Mortgage News Jul 2008

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Wachovia exits wholesale mortgage lending business
Wachovia Corporation, the nation's fourth largest-bank, said Monday that it is leaving the wholesale mortgage lending business. Beginning July 25, the company will no longer offer mortgages through brokers, joining other lenders making similar moves to exit the troubled sector. Rival Bank of America got out of the business several months ago. Wachovia didn't disclose how many jobs will ... (Tue, 22 Jul 2008 03:50:49 GMT)

Home loan program targets foreclosed areas
Stockton has the highest number of foreclosed homes per capita in the country. (Tue, 22 Jul 2008 05:41:12 GMT)

Sour loan hits local bank
Greater Sacramento Bancorp posted sharp losses in revenue and earnings in the second quarter, the bank announced Monday. Officials blamed the loss on a troubled $6 million loan. (Tue, 22 Jul 2008 07:12:34 GMT)

Interest rates in an inflationary cycle
Q: How will inflation impact mortgage rates? (Tue, 22 Jul 2008 07:13:07 GMT)

State agency will lend to 1st-time home buyers
A California agency is offering below-market-rate loans to first-time home buyers who purchase certain foreclosed properties in beleaguered areas, including parts of Alameda and Contra Costa counties. The California Housing Finance Agency, which helps finance... (Tue, 22 Jul 2008 07:35:30 GMT)

Man gets 10 years for fraudulent mortgage loans
A former Staten Island, N.Y., dentist who maintained an office and surgical center in Berlin Township was sentenced to 10 years in federal prison yesterday for fraudulently obtaining about $2.8 million in mortgage loans. (Tue, 22 Jul 2008 08:27:57 GMT)

National Australia Bank launches new home loan
The National Australia Bank has launched NAB Clear Banking Home Loan, a new home loan with no early exit fees, no bank discharge or settlement fees and no monthly account keeping fees. (Tue, 22 Jul 2008 10:35:22 GMT)

Property: FSA targets mortgage fraud
Financial Services Authority to visit 200 mortgage brokers to assess their financial crime systems and controls (Tue, 22 Jul 2008 10:48:46 GMT)

FSA warns lenders on mortgage fraud
The Financial Services Authority said on Tuesday it has warned mortgage lenders about the risk of fraud as the economy worsens and has outlined its own plans to tackle financial crime. (Tue, 22 Jul 2008 11:13:00 GMT)

FSA demands mortgage fraud action
The Financial Services Authority tells lenders to step up their defences against mortgage fraud. (Tue, 22 Jul 2008 11:27:08 GMT)

LendingTree Names New Lender Sales Team
Today, LendingTree introduces a new national lender sales team that includes industry veterans from companies such as National City Mortgage, Morgan Stanley and Goldman Sachs. (Tue, 22 Jul 2008 11:37:00 GMT)

Wachovia has $8.9B loss, exits wholesale mortgage
Wachovia says it lost $8.86 billion in the second quarter, hurt by a big goodwill charge and an increase in reserves for bad loans as mortgage defaults soar. (Tue, 22 Jul 2008 11:45:11 GMT)

Treasury: Support for mortgage giants needed
Treasury Secretary Henry Paulson said Congress needs to quickly approve a support package for Fannie Mae and Freddie Mac to make sure the two mortgage giants maintain their critically important role in housing finance. (Tue, 22 Jul 2008 12:06:57 GMT)

Treasury: Support for mortgage giants needed
WASHINGTON---- Treasury Secretary Henry Paulson says Congress needs to quickly approve a support package for Fannie Mae and Freddie Mac to ensure the two mortgage giants maintain their important role in housing finance. (Tue, 22 Jul 2008 12:10:27 GMT)

US bank Wachovia scorched with $8.7bln loss
Banking giant Wachovia took a severe hit from the US housing slump with a second-quarter loss of 8.662 billion dollars as it announced plans Tuesday to end its wholesale mortgage operations. (Tue, 22 Jul 2008 12:55:07 GMT)

Treasury: Swift support needed for mortgage giants
Treasury Secretary Henry Paulson said Congress needs to quickly approve a support package for Fannie Mae and Freddie Mac to make sure the two mortgage giants maintain their critically important role in housing finance. (Tue, 22 Jul 2008 13:29:07 GMT)

Mortgage firm starts share buyback
RHG, formerly known as Rams Home Loans Group, says it will embark on an on-market share buyback of up to 10 per cent of issued securities over the next 12 months. (Tue, 22 Jul 2008 14:00:00 GMT)

Wachovia reports $8.9B loss, will cut 10,750 jobs
Wachovia Corp. announced a whopping second quarter loss of $8.9 billion this morning, with plans to shake up its mortgage unit, slash its dividend payout to shareholders, and cut thousands of jobs. Chief executive Bob Steel, hired less than two weeks ago to bring the struggling bank back to its former glory, had hinted that he envisioned a smaller, leaner Wachovia. Today, in his first earnings ... (Tue, 22 Jul 2008 14:14:04 GMT)

Mortgage Giant Rescue Could Cost $25b
Congress' top budget analyst says a federal rescue of troubled mortgage giants Fannie Mae and Freddie Mac could cost taxpayers as much as $25 billion. (Tue, 22 Jul 2008 14:17:17 GMT)

Wachovia loses $8.9 billion, cuts jobs and exits wholesale mortgage lending business
Wachovia Corp. has posted a second-quarter loss of $8.9 billion, slashed its dividend and will cut 10,750 jobs as part of a turnaround plan. (WB) (Tue, 22 Jul 2008 14:47:56 GMT)

Federal mortgage relief bill almost done
After six months of haggling and political gamesmanship, a massive housing relief bill is heading for final approval. The centerpiece is a $300 billion ''HOPE'' program designed to provide refinancing lifelines to as many as 400,000 homeowners in deep trouble on their current loans. (Tue, 22 Jul 2008 15:05:22 GMT)

Home Prices Tumbled 4.8% in May as U.S. Banks Rein in Lending
July 22 (Bloomberg) -- U.S. home prices fell 4.8 percent in May from a year earlier, according to the Office of Federal Housing Enterprise Oversight, as banks restricted lending in the second year of a worldwide credit crunch. (Tue, 22 Jul 2008 15:21:15 GMT)

Paulson plugs mortgage support bill
NEW YORK, July 22 (UPI) -- U.S. Treasury Secretary Henry Paulson Jr. is pushing for increased regulation and support of the nation's government sponsored mortgage brokers. (Tue, 22 Jul 2008 15:32:22 GMT)

Wachovia announces $8.9bn loss and plans to cut 10,750 jobs
Wachovia Corp announced a whopping second quarter loss of $8.9bn this morning, with plans to shake up its mortgage unit, slash its dividend payout to shareholders and cut thousands of jobs (Tue, 22 Jul 2008 15:51:23 GMT)

Wachovia scorched with 8.7-billion-dollar loss
Banking giant Wachovia took a severe hit from the US housing slump with a second-quarter loss of 8.662 billion dollars as it announced plans Tuesday to cut jobs and end wholesale mortgage operations. (Tue, 22 Jul 2008 16:46:05 GMT)

Kentucky senator slams support for mortgage giants
U.S. Sen. Jim Bunning again condemned a support package for troubled mortgage giants Fannie Mae and Freddie Mac, saying the plan backed by the Bush administration "smacks of socialism." (Tue, 22 Jul 2008 17:58:09 GMT)

Mortgage giant rescue could cost $25b
A federal rescue of troubled mortgage giants Fannie Mae and Freddie Mac could cost taxpayers as much as $25 billion, Congress' top budget analyst said Tuesday. But Peter R. Orszag, director of the Congressional Budget Office, predicted in a letter to... (Tue, 22 Jul 2008 18:31:09 GMT)

Head of Mortgage Bankers Association to resign
The head of a major mortgage industry trade group is stepping down after more than seven years at the organization and is being replaced by the former president of a California mortgage company that shut down last year. (Tue, 22 Jul 2008 18:48:57 GMT)

Rescue of mortgage giants could hit $25 billion
A federal rescue of Fannie Mae and Freddie Mac could cost taxpayers $25 billion, congressional budget experts said, as the House scheduled a Wednesday vote on legislation that would tap the mortgage giants' profits to cover any losses from saving 400,000 homeowners from foreclosure. A costly rescue for Fannie and Freddie is just a worry, not a certainty at this point. Peter R. Orszag, ... (Tue, 22 Jul 2008 18:50:49 GMT)

Mortgage giant rescue could cost $25b
A federal rescue of troubled mortgage giants Fannie Mae and Freddie Mac could cost taxpayers as much as $25 billion, Congress' top budget analyst said Tuesday. (Tue, 22 Jul 2008 18:59:49 GMT)

Valley National Bank Ranked 8th Best Performing Home Equity Portfolio by SNL Financial
Valley National Bancorp , the holding company for Valley National Bank, announced that SNL Financial ranked Valley's home equity loan portfolio the 8th best-performing portfolio among publicly traded banks and thrifts with more than $100 million in home equity lines of credit on their books during the twelve months ended March 31, 2008 based on a combination of low delinquency rates and net ... (Tue, 22 Jul 2008 19:34:00 GMT)

Valley National Bank Ranked 8th Best Performing Home Equity Portfolio by SNL Financial
Valley National Bank Ranked 8th Best Performing Home Equity Portfolio by SNL Financial (Tue, 22 Jul 2008 20:03:02 GMT)

Wachovia faces soaring loan-to-value ratios on its Pick-A-Pay home loans in California
Blog: The combination of minimal loan payments and falling home prices has jacked up LTV ratios. In the Central Valley, for instance, the average is 109%, the bank says. (Tue, 22 Jul 2008 20:45:34 GMT)

US mortgage firm bailout could cost $33b
A Bush administration plan to support Fannie Mae and Freddie Mac could cost US taxpayers US$25 billion (NZ$33.27 billion), congressional analysts said in a report that fuelled debate as Congress took steps to approve a housing market rescue package. (Tue, 22 Jul 2008 20:52:23 GMT)

Australians Suffering `Mortgage Stress' Double, Review Reports
July 23 (Bloomberg) -- The number of Australians who spend more than half their income repaying their mortgage has more than doubled the past year, the Australian Financial Review reported , citing a survey. (Tue, 22 Jul 2008 22:04:03 GMT)

Rescue of mortgage giants could hit $25 billion
A federal rescue of Fannie Mae and Freddie Mac could cost taxpayers $25 billion, congressional budget experts said Tuesday, as lawmakers put finishing touches on legislation that would tap the troubled mortgage giants' profits to help save homeowners from foreclosure. (Tue, 22 Jul 2008 22:30:07 GMT)

E*Trade CEO: Co May Have Reached Peak In Loan Delinquencies
NEW YORK -(Dow Jones)- E*Trade Financial Corp. (ETFC) Chief Executive Donald Layton said delinquencies in the company's home equity loan portfolio may have peaked in the second quarter. (Tue, 22 Jul 2008 22:35:24 GMT)

E*Trade CEO: Co May Have Reached Peak In Loan Delinquencies
NEW YORK -(Dow Jones)- E*Trade Financial Corp. (ETFC) Chief Executive Donald Layton said delinquencies in the company's home equity loan portfolio may have peaked in the second quarter. (Tue, 22 Jul 2008 22:35:24 GMT)

Mortgage advisers 'are failing'
Most mortgage advisers are doing a poor job when giving advice, according to research by the consumers association Which? (Tue, 22 Jul 2008 23:32:47 GMT)

Problems at loan giants push mortgage rates higher in the U.S.
The troubles at Fannie Mae and Freddie Mac could deal another blow to the housing market, as higher interest rates make it harder to refinance existing debts. (Wed, 23 Jul 2008 00:03:01 GMT)

TPG Considering Bid for Mortgage Lender Paragon, FT Reports
July 23 (Bloomberg) -- TPG Capital is considering a bid for specialist mortgage lender Paragon Group Cos., the Financial Times reported, citing people close to the U.S. buyout firm. (Wed, 23 Jul 2008 00:28:24 GMT)

Rescue of mortgage giants could hit $25 billion
A federal rescue of Fannie Mae and Freddie Mac could cost taxpayers $25 billion, congressional budget experts said, as the House scheduled a Wednesday vote on legislation that would tap the mortgage giants' profits to cover any losses from saving 400,000 homeowners from foreclosure. (Wed, 23 Jul 2008 00:34:33 GMT)

FSA Will Visit 200 Brokers to Fight Mortgage Fraud, FT Reports
July 23 (Bloomberg) -- The Financial Services Authority, the U.K.'s financial regulator, said it will employ tougher measures to stop mortgage fraud, including visiting 200 mortgage brokers, the Financial Times reported. (Wed, 23 Jul 2008 00:43:24 GMT)

Loan modification saves home
Fullerton couple benefits from lender's mistake. Experts say most struggling homeowners aren't so lucky. (Wed, 23 Jul 2008 00:51:06 GMT)

Rescue of mortgage giants could hit $25 billion
Tue, Jul 22, 2008 (5:57 p.m.) (Wed, 23 Jul 2008 01:01:04 GMT)

San Diego Plans Legal Action Against Mortgage Company for Home Foreclosures
City Attorney to File Civil Complaint Against Mortgage Company for Causing Foreclosures (Wed, 23 Jul 2008 02:26:47 GMT)

Average home loan doubles in a decade
THE amount borrowed by people to buy their first home doubled in a decade, new statistics show. (Wed, 23 Jul 2008 02:37:00 GMT)

Average home loan doubles in a decade
THE amount borrowed by people to buy their first home doubled in a decade, new statistics show. (Wed, 23 Jul 2008 02:37:00 GMT)

Rescue of mortgage giants could reach $25 billion
A federal rescue of Fannie Mae and Freddie Mac could cost taxpayers $25 billion, congressional budget experts said Tuesday. That estimate came as lawmakers put finishing touches on legislation that would tap the troubled mortgage giants' profits to help save homeowners from foreclosure. (Wed, 23 Jul 2008 03:04:57 GMT)

Freddie, Fannie ills push loan rates up
Mortgage rates are rising because of the troubles at loan finance giants Fannie Mae and Freddie Mac, threatening to deal another blow to the faltering housing market. (Wed, 23 Jul 2008 03:16:14 GMT)

Rescue of mortgage giants could hit $25 billion
By JULIE HIRSCHFELD DAVIS A federal rescue of Fannie Mae and Freddie Mac could cost taxpayers $25 billion, congressional budget experts said, as the House scheduled a Wednesday vote on legislation that would tap the mortgage giants' profits to cover any losses from saving 400,000 homeowners from foreclosure. A costly rescue for Fannie and Freddie is just a worry, not a certainty at this point. ... (Wed, 23 Jul 2008 04:55:23 GMT)

Struggling US homeowners would benefit from rehab of mortgage agencies'
WASHINGTON - The US government would help struggling homeowners get new, cheaper loans and be allowed to offer troubled mortgage giants Fannie Mae and Freddie Mac a cash infusion as part of legislation that aims to calm the chaotic housing market. (Wed, 23 Jul 2008 05:50:58 GMT)

Things to consider before plunging into home-buying process
Decide to become a homeowner and, inevitably, you'll have to confront your credit score.You can try to improve your odds of qualifying for a home loan by saving more for a bigger down payment, but your credit score is the most important factor in determining what interest rate you'll pay - or whether you qualify for a mortgage at all. (Wed, 23 Jul 2008 05:59:27 GMT)

Fannie-Freddie troubles send mortgage rates up
Mortgage rates are rising because of the troubles at the loan finance giants Fannie Mae and Freddie Mac, threatening to deal another blow to the faltering housing market. (Wed, 23 Jul 2008 06:46:01 GMT)

House to vote on mortgage aid, Fannie Freddie rescue to calm housing market
WASHINGTON - The government would help struggling homeowners get new, cheaper loans and be allowed to offer troubled mortgage giants Fannie Mae and Freddie Mac a cash infusion as part of legislation that aims to calm the chaotic housing market. (Wed, 23 Jul 2008 07:17:49 GMT)

Mortgage rescue could cost $25 billion
WASHINGTON — A federal rescue of Fannie Mae and Freddie Mac could cost taxpayers $25 billion, congressional budget experts said Tuesday, as lawmakers put finishing touches on legislation that would tap the troubled mortgage giants' profits to help save homeowners from foreclosure. (Wed, 23 Jul 2008 07:18:58 GMT)

Mortgage Lobby Replaces President
The Mortgage Bankers Association, which has been losing members and cutting staff because of the steep decline in the U.S. housing market, replaced its president yesterday with a longtime industry executive. (Wed, 23 Jul 2008 07:55:50 GMT)

U.K. Mortgage Approvals Declined 67% in June, BBA Report Shows
July 23 (Bloomberg) -- U.K. mortgage approvals slumped in June after the housing market worsened and deterred potential buyers, a report by the British Bankers' Association showed. (Wed, 23 Jul 2008 09:13:34 GMT)

HBOS Gains on Speculation BBVA May Bid for U.K. Mortgage Bank
July 23 (Bloomberg) -- HBOS Plc , the U.K.'s biggest mortgage lender, gained as much as 14 percent in London trading on speculation that Spain's Banco Bilbao Vizcaya Argentaria SA may consider buying the bank. (Wed, 23 Jul 2008 09:45:30 GMT)

Refinancing to ARM may be risky
Know the risks before refinancing to an adjustable-rate mortgage, says Dr. Don Taylor. (Wed, 23 Jul 2008 10:00:00 GMT)

Ahead of the Bell: Mortgage Applications
Industry data to be released Wednesday will show whether home loan applications continued to rise as mortgage rates fell last week. (Wed, 23 Jul 2008 10:05:19 GMT)

House to vote Wednesday on foreclosure rescue
The government would help struggling homeowners get new, cheaper loans and be allowed to offer troubled mortgage giants Fannie Mae and Freddie Mac a cash infusion as part of legislation... (Wed, 23 Jul 2008 10:15:26 GMT)

Mortgage rescue: $25B?
WASHINGTON (AP) and#8212; A federal rescue of Fannie Mae and Freddie Mac could cost taxpayers $25 billion, congressional budget experts said Tuesday, as lawmakers put finishing touches on legislation that would tap the troubled mortgage giants' profits to... (Wed, 23 Jul 2008 10:16:00 GMT)

Mortgage rates near 5-year high, hurting housing
Mortgage rates are rising because of the troubles at the loan finance giants Fannie Mae and Freddie Mac, threatening to deal another blow to the faltering housing market. Even as policymakers rushed to support the companies, home loan rates approached their highest levels in five years. (Wed, 23 Jul 2008 10:16:55 GMT)

Wachovia aims to unravel Pick-a-Payment problems
Amid ballooning loan losses, Wachovia Corp. is taking more steps to unwind its troubled $122 billion Pick-A-Payment mortgage portfolio. But it's not going to be a quick fix – or a cheap one. Wachovia last month said it would stop offering a minimum payment option that causes a borrower's loan balance to increase, essentially eliminating the Pick-A-Payment product. Now it's taking more steps to ... (Wed, 23 Jul 2008 10:29:46 GMT)

Ahead of the Bell: Mortgage Applications
(AP:WASHINGTON) Industry data to be released Wednesday will show whether home loan applications continued to rise as mortgage rates fell last week. The Mortgage Bankers Association is scheduled to report its index of mortgage application volume for the week ended July 18 at 7 a.m. EDT. (Wed, 23 Jul 2008 10:32:07 GMT)

Expert: Don Taylor, Ph.D., CFA, CFP
Dear Dr. Don, I have a 30-year mortgage at 6 percent and have been prepaying $100 a month since November 2003. I was curious about getting a LIBOR adjustable-rate mortgage that resets the payment monthly. Is that a bad idea? (Wed, 23 Jul 2008 10:45:45 GMT)

Home Savings & Loan Drops Services
The faltering economy is changing the way a local lender is doing business. Home Savings and Loan will no longer handle checking, savings, money markets, or other accounts for public entities including municipalities and school districts. (Wed, 23 Jul 2008 10:49:53 GMT)

U.K. Mortgage Approvals Fall to Lowest Since 1997, BBA Says
July 23 (Bloomberg) -- U.K. mortgage approvals slumped in June to the lowest level in at least a decade as banks starved the housing market of loans and falling property prices deterred buyers, a report by the British Bankers' Association showed. (Wed, 23 Jul 2008 11:13:26 GMT)

Things to consider before home-buying
You can try to improve your odds of qualifying for a home loan by saving more for a bigger down payment, but your credit score is the most important factor in determining what interest rate you'll pay - or whether you qualify for a mortgage at all. (Wed, 23 Jul 2008 11:14:56 GMT)

A Mortgage Rescue Strains Calculations
The proposed government rescue of the nation’s two mortgage finance giants should appear on the federal budget as a $25 billion expense, the independent Congressional Budget Office said on Tuesday, but officials conceded that there was no way to really know what, if anything, a bailout might cost taxpayers. (Wed, 23 Jul 2008 12:01:05 GMT)

U.S. MBA's Mortgage Applications Index Decreased 6.2% Last Week
July 23 (Bloomberg) -- Mortgage applications in the U.S. dropped 6.2 percent last week, led declining demand for loans to purchase homes as interest rates jumped. (Wed, 23 Jul 2008 12:06:30 GMT)

US mortgage rates increase again
The cost of taking out a mortgage in the US rises again following fears over two key lenders, consumer figures indicate. (Wed, 23 Jul 2008 12:12:05 GMT)

Mortgage applications decline 6.2 percent
Mortgage application volume declined 6.2 percent during the week ending July 18, according to the trade group Mortgage Bankers Association's weekly application survey. (Wed, 23 Jul 2008 12:14:29 GMT)

US mortgage rates increase again
The cost of taking out a mortgage in the US rises again following fears over two key lenders, consumer figures indicate. (Wed, 23 Jul 2008 12:16:56 GMT)

£900m drop in home loan approval
The number of home loans approved in June dropped by £900m from May, reveals the BBA. ... (Wed, 23 Jul 2008 13:16:11 GMT)

Rescue of mortgage giants could hit $25 billion
A federal rescue of Fannie Mae and Freddie Mac could cost taxpayers $25 billion, congressional budget experts said, as the House scheduled a Wednesday vote on legislation that would tap the mortgage giants' profits to cover any losses from saving 400,000 homeowners from foreclosure. (Wed, 23 Jul 2008 13:49:13 GMT)

Mortgage applications fall 6.2%
Application volume dropped as rates rise for 30- and 15-year mortgages, while 1-year adjustable rate mortgages were unchanged. (Wed, 23 Jul 2008 13:50:29 GMT)

House OKs mortgage rescue
The House on Wednesday voted 272-152 to pass sweeping legislation that will offer up to $300 billion in assistance to troubled homeowners and throw government support behind mortgage finance giants Fannie Mae and Freddie Mac. (Wed, 23 Jul 2008 13:50:59 GMT)

CNN - Bush Will Back Mortgage Rescue
President Bush Dropped His Threat Wednesday To Veto A Sweeping Housing Bill That Will Offer Up To $300 Billion In Assistance To Troubled Homeowners And Throw Government Support Behind Mortgage Finance Giants Fannie Mae And Freddie Mac.   (Wed, 23 Jul 2008 14:02:08 GMT)

Mortgage rate rise spurs housing worries
NEW YORK, July 23 (UPI) -- Rising home mortgage rates may add another burden to the faltering U.S. housing market, analysts say. (Wed, 23 Jul 2008 14:05:30 GMT)

Thornburg Mortgage begins stock exchange offer
Mortgage lender Thornburg Mortgage Inc. on Wednesday began an exchange offer for four classes of its preferred stock, as part of its efforts to remain in business. (Wed, 23 Jul 2008 14:38:01 GMT)

IAC to take $170 million charge for mortgage, real estate units
Internet giant says it will write down charges related to its mortgage and real estate businesses because of the housing crisis. (Wed, 23 Jul 2008 14:56:26 GMT)

US home owners cut back refinancing
The rise in US mortgage rates has prompted a sharp decline in the number of refinancings according to data released yesterday by the Mortgage Bankers Association. (Wed, 23 Jul 2008 15:43:29 GMT)

30-Yr Mortgage Rates At Highest In Year, Weighing On Slumping Housing Sector
(RTTNews) - The Mortgage Bankers Association's weekly mortgage applications survey for the week ended July 18 revealed Wednesday morning that US home loan applications spiraled lower, weighed down by the highest 30-year mortgage rates in a year. (Wed, 23 Jul 2008 15:50:15 GMT)

Wash. state to revoke license of mortgage company
Washington state plans to revoke the license of a California mortgage broker. The state Department of Financial Institutions said an investigation has found Sacramento-based Paramount Equity Mortgage Inc. engaged in deceptive lending practices. (Wed, 23 Jul 2008 15:59:59 GMT)

Bush drops opposition to U.S. housing bill
The move clears the way for a broad package of legislation to shore up the troubled U.S. mortgage companies Fannie Mae and Freddie Mac and help struggling home owners refinance loans. (Wed, 23 Jul 2008 16:03:32 GMT)

U.S. mortgage applications dip as rates rise
WASHINGTON – The number of mortgage applications filed nationwide fell last week as interest rates continued to rise, the Mortgage Bankers Association said today in its weekly report. (Wed, 23 Jul 2008 17:32:40 GMT)

Fitch Takes Rating Actions on Commercial Mortgage Acceptance Corp., Series 1998-C2
NEW YORK----Fitch Ratings upgrades one class of Commercial Mortgage Acceptance Corp., commercial mortgage pass-through certificates, series 1998-C2, as follows: (Wed, 23 Jul 2008 17:34:00 GMT)

ESM-NS FCU, Home HeadQuarters team up for loan program
Residents of the eastern suburbs now have special access to a loan program that will help them make necessary repairs to their homes. ESM-NS Federal Credit Union has given Home (Wed, 23 Jul 2008 18:39:14 GMT)

Mortgage Rates Near Five-year High
Mortgage rates are rising because of the troubles at the loan finance giants Fannie Mae and Freddie Mac, threatening to deal another blow to the (Wed, 23 Jul 2008 19:21:40 GMT)

Mortgage insurers jump on hopes for Fannie, Freddie legislation
Mortgage insurers jump on hopes that new legislation supporting Fannie Mae and Freddie Mac will help stabilize the housing market. (Wed, 23 Jul 2008 20:33:16 GMT)

House Passes Housing Bill
The House passed the mammoth housing bill and has sent it to the Senate. The bill aims to restore confidence in the housing market by shoring up mortgage giants Fannie Mae and Freddie Mac, and offering qualified homeowners a chance to refinance their mortgages. (Wed, 23 Jul 2008 20:39:28 GMT)

House approves housing market rescue bill
The House of Representatives on Wednesday approved major housing market rescue legislation that would bolster Fannie Mae and Freddie Mac, set up a new regulator for the two mortgage giants, and create a fund to help thousands of distressed homeowners refinance their mortgages. (Wed, 23 Jul 2008 21:02:28 GMT)

Home loans double for entry buyers
THE mortgage debt of first-home buyers has more than doubled in the past decade. The snapshot of social trends paints a stark picture of the growing pressures facing hundreds of thousands of people who have recently taken out their first home loan. (Wed, 23 Jul 2008 23:05:03 GMT)

Opportunity Loan Refinance Program for Ohio
This program through Ohio's Housing Finance Agency can help you get a fixed-rate mortgage (Wed, 23 Jul 2008 23:18:30 GMT)

Marshall Loeb's Daily Money Tip: Four tips to help you qualify for a mortgage today
Qualifying for a mortgage is certainly not as easy as it used to be. The turmoil that has gripped the housing and the credit markets has led to lenders tightening their approval standards. But while it is more difficult to qualify, it is not impossible. (Wed, 23 Jul 2008 23:48:07 GMT)

Fannie-Freddie aid clears first vote
The House on Wednesday approved compromise legislation to shore up mortgage giants Fannie Mae and Freddie Mac while helping hundreds of thousands of homeowners refinance into more affordable loans. (Thu, 24 Jul 2008 01:50:08 GMT)

Tresaurer's Office Refinancing of Tobacco Bonds Saves State $235 Million
COLUMBIA -- State Treasurer Converse Chellis this morning released information regarding the refinancing of $785 million in Series 2001 Tobacco Bonds for the State of South Carolina. The refinancing, which occurred over a three month period, will save the State $235 million over a ten-year period. (Thu, 24 Jul 2008 02:42:33 GMT)

Regulator defends role in mortgage mess
Facing calls for his ouster after allowing thousands of criminals to sell home loans in Florida, the state's embattled chief mortgage regulator proposed changes that would toughen the law to help keep felons out of the industry. (Thu, 24 Jul 2008 03:34:04 GMT)

House easily OKs mortgage rescue bill
WASHINGTON -- Rescue legislation sailed through the House Wednesday aimed at helping 400,000 strapped homeowners avoid foreclosure and to prevent troubled mortgage giants Fannie Mae and Freddie Mac from collapsing. (Thu, 24 Jul 2008 04:05:07 GMT)

Massachusetts: After Fax to Mortgage Firm, a Suicide
A Taunton woman fatally shot herself soon after faxing a letter to her mortgage company saying that by the time they foreclosed on her house that day, she would be dead. (Thu, 24 Jul 2008 04:20:05 GMT)

Tresaurer's Office Refinancing of Tobacco Bonds Saves State $235 Million
COLUMBIA -- State Treasurer Converse Chellis this morning released information regarding the refinancing of $785 million in Series 2001 Tobacco Bonds for the State of South Carolina. The refinancing, which occurred over a three month period, will save the State $235 million over a ten-year period. (Thu, 24 Jul 2008 06:28:24 GMT)

As mortgages fail, loan deals get tricky
Susan Shell is one of the lucky ones. The single mom, who works as a waitress and massage therapist, snared a new 40-year mortgage last month with a fixed 4 percent interest rate, to help save her one-story bungalow near Grant High School. Shell, whose struggle to rework a shady home loan was ... (Thu, 24 Jul 2008 07:07:26 GMT)

U.S. legislation may help struggling homeowners refinance
Homeowners who are struggling to make home mortgage payments finally got a break Wednesday when Congress neared final agreement on landmark housing legislation. (Thu, 24 Jul 2008 07:17:51 GMT)

House OKs mortgage rescue legislation
Bush drops threat to veto mortgage bill The House has approved a sweeping plan to ease the most serious housing crisis since the Great Depression by providing aid to homeowners facing foreclosure and a federal backstop for struggling mortgage giants Fannie Mae and Freddie Mac. President George W. Bush drops a threat to veto the bill. (Thu, 24 Jul 2008 07:44:54 GMT)

House approves mortgage rescue
WASHINGTON - The House approved a sweeping plan yesterday to ease the most serious housing crisis since the Great Depression by providing aid to homeowners facing foreclosure and a federal backstop for the struggling mortgage giants Fannie Mae and Freddie Mac. (Thu, 24 Jul 2008 07:45:29 GMT)

Mortgage help bill moves ahead
WASHINGTON -- Rescue legislation sailed through the House Wednesday aimed at helping 400,000 strapped homeowners avoid foreclosure and to prevent troubled mortgage giants Fannie Mae and Freddie Mac from collapsing. (Thu, 24 Jul 2008 08:17:32 GMT)

State should save money with bond refinancing
COLUMBIA, S.C. (AP) - South Carolina should save $235 million during the next decade by refinancing bonds tied to a national lawsuit settlement with cigarette companies. (Thu, 24 Jul 2008 08:23:16 GMT)

Walking out on mortgage drives down home values
Columbus- Experts say fretting homeowners who worry the mortgage market is worsening are, well, making the mortgage market worsen. Fearing they might default on their loans, some are walking away from mortgages and cutting their losses - a move experts say only deepens the crisis. (Thu, 24 Jul 2008 08:53:12 GMT)

Housing rescue package heads to Senate
The House approved far-reaching government assistance on Wednesday for the nation's housing market, including broad authority for the Treasury Department to protect the nation's two largest mortgage finance companies from collapse. The measure also includes an aggressive plan to help hundreds of thousands of troubled borrowers avoid foreclosure by refinancing their mortgages. The White House, ... (Thu, 24 Jul 2008 09:52:32 GMT)

Prepay mortgage if you fear risk
Your risk tolerance level determines whether prepaying the mortgage is wise, says Dr. Don Taylor. (Thu, 24 Jul 2008 10:00:00 GMT)

House approves mortgage relief
WASHINGTON – The House approved far-reaching government assistance yesterday for the nation's housing market, including broad authority for the Treasury Department to protect the nation's two largest mortgage finance companies from collapse. (Thu, 24 Jul 2008 10:19:46 GMT)

Mortgage rates nearing 5-year highs
Mortgage rates are rising because of the troubles at loan finance giants Fannie Mae and Freddie Mac, threatening to deal another blow to the faltering housing market. (Thu, 24 Jul 2008 10:33:09 GMT)

House passes mortgage rescue bill
WASHINGTON -- The House on Wednesday approved legislation aimed at helping 400,000 strapped homeowners avoid foreclosure and preventing the collapse of troubled mortgage companies Fannie Mae and Freddie Mac. (Thu, 24 Jul 2008 10:40:01 GMT)

State regulator defends role in mortgage mess
Facing calls for his ouster after allowing thousands of criminals to sell home loans in Florida, the state's embattled chief mortgage regulator proposed changes that would toughen the law to help keep felons out of the industry. (Thu, 24 Jul 2008 11:22:26 GMT)

Bush says he'll sign mortgage rescue bill
WASHINGTON -- The House easily approved legislation Wednesday that seeks to slow the steepest slide in house prices in a generation, rescue hundreds of thousands of homeowners at risk of foreclosure and reassure global markets that mortgage-finance giants Fannie Mae and Freddie Mac will not be allowed to fail. (Thu, 24 Jul 2008 11:52:40 GMT)

Mortgage lender cuts maximum loan
The maximum loan for first-time buyers in Jersey is cut from 90% to 75% by one of the island's biggest lenders. (Thu, 24 Jul 2008 11:58:45 GMT)

Pimco-Housing bill is key to cutting mortgage cost
Cutting the cost of mortgages via the U.S housing bill and rescue package for mortgage finance giants Fannie Mae and Freddie Mac is the best route to recovery for the beleaguered housing market, the manager of the world's biggest bond fund said on Thursday. (Thu, 24 Jul 2008 13:19:32 GMT)

Housing bill key to cutting mortgage cost: Pimco
Cutting the cost of mortgages via the U.S housing bill and rescue package for mortgage finance giants Fannie Mae and Freddie Mac is the best way to help the ailing housing market recover, the manager of the world's biggest bond fund said on Thursday. (Thu, 24 Jul 2008 14:17:44 GMT)

Mortgage Loan Fund Fort Lauderdale Real Estate Home Acquisition
Fort Lauderdale is one of the romantic cities in all of Florida. Aptly dubbed as the Venice of America, the city is well-known for its waterways and canals akin to its cousin half a world away. The city is the perfect place to be if you want to start your life in a new home in a new place. (Thu, 24 Jul 2008 14:39:44 GMT)

CBO: Mortgage Bailout Could Cost $25B
The tab for the proposed bailout of mortgage securities concerns Fannie Mae and Freddie Mac could run as high as $25 billion, according to an estimate released by the Congressional Budget Office. (Thu, 24 Jul 2008 14:40:04 GMT)

Freddie Mac: 30-yr Fixed-rate Mortgage Up On Inflation Woes
Freddie Mac: 30-yr Fixed-rate Mortgage Up On Inflation Woes (Thu, 24 Jul 2008 14:48:12 GMT)

Four Tips to Help You Qualify for a Mortgage
Four Tips to Help You Qualify for a Mortgage (Thu, 24 Jul 2008 14:48:22 GMT)

Mortgages: Inflation fears send mortgage rates soaring
Mortgage rates spike this week on inflation fears, with the benchmark 30-year, fixed-rate loan soaring more than a quarter percentage point to a national average 6.63%, its highest level in nearly a year, Freddie Mac says. (Thu, 24 Jul 2008 15:33:26 GMT)

U.S. mortgage rates rose during week
WASHINGTON, July 24 (UPI) -- Interest rates for 30-year, fixed-rate mortgages rose in the United States in the last week, the Federal Home Loan Mortgage Corp. said Thursday. (Thu, 24 Jul 2008 16:32:15 GMT)

Mortgage rates surge
WASHINGTON - Mortgage rates shot up this week with 30-year mortgages climbing to the highest level in nearly a year, reflecting concerns in financial markets about the troubles at corporate giants Fannie Mae and Freddie Mac. (Thu, 24 Jul 2008 18:35:44 GMT)

Report: Grand jury investigating 3 mortgage lenders
A federal grand jury in Los Angeles reportedly is investigating the nation's largest subprime mortgage lenders, Countrywide Financial, New Century Financial and IndyMac Federal Bank. (Thu, 24 Jul 2008 19:04:41 GMT)

Mortgage concerns batter Washington Mutual shares
Shares of Washington Mutual Inc. fell sharply Thursday, as concerns persisted about the company's mortgage portfolio following its report of a $3 billion quarterly loss earlier this week. (Thu, 24 Jul 2008 19:41:16 GMT)

Woes Afflicting Mortgage Giants Raise Loan Rates
The troubles at Fannie Mae and Freddie Mac could deal another blow to the housing market, as higher interest rates make it harder to refinance existing debts. (Thu, 24 Jul 2008 20:51:40 GMT)

Cash-out refinancing drops at Freddie Mac
WASHINGTON, July 24 (UPI) -- Cash-out refinancing at the Federal Loan Mortgage Corp. has dropped to its lowest amount in three years, the mortgage broker said. (Thu, 24 Jul 2008 22:02:15 GMT)

Cash-out refinancing drops at Freddie Mac
Cash-out refinancing at the Federal Loan Mortgage Corp. has dropped to its lowest amount in three years, the mortgage broker said.In the second quarter of the year, 66 percent of Freddie Mac-owned loans were refinanced for new loans worth at least 5 percent more than the original loan, Freddie Mac said.The percentage was higher than the revised figure of 58 percent for the first quarter and ... (Thu, 24 Jul 2008 22:15:20 GMT)

Mortgage concerns batter Washington Mutual shares
Shares of Washington Mutual Inc. fell sharply Thursday, as concerns persisted about the company's mortgage portfolio following its report of a $3 billion quarterly loss earlier this week. (Thu, 24 Jul 2008 23:01:29 GMT)

Home Sales Put Shares in a Tailspin
Disappointing June home sales and new worries about banks dragged the Dow Jones industrial average down 283.10 points, or 2.43 percent, its worst loss in a month. (Fri, 25 Jul 2008 01:42:53 GMT)

L.A. Times: Three Mortgage Lenders Under Federal Investigation
WASHINGTON -- A federal grand jury in Los Angeles has begun probing three of the nation's largest subprime mortgage lenders in the clearest sign yet that prosecutors are investigating whether fraud and other crimes contributed to the mortgage debacle. Grand jury subpoenas have been issued in recent weeks and months to Countrywide Financial Corp., New Century Financial Corp. and IndyMac Federal ... (Fri, 25 Jul 2008 03:12:20 GMT)

Heads up: Mortgage rates jump
Mortgage rates shot up this week, with 30-year fixed-rate mortgages climbing to 6.63 percent from 6.26 percent last week. Rates on 15-year fixed-rate mortgages rose to 6.18 percent from 5.78 percent. Five-year adjustable-rate mortgages rose to 6.16 percent from 5.80 percent. Rates on one-year ARMs jumped to 5.49 percent from 5.10 percent. A congressional rescue package for Freddie Mac and Fannie ... (Fri, 25 Jul 2008 03:50:14 GMT)

Mortgage tax revenue down about 42 percent for LI
Mortgage tax collection across Long Island plunged by about $94 million, or 42 percent, in the first half of this year compared with the same period in 2007, a result of continued weakness in the real estate market and a soft economy, according to the county clerks. (Fri, 25 Jul 2008 03:53:50 GMT)

National Australia Bank writes off $798 million over U.S. mortgage-linked debt
NAB blamed the worsening global credit squeeze for the higher provisions and said it had now set aside enough to cover nearly 90 percent of its total asset-backed collateralized debt obligations, portfolio, but investors reacted angrily. (Fri, 25 Jul 2008 04:17:51 GMT)

Refinancing may save state $235M
COLUMBIA — South Carolina should save $235 million during the next decade by refinancing bonds tied to a national lawsuit settlement with cigarette companies. State Treasurer Converse Chellis compared it to a homeowner refinancing their home to a 15-year mortgage from one that lasts ... (Fri, 25 Jul 2008 04:47:34 GMT)

U.S. legislation may help struggling homeowners refinance
Homeowners who are struggling to make home mortgage payments finally got a break Wednesday when Congress neared final agreement on landmark housing legislation. (Fri, 25 Jul 2008 05:09:52 GMT)

How To Qualify For A Mortgage Today
Qualifying for a mortgage is certainly not as easy as it used to be. But it is not impossible. (Fri, 25 Jul 2008 05:56:12 GMT)

Home Front: Once again, mortgage rates spike in July
We're seeing it for a third summer in a row, a sudden July spike in mortgage rates. (Fri, 25 Jul 2008 07:16:16 GMT)

Jitters cause rise in mortgage rates
Mortgage rates shot up this week, with 30-year mortgages climbing to the highest level in nearly a year, reflecting concerns in financial markets about the troubles at corporate giants Fannie Mae and Freddie Mac. (Fri, 25 Jul 2008 07:29:16 GMT)

Mortgage rates rise as Fannie, Freddie give lenders jitters
WASHINGTON -- Mortgage rates shot up this week, with 30-year mortgages climbing to the highest level in nearly a year, reflecting trepidation in financial markets about the troubles at corporate giants Fannie Mae and Freddie Mac. (Fri, 25 Jul 2008 07:56:12 GMT)

Help from any new mortgage law could be slow in coming
Marcellus Harris has a nasty mortgage. The 62-year-old resident of Philadelphia's Wissinoming neighborhood said yesterday that he had not missed a $316.91 monthly payment on his adjustable-rate loan, but he is still falling behind. (Fri, 25 Jul 2008 08:22:06 GMT)

Wire feed: Subpoenas reportedly issued to 3 mortgage lenders; amount borrowed against home equity plunges
A federal grand jury is investigating mortgage lenders Countrywide Financial, New Century Financial and IndyMac Bancorp, a person familiar with the situation told the Associated Press on Thursday. (Fri, 25 Jul 2008 08:41:29 GMT)

US home foreclosures jump 14% in 2nd quarter: survey
US home foreclosures leapt nearly 14 percent in the second quarter from the previous quarter, research group RealtyTrac said Friday in a sign of deepening housing woes. (Fri, 25 Jul 2008 09:57:13 GMT)

Dodd Plans To Disclose Loan Details After Bill Passage
Sen. Chris Dodd said he intends to release more information on his home loans from Countrywide — the giant mortgage company now owned by Bank of America — as soon as he gets his foreclosure rescue bill passed in the Senate this week and signed by President Bush. (Fri, 25 Jul 2008 10:04:10 GMT)

Mortgage rates up; 30-year reaches a high
Mortgage rates shot up this week with 30-year mortgages climbing to the highest level in nearly a year. Freddie Mac reported that its nationwide survey showed rates on 30-year mortgages surged to 6.63 percent this week from 6.26 percent last week. (Fri, 25 Jul 2008 10:09:59 GMT)

Eurozone mortgage lending at record low
Eurozone housing markets have shown fresh signs of cooling, with growth in mortgage lending dropping sharply to the lowest annual rate since the launch of the euro. (Fri, 25 Jul 2008 10:42:49 GMT)

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