Mortgage News Nov 2008

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UAE starts procedures to merge two leading mortgage lenders
The United Arab Emirates (UAE) announced on Saturday that its finance ministry has started the official procedures to merge the country's two leading mortgage lenders, local Emirates News Agency reported. The mortgage lenders Amlak Finance and Tamweel will be merged under the government-owned UAE Real Estate Bank to form the country's largest real estate finance institution, according to the ... (Sun, 23 Nov 2008 04:18:47 GMT)

Loan losses are hurting insurers
WASHINGTON - A new wave of loan defaults, this time tied to commercial mortgages, is starting to hit insurance companies and may be contributing to the stock market's woes. (Sun, 23 Nov 2008 05:10:40 GMT)

Are you an idiot to pay mortgage?
Should you keep paying your mortgage? (Sun, 23 Nov 2008 05:14:16 GMT)

Know pitfalls of making loan to loved one
Digesting your turkey and sweet potatoes may be tougher this Thanksgiving when that uncle you rarely hear from pulls you aside to ask for a loan. (Sun, 23 Nov 2008 07:01:30 GMT)

MetLife Loans introduces Slidell Mortgage branch  
The Slidell mortgage branch of First Horizon Home Loans has announced it is now officially part of MetLife, and doing business as a mortgage branch of MetLife Home Loans.    (Sun, 23 Nov 2008 07:52:40 GMT)

30-year mortgage rates drop to 6.04% average
Mortgage rates dropped for a third straight week, reflecting the impact the weakening economy is having on financial markets. Freddie Mac reported Thursday that rates on 30-year fixed-rate mortgages averaged 6.04 percent last week, down from 6.14 percent the... (Sun, 23 Nov 2008 08:23:24 GMT)

Mortgage Casualties Flocking to the NFCC for Free Assistance
The NFCC has been around since 1951 and is considered the longest serving national nonprofit credit counseling organization. There hasn't been a whole lot of good news on the economic front in recent weeks and the mortgage crisis has inspired our politicians to mortgage our grandchildren's future. Ironically, most of the experts believe it all started with what is being called the "mortgage ... (Sun, 23 Nov 2008 08:30:34 GMT)

Rate portfolio before paying off mortgage
Consider personal comfort with loan, future income taxes in decision Q: Should we pay off our mortgage? We have five years and $40,000 to pay down at a mortgage rate of 4.7 percent. The monthly payment is $675. We are both 67 and retired with a monthly income between Social Security and pensions of around $4,300. We make the house payment directly from our portfolio, but the value has dropped ... (Sun, 23 Nov 2008 08:48:01 GMT)

6 indicted in mortgage fraud scheme
SPRINGFIELD, Mo. (AP) - Six people from the Springfield area are named in a 55-count federal indictment charging mortgage fraud. (Sun, 23 Nov 2008 08:48:01 GMT)

UAE's leading mortgage lenders merge into realty bank
In a move to stave off the global economic crisis, UAE's leading real estate mortgage providers Amlak Finance and Tamweel will be merged into a new entity under the umbrella of the Real Estate Bank. (Sun, 23 Nov 2008 10:26:25 GMT)

30-year mortgage rates drop for 3rd week
WASHINGTON – Mortgage rates dropped for a third straight week, reflecting the effect the weakening economy is having on financial markets. (Sun, 23 Nov 2008 11:16:45 GMT)

Tito Jackson opens up about loan lawsuit
Michael Jackson's brother Tito has broken his silence over a lawsuit from former pal, martial arts teacher Matt Fiddes, insisting the legal spat over an unpaid loan is meritless. (Sun, 23 Nov 2008 12:30:04 GMT)

No quick fixes seen from key mortgage report
Government guarantees for mortgage-backed bonds and allowing lenders to swap loans for easily saleable government debt could be among proposed remedies for the ailing mortgage market in a report due out on Monday. (Sun, 23 Nov 2008 12:49:00 GMT)

Instead Of The Bailout, Give Homeowners A Break On Mortgage Payments
Instead of the Feds trying to bail out all the homeowners, why don't they get the mortgage companies to offer owners in a bind the option of no house payments for 6-12 months? Stick the skipped payments on the back end of the loans. (Sun, 23 Nov 2008 13:50:21 GMT)

U.A.E. Takes Over Mortgage Lenders Amlak, Tamweel (Update4)
Nov. 23 (Bloomberg) -- Amlak Finance PJSC and Tamweel PJSC , Dubai’s two-largest mortgage lenders, will be taken over by a government-owned bank as the global financial crisis squeezed their access to credit and slowed the regional property market. (Sun, 23 Nov 2008 14:42:35 GMT)

UAE intervenes in merger of mortgage lenders (Business Times
DUBAI: Two of the United Arab Emirates' (UAE) largest mortgage lenders, already on track to merge, will be brought under a government-owned bank, the UAE finance ministry said yesterday, in the first sign of federal government intervention in Dubai's troubled property sector. (Sun, 23 Nov 2008 18:48:29 GMT)

Long-term Home Finance Demand Put at $135 Billion
DUBAI - The long-term home finance demand potential of the UAE, which has the highest mortgage penetration in the Gulf, will be close to $135 billion, almost 23 per cent of the $600 billion estimated for the GCC, ratings agency Moody’s said in a report. (Sun, 23 Nov 2008 19:48:04 GMT)

Should mortgage balance be paid off?
Question: Should we pay off our mortgage? We have five years and $40,000 to pay down at a mortgage rate of 4.7 percent. The monthly payment is $675. We are both 67 and retired with a monthly income between Social Security and pensions of about $4,300. We make the house payment directly from our portfolio, but the value has dropped from $480,000 in October 2007 to $270,000 at the end of October ... (Sun, 23 Nov 2008 19:54:49 GMT)

Bernanke says he erred in gauging mortgage fallout
WASHINGTON -- Federal Reserve Chairman Ben Bernanke acknowledges he was wrong in believing that there would be limited fallout to financial markets from risky mortgages that soured after the housing market's collapse. (Sun, 23 Nov 2008 20:53:53 GMT)

Help From Friends Boosts Loan-Challenged
Good credit and a stable job should have been enough for Matt Schilling to get a low interest rate on a bank loan to fix his Jeep. Despite the tough economy, the 27-year-old figured he would find an affordable note with ease. Schilling wanted to replace a blown engine. (Sun, 23 Nov 2008 21:35:57 GMT)

World turmoil means tough luck for homebuyers
New homebuyers can expect more questions and scrutiny from lenders, as banks tighten their credit procedures due to the global economic downturn. (Sun, 23 Nov 2008 22:22:31 GMT)

Jaguar pleads for Government’s help over £1bn loan
Jaguar Land Rover (JLR) is pressing the Government to help it to secure a £1 billion loan as it contends with plunging car sales and a lack of credit. (Sun, 23 Nov 2008 22:26:55 GMT)

UAE takes over mortgage lenders amid realty gloom
DUBAI/ABU DHABI: Two of the United Arab Emirates’ largest mortgage lenders, already on track to merge, will be brought under a government-owned bank, the UAE finance ministry said yesterday, in the first sign of federal government intervention in Dubai’s troubled property sector. (Sun, 23 Nov 2008 22:36:25 GMT)

BNZ goes below 7 per cent mortgage barrier
BNZ is throwing down the gauntlet to other banks in slashing its lowest mortgage rate today to below 7 per cent. The 'mortgage rates war' was a key battleground four years ago when BNZ and ASB went at it hammer and tongs in the spring of 2004. (Mon, 24 Nov 2008 02:09:07 GMT)

(AFX UK Focus) 2008-11-24 02:48 HK mortgage loans in negative equity surge 174 pct
HONG KONG, Nov 24 (Reuters) - The estimated number of residential mortgage loans (RMLs) in negative equity in Hong Kong surged 174 percent to 2,568 cases at the end of September from 936 cases in June as property prices fell, data from the Hong Kong Monetary Authority showed. (Mon, 24 Nov 2008 03:23:33 GMT)

Sunderland 0 West Ham 1: No home improvement as Valon Behrami sinks the Black Cats
Sunderland's problems at the Stadium of Light continued with a third successive home defeat which came in front of their lowest crowd - 35,222 - since the club returned to the Premier League last season. (Mon, 24 Nov 2008 03:50:23 GMT)

BNZ chops six month mortgage rate to 6.99%
24 November 2008 BNZ has slashed its lowest mortgage rate to 6.99 percent. Interest.co.nz says the rate is the lowest in the market - beating Kiwibank's lowest rate of 7.29 percent for one year. (Mon, 24 Nov 2008 04:40:42 GMT)

Grand Strand banker hatches foreclosure plan
Capitol Hill and Wall Street are where most of the discussions are taking place over how to spend the $700 billion bank bailout money and how to develop a system to save homes from foreclosure. (Mon, 24 Nov 2008 05:13:55 GMT)

Return of the Predators
Predatory brokers have returned, but this time as loan-modification companies, offering to work deals for cash up front. (Mon, 24 Nov 2008 06:23:58 GMT)

Now Available: 100% Financing For Primary Residential Purchases
Katz Mortgage Team, www.KatzMortgageTeam.com, backed by Fairway Independent Mortgage Corporation, has announced they have teamed up with Fannie Mae and National Homebuyers Fund to offer 100% financing on primary residence mortgages, filling a void created by the current lack of 100% mortgages available to residential borrowers. (Mon, 24 Nov 2008 07:01:00 GMT)

Residential mortgage loans in negative equity September quarter 2008
The Hong Kong Monetary Authority announced today the results of its latest survey on residential mortgage loans (RMLs) in negative equity1. The estimated number of RMLs in negative equity increased to (Mon, 24 Nov 2008 07:22:54 GMT)

Emirates Development to Become U.A.E.’s Biggest Mortgage Lender
Nov. 24 (Bloomberg) -- Real Estate Bank , the Abu Dhabi- based entity that will take over Dubai’s largest mortgage lenders Amlak Finance PJSC and Tamweel PJSC , will be combined with the Emirates Industrial Bank to form the biggest real- estate finance company in the Persian Gulf country. (Mon, 24 Nov 2008 08:10:51 GMT)

Jaguar reportedly in talks for 1 billion pound loan
LONDON (Reuters) - Carmaker Jaguar Land Rover is in secret talks with the government over a 1 billion pound loan, just nine months after the Indian conglomerate Tata Group bought the luxury carmaker, the Sunday Times newspaper reported. (Mon, 24 Nov 2008 08:11:42 GMT)

Don't enter family loan lightly
Digesting your turkey and sweet potatoes may be tougher this Thanksgiving, when that uncle you rarely hear from pulls you aside to ask for a loan. (Mon, 24 Nov 2008 08:24:16 GMT)

UAE has highest GCC mortgage penetration
According to a report produced by ratings agency Moody, the long-term home finance demand potential of the UAE, will be close to $135bn, almost 23% of the $600bn estimated for the GCC. The report revealed mortgage penetration in the Gulf region is less than 4% of the aggregate GDP of the GCC on average and the UAE has the highest penetration at around 10% of the 2008 GDP. (Mon, 24 Nov 2008 09:42:48 GMT)

BusinessWise briefs
Our experts answer questions this week on taxes after a divorce and ways to lower mortgage payments, as well as offering some tips for a less finacially stressful holiday season. (Mon, 24 Nov 2008 10:28:56 GMT)

U.A.E. Government to Fund New Mortgage Lender (Update1)
Nov. 24 (Bloomberg) -- The United Arab Emirates government will provide funds to support the new real-estate finance company formed by the merger of two Dubai mortgage lenders and two Abu Dhabi-based banks. (Mon, 24 Nov 2008 10:47:27 GMT)

Nationwide Building Society makes changes to mortgage products
Nationwide Building Society has made some changes to its mortgage products, including cutting the price of its two-year fixed rate mortgage deals and selected three- and five-year fixed rate deals by up to 0.80%. (Mon, 24 Nov 2008 10:54:02 GMT)

HSBC Bank to cut standard mortgage rate
UK-based HSBC Bank has announced that it will reduce its variable mortgage rate by 0.81% from December 5, 2008. (Mon, 24 Nov 2008 10:54:29 GMT)

Honolulu home prices 3rd highest
Honolulu's median home prices were the third-most expensive in the country during the third quarter, according to the latest quarterly survey from the National Association of Realtors. (Mon, 24 Nov 2008 11:01:30 GMT)

Unmanageable EMIs?
How do you cope with a home loan EMI that's becoming unmamanageable due to various reasons? Can going for a personal loan to pay home loan installments a good idea? (Mon, 24 Nov 2008 11:04:09 GMT)

Cotati home loan company markets Web real estate services to employers
COTATI - Sonoma County finance broker Smart Home Loans of Cotati is marketing a new benefits package to North Bay employers that offers real-estate-purchasing and refinancing services at discounted rates along with other Web-based services. (Mon, 24 Nov 2008 11:07:54 GMT)

Britannia Building Society slashes cost of fixed rate mortgage range
Britannia Building Society has reduced the cost of its fixed rate mortgage range by up to 55 basis points. (Mon, 24 Nov 2008 11:23:18 GMT)

Columbia Bank becomes approved FHA mortgage lender
Columbia Bank has announced that it has begun accepting applications for Federal Housing Administration residential mortgage loans within New Jersey, US. (Mon, 24 Nov 2008 11:23:48 GMT)

Five Home-buying Myths
(ARA) - As first-time homebuyers grow curious about the home-buying process, they often turn to friends and family for advice about purchasing a home. While these sources can provide useful tips and information, they also may perpetuate some common home-buying myths. (Mon, 24 Nov 2008 11:32:58 GMT)

US Political, Economic Calendar - Week Ahead
17 minutes ago Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=XArlKZdU3IpnWbzCSPbKCA%3D%3D. You can use this link on the day this article is published and the following day. (Mon, 24 Nov 2008 12:07:57 GMT)

Big Three’s Troubles May Touch Financial Sector
To the long list of troubles plaguing the financial industry, add three big ones — make that Big Three ones. (Mon, 24 Nov 2008 12:51:55 GMT)

Mortgage Network Introduces MN 55+
DANVERS, Mass.----Mortgage Network, Inc., the largest independent mortgage company in the Northeast, today announced MN55+. The new advisory service is designed specifically for the unique needs of today’s mature homeowners. (Mon, 24 Nov 2008 13:00:00 GMT)

Dexus refinances debts
DEXUS Property Group's funds management unit has secured deals to refinance $580 million of debt maturing next year. (Mon, 24 Nov 2008 13:00:00 GMT)

Dubai Stocks Drop as Abu Dhabi Takes Over Mortgage Lenders
Nov. 24 (Bloomberg) -- Dubai stocks slumped as a takeover of the emirate’s biggest mortgage lenders by neighboring Abu Dhabi signaled a worsening crisis in financing real-estate debt. (Mon, 24 Nov 2008 13:11:06 GMT)

Mortgage Modification Programs Yet to Prove Their Worth
Mortgage Modification Programs Yet to Prove Their Worth (Mon, 24 Nov 2008 13:56:48 GMT)

U.A.E. Government to Fund New Mortgage Lender (Update1)
Nov. 24 (Bloomberg) -- The United Arab Emirates government will provide funds to support the new real-estate finance company formed by the merger of two Dubai mortgage lenders and two Abu Dhabi-based banks. (Mon, 24 Nov 2008 14:10:48 GMT)

Pakistan awaits IMF loan ruling
The International Monetary Fund board is to meet to decide on a $7.6bn (£5.1bn) loan request from Pakistan. (Mon, 24 Nov 2008 14:17:43 GMT)

Freddie Mac: Total Mortgage Portfolio Down 0.8% In October
Freddie Mac: Total Mortgage Portfolio Down 0.8% In October (Mon, 24 Nov 2008 14:26:38 GMT)

Dubai Stocks Drop as Abu Dhabi Takes Over Mortgage Lenders
Nov. 24 (Bloomberg) -- Dubai stocks fell the most in a week as a takeover of the emirate’s biggest mortgage lenders by neighboring Abu Dhabi signaled a worsening crisis in financing real-estate debt. (Mon, 24 Nov 2008 15:02:34 GMT)

Bolasie seals Diamonds loan
Plymouth Argyle's teenage winger Yala Bolasie has joined Blue Square Premier League side Rushden and Diamonds on loan until January. Pilgrims boss Paul Sturrock has also admitted that two more of the club's youngsters, Shane White and Ashley Barnes, could also be about to leave Home Park on loan. (Mon, 24 Nov 2008 15:04:43 GMT)

Return of the Predators
Predatory brokers have returned, but this time as loan-modification companies, offering to work deals for cash up front. (Mon, 24 Nov 2008 15:22:31 GMT)

Citigroup news, Obama optimism, home sales report lift small caps
The market appeared to add to the morning gains after the home sales report was released. (Mon, 24 Nov 2008 15:31:50 GMT)

How to protect your cash when making a family loan
Digesting your turkey and sweet potatoes may be tougher this Thanksgiving, when that uncle you rarely hear from pulls you aside to ask for a loan. So this holiday season, be prepared to protect (Mon, 24 Nov 2008 16:10:55 GMT)

Dubai Stocks Drop as Abu Dhabi Bank Takes Over Mortgage Lenders
Nov. 24 (Bloomberg) -- Dubai stocks fell to their lowest in four years as a takeover of the emirate’s biggest mortgage lenders by an Abu Dhabi-based state bank signaled a worsening crisis in financing real-estate debt. (Mon, 24 Nov 2008 17:25:49 GMT)

Guarantees for mortgage-backed securities eyed
The government aims to guarantee mortgage-backed securities in an effort to kick-start the moribund mortgage market, Chancellor Alistair Darling said on Monday. (Mon, 24 Nov 2008 17:50:00 GMT)

Florida home builders group wants bank 'timeout'
TALLAHASSEE -- Leaders of the Florida Home Builders Association today called for a "timeout" on banks calling in construction loans, so that state and federal regulators can work with bankers and builders to find solutions to what the contractors called an impending financial crisis. (Mon, 24 Nov 2008 18:51:34 GMT)

Florida home builders ask for 'timeout' on banks calling in construction loans
Leaders of the Florida Home Builders Association today called for a "timeout" on banks calling in construction loans, so that state and federal... (Mon, 24 Nov 2008 18:54:23 GMT)

Moody's tightens approach to mortgage-backed securities
WASHINGTON (MarketWatch) -- Moody's Investors Service Inc. (MCO) is tightening its criteria for evaluating U.S. residential mortgage-backed securities. The credit-rating firm detailed the changes in three reports issued Monday and said it will put them into effect immediately. (Mon, 24 Nov 2008 20:06:34 GMT)

Time for the Fed to start manipulating mortgage rates?
If you could refinance your mortgage at a 4% fixed rate, you could probably save a bundle, right? (Mon, 24 Nov 2008 20:27:41 GMT)

Mortgage lending set for official backing
Alistair Darling on Monday offered what appeared to be a quick shot in the arm to the mortgage lending market, promising to implement recommendations made by Sir James Crosby that mortgage-backed securities should be covered by government guarantees. (Mon, 24 Nov 2008 20:49:47 GMT)

Fitch Ratings Downgrades 6 Classes Mezz Cap 2005-C3; Assigns Outlooks
NEW YORK----Fitch Ratings has downgraded and assigned Rating Outlooks to six classes of Mezz Cap's commercial mortgage pass-through certificates, series 2005-C3, as follows: (Mon, 24 Nov 2008 20:50:00 GMT)

Fitch Downgrades 4 Classes of CSFB 2001-CK3; Assigns Outlooks
NEW YORK----Fitch Ratings has downgraded four classes of Credit Suisse First Boston Mortgage Securities Corp.'s commercial mortgage pass-through certificates, series 2001-CK3, and assigned Rating Outlooks as follows: (Mon, 24 Nov 2008 21:04:00 GMT)

Banks agree to give mortgage holders more time to pay
Homeowners who are struggling to meet mortgage repayments were given a lifeline yesterday as the Chancellor confirmed that some of Britain’s biggest lenders had agreed not to repossess properties until at least three months after borrowers first go into arrears. (Mon, 24 Nov 2008 23:42:24 GMT)

Jail for top accountant in £5m home-loan scam
A leading Scottish accountant who was involved in a home-loans conspiracy to swindle some of the UK's top financial institutions out of £5m has been jailed for two years. (Tue, 25 Nov 2008 00:12:52 GMT)

Home Builders Lament Credit Woes
Florida home builders say they're being strangled by bad credit policies and locked out of the bailout money that's going to banks. Four of every ten job losses in Florida are in the construction industry. Builders say without relief, unemployment is only going to get worse. (Tue, 25 Nov 2008 00:38:26 GMT)

Lending Money to Your Uncle
The appeal of family loans has grown as interest rates have fallen and banks have made it tougher to obtain financing. (Tue, 25 Nov 2008 02:23:20 GMT)

Rush to Close
If you are about to seal the deal on a new home, closing on your mortgage by December 31 could earn you a big deduction on your 2008 return. (Tue, 25 Nov 2008 03:04:46 GMT)

Judge makes surprise visit to distressed mobile home park known as Duroville
The federal judge supervising a lawsuit over the future of a Coachella Valley mobile home park that houses thousands of migrant workers walked its dusty streets and investigated conditions there last week in a surprise visit. (Tue, 25 Nov 2008 04:17:18 GMT)

Mortgage lending set for official backing
Alistair Darling on Monday offered what appeared to be a quick shot in the arm to the mortgage lending market, promising to implement recommendations made by Sir James Crosby that mortgage-backed securities should be covered by government guarantees. (Tue, 25 Nov 2008 04:29:35 GMT)

Facing a Choice Between Home And Health Care
The housing market's collapse is forcing more people to choose between paying the mortgage and the doctor. (Tue, 25 Nov 2008 04:56:19 GMT)

Struggling Home Builders Say Banks Hoard Bailout
The record profit Florida's home builders made during the boom years has given way to massive problems with cash flow and credit that builders blamed Monday on banks hoarding billions in federal bailout dollars. (Tue, 25 Nov 2008 05:01:07 GMT)

Paying off mortgage
Should I use my managed funds to pay off my reverse mortgage? Q. I have a reverse mortgage of around $31,000 on my home which is mortgage free apart from this loan. I have $45,000 in managed funds. Should I pay off the reverse mortgage from these managed funds? (Tue, 25 Nov 2008 05:07:43 GMT)

Reverse mortgage
In November, many older homeowners got some long awaited good news when the Department of Housing and Urban Development approved the higher lending limits for reverse mortgages. Now a home equity conversion mortgage can be federally insured up to $417,000. (Tue, 25 Nov 2008 05:09:00 GMT)

Bailout could help those behind on mortgage
The government's multibillion-dollar bailout of Citigroup Inc. requires the giant financial services company to lower loan rates for struggling home buyers who are behind on their mortgage payments. (Tue, 25 Nov 2008 07:19:15 GMT)

Freddie Mac Expanded Investment in Home Loans in October
Freddie Mac increased its support for the nation's ailing home loan market in October, in part playing the role the government desired when it seized the mortgage finance giant. (Tue, 25 Nov 2008 08:01:29 GMT)

Freddie Mac plunges into mortgage-backed securities market
The company's purchase of $27 billion worth of the debt instruments helps keep home loan rates steady but doesn't lower them. Freddie Mac increased its support for the nation's ailing home loan market in October, in part playing the role the government had in mind when it seized the mortgage loan giant. (Tue, 25 Nov 2008 08:12:51 GMT)

New mortgage lending 'to shrink'
A review panel will be set up to monitor lending as a report warns new mortgage lending could shrink in 2009. (Tue, 25 Nov 2008 08:40:09 GMT)

Mortgage lending feels the strain
The slump in mortgage lending by the UK's biggest banks continued in October, a banking body says. (Tue, 25 Nov 2008 09:50:36 GMT)

Tranmere seal Johnson loan deal
Tranmere Rovers sign Middlesbrough defender John Johnson on loan until 31 December. (Tue, 25 Nov 2008 10:17:07 GMT)

UK mortgage approvals halved from year ago
Mortgage lending in Britain has more than halved over the past year, according to the British Banker's Association — further evidence that the economic downturn is dramatically hurting the country's property market. (Tue, 25 Nov 2008 10:25:36 GMT)

UK mortgage approvals halved from year ago
Mortgage lending in Britain has more than halved over the past year, according to the British Banker's Association _ further evidence that the economic downturn is dramatically hurting the country's property market. The number of new home mortgages approved... (Tue, 25 Nov 2008 10:57:47 GMT)

Builders seek loan 'timeout'
Leaders of Florida's building industry on Monday urged "a timeout" on banks calling in construction loans. The Florida Home Builders Association called a news conference, after meeting with Chief Financial Officer Alex Sink, to discuss banking practices it said jeopardize thousands of jobs. (Tue, 25 Nov 2008 11:09:18 GMT)

U.K. Home Loans Fell by Half in October From Year Ago, BBA Says
Nov. 25 (Bloomberg) -- U.K. home loan approvals fell by more than half from a year earlier in October, the British Bankers' Association said, as a Treasury report forecast net new mortgage lending may fall below zero next year. (Tue, 25 Nov 2008 11:14:47 GMT)

Defender Owen joins Vale on loan
Stockport County defender Gareth Owen joins Port Vale on loan until January with a view to a permanent move. (Tue, 25 Nov 2008 11:21:40 GMT)

Mortgage lending down more than 50%
Mortgage lending for new houses by the UK's biggest banks has more than halved over the past year, new figures from the British Banking Association (BBA) show. (Tue, 25 Nov 2008 11:23:00 GMT)

IMF approves Pakistan loan package
The economic crisis threatening Pakistan eased Tuesday after the International Monetary Fund agreed a $7.6 billion bailout, though experts warned that the militancy-torn country remains at risk without more aid from the West and painful reforms at home. The IMF loan program approved Monday banished the immediate risk of a currency crash and debt default in a country already creaking under the ... (Tue, 25 Nov 2008 11:47:28 GMT)

IMF approves Pakistan loan package
(By STEPHEN GRAHAM, Associated Press Writer) The economic crisis threatening Pakistan eased Tuesday after the International Monetary Fund agreed a $7.6 billion bailout, though experts warned that the militancy-torn country remains at risk without more aid from the West and painful reforms at home. The IMF loan program approved Monday banished the immediate risk of a currency crash and debt ... (Tue, 25 Nov 2008 11:48:34 GMT)

Wachovia's Waterbury mortgage office shutting down
Wachovia Corp. says it will be shutting down its retail mortgage processing operation in Waterbury early next year, costing about 65 people their jobs. (Tue, 25 Nov 2008 12:13:53 GMT)

South Florida home sales up, prices down in October
Plummeting home values continued to spur sales in October, as more buyers came off the fence to snap up properties sold at levels not seen in four years. But South Florida's housing market remains weighted down by a giant surplus of homes for sale. (Tue, 25 Nov 2008 12:43:34 GMT)

Mortgage lending 'to fall below zero' next year in crippling blow to Darling's recovery plan
Mortgage lending could dry up completely next year leaving no-one able to afford to buy a new home, according to a devastating new report. (Tue, 25 Nov 2008 12:55:15 GMT)

Mortgage approvals more than halve
Mortgage approvals more than halved in October compared to a year earlier, the British Bankers' Association has said. (Tue, 25 Nov 2008 13:00:20 GMT)

Mind This Mortgage Trap!
Borrowers need to beware this trap, argues Christina Jordan. (Tue, 25 Nov 2008 13:12:41 GMT)

Residential Finance Corp. Employees Participate in Thanksgiving Food Drive for Mid-Ohio Foodbank
COLUMBUS, Ohio----Employees at one Columbus company have made an all-out effort to support Mid-Ohio Foodbank’s efforts to help the needy this season. With nearly 100-percent participation, employees at Residential Finance Corporation , a nationwide mortgage lender specializing in refinance have raised and contributed $3,146 in cash and approximately 200 turkeys and traditional Thanksgiving food ... (Tue, 25 Nov 2008 13:15:00 GMT)

UK mortgage approvals halved from year ago
Mortgage lending in Britain has more than halved over the past year, according to the British Banker's Association — further evidence that the economic downturn is dramatically hurting the country's property market. (Tue, 25 Nov 2008 13:35:38 GMT)

Fed says it will buy mortgage-related assets
The Federal Reserve said Tuesday it will buy up to $600 billion in mortgage-backed assets in another attempt to deal with the financial crisis. (Tue, 25 Nov 2008 13:49:36 GMT)

Fed announces new plan to support mortgage
The Federal Reserve, in another massive life-support intervention for the U.S. financial system, on Tuesday announced a $600 billion program to buy mortgage-related debt and securities and a $200 billion facility to buy consumer debt securities, (Tue, 25 Nov 2008 14:03:40 GMT)

Facing a Choice Between Home And Health Care
The housing market's collapse is forcing more people to choose between paying the mortgage and the doctor. (Tue, 25 Nov 2008 14:18:21 GMT)

Government plans new credit, mortgage programs
The government introduced a pair of new programs Tuesday that will provide $800 billion to help unfreeze the market for consumer debt and to make mortgage loans cheaper and more available. (Tue, 25 Nov 2008 14:30:38 GMT)

Fed announces new mortgage-support program
The Federal Reserve, in another massive life-support intervention for the U.S. financial system, on Tuesday announced a $600 billion program to buy mortgage-related debt and securities and a $200 billion facility to support consumer debt securities, (Tue, 25 Nov 2008 14:35:23 GMT)

Government Insured Loans Reach 17-Year High
(RTTNews) - The percentage of loans that are insured by the federal government has more than tripled in the last year, reaching a 17-year high the Mortgage Bankers Association said Tuesday. (Tue, 25 Nov 2008 14:53:11 GMT)

Treasuries Rally as Fed Plan to Buy Mortgages Prompts Hedging
Nov. 25 (Bloomberg) -- Treasuries gained as the Federal Reserve’s plan to purchase as much as $600 billion in mortgage securities prompted investors to hedge against losses in their portfolios. (Tue, 25 Nov 2008 15:09:42 GMT)

(AFX UK Focus) 2008-11-25 15:49 US SWAPS-Spreads shrink after gov't unveils mortgage plan
By Richard Leong (Tue, 25 Nov 2008 16:01:15 GMT)

Federal Reserve to buy more mortgage related assets
The Federal Reserve on Tuesday announced two major initiatives: a plan to spend as much as $600 billion to buy mortgage-backed assets and a new program to provide up to $200 billion in loans to thaw the frozen consumer-lending market. (FHN) (Tue, 25 Nov 2008 16:31:37 GMT)

Record number of borrowers get mortgage help
Mortgage lenders helped save a record 225,000 at-risk mortgage borrowers from losing their homes during October, according to a report issued Tuesday by a coalition of lenders, mortgage servicers, investors and counselors assembled to fight the foreclosure plague. (Tue, 25 Nov 2008 16:43:27 GMT)

Government announces new loan programs
The government, still struggling to manage a severe financial crisis, unveiled two new programs Tuesday that will provide $800 billion to try to help unfreeze the market for consumer debt from home mortgages to credit cards. (Tue, 25 Nov 2008 16:55:20 GMT)

Government announces new loan programs
WASHINGTON -- The Federal Reserve says it will buy up to $600 billion in mortgage-backed assets in another attempt to deal with the financial crisis. The Fed says it will purchase up to $100 billion in direct obligations from mortgage giants Fannie Mae and Freddie Mac as well as the Federal Home Loan Banks. It also will purchase another $500 billion in mortgage-backed securities, pools of ... (Tue, 25 Nov 2008 17:00:20 GMT)

Bonds rally on weak economy, Fed fixed-income buys
NEW YORK - US Treasury debt prices rallied on Tuesday on the weakening economy, ebbing inflation and the ripple effects on bond markets of a Federal Reserve plan to directly buy mortgage-related fixed income assets. (Tue, 25 Nov 2008 17:13:02 GMT)

BusinessWeek Exposes the New Subprime
I’ve got to applaud BusinessWeek for its aggressive investigation of dirty subprime lenders getting back into the mortgage game with the help of the federal government. (Tue, 25 Nov 2008 17:20:26 GMT)

Mortgage security rates fall after Fed action
Rates on Fannie Mae and Freddie Mac debt fell Tuesday — a promising sign that homeowners' mortgage rates could decline, too — after the Federal Reserve said it will buy up to $600 billion in mortgage-backed assets. (Tue, 25 Nov 2008 17:38:41 GMT)

IMF approves Pakistan loan package
The economic crisis threatening Pakistan eased Tuesday after the International Monetary Fund agreed a $7.6 billion bailout, though experts warned that the militancy-torn country remains at risk without more aid from the West and painful reforms at home. (Tue, 25 Nov 2008 17:45:06 GMT)

Treasuries Rally as Fed Plan to Buy Mortgages Prompts Hedging
Nov. 25 (Bloomberg) -- Treasury 10- and 30-year securities led a rally in U.S. government debt as the Federal Reserve’s plan to purchase as much as $600 billion in mortgage securities prompted investors to hedge against losses in their portfolios. (Tue, 25 Nov 2008 18:33:40 GMT)

Economy Keeps Seniors from Retirement Homes; Others Must Pay Medical or Mortgage Bill
Nov. 25, 2008 - The "housing crisis has kept thousands of older Americans who need support and care from moving into retirement communities or assisted-living centers, effectively stranding them in their own homes," the New York Times reports. (Tue, 25 Nov 2008 18:37:56 GMT)

Federal Reserve to Dole Out More than $1T to Help Mortgage Giants
The Federal Reserve goes back to its original plan to help the credit industry by agreeing to buy up $600 billion in loans from Fannie Mae and Freddie Mac and another $500 billion in mortgage-backed securities. (Tue, 25 Nov 2008 19:34:02 GMT)

Fannie, Freddie Mortgage Bonds Rally on Fed’s MBS Purchase Plan
Nov. 25 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac debt fell by the most on record relative to benchmarks, leading gains in credit markets after the Federal Reserve committed $800 billion to help Americans obtain mortgages and consumer loans. (Tue, 25 Nov 2008 19:39:53 GMT)

RBC Loan Unit to Pay $11 Million to Settle U.S. Claim (Update1)
Nov. 25 (Bloomberg) -- A Royal Bank of Canada home-mortgage unit will pay $11 million to resolve U.S. government claims it gave false information about borrowers’ creditworthiness to the Department of Housing and Urban Development. (Tue, 25 Nov 2008 20:08:12 GMT)

Mom fatally shot in San Mateo police standoff with home intruder
After a robber invaded her home, Loan Kim Nguyen barricaded herself in a bedroom and slid her two toddlers through a window to waiting SWAT officers during a tense standoff Tuesday morning in a San Mateo neighborhood. (Tue, 25 Nov 2008 20:18:37 GMT)

Fannie, Freddie Mortgage Bonds Rally on Fed’s MBS Purchase Plan
Nov. 25 (Bloomberg) -- Yields on Fannie Mae and Freddie Mac debt fell by the most on record relative to benchmarks, leading gains in credit markets after the Federal Reserve committed $800 billion to help Americans obtain mortgages and consumer loans. (Tue, 25 Nov 2008 20:34:02 GMT)

Mortgage-market revival: Try, try again
The feds are trying once more to resuscitate the mortgage market. But history shows reviving this patient won't be easy. (Tue, 25 Nov 2008 20:43:17 GMT)

Sector Wrap: Fed plan boosts mortgage REITs
Share of real estate investment trusts that invest in mortgage-backed securities got a hefty boost Tuesday after the Federal Reserve said it would buy up billions of dollars worth of securities issued by Fannie Mae and Freddie Mac. (Tue, 25 Nov 2008 21:07:05 GMT)

Mortgage security rates fall after Fed action
Rates on Fannie Mae and Freddie Mac debt fell Tuesday — a promising sign that homeowners' mortgage rates could decline, too — after the Federal Reserve said it will buy up to $600 billion in mortgage-backed assets. (Tue, 25 Nov 2008 21:47:39 GMT)

IMF approves Pakistan loan package
The economic crisis threatening Pakistan eased Tuesday after the International Monetary Fund agreed a $7.6 billion bailout, though experts warned that the militancy-torn country remains at risk without more aid from the West and painful reforms at home. The IMF loan program approved Monday banished the immediate risk of a currency crash and debt default in a country already creaking under the ... (Tue, 25 Nov 2008 23:04:31 GMT)

U.S. Mortgage Rates Fall on $600 Billion Fed Plan (Update2)
Nov. 25 (Bloomberg) -- U.S. mortgage rates fell more than three-quarters of a percentage point today after the Federal Reserve said it will buy as much as $600 billion of debt. (Tue, 25 Nov 2008 23:52:36 GMT)

Who Owns Your Mortgage?
The company we write the check to is not always the institution that owns our mortgage. (Wed, 26 Nov 2008 00:27:00 GMT)

Program Targets Consumer Spending, Mortgage Rates
The Federal Reserve and Treasury moved today to boost consumer spending and lower home mortgage rates, committing up to $800 billion to make it easier for households to borrow money for cars, tuition bills and new homes as part of a broad effort to rekindle economic growth. (Wed, 26 Nov 2008 00:48:36 GMT)

Latest bailout aimed at consumer
n Program targets personal, automotive and mortgage loans (Wed, 26 Nov 2008 01:37:52 GMT)

Opinions split on $800 billion Fed credit programs
Roughly $800 billion in new programs announced Tuesday by the Federal Reserve could help consumers get new mortgages, credit cards, car loans and student loans. The programs are intended to inject cash into the mortgage market and offer loans to... (Wed, 26 Nov 2008 02:31:08 GMT)

BASE METALS HIGHLIGHTS: Top Stories Of The Day
SYDNEY (Dow Jones)--Rio Tinto Ltd. (RIO.AU) Chairman Paul Skinner Wednesday dismissed concerns about the company's US$42 billion debt burden and said Rio won't issue equity to address a medium-term refinancing requirement of US$9 billion. (Wed, 26 Nov 2008 04:06:38 GMT)

Are you foolish to keep paying your mortgage?
Should you keep paying your mortgage? ... (Wed, 26 Nov 2008 05:19:49 GMT)

Local mortgage rates dip on Fed move
Within hours of the Federal Reserve's announcement Tuesday that it will spend up to $600 billion in the coming weeks to support the housing market, mortgage bankers in the Twin Cities already were seeing the impact on rates. (Wed, 26 Nov 2008 06:07:37 GMT)

Mortgage security rates fall after Fed action
NEW YORK -- Rates on Fannie Mae and Freddie Mac debt fell Tuesday _ a promising sign that homeowners' mortgage rates could decline, too _ after the Federal Reserve said it will buy up to $600 billion in mortgage-backed assets. (Wed, 26 Nov 2008 06:53:11 GMT)

CreditLoan.com Now Offers Educational Materials To Consumers on Mortgage Loan Modification
CreditLoan.com, the website with thousands of articles on financial topics such as personal credit and home loans, now offers free information on solutions such as mortgage loan modification and mortgage refinancing. (Wed, 26 Nov 2008 07:01:00 GMT)

Bank of Jordan, JMRC sign JD15m agreement
26 November 2008 AMMAN (JT) - The Bank of Jordan has recently signed a loan agreement with Jordan Mortgage Refinance Company (JMRC) in order to assist citizens in purchasing houses and residential units through the bank's housing loans. (Wed, 26 Nov 2008 07:04:25 GMT)

Area's home prices slide faster than U.S. average
Sacramento-area home prices declined at nearly triple the national average during the past year, according to a new Loan Performance Home Price Index from First American CoreLogic. The property research firm said September home prices in El Dorado, Placer, Sacramento and Yolo counties fell 28 percent from the same month in 2007. Nationally, September prices were down 11.2 percent from the ... (Wed, 26 Nov 2008 08:12:48 GMT)

Fed opens credit spigot with infusion of cash
The government plans to deploy up to $800 billion to make it cheaper for Americans to get a home mortgage, take out a car loan or borrow money through a credit card. (Wed, 26 Nov 2008 09:38:52 GMT)

Mortgage-Seekers Benefiting From Fed's New Credit Plan
For consumers looking for a mortgage, the Federal Reserve's plan to boost spending is already bringing relief from high interest rates. But for those hoping to use plastic more freely this holiday season, they likely will have to wait. (Wed, 26 Nov 2008 09:48:41 GMT)

Hong Kong Mortgage Loans Fall 40% as Economy Slows (Update2)
Nov. 26 (Bloomberg) -- Hong Kong mortgage loans fell for a third month in October as banks tightened lending amid an economic slowdown and a freeze in global credit. (Wed, 26 Nov 2008 10:40:20 GMT)

Mortgage lending fall continues
Mortgage approvals in Scotland dropped by 18% in the third quarter of 2008, according to the latest figures. (Wed, 26 Nov 2008 10:40:35 GMT)

U.S. Mortgage Rates Drop Most in Seven Years on Fed Debt Plan
Nov. 26 (Bloomberg) -- U.S. mortgage rates dropped by the most in at least seven years as a Federal Reserve pledge to buy $600 billion of debt succeeded where seven cuts in the central bank’s benchmark rate had failed. (Wed, 26 Nov 2008 11:09:59 GMT)

Mortgage Rates Drop On Stimulus News
The federal government announced new programs Tuesday that would provide up to $800 billion to stimulate mortgage lending, business and auto loans and use of credit cards. The move had a dramatic affect on mortgage rates. (Wed, 26 Nov 2008 11:35:59 GMT)

Fed plan sparks home loan rate relief
The U.S. Federal Reserve's stimulus plan delivered relief to home mortgages but its effect on other consumer loans remains unknown, industry observers said.The Fed's $200 billion plan to boost spending inspired a drop in the average rate for a 30-year, fixed-rate mortgage from 5.8 percent Monday to 5.5 percent Tuesday, The Washington Post reported.You should see mortgage rates near or about 5 ... (Wed, 26 Nov 2008 12:16:56 GMT)

Fed plan sparks home loan rate relief
WASHINGTON, Nov. 26 (UPI) -- The U.S. Federal Reserve's stimulus plan delivered relief to home mortgages but its effect on other consumer loans remains unknown, industry observers said. (Wed, 26 Nov 2008 12:17:02 GMT)

Mortgage applications rose 1.5% last week: MBA
Mortgage applications rise a seasonally adjusted 1.5% in the latest week, due to a bump in loans sought for home purchases. Further increases appear likely as the U.S. government's most recent moves to spur greater housing lending take hold. (Wed, 26 Nov 2008 12:22:45 GMT)

Foreclosure? Sheriff gives advices
The upsurge in home mortgage foreclosures triggered by the resetting of variable rate loans, sub-prime predatory lending, has come to Essex County. (Wed, 26 Nov 2008 12:29:40 GMT)

Lower US mortgage rates lift applications demand
NEW YORK, Nov 25 (Reuters) - Lower U.S. mortgage rates lifted demand for mortgage applications last week, a trade group said on Wednesday, and demand should escalate after a new broad-brushed government plan to support the housing markets. (Wed, 26 Nov 2008 12:31:21 GMT)

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