wed, 25 Jul 2007 16:50:05 GMT)

Existing home sales, loan applications fall
The pace of existing-home sales fell in June to a four-and-a-half-year low and mortgage applications fell last week as grim news continues to shake the housing sector. (Wed, 25 Jul 2007 18:19:32 GMT)

Mortgage applications fell 3.6 percent last week
Applications for U.S. home mortgages fell last week as the housing market continued to struggle, an industry group said today. (Wed, 25 Jul 2007 19:28:48 GMT)

Stocks pare gains on mortgage worries
Wall Street managed to regain some lost ground Wednesday on new dealmaking and a few strong profit reports, but mounting signs of a tougher lending climate continued to dog the market. (Wed, 25 Jul 2007 19:30:45 GMT)

U.S. existing home sales, loan applications fall
The pace of U.S. existing-home sales fell in June to a four-and-a-half-year low and mortgage applications fell last week as grim news continues to shake the housing sector. (Wed, 25 Jul 2007 19:48:07 GMT)

Wells Fargo discontinues popular mortgage for subprime borrowers
Wells Fargo & Co. has stopped offering a popular adjustable-rate mortgage designed for home buyers with troubled borrowing histories, becoming the latest lender to curtail its exposure to the subprime market in response to regulatory and market pressures. (Wed, 25 Jul 2007 19:53:55 GMT)

Lawmakers Worried by Home Loan Data
The Justice Department is investigating several possible instances of discriminatory mortgage lending, and plans to open more probes soon, an agency attorney told lawmakers on Wednesday. (Wed, 25 Jul 2007 20:27:26 GMT)

U.S. existing home sales, loan applications fall
The pace of sales of U.S. existing homes fell in June to a four-and-a-half-year low and mortgage applications fell last week as grim news continues to shake the housing sector. (Wed, 25 Jul 2007 20:49:43 GMT)

American Mortgage Acceptance Company Prices Offering of 680,000 Convertible Preferred Shares
American Mortgage Acceptance Company ("AMAC” or the "Company”) (AMEX:AMC) announced today the Company has priced an offering of 680,000 Series A Convertible Preferred Shares (the "Preferred Shares”). The Preferred Shares have ... (Wed, 25 Jul 2007 23:07:15 GMT)

U.S. Mortgage Applications Fall In Turbulent Market
WASHINGTON - Applications for U.S. home mortgages fell last week as the housing market continued to struggle, an industry group said Wednesday. (Thu, 26 Jul 2007 01:03:54 GMT)

RAMS Mortgage Securities Trust, Series 2007-1HE Admission to Official List (RMB.AX, 00742193, 20070726)
RAMS Mortgage Securities Pty Limited in its capacity as trustee of the RAMS Mortgage Securities Trust in respect of Series 2007-1HE was admitted to the Official List of ASX Limited as a debt issuer on Thursday, 26 July 2007. Official Quotation of 260m Euro Class A Notes, 15m Euro Class AB Notes and 24m Euro Class B Notes will commence on Friday, 27 July 2007. (Thu, 26 Jul 2007 01:25:00 GMT)

Mortgage Defaults Affect Buyers With Good Credit
We've heard a lot about subprime borrowers defaulting on loans and costing banks billions. Now, America's largest mortgage home lender says people with good credit are falling behind on payments. That is having an impact on applications for refinancing and new home loans. (Thu, 26 Jul 2007 02:08:00 GMT)

Region escapes nation's mortgage blues
Americans are finding themselves unable to make their mortgage payments. Those folks share common traits: They've borrowed too much, they've lost their jobs or hold an adjustable rate mortgage. And for the most part, they don't live here. (Thu, 26 Jul 2007 03:09:05 GMT)

Tucsonans awarded $1M in bungled loan
A jury has awarded more than $1 million to a now-divorced Tucson couple who lost their home after trying to refinance a mortgage through Ameriquest Mortgage Co. (Thu, 26 Jul 2007 07:20:23 GMT)

Justice Dept. probes home loan prejudice
The Justice Department is investigating several possible instances of discriminatory mortgage lending, and plans to open more probes soon, an agency attorney told lawmakers on Wednesday. (Thu, 26 Jul 2007 07:23:14 GMT)

Justice Department probes allegations of discrimination in mortgage lending
WASHINGTON The Justice Department is investigating several possible instances of discriminatory mortgage lending, and plans to open more inquiries soon, an agency attorney told lawmakers on Wednesday. (Thu, 26 Jul 2007 07:25:05 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Thu, 26 Jul 2007 08:15:07 GMT)

Two men sentenced to prison for roles in mortgage fraud
Two Cincinnati men are on their way to prison after a judge sentenced them Wednesday for their role in mortgage fraud schemes involving low-priced real estate. (Thu, 26 Jul 2007 09:33:31 GMT)

Mortgage Introducer is pleased to announce we are accepting nominations for our 2007 Packager Awards.
Having lauded the mortgage lenders and product providers over the last seven years, we are now turning our attention to those mortgage packager firms who are at the top of their profession and deserving of recognition. (Thu, 26 Jul 2007 11:12:12 GMT)

Mortgage group relocates to Hudson
HUDSON -- Maple Ridge Mortgage Services LLC of Nashua is moving to Hudson. Tinkham Realty Inc. has announced the sale of a 10,000 square foot office building at 225 Derry Road to the company. ... (Thu, 26 Jul 2007 11:25:00 GMT)

Bankrate: Mortgage Rates Ease Lower
Mortgage rates retreated, with the average 30-year fixed mortgage rate now 6.75 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.29 discount and origination points. (Thu, 26 Jul 2007 11:30:00 GMT)

Mortgage rates fall in mixed housing market
The housing economy was buffeted by contradictory news this week, while mortgage rates fell for the first time in a month. (Thu, 26 Jul 2007 11:32:27 GMT)

Va. Subsidizes High-Income Home Buyers
In pricey Loudoun County, housing is so expensive that even a couple making $135,000 a year needs help in purchasing a home. (Thu, 26 Jul 2007 12:29:49 GMT)

Refinance Now to Avoid your ARM rate Increase
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Thu, 26 Jul 2007 13:25:09 GMT)

Mortgage Brokers: The salesman factor
In the next five years, 1.4 million Americans will see their mortgage payments more than double. Already, half a million homeowners are 90 days behind on their payments. Foreclosure rates are up 30 percent from 2006. (Thu, 26 Jul 2007 13:32:43 GMT)

Analysts Say Mortgage Woes May Worsen
Lenders' Prime Mortgage Woes Are a Sign of Even Bigger Problems to Come, Analysts Say (Thu, 26 Jul 2007 14:54:10 GMT)

Mortgage applications fell 3.6 percent last week
WASHINGTON -- Applications for U.S. home mortgages fell last week as the housing market continued to struggle, an industry group said yesterday. (Thu, 26 Jul 2007 14:58:47 GMT)

Mortgage rates ease slightly
Mortgage rates eased this week after rising substantially over the past two months, Freddie Mac reported Thursday. (Thu, 26 Jul 2007 15:16:29 GMT)

U.S. mortgage rates drop
CHICAGO (MarketWatch) - Mortgage rates dropped this week, with Freddie Mac attributing the fall to market concerns of continued weakness in housing demand. (Thu, 26 Jul 2007 15:55:41 GMT)

Will Subprime Mess Hit Prime Borrowers?
Robert J. Bernabe via Stocks and Blogs: Is the subprime mortgage mess going to spill over into other parts of the credit spectrum? I guess it depends upon who you ask. I dont think you need to ask anyone. (Thu, 26 Jul 2007 16:12:16 GMT)

Housing woes hold down mortgage rates
Mortgage rates dropped this week over worries about a softening U.S. housing market, it was reported Thursday. (Thu, 26 Jul 2007 16:19:48 GMT)

Refinance your home
With the cost of living skyrocketing in Queens, no wonder we entertain at some point refinancing our homes. This is in the hopes of giving our monthly budget a break and freeing up funds for other areas. (Thu, 26 Jul 2007 17:42:49 GMT)

Investor Losses Seen in Housing Slump
LOS ANGELES -- The national housing slump could lead to billions of dollars in losses for Wall Street investors as it drags on for at least another year and mortgage defaults increase, economists said Thursday. (Thu, 26 Jul 2007 17:50:55 GMT)

Wells Fargo shutters nonprime mortgage unit
Hurt by a slump in the housing market, the mortgage lender will cut 170 jobs when it shuts down operations in Louisiana and Iowa. (Thu, 26 Jul 2007 18:01:29 GMT)

Wells Fargo to close non-prime mortgage unit
Wells Fargo, the second-largest mortgage lender and fifth-largest bank in the U.S., announced Thursday that it will shut down its non-prime mortgage unit because of turmoil in the market for riskier home loans. The closing of the Baton Rouge-based unit will result in a loss of 170 jobs. (Thu, 26 Jul 2007 18:05:51 GMT)

Wells Fargo shuts nonprime mortgage unit, cuts jobs
NEW YORK (Reuters) - Wells Fargo & Co. (WFC.N), the second-largest U.S. mortgage lender, said on Thursday it will close its nonprime wholesale lending business, which processes and funds loans for third-party brokers, citing turmoil in the market for riskier home loans. (Thu, 26 Jul 2007 18:13:00 GMT)

Stock markets tumble as concerns mount over credit market
Investors who had been able to shrug off concerns about U.S. subprime mortgage lending problems and a more difficult environment for corporate borrowing were clearly worried once again. (Thu, 26 Jul 2007 18:53:55 GMT)

Public Interest Director Named to Board of Federal Home Loan Bank of Cincinnati
CINCINNATI, July 26, 2007 -- The Federal Housing Finance Board has appointed Cleveland attorney Leslie Dolin Dunn as a public interest director to the Board of Directors of the Federal Home Loan Bank of Cincinnati. (Thu, 26 Jul 2007 19:14:09 GMT)

Prices up - your home loan is next
JOHN HOWARD has mounted a pre-emptive defence of a likely interest rate rise next month by claiming "the pressures of prosperity" led to the nation's "finely balanced economy". (Thu, 26 Jul 2007 19:15:09 GMT)

Sector Snap: Mortgage Lenders
Shares of mortgage lenders plummeted Thursday along with the broader market amid mounting evidence of serious atrophy in the housing industry. (Thu, 26 Jul 2007 19:17:15 GMT)

Mortgage delinquencies could soar - Moody's Economy.com
The already poor performance of many mortgage loans will worsen substantially through the rest of the year, according to an analysis released Thursday by Moody's Economy.com. (Thu, 26 Jul 2007 20:01:00 GMT)

Sector Wrap: Mortgage REITs
Shares of mortgage real estate investment trusts carved out 52-week lows Thursday as a spate of negative housing news spooked investors and deepened concerns that the housing slump is far from over. (Thu, 26 Jul 2007 21:02:21 GMT)

Mortgage delinquencies could soar - Moody's Economy.com
The already poor performance of many mortgage loans will worsen substantially through the rest of the year, according to an analysis released Thursday by Moody's Economy.com. (Thu, 26 Jul 2007 21:22:00 GMT)

Rates on 30-Year Mortgages Dip Slightly
Rates on 30-year mortgages dipped slightly this week as evidence grew of more troubles in the slumping housing market. Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages averaged 6.69 percent this week, down from 6.73 percent last week. (Thu, 26 Jul 2007 21:38:09 GMT)

Subprime home loan office to close
Wells Fargo & Co. has shuttered its West Des Moines-based business that funded subprime home loans made by mortgage brokers, leading to the elimination of 67 jobs locally. (Thu, 26 Jul 2007 22:07:15 GMT)

Wells Fargo shutters subprime mortgage unit
Wells Fargo & Co.s Wells Fargo Home Mortgage said Thursday it will close its subprime wholesale lending business, which processes and funds subprime loans for third-party mortgage brokers. (Thu, 26 Jul 2007 22:48:55 GMT)

Investor losses seen in housing slump
The national housing slump could lead to billions of dollars in losses for Wall Street investors as it drags on for at least another year and mortgage defaults increase, economists said Thursday. (Thu, 26 Jul 2007 22:50:54 GMT)

Federal Home Loan Bank of San Francisco Reports Second Quarter Operating Results
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco today announced that its second quarter 2007 net income rose $16 million, or 13%, to $144 million from $128 million in the second quarter of 2006. (Thu, 26 Jul 2007 23:36:00 GMT)

Home Refinancing Program Aims to Help Owners Stay Put
The program is similar to others adopted by several states that are trying to address the fallout from the aggressive home loans made during the recent housing boom. (Fri, 27 Jul 2007 03:23:52 GMT)

30-year mortgage rates dip
WASHINGTON - Rates on 30-year mortgages dipped slightly this week as evidence grew of more troubles in the slumping housing market. (Fri, 27 Jul 2007 05:18:05 GMT)

Declining mortgage tax revenues spur alert
A slowdown in the housing market is diminishing a major revenue stream to local governments. (Fri, 27 Jul 2007 07:02:36 GMT)

Wells to drop 3rd-party sub-prime lending
Using independent brokers is too risky, the bank says. It will continue to issue the home loans directly. Financially strapped homeowners got another dose of bad news Thursday: The country's second-largest mortgage lender said it would stop issuing sub-prime loans through independent brokers. (Fri, 27 Jul 2007 07:08:15 GMT)

Meeting to help homeowners with mortgage woes
The Federal Housing Administration and the U.S. Department of Housing and Urban Development will host a meeting on Thursday to help homeowners struggling to keep up with their mortgage payments. (Fri, 27 Jul 2007 07:11:46 GMT)

How to Determine if it's Time to Refinance
(ARA) - Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure the timing is right to refinance? Are the rates and the current mortgage market the best indicators? (Fri, 27 Jul 2007 09:42:49 GMT)

Evaluating various student loan payoff options
CPA George Saenz examines the pros and cons of deducting student loan interest or paying the debt off with money from a home equity loan. (Fri, 27 Jul 2007 10:00:00 GMT)

Wells Fargo to close down nonprime mortgage unit
NEW YORK, July 27 (newratings.com) – Wells Fargo & Co ( WFC.NYS ) Thursday said it would close down its nonprime wholesale lending business, which performs the processing and funding of loans to third-party mortgage brokers. (Fri, 27 Jul 2007 10:12:36 GMT)

Is it better to deduct interest or pay off with loan?
Dear Tax Talk: What is better for tax purposes, paying off my student loans through a second mortgage or taking the tax deduction from the student loan? (Fri, 27 Jul 2007 11:49:32 GMT)

Refinance Now to Avoid your ARM rate Increase
(ARA)- The effects of refinancing your mortgage can be dramatic, since it's a tool you can use to improve your financial situation. To take best advantage of it, look at where you are and assess your needs. Then explore the market. (Fri, 27 Jul 2007 13:42:41 GMT)

Irwin Mortgage faces ADA complaint
Fishers-based Irwin Mortgage Corp. faces a federal discrimination lawsuit for allegedly disclosing an employee's medical condition. (Fri, 27 Jul 2007 13:58:13 GMT)

Personnel file
• Linda Waisanen has joined Northwestern Bank in Traverse City as a mortgage loan officer. She will be responsible for home mortgages, refinancing and construction loan origination in both Grand Traverse and Leelanau County. (Fri, 27 Jul 2007 14:07:31 GMT)

Mortgage rates: some lenders offer 6.25%
First Hawaiian Bank cut its 30-year fixed-rate mortgage rate back to 6.25 percent this week, while Bank of Hawaii held at 6.375 percent. (Fri, 27 Jul 2007 14:32:33 GMT)

Metalurgs bring Rubins home
FC Spartak Moskva's Latvian international midfielder Andrejs Rubins has returned home to join FHK Liepajas Metalurgs on loan for the next six months. (Fri, 27 Jul 2007 16:32:18 GMT)

NY creates program to help strapped mortgage borrowers
ALBANY, N.Y. - New York has created a $100 million program to help borrowers facing foreclosure or other financial strain because of risky adjustable rate and interest-only home loans. (Fri, 27 Jul 2007 16:46:36 GMT)

State agency offers refinancing help
The program will offer loans up to $417,000 for homeowners who are up to 60 days delinquent on their loans. (Fri, 27 Jul 2007 16:49:52 GMT)

Short sale is one way to get out of mortgage
Q When my adjustable-rate mortgage was recently "recast" to current interest rates, the unpaid interest was added to the principal balance. I now owe about 110 percent of my home's market value and recently lost my job. Do I have any recourse to convince the lender to do the right thing? RICK C. A When the mortgage terms provided for a "recast" to a higher interest rate and larger monthly ... (Fri, 27 Jul 2007 17:12:50 GMT)

More muscle for borrowers
Most consumers assume that their mortgage lender is making sure they're getting an appropriate loan at the best possible interest rate. While many brokers may have felt a moral obligation to look out for the borrower's best interests, after Aug. 1 they'll have a legal duty to do so. "I was totally surprised to learn that many fine, honorable brokers didn't see themselves as having an obligation ... (Fri, 27 Jul 2007 17:13:00 GMT)

NY creates program to help strapped mortgage borrowers
ALBANY, N.Y. (AP) - New York state has created a $100 million program to help borrowers facing foreclosure or other financial strain because of risky adjustable rate and interest-only home loans. (Fri, 27 Jul 2007 17:46:34 GMT)

NY creates program to help strapped mortgage borrowers
Associated Press - July 27, 2007 1:45 PM ET ALBANY, N.Y. (AP) - New York state has created a $100 million program to help borrowers facing foreclosure or other financial strain because of risky... (Fri, 27 Jul 2007 17:55:17 GMT)

Wall Street suffers one of worst losses of 2007 over mortgage worries
Wall Street suffered one of its worst losses of 2007 yesterday, leading a global stock market plunge as investors succumbed to months of worry about the mortgage and corporate lending markets. The Dow Jones industrials closed down more than 310 points after earlier skidding nearly 450. (Fri, 27 Jul 2007 18:02:08 GMT)

Peter G. Miller: 1 percent refinancing means loan balance will grow
Q: We're considering refinancing our home to add a pool. The value of our property has increased to the amount needed to have the pool and necessary equipment installed. (Fri, 27 Jul 2007 18:51:17 GMT)

Agency to help at-risk refinancing
By TOM ADAMS Rochester Business Journal July 27, 2007 Neighborworks Rochester is one of eight counseling agencies earmarked to share $100 million to refinance at-risk mortgages, Gov. Eliot Spitzer announced Friday. (Fri, 27 Jul 2007 18:53:45 GMT)

Home refinancing program created
A $100 million refinancing program has been created by the state and the mortgage industry for people on the verge of losing their homes because of risky, adjustable-rate mortgages. (Fri, 27 Jul 2007 19:31:31 GMT)

States Assist Home Buyers
Ohio is just one state to launch a mortgage refinancing program aimed at assisting residents with troubled loans. (Fri, 27 Jul 2007 20:18:45 GMT)

Fitch Rates $1.84B J.P. Morgan Mortgage Trust 2007-S3 Mortgage P-T Ctfs
::► Fitch Rates $1.84B J.P. Morgan Mortgage Trust 2007-S3 Mortgage P-T Ctfs◄:: J.P. Morgan Mortgage Trust mortgage pass-through certificates, series 2007-S3, are rated by Fitch Ratings as follows: --$1.8 billion ... (Fri, 27 Jul 2007 20:35:01 GMT)

Mortgage Fraud Brokers Get Sentences
Three people who admitted to bending the rules in the mortgage business found out their sentences. The federal court sentenced Phillip McKinnish to 15 months in prison. (Fri, 27 Jul 2007 20:37:49 GMT)

County homeowner associations paying price in mortgage meltdown
The meltdown in the subprime mortgage market has caused a large number of Montgomery County homeowners associations to face unprecedented difficulties collecting residents' dues while triggering an increase in fees for other members, according to experts. (Fri, 27 Jul 2007 20:41:59 GMT)

Fitch Rates Sequoia Mortgage Trust $293.7 MM Series 2007- 3
NEW YORK----Fitch rates Sequoia Mortgage Trust's mortgage pass-through certificates, series 2007-3 as follows: $293.7 million classes 2A-A1, 2A-A2, 2B-A1, 2B-A2, 2C-A1, 2C-A2 and 2-AR certificates 'AAA'; (Fri, 27 Jul 2007 21:00:00 GMT)

Tax relief on your mortgage? It's still alive and kicking
ONE of the great misunderstandings these days is tax relief has been abolished on mortgage interest. (Fri, 27 Jul 2007 23:42:55 GMT)

Mortgage lenders pull some ARMs off market
Lenders have abruptly stopped offering the most popular type of subprime mortgage. Credit-challenged borrowers suddenly have fewer options. (Sat, 28 Jul 2007 00:53:45 GMT)

American Home Mortgage Investment Corp. Delays Payment of Quarterly Common Stock and Series A and Series B Preferred ...
American Home Mortgage Investment Corp. (NYSE: AHM) announced today that its Board of Directors has decided to delay payment of its quarterly cash dividend on the Company’s common stock and anticipates delaying payment of its quarterly ... (Sat, 28 Jul 2007 02:37:15 GMT)

Irwin Mortgage suit alleges discrimination
The Equal Employment Opportunity Commission said Friday it has sued Irwin Mortgage Corp., alleging discrimination and saying the company illegally disclosed an employee's medical condition. (Sat, 28 Jul 2007 06:49:14 GMT)

John Sauro, President of North Atlantic Mortgage Corp. appearance on Bloomberg TV's On The Economy July 19, 2007
John Sauro, President of North Atlantic Mortgage Corp. appearance on Bloomberg TV, Thursday, July 19, 2007 at 2:39 pm. (Sat, 28 Jul 2007 07:01:00 GMT)

John Sauro, President of North Atlantic Mortgage Corp. appearance on Bloomberg TV's On The Economy July 19, 2007
John Sauro, President of North Atlantic Mortgage Corp. appearance on Bloomberg TV, Thursday, July 19, 2007 at 2:39 pm. (PRWeb Jul 28, 2007) Post Comment:Trackback URL: http://www.prweb.com/pingpr.php/UHJvZi1TcXVhLVRoaXItU3F1YS1UaGlyLVplcm8= (Sat, 28 Jul 2007 07:12:56 GMT)

What if you need only $5K for your mortgage?
Providing small loans at affordable prices has always been a challenge. The core problem is that the cost of originating and servicing a... (Sat, 28 Jul 2007 07:30:21 GMT)

Median home price in Jackson above $1M
JACKSON - The median home price in Jackson Hole has topped $1 million. Home prices elsewhere might be getting soft, but not here: The median price has risen 28 percent in the past year, from $920,000 to $1.18 million. ... (Sat, 28 Jul 2007 07:47:43 GMT)

Sayreville loan may be extended
SAYREVILLE — The borough is expected to receive another extension of a $39 million loan from Middlesex County, earmarked for the development of the National Lead property it acquired in 2005 through condemnation. (Sat, 28 Jul 2007 08:48:29 GMT)

Car loan rate of 18 percent is too high
Even a person with moderate credit can do better than 18 percent on a car loan, says Bankrate car expert Terry Jackson. (Sat, 28 Jul 2007 10:00:00 GMT)

NY creates program to help strapped mortgage borrowers
ALBANY, N.Y. (AP) — New York has created a $100 million program to help borrowers facing foreclosure or other financial strain because of risky adjustable rate and interest-only home loans. (Sat, 28 Jul 2007 10:09:28 GMT)

Mortgage insurance premiums become deductible this year
New legislation was passed last year that allowed taxpayers who itemize their deductions to deduct premiums paid for mortgage insurance. Before this, only the interest you were paying on your mortgage was deductible, and then only if you itemized deductions. (Sat, 28 Jul 2007 11:09:49 GMT)

Advice to home owners - just grin and pay it
Consumers must be wary of the pitfalls as well as the perks of changing their mortgage contracts as interest rates rise. With yet another rise in the official cash rate last week, many people are feeling the strain as repayments rise accordingly. (Sat, 28 Jul 2007 17:23:25 GMT)

Prices up - your home loan is next
JOHN HOWARD has mounted a pre-emptive defence of a likely interest rate rise next month by claiming "the pressures of prosperity" led to the nation's "finely balanced economy". (Sat, 28 Jul 2007 19:51:23 GMT)

American Home Mortgage yanks dividend at last minute
In a sign of continuing tumult at American Home Mortgage Investment Corp., the troubled Melville-based mortgage bank announced at 10:19 p.m. Friday that it would not deliver the 70 cent per share dividend that was to be paid out that day of major write-downs in its loan portfolios. (Sat, 28 Jul 2007 22:00:14 GMT)

Mortgage holders to feel fifth rates rise
HOMEOWNERS will face higher mortgage bills from this week as the fifth interest rate rise in a year bites, with the prospect of bigger repayments yet on the way, writes TERESA HUNTER. (Sat, 28 Jul 2007 23:22:55 GMT)

Say so long to cheap money
NEW YORK — In just a few days recently, shares of Internet travel company Expedia lost 12 percent of their value, one of the highest-flying executives on Wall Street watched his fortune shrink and the nation's largest mortgage lender said many Americans with good credit were in danger of losing their homes. (Sun, 29 Jul 2007 01:51:50 GMT)

LIVING THE AMERICAN NIGHTMARE / Joann Gardner
Joann Gardner was scared. Mortgage payments on her family home were now eight months in arrears. The lender planned to auction the house in foreclosure proceedings at noon. She was getting ready to drive to the Alameda County Courthouse to see what would... (Sun, 29 Jul 2007 02:12:37 GMT)

The impossible loan: The murky path to a couple's dream home
Read this article ] (Sun, 29 Jul 2007 04:21:56 GMT)

Free clinic to address mortgage issues
OCEANSIDE ---- A coalition of nonprofit groups is inviting homeowners who are struggling with monthly mortgage payments to attend a free clinic next month. (Sun, 29 Jul 2007 06:38:35 GMT)

Woolwich Launches Mortgage Application Xpress, New Online Tool for Intermediaries
Woolwich announce launch of new mortgage sales tool -- Mortgage Application Xpress. (PRWeb Jul 29, 2007) (Sun, 29 Jul 2007 07:09:55 GMT)

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