Mortgage News Dec 2008

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Chuck Muncie has forged a new identity
Former NFL running back, whose career was curtailed by drug abuse and a jail term, has reclaimed his good name with a successful second act to his life, despite being an identity-theft victim. A man from the bank was calling with what he presumed was good news: Chuck Muncie's $1-million home loan had been approved. (Mon, 01 Dec 2008 00:38:11 GMT)

RBS throws struggling homeowners a lifeline on mortgage repayments
Homeowners struggling to cope with the financial downturn have been thrown a lifeline as one of Britain's leading banks promises to give six months' respite to those who fall behind with mortgage repayments. (Mon, 01 Dec 2008 02:41:36 GMT)

Meltdown far from over, mortgage crisis looms
WASHINGTON — Black Friday's retail shoppers hunting for holiday bargains won't be enough to stave off what's likely to become the next economic crisis. Malls from Michigan to Georgia are entering foreclosure, commercial victims of the same events poisoning the housing market. (Mon, 01 Dec 2008 02:58:25 GMT)

You can qualify for mortgage, it's just tougher
There is something that mortgage lenders want Bay Area home buyers to know: They are open for business. While it is certainly harder to get a loan today than it was two years ago, lenders say it's far from impossible for would-be borrowers with the right... (Mon, 01 Dec 2008 04:12:22 GMT)

Home repair loans available
The city of Knoxville now is accepting loan applications for both minor and major home repairs in an effort to improve older housing stock and surrounding property values within the 16-square-mile Empowerment Zone. (Mon, 01 Dec 2008 05:08:49 GMT)

Home repair loans available
The city of Knoxville now is accepting loan applications for both minor and major home repairs in an effort to improve older housing stock and surrounding property values within the 16-square-mile Empowerment Zone. (Mon, 01 Dec 2008 05:15:40 GMT)

Loan volume, value of mortgages in Birmingham up so far in 2008
Despite the credit crunch, falling home sales and a slumping economy, 2008 hasn’t been a terrible year for Birmingham’s largest residential mortgage lenders – at least not in terms of total loans. (Mon, 01 Dec 2008 06:00:34 GMT)

Meltdown far from over, new mortgage crisis looms
WASHINGTON - U.S. retail shoppers hunting for holiday bargains on "Black Friday" won't be enough to stave off what's likely to become the next economic crisis. Malls from Michigan to Georgia are entering foreclosure, commercial victims of the same events poisoning the housing market. (Mon, 01 Dec 2008 06:06:02 GMT)

Low-profile mortgage lender ResCap trying to survive
Minnesota is home to one of the nation's biggest lenders getting crushed by mortgage defaults. (Mon, 01 Dec 2008 06:08:49 GMT)

More mortgage woes loom
WASHINGTON -- The full scope of the housing meltdown isn't clear and already there are ominous signs of a new crisis -- one that could turn out the lights on malls, hotels and storefronts nationwide. (Mon, 01 Dec 2008 07:41:44 GMT)

Danish Mortgage Lenders May Struggle to Sell Notes at Auction
Dec. 1 (Bloomberg) -- Danish lenders may struggle to sell as much as $67.5 billion of mortgage notes in annual auctions starting today as the global financial turmoil saps investor appetite. (Mon, 01 Dec 2008 07:48:12 GMT)

Fighting foreclosure: How one couple got caught in mortgage crisis
MARYSVILLE -- Terry and Lloyd Berger live in their dream house in Marysville. Members of their extended family live nearby. "I love Marysville," said Terry Berger, 52. "I'm from here. I don't want to move out of here." (Mon, 01 Dec 2008 08:21:35 GMT)

Fighting foreclosure: How one couple got caught in mortgage crisis
MARYSVILLE -- Terry and Lloyd Berger live in their dream house in Marysville. Members of their extended family live nearby. "I love Marysville," said Terry Berger, 52. "I'm from here. I don't want to move out of here." (Mon, 01 Dec 2008 08:23:22 GMT)

Mortgage approvals match series low in October
Mortgage approvals for house purchase fell in October to match the lowest since the series began a decade ago, the Bank of England said on Monday, auguring further downward pressure on house prices. (Mon, 01 Dec 2008 09:40:00 GMT)

Avoiding your own mortgage collapse
It used to be that homeowners struggling to meet their mortgage payments had two options -- refinance or sell the house. Foreclosures happened mainly to those who lost a job or suffered a medical misfortune. (Mon, 01 Dec 2008 09:41:59 GMT)

Shopping malls, hotels near mortgage default; more looming
WASHINGTON -- Black Friday's retail shoppers hunting for holiday bargains won't be enough to stave off what's likely to become the next economic crisis. Malls from Michigan to Georgia are entering foreclosure, commercial victims of the same events poisoning the housing market. (Mon, 01 Dec 2008 09:54:25 GMT)

Instant View - Mortgage approvals match series low in October
Mortgage approvals for house purchase fell in October to match August's reading of 32,000, the lowest since the series began almost a decade ago, the Bank of England said on Monday. (Mon, 01 Dec 2008 10:06:00 GMT)

Mortgage approvals match series low in October
Mortgage approvals fell in October to match their lowest level since the series began a decade ago, data showed on Monday, putting further pressure on policymakers to get banks lending again. (Mon, 01 Dec 2008 10:15:00 GMT)

Mortgage approvals still falling
Mortgage approvals drop again in October, official figures show, suggesting that house sales and prices have further to fall. (Mon, 01 Dec 2008 10:20:55 GMT)

U.K. Mortgage Approvals Match the Lowest Since 1999 (Update1)
Dec. 1 (Bloomberg) -- U.K. mortgage approvals matched the lowest since at least 1999 in October as the financial crisis intensified, prompting banks to hoard money and curb loans. (Mon, 01 Dec 2008 10:44:45 GMT)

Massive Fall In Mortgage Lending
Mortgage lending collapsed in October, as it dived by nearly 70% over the month to reach the second lowest figure on record, the Bank of England said. (Mon, 01 Dec 2008 10:59:00 GMT)

AP IMPACT: US diluted loan rules before crash
The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents. (Mon, 01 Dec 2008 11:11:14 GMT)

Mortgage approvals slump
Mortgage approvals for home purchases in October matched the record low 32,000 seen in August, down 63 per cent from the year before, according to new figures from the Bank of England. (Mon, 01 Dec 2008 12:15:43 GMT)

General Growth Properties wins reprieve, gets 2-week extension on $900 million mortgage loans
CHICAGO - General Growth Properties Inc. has received a two-week extension on mortgage loans totaling $900 million, as the troubled shopping mall owner works to stave off bankruptcy and negotiate longer-term extensions with lenders. (Mon, 01 Dec 2008 12:26:27 GMT)

Ahead of the Bell: Analyst upgrades Bankrate
Increased refinancings, a decline in 30-year fixed-rate mortgage rates and an impending Web site relaunch may spark Bankrate Inc.'s business, a Citi Investment Research analyst said Monday. (Mon, 01 Dec 2008 12:40:01 GMT)

General Growth Properties gets loan reprieve
General Growth Properties Inc. has received a two-week extension on mortgage loans totaling $900 million, as the troubled shopping mall owner works to stave off bankruptcy and negotiate longer-term extensions with lenders. The mortgages cover two malls,... (Mon, 01 Dec 2008 12:43:32 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, 01 Dec 2008 13:13:50 GMT)

Loan stress hits harder
SOUTH Australian home owners are paying $55 a month more in mortgage repayments than a year ago, figures show. (Mon, 01 Dec 2008 13:31:00 GMT)

Bellingham man's adjustable mortgage became money trap
(Mon, 01 Dec 2008 14:12:58 GMT)

Discussions continue on Great Wolf’s Mason mortgage
Great Wolf Resorts said it has received an extension of the mortgage on its Mason lodge while it tries to negotiate an agreement with its lenders. (WOLF) (Mon, 01 Dec 2008 16:09:06 GMT)

Mortgage insurers see defaults rise again in October
Insured mortgage defaults rose again in October, but the number of loans brought up to date also increased, according to a report by Mortgage Insurance Companies of America. The association of the largest mortgage insurers said Monday that 80,071 mortgages with insurance went into default last month, or became 60 days past due, up 4.3% from September. In April, one lender changed its default ... (Mon, 01 Dec 2008 16:21:14 GMT)

Danish Mortgage Lenders May Struggle to Sell Notes (Update1)
Dec. 1 (Bloomberg) -- Danish lenders may struggle to sell as much as $67.5 billion of mortgage notes in annual auctions starting today as the global financial turmoil saps investor appetite. (Mon, 01 Dec 2008 16:24:53 GMT)

Repossession promise by RBS is 'PR stunt' say mortgage experts
Royal Bank of Scotland has been accused of orchestrating a "PR stunt" after announcing it would give struggling mortgage customers' more breathing space in a move that experts warn will make little difference to the number of homes seized. (Mon, 01 Dec 2008 17:17:44 GMT)

Lower mortgage rates boost affordability and may help home sales
The Federal Reserve’s plan to spend $600 billion buying mortgages is driving down lending rates and boosting home affordability, which combined with decreasing inventories may signal a 2009 recovery for the battered home-building sector. (Mon, 01 Dec 2008 17:37:55 GMT)

US diluted loan rules before financial meltdown
AP IMPACT: US diluted loan rules before crash. (Mon, 01 Dec 2008 17:49:59 GMT)

Pembroke apartments get $29.7M mortgage
Boston Capital Real Estate Partners LLC and Trammell Crow Residential secured a $29.7 million first mortgage for a 240-unit apartment complex. (Mon, 01 Dec 2008 17:56:48 GMT)

Mortgage scammer sentenced to 30 months
Convicted mortgage scammer Ralph Michel was sentenced this morning to 30 months in federal prison for his role in using dozens of properties to rip off lenders for millions. (Mon, 01 Dec 2008 17:58:55 GMT)

Good time to refinance your mortgage?
(WKTV) - If you are in the market to buy a home, it's a really good time, but if you're selling, it's not so good. But how about re-financing your mortgage? (Mon, 01 Dec 2008 18:04:21 GMT)

Additional World Bank loan of $1.5 b by March, says Chidambaram
Mr P. Chidambaram, Union Home Minister, at his new office in the Capital on Monday. (Mon, 01 Dec 2008 19:06:01 GMT)

Countrywide Sued by Fund Over $8.4 Billion Loan Deal (Update1)
Dec. 1 (Bloomberg) -- Countrywide Financial Corp. , the home lender acquired by Bank of America Corp. , was sued by Greenwich Financial Services Fund over claims an agreement to reduce payments on mortgages by $8.4 billion would hurt investors. (Mon, 01 Dec 2008 20:48:40 GMT)

Great Wolf continues mortgage negotiations
Great Wolf Resorts said today it is continuing to negotiate with lenders to extend a $76.8 million mortgage that matured Sunday. The mortgage is for its Mason, Ohio, resort property. Steve Shattuck, a spokesman for the Madison company, said the 400-room resort "continues to perform well, and that's just one of reasons we remain very hopeful that arrangements will be made in the near future." ... (Mon, 01 Dec 2008 20:51:35 GMT)

Paulson Leaves Door Open To Mortgage Modification
Paulson Leaves Door Open To Mortgage Modification (Mon, 01 Dec 2008 20:56:42 GMT)

Home loan firms not to cut rates
Say cost of funds too high to lower lending rates. A slew of measures by the Reserve Bank of India (RBI) during the last few weeks may have led to a reduction in home loan rates by public sector banks, but housing financial companies (HFCs) are in no mood to reduce lending rates. (Mon, 01 Dec 2008 21:10:03 GMT)

Ben Bernanke: Fresh Attack on Mortgage Rates
Fed says it may begin buying long-term Treasuries. (Mon, 01 Dec 2008 21:12:34 GMT)

Jury awaits instructions in Willan mortgage-fraud trial
Jury awaits instructions in Willan mortgage-fraud trial (Mon, 01 Dec 2008 21:17:32 GMT)

Canadian mortgage professionals polish image in wake of U.S. subprime mess
VANCOUVER, B.C. - The Canadian mortgage industry is polishing its image in the wake of the subprime mortgage meltdown south of the border by boosting its education standards and forcing new members to earn their stripes before landing a professional designation. (Mon, 01 Dec 2008 22:51:00 GMT)

Countrywide Sued by Fund Over $8.4 Billion Loan Deal (Update2)
Dec. 1 (Bloomberg) -- Countrywide Financial Corp. , the home lender acquired by Bank of America Corp. , was sued by Greenwich Financial Services Fund over claims an agreement to reduce payments on mortgages by $8.4 billion would hurt investors. (Mon, 01 Dec 2008 22:52:39 GMT)

Ben Bernanke: Fresh Attack on Mortgage Rates
Fed says it may begin buying long-term Treasuries. (Mon, 01 Dec 2008 23:04:01 GMT)

Fixing the foreclosure crisis: State must end mortgage abuses
Michigan should root out the unscrupulous practices that set the stage for massive foreclosures here. The Legislature can do that this month by setting rules to stop predatory lenders. (Mon, 01 Dec 2008 23:40:22 GMT)

Countrywide Sued by Fund Over $8.4 Billion Loan Deal (Update2)
Dec. 1 (Bloomberg) -- Countrywide Financial Corp. , the home lender acquired by Bank of America Corp. , was sued by Greenwich Financial Services Fund over claims an agreement to reduce payments on mortgages by $8.4 billion would hurt investors. (Tue, 02 Dec 2008 00:12:15 GMT)

Is now the time to refinance?
Is now the time to refinance? (Tue, 02 Dec 2008 01:07:11 GMT)

Are you an idiot to keep paying your mortgage?
Should you keep paying your mortgage? If you have significant equity in your home, absolutely. If you don't, it's getting harder to answer that question, especially when our government keeps giving people who owe more than their homes are worth so many reasons not to pay. (Tue, 02 Dec 2008 01:26:45 GMT)

Mortgage lending slumps 70 per cent
The housing slump seems set to worsen after official figures revealed yesterday that mortgage lending dived by nearly 70 per cent in October. The Bank of England's latest report on the mortgage market revealed that net lending on homes, which strips out redemptions and repayments, reached just £459m during the month, the second lowest figure recorded by the Bank of England since it began to ... (Tue, 02 Dec 2008 01:30:17 GMT)

New mortgage crisis looms in commercial sector
The full scope of the housing meltdown isn't clear, and already there are ominous signs of a new crisis — one that could turn out the lights on malls, hotels and storefronts nationwide. (Tue, 02 Dec 2008 01:41:47 GMT)

Mortgage payments sometimes rank low in priority
Study: Borrowers default on home loans before car loans, credit cards. Behind the mortgage crisis lurks some consumer behavior that, at first glance at least, seems puzzling. (Tue, 02 Dec 2008 01:42:47 GMT)

Home loan firms not to cut rates
Say cost of funds too high to lower lending rates. A slew of measures by the Reserve Bank of India (RBI) during the last few weeks may have led to a reduction in home loan rates by public sector banks, but housing financial companies (HFCs) are in no mood to reduce lending rates. (Tue, 02 Dec 2008 02:54:47 GMT)

HSBC Increases Hong Kong Mortgage Rates by the Most in a Decade
Dec. 2 (Bloomberg) -- HSBC Holdings Plc raised its Hong Kong mortgage rates by the most in a decade to maintain profitability on home loans. HSBC, the bank with the most branches in Hong Kong , will charge 1.5 percentage point below its so-called best rate for mortgages above HK$1.5 million ($194,000), spokeswoman Louisa Leung said. (Tue, 02 Dec 2008 03:12:08 GMT)

CBA, NAB & Westpac banks cut home-loan rates
SYDNEY, Dec 2 (Reuters) - Australian lenders Commonwealth Bank and National Australia Bank moved on Tuesday to cut their standard variable-rate home loan by 100 basis points, matching a cut in the official cash rate. (Tue, 02 Dec 2008 03:45:36 GMT)

CBA, NAB & Westpac banks cut home-loan rates
SYDNEY, Dec 2 (Reuters) - Australian lenders Commonwealth Bank and National Australia Bank moved on Tuesday to cut their standard variable-rate home loan by 100 basis points, matching a cut in the official cash rate. (Tue, 02 Dec 2008 03:45:36 GMT)

Interest rate drop opens door to refinancing
The recent sharp drop in mortgage interest rates is creating a window for homeowners nationwide to refinance and providing an incentive to people who have been holding back on buying a house. (Tue, 02 Dec 2008 04:26:47 GMT)

(AFX UK Focus) 2008-12-02 04:00 CBA, NAB & Westpac banks cut home-loan rates
SYDNEY, Dec 2 (Reuters) - Australian lenders Commonwealth Bank and National Australia Bank moved on Tuesday to cut their standard variable-rate home loan by 100 basis points, matching a cut in the official cash rate. But their rival, Westpac Banking Corporation, said it would cut its standard home loan by only 80 basis points. The Commonwealth and NAB cuts take effect on Dec. 12 and Westpac on ... (Tue, 02 Dec 2008 04:31:21 GMT)

HSBC raises HK mortgage rates by up to 75 bps
HONG KONG, Dec 2 (Reuters) - Global lender HSBC Holdings <0005.HK> has raised its Hong Kong mortgage rates by up to 75 basis points with effect from Dec. 1, to address concerns over higher lending risks as the credit crisis deepens. (Tue, 02 Dec 2008 04:38:42 GMT)

Feds dropped home-loan crackdown, records show
The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold... (Tue, 02 Dec 2008 04:57:47 GMT)

Mortgage holders cheer RBA rate cut
Mortgage holders and home buyers have welcomed the Reserve Bank of Australia's (RBA) latest rate cut, and more good news may be in store for the new year. (Tue, 02 Dec 2008 06:40:08 GMT)

HSBC Raises Hong Kong Mortgage Rates Most in 10 Years (Update1)
Dec. 2 (Bloomberg) -- HSBC Holdings Plc raised its Hong Kong mortgage rates by the most in a decade to increase profitability on home loans, adding to pressure on property prices. (Tue, 02 Dec 2008 07:08:18 GMT)

Home loan firms not to cut rates
Say cost of funds too high to lower lending rates. (Tue, 02 Dec 2008 07:29:07 GMT)

Mortgage lending slumps 70 per cent
The housing slump seems set to worsen after official figures revealed yesterday that mortgage lending dived by nearly 70 per cent in October. The Bank of England's latest report on the mortgage market revealed that net lending on homes, which strips out redemptions and repayments, reached just £459m during the month, the second lowest figure recorded by the Bank of England since it began to ... (Tue, 02 Dec 2008 07:44:16 GMT)

Let bankruptcy help fix bad mortgages
I watched a middle-aged widow lose her home recently. Her story was familiar. She owned her simple brick residence outright until four years ago, when a mortgage broker stopped by and offered her a loan too good to be true. In exchange for taking on a modest monthly payment, she could make some needed repairs and consolidate other debts. (Tue, 02 Dec 2008 08:00:00 GMT)

Feds dropped home-loan crackdown, records show
The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold... (Tue, 02 Dec 2008 08:42:52 GMT)

New York Warns Insurers on Canceling Unoccupied Home Coverage
Dec. 2 (Bloomberg) -- When Amy Rehbit moved to upstate New York in August 2007 to live with her parents, she intended to sell her Long Island house. The 35-year-old school teacher traveled from her new home outside Albany every other weekend to check on the house. (Tue, 02 Dec 2008 09:25:12 GMT)

What does President-elect Barack Obama plan to do about the mortgage crisis?
Obama's campaign platform included proposals to grant a mortgage tax credit to 10 million homeowners who don't itemize deductions on their tax returns. (Tue, 02 Dec 2008 09:51:54 GMT)

HSBC, Bank of China Lift HK Mortgage Rates as Economy Worsens
Dec. 2 (Bloomberg) -- HSBC Holdings Plc and Bank of China Ltd., the two biggest home lenders in Hong Kong, raised their mortgage rates to maintain profitability, adding to pressure on property prices. (Tue, 02 Dec 2008 11:12:13 GMT)

TransUnion: 3Q mortgage delinquencies shoot higher
The percentage of people who are two months behind on their mortgages shot up in the third quarter from the same period last year, according to credit reporting agency TransUnion LLC. For the quarter ended Sept. 30, 3.96 percent of people holding a mortgage were at least 60 days behind in payments, compared with 2.56 percent in the 2007 third quarter. "It's nothing short of staggering," ... (Tue, 02 Dec 2008 12:20:21 GMT)

TransUnion: 3Q mortgage delinquencies shoot higher
The percentage of people who are two months behind on their mortgages shot up in the third quarter from the same period last year, according to credit reporting agency TransUnion LLC. For the quarter ended Sept. 30, 3.96 percent of people holding a mortgage... (Tue, 02 Dec 2008 12:27:56 GMT)

Investor Sues to Block Mortgage Modifications
The battle over the mass modifications of troubled mortgages has begun in earnest. On Dec. 1, William Frey, a private investor in mortgage-backed securities, filed a lawsuit in New York State Supreme Court alleging that the proposed modification of some 400,000 home loans originally underwritten by the defunct lender Countrywide Financial is illegal. (Tue, 02 Dec 2008 13:08:44 GMT)

Home loan firms not to cut rates
Say cost of funds too high to lower lending rates. A slew of measures by the Reserve Bank of India (RBI) during the last few weeks may have led to a reduction in home loan rates by public sector banks, but housing financial companies (HFCs) are in no mood to reduce lending rates. (Tue, 02 Dec 2008 13:10:05 GMT)

Unicredit offers mortgage relief in Italy
Italy's largest bank Unicredit said Tuesday it will suspend mortgage payment requirements for 12 months without penalties for homeowners in financial difficulty. (Tue, 02 Dec 2008 13:35:31 GMT)

Enhancement of Regular Refinancing Loans to Veterans
The Veteran's Benefits Improvement Act of 2008, Public Law 110-389, was recently signed into law by the President. This law addresses changes to the VA Loan Guaranty Program of which MoneyLine Lending is a sponsored lender. (Tue, 02 Dec 2008 14:00:00 GMT)

Real Estate Could Be Bargain in Recession
Thirty-year rates for mortgage holders have gone down in the current market, so refinancing might be a good idea for some. (Tue, 02 Dec 2008 14:05:59 GMT)

Lenders' mortgage rationing claim
Mortgage rationing is set to become more severe in 2009 without government action, a lenders' group warns. (Tue, 02 Dec 2008 16:50:54 GMT)

What really happened in mortgage market
Subprime mortgages have now been credited for bankrupting well over 110 lenders and seriously damaging operations at many major mortgage firms. They've reportedly wiped out five hedge funds, tens of thousands of jobs, and have led to millions of foreclosures with millions more on the way. (Tue, 02 Dec 2008 17:06:33 GMT)

Mortgage freeze hard on self-employed
The government’s recent moves to backstop the mortgage market have made it easier for many people with decent credit scores to get a loan. But for many self-employed people — even those with pristine credit — the mortgage freeze has yet to thaw. (Tue, 02 Dec 2008 18:28:24 GMT)

Home loan firms not to cut rates
Say cost of funds too high to lower lending rates. A slew of measures by the Reserve Bank of India (RBI) during the last few weeks may have led to a reduction in home loan rates by public sector banks, but housing financial companies (HFCs) are in no mood to reduce lending rates. (Tue, 02 Dec 2008 19:10:51 GMT)

Mortgage fraud incidents up 45 pct in 2Q
Reported incidents of mortgage fraud grew by 45 percent in the second quarter compared to the year-ago period, as borrowers misstated their financial information to maneuver around tighter lending standards, industry data released Tuesday showed. (Tue, 02 Dec 2008 19:30:36 GMT)

Mortgage fraud incidents up 45 pct in 2Q
Reported incidents of mortgage fraud grew by 45 percent in the second quarter compared to the year-ago period, as borrowers misstated their financial information to maneuver around tighter lending standards, industry data released Tuesday showed. Florida... (Tue, 02 Dec 2008 19:43:43 GMT)

Mortgage fraud incidents up 45 percent in 2Q as lenders tighten standards
Reported incidents of mortgage fraud grew by 45 percent in the second quarter compared to the year-ago period, as borrowers misstated their financial information to maneuver around tighter lending standards, industry data released today showed (Tue, 02 Dec 2008 19:49:57 GMT)

Home loan firms not to cut rates
Say cost of funds too high to lower lending rates. A slew of measures by the Reserve Bank of India (RBI) during the last few weeks may have led to a reduction in home loan rates by public sector banks, but housing financial companies (HFCs) are in no mood to reduce lending rates. (Tue, 02 Dec 2008 19:55:42 GMT)

SEC May Curb Credit-Rating Conflicts, Delay New Mortgage Grades
Dec. 2 (Bloomberg) -- The U.S. Securities and Exchange Commission may act to curb conflicts of interest at credit-rating companies while delaying a mortgage-bond ranking proposal faulted by underwriters, two people familiar with the matter said. (Tue, 02 Dec 2008 20:03:33 GMT)

FDIC's Bair: Hopeful Obama will support her mortgage plan
Federal Deposit Insurance Corporation chairwoman Sheila Bair says she hopes the Obama administration will support a mortgage foreclosure mitigation plan she introduced last month. (Tue, 02 Dec 2008 20:22:35 GMT)

Fresno council votes against regulation of loan industry
Fresno officials plan to study how the payday loan industry affects low-income residents, but attempts to increase local and state regulation of the lenders were unsuccessful Tuesday. (Tue, 02 Dec 2008 20:31:24 GMT)

Pennsylvania mortgage rates decline
Mortgage rates in Pennsylvania declined during the past week, echoing a national trend sparked by the federal government’s decision to buy mortgage-backed securities. (Tue, 02 Dec 2008 20:31:51 GMT)

Lehman Japan to Sell $6 Billion in Mortgage Assets, Nikkei Says
Dec. 2 (Bloomberg) -- Lehman Brothers Holdings Inc.’s Japan units may sell as much as 600 billion yen ($6.4 billion) in mortgage assets by the end of March, Nikkei English News reported, without saying where it got the information. (Tue, 02 Dec 2008 20:56:43 GMT)

SEC May Curb Credit-Rating Conflicts, Delay New Mortgage Grades
Dec. 2 (Bloomberg) -- The U.S. Securities and Exchange Commission may act to curb conflicts of interest at credit-rating companies while delaying a mortgage-bond ranking proposal faulted by underwriters, two people familiar with the matter said. (Tue, 02 Dec 2008 21:22:32 GMT)

NORTH MISSISSIPPI & NORTHWEST ALABAMA
TUPELO, Miss. - The Government's decision to purchase more mortgage-backed securities had an immediate impact, as mortgage rates fell by at least a quarter of a percentage point on the same day and many think rates will go even lower. (Tue, 02 Dec 2008 22:05:31 GMT)

Florida leads nation in fraudulent mortgage applications
Despite more stringent underwriting of mortgages in the wake of record foreclosures, lenders continued to battle the problem of home loan fraud during the second quarter of theyear, with Florida borrowers again submitting more questionable loan applications than borrowers in any state in the nation, according to an industry report released Tuesday. (Tue, 02 Dec 2008 22:14:30 GMT)

Attention All Homeowners -- Watch This!
Whether you're fearing foreclosure, meeting the mortgage just fine or even looking to buy, listen up! Nows the time to take action. Starting first with those homeowners who have no fear of losing their home and are paying the bills just fine, mortgage planner Drew Aiello says refinance now. (Tue, 02 Dec 2008 22:29:40 GMT)

Economy, timing may thwart home for deaf seniors
Lenders have withdrawn and tax credit soon will expire on the Tempe retirement home project. (Wed, 03 Dec 2008 00:04:59 GMT)

Lehman Japan to Sell $6 Billion in Mortgage Assets, Nikkei Says
Dec. 2 (Bloomberg) -- Lehman Brothers Holdings Inc.’s Japan units may sell as much as 600 billion yen ($6.4 billion) in mortgage assets by the end of March, Nikkei English News reported, without saying where it got the information. (Wed, 03 Dec 2008 00:27:12 GMT)

Mortgage fire sales banned
BANKS will be outlawed from conducting mortgage fire sales in Queensland in an attempt to protect struggling homeowners under new legislation. (Wed, 03 Dec 2008 01:15:00 GMT)

Auto dealer says loan for Big Three essential
Area automotive dealer Bob Ridings says a $25 billion federal loan for the Big Three American automakers is essential to protect thousands of jobs and preserve U.S. industry. (Wed, 03 Dec 2008 03:00:25 GMT)

Mortgage Brokers: Now Is Good Time To Refinance
While most money matters aren't looking up right now, if you're looking to refinance your home, mortgage brokers said this is the time to do it. In the last few days, rates have fallen to just over 5%, the lowest they've been in three years. It's also a good time to see if a no closing cost mortgage loan might work for you. It gives people the option to refinance or purchase a new home with ... (Wed, 03 Dec 2008 03:21:06 GMT)

Mortgage Brokers: Now Is Good Time To Refinance
While most money matters aren't looking up right now, if you're looking to refinance your home, mortgage brokers said this is the time to do it. In the last few days, rates have fallen to just a little more than 5 percent, the lowest they've been in three years. It's also a good time to see if a no closing cost mortgage loan might work for you. It gives people the option to refinance or ... (Wed, 03 Dec 2008 03:51:08 GMT)

Interest rate drop opens door to refinancing
The recent sharp drop in mortgage interest rates is creating a window for homeowners nationwide to refinance and providing an incentive to people who have been holding back on buying a house. (Wed, 03 Dec 2008 04:12:10 GMT)

BankWest cuts home loan rates
BankWest will cut interest rates on variable mortgages by 0.85 per cent, effective December 12. (Wed, 03 Dec 2008 04:26:00 GMT)

BankWest cuts home loan rates
BankWest will cut interest rates on variable mortgages by 0.85 per cent, effective December 12. (Wed, 03 Dec 2008 04:26:00 GMT)

BankWest cuts home loan rates
BANKWEST will cut interest rates on variable mortgages by 0.85 per cent, effective December 12. (Wed, 03 Dec 2008 04:30:00 GMT)

Mortgage Fraud Rises
In a state that leads the nation in mortgage fraud, Tampa had the second-most cases of suspicious loan activity of any Florida city, according to a report released Tuesday from the Reston, Va.-based Mortgage Asset Research Institute. (Wed, 03 Dec 2008 05:00:55 GMT)

BankWest cuts home loan rates
BANKWEST and St George will cut interest rates on variable mortgages by 85 percentage points. (Wed, 03 Dec 2008 05:48:00 GMT)

St George cuts home loan rate by 85bps
St George Bank has cut its standard variable home loan interest rate by 85 basis points to 6.89 per cent. (Wed, 03 Dec 2008 06:04:53 GMT)

St George cuts home loan rates
St George has cut its variable home loan rates, but did not pass on the full cut in the official interest rate. (Wed, 03 Dec 2008 06:04:53 GMT)

St George cuts home loan rates
St George has cut its variable home loan rates, but did not pass on the full cut in the official interest rate. (Wed, 03 Dec 2008 06:10:09 GMT)

Mortgage rates dip, but cash is still king
The drop in mortgage rates during the past week is bringing out fresh buyers to a tired real estate market, but only a few of them are scoring. (Wed, 03 Dec 2008 06:12:18 GMT)

Home loan fraud still rising
Despite more stringent underwriting of mortgages in the wake of record foreclosures, lenders continued to battle home loan fraud during the second quarter of the year, with Florida borrowers again submitting more questionable loan applications than borrowers in any state in the nation, according to an industry report released Tuesday. (Wed, 03 Dec 2008 08:27:35 GMT)

Mortgage fraud, late payments rising
Both mortgage fraud and late payments are rising substantially, according to separate reports this week. The percentage of people who are two months behind on mortgage payments shot up in the third quarter from the same period last year, according to credit... (Wed, 03 Dec 2008 08:29:53 GMT)

Q: Has there been more or less mortgage fraud during the financial crisis?
A: The Mortgage Asset Research Institute reported incidents of mortgage fraud grew by 45 percent in the second quarter. (Wed, 03 Dec 2008 09:53:33 GMT)

New low mortgage rates out of reach
Many of the would-be borrowers who have bombarded mortgage lenders with phone calls since interest rates dropped last week are finding they don't qualify for loans. (Wed, 03 Dec 2008 11:02:02 GMT)

PRESS RELEASE: Fitch Assigns Ratings To EBS Mortgage Finance
Fitch Ratings-London-03 December 2008: Fitch Ratings has Wednesday assigned Ireland-based EBS Mortgage Finance (EBS MF) a Long-term Issuer Default rating ( IDR) at 'A-' (A minus) with a Negative Outlook. The agency has assigned EBS MF a Short-term IDR at 'F1+ as well as a Support rating at '1'. (Wed, 03 Dec 2008 11:53:42 GMT)

Mortgage applications surge by record amount
Mortgage applications surged by the largest amount on record last week as a new Federal Reserve program pushed interest rates down to their lowest level in more than 3 years, data from an industry group showed on Wednesday. (Wed, 03 Dec 2008 12:13:06 GMT)

Mortgage Application Volume Rose More Than 100% Last Week
(RTTNews) - Mortgage application volume more than doubled last week, as lower rates prompted a tripling of refinancing activity. The Mortgage Bankers Application revealed that its market index of mortgage application volume rose 112.1 percent for the week. (Wed, 03 Dec 2008 12:23:55 GMT)

US mortgage applications surge largest amount on record-MBA
NEW YORK, Dec 3 (Reuters) - U.S. mortgage applications surged by the largest amount on record last week as a new Federal Reserve program pushed interest rates down to their lowest level in more than 3 years, data from an industry group showed on Wednesday. (Wed, 03 Dec 2008 12:27:29 GMT)

U.S. Mortgage Applications Surge 112% on Lower Borrowing Costs
U.S. mortgage applications surged 112.1% to 857.7 from 404.4 in the week ending November 21st as the Fed increased their efforts to stabilize the credit market. (Wed, 03 Dec 2008 12:32:02 GMT)

U.S. MBA’s Mortgage Applications More Than Doubled Last Week
Dec. 3 (Bloomberg) -- Mortgage applications in the U.S. surged by a record last week as lending rates plunged after the Federal Reserve pledged to buy mortgage-backed debt. (Wed, 03 Dec 2008 12:33:19 GMT)

U.S. MBA’s Mortgage Applications More Than Doubled Last Week
Dec. 3 (Bloomberg) -- Mortgage applications in the U.S. surged by a record last week as lending rates plunged after the Federal Reserve pledged to buy mortgage-backed debt. (Wed, 03 Dec 2008 12:37:29 GMT)

(AFX UK Focus) 2008-12-03 12:19 RPT-US mortgage applications surge by record amount
NEW YORK, Dec 3 (Reuters) - U.S. mortgage applications surged by the largest amount on record last week as a new Federal Reserve program pushed interest rates down to their lowest level in more than 3 years, data from an industry group showed on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance ... (Wed, 03 Dec 2008 12:47:28 GMT)

(AFX UK Focus) 2008-12-03 12:19 RPT-US mortgage applications surge by record amount
NEW YORK, Dec 3 (Reuters) - U.S. mortgage applications surged by the largest amount on record last week as a new Federal Reserve program pushed interest rates down to their lowest level in more than 3 years, data from an industry group showed on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance ... (Wed, 03 Dec 2008 12:48:04 GMT)

Big rate drop sends mortgage applications soaring
Mortgage applications filed last week rose a seasonally adjusted 112.1%, compared with the week before, as borrowers rushed to lock in lower rates, according to the Mortgage Bankers Association’s weekly survey. (Wed, 03 Dec 2008 12:52:39 GMT)

Fixed-rate trap snares 43,000 home owners
MORE than 40,000 unlucky people have been caught out in a fixed mortgage rate trap, having taken out their loan at the highest fixed interest rates in a decade, denied any saving from the recent cuts and confronting costly break fees if they decide to refinance. (Wed, 03 Dec 2008 13:13:06 GMT)

Mortgage Application Volume Doubled Last Week On Surge in Refinancing
(RTTNews) - Mortgage application volume more than doubled last week, as lower rates prompted a tripling of refinancing activity. Refinancing now makes up a significant majority of mortgage activity, as the housing market remains in a slump but home owners are able to take advantage of lower rates. (Wed, 03 Dec 2008 13:21:14 GMT)

Mortgage Application Volume Doubled Last Week On Surge in Refinancing
(RTTNews) - Mortgage application volume more than doubled last week, as lower rates prompted a tripling of refinancing activity. Refinancing now makes up a significant majority of mortgage activity, as the housing market remains in a slump but home owners are able to take advantage of lower rates. (Wed, 03 Dec 2008 13:23:37 GMT)

Mortgage Applications Surge by Record Amount
U.S. mortgage applications surged by the largest amount on record last week as a new Federal Reserve program pushed interest rates down to their lowest level in more than 3 years, data from an industry group showed on Wednesday. (Wed, 03 Dec 2008 14:56:42 GMT)

Mortgage applications more than double
Mortgage applications more than doubled last week, a mortgage bankers' group said Wednesday, as government bailouts led to sinking interest rates that made refinancing especially more attractive. (Wed, 03 Dec 2008 14:58:27 GMT)

Mortgage applications surge by record
Mortgage applications surged by the largest amount on record last week as a new Federal Reserve program pushed interest rates down to their lowest level in more than 3 years. (Wed, 03 Dec 2008 15:05:56 GMT)

Asia Markets: Sector turns up as mortgage applications surge
Shares of U.S. financial stocks reverse early losses as data show mortgage refinancing applications rose sharply, suggesting capital may be flowing better to homeowners and providing some support for weak home prices. (Wed, 03 Dec 2008 15:23:25 GMT)

Mortgage application, refinance volume surge
Mortgage application volume more than doubled during the shortened Thanksgiving week, according to the Mortgage Bankers Association's weekly application survey. (Wed, 03 Dec 2008 15:30:19 GMT)

Mortgage application volume more than doubles in Thanksgiving week, refinancing leads triple
Mortgage application volume more than doubled during the shortened Thanksgiving week, according to the Mortgage Bankers Association's weekly (Wed, 03 Dec 2008 15:49:06 GMT)

Mortgage application volume more than doubles in Thanksgiving week, refinancing leads triple
Mortgage application volume more than doubled during the shortened Thanksgiving week, according to the Mortgage Bankers Association's weekly (Wed, 03 Dec 2008 16:04:26 GMT)

Mortgage application, refinance volume surge
Mortgage application volume more than doubled during the shortened Thanksgiving week, according to the Mortgage Bankers Association's weekly application survey. The trade group's application index surged to 857.7 in the week ended Nov. 28, up from 404.4 a... (Wed, 03 Dec 2008 16:13:20 GMT)

Mortgage application, refinance volume surge
Mortgage application volume more than doubled during the shortened Thanksgiving week, according to the Mortgage Bankers Association's weekly application survey. The trade group's application index surged to 857.7 in the week ended Nov. 28, up from 404.4 a week earlier. The heightened activity in a holiday-shortened week came as average rates on some fixed-rate mortgages tumbled more than a ... (Wed, 03 Dec 2008 16:19:31 GMT)

Brown unveils mortgage help plan
People made redundant will be able to defer part of their mortgage payments for up to two years, Gordon Brown says. (Wed, 03 Dec 2008 16:34:51 GMT)

Mortgage applications post largest gain ever
Mortgage applications surged by the largest amount on record last week as a new Federal Reserve program pushed interest rates down to their lowest level in more than 3 years, data from an industry group showed on Wednesday. (Wed, 03 Dec 2008 16:42:18 GMT)

Ben Bernanke’s Christmas Gift: Mortgage Refis
Mortgage applications jump after Fed moves send rates plummeting. (Wed, 03 Dec 2008 17:04:37 GMT)

Mortgage applications skyrocket in week
The volume of applications for U.S. mortgages jumped 112.1 percent last week, due to a big drop in interest rates, an industry group said.The Market Composite Index, which measures mortgage loan application volume, rose from 404.4 to 857.7 in the week ending Nov. 28, a week shortened by the Thanksgiving holiday, the Mortgage Bankers Association said in a release Wednesday.The Refinance Index ... (Wed, 03 Dec 2008 17:34:38 GMT)

Personal Finance Daily: Falling mortgage rates provide glimmer of hope for housing
Get the good news and bad news about falling mortgage rates, find out why women may suffer more during this recession, and learn why toys are becoming more dangerous, all in today's Personal Finance section. (Wed, 03 Dec 2008 17:37:45 GMT)

Brown Offers 1 Billion Pound Mortgage Loan Guarantee (Update2)
Dec. 3 (Bloomberg) -- Prime Minister Gordon Brown said the U.K. government will guarantee interest payments worth up to 1 billion pounds ($1.5 billion) owed by homeowners struggling to keep up with mortgages, an effort to prevent home repossessions. (Wed, 03 Dec 2008 18:30:46 GMT)

Home Loan Fraud Still Rising; Florida Leads Nation
Despite more stringent underwriting of mortgages in the wake of record foreclosures, lenders continued to battle home loan fraud during the second quarter of the year, with Florida borrowers again submitting more questionable loan applications than borrowers in any state in the nation, according to an industry report released Tuesday. (Wed, 03 Dec 2008 18:33:07 GMT)

Reaction to the mortgage help plan
Reaction to the news that help will be given to those struggling with mortgage repayments (Wed, 03 Dec 2008 19:40:31 GMT)

Record rise in US home loan applications
A record surge in US home financing activity over the past week has followed the planned purchase of $500bn in mortgage securities by the Federal Reserve. (Wed, 03 Dec 2008 20:38:56 GMT)

ASB cuts floating home loan rate
The ASB Bank has been fast out of the blocks in the wake of the cut to the Official Cash Rate, cutting its floating home loan rate to 7.95 percent from 8.70 percent. (Wed, 03 Dec 2008 20:41:07 GMT)

ShareChat News: Two banks cut home loan rates
Two banks have already responded to the Reserve Bank’s 150 basis point OCR cut today. Kiwibank has reduced all its home loan rates, while ASB Bank has cut 75 points off its floating rate, bringing it down to 7.95% Kiwibank’s one-year fixed rate is 6.49% and its variable rate is down to 7.45%. (Wed, 03 Dec 2008 22:00:56 GMT)

Mortgage Refinance Applications Soar As Rates Fall
NEW YORK -(Dow Jones)- Applications to refinance mortgages soared last week as interest rates dipped by almost 1 percentage point after the Federal Reserve announced that it would purchase billions in mortgage related debt. (Wed, 03 Dec 2008 22:08:43 GMT)

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