Mortgage News Sep 2008

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The Pain of Selling a Home for Less Than the Loan
Instead of writing off an unpaid portion of a mortgage debt, banks want homeowners to sign a note promising to pay some or all of the balance due after the home is sold. (Fri, 19 Sep 2008 17:53:56 GMT)

Atlanta Federal Home Loan Bank CEO Richard Dorfman: ‘This is the proverbial 100-Year Flood’
In the midst of unprecedented financial market disruptions and the deepening of the worst fiscal crisis in decades, Federal Home Loan Bank of Atlanta CEO Richard Dorfman said Wednesday night the on-going upheaval is on par with the Great Depression. (Fri, 19 Sep 2008 18:37:57 GMT)

Fickle Mortgage Market Demands Quick Decisions
Just about anyone who cares knows that interest rates on a 30-year, fixed-rate mortgage have dropped recently. (Fri, 19 Sep 2008 20:03:45 GMT)

Hawaii’s largest banks raise mortgage rates
Mortgage rates at Hawaii’s largest banks nudged upward this week after last week’s plunge following the federal government’s takeover of mortgage giants Fannie Mae and Freddie Mac. Bank of Hawaii raised its rate for a 30-year fixed-rate mortgage to 5.625 percent with 1.875 points, up from 5.375 percent and 1.75 points last week, according to data provided by the Honolulu Board of Realtors. ... (Fri, 19 Sep 2008 20:23:40 GMT)

McCain, Obama camps point fingers in banking deregulation, mortgage messes
John McCain and Barack Obama's presidential campaigns are pointing fingers at each other's political camps over who were the architects of a 1999 banking deregulation bill many cite as reasons for the current financial and mortgage lending mess on Wall Street. (Fri, 19 Sep 2008 20:41:15 GMT)

Many Concerned About Mortgage Crisis
Lou and Marlene Gaertner of Plum Borough are in their golden years, retired and enjoying life.  But the roller coaster stock market and the mortgage crisis is causing a lot of anxiety. (Sat, 20 Sep 2008 01:19:22 GMT)

For one developer, finance problems hit close to home
For one Joplin man, the financial crisis already has hit too close to home. Developer Kevin Manard said he had just closed out a construction loan with ANB Financial of Bentonville, Ark., only weeks before the Federal Deposit Insurance Corp. ordered that bank closed on May 9. (Sat, 20 Sep 2008 02:42:53 GMT)

Stock market chaos will cause mortgage bills 'to rise hundreds of pounds a year'
Mortgage bills could rise by hundreds of pounds a year as lenders respond to the chaos. One specialist lender, First National, yesterday raised the cost of new mortgages by as much as 1.6 percentage points - adding £166 a month to the cost of a typical £150,000 loan. (Sat, 20 Sep 2008 02:51:03 GMT)

Delray Beach mortgage agent guilty of fraud
A Delray Beach mortgage broker pleaded guilty Friday to participating in a wire fraud scheme to misappropriate more than $1.2 million in client funds supposedly held in escrow for real estate transactions and related expenses. (Sat, 20 Sep 2008 03:32:30 GMT)

The Rules on Home-Equity Lines
There are federal laws that can provide you some protection if your lender wants to cancel or reduce your home-equity line of credit. (Sat, 20 Sep 2008 03:55:55 GMT)

Guess again who's to blame for U.S. mortgage meltdown
While many pundits are pointing to corporate greed and a lack of government regulation as the cause for the American mortgage and financial crisis, some analysts are saying it wasn't too little government intervention that cased the mortgage meltdown, but too much, in the form of activists compelling the government to pressure Freddie Mac and Fannie Mae into unsound – though politically correct ... (Sat, 20 Sep 2008 04:03:18 GMT)

Mortgage rates fall steadily
WASHINGTON - Rates on 30-year mortgages dropped sharply again this week, falling to the lowest level in seven months, as rates continue to decline following the government's dramatic takeover of mortgage giants Fannie Mae and Freddie Mac. (Sat, 20 Sep 2008 04:11:00 GMT)

New mortgage rules curtail subprimes
The federal government has put its foot down: A lender can't give you a subprime mortgage unless you are able to repay it. And that goes for jumbo mortgages, too -- maybe. ... (Sat, 20 Sep 2008 04:22:45 GMT)

McCain criticizes Obama over mortgage ties
Green Bay - As the nation's fiscal and political leaders worked Friday to avert a mortgage meltdown, Republican presidential nominee John McCain put the heat on Democratic rival Barack Obama during a speech in Green Bay. (Sat, 20 Sep 2008 05:01:16 GMT)

Mortgage Bankers Anticipate More Activity
The phone has been ringing nonstop for Sam Goff, mortgage loan originator for Evolve Mortgage and vice president of the Memphis Mortgage Bankers Assoc.... (Sat, 20 Sep 2008 05:11:29 GMT)

Stocks rally on plan for mortgage giants
NEW YORK — Stocks rallied Monday as investors placed bets that a recovery in the financial and housing sectors is more likely to occur following the U.S. government’s move to bail out mortgage giants Fannie Mae and Freddie Mac. The Dow Jones industrials gained nearly 300 points. (Sat, 20 Sep 2008 06:20:03 GMT)

WaMu deal may wait for details of mortgage bailout
A deal for any or all of Washington Mutual could be delayed as potential buyers await the federal plan for a massive mortgage bailout. (Sat, 20 Sep 2008 07:26:42 GMT)

Down-payment demands rise as mortgage rates drop
The government takeover of Fannie Mae and Freddie Mac has sent mortgage rates tumbling, but many lenders last week also raised the minimum down payment they'll allow on a loan. (Sat, 20 Sep 2008 09:09:03 GMT)

Mortgage bills could rise by hundreds of poundsin wake of banking meltdown
Mortgage bills could rise by hundreds of pounds a year as lenders respond to the chaos. One specialist lender, First National, yesterday raised the cost of new mortgages by as much as 1.6 per cent. (Sat, 20 Sep 2008 10:17:51 GMT)

Southbury couple charged with embezzling $250,000 from mortgage lender
SOUTHBURY — A wife and husband were charged Thursday with conspiring to embezzle about $250,000 from Northeast Mortgage Corp. on Main Street South, police said. (Sat, 20 Sep 2008 10:47:45 GMT)

ID theft reported by mortgage company
Home mortgage lender Countrywide Financial Corp. has notified some local residents, warning them that their personal information, including Social Security number, allegedly was stolen from its files and may have been sold. (Sat, 20 Sep 2008 11:07:46 GMT)

FACTBOX - Key facts on U.S. Treasury's proposed mortgage fund
(Reuters) - The Bush administration is proposing sweeping authority for the U.S. Treasury to buy up to $700 billion of mortgage assets, in a bid to end financial carnage on Wall Street. (Sat, 20 Sep 2008 16:17:00 GMT)

NewsWatch: Paulson sends mortgage plan to Congress
Treasury Secretary Henry Paulson presents his historic mortgage rescue plan to Congress and the two sides will meet throughout the day on on the details. (Sat, 20 Sep 2008 16:28:44 GMT)

Administration Is Seeking $700 Billion for Wall Street Bailout
The Bush administration is requesting virtually unfettered authority for the Treasury to buy up to mortgage-related assets. (Sat, 20 Sep 2008 17:46:56 GMT)

Timeline: The candidates’ responses to the mortgage meltdown
Let's take a look back at how both candidates have handled the crisis that may define this election. (Sat, 20 Sep 2008 19:12:11 GMT)

Treasury Seeks Authority to Buy $700 Billon in Mortgage Assets
Sept. 20 (Bloomberg) -- The Bush administration asked Congress for unchecked power to buy $700 billion in bad mortgage investments from U.S. financial companies in what would be an unprecedented government intrusion into the markets. (Sat, 20 Sep 2008 21:13:36 GMT)

Battle may be brewing over $700 billion mortgage bailout request
The Bush administration on Saturday asked Congress for $700 billion in taxpayer money to get bad mortgage assets off the books of troubled financial institutions in a bid to end the U.S. economy's most serious financial crisis since the Great Depression, according to a draft of proposed legislation circulating in the capital. The amount is staggering, and would likely hamper the ability of the ... (Sat, 20 Sep 2008 22:56:30 GMT)

Battle may be brewing over $700 billion mortgage bailout request
The Bush administration on Saturday asked Congress for $700 billion in taxpayer money to get bad mortgage assets off the books of troubled financial institutions in a bid to end the U.S. economy's most serious financial crisis since the Great Depression, according to a draft of proposed legislation circulating in the capital. (Sat, 20 Sep 2008 23:08:37 GMT)

It's my wife who arranges our mortgage, admits George Osborne - the Chancellor in waiting
Shadow Chancellor George Osborne may soon be running Britain's economy - here, he tells the Mail on Sunday why his wife sorts out the mortgage. (Sat, 20 Sep 2008 23:37:19 GMT)

Bush administration wants $700 billion for Wall Street bailout
The Bush administration on Saturday requested virtually unfettered authority for the U.S. Treasury to buy mortgage-related assets. (Sun, 21 Sep 2008 03:00:44 GMT)

$700 billion proposal will get bad mortgage assets off the books of troubled financial institutions
WASHINGTON | The Bush administration asked Congress on Saturday for $700 billion in taxpayer money to get bad mortgage assets off the books of troubled financial institutions. (Sun, 21 Sep 2008 04:04:06 GMT)

ID theft reported by mortgage company
Home mortgage lender Countrywide Financial Corp. has notified some local residents, warning them that their personal information, including Social Security number, allegedly was stolen from its files and may have been sold. (Sun, 21 Sep 2008 04:05:31 GMT)

Sub-prime mortgage symposium planned
Confused about the sub-prime mortgage crisis? Not sure what a sub-prime mortgage is? The South Carolina Law Review will hold a symposium on sub-prime mortgage problems at USC’s Law School auditorium. The symposium is scheduled for 9 a.m. to 4:45 p.m. Oct. 24. Stephen Schwarcz, a professor at Duke University’s Law School, will deliver the keynote address at 3:30 p.m. Symposium topics will include ... (Sun, 21 Sep 2008 04:05:57 GMT)

Sub-prime mortgage symposium planned
Confused about the sub-prime mortgage crisis? Not sure what a sub-prime mortgage is? The South Carolina Law Review will hold a symposium on sub-prime mortgage problems at USC’s Law School auditorium. The symposium is scheduled for 9 a.m. to 4:45 p.m. Oct. 24. Stephen Schwarcz, a professor at Duke University’s Law School, will deliver the keynote address at 3:30 p.m. Symposium topics will include ... (Sun, 21 Sep 2008 04:14:57 GMT)

Neighborhoods reflect nation's mortgage crisis
While earning a salary of $21,000 a year, Leesa Robinson landed on top of the real estate world in 2006, overseeing nearly $1 million in property. (Sun, 21 Sep 2008 05:35:43 GMT)

Jobless? Tips for survival
Here are ways to stretch your resources until you land steady work. Abby Winger learned at least one thing during the more than a year she was out of work: how to live cheaply. ¶ After being laid off from a home loan processing position, the 37-year-old Chatsworth resident scrimped to stretch her unemployment checks and severance pay as far as she could. ¶ Now working in a temporary position, ... (Sun, 21 Sep 2008 07:05:12 GMT)

Arizona mortgage failures fuel crisis
The financial risks taken by Arizona home buyers and lenders in the housing run-up came home to roost in last week's financial crisis. (Sun, 21 Sep 2008 07:21:40 GMT)

Mortgage rates fall for fifth straight week
Rates on 30-year mortgages dropped sharply again last week, falling to the lowest level in seven months, as rates continue to decline after the government's dramatic takeover of mortgage giants Fannie Mae and Freddie Mac. Freddie Mac reported that its... (Sun, 21 Sep 2008 07:29:04 GMT)

White House asks Congress for $700 billion mortgage bailout
The Bush administration on Saturday asked Congress for $700 billion in taxpayer money to get bad mortgage assets off the books of troubled financial institutions in a bid to end the U.S. economy's most serious financial crisis since the Great Depression, according to a draft of proposed legislation circulating in the capital. (Sun, 21 Sep 2008 07:52:19 GMT)

Consumer Loan Rates
Springfield financial institutions quoted the following rates Friday for home equity, auto and boat loans. The home equity rate is based on a $10,000 loan or line of credit with applicable points included. Rates are variable unless otherwise noted. Additional fees are not included. The auto loan rate is based on a 48-month contract for a new car. The boat rate is based on a loan for a new boat. (Sun, 21 Sep 2008 08:04:43 GMT)

30-year loan rates fall to lowest in 7 months
WASHINGTON – Rates on 30-year mortgages dropped sharply again last week, falling to the lowest level in seven months, as rates continue to decline after the government’s dramatic takeover of mortgage giants Fannie Mae and Freddie Mac. (Sun, 21 Sep 2008 10:19:24 GMT)

Stocks rally on plan for mortgage giants
NEW YORK — Stocks rallied Monday as investors placed bets that a recovery in the financial and housing sectors is more likely to occur following the U.S. government’s move to bail out mortgage giants Fannie Mae and Freddie Mac. The Dow Jones industrials gained nearly 300 points. (Sun, 21 Sep 2008 10:35:04 GMT)

Southbury couple charged with embezzling $250,000 from mortgage lender
SOUTHBURY — A wife and husband were charged Thursday with conspiring to embezzle about $250,000 from Northeast Mortgage Corp. on Main Street South, police said. (Sun, 21 Sep 2008 11:01:30 GMT)

Jobless? Tips for survival
Here are ways to stretch your resources until you land steady work. Abby Winger learned at least one thing during the more than a year she was out of work: how to live cheaply. ¶ After being laid off from a home loan processing position, the 37-year-old Chatsworth resident scrimped to stretch her unemployment checks and severance pay as far as she could. ¶ Now working in a temporary position, ... (Sun, 21 Sep 2008 13:57:13 GMT)

Defendant No. 6 joins mortgage fraud case
Federal prosecutors have charged a sixth defendant in a mortgage fraud case that displaced two families on Oahu. Paula Galacgac is the unindicted co-conspirator named as P.G. in an indictment returned by a federal grand jury in May charging five others with crimes related to mortgage fraud. (Sun, 21 Sep 2008 14:38:16 GMT)

Apply For A Mortgage Loan To Get Your Desired Home
Yes, indeed, each person has their very own reasons why they want to purchase a home and why they prefer to purchase it in that specific place. This is the reason why there are homes everywhere. (Sun, 21 Sep 2008 15:04:40 GMT)

Who can stay? Who must go? Who goes under?
MINNEAPOLIS — Roxanne Sleva and Scott McCune don't know each other. But they've both learned that efforts to save troubled mortgage loans can be painful and sometimes unproductive. (Sun, 21 Sep 2008 15:20:23 GMT)

Key Facts on U.S. Treasury's Proposed Mortgage Fund
Key Facts on U.S. Treasury's Proposed Mortgage Fund (Sun, 21 Sep 2008 16:06:31 GMT)

Arizona mortgage failures fuel crisis
The financial risks taken by Arizona home buyers and lenders in the housing run-up came home to roost in last week's financial crisis. (Sun, 21 Sep 2008 19:05:02 GMT)

Local mortgage outlook
Sunday marked the last day for the 2008 Parade of Homes here in Central New York. Our Giselle Phelps was at the show over the weekend where she spoke with experts about the shaky mortgage market. She tells us what potential buyers should expect from an economy in transition. (Sun, 21 Sep 2008 23:58:35 GMT)

Warning on home equity release
Pensioners should only consider unlocking equity from their home as a last resort, consumer group Which? says. (Mon, 22 Sep 2008 00:48:40 GMT)

Warning over home equity release
Pensioners should only consider unlocking equity from their home as a last resort, consumer group Which? says. (Mon, 22 Sep 2008 01:15:37 GMT)

Possible identity theft hits close home for El Paso couple
EL PASO -- The potential sale of personal information of more than 2 million home loan customers has an El Paso couple keeping a close eye on their credit report. (Mon, 22 Sep 2008 03:24:09 GMT)

U.S. Treasury Widens Scope of Plan to Buy Bad Debt (Update2)
Sept. 21 (Bloomberg) -- The Bush administration widened the scope of its $700 billion plan to avert a financial meltdown by including assets other than mortgage-related securities. (Mon, 22 Sep 2008 03:25:55 GMT)

For Indian students, Singapore is much more than a second home 22 Sep 2008, 0908 hrs IST,PTI
SINGAPORE: It is the cost factor that first attracted them here for education, with the fee structure about one-third of that in the US or UK. But for Indian students, enrolled in educational institutes here, this cosmopolitan city state has become more than a second home. (Mon, 22 Sep 2008 03:55:12 GMT)

Countrywide customers on alert
Countrywide Home Loan customers are being advised to check their credit reports after a security breach in California that resulted in the arrest of two men this summer. (Mon, 22 Sep 2008 04:10:34 GMT)

Loomis mortgage lender files Chapter 11, moves to San Diego
EquiPoint Financial Network Inc., which got its start in 2004 in Placer County as a vehicle to roll up mortgage companies during the housing boom, is reorganizing itself in bankruptcy court and has moved its headquarters to San Diego. (Mon, 22 Sep 2008 04:12:15 GMT)

Mortgage firm plans to add staff, new office in Alamo City
Earlier this month, the San Antonio mortgage company that Patrick Gillock co-founded — Sonterra Mortgage Capital (SMC) — forged an alliance with Houston-based Republic State Mortgage Co. (Mon, 22 Sep 2008 05:48:20 GMT)

Bailout seeks to shore up rickety home prices
What is the Bush administration's historic Wall Street bailout really about? Home prices. (Mon, 22 Sep 2008 05:49:04 GMT)

Is mortgage life insurance smart?
DEAR DAVE • My husband and I just bought a great house for $150,000. He makes $50,000 a year, and I make about $30,000. We've been getting lots of different mortgage life insurance offers in the mail. They say they will pay off the house if one of us dies. Do you think we should take advantage of this? Blasha DEAR BLASHA • No! These kinds of offers are terrible, unless you're uninsurable. ... (Mon, 22 Sep 2008 06:13:49 GMT)

U.S. Widens Scope of Bad-Debt Plan Beyond Home Loans (Update1)
Sept. 22 (Bloomberg) -- The Bush administration widened the scope of its $700 billion plan to avert a financial meltdown by including assets other than mortgage-related securities. (Mon, 22 Sep 2008 06:56:57 GMT)

Binsfeld building refinance plan OK'd
Extension of mortgage may hit snag, however. The Leland Township Board has approved a request by the Benzie-Leelanau District Health Department to refinance the remaining debt on the Connie Binsfeld Resource Building. (Mon, 22 Sep 2008 06:58:18 GMT)

Mortgage lender retools his approach
While others in the industry are shutting down or scaling back operations, the former CEO of Wilmington Finance has started a mortgage company. (Mon, 22 Sep 2008 07:29:56 GMT)

Declines in mortgage rates frustrating locked-in borrowers, bankers
A drop in mortgage rates after the rescue of Fannie Mae and Freddie Mac is making buying a house cheaper for many, but also is causing headaches for bankers. (Mon, 22 Sep 2008 07:30:16 GMT)

WaMu loaned millions to California home flippers convicted in fraud scheme
In July 2007, Vijay and Supriti Soni of Corona del Mar, Calif., paid $440,000 for a home at 2129 W. Civic Center Drive in Santa Ana. Five weeks later, they... (Mon, 22 Sep 2008 07:31:01 GMT)

Economic shifts affect mortgage terms
U.S. mortgage rates are dropping. Good luck getting a loan. (Mon, 22 Sep 2008 07:57:51 GMT)

Southbury couple charged with embezzling $250,000 from mortgage lender
SOUTHBURY — A wife and husband were charged Thursday with conspiring to embezzle about $250,000 from Northeast Mortgage Corp. on Main Street South, police said. (Mon, 22 Sep 2008 09:02:48 GMT)

East Africa: God, Mammon And Mortgages - How Optimism Turned Sour
There is at least one way in which the East African mortgage market will be hit by the unfolding financial crisis in the US and the UK. (Mon, 22 Sep 2008 09:02:51 GMT)

Stocks rally on plan for mortgage giants
NEW YORK — Stocks rallied Monday as investors placed bets that a recovery in the financial and housing sectors is more likely to occur following the U.S. government’s move to bail out mortgage giants Fannie Mae and Freddie Mac. The Dow Jones industrials gained nearly 300 points. (Mon, 22 Sep 2008 09:50:04 GMT)

Fannie, Freddie Subprime Spree May Add $100 Billion to Bailout
Sept. 22 (Bloomberg) -- Freddie Mac Chief Executive Officer Richard Syron stood before investors at New York's Palace Hotel in May last year lauding his company's ``cautious'' avoidance of the subprime-mortgage crisis. (Mon, 22 Sep 2008 09:57:18 GMT)

Indications: U.S. stock futures slip as mortgage asset plan debated
U.S. stock futures slipped on Monday as traders sought out more details on a government plan to buy troubled mortgage assets and as Goldman Sachs and Morgan Stanley bid farewell to the independent brokerage model by applying to become banks. (Mon, 22 Sep 2008 09:58:33 GMT)

Possible identity theft hits close home for El Paso couple
EL PASO -- The potential sale of personal information of more than 2 million home loan customers has an El Paso couple keeping a close eye on their credit report. (Mon, 22 Sep 2008 10:55:29 GMT)

CEO pay emerges as bailout barrier
Flying in the face of Congress and both presidential campaigns, Treasury is resisting efforts to impose pay limits on Wall Street executives and bankers whose companies stand to be helped by the government’s $700 billion rescue plan for the financial markets.  (Mon, 22 Sep 2008 11:04:00 GMT)

Mortgage companies paid McCain aide as advocate
Several current and former executives of Fannie Mae and Freddie Mac say Senator John McCain's campaign manager was paid more than $30,000 a month for five years as president of an advocacy group set up by the mortgage giants to defend them against stricter regulations. (Mon, 22 Sep 2008 12:57:38 GMT)

Posted Sept. 22, 2008 – Claims by John McCain’s campaign that the former head of collapsed mortgage giant Fannie Mae ...
– Claims by John McCain’s campaign that the former head of collapsed mortgage giant Fannie Mae is a top economic adviser to Sen. Barack Obama is “another flat-out lie from a dishonorable campaign that is increasingly incapable of telling the truth,” says an angry Obama campaign spokesman. (Mon, 22 Sep 2008 13:22:12 GMT)

Many questions remain over US mortgage bail-out
Much uncertainty still surrounds the proposed US bail-out of the US mortgage industry, especially just how much it will cost and how it will be implemented, even though it now seems certain to go ahead. (Mon, 22 Sep 2008 13:35:00 GMT)

Time for an innovative mortgage
Published: Monday, September 22, 2008 at 7:20 a.m. Last Modified: Monday, September 22, 2008 at 10:15 a.m. In this time of economic crisis, help for troubled homeowners often arrives late, when it arrives at all. (Mon, 22 Sep 2008 14:22:35 GMT)

Fannie, Freddie Subprime Spree May Add to Bailout (Update1)
Sept. 22 (Bloomberg) -- Freddie Mac Chief Executive Officer Richard Syron stood before investors at New York's Palace Hotel in May last year lauding his company's ``cautious'' avoidance of the subprime-mortgage crisis. (Mon, 22 Sep 2008 14:56:05 GMT)

County approves loan for apartments
The Madison County Board has approved a $960,000 loan to Frey Properties. The business plans to use the money to buy and fix up 30 apartments in Collinsville, 16 of which will go to providing housing for the mentally ill. (Mon, 22 Sep 2008 15:41:21 GMT)

Paulson’s $700bn bailout of troubled assets casts wide net
The Bush administration has widened the scope of its $700billion (£382billion) financial system bailout to include assets other than mortgage-related securities. (Mon, 22 Sep 2008 16:23:41 GMT)

Congress, Bush team agree on mortgage $700 billion mortgage bailout terms
A key Democrat says the Bush administration has agreed to include mortgage aid and strong congressional oversight in the plan. (Mon, 22 Sep 2008 17:03:23 GMT)

Buckland mall owner may sell some assets
Chicago-based General Growth Properties Inc. is considering “strategic alternatives” including the sale of some assets, a merger, and refinancing debt, according to a report filed today with the Securities and Exchange Commission. (Mon, 22 Sep 2008 17:30:34 GMT)

Federal Agricultural Mortgage, Trico Bancshares and Ambac Financial Group lead small-cap percentage losers
Federal Agricultural Mortgage Corp. , Trico Bancshares and Ambac Financial Group are among the biggest percentage losers in Monday's trading among companies... (Mon, 22 Sep 2008 17:42:49 GMT)

Lawmakers agree on mortgage aid, oversight
Scrambling for a quick accord on a bailout lawmakers agreed to include mortgage aid and congressional oversight along with unprecedented help for failing financial institutions. (Mon, 22 Sep 2008 17:43:57 GMT)

Dollar, Stocks, Bonds Fall on Concern Bailout to Boost Deficit
Sept. 22 (Bloomberg) -- The dollar fell the most against the euro since January 2001, while U.S. stocks and bonds tumbled, on concern the U.S. proposal to rescue banks from the subprime-mortgage crisis will inflate the budget deficit. (Mon, 22 Sep 2008 18:42:16 GMT)

Democrats want pay limits, loan aid in bailout
Judges could rewrite mortgages to lower bankrupt homeowners' monthly payments as part of congressional Democrats' proposal for a $700 billion financial system bailout. (Mon, 22 Sep 2008 18:53:56 GMT)

Fitch Affirms 3 Classes from 1 Bear Stearns Mortgage Securities Transaction
Fitch Ratings has affirmed the following classes from Bear Stearns Mortgage Securities: (Mon, 22 Sep 2008 19:05:44 GMT)

Dollar, Stocks, Bonds Fall on Concern Bailout to Boost Deficit
Sept. 22 (Bloomberg) -- The dollar fell the most against the euro since the currency's 1999 debut, while U.S. stocks and bonds tumbled, on concern the U.S. proposal to rescue banks from the subprime-mortgage crisis will inflate the budget deficit. (Mon, 22 Sep 2008 19:14:00 GMT)

Bush administration agrees to mortgage aid, oversight in bailout
A key Democrat negotiating a $700 billion financial bailout says the Bush administration has agreed to include mortgage aid and strong congressional oversight in the plan. Rep. Barney Frank, the Financial Services Committee chairman, says a great deal of progress has been made in talks between legislators and President Bush's team on the rescue. (Mon, 22 Sep 2008 19:30:44 GMT)

Administration accepts lawmakers' demands for mortgage aid, oversight in $700 billion bailout
Julie Hirschfeld Davis September 22, 2008 - 3:15 p.m. WASHINGTON (AP) - A key Democrat negotiating a $700 billion financial bailout says the Bush administration has agreed to include mortgage aid and strong congressional oversight in the plan. (Mon, 22 Sep 2008 19:58:28 GMT)

Obama And McCain Are Slow Off The Mark On Financial Crisis
It appears that Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke have persuaded congressional leaders to support a new government agency, modeled on the 1980s' Resolution Trust Corp. and the 1930s' Home Owner Loan Corp. Both agencies absorbed bad debt, then eventually sold off the collateral and went out of existence. House Financial Services Committee Chairman Barney ... (Mon, 22 Sep 2008 20:01:48 GMT)

U.S. Reps. Richard Neal, John Olver call for greater oversight of financial markets in wake of mortgage crisis
SPRINGFIELD - Both of the Pioneer Valley's congressmen called for greater oversight of the financial markets today as they get ready to vote this week on a federal plan to buy $700 billion in bad mortgage debt. (Mon, 22 Sep 2008 20:02:18 GMT)

Federal Agricultural Mortgage, Oceanaut and RTI International Metals among 52-week lows
Federal Agricultural Mortgage Corp. , Oceanaut Inc. and RTI International Metals, Inc. are among the new 52-week lows in Monday's trading among companies with... (Mon, 22 Sep 2008 20:47:54 GMT)

Down payment assistance ending for some home buyers
SOUTH BEND — A big piece of the federal mortgage loan program is ending in October, and it could affect home buyers who need help the most. (Mon, 22 Sep 2008 21:08:32 GMT)

U.S. Stocks Tumble on Concern Bailout Won't Stop Recession
Sept. 22 (Bloomberg) -- U.S. stocks tumbled, led by banks, retailers and technology companies, as oil jumped 16 percent and investors speculated the Treasury's plan to buy toxic mortgage assets will fail to prevent a recession. (Mon, 22 Sep 2008 21:08:58 GMT)

Homeowner Wins Mortgage Battle With Bank
A family in Mattapan couldn't afford their $3,000 a month mortgage, but they still refused to leave the home. They eventually won their fight. FOX25's Diana Rocco reports on how they got their mortgage lowered. (Mon, 22 Sep 2008 21:46:58 GMT)

Government bailout proposal includes mortgage aid, limiting executive pay
WASHINGTON — Scrambling for a quick accord on the $700 billion bailout, the Bush administration and leading lawmakers have agreed to include mortgage aid and strong congressional oversight along with unprecedented help for failing financial institutions, a key lawmaker said Monday. Unimpressed, investors sent stocks plummeting anew, pushed oil up $16 a barrel and propelled gold prices ever ... (Mon, 22 Sep 2008 23:58:25 GMT)

Valley's economic mood: Real estate broker sees downturn turn into opportunities.
Hearing the news from Wall Street and Washington last week, "I held my breath," said Dennis Steinbach, co-owner of San Jose mortgage and real estate brokerages S&L Home Loans and Meridian Creek Properties. But by Friday, he said, he felt pretty good about how the recent changes might play out in his industry. (Tue, 23 Sep 2008 00:00:35 GMT)

Iowa Home Buyers Face Tough Loan Process
The way Iowans apply for a mortgage has changed dramatically over the past year. It used to be home buyers were able to pick out their home, walk into a mortgage office or bank and walk out with a loan. (Tue, 23 Sep 2008 00:02:28 GMT)

Viewer's brother with mortgage rescue problem gets money back
A viewer in Pasco County called to update us about his brother's problem with a mortgage rescue company. Mike Taylor says his brother, Rick, got most of his money back. (Tue, 23 Sep 2008 03:38:57 GMT)

Advocates urge relief for loan fraud victims in Florida
With Florida's mortgage industry reeling from its worst crisis, two statewide organizations are pressing lawmakers to restore a program to reimburse people ripped off by crooked loan brokers. (Tue, 23 Sep 2008 04:09:02 GMT)

Congress, Bush agree on mortgage aid
WASHINGTON — Scrambling for a swift deal on the $700 billion bailout for failing financial firms, key Democrats and Bush administration officials agreed Monday to include mortgage help for beleaguered homeowners but wrangled over other issues, including “golden parachutes” for executives who benefit from the unprecedented rescue. (Tue, 23 Sep 2008 04:14:07 GMT)

Workshop seeks to help residents facing foreclosure
Avery Salkey needed one more week to pay her mortgage. Just one more week and she would pay in full, albeit late. (Tue, 23 Sep 2008 04:35:57 GMT)

Mortgage rates drop, and demand goes up
The phones are busy at local mortgage companies. (Tue, 23 Sep 2008 05:17:45 GMT)

Mortgage burden becoming crushing for millions in U.S.
More than 7.5 million people — almost 15 percent of American homeowners with a mortgage — are spending half of their income or more on housing costs. (Tue, 23 Sep 2008 05:43:57 GMT)

Buckland mall owner may sell some assets
Chicago-based General Growth Properties Inc. is considering “strategic alternatives” including the sale of some assets, a merger, and refinancing debt, according to a report filed today with the Securities and Exchange Commission. (Tue, 23 Sep 2008 06:06:06 GMT)

Online readers cast blame for mortgage meltdown
Visitors to a star-telegram.com online poll pick bankers and mortgage lenders as being most culpable. (Tue, 23 Sep 2008 06:14:42 GMT)

Mortgage rates drop, and demand goes up
The phones are busy at local mortgage companies. The average rate for a mortgage loan dropped suddenly two weeks ago after the government stepped in to take over mortgage giants Fannie Mae and Freddie Mac, and for much of last week, buyers could get loans under 6 percent. (Tue, 23 Sep 2008 06:14:52 GMT)

Foreclosures keep pace
[Property flippers from outside Amarillo could account for as much as 10 percent of the mortgage foreclosures in Potter and Randall counties through August, one foreclosure analysis shows. (Tue, 23 Sep 2008 06:59:47 GMT)

Taxpayers paying others' gambling debts
Responsibility for the recent turmoil on Wall Street and in the banking community is rightly placed on what's been termed the “subprime loan crisis,” but its roots run much deeper than just blaming it on greedy mortgage lenders. (Tue, 23 Sep 2008 08:20:34 GMT)

Mortgage foreclosure mitigation to be Addressed
In a weekend blog, we emphasized the need for addressing the millions of foreclosures that are destined to put further pressure on a consumer-driven, faltering economy. (Tue, 23 Sep 2008 08:27:20 GMT)

Q: For a remodeling project, should we take out a straight home equity loan or a line of credit?
A: If you expect to make several payments to different contractors, consider a line of credit that typically comes with check writing. Each time you write a check you borrow more. (Tue, 23 Sep 2008 08:51:01 GMT)

Mortgage approvals 'at new low'
UK mortgage lending by banks fell to a new low in August, with approvals for house purchases 64% lower than a year ago. (Tue, 23 Sep 2008 08:59:33 GMT)

Mortgage Lending Halves In Month
Mortgage lending halved during August and the number of home loans slumped to a record low, latest figures show. (Tue, 23 Sep 2008 09:09:00 GMT)

Mortgage approvals 'at new low'
UK mortgage lending by banks fell to a new low in August, with approvals for house purchases 64% lower than a year ago. (Tue, 23 Sep 2008 09:15:37 GMT)

Mortgage lending halves as home loan approvals hit record seven-year low
Mortgage lending halved during August and the number of loans approved for house purchase slumped to a new record low, figures showed today. (Tue, 23 Sep 2008 09:41:41 GMT)

Stocks rally on plan for mortgage giants
NEW YORK — Stocks rallied Monday as investors placed bets that a recovery in the financial and housing sectors is more likely to occur following the U.S. government’s move to bail out mortgage giants Fannie Mae and Freddie Mac. The Dow Jones industrials gained nearly 300 points. (Tue, 23 Sep 2008 09:44:46 GMT)

Holmes leaves Millers on loan
Rotherham United manager Mark Robins has allowed midfielder Peter Holmes to join Blue Square Premier League side York City on a month's loan. (Tue, 23 Sep 2008 09:59:52 GMT)

UK & World News: Home loan approvals at record low
Mortgage lending halved during August and the number of loans approved for house purchase slumped to a new record low, figures show. (Tue, 23 Sep 2008 10:13:48 GMT)

U.K. Mortgage Approvals Sink to Decade-Low, BBA Says (Update1)
Sept. 23 (Bloomberg) -- U.K. mortgage approvals fell to the lowest level in at least a decade in August as slumping property values deterred buyers, a report by the British Bankers' Association showed. (Tue, 23 Sep 2008 10:15:04 GMT)

ECB lends 180 bln euros in regular move amid strong demand
FRANKFURT, Sept 23, 2008 (AFP) - The European Central Bank said Tuesday it had allotted 180 billion euros (266 billion dollars) during a regular weekly refinancing operation that saw strong demand for central bank cash. (Tue, 23 Sep 2008 10:27:28 GMT)

'Record' low for home loan approvals
Mortgage lending halved during August and the number of loans approved for house purchase slumped to a new record low. (Tue, 23 Sep 2008 10:57:44 GMT)

ECB lends €180 billion in regular move
The European Central Bank said today that it had allotted €180 billion in a regular weekly refinancing operation that saw strong demand for central bank cash. (Tue, 23 Sep 2008 11:15:17 GMT)

Goldman's O'Neill Says Brown Should Mull U.K. Mortgage Rescue
Sept. 23 (Bloomberg) -- Prime Minister Gordon Brown should weigh whether to follow the U.S.'s lead and pursue a government- backed rescue of the U.K. mortgage market, Goldman Sachs Group Inc . chief economist Jim O'Neill said. (Tue, 23 Sep 2008 11:24:12 GMT)

Mortgage approvals fall to record low
Mortgage approvals for new house purchases slumped to a new record low of 21,086 in August, 64 per cent below that of a year earlier and a sign that weak demand is likely to push house prices lower. (Tue, 23 Sep 2008 11:24:52 GMT)

Record low for mortgage approvals
Mortgage lending by the UK's high street banks plunged by 64% in August from the same time last year to a new record low. (Tue, 23 Sep 2008 11:29:00 GMT)

Advocates urge relief for loan fraud victims in Florida
With Florida's mortgage industry reeling from its worst crisis, two statewide organizations are pressing lawmakers to restore a program to reimburse people ripped off by crooked loan brokers. (Tue, 23 Sep 2008 11:47:42 GMT)

UPDATE:Germany To OK Aircraft Pfandbrief In Covered Bond Market
(Adds more details.) BERLIN -(Dow Jones)- Germany will allow aircraft pfandbrief as a debt instrument in the country's covered bond market, which has become more attractive in the current difficult refinancing conditions, Deputy Finance Minister Joerg Asmussen said Tuesday. (Tue, 23 Sep 2008 12:43:26 GMT)

What about my mortgage?
The Bush administration wants to help beleaguered financial institutions - and prevent the financial crisis from getting worse - by spending $700 billion to buy up troubled mortgage securities. (Tue, 23 Sep 2008 12:56:02 GMT)

Jewell: Savage can leave on loan
Derby manager Paul Jewell has confirmed that midfielder Robbie Savage is free to leave on loan after losing his place at Pride Park.The 33-year-old former Wales international has not featured in the Rams' last five games after losing his place following the 1-0 home defeat by Southampton on August 23. (Tue, 23 Sep 2008 13:15:14 GMT)

Credit crisis hit close to home
ALBANY, GA (WALB) - Clayton Holton says he is a victim. " I have been robbed because my house is paid off, and the equity in my house has gone down." "With home equity, you may not have as much as you had before because of the foreclosures in your neighborhood," said loan officer, Wanda Bowles. (Tue, 23 Sep 2008 13:38:04 GMT)

Paulson Says His Mortgage Plan Must Hit The Ground Running
Paulson Says His Mortgage Plan Must Hit The Ground Running (Tue, 23 Sep 2008 13:51:51 GMT)

Home prices fell in July, but gov't agency says Fannie, Freddie takeover will help loan market
WASHINGTON - Nationwide home prices in July fell a record 5.3 percent compared with a year ago, a government agency said Tuesday, and have now receded to October 2005 levels. (Tue, 23 Sep 2008 15:33:39 GMT)

Mortgage fraud leader Zwego sentenced
A federal judge today sentenced the ringleader of a high-profile mortgage fraud scheme to 10 years in federal prison, and then added three more years for a probation violation. (Tue, 23 Sep 2008 16:41:15 GMT)

FDIC chief : Hopes of home loan bailout
Government could acquire troubled mortgage assets or provide guaranty for delinquent loans. (Tue, 23 Sep 2008 16:55:57 GMT)

Dollar recovers some lost ground amid nerves on US bank bailout
The dollar recovered some ground on Tuesday as players awaited more details on a massive US government plan to bail out a banking system crippled by the subprime home loan crisis. (Tue, 23 Sep 2008 17:08:19 GMT)

As Rates Fall, Is It Time to Refinance?
Homeowners have to pay attention to special circumstances because of the real estate slump. (Tue, 23 Sep 2008 17:15:29 GMT)

Mortgage Industry Gets a Boost
On Tuesday, mortgage investment stocks are proving to be trailblazers with the industry gaining 5.16%. (Tue, 23 Sep 2008 17:32:57 GMT)

Home prices at October '05 levels, U.S. says
Home prices in July fell 5.3% compared with a year ago, a government agency said Tuesday, and have receded to October 2005 levels. (Tue, 23 Sep 2008 17:43:37 GMT)

U.S. rescue for mortgage industry, but not for homeowners
Many housing and mortgage experts say the government would have a difficult time modifying mortgage terms even if it were eager to do so. (Tue, 23 Sep 2008 17:46:04 GMT)

ECB Continues Cash Injections for Ailing Banks and Markets
In another busy day at the European Central Bank, 180 billion euros ($266 billion) in refinancing was allotted and an offer of 27 billion euros ($40 billion) in one-day loans was renewed, the ECB said in a statement. (Tue, 23 Sep 2008 17:57:23 GMT)

ECB offers 180 bln euros in regular liquidity move
The European Central Bank said Tuesday it had allotted 180 billion euros (266 billion dollars) during regular refinancing operations that saw strong demand for the funds available. (Tue, 23 Sep 2008 17:59:32 GMT)

ECB offers 180 bln euros in regular liquidity move
A giant Euro-logo stands in front of the European Central Bank (ECB) headquarters in Frankfurt/M. The European Central Bank said Tuesday it had allotted 180 billion euros (266 billion dollars) during regular refinancing operations that saw strong demand for the funds available. (Tue, 23 Sep 2008 18:33:29 GMT)

Home prices tumble 5.3 percent
U.S. home prices in July fell a record 5.3 percent compared with a year ago, a government agency said Tuesday, and have now receded to October 2005 levels. (Tue, 23 Sep 2008 19:09:27 GMT)

Get Married to Your Mortgage
Although "till death do us part" is a solemn vow we take in marriage, expecting we'll live happily ever after with our betrothed, we ought to be adding that to our mortgage contracts too. (Tue, 23 Sep 2008 20:00:33 GMT)

Hey Congress, You Already Passed Homeowner Bailout
In the debate over aid to homeowners in the bailout plan, both sides appear to have forgotten that Congress approved a $300 billion mortgage rescue package in late July. (Tue, 23 Sep 2008 20:28:50 GMT)

Mortgage fraud ringleader sentenced to 13 years
A Kansas City businessman was sentenced to 13 years in prison for a $17 million mortgage fraud scheme that included buying a home owned by former Jackson County Executive Katheryn Shields and her husband. (Tue, 23 Sep 2008 21:23:23 GMT)

Dollar recoups some losses amid nerves on US bank bailout
The dollar recovered some ground on Tuesday as players awaited the outcome of a US government plan to bail out a banking system crippled by the subprime home loan crisis. (Tue, 23 Sep 2008 21:32:07 GMT)

National Bank Laptop With Mortgage Data Stolen From Head Office
Sept. 23 (Bloomberg) -- National Bank of Canada , the country's sixth-biggest lender by assets, said a laptop computer with client information on mortgage loans was stolen from its Montreal headquarters. (Tue, 23 Sep 2008 21:38:28 GMT)

Home loan approvals are lowest on record
The "dismal" state of the mortgage market was confirmed yesterday with the release of latest figures from the British Bankers' Association (BBA). The number of mortgages approved by the major banks fell to 21,086 in August, the lowest monthly total since the BBA started collecting the information in 1997, and down about two thirds on the same month last year. (Tue, 23 Sep 2008 23:22:01 GMT)

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