Mortgage News Jul 2009

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Post Office set to up mortgage rates
THE Post Office is expected to introduce new higher mortgage rates tomorrow, amid accusations that lenders are ignoring Government calls for better competition. (Sat, 11 Jul 2009 23:23:50 GMT)

RAMS launches split mortgage
Mortgage provider RAMS Home Loans says it will offer the fixed rate component of a new home loan product at half a percentage point below the variable rate. (Sun, 12 Jul 2009 00:11:57 GMT)

Minority loan gap widens
As the credit spigot dried up in 2008, blacks and Hispanics were more likely to be denied mortgage loans than whites, an Observer analysis of the latest national mortgage data found. (Sun, 12 Jul 2009 02:21:06 GMT)

Push is on for more home-loan bank data
Banks need to provide more information about their mortgage lending so regulators and the public can flag risks and potential racism in the housing market, experts say. (Sun, 12 Jul 2009 04:01:06 GMT)

Loan modification scams add to foreclosure woes
Maricela Castellanos sat at her desk, the telephone pressed to her ear, a chill running through her body. A representative from her mortgage company was on the line with troubling information about the loan on her Hesperia home northeast of Los Angeles. (Sun, 12 Jul 2009 06:04:36 GMT)

FBI reports a rise in mortgage fraud
WASHINGTON — Falling housing prices are driving up reports of mortgage fraud, with the FBI saying last week that reported losses are up 83 percent last year and climbing even higher in 2009. (Sun, 12 Jul 2009 06:12:16 GMT)

Classic Properties offering mortgage protection in case of job loss
To nudge home buyers toward properties in these tough economic times, a local real estate company is offering an incentive that pays the mortgage in case of a job loss. (Sun, 12 Jul 2009 06:43:07 GMT)

Mortgage-aid plan limping along
Struggling homeowners were given hope when a federal housing initiative to help millions avoid foreclosure was announced by President Barack Obama. So far the plan isn't working as anticipated. Many eligible Valley homeowners can't reach anyone at their lender who will work with them. (Sun, 12 Jul 2009 06:45:54 GMT)

FBI: Mortgage fraud on rise
Falling housing prices are driving up reports of mortgage fraud, with the FBI saying last week that (Sun, 12 Jul 2009 07:01:25 GMT)

Mortgage rates fall for second week
McLEAN, Va. -- Average rates for 30-year mortgages fell for the second-straight week, but still remained above record lows reached earlier this year, Freddie Mac said Thursday. (Sun, 12 Jul 2009 07:09:59 GMT)

Refinancing while on unemployment?
Q: My daughter was laid off in November and has tried without success to refinance her GMAC mortgage or have the monthly payment reduced. They won't budge even though she still pays on time. What can she do? Didn't GMAC get stimulus money?Wiltrud Nebgen, Denver (Sun, 12 Jul 2009 07:25:34 GMT)

Making Home Affordable plan could help with refinancing
Q: I have two mortgages on my primary residence -- the only property I own. Both mortgages are owned by the same lender. (Sun, 12 Jul 2009 07:35:02 GMT)

Reverse mortgage help
The Howard County Office on Aging, through Maryland Access Point (MAP), is offering counseling to Maryland residents ages 62 and older who are considering a reverse mortgage. The counseling is targeted to seniors who may be able to pay their everyday expenses but are struggling to cover the costs of health care, home repairs, increased property taxes and unexpected expenses. There are four ... (Sun, 12 Jul 2009 07:49:58 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, 12 Jul 2009 08:04:17 GMT)

Getting help to own a home
The North Platte Telegraph First-time homebuyers can get some help with down payments and closing costs through a new Nebraska Investment Finance Authority program called the Advance Buyer Credit Loan. (Sun, 12 Jul 2009 09:58:41 GMT)

Paying off credit cards by refinancing mortgage
Q: With mortgage loan rates at record lows, I'm thinking of refinancing my 30-year fixed-rate loan. The lender is recommending that I roll into the refi amount the balances I owe on my car and two credit cards. The advantages would be that they'd be paid off,... (Sun, 12 Jul 2009 10:09:03 GMT)

26% of home mortgage defaults 'strategic'
Would you, under any circumstances, default on your home mortgage, even if you could afford to make the monthly payments? That's a trickier question than you might assume, according to new research from the University of Chicago's Booth School of Business... (Sun, 12 Jul 2009 10:09:53 GMT)

30-year fixed mortgage rates drop to 5.2 percent
Average rates for 30-year mortgages fell for the second straight week, but still remained above record lows reached this year, Freddie Mac said Thursday. The average rate for a 30-year fixed home loan was 5.2 percent last week, down from 5.32 percent the... (Sun, 12 Jul 2009 10:10:04 GMT)

Abu Dhabi Islamic Bank announces home loan rates for UAE nationals
Abu Dhabi Islamic Bank (ADIB), a leading regional Islamic bank, has announced attractive home finance rates for UAE nationals. Same day pre-approval and up to Dhs8,000,000 per client are some of the features of the enhanced home finance program available at ADIB. (Sun, 12 Jul 2009 10:34:47 GMT)

FBI: Mortgage fraud on the rise
Mortgage fraud is increasing throughout the United States as distressed homeowners find little help from their banks, according to a new FBI report. (Sun, 12 Jul 2009 11:02:04 GMT)

New appraisal rules impact home sales
Johnnie Ganem is suspicious every time he spots someone he doesn't recognize measuring a Savannah-area home these days. (Sun, 12 Jul 2009 11:37:45 GMT)

Rush to fix home loans
MORE borrowers are fixing their home loan rates, believing that interest rates may have bottomed. (Sun, 12 Jul 2009 13:10:23 GMT)

Pagbenta ng housing mortgage idinepensa ni Noli
Bahagi lamang umano nang isinasagaw ang “clean-up” o paglilinis sa sektor ng pabahay ang gi­nawang pagbebenta ng National Home Mortgage Finance Corporation (NHMFC) sa mga mortgage nito sa Deutsche Bank Real Estate Global Opportunities. (Sun, 12 Jul 2009 16:09:01 GMT)

Zillow: Colorado mortgage rates at 5.16%
Colorado home mortgage rates continue to slide, according to Zillow Mortgage Marketplace. (Sun, 12 Jul 2009 16:12:10 GMT)

MPs' expenses: tougher rules on mortgage claims introduced
MPs will not be paid expenses to cover their mortgage interest on their designated second homes unless they provide comprehensive proof of their payments a letter from House of Commons officials has disclosed. (Sun, 12 Jul 2009 16:56:33 GMT)

FHA loan can be a smart option
Since other private funding for buyers unqualified for a conventional loan has disappeared, FHA loans have had a resurgence. (Sun, 12 Jul 2009 17:01:16 GMT)

Workshop geared for potential home buyers
Because buying a home can be such a complicated process, requiring an understanding of how to obtain financing, document your ability to repay a loan, negotiate a fair price and protect your investment, the OSU Extension service is offering an educational workshop for prospective home buyers. (Sun, 12 Jul 2009 17:13:33 GMT)

Regulator steps up mortgage break charge probe
The Financial Regulator is to conduct detailed on-site investigations into the mortgage operations of the country’s main banks amid concern that some institutions are overcharging customers who break out of a fixed-rate mortgage for a cheaper variable rate deal. (Sun, 12 Jul 2009 17:13:39 GMT)

Ban on 100% home loans dropped
Tough new curbs on mortgage lending to limit loans and force homebuyers to come up with far bigger deposits are being eased amid fears that they could wreck the emerging recovery in the housing market. Earlier this year, Gordon Brown asked the Financial Services Authority, the government watchdog, to consider a ban on mortgages with a high loan-to-value (LTV) rate - such as those requiring ... (Sun, 12 Jul 2009 17:55:14 GMT)

Myners urges crackdown on mortgage arrears fees
• City minister calls charges by mortgage lenders 'short-sighted' • FSA to review mortgage market this autumn City minister Lord Myners has called for a crackdown on charges levied by lenders when borrowers fall into mortgage arrears as the government stepped up its attempts to help voters cope with the recession. Appearing before the Treasury select committee at the Commons, Myners said the ... (Sun, 12 Jul 2009 18:18:30 GMT)

Seniors need reverse-mortgage option
People ages 62 and older need protection, but the Legislature's reverse mortgage bill went too far, and Pawlenty's veto was the right decision. (Sun, 12 Jul 2009 18:27:59 GMT)

ING DIRECT offers mortgage with bi-weekly payments
ING DIRECT has introduced Easy Orange, a mortgage designed to reward savers who want to own their homes and make extra payments. (Sun, 12 Jul 2009 21:21:20 GMT)

Loan servicers deluged by homeowners seeking new terms
Celina Gallegos of Arlington has taken a second, part-time job on a loading dock but still can’t afford her $930 mortgage payment. (Mon, 13 Jul 2009 03:05:49 GMT)

Fixed loan demand hits 11-month high
Demand for fixed-rate home loans crept to an 11-month high in June, Australia's largest independent mortgage broker says. (Mon, 13 Jul 2009 03:36:28 GMT)

Houston PBS pairing with HCN to launch mortgage crisis initiative
Every day more and more area families lose their homes because they can’t afford larger mortgage payments. In Texas, the number of foreclosures increased 14 percent in 2008 — Harris County led the state with a total of 22,607 foreclosure filings. A majority of those facing foreclosure are not seeking assistance because they don’t know where to turn for help. (Mon, 13 Jul 2009 05:52:12 GMT)

Fixed loan demand hits 11-month high
Demand for fixed-rate home loans crept to an 11-month high in June, Australia's largest independent mortgage broker says. (Mon, 13 Jul 2009 06:35:32 GMT)

The Homeowners Consumer Center Announces a Way for Honest Mortgage Broker Firms to Grow Their Businesses In the Top ...
The Homeowner Consumer Center is one of the most quoted sources in the US on homeowner issues. (Mon, 13 Jul 2009 07:01:00 GMT)

The Homeowners Consumer Center Announces a Way for Honest Mortgage Broker Firms to Grow Their Businesses In the Top ...
The Homeowner Consumer Center is one of the most quoted sources in the US on homeowner issues. The Homeowners Consumer Center is launching an initiative that will marry specific honest mortgage brokerage firms in each of the top 100 US metro areas with a branding campaign that is intended to drive A and Alt A borrowers to their company for financing & refinancing. The key components of this ... (Mon, 13 Jul 2009 07:10:13 GMT)

Japan CMBS Loan Defaults Reach ‘Unprecedented High,’ Fitch Says
July 13 (Bloomberg) -- Default rates on loans underlying Japanese commercial mortgage-backed securities rose to an “unprecedented high” of 53 percent in the first half, Fitch Ratings said. (Mon, 13 Jul 2009 08:09:03 GMT)

Banks May Sign on to Delayed U.S. Home-Equity Plan (Update2)
July 10 (Bloomberg) -- U.S. banks are likely to begin signing contracts as soon as this month that would let second mortgages and other home-equity debt be reworked under a government-subsidized program, a Treasury official said. (Mon, 13 Jul 2009 08:38:12 GMT)

PA Office Lands $52M Refi
Capmark has originated $52.5 million for a partnership equity recapitalization and refinance of an existing loan for a 345,000-square-foot office tower in Conshohocken, Pa. The 16-story Class A property is known as Eight Tower Bridge. (Mon, 13 Jul 2009 09:33:53 GMT)

FSA bans Essex mortgage broker for fraud
The Financial Services Authority (FSA) has banned Essex mortgage broker Daniel Esqulant for submitting four mortgage applications for himself and one for a close relative all supported by false and misleading income information. (Mon, 13 Jul 2009 09:41:29 GMT)

FSA bankrupts fraudulent mortgage broker for non-payment of financial penalty
The Financial Services Authority (FSA) has secured a bankruptcy order in the High Court against former East London mortgage broker Sadia Nasir for non-payment of a £129,000 financial penalty levied on her by the FSA for mortgage fraud. (Mon, 13 Jul 2009 09:41:39 GMT)

Nuala O'Loan appointed to Lords
Former Police Ombudsman Dame Nuala O'Loan says her appointment to the House of Lords is a wonderful opportunity. (Mon, 13 Jul 2009 09:47:38 GMT)

Nuala O'Loan appointed to Lords
Former Police Ombudsman Dame Nuala O'Loan is appointed to the House of Lords. (Mon, 13 Jul 2009 09:51:13 GMT)

Balloon Mortgages: A Relic of the Boom Survives?
Honestly, I thought balloon mortgages--loans that come due after a short period, forcing a refinance--were killed off by the real estate crash. But I learned that online lender ING Direct is still offering these risky loans. Only now they're taking steps to limit their own risk by requiring at least a 25 percent down payment (or equity, if it's a refinance). The payoff for borrowers: A 4.25 ... (Mon, 13 Jul 2009 10:11:40 GMT)

Fixed loan demand hits new high
Demand for fixed-rate home loans crept to an 11-month high in June, Mortgage Choice says. (Mon, 13 Jul 2009 10:40:08 GMT)

Hong Kong Mortgage Rates Close to Bottom, HSBC Says (Update1)
July 13 (Bloomberg) -- Hong Kong’s mortgage rates , at the lowest in at least 19 years, are getting close to the bottom and can rise “quickly,” said Peter Wong , head of the local unit of HSBC Holdings Plc , the city’s biggest bank by deposits. (Mon, 13 Jul 2009 10:53:56 GMT)

Nuala O'Loan appointed to House of Lords
The North's first-ever Police Ombudsman, Nuala O'Loan, has been appointed to the British House of Lords. Related Stories Efforts to free Irish aid worker continue in Sudan Majority of people take risks with food safety Teenager due in court over Newry murder 114 arrests made at Oxegen music festival Family escape injury in Lisburn arson attack (Mon, 13 Jul 2009 11:07:37 GMT)

Mortgage fraud on the increase
LONDON (SHARECAST) - Homebuyers keen to snap up cheap property are committing mortgage fraud in an effort to overcome tight lending criteria and a dearth of affordable home loans. (Mon, 13 Jul 2009 11:20:02 GMT)

New FHA reverse mortgage boon to seniors
A new Federal Housing Administration, or FHA, reverse mortgage program can help senior homeowners relocate or downsize to a new home without giving up all their savings -- and save them thousands of dollars in the process. (Mon, 13 Jul 2009 11:42:16 GMT)

Mortgage fraud on the increase as borrowers try to circumvent tighter rules
Lenders are reporting a rise in mortgage application fraud as consumers try to get around their tight lending criteria a trade body has said. (Mon, 13 Jul 2009 11:59:08 GMT)

U.S. Stock-Index Futures Fluctuate; Home Depot Shares Decline
July 13 (Bloomberg) -- U.S. stock-index futures fluctuated. Home Depot Inc. fell as Treasury Secretary Timothy Geithner said there are “enormous challenges” for the economy. (Mon, 13 Jul 2009 12:36:42 GMT)

Hong Kong Mortgage Rates Close to Bottom, HSBC Says (Update1)
July 13 (Bloomberg) -- Hong Kong’s mortgage rates , at the lowest in at least 19 years, are getting close to the bottom and can rise “quickly,” said Peter Wong , head of the local unit of HSBC Holdings Plc , the city’s biggest bank by deposits. (Mon, 13 Jul 2009 13:28:27 GMT)

Commercial Delinquencies Jump By Record Rate In June -Fitch
Defaults on five loans of $100 million or more backed by hotel properties and regional malls led to a record increase in U.S. commercial mortgage-backed securities delinquencies last month, according to Fitch Ratings. (Mon, 13 Jul 2009 14:12:31 GMT)

HUD providing hospital mortgage insurance
The U.S. Department of Housing and Urban Development will now provide mortgage loan insurance for hospital refinancing. (Mon, 13 Jul 2009 14:30:29 GMT)

Scams Abundant in Home Loan Modification Programs
The Nevada Attorney General's office says loan modification scams are topping all cases of housing fraud in Nevada. (Mon, 13 Jul 2009 14:37:07 GMT)

UPDATE: Commercial Delinquencies Rise In June -Fitch, Moody's
Delinquencies on U.S. commercial mortgage-backed securities delinquencies soared last month as hotel loans soured, according to reports from Fitch Ratings and Moody's Investors Service. (Mon, 13 Jul 2009 15:27:42 GMT)

EU OKs Hungary Mortgage Scheme To Help Crisis-Hit Households
BRUSSELS -(Dow Jones)- The European Commission cleared under its state aid rules Monday a mortgage-support scheme set up by the Hungarian government to help households hit by the economic downturn. (Mon, 13 Jul 2009 16:11:50 GMT)

Government Insured Share of Mortgage Applications Spike
With private markets increasingly tight, Uncle Sam is playing a bigger role in the mortgage market. (Mon, 13 Jul 2009 16:30:30 GMT)

St. Louis Fed: Mortgage woes here trail nation's
A new study out from the Federal Reserve Bank of St. Louis reminds us once again that, while the mortgage crisis is bad here, it is worse in other places. (Mon, 13 Jul 2009 17:10:17 GMT)

Loan scheme extension to aid first-home buyers
Lending limits for "Welcome Home" loans for first home buyers look set to increase next month, opening the scheme up to low-income home-buyers in parts of Auckland and Tauranga for the first time in several years. Housing Minister... (Mon, 13 Jul 2009 17:15:11 GMT)

Federal mortgage-aid program limps along
Borrowers say lenders reluctant to ease terms. (Mon, 13 Jul 2009 18:35:53 GMT)

Geithner’s Loans Give Mortgage Debt Little Boost, JPMorgan Says
July 13 (Bloomberg) -- The loans available to funds run under Treasury Secretary Timothy Geithner ’s Public-Private Investment Program will have little affect on “non-agency” mortgage-bond values, JPMorgan Chase & Co. analysts said. (Mon, 13 Jul 2009 18:37:18 GMT)

Ridgewood Savings Bank Holds Mortgage Awareness Sessions
At these events, which are free and open to the public, a mortgage consultant will be available to provide valuable information on the various types of mortgages and the borrower's requirements for each. Visitors will also learn how to handle the mortgage application process and can receive expert advice on how and when to refinance. (Mon, 13 Jul 2009 19:15:51 GMT)

St. Louis Fed: Shelby County tops region in mortgage delinquencies
At 4.59 percent, Shelby County had the highest fourth quarter 2008 mortgage delinquency percentage of any county in the Eighth Federal Reserve District. That percentage of delinquencies is almost a whole percent higher than the number from the same quarter in 2007. (Mon, 13 Jul 2009 19:54:06 GMT)

HoustonPBS launches mortgage crisis initiative
Every day more and more area families lose their homes because they can’t afford larger mortgage payments. In Texas, the number of foreclosures increased 14 percent in 2008. Harris County led the state with a total of 22,607 foreclosure filings. A majority of those facing foreclosure are not seeking assistance because they don’t know where to turn for help. (Mon, 13 Jul 2009 19:55:50 GMT)

Koster to testify about mortgage scams
Missouri Attorney General Chris Koster plans to testify Tuesday before the U.S. Senate Commerce Committee on the increase in mortgage-rescue and debt-settlement fraud in the state. (Mon, 13 Jul 2009 19:58:42 GMT)

Foreclosure-Mortgage Scams at Record High
It's a warning to be extra-cautious when doing things related to your mortgages. The warning comes from one of the country's biggest government-backed mortgage lenders: Freddie Mac. (Mon, 13 Jul 2009 19:59:11 GMT)

Loan scheme to spur economy in the north
COLOMBO: The Central Bank of Sri Lanka (CBSL) on Monday announced a special loan scheme, “The Awakening North”, with seed capital of Sri Lankan Rs.3,000 million for the resumption of economic activities, including agriculture, ... (Mon, 13 Jul 2009 19:59:52 GMT)

Geithner’s Loans Give Mortgage Debt Little Boost (Update1)
July 13 (Bloomberg) -- The loans available to funds run under Treasury Secretary Timothy Geithner ’s Public-Private Investment Program will have little effect on “non-agency” mortgage-bond values, JPMorgan Chase & Co. analysts said. (Mon, 13 Jul 2009 20:37:47 GMT)

Big banks try to extend winning streak
Will the big banks do it again? (Mon, 13 Jul 2009 20:52:45 GMT)

Govt mortgage plan failing, say MPs
The Treasury's Asset-backed Guarantee Scheme (ABS) - a key plank of its efforts to get the mortgage markets moving again - is not working, according to an influential committee of MPs. (Mon, 13 Jul 2009 23:01:00 GMT)

Bill Jamieson: Personal cost of Darling's business loan rescue plan
HAVE you pledged your children's investments as security for a business loan? The caravan in Argyll? Family heirlooms lying round the home? (Mon, 13 Jul 2009 23:11:27 GMT)

Mortgage plan 'doomed to fail'
A government scheme to kick-start the UK mortgage market is not working and more must be done, MPs have said. (Mon, 13 Jul 2009 23:18:34 GMT)

AG files suit against loan modification firm
Arizona Attorney General Terry Goddard filed a complaint in Arizona Superior Court that alleges a home loan modification company violated the Arizona Consumer Fraud Act and Credit Services Act. (Mon, 13 Jul 2009 23:47:08 GMT)

State files suit against loan-modification firm
A consumer-fraud lawsuit has been filed against the Phoenix-based loan-modification firm Santoya Financial. (Tue, 14 Jul 2009 00:05:34 GMT)

Stroger touts mortgage help at upcoming event
Homeowners facing potential foreclosures could get their mortgage payments lowered at an event being set up by a national nonprofit organization and Cook County Board President Todd Stroger, officials announced today. Read more in Clout Street on chicagotribune.com . (Tue, 14 Jul 2009 00:29:59 GMT)

Ginnie Mae mortgage bonds enjoy a boom
The Government National Mortgage Assn., which unlike Fannie Mae and Freddie Mac was never publicly traded, says it issued a record amount in mortgage-backed securities in June -- $43.5 billion. Want to buy some nice mortgage-backed securities? Probably not, these days, unless you're a speculator bottom-fishing for discount deals. (Tue, 14 Jul 2009 02:49:25 GMT)

New student loan program offers financial relief for graduates
Kelly Ohlert has a job at a Philadelphia law firm, but she can't afford to buy a home to accommodate her growing family. (Tue, 14 Jul 2009 04:02:14 GMT)

Bristol campaign of terror over a £10 loan
A Bristol man says he hopes a campaign of terror waged against him and his partner over a £10 loan will finally end following a court verdict. (Tue, 14 Jul 2009 06:12:36 GMT)

Doctor Mortgage Alliance, The National Real Estate Referral Firm That Specializes In Finding Real Estate Loans, Has ...
Doctor Mortgage Alliance, the national real estate referral firm that specializes in finding real estate loans for today's professionals, announced this afternoon the extension of its services in the areas of Florida, Georgia, Alabama, Texas, Arizona, Colorado, and New Mexico. (Tue, 14 Jul 2009 07:01:00 GMT)

Mortgage plan 'doomed to fail'
A government scheme to kick-start the UK mortgage market is not working and more must be done, MPs have said. (Tue, 14 Jul 2009 07:29:40 GMT)

Mortgage guarantees fail to drive lending
In a report on the impact of the credit crunch on housing, the Communities and Local Government Select Committee says the asset-backed securities guarantee scheme has not increased mortgage lending. (Tue, 14 Jul 2009 07:44:23 GMT)

Toll brings back loan with adjustable rate
Toll Brothers is bringing back the adjustable-rate mortgage: The luxury home builder said Friday it is offering a 7/1 ARM for 3.75 percent. (Tue, 14 Jul 2009 08:22:32 GMT)

U.K. June Retail Prices Excld. Mortgage Interest Payments Up 1% On Year, Consensus 1.1%
(RTTNews) - U.K. June Retail Prices Excld. Mortgage Interest Payments Up 1% On Year, Consensus 1.1% (Tue, 14 Jul 2009 08:47:37 GMT)

Zillow: Pennsylvania mortgage rates continue decline
Average mortgage rates continued their month-long decline last week, both in Pennsylvania and nationwide, according to mortgage rate Web site Zillow.com. (Tue, 14 Jul 2009 12:33:21 GMT)

Missouri Attorney General Testifying to U.S. Senate About Mortgage Fraud
Missouri Attorney General Chris Koster is scheduled to testify before a U.S. Senate committee about growing complaints of mortgage and debt repair fraud. (Tue, 14 Jul 2009 13:17:00 GMT)

Mortgage scheme 'not working'
The government's flagship programme to inject life into the mortgage market does not appear to be working, MPs have said. (Tue, 14 Jul 2009 15:11:13 GMT)

Guilty plea in mortgage-fraud scheme
A former Dallas resident recently pleaded guilty to federal charges in an alleged $895,000 mortgage fraud scheme that took place in the Metroplex, according to prosecutors and court records. (Tue, 14 Jul 2009 16:20:42 GMT)

Abbey begins trial of current account mortgage switcher
Abbey has begun a pilot scheme whereby borrowers are able to switch to a preferential mortgage if they move to an Abbey current account. ... (Tue, 14 Jul 2009 17:06:50 GMT)

Mortgage Fraud Suspect Held On $1M Bond
A man who allegedly is involved in a $9 million mortgage fraud scheme is being held on bond. (Tue, 14 Jul 2009 17:59:28 GMT)

Genworth Financial Says Number of Loans Eligible for MI Modification Will Jump Under New Guidelines for Making Home ...
Genworth Financial, Inc. said today that the recent decision by the Obama Administration to expand eligibility for its Making Home Affordable program will make an estimated 44% additional loans covered by its U.S. mortgage insurance business eligible for modification in connection with the borrower's refinancing. (Tue, 14 Jul 2009 18:12:00 GMT)

ING DIRECT offers mortgage with bi-weekly payments
ING DIRECT has introduced Easy Orange, a mortgage designed to reward savers who want to own their homes and make extra payments. (Tue, 14 Jul 2009 18:21:58 GMT)

From Asset Allocation To Cash-Flow Management
Talk to clients about the right mix of stocks and bonds to cushion against losses, and they'll laugh at you or worse. They need hand-holding. (Tue, 14 Jul 2009 18:22:30 GMT)

Commercial Mortgage-Backed Bond Index Planned by Markit Group
July 14 (Bloomberg) -- Markit Group Ltd., the data provider majority-owned by Wall Street’s largest banks, plans to start an index for commercial mortgage-backed securities. (Tue, 14 Jul 2009 19:22:16 GMT)

Genworth: More Home Loans Eligible For Refinancing
Genworth: More Home Loans Eligible For Refinancing (Tue, 14 Jul 2009 19:27:40 GMT)

Obama mulls rental option for homeowners: sources
U.S. officials are weighing a plan to let borrowers who have fallen behind on mortgage payments avoid eviction by renting their home instead, sources familiar with the administration's thinking said on Tuesday. (Tue, 14 Jul 2009 19:39:23 GMT)

(AFX UK Focus) 2009-07-14 20:46 UPDATE 1-Obama mulls rental option for homeowners - sources
NEW YORK, July 14 (Reuters) - U.S. officials are weighing a plan to let borrowers who have fallen behind on mortgage payments avoid eviction by renting their home instead, sources familiar with the administration's thinking said on Tuesday. Under one idea being discussed, delinquent homeowners would surrender ownership of their homes but would continue to live in the property for several years, ... (Tue, 14 Jul 2009 20:00:49 GMT)

HUD Revises Program to Insure Pure Refinancing Loans for Hospitals
Acting through the Federal Housing Administration, the U.S. Department of Housing and Urban Development is stepping up its efforts to assist hospitals seeking refinancing at a time when private lenders remain oh-so wary and tight-fisted. (Tue, 14 Jul 2009 20:33:57 GMT)

US mulls mortgage aid for jobless
President Barack Obama is mulling new ways to delay foreclosure for jobless homeowners who are unable to keep up with monthly payments, an administration official said on Monday. (Tue, 14 Jul 2009 20:46:31 GMT)

Is US poised to bail out another financial institution?
Just when it seemed that the US government had finished bailing out America’s financiers, along comes CIT Group, palm turned up. CIT is one of the nation’s largest lenders to small businesses. It also made many subprime mortgage loans. For the federal government, the issue is whether a CIT collapse would cause ... (Tue, 14 Jul 2009 21:09:50 GMT)

The ins and outs of remortgaging
Are low mortgage rates capturing your attention these days? (Tue, 14 Jul 2009 22:03:40 GMT)

NHCC, Housing Finance to provide mortgage finance
Housing Finance Bank has entered an agreement with NHCC to provide mortgage finance to customers who want to own Kiwatule Sunset Apartments and Namugoona houses with up-to 90 per cent of the total purchase amount. (Tue, 14 Jul 2009 22:04:28 GMT)

LendingTree Wants To Be Your Financial Advisor And Your Mortgage Marketplace
The online mortgage industry is chock full of online platforms that match buyers and lenders. Although lending has slowed and credit is tight, sites like LendingTree, Bankrate, SmartHippo and other sites still provide a valuable marketplace for finding mortgages for those who still qualify. LendingTree, which was spun off from parent company IAC in 2007, is overhauling its site to offer more ... (Tue, 14 Jul 2009 22:20:49 GMT)

Rent your own house: US mulls mortgage rescue plan
US officials are weighing a plan to let borrowers who have fallen behind on mortgage payments avoid eviction by renting their home instead. (Tue, 14 Jul 2009 22:23:22 GMT)

FBI Warning About Mortgage Scam
A consumer warning for home owners. FBI and government officials say scams are rising among people refinancing their homes through reverse mortgages. Victims report being offered free homes and investment opportunities so that the scammer can steal the equity from the consumer's property. (Tue, 14 Jul 2009 22:25:33 GMT)

Obama mulls rental option for homeowners: sources
U.S. officials are weighing a plan to let borrowers who have fallen behind on mortgage payments avoid eviction by renting their home instead, sources familiar with the administration's thinking said on Tuesday. (Tue, 14 Jul 2009 23:08:43 GMT)

Commercial Real Estate: From Bad To Worse
Veteran property investor Tom Barrack expects a refinancing crunch over the next few years to cause misery. (Tue, 14 Jul 2009 23:54:53 GMT)

Buying home most affordable since 2005
Buying your own home is more affordable now than it has been in the last four years. The average price of a house is around 4.5 times of the buyers' average annual income, against 4.6 times in 2005. (Wed, 15 Jul 2009 00:24:03 GMT)

Mortgages Are Now a Bank’s Best Friend
Mortgages have switched from a bane to a boon for banks in the second quarter because of a refinancing wave. (Wed, 15 Jul 2009 02:10:07 GMT)

Upscale home sales lag as jumbo loans are hard to get
More than four months after the Obama administration launched its housing rescue plan, scores of lenders are focused on rewriting mortgage loans to make them more affordable. (Wed, 15 Jul 2009 02:43:49 GMT)

Nursing home workers' paychecks delayed
Some employees at a local nursing home have been asked to keep working, even though they didn't get paid yesterday. (Wed, 15 Jul 2009 03:17:03 GMT)

Brimfield man moves into home community built for him
The kitchen sink's still missing, the countertops should be delivered and installed next week and there are wires and bare bulbs where light fixtures and a ceiling fan will hang someday soon. But, despite the few unfinished finishing touches, Steve Howe has been living and sleeping since last Friday in his brand new home. (Wed, 15 Jul 2009 04:03:39 GMT)

Burns: Buying a home takes a miracle
Analysts greeted the tiny May increase in existing home sales with minimal cheer. I guess they were looking for something more dramatic. In fact, they didn't understand the meaning of the little uptick. (Wed, 15 Jul 2009 05:20:31 GMT)

Save Your Home From Foreclosure With A Loan Modification And Join Financial Experts On A Complimentary Cruise
Joseph Hoats, a recognized Loan Modification Attorney and founder of Home Stability.com, announced today that his proprietary Loan Modification Program will include complimentary tickets aboard the "Life Modification Cruise", sailing from Fort Lauderdale to the Western Caribbean on November 10-15, 2009. (Wed, 15 Jul 2009 07:01:00 GMT)

Shoprate.com Mortgage Expert Liz Freeman Attends NAREE, Talks $8,000 Homebuyer Tax Credit
Shoprate.com spokesperson Liz Freeman recently attended the National Association of Real Estate Editors (NAREE) conference in Washington, D.C. to discuss hot-button housing issues with politicians, journalists and fellow mortgage professionals. (Wed, 15 Jul 2009 07:01:00 GMT)

Save Your Home From Foreclosure With A Loan Modification And Join Financial Experts On A Complimentary Cruise
Joseph Hoats, a recognized Loan Modification Attorney and founder of Home Stability.com, announced today that his proprietary Loan Modification Program will include complimentary tickets aboard the "Life Modification Cruise", sailing from Fort Lauderdale to the Western Caribbean on November 10-15, 2009. (PRWeb Jul 15, 2009) Read the full story at ... (Wed, 15 Jul 2009 07:07:22 GMT)

Home values continue free fall
Falling home values continued to hit Reno's housing sector as 1 in 4 homes actively listed on the market saw sellers drop their asking price. (Wed, 15 Jul 2009 08:44:15 GMT)

BBL boosts mortgage loan business
Bangkok Bank is luring mortgage loan borrowers with four choices of mortgage rates, with the lowest set at 2 per cent for the first year. (Wed, 15 Jul 2009 09:14:46 GMT)

(AFX UK Focus) 2009-07-15 10:49 Spain banks may cut mortgage debt provisions-paper
MADRID, July 15 (Reuters) - The Bank of Spain is to apply new rules allowing banks to reduce provisioning on mortgage debt by on average 50 percent, newspaper El Pais reported on Wednesday, citing a letter from the central bank to the Spanish banking association. The measure is aimed at alleviating the sector from rising bad debts because of soaring unemployment and a housing crash. Conversely, ... (Wed, 15 Jul 2009 10:18:48 GMT)

FEDS EYE RENT PLAN TO STOP EVICTIONS
Federal officials are weighing a plan to let borrowers who have fallen behind on mortgage payments avoid eviction by renting their home instead, sources said yesterday. One proposal is for delinquent homeowners to surrender ownership of their... (Wed, 15 Jul 2009 10:26:15 GMT)

US MBA Mortgage Survey Snapshot
WASHINGTON (Dow Jones)--Following is data from the Mortgage Bankers Association of America's weekly mortgage application survey, released Wednesday. (Wed, 15 Jul 2009 11:03:53 GMT)

US MBA Mortgage Survey Table Of Current Interest Rates
Change in Contract Rate (bps) Effective Total Contract 1 Week 4 Weeks 1 Year Rate Points Rate Ago Ago Ago 30-Year Fixed 5.27 1.12 5.05 -29 -45 -117 15-Year Fixed 4.86 1.07 4.59 -24 -40 -115 ARM, 1-Yr Tsy 6.50 0.11 6.47 -11 -7 -51 FHA 203 (b) 5.35 1.14 5.15 -18 -39 -114 All rates except FHA 203(b) are for 80% loan-to-value mortgage. (Wed, 15 Jul 2009 11:04:34 GMT)

Mortgage-rescue fraud on rise across Florida
Hipolita Roustand, who cleans homes for a living, figures she scrubbed more than 20 of them to come up with the $1,995 that she paid Wineberg, Lopez & Rodriguez Co. to help her modify her mortgage. (Wed, 15 Jul 2009 11:15:41 GMT)

Refinance applications up 17.7% last week: MBA
With interest rates declining, there was a 4.3% increase in the pace of applications filed for mortgages in the week ended July 10 as homeowners stepped forward to refinance their home loans, Mortgage Bankers Association data show. (Wed, 15 Jul 2009 11:22:43 GMT)

(AFX UK Focus) 2009-07-15 12:19 STOCKS NEWS US-Mortgage applications rise as rates fall
Stocks on the move Real-time Equity news U.S. stock market report (Wed, 15 Jul 2009 11:31:09 GMT)

A.I.G. Sells Mortgage-Backed Paper to Credit Suisse
American International Group ’s consumer lender will receive as much as $975 million selling mortgage-backed certificates to Credit Suisse Group after losing access to its usual sources of funding, Bloomberg News reported. (Wed, 15 Jul 2009 11:33:20 GMT)

U.S. MBA Mortgage Applications Index Rose 4.3 Percent Last Week
July 15 (Bloomberg) -- Mortgage applications in the U.S. rose for a second week as the lowest borrowing costs since May propelled a surge in refinancing. (Wed, 15 Jul 2009 11:50:04 GMT)

Metavante's Web Based Technology Platform Deployed by SunTrust Mortgage to Help Enhance Quality of Mortgage Originations
MILWAUKEE----Metavante , a leading provider of banking and payments technology, today announced that SunTrust Mortgage, Inc. has successfully deployed Metavante Corporation's online point-of-sale technology in its retail and third-party mortgage operations. (Wed, 15 Jul 2009 12:00:00 GMT)

Mortgage rates rise with home sales
Despite signs long-term mortgage rates are creeping up, the housing market is continuing is bounce back to life according to the Canadian Real Estate Association. In June 8.7% more homes were sold than in May.[...] (Wed, 15 Jul 2009 12:07:53 GMT)

Mortgage applications rise as interest rates tumble
U.S. mortgage applications rose for a second straight week, driven by a jump in demand for home refinancing loans as interest rates tumbled, data from an industry group showed on Wednesday. (Wed, 15 Jul 2009 12:15:13 GMT)

Mortgage applications rise as interest rates tumble
By Julie Haviv (Wed, 15 Jul 2009 12:15:13 GMT)

Mortgage demand rises for second week
U.S. mortgage applications rose for a second straight week, driven by a jump in demand for home refinancing loans as interest rates tumbled. (Wed, 15 Jul 2009 12:44:31 GMT)

Obama mulls rental option for homeowners: sources
U.S. officials are weighing a plan to let borrowers who have fallen behind on mortgage payments avoid eviction by renting their home instead, sources familiar with the administration's thinking said on Tuesday. (Wed, 15 Jul 2009 13:24:19 GMT)

U.S. MBA Mortgage Applications Index Rose 4.3 Percent Last Week
July 15 (Bloomberg) -- Mortgage applications in the U.S. rose for a second week as the lowest borrowing costs since May propelled a surge in refinancing. (Wed, 15 Jul 2009 15:04:17 GMT)

BBL seeking to lure new mortgage borrowers
Bangkok Bank is hoping to lure more mortgage borrowers by offering four different rates, with the lowest set at 2 per cent for the first year. (Wed, 15 Jul 2009 17:15:00 GMT)

FTC, 23 states act to stop sham loan consultants
Prosecutors nationwide filed 189 legal actions Wednesday against loan modification consultants accused of bilking homeowners who are desperate to make their mortgage payments more affordable. The lawsuits and cease-and-desist orders announced by Federal Trade... Sponsored Topics: Mortgage - Federal Trade Commission - Business - Financial services - Loan modification (Wed, 15 Jul 2009 17:24:08 GMT)

N.J. Attorney General targets mortgage modification frauds
Amanda Brown/The Star-LedgerNew Jersey Attorney General Anne Milgram arguing before the state Supreme Court in April. Milgram today announced two separate lawsuits charging 10 defendants with mortgage-related fraud.TRENTON -- State Attorney General Anne Milgram announced today two separate lawsuits charging... (Wed, 15 Jul 2009 17:39:29 GMT)

23 States File Suit against Loan Scammers
Federal Trade Commission Also Joins in Lawsuits Against Dozens of Loan Modification Companies (Wed, 15 Jul 2009 17:46:59 GMT)

Attorney general takes action against home loan modification firms
State and federal prosecutors filed 189 lawsuits Wednesday against loan modification consultants accused of bilking homeowners desperate to reduce their mortgage payments so they can keep their homes. (Wed, 15 Jul 2009 17:50:51 GMT)

AG bans 7 loan-modification companies
The state attorney general has reached agreements in recent months with seven loan-modification companies that either failed to deliver results or engaged in deceptive advertising, Colorado Attorney General John Suthers said Wednesday. (Wed, 15 Jul 2009 18:04:09 GMT)

FTC, 23 states act to stop sham loan consultants
Prosecutors nationwide filed 189 legal actions Wednesday against loan modification consultants accused of bilking homeowners who are desperate to make their mortgage payments more affordable. (Wed, 15 Jul 2009 19:18:17 GMT)

U.S. Swap Spreads Widen a Third Day on Mortgage-Related Hedging
July 15 (Bloomberg) -- Swap spreads on longer-maturity debt widened for a third day as a rise in benchmark Treasury yields triggered mortgage-related hedging. (Wed, 15 Jul 2009 19:37:13 GMT)

FBI: Beware of 'Reverse Mortgage' Scams
The FBI and the U.S. Department of Housing and Urban Development Office of Inspector General (HUD-OIG) urge consumers, especially senior citizens, to be vigilant when seeking reverse mortgage products. (Wed, 15 Jul 2009 19:37:28 GMT)

California, Illinois Sue Over Alleged Mortgage-Aid Fraud
Attorneys general in California and Illinois announced lawsuits against alleged mortgage-rescue fraud schemes Wednesday as part of a national crackdown on mortgage fraud. (Wed, 15 Jul 2009 19:41:51 GMT)

SunTrust Mortgage Implements Metavante POS Solution
SunTrust is employing Metavante’s online point-of-sale technology to enhance its mortgage practice. (Wed, 15 Jul 2009 19:43:55 GMT)

Illinois suits target mortgage scams
The Illinois Attorney General's office filed lawsuits against several companies Wednesday, alleging they violated the Illinois Mortgage Rescue Fraud Act. (Wed, 15 Jul 2009 19:47:39 GMT)

Meltdown 101: Preparing for your loan modification
Homeowners worried about missing mortgage payments and entering foreclosure may have another option: a loan modification. (Wed, 15 Jul 2009 19:56:54 GMT)

United Capital gets mortgage on Miami hotel
Real estate manager United Capital Corp. said on Wednesday that it bought a mortgage note secured by the DoubleTree Miami Mart Hotel and Convention Center in Miami, Fla., with an eye toward owning the hotel after an auction at the end of the month. (Wed, 15 Jul 2009 20:27:53 GMT)

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