Mortgage News Apr 2008

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Mortgage fraud: same basic scams with a few new twists
WASHINGTON -- Mortgage schemes are becoming more intricate, and the criminals who work them are more active than ever. (Sat, 05 Apr 2008 00:34:55 GMT)

Minneapolis OKs pilot loan program
Minneapolis City Council authorized a pilot loan program Friday to try to prop up foreclosure-sapped neighborhoods. Here's the scoop on Minneapolis Advantage, set to be ready in May. (Sat, 05 Apr 2008 02:31:38 GMT)

Will refinancing loan to lower rate save money?
Q: I bought my condo 18 months ago. The interest rate on my 30-year loan is 6.25 percent. Should I consider refinancing to a lower rate? I plan on staying here and paying off the loan so it seems even if I save some money on a lower interest rate I will be extending my loan and paying more/longer. — Scott (Sat, 05 Apr 2008 05:43:10 GMT)

Briefs: Help for buying a home
Residents with loan difficulties are invited today to meet with local lenders, counseling agencies and state officials for a Home Ownership Outreach Day in Bolingbrook. (Sat, 05 Apr 2008 05:55:33 GMT)

Even mortgage crisis can't build bridges in divided Legislature
SACRAMENTO - California lawmakers are divided along party lines over legislation intended to help homeowners at risk of defaulting on their mortgages and to reform lending practices. (Sat, 05 Apr 2008 06:31:31 GMT)

Home loan report: Glimmer of hope?
While there is very little good news for borrowers over recent months there has been the slightest glimmer of hope this week. (Sat, 05 Apr 2008 07:16:18 GMT)

Bill would lower fees for mortgage brokers
Applying to be a mortgage broker in Florida may soon become cheaper if a bill moving through the state House gets the approval of the full Legislature. (Sat, 05 Apr 2008 07:20:39 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, 05 Apr 2008 08:16:48 GMT)

Finding that mortgage to get tougher still after Halifax hike
HALIFAX ended a turbulent week for the mortgage market yesterday with the announcement that it was repricing its mortgage range. (Sat, 05 Apr 2008 08:21:26 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, 05 Apr 2008 08:25:11 GMT)

Borrowers to benefit from mortgage fee list
Borrowers are set to benefit from increased competition following the release of a review highlighting the differences in fees on the various mortgage products offered by lenders. (Sat, 05 Apr 2008 08:49:09 GMT)

Mortgage fraud dives in Arizona as lenders enforce tight standards
Stricter lending standards have made it tough for homebuyers to qualify for financing, but the clampdown on exotic mortgages may have led to some positive news, too - less mortgage fraud. (Sat, 05 Apr 2008 09:33:37 GMT)

Review of mortgage fees released
BORROWERS are set to benefit from increased competition following the release of a review highlighting the differences in fees on the various mortgage products offered by lenders. (Sat, 05 Apr 2008 10:41:01 GMT)

Review of mortgage fees released
BORROWERS are set to benefit from increased competition following the release of a review highlighting the differences in fees on the various mortgage products offered by lenders. (Sat, 05 Apr 2008 10:48:55 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, 05 Apr 2008 12:25:43 GMT)

Government releases mortgage fees review
Borrowers are set to benefit from increased competition following the release of a review highlighting the differences in fees on various mortgage products. (Sat, 05 Apr 2008 12:31:12 GMT)

Government releases mortgage fees review
Borrowers are set to benefit from increased competition following the release of a review highlighting the differences in fees on the various mortgage products offered by lenders. (Sat, 05 Apr 2008 12:34:01 GMT)

Home owners held hostage by exit fees
Home buyers trying to escape their loans early are being hit with extortionate fees of up to $7500, Australia's corporate watchdog has revealed. (Sat, 05 Apr 2008 13:16:43 GMT)

Banks get stingy on home loans
Irene D’Souza’s (name changed) broker had got her a home loan of Rs 18 lakh approved from ICICI Bank. However, when she went for the cheque, she was told that only Rs 9.53 lakh would be disbursed. (Sat, 05 Apr 2008 18:46:08 GMT)

Tips for mortgage shopping
What’s the best advice for people who are buying or refinancing a home? Get the best mortgage. (Sat, 05 Apr 2008 18:53:47 GMT)

Housing Bill to Get Vote in Senate
The Senate housing package is expected to be a first, modest step by Congress to address the growing onslaught of home foreclosures and unrest in the mortgage and housing markets. (Sat, 05 Apr 2008 19:39:08 GMT)

Jammer's Mortgage Maze: “Inquiring Minds Wanna Know”
In the past month, we've covered various mainstream issues in the mortgage industry that either directly or indirectly affect any of us in the market to buy a home, or re-finance an existing mortgage. (Sat, 05 Apr 2008 19:54:03 GMT)

'High-risk' borrowers warned not to jump at any old mortgage deal
"Sub-prime" borrowers are failing to shop around for a mortgage deal or properly assess loan terms and conditions, says a report from the Financial Services Authority (FSA). (Sat, 05 Apr 2008 23:12:59 GMT)

Mortgage stress not exaggerated
Julia Gillard says mortgage stress is very real and everybody is worried about inflation. (Sat, 05 Apr 2008 23:42:48 GMT)

Bank of England interest rate cut to control mortgage market
The Bank of England will cut interest rates this week in a bid to bring mortgage rates back under control, leading economists said this weekend. (Sun, 06 Apr 2008 00:38:45 GMT)

Gillard says mortgage stress is real
Deputy Prime Minister Julia Gillard says mortgage stress is very real and everybody is worried about inflation. Ms Gillard said on Sunday there were many statistical measures of mortgage stress. (Sun, 06 Apr 2008 00:50:14 GMT)

Mortgage stress is real: Gillard
ACTING Prime Minister Julia Gillard says mortgage stress is very real and everybody is worried about inflation. (Sun, 06 Apr 2008 01:28:00 GMT)

Housing Bill to Get Vote in Senate
The Senate housing package is expected to be a first, modest step by Congress to address the growing onslaught of home foreclosures and unrest in the mortgage and housing markets. (Sun, 06 Apr 2008 01:40:39 GMT)

Suburban home values fall
While market-watchers eye national indicators for signs of recession, Johnson County Appraiser Paul Welcome glumly presides over a discouraging trend in residential home values. (Sun, 06 Apr 2008 03:27:21 GMT)

Mortgage fee review will boost competition: Govt
The Federal Government says a review by the corporate watchdog on banks' mortgage entry and exit fees will help boost competition in the sector. (Sun, 06 Apr 2008 05:17:00 GMT)

Mortgage stress is real
Julia Gillard says mortgage stress is very real and everybody is worried about inflation. (Sun, 06 Apr 2008 05:18:12 GMT)

Mortgage crisis may not subside for years
It may take several years before the mortgage crisis eases in places like North County, which has been especially hard hit with foreclosures. (Sun, 06 Apr 2008 05:46:20 GMT)

New fraud plea likely Defendant expected to plead guilty in mortgage probe
A third defendant in the federal probe of a widespread local mortgage-fraud scheme appears ready to enter a guilty plea. Gregory M. Finney originally entered a plea of not guilty in the case. (Sun, 06 Apr 2008 07:04:17 GMT)

SUSAN TOMPOR: Call this home loan the last resort, not a ticket to a resort
Reverse mortgages are helping some seniors get out of financial binds in Michigan, but these loans don't come without a cost or catch. The biggest catch: Do you really need to pay all those fees to get the money? Or are you being rushed into some quick-fix investment scheme? (Sun, 06 Apr 2008 07:35:09 GMT)

Zillow adding loan quotes to Web site
Visitors to home-value service won't have to divulge identities to see mortgage quotes. Armed with market research that showed Americans spend as much time researching a vacation as they do a mortgage loan (answer: five hours), Zillow.com is launching a mortgage marketplace that allows consumers to anonymously receive custom loan quotes and rate their lenders. (Sun, 06 Apr 2008 07:55:54 GMT)

Mortgage vanishes on home that's sold because of unpaid taxes
Q: I'm confused about how tax sales work. If a property is secured by a debt instrument (such as a bank mortgage) and the property is sold for the amount of the back taxes only, who pays the mortgage? (Sun, 06 Apr 2008 07:56:43 GMT)

No reason for IMF to worry about UAE mortgage lending
In a week when the International Monetary Fund (IMF) has blamed the overexpansion of the mortgage industry for housing busts in the US and Spain, and named the UK, Ireland, France and the Netherlands as likely to suffer the same fate, it is interesting to reflect on just how far away from overleveraging the home finance market is in the UAE. (Sun, 06 Apr 2008 08:43:16 GMT)

Consumer loan and savings rates
Consumer Loan And Savings Rates A sampling of financial institutions was asked to quote the most recent lowest annual percentage rates they would charge a new loan customer with an annual income from $30,000 to $35,000 and good credit standing. (Sun, 06 Apr 2008 09:11:11 GMT)

Modifying loans isn't hassle-free
WASHINGTON -- In the four months since Treasury Secretary Henry Paulson challenged mortgage lenders to modify distressed home loans voluntarily to ease record numbers of foreclosures, it remains difficult to gauge the program's success. (Sun, 06 Apr 2008 09:51:46 GMT)

Downeast Mortgage shuts offices
PORTLAND, Maine (AP) — Downeast Mortgage is no longer writing loans and has closed all but one of its offices. (Sun, 06 Apr 2008 10:06:19 GMT)

Mortgage rates inch up to 5.88%
WASHINGTON – Rates on 30-year and 15-year mortgages rose last week, delivering another dose of unwelcome news to the troubled housing industry. (Sun, 06 Apr 2008 10:16:32 GMT)

Is the wound fatal this time?
Entrepreneurs and ex-employees ask whether Orange County's mortgage industry can recover. (Sun, 06 Apr 2008 10:18:18 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, 06 Apr 2008 10:55:20 GMT)

Mortgages can be modified, payments can be altered
Government agencies, national nonprofits and mortgage lenders insist they're taking real steps to help solve the nation's unprecedented mortgage mess. (Sun, 06 Apr 2008 11:09:22 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? (Sun, 06 Apr 2008 11:25:10 GMT)

In Philadelphia, Clinton calls for legal protections for honest mortgage lenders
PHILADELPHIA — Democrat Hillary Rodham Clinton proposed several remedies to the nation’s home mortgage problems Monday, including one tool more often associated with Republicans than Democrats. (Sun, 06 Apr 2008 11:29:10 GMT)

USDA announces $267M rural broadband loan
WASHINGTON -USDA Rural Development Under Secretary Thomas C. Dorr today announced that Open Range Communications, headquartered in Denver, Colo., has been approved to receive a $267 million loan from USDA Rural Development to provide broadband service to 518 rural communities in 17 states. (Sun, 06 Apr 2008 14:07:52 GMT)

U.S. Democrats pushing for housing aid
After weeks of accusing the White House of dragging its feet on aid for everyday Americans, Democrats will open hearings on their more ambitious mortgage rescue proposal this week. (Sun, 06 Apr 2008 16:09:07 GMT)

Bargain hunting among European Commercial Mortgage-Backed Securities
Banks and opportunity funds are hunting for bargains among the cut-price securities, raising hopes that the debt market deep-freeze might be about to thaw. (Sun, 06 Apr 2008 16:23:37 GMT)

Tips for mortgage shopping
What’s the best advice for people who are buying or refinancing a home? Get the best mortgage. (Sun, 06 Apr 2008 16:23:51 GMT)

In Philadelphia, Clinton calls for legal protections for honest mortgage lenders
PHILADELPHIA — Democrat Hillary Rodham Clinton proposed several remedies to the nation’s home mortgage problems Monday, including one tool more often associated with Republicans than Democrats. (Sun, 06 Apr 2008 16:44:10 GMT)

Economic Stimulus Package Generates Mixed Response from Industry
Washington D.C.-- Kieran P. Quinn, CMB, chairman of the Mortgage Bankers Association (MBA) praised the Bush administration’s new stimulus package, announced this week, that includes housing provisions designed to help borrowers and stabilize the housing and mortgage markets. (Sun, 06 Apr 2008 19:10:08 GMT)

The Mortgage Bust Goes Global
The consequences of millions of foreclosures across the U.S. are also being felt far overseas. (Sun, 06 Apr 2008 19:40:09 GMT)

Metros losing out, real estate wants Rs 20 lakh home loan ceiling raised
With inflation rising, the run-up to the April monetary policy has been overtaken by talk of a likely increase in either the repo rate... (Sun, 06 Apr 2008 20:55:16 GMT)

Deepening fraud like salt on subprime mortgage wound
NEW YORK — The shrapnel from the subprime explosion continues to scatter. Lenders are experiencing a surge in losses from mortgage fraud, according to recent reports from law enforcement agencies and industry research groups. The ripples are reaching borrowers in new ways, as mortgage banks seek to stanch the flow of dollars to con artists. (Sun, 06 Apr 2008 22:08:05 GMT)

Tower Announces Mortgage Fund Closed (TWR.AX, 00829827, 20080407)
Tower announced that the Trustees Executors owned 1st Mortgage Fund, branded TOWER Mortgage Plus, is to be wound up as of 4 April 2008. As the Fund is a Group Investment Fund, it is difficult to convert into a PIE compliant product. Going forward, this would mean an unfavourable tax treatment for most investors. As the mortgages are paid and/or sold to other parties in an orderly wind up ... (Sun, 06 Apr 2008 22:36:00 GMT)

NZ's Tower shuts mortgage fund, cites credit crunch
WELLINGTON, April 7 - New Zealand insurance and investment company Tower Ltd said on Monday it would close a NZ$242 million mortgage investment fund, after tighter credit markets made it uncompetitive. (Sun, 06 Apr 2008 22:39:50 GMT)

NZ's Tower shuts mortgage fund, cites credit crunch
WELLINGTON, April 7 (Reuters) - New Zealand insurance and investment company Tower Ltd TWR.NZ said on Monday it would close a NZ$242 million ($191 million) mortgage investment fund, after tighter credit markets made it uncompetitive. Tower said the 18-year old fund was no longer competitive in a market where banks were competing more aggressively for deposits, and more conservative provisioning ... (Sun, 06 Apr 2008 22:41:03 GMT)

Debt relief act has its limits
Homeowners who went through foreclosure in 2007 could receive a benefit on their federal income tax return thanks to the Mortgage Forgiveness Debt Relief Act of 2007. (Sun, 06 Apr 2008 22:46:31 GMT)

Tower Closes N.Z. Mortgage Fund, Citing Loans Arrears (Update1)
April 7 (Bloomberg) -- Tower Ltd. , New Zealand's third- biggest fund manager for individuals, closed a NZ$242 million ($191 million) mortgage fund as more of the loans fall into arrears. (Sun, 06 Apr 2008 23:16:33 GMT)

Tower shuts mortgage fund
New Zealand insurance and investment company Tower said it will close a $242 million mortgage investment fund, after tighter credit markets made it uncompetitive. (Sun, 06 Apr 2008 23:40:23 GMT)

Tower mortgage fund shut after run on funds
The global sub-prime crisis and the slump in the local property market have claimed another victim close to home. Today sees the the closure of a Tower mortgage fund following a run on the fund and a sharp rise in defaults on residential and commercial mortgages. (Sun, 06 Apr 2008 23:58:10 GMT)

Tower mortgage fund being wound up
A $242 million first mortgage fund promoted by Tower Ltd is being wound up as high interest rates offered by banks make it uncompetitive and redemptions increase. (Mon, 07 Apr 2008 00:09:39 GMT)

Bank of England May Cut Main Rate as Mortgage `Panic' Spreads
April 7 (Bloomberg) -- The Bank of England may be forced to cut its main interest rate this week as the credit squeeze spreads to the mortgage market, exacerbating the worst housing downturn since the last recession in 1991. (Mon, 07 Apr 2008 00:16:19 GMT)

Banks get stingy on home loans
They are aggressive going through the financial details of the customers. All indications that life is going to get tougher for potential home loan borrowers. (Mon, 07 Apr 2008 03:22:49 GMT)

Mortgage firm embroiled in lawsuit files Chapter 7
East West Mortgage Co., a Virginia mortgage broker facing a multimillion-dollar lawsuit by First Mariner Bank, has filed to liquidate in Chapter 7 bankruptcy. (Mon, 07 Apr 2008 04:12:27 GMT)

Home buyers face tougher mortgage loan policies
For the past five years, the market was flooded with creative financing, such as interest-only loans and mortgages that required little to no down payment. (Mon, 07 Apr 2008 04:21:10 GMT)

Metros want Rs 20 lakh home loan ceiling raised
With inflation rising, the run-up to the April monetary policy has been overtaken by talk of a likely increase in either the repo rate (the rate at which the RBI lends to the banks) or Cash Reserve Ratio (the amount of funds that banks have to keep with the RBI) but what seems almost certain is that home loan rates will either remain where they are or go up further. (Mon, 07 Apr 2008 04:30:41 GMT)

Metros want Rs 20 lakh home loan ceiling raised
It is most likely that there will be an upward revision either in CRR or repo rate and so home loan rates could go up marginally. (Mon, 07 Apr 2008 04:46:07 GMT)

Top Headlines
NORTH ATTLEBORO - Like many others sucked into the sub-prime mortgage maelstrom, Rick and Lisa Wain woke up one morning and found their house payments had jumped a whopping $750 a month to $2,800. (Mon, 07 Apr 2008 05:06:33 GMT)

'Subprime' market is not all that bad
Today's housing troubles just don't compare to those of the Great Depression. There are several differences, but I will focus on those in mortgage products. (Mon, 07 Apr 2008 05:09:50 GMT)

Adam Behsudi Alderman leary of proposed loan program
A proposed, no-interest home loan and grant program for police, teachers, fire and emergency workers who want to live in the city took a few knocks last week. (Mon, 07 Apr 2008 06:04:39 GMT)

Economic Stimulus Package Generates Mixed Response from Industry
Washington D.C.-- Kieran P. Quinn, CMB, chairman of the Mortgage Bankers Association (MBA) praised the Bush administration’s new stimulus package, announced this week, that includes housing provisions designed to help borrowers and stabilize the housing and mortgage markets. (Mon, 07 Apr 2008 07:10:08 GMT)

Who should get mortgage aid?
Any federal package may also help some who don't deserve it. Faced with the home mortgage debacle that underlies one of the most dangerous economic crises since the Great Depression, Congress and the administration have been all but paralyzed by two questions: Who deserves to be helped? And how far should the government go to set matters aright? (Mon, 07 Apr 2008 07:30:28 GMT)

Many mortgage brokers heading for the exit door
Mortgage brokers are fleeing their field as tightening credit is scaring potential buyers away from the housing market. (Mon, 07 Apr 2008 08:31:51 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? (Mon, 07 Apr 2008 08:59:07 GMT)

Bank of England May Cut as Mortgage `Panic' Spreads (Update1)
April 7 (Bloomberg) -- The Bank of England may be forced to cut its main interest rate this week as the credit squeeze spreads to the mortgage market, exacerbating the worst housing downturn since the last recession in 1991. (Mon, 07 Apr 2008 10:42:02 GMT)

Bank of England May Cut as Mortgage `Panic' Spreads (Update1)
April 7 (Bloomberg) -- The Bank of England may be forced to cut its main interest rate this week as the credit squeeze spreads to the mortgage market, exacerbating the worst housing downturn since the last recession in 1991. (Mon, 07 Apr 2008 10:46:14 GMT)

How the Subprime Mortgage Crisis Is Like the Iraq War
"Put an end to the Americanization of the Swiss economy!" So screamed a UBS shareholder at a February meeting of the Swiss banking giant's top executives and shareholders, according to an excellent report in the Sunday New York Times by Nelson D. Schwartz. The report catalogued the far-reaching effects of the American subprime mortgage crisis; one of those effects has been to fuel an ... (Mon, 07 Apr 2008 10:50:09 GMT)

Over 14,000 1st Quarter Mortgage Layoffs
More than 14,000 mortgage industry job losses were tracked during the first quarter of this year by http://www.MortgageDaily.com. California continues to bear the brunt of the layoffs. (Mon, 07 Apr 2008 11:00:00 GMT)

In Philadelphia, Clinton calls for legal protections for honest mortgage lenders
PHILADELPHIA — Democrat Hillary Rodham Clinton proposed several remedies to the nation’s home mortgage problems Monday, including one tool more often associated with Republicans than Democrats. (Mon, 07 Apr 2008 11:28:23 GMT)

Federal Home Loan Bank of Dallas Announces Termination of Merger Discussions With the Federal Home Loan Bank of Chicago
DALLAS, April 7, 2008 -- The Federal Home Loan Bank of Dallas announced today the termination of merger discussions with the Federal Home Loan Bank of Chicago. (Mon, 07 Apr 2008 11:55:00 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, 07 Apr 2008 12:10:23 GMT)

Dallas, Chicago Federal Home Loan banks end talks
The Federal Home Loan Bank of Dallas, one of 12 regional mortgage banks chartered by the U.S. government, on Monday said merger talks with the Federal Home Loan Bank of Chicago have been terminated. (Mon, 07 Apr 2008 12:17:05 GMT)

Federal Home Loan Bank of Chicago Announces Termination of Merger Discussions With the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Chicago announced today the termination of merger discussions with the Federal Home Loan Bank of Dallas. (Mon, 07 Apr 2008 12:20:00 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? (Mon, 07 Apr 2008 12:40:10 GMT)

MRG Enhances MIRACLE ONLINE DocPrep System to Meet New Requirements
DALLAS----MRG Document Technologies , a provider of compliance and documentation services for the financial industry, announced enhancements to its MIRACLE ONLINE document preparation systems that enable mortgage brokers and lenders to meet new compliance requirements. (Mon, 07 Apr 2008 13:00:00 GMT)

Dallas, Chicago Federal Home Loan banks end talks
NEW YORK (Reuters) - The Federal Home Loan Bank of Dallas, one of 12 regional mortgage banks chartered by the U.S. government, on Monday said merger talks with the Federal Home Loan Bank of... (Mon, 07 Apr 2008 13:10:22 GMT)

Two charged in mortgage fraud scam due in court today
Men face charges of theft by swindle and racketeering in connection with a home mortgage fraud scam (Mon, 07 Apr 2008 14:46:33 GMT)

Federal banks in Chicago, Dallas end merger talks
Merger talks have ended between the U.S. Federal Home Loan Bank of Dallas and its sister bank in Chicago, they said on Monday, after more than eight months of talks to partner the lenders, which specialize in home mortgages. (Mon, 07 Apr 2008 15:09:54 GMT)

The Feds Want to Help You With Your Mortgage
Congress steps in to alleviate the subprime mess. (Mon, 07 Apr 2008 15:30:36 GMT)

9 Mortgage Lenders Agree To Compact to Slow Foreclosures
Nine mortgage lenders have agreed to a compact proposed by Ohio Gov. Ted Strickland that is designed to keep more struggling homeowners in their homes. (Mon, 07 Apr 2008 15:40:43 GMT)

Nine mortgage lenders agree to compact to slow foreclosures
COLUMBUS: Nine mortgage lenders have agreed to a compact proposed by Gov. Ted Strickland that is designed to keep more struggling homeowners in their homes. (Mon, 07 Apr 2008 16:01:15 GMT)

Sen. Bond proposes mortgage disclosure requirements
U.S. Sen. Kit Bond, R-Missouri, on Friday introduced an amendment to the Senate's housing relief bill that would require mortgage brokers to disclose more information to homebuyers. (Mon, 07 Apr 2008 16:23:12 GMT)

Latest mortgage scam? House stealing
TAMPA (Bay News 9) -- Florida is one of the top states in the country for mortgage fraud. (Mon, 07 Apr 2008 16:47:22 GMT)

Strickland, mortgage companies sign foreclosure compact
Nine mortgage loan servicers have signed non-binding compacts with the state in what Gov. Ted Strickland called a first-in-the-nation effort to keep homeowners out of foreclosure. (Mon, 07 Apr 2008 17:21:58 GMT)

Mortgage Bankers Association Can't Pay The...Mortgage?
I’m sure there are plenty of troubled borrowers around the country who will do a bit more than chortle when they hear the story of how the Mortgage Bankers Association is having trouble paying the mortgage on its new building in downtown DC. (Mon, 07 Apr 2008 17:43:57 GMT)

Union Bank launches reverse mortgage plan
CHENNAI: Union Bank of India has announced reverse mortgage scheme for senior citizens, Union Reverse Mortgage Scheme. The scheme enables home owners to obtain monthly payments against the mortgage of their homes as long as they continue to ... (Mon, 07 Apr 2008 19:04:48 GMT)

Ohio creates foreclosure compact with mortgage servicers
The standoff between Gov. Ted Strickland and major Ohio mortgage servicers has been resolved. (Mon, 07 Apr 2008 19:09:13 GMT)

How your house can pay you back
Reverse mortgage isn't for everyone. Families who have been able to plan for a financially secure retirement don't... (Mon, 07 Apr 2008 19:13:44 GMT)

Foreclosure counselors in high demand
The number of foreclosure counselors working on the front lines of the mortgage crisis is about to expand. Here's a glimpse of what they do. (Mon, 07 Apr 2008 21:27:14 GMT)

Home Loan Banks in Texas, Ill. End Talks
The Federal Home Loan Bank of Dallas says merger talks with its Chicago counterpart have ended. Terry Smith, the president and chief executive of the Dallas bank, said Monday he was disappointed by the failure to reach a deal to combine the groups, which have their own presidents and directors. (Mon, 07 Apr 2008 22:04:46 GMT)

Economic Stimulus Package Generates Mixed Response from Industry
Washington D.C.-- Kieran P. Quinn, CMB, chairman of the Mortgage Bankers Association (MBA) praised the Bush administration’s new stimulus package, announced this week, that includes housing provisions designed to help borrowers and stabilize the housing and mortgage markets. (Mon, 07 Apr 2008 22:10:08 GMT)

Dallas, Chicago home loan banks call off merger talks
DALLAS -- The Federal Home Loan Bank of Dallas says merger talks with a Chicago counterpart have ended. Terry Smith, the president and chief executive of the Dallas bank, said... (Mon, 07 Apr 2008 22:23:47 GMT)

Dallas, Chicago home loan banks call off merger talks
Associated Press - April 7, 2008 6:14 PM ET DALLAS (AP) - The Federal Home Loan Bank of Dallas says merger talks with a Chicago counterpart have ended. (Mon, 07 Apr 2008 22:23:57 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. (Mon, 07 Apr 2008 22:55:10 GMT)

Ohio Reaches Deal with Nine Mortgage Companies on Rate Freeze
A first in the nation agreement between Ohio and nine major mortgage loan servicers may keep thousands of financially vulnerable home owners in their homes. (Tue, 08 Apr 2008 00:12:12 GMT)

Credit crunch forces end of 100 pc mortgage
The era of the 100 per cent mortgage ended last night after the last lender to offer a deposit-free loan withdrew the deal. (Tue, 08 Apr 2008 01:26:19 GMT)

Commonwealth Bank increases home loan interest rates
Commonwealth Bank of Australia has announced that as a result of continued increasing costs in wholesale funding it was lifting its variable rate home loan interest rates by 0.12% pa. (Tue, 08 Apr 2008 01:45:20 GMT)

Capitol Report: Mortgage brokers chafe at proposed Fed rules to curb abuses
Mortgage brokers are fighting proposed Fed rules that would add disclosures and regulate fees, saying they are unfair and could end up hurting rather than helping consumers. (Tue, 08 Apr 2008 01:50:01 GMT)

Banks expected to cut mortgage costs
As local banks have scaled back the launch of new mortgage products, competition this year will be mostly determined by price, according to local bankers. (Tue, 08 Apr 2008 01:50:32 GMT)

House To Offer Plan on Housing
House Democrats are crafting a response to the nation's housing crisis that would offer tax breaks to homeowners, first-time homebuyers and developers of low-income housing but would not provide tax relief to the struggling homebuilding industry. (Tue, 08 Apr 2008 02:07:56 GMT)

U.K. Lenders Withdraw All 100 Percent Mortgage Loans, FT Says
April 8 (Bloomberg) -- All mainstream U.K. lenders have now withdrawn their 100 percent mortgage offers, the Financial Times reported. Banco Santander SA's Abbey National Plc unit yesterday became the last major lender to stop offering loans without a down payment, the newspaper reported. (Tue, 08 Apr 2008 02:26:59 GMT)

9 Mortgage Lenders Agree To Compact To Slow Foreclosures
COLUMBUS, Ohio (AP) -- Nine mortgage lenders who hold about 55 percent of Ohio's subprime home loans agreed Monday to abide by policies designed to help struggling homeowners avoid foreclosure. (Tue, 08 Apr 2008 02:53:54 GMT)

WaMu Ditches the Wholesale Mortgage Biz
Word is the private equity cash infusion Washington Mutual is in line for comes with a condition: Cut the bank's risk in mortgage lending (Tue, 08 Apr 2008 03:34:22 GMT)

Chanhassen broker pleads guilty to racketeering in $2.5 million mortgage fraud case
The owner of a Chanhassen mortgage brokerage has pleaded guilty to a Hennepin County charge of racketeering in a $2.5 million mortgage fraud case. (Tue, 08 Apr 2008 04:01:30 GMT)

Biz Buzz: Foreclosure seminar to help homeowners
Homeowners who fear losing their homes can attend a foreclosure prevention and down payment assistance seminar set for Thursday in San Luis Obispo. Lenders and housing counselors will be on hand to talk one on one with homeowners about refinancing options, how to avoid foreclosure and how to get personal finances in order. Credit-management options also will be discussed for homeowners who may ... (Tue, 08 Apr 2008 07:05:34 GMT)

Telford Homes warns on mortgage availability
London-based residential property developer Telford Homes has cautioned that a lack of available mortgage finance is hitting sales. (Tue, 08 Apr 2008 07:17:00 GMT)

Billions slated for homeowners
Jo-ann.moriarty @newhouse.comWASHINGTON - Included in a bill headed to the Senate this week is a $10 billion provision co-authored by U.S. Sen. John F. Kerry, D-Mass., to extend a government program allowing homeowners to refinance sub-prime loans. (Tue, 08 Apr 2008 08:25:38 GMT)

Bill would aid home refinancing
Jo-ann.moriarty @newhouse.comWASHINGTON - Included in a bill headed to the Senate this week is a $10 billion provision co-authored by U.S. Sen. John F. Kerry, D-Mass., to extend a government program allowing homeowners to refinance sub-prime loans. (Tue, 08 Apr 2008 08:25:51 GMT)

Bill would help home refinancing
Jo-ann.moriarty @newhouse.comWASHINGTON - Included in a bill headed to the Senate this week is a $10 billion provision co-authored by U.S. Sen. John F. Kerry, D-Mass., to extend a government program allowing homeowners to refinance sub-prime loans. (Tue, 08 Apr 2008 08:25:59 GMT)

FTBs face 35% hike in mortgage fees
First-time buyers could face a 35 per cent increase in their mortgage fees, according to mform.co.uk. The online mortgage company says bigger fees, smaller discounts and higher rates are three factors affecting the price of first homes. (Tue, 08 Apr 2008 09:23:25 GMT)

Mortgage lending hits 16-year low
Mortgage lending to home buyers falls to its lowest level since early 1992, with loans down a third in the past year. (Tue, 08 Apr 2008 09:33:53 GMT)

RAK Investment Summit tackles UAE mortgage market
The UAE's mortgage market will leap from Dhs20bn by the end of this year to Dhs64bn over the next three years, and more than 60% of house financing will be Shari'ah compliant, the International Ras-Al-Khaimah Family Office and Investment summit was told today. (Tue, 08 Apr 2008 09:42:26 GMT)

Mortgage firms promise to help
Nine mortgage servicers on Monday signed a nonbinding pledge to help Ohio officials stem the tidal wave of foreclosures. (Tue, 08 Apr 2008 09:44:52 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? (Tue, 08 Apr 2008 11:40:10 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? (Tue, 08 Apr 2008 11:55:10 GMT)

Intellidyn Mortgage Clients' FHA Marketing Response Rates Consistently Exceed Industry Averages
BOSTON----Intellidyn™ Corporation , an award-winning provider of the nation's most complete direct response marketing and multi-channel database marketing solutions today announced that its mortgage lending clients are reporting response rates that consistently exceed industry averages with the company's FHA marketing programs, including both ITA and PA sourced for streamline and full process ... (Tue, 08 Apr 2008 12:00:00 GMT)

WaMu Ditches the Wholesale Mortgage Biz
Troubled thrift giant Washington Mutual , once one of the biggest players in residential mortgages, will stop making loans through independent mortgage brokers -- what the industry calls the "wholesale" side of the business. Instead the company will focus on loans through its 2,200 retail bank branches. (Tue, 08 Apr 2008 12:08:43 GMT)

2 Mon Valley projects among those funded by Federal Home Loan Bank
Clairton and East Braddock are home to two housing projects that the Federal Home Loan Bank of Pittsburgh will fund this year. The two Mon Valley projects and nine others in the region received a total of $3.3 million from FHLBank Pittsburgh on Monday. (Tue, 08 Apr 2008 13:47:02 GMT)

US mortgage crisis costs global economy 945 bln dlrs: IMF
The International Monetary Fund said Tuesday the worldwide losses stemming from the US subprime mortgage crisis could hit 945 billion dollars. (Tue, 08 Apr 2008 14:06:19 GMT)

Economic Stimulus Package Generates Mixed Response from Industry
Washington D.C.-- Kieran P. Quinn, CMB, chairman of the Mortgage Bankers Association (MBA) praised the Bush administration’s new stimulus package, announced this week, that includes housing provisions designed to help borrowers and stabilize the housing and mortgage markets. (Tue, 08 Apr 2008 14:10:08 GMT)

US bank wins 7 bln dlr infusion to offset mortgage losses
A troubled US bank, Washington Mutual, said Tuesday it was set to receive a seven-billion-dollar cash infusion to help shore up its finances which have been ravaged by mortgage-related losses. (Tue, 08 Apr 2008 14:41:26 GMT)

Will mortgage queues return?
The mortgage market, and with it home sales, are shrinking before our eyes but where is the market heading? (Tue, 08 Apr 2008 16:15:22 GMT)

(AFX UK Focus) 2008-04-08 17:07 GMT: Washington Mutual to cut 3,000 jobs, closes all 186 home loan centers
NEW YORK (Thomson Financial) - Washington Mutual Inc. said it will cut 3,000 jobs and close all 186 of its free-standing home loan centers nationwide, accelerating efforts to align with its retail-focus banking business model. (Tue, 08 Apr 2008 16:16:53 GMT)

Can lenders do more to halt foreclosures?
Banks have begun to modify loans for mortgage-holders, but experts say not nearly enough. (Tue, 08 Apr 2008 16:18:51 GMT)

No deposit ... no mortgage
Home buyers with no deposit wanting 100 per cent finance will now find it extremely difficult, if not impossible, to get a mortgage. (Tue, 08 Apr 2008 17:28:55 GMT)

Fitch Downgrades $4.3B in Mortgage Bonds
Fitch Ratings slashed its rating on at least $4.3 billion in mortgage bonds on Tuesday because the ratings agency assumes more home loans will not be repaid. (Tue, 08 Apr 2008 18:08:28 GMT)

Met Mortgage deal struck with insurance commissioner
Insurance Commissioner Mike Kreidler has struck a $52 million deal to sell the key insurance affiliate of bankrupted Metropolitan Mortgage... (Tue, 08 Apr 2008 18:12:11 GMT)

US mortgage crisis may cost $US945bn
THE International Monetary Fund said today the worldwide losses stemming from the US subprime mortgage crisis could hit $US945 billion ($1.02 trillion) as the impact spreads in the global economy. (Tue, 08 Apr 2008 19:04:00 GMT)

Dallas, Chicago home loan banks call off merger talks
DALLAS (AP) _ The Federal Home Loan Bank of Dallas says merger talks with a Chicago counterpart have ended. (Tue, 08 Apr 2008 19:05:06 GMT)

Woman took out £4,500 home improvement loan to pay for a hitman to kill husband
A woman took out a £4,500 home improvement loan to pay for a hitman to kill her husband. Zoe Kenealy was given the cash by a finance firm after claiming she wanted to install a new bathroom. In fact, she had recruited her lover Lee Waite - who lived next door - to arrange her husband Timothy's murder for £10,000. But her attempts to raise the full sum foundered when she was turned down for loans ... (Tue, 08 Apr 2008 19:17:41 GMT)

US mortgage crisis may cost 945 bln dlrs worldwide: IMF
The International Monetary Fund said Tuesday the worldwide losses stemming from the US subprime mortgage crisis could hit 945 billion dollars as the impact spreads in the global economy. (Tue, 08 Apr 2008 20:00:00 GMT)

WaMu to close home loan centers, cut 3,000 jobs
Washington Mutual Inc. , still ailing from an increase in mortgage delinquencies and foreclosures, will close its remaining standalone home loan centers -- including seven in the Chicago area -- and cut 3,000 jobs in the wake of a bigger-than-expected loss expected loss for the first quarter. (Tue, 08 Apr 2008 20:36:17 GMT)

Fitch Downgrades $4.9B in Mortgage Bonds
Fitch Ratings slashed its rating on at least $4.9 billion in mortgage bonds on Tuesday because the ratings agency assumes more home loans will not be repaid. (Tue, 08 Apr 2008 21:05:14 GMT)

Woman took out £4,500 home improvement loan to pay for a hitman to kill husband
A woman took out a £4,500 home improvement loan to pay for a hitman to kill her husband. (Tue, 08 Apr 2008 22:10:53 GMT)

Woman took out £4,500 home improvement loan to pay for a hitman to kill husband
A woman took out a £4,500 home improvement loan to pay for a hitman to kill her husband. (Tue, 08 Apr 2008 22:11:03 GMT)

PA Banking Secretary Hails House Passage of Mortgage Reform Bills
Urges House, Senate to Reach Consensus, Forward Bills to Governor (Tue, 08 Apr 2008 22:43:00 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. (Tue, 08 Apr 2008 22:59:53 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? (Tue, 08 Apr 2008 23:02:19 GMT)

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