Mortgage News Oct 2007

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The 4 big rustlers on the mortgage ranch and how to corral them
SAN FRANCISCO (MarketWatch) -- As Wall Street parties high on 14,000-proof Dow spirits, thousands of poor saps nationwide are going on benders of their own after getting notices of steep mortgage-rate hikes and realizing they're going to lose their homes. (Thu, 11 Oct 2007 23:21:21 GMT)

FBI arrests man in home refinancing scam
A Sacramento man is in custody on charges of bank fraud and money laundering after FBI agents said they tied him to an illegal refinancing of a Los Angeles woman's home so he could collect about $30,000 in commission. (Fri, 12 Oct 2007 00:12:15 GMT)

FBI arrests man in home refinancing scam
A Sacramento man is in custody on charges of bank fraud and money laundering after FBI agents said they tied him to an illegal refinancing of a Los Angeles woman's home so he could collect about $30,000 in commission. (Fri, 12 Oct 2007 00:14:26 GMT)

FSU Takes On Wake Forest
LendingTree has expert articles and mortgage calculators to help you decide. Complete the simple, secure online request and compare up to 4 refinance loan offers. No fees, no obligation! Get started. (Fri, 12 Oct 2007 01:56:46 GMT)

Lawyer to Testify in Mortgage Fraud Trial
A Georgia closing attorney who has admitted being part of a mortgage fraud ring that federal prosecutors say bilked banks out of at least $20 million is cooperating with the government in a trial that began this week in U.S. District Court. James F. Stovall III -- who prosecutors say finalized as many as 50 fraudulent home sales -- is one of the latest attorneys caught using a law practice to ... (Fri, 12 Oct 2007 04:05:57 GMT)

Mortgage Rates Inch Up
Freddie Mac reported that the average 30-year fixed mortgage rate rose to 6.4% last week on better than expected employment news. (Fri, 12 Oct 2007 04:26:46 GMT)

Congressional Democrats support bigger mortgage debt holdings for Fannie Mae, Freddie Mac
WASHINGTON - Congressional Democrats have reached a compromise on allowing two government-sponsored mortgage companies to increase their debt holdings in an effort to help financially struggling homeowners. (Fri, 12 Oct 2007 05:20:22 GMT)

Digest: Mortgage volume off at Countrywide
Countrywide Financial Corp. said Thursday that its mortgage fundings for September fell 44 percent from the same period a year ago. Countrywide, the nation's largest mortgage lender, said total mortgage fundings last month fell to $21.2 billion from $38.1 billion a year ago. (Fri, 12 Oct 2007 05:49:28 GMT)

Countrywide Sept. mortgage fundings drop
Countrywide Financial Corp. said Thursday its mortgage fundings for September fell 44 percent from the same period a year ago, and the mortgage lender is now facing a potential federal investigation over the timing of stock sales by its chief executive. (Fri, 12 Oct 2007 06:15:07 GMT)

Quicken Loans' Home Loan U Offers Free Refinancing Tips, Advice for Homeowners Facing Resetting ARMs
As the credit crunch in the mortgage market continues, billions of dollars in adjustable-rate mortgages will continue to adjust to higher interest rates, leaving many struggling to make their payment. As a result, there's a lot of confusion about what to do, or not do, before an ARM resets. To help consumers find answers, Quicken Loans has launched its new Home Loan U Web site offering free ... (Fri, 12 Oct 2007 07:24:32 GMT)

Lender's mortgage fundings fall 44%
NEW YORK - Countrywide Financial Corp. said yesterday that its mortgage fundings for September fell 44 percent, and the mortgage lender is now facing a potential federal investigation over the timing of stock sales by its chief executive. (Fri, 12 Oct 2007 10:48:52 GMT)

Preparation is the key to getting a business loan
Unlike securing a consumer loan for a home or car, getting a business loan can be difficult. Consumer loans have become readily available, and often a borrower can be pre-approved based on his or her credit score. (Fri, 12 Oct 2007 11:19:05 GMT)

Calculating deferred mortgage interest deduction
Is deferred interest deductible? Dear Tax Talk: I have a $1.5 million mortgage that I used to buy my home in January 2005. It is negative interest and I paid about $45,000 interest in 2005 and deferred another $45,000. In late 2006 I sold the home and paid the $45,000 deferred and around $95,000 in current interest for a total of $140,000. I know I can deduct the interest on up to $1.1 million ... (Fri, 12 Oct 2007 11:37:16 GMT)

Bills Piling Up? Refinancing Your Car Puts Extra Cash In Your Pocket
(ARA) - Sometimes life throws you a curve ball. The water heater springs a leak, your son breaks a tooth or you need a plane ticket to visit a sick relative. These unplanned expenses add up and if you don't have savings to cover them, where will the extra payments come from? (Fri, 12 Oct 2007 13:16:38 GMT)

Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Fri, 12 Oct 2007 13:17:58 GMT)

KUTV's Fox apologizes for mortgage fraud, will return as sports anchor
Posted: 7:15 AM- KUTV sports anchor Dave Fox - one of three people charged in a mortgage fraud case -- is speaking out. (Fri, 12 Oct 2007 13:38:33 GMT)

If You Have an Adjustable Rate Mortgage, Why You Need to Refinance Now
(ARA) - When you signed up for that adjustable rate loan a few years back, it probably seemed like a deal too good to pass up. But fast forward to the present, and you're probably starting to get a little nervous. (Fri, 12 Oct 2007 13:45:15 GMT)

Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Fri, 12 Oct 2007 13:45:35 GMT)

Countrywide Offers ‘Five Facts to Consider Before Getting a Home Loan’
Calabasas, CA (Vocus) October 12, 2007 -- Before consumers sign on the dotted line, it’s critical that they have a thorough understanding of the home loan and the terms to which they are agreeing. Countrywide Financial Corporation (NYSE: (Fri, 12 Oct 2007 15:59:00 GMT)

State Dems unveil mortgage crisis plan
The Democrats plan allows at-risk, low and moderate-income homeowners with an adjustable rate mortgage or those who have missed payments to get a fixed-rate loan through the Michigan State Housing Development Authority. (Fri, 12 Oct 2007 16:17:37 GMT)

Mortgage woes hit Severn Bancorp earnings
Third-quarter earnings at Severn Bancorp Inc. fell by 40 percent as the slowdown in mortgage lending hit home for the bank. (SVBI) (Fri, 12 Oct 2007 17:02:59 GMT)

Two incomes needed to afford a mortgage
The mortgage on a median-priced house is absorbing 80 percent of an average income, according to a survey commissioned by Fairfax Media. (Fri, 12 Oct 2007 19:29:03 GMT)

A Borrower With Something to Gain; Brokers With Something to Sell
Q: My house is worth $400,000, and the balance of my 5.5 percent first mortgage is $270,000. I need $50,000 to pay off debts and make some improvements. I spoke to three mortgage brokers, and all advised me to refinance my first mortgage for about $325,000. I was thinking that I would just take a second mortgage for $50,000, but the brokers all rejected that idea. What am I missing here? (Fri, 12 Oct 2007 20:25:44 GMT)

Fitch Rates Soundview Home Loan Trust $66.5MM Series 2007-2
NEW YORK----Fitch rates Soundview Home Loan Trust's asset-backed certificates, series 2007-2 as follows: (Fri, 12 Oct 2007 21:21:00 GMT)

Hedge Funds Enter Mortgage Arena
Hedge funds and private equity investors are gaining a foothold in the business of mortgage loan servicing as some of the country's biggest mortgage lenders crash into bankruptcy. Their arrival on the scene has alarmed consumers and investors alike. (Fri, 12 Oct 2007 21:50:18 GMT)

Home-loan firm closes center in Stockton (4:20 p.m.)
STOCKTON — Countrywide Financial Corp., sharply paring its work force nationally in the midst of an ongoing housing slump, has closed its Stockton loan-processing center. (Sat, 13 Oct 2007 00:15:28 GMT)

Mortgage rates rise on jobless figures
WASHINGTON — Rates on 30-year mortgages edged up slightly last week following a better-than-expected report on job growth. (Sat, 13 Oct 2007 01:37:39 GMT)

The O.C. Mortgage Bust
IRVINE, Calif. -- After more than two decades in the mortgage business, Tony Ventimiglio got his big break in 2001 when he accepted a managerial job with a lender here in the heart of Orange County for $225,000 a year -- more than double what he had made in each of the previous four years. (Sat, 13 Oct 2007 02:02:14 GMT)

Median pay won't meet median mortgage
Single and home-buying? Think again. A Fairfax Media survey into home affordability has shown the mortgage on a median-priced house will suck up 80 per cent of an average New Zealander's weekly pay. (Sat, 13 Oct 2007 02:33:49 GMT)

I.R.S. Looks at Mortgage Securities
The I.R.S. is examining the use of arcane but powerful investment entities known as real estate mortgage investment conduits to see if participants are reaping illegal tax benefits. (Sat, 13 Oct 2007 03:25:39 GMT)

Suburbs, urban areas share pain of mortgage crisis
As America’s mortgage markets began unraveling this year, economists seeking explanations pointed to “subprime” mortgages issued to low-income, minority and urban borrowers. But an analysis of more than 130 million home loans made over the past decade reveals that risky mortgages were made in nearly every corner of the nation, from small towns to inner cities to affluent suburbs. (Sat, 13 Oct 2007 03:52:26 GMT)

OPFM mortgage crisis hits home
The September collapse of a mortgage broker created financial distress in homes across Lancaster County, documents released this week reveal.The documents, filed in Berks County Court, show almost 300 homeowners in 35 Lancaster County municipalities were stung when OPFM Inc. filed for bank... (Sat, 13 Oct 2007 05:44:54 GMT)

Even the renters now feel the mortgage crisis
The mortgage mess is claiming a new group of victims: renters.     Across the country, a rising number of landlords are falling behind on mortgage payments, sending their properties into foreclosure, according to legal-services attorneys, local officials and financial experts - and (Sat, 13 Oct 2007 06:22:21 GMT)

CONSUMER AFFAIRS column: Consider tips when shopping for a mortgage
If you are considering a mortgage to buy a home, remember to shop around for the best mortgage for your particular needs. (Sat, 13 Oct 2007 06:59:44 GMT)

Why Now is a Good Time to Refinance Your ARM Loan
(ARA) - With gas prices in a state of constant flux, and energy costs going up and down too, the last thing you want to happen is for your mortgage to start fluctuating too. But if you have an adjustable rate mortgage (ARM), it will soon happen. (Sat, 13 Oct 2007 08:15:02 GMT)

Why Now is a Good Time to Refinance
(ARA) - If you're a homeowner, the recent drop in interest rates has opened up the possibility of big savings on your monthly payments. (Sat, 13 Oct 2007 11:06:58 GMT)

Want a Mortgage? Start by Settling Your Score
(ARA) - Anyone who's been denied credit may feel the old adage "you can't fight city hall" should be replaced by a new axiom: "You can't fight the credit system." But not only can you fight, if you're even thinking about applying for a mortgage in the future, you almost certainly need to. (Sat, 13 Oct 2007 11:36:58 GMT)

Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Sat, 13 Oct 2007 11:37:08 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. (Sat, 13 Oct 2007 11:52:06 GMT)

Many not ready for mortgage rate jump
A significant portion of Hawaii homeowners who have adjustable-rate mortgages will find themselves facing higher monthly payments by the end of the year -- and many aren't prepared, state and industry experts say. (Sat, 13 Oct 2007 12:03:08 GMT)

Bills Piling Up? Refinancing Your Car Puts Extra Cash In Your Pocket
(ARA) - Sometimes life throws you a curve ball. The water heater springs a leak, your son breaks a tooth or you need a plane ticket to visit a sick relative. These unplanned expenses add up and if you don't have savings to cover them, where will the extra payments come from? (Sat, 13 Oct 2007 12:21:36 GMT)

BoB reduces home loan rates by 0.5 pc to align with peers
Mumbai, Oct 13 (PTI) Public sector Bank of Baroda today reduced interest rates on home loans by 0.5 per cent triggered by a need to realign with the industry trend. (Sat, 13 Oct 2007 12:33:40 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? (Sat, 13 Oct 2007 12:36:47 GMT)

BoB reduces home loan rates by 0.5%
Public sector Bank of Baroda reduced interest rates on home loans by 0.5 per cent triggered by a need to realign with the industry trend. The reduction, second by the bank in less than two months, is for all fresh loans sanctioned on or after October 15. Earlier in August, BoB had reduced interest rates on home loans by an equal percentage. For floating rate options of loan upto Rs 20 lakh, the ... (Sat, 13 Oct 2007 14:58:27 GMT)

IRS eyes income from mortgage securities: report
WASHINGTON (MarketWatch) -- The Internal Revenue Service is taking a close look at participants in an arcane financial arrangement to see if they are gaining illegal tax benefits by under-reporting income on mortgage-backed securities, the New York Times reported Saturday. (Sat, 13 Oct 2007 15:06:07 GMT)

Auto Loan Refinance to Reduce Monthly Payments
(ARA) - If high gas prices coupled with a big monthly car payment have you thinking that it might be time to trade in your truck or SUV, you'll be happy to know there is an alternative. (Sat, 13 Oct 2007 15:06:39 GMT)

Newark church will burn mortgage Sunday
The members of Newark Baptist Fellowship Church are planning a Homecoming and Mortgage Burning Celebration on October 14. (Sat, 13 Oct 2007 15:23:32 GMT)

Combating mortgage troubles
It finally happened on Friday. Gladys Delgado got her first call about a mortgage foreclosure from one of the 800 clients fleeced by OPFM Inc. "And where there's one, there's more," said the default mortgage counselor at Tabor Community Services Inc., a nonprofit housing and c... (Sat, 13 Oct 2007 15:36:17 GMT)

BoB reduces home loan rates by 0.5 pc to align with peers
Public sector Bank of Baroda today reduced interest rates on home loans by 0.5 per cent triggered by a need to realign with the industry trend. (Sat, 13 Oct 2007 15:59:15 GMT)

Bank of Baroda cuts home loan rates again
Feeling the heat of competition, Bank of Baroda (BOB) has cut the interest rates on new home loans for the second time in just 45 days. It has slashed the floating rates by upto 75 basis points to 10-10.5 per cent. (Sat, 13 Oct 2007 18:38:08 GMT)

Bank of Baroda cuts home loan rates
Mumbai, Oct. 13 Bank of Baroda reduced the rate of interest on home loans between 25-50 basis points for the second time in less than two months. The bank had earlier cut rates up to 50 basis points on August 31, 2007. (Sat, 13 Oct 2007 18:59:08 GMT)

BoB lowers home loan rates
Mumbai, Oct. 13: The Bank of Baroda has slashed interest rates on home loans by 50 basis points to bring them in line with industry trends. Two days ago, the State Bank of India and ICICI Bank had cut rates. (Sat, 13 Oct 2007 21:55:38 GMT)

My faith in Chancellor is rocked by strange choice of mortgage
AM I the only one who is more than a touch concerned that the man we entrust with the nation's finances, Chancellor Alistair Darling, is happy to openly boast that he has a mortgage with Northern Rock? (Sat, 13 Oct 2007 23:18:20 GMT)

Tough times for first home buyers
It's never been tougher for first time home buyers in the Auckland market. A report just released by interest.co.nz shows home loan affordability has been getting worse over the past four years. (Sun, 14 Oct 2007 00:52:07 GMT)

Mortgage Meltdown / Neighborhoods crumble in wave of foreclosures / One street's nightmare: People bail out, those who ...
Manuel Juarez stood in the middle of his patch of green lawn and gestured at the dead, brown yards of the empty tract homes in all directions. "There are no people in that house there," he said, pointing at a large stucco home with a for-sale sign next door... (Sun, 14 Oct 2007 03:10:30 GMT)

Banks discuss propping up mortgage notes
Major banks are discussing a $75 billion fund to be used to prop up the market for mortgage securities, The New York Times reported Saturday. (Sun, 14 Oct 2007 03:11:06 GMT)

Banks discuss propping up mortgage notes
Major banks are discussing a $75 billion fund to be used to prop up the market for mortgage securities, The New York Times reported Saturday. The group of banks involved in the talks includes Citigroup, Bank of America and JPMorgan Chase. The money would ... (Sun, 14 Oct 2007 03:23:56 GMT)

Sugar Creek bank bucks trend on mortgage loans
A bank in Sugar Creek has rushed into the nation’s crumbling mortgage market as others have fled. (Sun, 14 Oct 2007 03:48:31 GMT)

Governor on board for compact
COLUMBUS: On Tuesday, Gov. Ted Strickland announced a plan to address the escalating home foreclosure problem in Ohio by forming a compact with the 20 largest subprime mortgage services. (Sun, 14 Oct 2007 05:49:37 GMT)

When builder doubles as mortgage broker
In-house lenders make it easy, but do they offer the best deals? Be sure to comparison-shop. WASHINGTON -- It would be folly for buyers of new homes not at least to consider using the mortgage company affiliated with their builder. After all, research shows those who use the in-house lender are more satisfied with the experience than those who go elsewhere. (Sun, 14 Oct 2007 06:25:51 GMT)

Want to be a mortgage broker? Then read this
Robert J. Bruss wrote this review before he died on Sept. 26 of cancer complications. Your Successful Career as a Mortgage Broker. By David Reed. AMACOM. 179 pages. $18.95. (Sun, 14 Oct 2007 07:04:20 GMT)

Lender rejects home loan for day-care owner
Kim Sisemore, mother of a 3-year-old daughter, is licensed to operate a family day-care center for up to 14 children in her residence. She applied for a home loan from Master Financial to enable her to buy a house suitable for her day-care business. (Sun, 14 Oct 2007 07:04:50 GMT)

Mortgage banking profits tumbled from '05 to '06
Mortgage banking production profits fell to negative $50 per loan in 2006 from positive $258 per loan in 2005, according to the Mortgage Bankers Association's annual cost study. (Sun, 14 Oct 2007 07:13:38 GMT)

Federated favors highest-rated mortgage bonds
Joseph Balestrino, manager of the Federated Total Return Bond Fund, loaded up on government-backed mortgage debt when credit markets slumped... (Sun, 14 Oct 2007 07:15:26 GMT)

MORTGAGE MELTDOWN / NEIGHBORHOODS CRUMBLE IN WAVE OF FORECLOSURES / LOCAL TROUBLE ZONES: Epidemic repossessions hit ...
Of the Bay Area's 236 ZIP codes, 25 are foreclosure hot spots - places where more than eight of every 1,000 homes were repossessed by lenders this year. Neighborhoods with affordable home prices, a historical popularity with minority home buyers, and a lot of... (Sun, 14 Oct 2007 07:25:46 GMT)

MORTGAGE MELTDOWN / NEIGHBORHOODS CRUMBLE IN WAVE OF FORECLOSURES / One street's nightmare: People bail out, those who ...
Manuel Juarez stood in the middle of his patch of green lawn and gestured at the dead, brown yards of the empty tract homes in all directions. "There are no people in that house there," he said, pointing at a large stucco home with a for-sale sign next door... (Sun, 14 Oct 2007 07:26:16 GMT)

Loans squeeze homeowners
Expensive, high interest rate mortgage loans continued to grab a larger share of the market last year, and thousands of homeowners in New Jersey like Paul and Elizabeth Duncan are feeling the squeeze. (Sun, 14 Oct 2007 08:42:34 GMT)

IRS eyes income from mortgage securities: report
IRS eyes income from mortgage securities: report (Sun, 14 Oct 2007 09:03:41 GMT)

Don't Refinance Your Home to Pay Off Credit Card Debt - There's a Better Way
(ARA) - Ever received one of those offers in the mail that seems like the solution to all your problems? It may have said, "Your home is an untapped resource. Refinance your loan with us and you'll get quick cash to buy a car, fund college or pay off your credit card debt." (Sun, 14 Oct 2007 09:15:34 GMT)

Want a Mortgage? Start by Settling Your Score
(ARA) - Anyone who's been denied credit may feel the old adage "you can't fight city hall" should be replaced by a new axiom: "You can't fight the credit system." But not only can you fight, if you're even thinking about applying for a mortgage in the future, you almost certainly need to. (Sun, 14 Oct 2007 09:15:44 GMT)

Get Extra Cash By Refinancing Your Car
(ARA) - Sometimes life throws you a curve ball. The water heater springs a leak, your son breaks a tooth or you need a plane ticket to visit a sick relative. These unplanned expenses add up and if you don't have savings to cover them, where will the extra payments come from? (Sun, 14 Oct 2007 09:44:46 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? (Sun, 14 Oct 2007 10:15:24 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. (Sun, 14 Oct 2007 10:51:35 GMT)

Why Mortgage Life Insurance is Not a Good Idea
(ARA) - If you've recently taken out a mortgage, brace yourself for the onslaught. Before you even finish unpacking, your mailbox will likely be filled with offers for all kinds of services. (Sun, 14 Oct 2007 11:30:03 GMT)

Why Now is a Good Time to Refinance
(ARA) - If you're a homeowner, the recent drop in interest rates has opened up the possibility of big savings on your monthly payments. (Sun, 14 Oct 2007 11:30:13 GMT)

Solicitor due in High Court over mortgage fraud allegations
The solicitor and property developer at the centre of allegations of a major mortgage fraud is due to appear before the president of the High Court tomorrow in a hearing relating to the freezing of his assets. (Sun, 14 Oct 2007 12:26:27 GMT)

David Pauly: Fannie, Freddie unlikely to stem mortgage woes
Would you hire a con man to help you avoid foreclosure on your mortgage? (Sun, 14 Oct 2007 12:26:30 GMT)

Preparation is the key to getting a business loan
Unlike securing a consumer loan for a home or car, getting a business loan can be difficult. Consumer loans have become readily available, and often a borrower can be pre-approved based on his or her credit score. (Sun, 14 Oct 2007 14:04:22 GMT)

Many home owners suffer under high-interest loans
Expensive, high interest rate mortgage loans continued to grab a larger share of the market last year, and thousands of homeowners like Paul and Elizabeth Duncan are feeling the squeeze. (Sun, 14 Oct 2007 14:42:46 GMT)

Auto Loan Refinance = Lower Payments
(ARA) - It is not uncommon for car owners to find themselves in a situation where their car payments become a bigger financial drain than they anticipated. This can happen for many different reasons: job loss, sudden unexpected expenses, or simply because the car payments aren't in line with income. (Sun, 14 Oct 2007 15:29:43 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. (Sun, 14 Oct 2007 15:59:43 GMT)

30 Year Mortgage Rates Rise
WASHINGTON (AP) — Rates on 30-year mortgages edged up slightly this week following a better-than-expected report on job growth. (Sun, 14 Oct 2007 17:00:43 GMT)

Why Now is a Good Time to Refinance
(ARA) - Tired of living paycheck to paycheck? Feel like your budget is stretched so thin, there's no way you'll ever get your credit cards paid off? If so, you're not alone. (Sun, 14 Oct 2007 17:59:34 GMT)

Hearing To Focus On Mortgage Inequalities
Rep. Barney Frank plans to host a special congressional hearing on racial disparities in the mortgage lending industry in Boston. (Sun, 14 Oct 2007 18:30:20 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? (Sun, 14 Oct 2007 18:44:43 GMT)

Use Auto Refinancing to Ease the Family Budget
(ARA) - With gas prices at an all-time high and no relief in site, families are finding it necessary to cut back their spending on other items in order to fill up the car's tank. It's reported that gas prices could exceed $4 per gallon this summer. (Sun, 14 Oct 2007 18:59:44 GMT)

Tough times for first home buyers
It's never been tougher for first time home buyers in the Auckland market. A report just released by interest.co.nz shows home loan affordability has been getting worse over the past four years. (Sun, 14 Oct 2007 19:22:38 GMT)

Getting Out of the Mortgage Squeeze
Long before the mortgage market fell apart this summer, Friedman Billings Ramsey, Washington's largest investment bank, saw the trouble ahead. (Mon, 15 Oct 2007 00:47:04 GMT)

Three banks to buy mortgage debt: report
WASHINGTON - Three US banks, Citigroup, Bank of America and JPMorgan, may announce plans to jointly buy mortgage-linked securities, in an attempt to allay fears about the state of the mortgage market, The Financial Times reported in its online edition Sunday. (Mon, 15 Oct 2007 01:05:48 GMT)

Michigan Homeowners Could Get State Help To Avoid Foreclosures
LANSING - Homeowners facing foreclosures on their mortgages would have refinancing options through the Michigan State Housing Development Authority under legislation proposed Friday by Gov. Jennifer Granholm and legislative Democrats. Michigan has one of the nation's highest foreclosure rates, ranking fourth, as the number has doubled since 2006 to an estimated 83,000 this year. (Mon, 15 Oct 2007 02:29:49 GMT)

Defaults' ripples engulf economy
The river of numbers is moving so fast that a basic question has almost been lost in the rush: Why do mortgage defaults really matter? (Mon, 15 Oct 2007 04:12:56 GMT)

Defaults' ripples engulf economy
The river of numbers is moving so fast that a basic question has almost been lost in the rush: Why do mortgage defaults really matter? (Mon, 15 Oct 2007 04:17:58 GMT)

Low home loan default rates at credit unions reflect homespun lending habits
Pamela Watson was under pressure. (Mon, 15 Oct 2007 05:04:02 GMT)

Wilbur Ross Sees Mortgage Market Rising in Subprime Debt's Wake
Oct. 15 (Bloomberg) -- Wilbur Ross, the billionaire who specializes in resurrecting failed companies, is betting the U.S. mortgage market will rise from the dead. (Mon, 15 Oct 2007 05:10:30 GMT)

Housing slump hits Quicken
Livonia-based mortgage giant freezes hiring, retrains personnel, adds products to ward off sting of loan crisis. (Mon, 15 Oct 2007 06:12:24 GMT)

Refinance Your Adjustable Rates Today
(ARA) - As the old saying goes "a man's home is his castle." The benefits of owning a home are many, including financial security. While a home mortgage is good for your financial stability, refinancing for a better mortgage than you originally qualified for can benefit your finances even more. (Mon, 15 Oct 2007 08:14:32 GMT)

Don't Refinance Your Home to Pay Off Credit Card Debt - There's a Better Way
(ARA) - Ever received one of those offers in the mail that seems like the solution to all your problems? It may have said, "Your home is an untapped resource. Refinance your loan with us and you'll get quick cash to buy a car, fund college or pay off your credit card debt." (Mon, 15 Oct 2007 08:14:42 GMT)

Nomura to quit US mortgage market
Nomura Securities, Japan's largest broker, said it would withdraw from the US residential mortgage-backed securities market and slash its US fixed-income operations as part of a broad restructuring of its US business. (Mon, 15 Oct 2007 09:15:16 GMT)

HSBC says has not joined talks for U.S. mortgage fund
HSBC Holdings , Europe's biggest bank, said on Monday it has not participated in talks with big U.S. banks forming an US$80 billion (39 billion pound) fund to buy ailing mortgage securities and other assets, and added there are no plans for a similar fund in Europe. (Mon, 15 Oct 2007 09:26:00 GMT)

Find the Best Deal on Refinancing Your Home
(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? (Mon, 15 Oct 2007 09:44:43 GMT)

Nomura to exit US mortgage business, post big loss
TOKYO, Oct 15 - Nomura Holdings , Japan's largest brokerage, said it would pull out of the U.S. residential mortgage-backed securities market and cut its U.S. work force by about 30 percent, pushing it to a big quarterly loss. (Mon, 15 Oct 2007 09:47:40 GMT)

Patrick to press mortgage companies
Governor Deval Patrick plans to introduce an ambitious program today to assist Massachusetts communities in preventing foreclosures by pressing lenders to accept losses on their mortgages so that homeowners are able to sell their properties and pay off smaller loan balances. (Mon, 15 Oct 2007 10:01:17 GMT)

Japan's Nomura to shut down U.S. mortgage business
Nomura Holdings Inc. said Monday it will shut down its mortgage-backed securities business in the United States, the latest casualty of the subprime mortgage crisis. (Mon, 15 Oct 2007 10:07:52 GMT)

If You Have an Adjustable Rate Mortgage, Why You Need to Refinance Now
(ARA) - When you signed up for that adjustable rate loan a few years back, it probably seemed like a deal too good to pass up. But fast forward to the present, and you're probably starting to get a little nervous. (Mon, 15 Oct 2007 10:14:53 GMT)

Mortgage refusals soar as lenders tighten up
The number of rejected mortgage applications has risen by 60pc in the last six months, according to latest research from MoneyExpert. (Mon, 15 Oct 2007 10:17:31 GMT)

Why You Should Refinance Now If You Have an Adjustable Rate Mortgage
(ARA) - If you took out a mortgage on your home between 2002 and 2005, chances are good you ended up going with an adjustable rate mortgage or ARM. Back then, it was just too good of a deal to pass up. (Mon, 15 Oct 2007 10:44:45 GMT)

Adjustable-rate mortgage increases to hit home
A wave of mortgage-rate increases is poised to sweep the country, and many homeowners have no clue as to when or how hard they will be hit, according to a national survey that will be released today in Cleveland. (Mon, 15 Oct 2007 11:13:51 GMT)

Refinance Your Adjustable Rates Today
(ARA) - As the old saying goes "a man's home is his castle." The benefits of owning a home are many, including financial security. While a home mortgage is good for your financial stability, refinancing for a better mortgage than you originally qualified for can benefit your finances even more. (Mon, 15 Oct 2007 11:22:45 GMT)

Nomura to shut U.S. mortgage unit
Japan's largest investment bank will take a loss of $621 million on residential mortgage-backed securities. (Mon, 15 Oct 2007 11:41:54 GMT)

How a Bed-Ridden Maryland Mortgage Broker Effortlessly Raked in $48,291.33 in Fees! - Without Leaving His Hospital Bed!
With the credit markets undergoing a "meltdown," banks in the United Kingdom collapsing under $4 BILLION "runs" - the Fed and the European Central Bank pumping in HUNDREDS OF BILLIONS of dollars to shore-up "catastrophically weak" economies - all the panic and hysteria of the so-called "credit crunch" has not prevented 1 mortgage broker from leveraging the secret knowledge of outspoken and ... (Mon, 15 Oct 2007 11:55:00 GMT)

Japan's Nomura will shut U.S. mortgage business
Nomura Holdings Inc., Japan's largest securities firm by revenue, said Monday it will shut down its U.S. residential mortgage-backed securities business, the latest casualty of the subprime mortgage crisis. (Mon, 15 Oct 2007 12:06:46 GMT)

Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Mon, 15 Oct 2007 12:08:50 GMT)

Nomura to Shutter U.S. Mortgage Business
Nomura Holdings, Japan's largest securities firm by revenue, said Monday it will shut down its U.S. residential mortgage-backed securities business, the latest casualty of the subprime mortgage crisis. (Mon, 15 Oct 2007 12:10:43 GMT)

Preparation is the key to getting a business loan
Unlike securing a consumer loan for a home or car, getting a business loan can be difficult. Consumer loans have become readily available, and often a borrower can be pre-approved based on his or her credit score. (Mon, 15 Oct 2007 12:19:15 GMT)

Nomura Pulls Out of U.S. Mortgage Market
Japan?s largest brokerage said today that it would pull out of the U.S. residential mortgage-backed securities market and cut a quarter of its American workforce. (Mon, 15 Oct 2007 12:20:40 GMT)

Wilbur Ross Sees Mortgage Market Rising in Subprime Debt's Wake
Oct. 15 (Bloomberg) -- Wilbur Ross, the billionaire who specializes in resurrecting failed companies, is betting the U.S. mortgage market will rise from the dead. (Mon, 15 Oct 2007 12:27:24 GMT)

IDBI reduces floating home loan interest rate by 0.50 per cent
IDBI Bank has reduced its home loan floating interest rates by 0.50 per cent to 10.50 per cent. (Mon, 15 Oct 2007 12:44:36 GMT)

Lenders First Choice and Guardian Mortgage Documents Offer Integrated Services
SIMI VALLEY, Calif. & LAKEWOOD, Colo.----Lenders First Choice , a national provider of mortgage closing solutions including title insurance and settlement services, has formed a strategic relationship with Guardian Mortgage Documents, a provider of document preparation, automated management workflow and fully customized outsource solutions to the national financial services industry. (Mon, 15 Oct 2007 13:00:00 GMT)

First Fractional Funding Attributes Continued Growth to Use of Guardian Mortgage Services Outsource Fulfillment for ...
BOSTON----While many in the mortgage industry are trying to survive the recent market unrest by cutting back on offered products, First Fractional Funding, a Denver-based lender specializing in fractional ownership mortgages, has experienced continued growth. (Mon, 15 Oct 2007 13:01:00 GMT)

Mortgage woes slow Citigroup profit to $2.4 bln
Mortgage woes and loan write-downs slowed Citigroup's profits dramatically in the third quarter, but America's largest banking group still reported a net profit of 2.4 billion dollars. (Mon, 15 Oct 2007 13:07:03 GMT)

ComplianceEase's New FHA Offering Helps Mortgage Lenders Rebuild Sales Pipelines
BOSTON----ComplianceEase®, a leading provider of compliance and risk management solutions for the financial services industry, announced today, at the Mortgage Bankers Association's 94th Annual Convention & Expo 2007, they expanded technology and services enabling lenders to originate higher-quality Federal Housing Administration insured mortgages more efficiently. (Mon, 15 Oct 2007 13:30:00 GMT)

Banks agree $75bn mortgage debt fund
Citigroup (NYSE:C), Bank of America (NYSE:BAC) and JPMorganon Monday announced plans for a fund to buy mortgage-linked securities in an attempt to allay fears of a downward price-spiral that would hit the balance sheets of big banks. (Mon, 15 Oct 2007 13:35:22 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? (Mon, 15 Oct 2007 14:02:19 GMT)

Nomura to exit U.S. mortgage business
Japanese investment bank Nomura Holdings Inc. said Monday it would exit the U.S. residential mortgage-backed securities market due to the subprime crisis. (Mon, 15 Oct 2007 14:11:06 GMT)

Mortgage setbacks slow Citigroup profit to 2.4 bln dlrs
Mortgage woes and big loan write-downs took a dramatic toll on Citigroup's third quarter profits, but America's largest banking group on Monday still reported a net profit of 2.4 billion dollars. (Mon, 15 Oct 2007 15:44:43 GMT)

Major US banks announce plan to ease credit squeeze
Three major US banks announced a plan Monday to ease the global liquidity squeeze with a massive fund for mortgage securities and short-term corporate loans hurt by tighter credit conditions. (Mon, 15 Oct 2007 15:45:10 GMT)

UPI NewsTrack Business
U.S. stocks fall on Citigroup earnings ... Banks start fund to protect credit market ... Nomura to exit U.S. mortgage business ... Fox launches 'anti-Wall St.' biz channel ... News from United Press International (Mon, 15 Oct 2007 15:56:37 GMT)

Sector Snap: Mortgage Lenders
Shares of mortgage companies retreated Monday as the industry continued struggling with declining origination volume and rising delinquencies and defaults. (Mon, 15 Oct 2007 16:49:33 GMT)

US banks announce $90b plan to ease credit squeeze
Three major US banks have announced they are setting up a multi-billion dollar fund to support the ailing sub-prime mortgage market. (Mon, 15 Oct 2007 19:03:27 GMT)

The banks' move was encouraged by the US treasury [AP]
Three major US banks have announced a plan to ease the global liquidity squeeze with a massive fund for mortgage securities and short-term corporate loans hurt by tighter credit conditions. (Mon, 15 Oct 2007 20:42:07 GMT)

Mortgage setbacks slow Citigroup profit to 2.4 bln dlrs
Mortgage woes and big loan write-downs took a dramatic toll on Citigroup's third quarter profits, but America's largest banking group on Monday still reported a net profit of 2.4 billion dollars. (Mon, 15 Oct 2007 20:47:57 GMT)

Wilbur Ross Sees Mortgage Market Rise After Subprime (Update1)
Oct. 15 (Bloomberg) -- Wilbur Ross, the billionaire who specializes in resurrecting failed companies, is betting the U.S. mortgage market will rise from the dead. (Mon, 15 Oct 2007 21:25:12 GMT)

Refinance Your Adjustable Rates Today
(ARA) - As the old saying goes "a man's home is his castle." The benefits of owning a home are many, including financial security. While a home mortgage is good for your financial stability, refinancing for a better mortgage than you originally qualified for can benefit your finances even more. (Mon, 15 Oct 2007 21:45:13 GMT)

Judge: American Home Unit Threatened
A judge on Monday rejected a bid to delay consideration of American Home Mortgage Investment Corp.'s plan to sell its loan-servicing unit, saying he's worried the business is losing value. (Mon, 15 Oct 2007 22:24:25 GMT)

Mortgage executives say housing price decline expected to stretch into at least 2009
U.S. housing prices will continue to decline at least through the end of next year and may not begin creeping upward again until 2010, executives from the nation's biggest mortgage financiers said Monday. (Mon, 15 Oct 2007 22:33:59 GMT)

You'll have to jump through hoops to modify your onerous mortgage
PALM BEACH GARDENS, Fla. (MarketWatch) -- You're suddenly notified of a higher monthly mortgage payment and you're unable to afford it. Yet you already have a substantial down payment on your home and have been paying your mortgage on time for a few years, building up some equity. (Mon, 15 Oct 2007 23:55:06 GMT)

Asian Stocks Fall on U.S. Home Loan Concern; Nomura Declines
Oct. 16 (Bloomberg) -- Asian stocks dropped the most in four weeks on renewed concern a U.S. housing slump will cause losses at global financial companies. (Tue, 16 Oct 2007 02:24:57 GMT)

Asian Stocks Fall on U.S. Home Loan Concern; Nomura Declines
Oct. 16 (Bloomberg) -- Asian stocks dropped after losses reported by Nomura Holdings Inc. and Citigroup Inc. renewed concern a U.S. housing slump will stunt earnings growth at financial companies. (Tue, 16 Oct 2007 03:39:57 GMT)

Mortgage Office Manager Charged With Identity Theft and Grand Larceny
After investigators found that six identity theft victims had applied for loans at the same local mortgage office police arrested the branch manager and his sister. (Tue, 16 Oct 2007 03:51:12 GMT)

Mortgage snub rate leaps 60%
The number of borrowers rejected by mortgage lenders has leapt in the past six months as it has become more difficult for financially insecure house buyers to borrow. (Tue, 16 Oct 2007 05:15:23 GMT)

Japanese Company Closes U.S. Mortgage Securities Business
Nomura Holdings, Japan?s largest securities firm, has already written off about $620 million related to its American subprime mortgage-related business. (Tue, 16 Oct 2007 05:53:12 GMT)

High-rate mortgage loans made in every corner of U.S.
As America's mortgage markets began unraveling this year, economists seeking explanations pointed to "subprime" mortgages issued to low-income, minority and urban borrowers. (Tue, 16 Oct 2007 06:54:55 GMT)

Leading Mortgage Broker Angelo Christian Reports Growing Trend in Houston Home Refinancing to Offset Rising Cost of ...
Houston homeowners turn to the home loan insider to make ends meet. (PRWeb Oct 16, 2007) (Tue, 16 Oct 2007 07:03:24 GMT)

Gaithersburg loan unit lays off 160 workers
Aurora Loan Services LLC, the mortgage-lending subsidiary of Lehman Brothers Holdings Inc., has laid off 160 employees in Gaithersburg as the parent company moves to scale back its home-loan business in response to turmoil in the industry and in the secondary market where investors trade mortgage debt. (Tue, 16 Oct 2007 07:35:45 GMT)

Mortgage company workers charged in scam
Two mortgage company employees were arrested yesterday for their role in a multimillion-dollar mortgage and identity theft scam in Queens and Long Island, police sources said. (Tue, 16 Oct 2007 08:01:21 GMT)

Bad Credit and Home Refinance
(ARA) - Mortgage rates are at historic lows, and it seems like everyone's jumping on the refinance bandwagon these days. But is it really a good idea for people with bad credit? (Tue, 16 Oct 2007 08:14:21 GMT)

MORTGAGE GUY IN 'ID THEFTS'
A Queens mortgage manager was nabbed yesterday for spearheading an ID-theft operation that bilked at least a dozen home buyers out of more than $1 million, cops said. Jacob Milton, 41, of Port Washington, L.I., used his position as a Queens branch... (Tue, 16 Oct 2007 09:49:40 GMT)

Asian Stocks Decline on U.S. Home Loan Concern; Banks Slide
Oct. 16 (Bloomberg) -- Asian stocks dropped the most in four weeks after losses reported by Nomura Holdings Inc. and Citigroup Inc. renewed concern a U.S. housing slowdown will stunt earnings growth at financial companies. (Tue, 16 Oct 2007 09:56:32 GMT)

No-money-down loan no more
The Bankruptcy Adviser says that Preconstruction home purchases create a risky loan proposition. (Tue, 16 Oct 2007 10:00:00 GMT)

HOME EQUITY LOAN
School tuition, loan consolidation, home improvement cash or vacation plans don’t have to wait for next year. (Tue, 16 Oct 2007 10:36:49 GMT)

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