Mortgage News Dec 2007

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A primer about the subprime mortgage
WASHINGTON -- The Bush administration, banks, bond firms and mortgage servicers rolled out a proposal Thursday to help people in higher-cost adjustable-rate subprime mortgages more quickly and easily refinance or modify their loans -- including freezing interest rates at the initial teaser rate for five years. (Sun, 09 Dec 2007 09:17:02 GMT)

Mortgage lenders seeking 5-year interest-rate freeze
WASHINGTON — Mortgage lenders announced a plan last week for a five-year interest-rate freeze for adjustable-rate loans set to rise out of reach of homeowners. (Sun, 09 Dec 2007 09:35:36 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. (Sun, 09 Dec 2007 10:52:56 GMT)

Tapped-out family's home is at risk
Fullerton grandparents struggle with their home loan's rising payments. (Sun, 09 Dec 2007 11:16:02 GMT)

Mortgage mess prolonged?
If the subprime mortgage meltdown continues to erode the country's economic health one failed mortgage at a time, many policymakers, politicians and citizens may well look back at the past week and wonder why we couldn't have done better. (Sun, 09 Dec 2007 11:17:48 GMT)

Tapped-out family's home is at risk
Fullerton grandparents struggle with their home loan's rising payments. John and Grayce Coffman could lose the Fullerton home they bought in 1977 because they can't keep up with their mortgage's rising costs. (Sun, 09 Dec 2007 11:30:17 GMT)

Jackson Takes On Mortgage Crisis
The Rev. Jesse Jackson spoke last night in Prince George's County, hit hard by the mortgage foreclosure crisis, to express dissatisfaction with President Bush's plans for coping with it and to mobilize efforts to target Wall street. (Sun, 09 Dec 2007 12:04:12 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. (Sun, 09 Dec 2007 12:08:11 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. (Sun, 09 Dec 2007 12:08:31 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, 09 Dec 2007 13:07:41 GMT)

Mortgage freeze won't affect local market
President Bush's plan to freeze mortgages could help more than one million homeowners nationwide, but how will it affect the mortgage industry across upstate New York? (Sun, 09 Dec 2007 13:50:42 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, 09 Dec 2007 13:53:01 GMT)

Tapped-out family's home is at risk
Fullerton grandparents struggle with their home loan's rising payments. John and Grayce Coffman could lose the Fullerton home they bought in 1977 because they can't keep up with their mortgage's rising costs. (Sun, 09 Dec 2007 14:30:15 GMT)

Mortgage Bailout Pits Homeowners vs. Investors
Freezing subprime rates would hurt mortgage bonds and, in turn, retirees. (Sun, 09 Dec 2007 15:34:08 GMT)

The True Cost of the Mortgage Bailout
The plan to freeze subprime rates would hurt mortgage bonds and, in turn, retirees. (Sun, 09 Dec 2007 15:49:18 GMT)

MORTGAGE MELTDOWN / Interest rate 'freeze' - the real story is fraud / Bankers pay lip service to families while ...
New proposals to ease our great mortgage meltdown keep rolling in. First the Treasury Department urged the creation of a new fund that would buy risky mortgage bonds as a tactic to hide what those bonds were really worth. (Not much.) Then the idea was to use... (Sun, 09 Dec 2007 18:22:59 GMT)

MORTGAGE MELTDOWN / Interest rate 'freeze' - the real story is fraud / Bankers pay lip service to families while ...
New proposals to ease our great mortgage meltdown keep rolling in. First the Treasury Department urged the creation of a new fund that would buy risky mortgage bonds as a tactic to hide what those bonds were really worth. (Sun, 09 Dec 2007 18:45:37 GMT)

MORTGAGE MELTDOWN / Interest rate 'freeze' - the real story is fraud / Bankers pay lip service to families while ...
New proposals to ease our great mortgage meltdown keep rolling in. First the Treasury Department urged the creation of a new fund that would buy risky mortgage bonds as a tactic to hide what those bonds were really worth. (Sun, 09 Dec 2007 18:45:37 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, 09 Dec 2007 18:52:42 GMT)

Big firms throng mortgage mart
Growing middle class and housing shortage trigger race in home loan segment. A clutch of foreign and domestic players is entering the mortgage finance market and vying for a share of the robust home loans segment. (Sun, 09 Dec 2007 18:53:49 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? (Sun, 09 Dec 2007 19:22:41 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. (Sun, 09 Dec 2007 19:37:42 GMT)

MORTGAGE MELTDOWN / Interest rate 'freeze' - the real story is fraud / Bankers pay lip service to families while ...
New proposals to ease our great mortgage meltdown keep rolling in. First the Treasury Department urged the creation of a new fund that would buy risky mortgage bonds as a tactic to hide what those bonds were really worth. (Not much.) Then the idea was to use... (Sun, 09 Dec 2007 21:21:04 GMT)

Mortgage plan is a 'good first step'
Local politicians and real estate professionals said Friday they support President Bush's plan to alleviate the national mortgage foreclosure crunch. But many added that Bush's efforts aren't going to solve the problem. (Sun, 09 Dec 2007 21:53:53 GMT)

Abbey faces endowment mortgage fine
Abbey National , the UK's second-biggest mortgage lender, faces being fined by the financial regulator for its poor handling of endowment mortgage complaints. (Sun, 09 Dec 2007 22:30:26 GMT)

Abbey mortgage form gets down to brass tacks
Prospective homebuyers seeking a mortgage from Abbey National must now reveal minute details of their finances, including how much pocket money they give their children. (Sun, 09 Dec 2007 22:30:36 GMT)

A new leniency in mortgage rescues
The US Treasury helped set a new industry standard for rescuing subprimes. Will it work quickly? (Sun, 09 Dec 2007 23:48:10 GMT)

Mortgage help here
Colorado homeowners concerned about scheduled increases to their interest rates on subprime mortgages could get some relief from a plan negotiated by the Bush administration to freeze interest rates on those mortgages for the next five years. (Sun, 09 Dec 2007 23:52:38 GMT)

Australian Home-Loan Approvals Unexpectedly Fall (Update2)
Dec. 10 (Bloomberg) -- Australia's home-loan approvals unexpectedly fell for a second month in October as interest rates at an 11-year high discouraged borrowing. (Mon, 10 Dec 2007 02:14:12 GMT)

Average home loan hits $240,000
THE size of the average Australian home loan has risen above $240,000 while more and more people are choosing to fix interest rates on their mortgages. (Mon, 10 Dec 2007 02:37:00 GMT)

Average home loan hits $240,000
THE size of the average Australian home loan has risen above $240,000 while more and more people are choosing to fix interest rates on their mortgages. (Mon, 10 Dec 2007 02:37:00 GMT)

Local Home Foreclosures on the Rise
Caprise Coppedge, a housing counselor in Prince George's County, used to work with maybe one person a week who was struggling to make a mortgage payment. (Mon, 10 Dec 2007 02:41:02 GMT)

Fall in home loan numbers
The number of people taking out home loans fell in October, with borrowers wary of the widely anticipated interest rate increase in November. (Mon, 10 Dec 2007 02:48:49 GMT)

Paying mortgage helps heirs
When does it make sense to pay off my mortgage? (Mon, 10 Dec 2007 03:51:37 GMT)

Mortgage woes hurt Milwaukee-area banks
Mortgage market woes struck some Milwaukee-area banks with a vengeance during the third quarter, as half of the 10 largest banks saw their net income drop during the time period. (Mon, 10 Dec 2007 05:40:30 GMT)

Banks brace for mortgage fallout, profit challenges
Financial outlook Direction: Slight decrease Performance: Worse than most Banks will have a tough year in 2008 as high (and rising) mortgage default rates, the deepening housing recession and slow growth in corporate profits combine to challenge financial institutions. (Mon, 10 Dec 2007 05:41:40 GMT)

Australian Home-Loan Approvals Unexpectedly Fall (Update3)
Dec. 10 (Bloomberg) -- Australia's home-loan approvals unexpectedly fell for a second month in October as interest rates at an 11-year high discouraged borrowing. (Mon, 10 Dec 2007 05:59:02 GMT)

Those expecting mortgage-rate freeze should be prepared to wait
Be ready to wait if you want to get information from a toll-free hot line about freezing the interest rate on your subprime mortgage. (Mon, 10 Dec 2007 06:26:05 GMT)

Highlights of Bush's mortgage plan
Details of the plan announced Thursday by the Bush administration for a five-year freeze on mortgage rates for borrowers facing the threat of default on subprime mortgages. (Mon, 10 Dec 2007 06:43:12 GMT)

U.S. Notes Rise; UBS Spurs Concern Mortgage Losses to Spread
Dec. 10 (Bloomberg) -- Treasury notes rose, ending four days of losses, after UBS AG said it will write down an additional $10 billion tied to U.S. mortgage investments. (Mon, 10 Dec 2007 06:57:21 GMT)

After Bush mortgage plan, attention shifts to Fed proposal
The Federal Reserve is finalizing a far-reaching mortgage proposal that would ban certain lending practices and apply to the lightly regulated subprime mortgage specialists that proliferated during the recent housing boom. (Mon, 10 Dec 2007 07:21:33 GMT)

A new leniency in mortgage rescues
The mortgage industry gladly helps people buy homes when the market is up. How much will it help borrowers keep their homes in down times? Last week, the Bush administration got an answer: When all parties win in loan readjustments. (Mon, 10 Dec 2007 08:00:00 GMT)

Treasuries Rise; UBS Spurs Concern Mortgage Losses Will Spread
Dec. 10 (Bloomberg) -- Treasury notes rose, ending four days of losses, after UBS AG said it will write down an additional $10 billion tied to U.S. mortgage investments, spurring demand for the relative safety of government debt. (Mon, 10 Dec 2007 08:27:33 GMT)

Tas home loan approvals up for October
The number of people taking out home loans in Tasmania rose during October, bucking the national trend. (Mon, 10 Dec 2007 09:37:00 GMT)

UBS reports further loss due to US mortgage crisis
Swiss investment bank UBS has reported a further $11 billion in write-downs from its exposure to bad debt in the subprime US mortgage sector. (Mon, 10 Dec 2007 09:45:00 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. (Mon, 10 Dec 2007 10:22:42 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, 10 Dec 2007 10:22:52 GMT)

Treasuries Rise as UBS Writedown Stokes Mortgage-Loss Concern
Dec. 10 (Bloomberg) -- Treasury notes rose, snapping four days of losses, after UBS AG said it will write down an additional $10 billion tied to U.S. mortgage investments, spurring demand for the relative safety of government debt. (Mon, 10 Dec 2007 10:27:21 GMT)

Glenn B. Marshall of First Resource Bank Elected to Board of Federal Home Loan Bank Pittsburgh
Glenn B. Marshall, President and Chief Executive Officer of First Resource Bank, Exton, has been elected to the Board of Directors of the Federal Home Loan Bank of Pittsburgh. Marshall will serve a three- year term as a Director representing Pennsylvania member financial institutions. (Mon, 10 Dec 2007 13:45:00 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, 10 Dec 2007 14:40:15 GMT)

ECB stands pat as Bank of England cuts rates
The different decisions underscore the murky atmosphere in Europe, as it grapples with the fallout from the U.S. mortgage crisis, as well as rising prices. (Mon, 10 Dec 2007 15:28:47 GMT)

Bush mortgage plan leaves some cold
Consumer advocates say the mortgage relief plan is too narrow while investment firms say it went too far. (Mon, 10 Dec 2007 15:30:27 GMT)

The Federal Home Loan Banks to the Rescue!
For those who have been speculating on how the government might bail out participants in the collapsing US subprime mortgage market, an unlikely savior has stepped forward: the Federal Home Loan Banks (FHLB). (Mon, 10 Dec 2007 16:21:12 GMT)

Should I Prepay My Home Equity Loan?
Does it make sense to sell mutual funds to prepay a home-equity loan? (Mon, 10 Dec 2007 16:43:28 GMT)

Senators hold hearing on Pa. mortgage scam
Pennsylvania's U.S. senators heard testimony Monday from representatives of mortgage banks and victims of a scam that left more than 800 central Pennsylvania homeowners on the hook for millions of dollars more than they thought they owed. (Mon, 10 Dec 2007 17:58:21 GMT)

Mortgage crisis rivals S&L meltdown
The home has long been the bedrock asset of most American families. Now, its value has become the biggest question mark hanging over the global economy and financial system. (Mon, 10 Dec 2007 18:52:05 GMT)

Sen. Dodd to offer mortgage reform Tuesday: staff
The chairman of the Senate Banking Committee on Tuesday will introduce legislation to give mortgage borrowers more protection from high-cost and predatory loans, the lawmaker's staff said on Monday. (Mon, 10 Dec 2007 21:37:24 GMT)

WaMu closing home-loan offices, cutting staff
Washington Mutual, the nation's largest savings and loan, is closing offices and laying off workers in response to problems in the mortgage... (Mon, 10 Dec 2007 21:58:22 GMT)

WaMu Slashes Home Loan Business
Washington Mutual Inc, the nation's largest savings and loan, said Monday problems in the mortgage and credit markets are forcing it to close offices, slash over 3,100 jobs, and set aside far more than expected for loan losses in its fourth quarter. (Mon, 10 Dec 2007 22:28:49 GMT)

WaMu slashes home loan business, looks to raise $2.5 billion
Washington Mutual Inc. said Monday it will discontinue all remaining lending through its subprime mortgage channel and cut about 2,600 -- or 22 percent -- of its home loan employees. (WM) (Mon, 10 Dec 2007 23:05:02 GMT)

5 Charged in Alleged Mortgage Fraud
Authorities announced charges Monday in what they say was a $4.9 million mortgage fraud scheme that led to two dozen homes going into default in north Minneapolis, an area that has been hit hard by the nationwide wave of home foreclosures. (Mon, 10 Dec 2007 23:18:43 GMT)

Bankrate Battles Mortgage Gloom
With two new acquisitions and surprisingly optimistic predictions, Bankrate tries to dispel worries about its connections to the tough mortgage market (Mon, 10 Dec 2007 23:48:13 GMT)

WaMu Slashes Home Loan Business
Among the steps taken by the savings and loan: cutting more than 3,100 jobs and discontinuing all subprime mortgage lending (Mon, 10 Dec 2007 23:51:50 GMT)

Mortgage Crisis Forces Big Cuts at WaMu
SEATTLE -- Washington Mutual Inc., the nation's largest savings and loan, said Monday that problems in the mortgage and credit markets are forcing it to close offices, lay off more than 3,000 workers and set aside up to $1.6 billion for loan losses in the fourth quarter. (Tue, 11 Dec 2007 00:51:47 GMT)

Impossible situation for remortgages exaggerated, says Newcastle
Newcastle Building Society of UK has reported that the bleak warning from the citys financial regulator that almost 1.5 million people who have to remortgage next year could find it difficult, if not impossible to refinance their mortgage on favorable terms, could cause undue panic. (Tue, 11 Dec 2007 02:42:49 GMT)

Mortgage Crisis Forces Big Cuts at WaMu
Washington Mutual Inc., the nation's largest savings and loan, said Monday that problems in the mortgage and credit markets are forcing it to close offices, lay off more than 3,000 workers and set aside up to $1.6 billion for loan losses in the fourth quarter. (Tue, 11 Dec 2007 03:07:16 GMT)

Bear Stearns Mortgage Unit Accused of Predatory Loan Servicing
Dec. 10 (Bloomberg) -- Bear Stearns Cos., the second- biggest U.S. underwriter of bonds backed by mortgages, and its EMC Mortgage unit were accused of predatory loan servicing that particularly harmed Hispanic and black borrowers. (Tue, 11 Dec 2007 03:27:51 GMT)

Mortgage crisis forces big cuts at WaMu
Washington Mutual Inc. has become the latest lender to resort to a massive stock sale to shore up its finances amid turmoil in the mortgage and credit markets. (Tue, 11 Dec 2007 05:04:12 GMT)

Mortgage Meltdown / Washington Mutual to close 190 offices / It will shut 12 Bay Area home loan centers, expects to ...
Washington Mutual Inc., the nation's largest savings and loan, said Monday that problems in the mortgage and credit markets are forcing it to close offices, lay off more than 3,000 workers and set aside up to $1.6 billion for loan losses in its fourth... (Tue, 11 Dec 2007 05:06:25 GMT)

Mortgage crisis forces big cuts at WaMu
Washington Mutual Inc. has become the latest lender to resort to a massive stock sale to shore up its finances amid turmoil in the mortgage and credit markets. (Tue, 11 Dec 2007 05:51:22 GMT)

C.Suisse lends Kazakh Mortgage Company $100 mln
ALMATY, Dec 11 - State-owned Kazakh Mortgage Company has borrowed $100 million from Credit Suisse to refinance Kazakh banks' mortgages, the company said on Tuesday. (Tue, 11 Dec 2007 06:59:30 GMT)

C.Suisse lends Kazakh Mortgage Company $100 mln
ALMATY, Dec 11 - State-owned Kazakh Mortgage Company has borrowed $100 million from Credit Suisse to refinance Kazakh banks' mortgages, the company said on Tuesday. (Tue, 11 Dec 2007 06:59:30 GMT)

Online Mortgage Portal gets into the Holiday Spirit by Paying a Full Month of Mortgage for a Lucky Refinance Applicant
LendingGateway.com decides to give one lucky mortgage applicant a free month of their loan payment. (Tue, 11 Dec 2007 07:01:00 GMT)

Stan Bank in R2.40bn home loan deal
Standard Bank has concluded a R2.4-billion home loan securitisation issue to assist three financial institutions with meeting their Financial Sector Charter obligations. This is a first for the South African market. (Tue, 11 Dec 2007 07:51:55 GMT)

Rise looming in home down payments, loan rates
Metro Denver residents face larger down payments and higher interest rates on their mortgages because home values are declining in the region. (Tue, 11 Dec 2007 08:07:05 GMT)

Online Mortgage Portal gets into the Holiday Spirit by Paying a Full Month of Mortgage for a Lucky Refinance Applicant
LendingGateway.com decides to give one lucky mortgage applicant a free month of their loan payment. (PRWeb Dec 11, 2007) Post Comment:Trackback URL: http://www.prweb.com/pingpr.php/U3F1YS1TaW5nLUluc2UtU3VtbS1UaGlyLVplcm8= (Tue, 11 Dec 2007 08:11:49 GMT)

Mortgage losses prompt WaMu to cut more jobs
The thrift will lay off 3,150, slash its dividend and raise $2.5 billion to cover shortfalls. Washington Mutual Inc., citing growing mortgage losses, said Monday that it would slash its dividend by almost three-quarters, cut 3,150 jobs and raise $2.5 billion in new capital. (Tue, 11 Dec 2007 08:20:35 GMT)

Specter, Casey seek to help homeowners caught in Pennsylvania mortgage scam
About 50 Lehigh Valley families are among those affected by fraud scheme. Pennsylvania's U.S. senators heard testimony Monday from representatives of mortgage banks and victims of a scam that left more than 800 central Pennsylvania homeowners on the hook for millions of dollars more than they thought they owed. (Tue, 11 Dec 2007 08:20:46 GMT)

Voinovich sponsors mortgage assistance
Sen. George V. Voinovich thinks two bills he's introduced could help homeowners deal with the country's ongoing mortgage crisis and keep more of them from losing their homes. (Tue, 11 Dec 2007 08:27:57 GMT)

WaMu laying off 3,150; closing home loan stores
SEATTLE -- The nationwide housing slump and collapsed mortgage markets have taken yet another toll on Washington Mutual -- specifically, on its employees and shareholders. The Seattle-based thrift, one of the nation's largest home lenders, said Monday it will cut 3,150 jobs, mostly in its struggling home loans business; shutter nearly two-thirds of its home-loan stores; close its 5-year-old ... (Tue, 11 Dec 2007 08:28:10 GMT)

Mortgage relief program inadequate
How timely that just as President Bush was announcing a deal to help homeowners struggling with their mortgage payments, new data were released showing that foreclosure starts set a new record. (Tue, 11 Dec 2007 08:38:10 GMT)

MORTGAGE MELTDOWN / Washington Mutual to close 190 offices / It will shut 12 Bay Area home loan centers, expects to ...
Washington Mutual Inc., the nation's largest savings and loan, said Monday that problems in the mortgage and credit markets are forcing it to close offices, lay off more than 3,000 workers and set aside up to $1.6 billion for loan losses in its fourth... (Tue, 11 Dec 2007 08:53:06 GMT)

Diversification Tips for Today's Mortgage Brokers
As mortgage professionals face a historically challenging residential mortgage market, industry experts and observers are suggesting a "back to basics" approach to survive the crunch in the months ahead. (Tue, 11 Dec 2007 10:20:00 GMT)

Mortgage affordability hits 15 yr low
Mortgage interest payments ate up the biggest share of adult income in over 15 years but more borrowers switched to variable rate mortgages in anticipation of official rate cuts, key October data showed on Tuesday. (Tue, 11 Dec 2007 10:58:00 GMT)

Mortgage costs squeeze homeowners
Home loans became even more expensive in October, according to the Council of Mortgage Lenders. (Tue, 11 Dec 2007 11:17:47 GMT)

Berkeley considers role in mortgage crisis
The Berkeley City Council will consider a plan tonight to give homeowners facing foreclosure one-time loans and counseling to keep up with their mortgage payments. (Tue, 11 Dec 2007 11:26:24 GMT)

Maitland mortgage-lender Transland facing probe over handling of finances
Only a week after striking a deal that helped it avoid bankruptcy, troubled mortgage lender Transland Financial Services Inc. now faces a regulatory probe of its finances, state officials said Monday. (Tue, 11 Dec 2007 11:46:16 GMT)

Mortgage costs rise
Home loans got even more expensive in October, according to the Council of Mortgage Lenders. (Tue, 11 Dec 2007 11:54:03 GMT)

H&R Block 2Q Loss Soars on Mortgage Meltdown; Final Results Delayed Until Friday
KANSAS CITY, Mo. (AP) - H&R Block Inc., the nation's largest tax preparer, said in a preliminary earnings report Tuesday that it expected a huge second-quarter loss as it continued to wrestle with its disintegrating mortgage arm. (Tue, 11 Dec 2007 12:38:00 GMT)

LeadPoint CMO Michael Rosenberg on Finding the Middle Ground
One of the most complex areas of online advertising -- what happens when a prospective customer clicks on an ad -- ironically happens almost entirely outside of the customer's awareness. The ubiquitous dancing Santa, robot or alien that we see on so many mortgage refinancing ads actually is only the tip of the iceberg. (Tue, 11 Dec 2007 13:14:37 GMT)

WaMu Slashes Home Loan Business
Among the steps taken by the savings and loan: cutting more than 3,100 jobs and discontinuing all subprime mortgage lending (Tue, 11 Dec 2007 13:29:32 GMT)

Cameron urges mortgage help
David Cameron urges banks and building societies to help householders facing sharp rises in their mortgage repayments. (Tue, 11 Dec 2007 14:22:06 GMT)

MORTGAGE MELTDOWN / Washington Mutual to close 190 offices / It will shut 12 Bay Area home loan centers, expects to ...
Washington Mutual Inc., the nation's largest savings and loan, said Monday that problems in the mortgage and credit markets are forcing it to close offices, lay off more than 3,000 workers and set aside up to $1.6 billion for loan losses in its fourth... (Tue, 11 Dec 2007 14:51:04 GMT)

H&R Block loss soars on mortgage meltdown
H&R Block, the nation's largest tax preparer, said in a preliminary earnings report Tuesday that it expected a huge second-quarter loss as it continued to wrestle with its disintegrating mortgage arm. (Tue, 11 Dec 2007 15:01:24 GMT)

Tax Tip No. 6: Close on Your Mortgage in 2007
If you are about to seal the deal on a new home, closing on your mortgage by December 31 could earn you a big deduction on your 2007 return. (Tue, 11 Dec 2007 15:28:28 GMT)

Mortgage Plan to Have Quick Impact
The U.S. government's plan to soothe the pain in the subprime mortgage market should have a quick impact on the sector and reduce the numbers of preventable foreclosures, a senior U.S. (Tue, 11 Dec 2007 16:08:08 GMT)

A new leniency in mortgage rescues needed in troubled times
The mortgage industry gladly helps people buy homes when the market is up. How much will it help borrowers keep their homes in down times? Last week, the Bush administration got an answer: When all parties win in loan readjustments. (Tue, 11 Dec 2007 18:01:06 GMT)

How the subprime mortgage crisis works
The name itself is numbing. It is called the "Subprime Mortgage Crisis". It is hard to think of a less sexy name. Yet this crisis is all over the news right now and it is having a big effect - on the stock market, on home prices, on the ability of people to get mortgages, etc. How big of an effect? (Tue, 11 Dec 2007 18:04:16 GMT)

Mortgage Links Unclear in Pension Plans
If you want to know how much of your pension fund is invested in mortgage-backed securities, you'll have to ask the fund manager. (Tue, 11 Dec 2007 18:50:59 GMT)

WaMu to close door on 190 home loan centers, eliminate 2,600 positions
Washington Mutual Inc. said Monday it will discontinue all remaining lending through its subprime mortgage channel and cut about 2,600 -- or 22 percent -- of its home loan employees. (WM) (Tue, 11 Dec 2007 19:06:12 GMT)

Sector Glance: Mortgage Lenders
Shares of mortgage lenders mostly slipped Tuesday after the Federal Reserve cut its target for interest rates, but not as aggressively as some investors had hoped. (Tue, 11 Dec 2007 20:00:23 GMT)

National Bank Of Kansas City Starts Mortgage Recovery Program To Help Subprime Borrowers
In an effort to help those borrowers hurt by subprime mortgages, National Bank Of Kansas City's mortgage division has started a Mortgage Recovery program. (Tue, 11 Dec 2007 20:09:00 GMT)

Washington Mutual Closing 190 Home Loan Centers
Washington Mutual is completely pulling out of the sub-prime loan business. The decision means the closure of 21 Northern California home loan centers. (Tue, 11 Dec 2007 20:58:50 GMT)

Fitch Affirms State of New York Mortgage Agency MIF Proj Act at 'AA-' & Single Family Act at 'AA+'
NEW YORK----Fitch Ratings has affirmed the insurer financial strength rating of the State of New York Mortgage Agency's mortgage insurance fund's project pool insurance account at 'AA-' and the single-family pool insurance account at 'AA+'. (Tue, 11 Dec 2007 21:06:00 GMT)

Evest Capital And EvestMAC Reveal Launch Of New Distressed Mortgage Fund
(RTTNews) - Evest Capital LLC and EvestMAC LLC, privately-held mortgage acquisition companies based in Stamford, Connecticut, on Tuesday said they closed a new equity round and two financing facilities totaling $46mm with a national bank and a group of private investors through EvestMAC's newly established subsidiary EvestMAC Funding ll, LLC. (Tue, 11 Dec 2007 22:11:02 GMT)

Mortgage rates reach lowest in two years
BLOOMINGTON -- Some lucky homeowners caught a break on a mortgage last week as interest rates reached their lowest point in about two years. (Tue, 11 Dec 2007 23:15:21 GMT)

Fitch Rates CSMC´s $273MM Mortgage P-T Ctfs Series 2007-7
Fitch rates Credit Suisse Mortgage Securities Corp. mortgage pass-through certificates, series 2007-7 (Tue, 11 Dec 2007 23:19:08 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? (Wed, 12 Dec 2007 02:06:55 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. (Wed, 12 Dec 2007 02:07:05 GMT)

Washington Mutual closes Redding home loan center
Washington Mutual closes Redding home loan center (Wed, 12 Dec 2007 02:29:16 GMT)

On Wall St., Mortgage-Finance Chiefs Take Apologetic Tone
The chief executives for two of the nation's dominant mortgage-finance companies traveled to Wall Street yesterday and delivered competing words of regret for having to take painful steps to shore up their businesses. (Wed, 12 Dec 2007 03:09:19 GMT)

Dodd bill targets mortgage abuses
WASHINGTON — Senate Banking Committee Chairman Chris Dodd plans to introduce legislation today to end abuses in the subprime mortgage market that have contributed to record high home (Wed, 12 Dec 2007 04:20:51 GMT)

Mortgage rates reach lowest in two years
BLOOMINGTON -- Some lucky homeowners caught a break on a mortgage last week as interest rates reached their lowest point in about two years. (Wed, 12 Dec 2007 06:37:09 GMT)

Washington Mutual shuts San Rafael home loan center
Closure of Washington Mutual's four-employee home loan center at 899 Northgate Drive in San Rafael this week will not affect the lender's six other offices in Marin. (Wed, 12 Dec 2007 06:53:12 GMT)

Land for new Patterson court caught in mortgage mess
PATTERSON - A former Patterson couple are struggling to satisfy the town, their mortgage holder and their pocketbook when it comes to the disposition of their property behind Town Hall. (Wed, 12 Dec 2007 07:37:33 GMT)

Money and Markets: The Mortgage Virus is Spreading
Martin D. Weiss, Ph.D. examines the U.S. economy and consumer spending. In this issue of Money and Markets, Dr. Weiss takes a closer look at what is going on in the mortgage sector and how it's affecting the U.S. economy. (PRWeb Dec 12, 2007) (Wed, 12 Dec 2007 08:04:31 GMT)

Six Utahns indicted for mortgage fraud
Scheme leads to value adjustments of 460 homes in Riverbottoms area The forfeiture of millions of dollars in criminal assets and lengthy prison terms are among penalties sought by the U.S. Attorney's Office against six Utahns accused of running an illegal mortgage scheme to inflate the value of several high-end homes in the affluent Riverbottoms neighborhood in Provo, according to a federal ... (Wed, 12 Dec 2007 08:33:51 GMT)

Pension plans vague on mortgage-security info
NEW YORK (AP) -- If you want to know how much of your pension fund is invested in mortgage-backed securities, you'll have to ask the fund manager. (Wed, 12 Dec 2007 08:43:07 GMT)

Washington Mutual to close Watsonville home loan center
Washington Mutual will close its home loan center at 1896 Main St. in Watsonville’s Nob Hill shopping center this week. (Wed, 12 Dec 2007 10:14:11 GMT)

Fannie, Freddie warn of more mortgage losses
WASHINGTON - The chief executives of Fannie Mae and Freddie Mac on Tuesday warned that their ailing mortgage-finance companies will suffer further in 2008 because of a weakening housing market and rising home-loan defaults. (Wed, 12 Dec 2007 10:39:00 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? (Wed, 12 Dec 2007 11:07:51 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. (Wed, 12 Dec 2007 11:23:02 GMT)

Ahead of the Bell: Mortgage Applications
Investors will watch Wednesday for industry data on loan volumes to see if a sudden spike in mortgage activity can be sustained. (Wed, 12 Dec 2007 11:35:06 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, 12 Dec 2007 11:52:58 GMT)

Mortgage applications hit highest level in 2 years
Mortgage applications rose last week to the highest level since July 2005 despite a jump in borrowing costs, an industry group said on Wednesday. (Wed, 12 Dec 2007 12:08:26 GMT)

Ahead of the Bell: Mortgage Bill
A House committee is scheduled to vote Wednesday on legislation that would permit judges to shrink the size of home loans for bankrupt homeowners -- a mortgage-mess remedy supported by consumer advocates and ardently opposed by the lending industry. (Wed, 12 Dec 2007 12:17:58 GMT)

Mortgage applications hit highest level in 2 years
NEW YORK (Reuters) - Mortgage applications rose last week to the highest level since July 2005 despite a jump in borrowing costs, an industry group said on Wednesday. (Wed, 12 Dec 2007 12:23:40 GMT)

Mortgage Application Volume Rises
Mortgage application volume increased 2.5 percent for the week ending Dec. 7, according to the trade group Mortgage Bankers Association's weekly application survey. (Wed, 12 Dec 2007 12:24:49 GMT)

Mortgage applications rose 2.5% last week: MBA
CHICAGO (MarketWatch) -- Mortgage applications rose a seasonally adjusted 2.5% last week, as mortgage rates headed up, according to the Mortgage Bankers Association's weekly survey, released on Wednesday. (Wed, 12 Dec 2007 12:32:46 GMT)

Mortgage applications rise
Despite a jump in interest rates, the Mortgage Bankers Association's application index increases in latest week to 811.8 from 791.8. (Wed, 12 Dec 2007 13:46:00 GMT)

China: U.S. Mortgage Crisis a Global Problem
XIANGHE, China, Dec. 12 -- On the first day of high-level economic talks, Chinese officials turned the tables on their American counterparts, saying the subprime mortgage crisis that has shaken the U.S. economy and the weakening dollar are as much a problem for the global economy as Chinese excha... (Wed, 12 Dec 2007 14:34:18 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, 12 Dec 2007 14:40:52 GMT)

Home Federal Savings and Loan Association and First Louisiana Bank to Combine Institutions, Forming Shreveport's ...
SHREVEPORT, La.----Home Federal Bancorp, Inc. of Louisiana, , the parent of Home Federal Savings and Loan Association, and First Louisiana Bancshares, Inc., the parent of First Louisiana Bank, have entered into a definitive agreement to combine, forming the largest locally controlled bank in the Shreveport market area. (Wed, 12 Dec 2007 14:43:00 GMT)

Banks see higher losses on mortgage, credit turmoil
NEW YORK (MarketWatch) -- Some of the nation's largest banks on Wednesday warned of higher losses in the fourth quarter as the turmoil in the credit and mortgage markets continues to weigh on the financials sector. (Wed, 12 Dec 2007 14:48:16 GMT)

Home Federal Savings and Loan Association and First Louisiana Bank to Combine Institutions, Forming Shreveport´s ...
Home Federal Bancorp, Inc. of Louisiana, (180898;OTCBB:HFBL), the parent of Home Federal Savings and Loan (Wed, 12 Dec 2007 14:49:13 GMT)

Graphics: Hour-By-Hour Snow Projections; Accumulation Predictions
Check out articles from experts and mortgage calculators to help you decide if refinancing your mortgage is the right move. You can also complete a simple, secure online request and get loan offers online. (Wed, 12 Dec 2007 15:08:51 GMT)

Steel Defends Mortgage Freeze Criteria
A Treasury Department official deflected criticism Wednesday that the requirements for President Bush's mortgage modification plan are too narrow to help enough struggling homeowners. (Wed, 12 Dec 2007 16:08:38 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, 12 Dec 2007 17:24:27 GMT)

Early Christmas for Mortgage Borrowers
There's some good news on the mortgage front for a change. Despite all indications to the contrary, mortgage lending has not come to a grinding halt. In fact, for those who have good credit and qualify for standard fixed-rate loans, mortgages have actually gotten more affordable. (Wed, 12 Dec 2007 17:43:12 GMT)

Early Christmas for Mortgage Borrowers
Falling rates are making plain old vanilla mortgages easier for many to afford. (Wed, 12 Dec 2007 17:43:12 GMT)

Stocks turn negative as mortgage losses kill rally
Stocks fell Wednesday, reversing an earlier rally, as concerns about more mortgage losses at banks outweighed initial optimism over a joint central bank move to combat the credit squeeze. (Wed, 12 Dec 2007 20:32:54 GMT)

Union Bank Offers New Two Step Mortgage Loan as an Attractive Alternative to Borrowers
SAN DIEGO----Union Bank of California, N.A., has announced a new mortgage product called a Two Step Mortgage that is available for any loan amount up to $5 million and even higher on a case-by-case basis. (Wed, 12 Dec 2007 23:18:00 GMT)

Union Bank Offers New Two Step Mortgage Loan as an Attractive Alternative to Borrowers
Union Bank of California, N.A., has announced a new mortgage product called a Two Step Mortgage that is available for any loan amount up to $5 million and even higher on a case-by-case basis. The loan features a 40-year total term ... (Wed, 12 Dec 2007 23:39:33 GMT)

McFadden-Weaver sentencing for mortgage fraud set for Dec. 28
Former Kansas City Councilwoman Saundra McFadden-Weaver must wait two more weeks to learn her sentence for a mortgage fraud conviction. (Thu, 13 Dec 2007 04:38:33 GMT)

McFadden-Weaver sentencing for mortgage fraud set for Dec. 28
Former Kansas City Councilwoman Saundra McFadden-Weaver must wait two more weeks to learn her sentence for a mortgage fraud conviction. (Thu, 13 Dec 2007 04:40:04 GMT)

Mortgage crisis discussed
Waukesha - A state housing official described as "dicey" a Bush administration proposal that would allow states to bond to refinance existing mortgage loans as part of a larger plan to deal with the nation's subprime mortgage crisis.... (Thu, 13 Dec 2007 05:05:47 GMT)

New Mortgage Commissioner Looking For Changes
As more and more homes hit the auction block the foreclosure crisis isn't letting up in Nevada. One out of every 154 homes in Nevada are entering foreclosure. In his first television interview, Joe Waltuch, Nevada's new head of the Mortgage Lending Division, spoke with Las Vegas One's Jeff Gillan. (Thu, 13 Dec 2007 05:11:10 GMT)

Bill targets mortgage lenders
South Carolina mortgage lenders could face stricter licensing rules and more oversight — an effort to cut fraud and foreclosure — under a bill proposed by state lawmakers Wednesday. The proposal is one of 97 in a second batch of bills ready for January’s legislative session. In addition to the mortgage bill, other proposals include: •  Creating a statewide water-use panel to head off ... (Thu, 13 Dec 2007 05:13:54 GMT)

Saudi home loan firm established
Saudi home loan firm established (Thu, 13 Dec 2007 07:05:37 GMT)

WaMu closes 190 loan centers
Washington Mutual Inc., roiled by continued turmoil in the subprime mortgage markets, is closing 190 home loan centers and sales offices nationwide including one in Orem, and terminating 3,150 jobs including 20 in Utah as part of a companywide restructuring. (Thu, 13 Dec 2007 08:04:09 GMT)

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